Asean

Mitra Pinasthika Mustika Finance is poised to launch a $100m borrowing into syndication next week, with the Indonesian firm having mandated a trio of banks to arrange the deal.

The Singapore dollar bond market has been dominated by financial and corporate subordinated debt in recent weeks with transactions worth S$2.64bn ($1.9bn) sold since the start of May. While the swap driven nature of the demand means issuance will be patchy, bankers believe this trend could run for some time, writes Rev Hui.

CIMB Group has reinstated Nazir Razak as chairman following a month-long review triggered by several money transfers involving his personal bank account.

Indonesian state-owned oil company Pertamina has requested proposals from banks for a $1bn five year loan that includes a greenshoe option, according to bankers.

A pair of private equity firms have raised a combined Rph3.02tr ($223m) from a share sale in Indonesia’s Matahari Department Store, after a burst of demand allowed the vendors to enlarge the size of the offering.

Marlin Enterprise has opened syndication for a $425m five year loan to finance its acquisition of a gold mine in North Sumatra in Indonesia, said bankers working on the trade.

JP Morgan’s head of Malaysia investment banking Didi Yahya has left the firm, according to sources close to the move.

Indonesia’s Pertamina is planning a $1bn five year borrowing that includes a greenshoe option and has sent out a request for proposals to banks, according to bankers close to the situation.

Canada’s Manulife Financial Corp and Singapore’s Mapletree Logistics Trust have added their names to the growing list of issuers accessing the Singapore dollar market for subordinated debt. And thanks to the comeback of private banks in the country, more issuers — both foreign and local — are expected to follow suit, reckon syndicate bankers.

BlackRock has named Justin Ferrier as managing director of the Asian private credit platform, as the investment manager seeks to fill the gap left by banks withdrawing from traditional lending, it said in a press release on Tuesday.

The Singapore dollar bond market’s recent resurgence of private bank demand has prompted a slew of subordinated debt issuance with Manulife Financial Corp launching a rare insurance tier two and Mapletree Logistics Trust opting for a perp non call five and a half on Monday.

Indonesia’s Cikarang Listrindo has kicked off bookbuilding for its IPO, which could raise up to $357m, with the deal already covered by anchor investors, said a source close to the deal.