Asean

Sarimelati Kencana has started bookbuilding for a Rph1.2tr ($90.2m) IPO in Indonesia, with the Pizza Hut owner seeking a valuation of as much as 26 times earnings.

MUFG Bank has appointed Janice Chua as managing director and head of the Asian operations division, according to a Monday press release.

BOC Aviation, Metallurgical Corporation of China (MCC) and Bumi Serpong Damai were the first out of the gates on Monday morning with their new bond deals, as the Asian debt market prepares for an onslaught of supply.

Hyosung Vina Chemicals, a Vietnam-based business unit under South Korean conglomerate Hyosung, is raising a $1bn loan from both Korean and international lenders.

Vietnam’s Nghi Son 2 Power, which counts Japanese trading and investment conglomerate Marubeni Corp as one of its investors, has raised a $1.869bn project loan from a group of mainly Japanese lenders.

Philippine National Bank, a rare credit in the offshore bond market, raised $300m from a new transaction on Thursday. But despite the novelty value of its deal, investors still demanded a new issue premium.

Indonesian issuers continued to keep the market focused on new equity fundraisings, as several IPOs launched this week.

Vietnamese real estate developer No Va Land Investment Group brought a $310m convertible bond and a top-up share placement to the market this week, a combination rarely seen in the region. It capitalised on the rising interest in Vietnam, as the country hosts two record-breaking IPOs, writes Jonathan Breen.

Indonesia’s Star Energy Geothermal raised $580m from its debut green bond this week, selling a deal that also had some of the hallmarks of a project finance deal — a rare combination in Asia’s credit market. But the deal hit several speed bumps along the way. Morgan Davis reports.

Vietnamese conglomerate Vingroup Joint Stock Company is seeking a $400m loan for its newly established car manufacturing business.

The Republic of Indonesia sealed an opportunistic dual-currency bond on Tuesday, quickly taking advantage of positive sentiment following a ratings upgrade from Moody’s.

Indonesia’s Star Energy Geothermal (Wayang Windu) put together its first green bond on Tuesday after weeks of courting investors. Its $580m deal was meant to have a similar reception as the blow-out project finance trade from Paiton Energy Co in 2017, but the more difficult market backdrop posed a challenge.