Asean

Krung Thai Bank Public Co (KTB) sold a Basel-III compliant additional tier one bond this week, ending a seven-year break from the international dollar debt market to bag $600m.

Indonesian multi-finance companies are ready to charge back into the loan market after a quiet 2020, as the country’s economy picks up and consumer sentiment improves. Banks are also ready to accept borrowers from the sector, but there are challenges ahead, writes Pan Yue.

Malaysian oil company Petroliam Nasional Berhad (Petronas) used a stable window for issuance on Tuesday to raise $600m, returning to the bond market a year after it helped restart deal flow following a lull caused by Covid-19.

Japfa Comfeed Indonesia sold the country's first sustainability-linked bond this week, leveraging the market fervour for environmental, social and governance (ESG) investing to tighten pricing more than it would have for a conventional deal. Morgan Davis reports.

Hutchison Port Holdings Trust found strong support for its five year bond on Tuesday, allowing it to raise $500m from a $3bn order book.

The controlling shareholder of Thailand’s Stark Corp has sold a chunk of his shares in the company, raising Bt3.77bn ($122.4m) after pricing the deal towards the top of price guidance.

Singapore's Clifford Capital returned to the offshore bond market this week to raise $500m.

Indonesian non-bank financial institution Chandra Sakti Utama Leasing has launched a $75m loan into general syndication, with bankers expecting the firm’s modest rise in non-performing loans versus peers to hold it in good stead.

Indonesian garment company Pan Brothers has been downgraded by Fitch Ratings for the third time this year owing to defaults on a dollar loan.

PTT Global Chemical (PTTGC) got a five times subscribed book for its dual-tranche bond on Thursday, attracting investors as a rare transaction from Thailand.

The Asian Development Bank broke a decade-long absence from China’s domestic market to price a Rmb2bn ($307m) Panda bond at a record low spread this week. Its assistant treasurer told GlobalCapital that the multilateral development bank is open to selling longer dated and green renminbi-denominated deals. Addison Gong reports.

While European banks have been ducking the covered bond market in favour of central bank liquidity, issuance from the asset class’s newer markets has also been light, but for different reasons. Attention is now on South Korea and Japan, which are seen as the most promising sources of new issuance, according to a senior S&P ratings official.