Asia Pacific

The securitization market generates a mix of excitement and confusion, offering investors a novel way to boost their returns, diversify risks and — not very bold conjecture here — sometimes lose lots of money without quite understanding why.

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.

Power Finance Corp sold its third dollar transaction in six months, raising $750m from a slightly longer-dated deal.

China’s Bank of Communications came out with a $1.95bn-equivalent three-tranche deal on Thursday. It opted for a bigger dollar portion and a slimmer offshore renminbi (CNH) bond, compared with its last outing.

Three Chinese real estate companies raised $850m between them from the dollar debt market on Wednesday.

ARA Asset Management, a Singapore-based asset manager focused on Reits, has bought a majority stake in Venn Partners, a secured asset specialist investing in UK and Netherlands assets, in a deal which will boost the firm’s firepower in the mortgage and CRE debt markets.

A pair of Asian SSA issuers joined a busy dollar market on Wednesday, bringing three and 10 year deals. Demand for three year dollar paper is high, with two more issuers set to join the fray on Thursday.

Taipei-listed Innolux Corp hit the market on Wednesday with a $300m convertible bond, its debut equity-linked deal.

The appeal of China’s Star market shows no sign of waning, with seven issuers already pricing their IPOs on the board this month and more companies joining the pipeline.

Indonesian real estate developer Lippo Karawaci played to investors' need for diversification away from China, when it raised $325m from a 2025 bond sale.

Guotai Junan International Holdings is planning a rights issue of new shares as it looks to raise up to HK$3.75bn ($482.3m).

The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.