Asean

Central China Securities Co wrapped up a HK$2.53bn ($327m) placement on July 24, allowing its shares to resume trading on Monday after what had turned out to be a longer-than-usual bookbuilding process.

Commodities trader Gunvor Singapore has exercised an accordion feature to increase the amount of its latest revolver to $1.0627bn, with seven lenders joining the 31-strong syndicate. This is the second increase by the company, which was initially seeking $550m and wound up the borrowing at $911.7m on the back of strong demand.

There is little doubt that the Republic of Indonesia is one of the most recognisable Asian borrowers in the international debt market, approaching investors with regular, sensibly-priced issues that have won it plaudits from fund managers and bankers alike. But despite its steadfast reputation among the global investor base, the country cannot afford to sit back.

The rise of the Republic of Indonesia in the international bond market has been spectacular over the past few years, with a series of high profile transactions that not only showcased the borrower’s attractiveness to investors, but also its willingness to innovate. The prospect of a ratings upgrade just around the corner should help continue momentum, but the economic picture is mixed, writes Rev Hui.

An $80m four year loan for Cambodian borrower Khmer Brewery has received a commitment from a Taiwanese bank. The deal, which has three banks at the helm, is targeting banks that have some presence in the southeast Asian nation.

In this round-up, Singapore's RMB business continues to grow, China RMB cross border trade settlement jumped 25% in June, Taiwan's RMB deposits inch up in June, the Stock Connect's northbound quota is replenished by the A-share sell-off in July, and Malaysia settled 1.9% of its trade with China in RMB in the first month of launching a clearing bank.

The Republic of Indonesia printed its second ever bond in euros on July 23 as it continues to expand its funding sources in a bid to diversify away from dollars. While the sovereign made a conscious decision to pay up to achieve its aim, market participants are split whether the cost of diversification was worth it.

The first Singaporean real estate investment trust (Reit) to tap the equity market since Manulife US Reit pulled its S$569m ($426m) IPO this month was welcomed by investors with open arms, as Frasers Commercial Trust priced its block trade at the top.

Indonesian vehicle financing firm BFI Finance has wound up its three year loan at an increased size of $105m after 18 banks piled in. The deal was launched at $75m on May 11 and originally included a greenshoe that could take it up to $100m.

CICC in limelight for $1bn — LIG Nex1 gets IPO nod — Pakistan preps for State Life sale — San Miguel brews $739m

The Republic of Indonesia returned to the euro market on July 23 as it looks to extend its curve with a new 10 year offering.

CICC has filed its long-awaited IPO with the Hong Kong Stock Exchange, with the Chinese investment bank eyeing $1bn in proceeds. The trade is slated to launch at the end of September via leads ABC International and CICC, but interest is already building.