Southeast Asia

Thailand’s state-owned oil and gas conglomerate PTT is moving forward with the IPO of its subsidiary PTT Oil and Retail Business.

Rising dollar funding costs for Taiwanese banks have made them push an existing borrower back to the negotiating table so that they can demand better returns on a loan. More worrying than the triggering of the market disruption clause, however, is the volatility that forced the move.

Schroders has appointed new heads for Asia Pacific, tapping Chris Durack and Susan Soh to the top job.

Taiwanese banks have triggered a market disruption clause on a recent loan signed by Indonesian company BFI Finance. The move, which allows lenders to increase the margins they earn on deals, is being considered for numerous other transactions too, GlobalCapital Asia understands.

Charoen Pokphand Group has invited banks to join a $7.5bn dual-currency loan in senior syndication. The deal will support the Thai conglomerate’s acquisition of Tesco’s Asia business.

Standard Chartered is forming a new financing and securities services unit that will combine securities services, which currently operates within transaction banking, with portfolio risk management in the financial markets business.

Singapore’s flag carrier is planning to raise S$8.8bn ($6.16bn) from a concurrent rights issue and sale of convertible bonds to help stem crippling losses driven by the Covid-19 coronavirus.

Dai Quang Minh Corp, the real estate arm of Vietnamese carmaker Truong Hai Auto Corp, has opened a $130m loan into general syndication.

Cambodia’s Acleda Bank has set the share price for its IPO after two roadshows events, but has extended the subscription period to accommodate the government’s coronavirus containment measures.

Cambodia’s Prasac Microfinance Institution has returned to the loan market for a $75m deal amid an ownership change.

The Philippine Stock Exchange suspended all trading on Tuesday, after the country’s president announced stricter coronavirus quarantine measures for Luzon, the northern island home to the capital Manila.

Malaysia’s Press Metal Aluminium has raised a $300m dual-tranche financing to support its acquisition of Bintan Alumina Indonesia (BAI).