Asean

Philippine conglomerate JG Summit Holdings managed to tackle investor questions and scrutiny into the impact of Covid-19 on its business to make a rare bond market outing for $600m.

An Indonesian palm oil company has become the latest to fall victim to rising worries among loans bankers about government support. The company missed a payment last week, after bankers rejected an earlier covenant waiver request. Pan Yue reports.

The Republic of Indonesia returned to the yen market this week for its annual Samurai bond outing, raising ¥100bn ($930m).

Taipei-listed Eternal Materials Co has mandated Taipei Fubon Bank for a loan to support its business in Malaysia.

Indonesian property bonds have taken a hit in the secondary market, following growing concerns that Modernland Realty will default on a bond due in July.

Swiss Re debuted in Asia this week with a S$350m ($251.67m) bond that established the European reinsurer in the Singapore market. It also paved the way for more issuance from the firm.

Cambodian casino company NagaCorp sold a new dollar bond – and only the second from the country – this week, raising $350m.

Sri Trang Gloves priced its Bt15bn ($481.4m) Thai IPO at the top of the range this week, taking advantage of coronavirus-driven demand, strong international interest and a liquid domestic equity capital market. Jonathan Breen reports.

PetroVietnam Gas Joint Stock Corp has finally signed an offshore loan that closed syndication last year, after delays over registration with the country’s central bank.

Mapletree Industrial Trust raised S$410m ($295.4m) on Tuesday after strong demand enabled the Reit to boost the size of a placement.

Singapore’s Keppel Infrastructure Trust and Cleantech Solar have raised S$700m ($502m) from a sustainability-linked loan and $75m from a green loan, respectively.

Indomobil Finance Indonesia has launched a $240m borrowing into general syndication, changing its approach to the fundraising after market sentiment improved.