Asean

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.

In this round-up, MSCI announced that its review of A-shares is underway, eight new institutional investors received RQFII licenses in 2016, Hong Kong saw further falls in RMB deposits and cross-border RMB trade settlement, and Bank of China saw two RMB internationalisation indices drop recently. Plus, a recap of our top stories this week.

Thai company PTTEP Offshore Investment has signed up four lenders for a $500m club loan.

Indonesian television broadcaster MNC Sky Vision is back in the loan market for a $275m borrowing with two lenders at the top. The company was recently slammed by a credit rating downgrade because of rising leverage and weakening performance.

Standard & Poor’s has cut its credit ratings on Standard Chartered group entities by one notch, becoming the last of the three international ratings agencies to do so over the past few months.

The vitality of the covered bond market was in no doubt over the first quarter of 2016 as volumes reached their highest level in five years.

Bank of the Philippine Islands (BPI) is poised to make its debut in the international syndicated loan market with a $250m fundraising.