MUFG

Bank of Tokyo-Mitsubishi UFJ’s head of loan syndications for southeast Asia is set to leave by the end of the month, according to sources.

FTSE 250 bus and rail company Go-Ahead has signed a £200m bridge loan to insure against execution risk when it comes to refinance a sterling bond. A number of investment grade companies have been exercising precautionary liquidity management of late, said one banker in London.

Bharat Petroleum Corp (BPCL), which sent out a request for proposals for a $750m borrowing in July, is said to be planning to raise the money from three banks on a bilateral basis, as opposed to a syndication.

Though many of Turkey’s borrowers are facing ratings downgrades, Turkish-Japanese tyre maker Brisa has raised $310m of loans from Japanese investors and the European Bank for Reconstruction and Development (EBRD).

Hyundai Capital Services got the timing right on its 144A outing on Tuesday, making an opportunistic move before the markets become crowded with South Korean names. Market participants said HCS’s efforts in putting together its trade paid off, with a win-win outcome for both investors and the issuer.

Singapore-based auto leasing company Ethoz Group is gauging appetite for a syndicated loan of up to S$120m ($89m).

Commodities trader Noble Group is in the spotlight again after Fitch and Moody's published divergent ratings on Monday. Fitch took a more benign view on Noble, but Moody's downgraded it to B2 from Ba3 with a negative outlook.

Tulip Maple Berhad, a wholly-owned subsidiary of Telekom Malaysia, has printed its first sukuk to be sold outside of Malaysia.

Pricing on a $1.5bn borrowing for Indonesian state-owned oil company Pertamina has become a talking point among loans bankers. Some believe that the loan will not have an easy time in syndication as the cost of funds at Japanese and Taiwanese lenders creeps up, writes Shruti Chaturvedi.

A $725m loan for Indonesia Eximbank has been allocated, with lenders that committed only to the shorter, three year tranche, experiencing a bigger scaleback than those that opted for the five year.

A third Turkish bank has returned to the MTN market, joining Vakifbank and Yapi Kredi with a short dated private placement as prices approach the levels they held before the failed military coup on July 15.

Indonesia’s Pertamina is expected to launch its long awaited $1.5bn five year financing into general syndication this week, punctuating a quiet period for the southeast Asian loan market.