Asean

The pre-summer IPO season is in full swing as issuers and banks look to lock in deals before investors pack their bags for the holidays.

Weeks of currency depreciation, emerging market outflows and violence domestically have taken a toll on Indonesia’s credit and equity markets, despite the central bank making some effort to assuage the volatility. What lies ahead for the country? Morgan Davis finds out.

Philippine real estate developer DM Wenceslao & Associates has found international interest for its potential Ps15.6bn ($296.6m) IPO, despite emerging markets being hit by increasing outflows.

Global asset manager Carlyle Group has poached Credit Suisse’s most senior investment banker in Indonesia.

Indonesian credits got a quick boost late last week as investor sentiment rose following an interest rate hike. But while the buy-side is again warming up to the country’s bonds, the debate continues over whether the optimism is sustainable.

Singapore’s Reit issuers continued to tap the equity market with gusto this week, as CapitaLand Commercial Trust competed a S$217.9m ($162.3m) fundraise while Manulife US Real Estate Investment Trust launched a $197.2m rights issue.

Dollar bond investors got their first taste of a Cambodian credit this week when casino operator NagaCorp grabbed $300m from its debut outing. But a huge tightening in the secondary market reflected the struggle in finding a fair price for the issuer. Morgan Davis reports.

Perusahaan Listrik Negara (PLN) managed to navigate Indonesia’s challenging market backdrop successfully to seal a $2bn dual-tranche transaction on Tuesday.

Four bankers in Credit Suisse’s Asia Pacific loan syndications and financing group left the firm this month, according to sources close to the situation.

Cambodian casino operator NagaCorp clinched a $300m debut bond on Monday. But the gaming company’s notes looked cheap compared to other industry names in Macau, causing the yield to drop significantly in secondary trading on Tuesday.

Digital Telecommunication Infrastructure Fund has raised Bt53.2bn ($1.7bn) after pricing a sale of new units at the top of guidance, according to a banker on the deal.

Indian company TVS Logistics Services wants to increase a loan that it launched in November.