Asean

Vietnamese real estate developer No Va Land Investment Group pulled off the combined sale of a convertible bond and top-up share placement last week. The success of the hybrid fundraising structure means other potential issuers in the region should give it a close look.

Cambodia’s Prasac Microfinance Institution has launched a $50m three year term loan with a $50m greenshoe option into syndication.

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.