Asia Pacific

The Republic of Indonesia raised $4.3bn from a triple-tranche bond this week, making quick progress in its effort to fund a fiscal stimulus package that it hopes will soften the damage of the Covid-19 pandemic. Morgan Davis reports.

Dr Peng Telecom & Media Group Co, a Chinese company with an international bond that falls due in two months, has told domestic investors it might not be able to redeem a Rmb1bn ($141.7m) onshore bond, after investors decided to put the deal.

Bank of Montreal (BMO) on Tuesday became the third Canadian covered bond issuer to take advantage of an improvement in Aussie dollar issuance conditions following a relaxation in the Reserve Bank of Australia’s repo requirements.

Nomura has hired a new head of investment banking for Southeast Asia.

Korea Development Bank raised $500m in a floating rate bond on Tuesday, opening the international debt market for other South Korean issuers.

DBS’s former head of North Asia loan distribution and origination is set to join China Citic Bank International, according to multiple sources aware of the move.

The way Asian states including China have dealt with the coronavirus has put Europe and the US in the shade — now they should lead the international financial fightback.

Zhejiang Geely Holding Group, a Chinese auto company, is in talks with banks for a new loan to support a planned restructuring.

The Asian Infrastructure Investment Bank (AIIB) has approved a Rmb2.485bn ($355m) emergency loan to China. It will be used to upgrade public health infrastructure in Beijing and Chongqing and provide emergency equipment and supplies to the two cities.

The Republic of Indonesia turned to the bond market on Monday to fund its Covid-19 relief efforts, raising $4.3bn from a triple-tranche deal. Investor demand for long-dated tenors encouraged the country to offer a 50 year note as part of the trade, making it a first for Asian sovereigns.

More than 100 charities and other organisations are urging that developing countries' debt payments be cancelled this year. They have called for interest and principal payments to be withheld from public and private sector lenders.

Adani Transmission has raised a further $90m US private placement, according to market sources, after it became earlier this year the first Indian company to raise debt in the market since 2007.