Asean

Indonesia is set to introduce new tax breaks for real estate investment trusts and could push through other reforms in a bid to get the asset class going. But even as local property owners have begun to mull plans to push their real estate into Reits, there are still kinks that need to be ironed out. John Loh reports.

Eco World International has obtained approval from the Securities Commission Malaysia for its IPO, which is expected to raise $500m by the middle of this year.

Credit Suisse has named former Macquarie banker Cheun Hon Ho as its new southeast Asia ECM head.

Singapore’s PSA International braved a crowded market on Tuesday to make a return to dollar bonds after a six year absence. The rarity of the name worked in the issuer’s favour, allowing it to meet its key pricing objective.

OUE Hospitality Trust’s S$238.6m ($175.7m) rights issue has been a big success, with shareholders signing up for 1.4x the shares on offer, according to a company filing.

Singapore’s PSA International broke its six year absence from the bond market in style on Tuesday, raising $500m in a deal that met its objective of pricing inside the curve of the closest comparable.

Loss-making commodities trader Noble Group has launched a richly priced $1bn one year refinancing into general syndication.

Olam International returned to the international bond market on Tuesday after an absence of nearly two years with a popular $300m trade that drew good participation from private banks and institutional accounts.

Commodities trader Gunvor Singapore, which had been talking to banks since February about refinancing debt, has launched its latest $750m borrowing.

Petronas' subsidiary Malaysia International Shipping Corp is in the process of putting together a club of banks to supply a $1bn bridge loan.

Indonesian telecommunication tower operator Tower Bersama is planning to seek approval for a $500m bond in a meeting with shareholders scheduled for May.

The Asia DCM market opened to a slew of issuance on Tuesday with Singapore duo Olam International and PSA International, Korea National Oil Corp and Japanese lender Mizuho Financial Group looking to tie up their respective dollar transactions.