Asean

Singapore’s CapitaLand has become the first company to raise a loan benchmarked against the Singapore overnight average rate (Sora), as the market prepares for a transition away from Libor and the country’s equivalent, the Singapore dollar swap offer rate (Sor).

Philippine telecommunications company PLDT made a stellar return to the debt market on Tuesday. It raised a modest $600m but received orders of more than $11bn at its peak, as investors fought for a piece of the rare issuer.

The Republic of Indonesia rolled out its annual Islamic finance transaction on Tuesday, taking $2.5bn from a three-tranche sukuk. The sheer strength of investor interest surprised the bankers on the bond, leading to a hefty 70bp tightening and a deal that offered negative new issue premium.

JP Morgan has picked two of its own staff to fill newly-created posts as co-heads of investment banking across the Asean region.

OCBC Group plans to hire more than 3,000 people in Singapore this year.

The strong response from banks to Charoen Pokphand Group’s acquisition-related loan is not a true reflection of conditions in Asia’s syndications market — despite what some may say.

Indofood CBP Sukses Makmur is putting together a shortlist of banks for its $2bn loan, which will fund its acquisition of instant noodle maker Pinehill Co.

Thai Oil Public Co managed to raise $1bn from a dual-tranche bond by the ‘skin of its teeth’ on Thursday, tightening price guidance twice during bookbuilding to find the right groups of investors.

International Container Terminal Services (ICTSI) raised $400m in the international bond market on Wednesday despite the Covid-19 pandemic challenging the Philippine issuer’s transaction.

Sembcorp Marine is looking to tap shareholders for S$2.1bn ($1.5bn) from a rights issue to help repay debt held by a subsidiary.

Cambodia’s Prasac Microfinance Institution has increased its latest offshore borrowing to $95m after attracting eight participants during syndication.

Thailand’s PTT Exploration and Production Public Co (PTTEP) found strong support for its $500m seven year bond on Thursday, despite an aggressive price tightening during bookbuilding.