Southeast Asia

AAA Oils and Fats, the trading subsidiary of Singapore-based palm oil processor and distributor Apical Group, has returned to the offshore loan market for a $900m refinancing.

Bank Mandiri has continued the flow of Indonesian dollar bonds in the primary market, raising $500m on Tuesday with just a small 5bp new issue premium.

Cambodian micro finance company Amret has closed its debut loan after attracting six participants during syndication.

Indonesian quasi-sovereign construction firm Hutama Karya launched its first dollar bond on Monday, raising $600m from a 10 year deal despite the Covid-19 pandemic challenging the market.

United Overseas Bank has approved S$4bn ($2.8bn) in loans to mid-sized enterprises in Singapore, taking advantage of a temporary bridging loan programme launched by the country’s government to cushion the impact of the Covid-19 pandemic on companies.

Singapore-based integrated energy company Puma Energy has raised a $310.5m revolving credit facility from a consortium of international lenders.

The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.

Singapore's Temasek Holdings-backed Clifford Capital has restructured its business, creating a holding company and a new infrastructure loan platform.

The Singapore Exchange (SGX) and Citic Securities Co have signed an agreement to collaborate across multiple parts of Asia's capital markets.

The Republic of the Philippines pushed its bond maturities further this week, selling a 25 year note alongside a 10 year portion. The deal raised a combined $2.35bn, making it one of the country's largest trades.

Indonesia’s Sarana Multi Infrastruktur (SMI) has mandated five banks for a planned $500m refinancing loan. But bankers on the deal warn the terms could change due to uncertain market conditions.

PSA International, a Singaporean port operator, raised $650m from a 10 year bond that appealed to investors because of its strong credentials.