Asean

Standard Chartered is giving a shot in the arm to its credit business, with new hires in Singapore, Hong Kong, London and New York, according to a Tuesday press release.

A default event has been declared on a $222m loan for Indonesian gas-to-power specialist MAXpower Group. The company first flagged up its financial problems over a year ago and had been speaking with lenders to rejig terms on the five year syndication sealed in 2015.

Indonesian automobile finance company Mandiri Tunas Finance (MTF) has hit the offshore syndicated loan market for a $100m borrowing.

Anand Bangur has been named head of the Asia Pacific corporate finance division at First Abu Dhabi Bank (FAB), the entity born from the merger of First Gulf Bank and National Bank of Abu Dhabi.

Landesbank Baden-Württemberg (LBBW) has become the latest bank from Europe to sell a Singapore dollar-denominated bank capital deal. Its Basel III tier two was 5.5x covered, and like its peers, the issuer managed to save on funding costs compared to its home currency, reckon bankers.

Investors have a chance to buy bonds from Indonesian government-owned electricity distributor Perusahaan Listrik Negara (PLN), which is back in the international market for the first time in over four years. Meanwhile, Singaporean property developer Oxley Holdings is tapping its $200m notes.

Asia is overloaded with infrastructure projects hungry for financing, even though there is money to fund them. How to bring the two together is the question raised by panellists at the Asian Development Bank’s annual meeting in Japan — and for some local currency lending is the way forward.

Edra Global Energy, the Malaysian power producer owned by China General Nuclear Power Corp, is understood to be seeking banks for a potential IPO – though in an intriguing fashion.

Bank of China’s Singapore branch raised $600m from a three year floating rate bond on Thursday, marking the lender’s second issuance this year supporting the Chinese government’s Belt and Road initiative.

Landesbank Baden-Württemberg (LBBW) is marketing its first Singapore dollar-denominated transaction, a Basel III tier two subordinated bond, joining a slew of European lenders that have sold deals in the currency.

A senior ECM banker in Malaysia has left RHB Investment Bank to join AmInvestment Bank, taking on a broader role encompassing ECM as well as the entire equities franchise.

Investors are set to welcome Indonesian government-owned Perusahaan Listrik Negara (PLN) back to the dollar bond market, with the company mandating two firms to work on its issuance.