Asean

The Asian bond market has been red hot since the start of 2020. With nearly every day bringing a number of blowout deals, it would be easy to overlook the three borrowers that have fallen short of completing their proposed transactions. But the failed deals may be a sign of things to come.

Real estate company Bumi Serpong Damai (BSD) followed the recent success of other high yield Indonesian borrowers in the dollar market on January 20, homing in on a refinancing opportunity that had slipped through its fingers in 2019.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has mandated five banks for a $300m loan.

Trans Retail Indonesia, previously known as Carrefour Indonesia, and textile firm Sri Rejeki Isman (Sritex) have both mandated banks for new loans.

Elite Commercial Real Estate Investment Trust has opened books for an IPO that could raise up to £130.7m ($169.7m), according to a source familiar with the matter.

European real estate company CPI Property Group turned to investors in the Lion City last Friday for its first Singapore dollar bond.

Jollibee Foods Corp, the owner of the eponymous fast food chain, wowed investors on Thursday with a debut $600m bond that beat the Philippine company’s targets.

Thailand’s Central Retail Corp is on track to launch the country’s largest IPO, with bookbuilding for the deal set to open on January 20, according to a source familiar with the matter.

Indonesia's Medco Energi Internasional and Bayan Resources raised more than $1bn between them from ultra-tight bonds on Thursday.

The International Swaps and Derivatives Association's CEO has called for more clarity on close-out netting in China.

Investors chased after a rare $300m Basel III-compliant tier two bond from Indonesia’s Bank Tabungan Negara (BTN) in both primary and secondary markets this week, sending the 12.3 times covered deal tighter in the aftermarket.

Indonesian apparel supplier Pan Brothers is in talks with banks for a new dollar loan, as it prepares to return to the market for the first time since 2018. However, syndication may be a challenge, as lenders are still reeling from the default of a subsidiary of textile firm Duniatex last year, writes Pan Yue.