Asia Pacific

Indonesia’s Star Energy Geothermal raised $580m from its debut green bond this week, selling a deal that also had some of the hallmarks of a project finance deal — a rare combination in Asia’s credit market. But the deal hit several speed bumps along the way. Morgan Davis reports.

Coal mining company Mongolyn Alt (MAK) has further extended bookbuilding for its five year non-call two transaction, which is now expected to be priced in the week of April 23. The deal started taking orders officially on Tuesday.

The markets are so busy at the moment you can’t catch a break. That could be a good or bad thing, depending on who you ask, but bankers can always be relied on to find creative ways to cope.

Vietnamese conglomerate Vingroup Joint Stock Company is seeking a $400m loan for its newly established car manufacturing business.

Several Chinese real estate companies, including Sunac China Holdings and Central China Real Estate, took advantage of relatively stable markets to ride the dollar issuance momentum this week. But supply pressure meant that many saw their bonds then trade under water.

Guangzhou Industrial Investment Fund Management Co locked up a $500m short-dated trade on Wednesday, attracting investors thanks to its investment grade credentials.

Deutsche Bank has appointed Beng-Hong Lee to the newly created position of head of institutional client group, China, according to an internal memo seen by GlobalCapital Asia.

JP Morgan has announced a new suite of emerging market bond indices that integrate environmental, social and governance (ESG) factors.

Kazmunaygas’ (KMG) $3.25bn bond on Tuesday proved to be a beneficiary of the latest round of US sanctions against Russia sanctions, as investors sought a new oil play away from the volatility surrounding assets from the proscribed state.

Dong Yin Development, a unit of China Orient Asset Management Co, has closed its $100m three year loan with close to 10 Taiwanese and Chinese participants, said sources close to the deal.

Coal mining company Mongolyn Alt (MAK) is understood to have extended the bookbuilding process for a five non call two year transaction that was opened for orders on Tuesday.

The Republic of Indonesia sealed an opportunistic dual-currency bond on Tuesday, quickly taking advantage of positive sentiment following a ratings upgrade from Moody’s.