Southeast Asia

The Philippines’ Aboitiz Power Corp has found support from a group of 22 banks for a $300m loan that will finance its acquisition of AC Energy’s thermal power company.

Frasers Logistics & Industrial Trust has raised S$258.1m ($188.4m) after sealing a new unit placement at the top of price guidance, according to a term sheet seen by GlobalCapital Asia.

Malaysia’s Maybank returned to the Taiwanese market on Monday to raise $850m from a Formosa bond.

Temasek Holdings-backed Fullerton India Credit Company has invited banks to join a $250m debut borrowing.

As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.

Chinese banks are beefing up their loans business in southeast Asia, with Bank of Communications (BoCom) becoming the latest firm to set its sights on further expansion. While Mainland lenders are more active in the region than before, there are challenges to their growth, writes Pan Yue.

Indonesian state-owned energy company Pertamina proved to the dollar bond market that quality credits can win over investors during turbulent times, as it navigated secondary market volatility this week to rake in $1.5bn from a chunky $10bn book. Morgan Davis reports.

Frasers Property (Thailand) has raised Bt3.26bn ($105.8m) after selling a chunk of new stock, pricing the block at the top of guidance.

Indonesian energy company Pertamina snagged $1.5bn from a dual-tranche bond sale, shaking off concerns about the struggling bond market in the country and proving that quality credits can still get deals done.

ANZ has named Vishnu Shahaney as the new head of Southeast Asia, India and Middle East, and the country head for Singapore.

Singaporean commodities company Trafigura has returned to the loan market for its annual borrowing, seeking a $1bn-equivalent to test the market’s appetite for the deal.

Concerns around some Indonesian and Chinese credits, including Delta Merlin Dunia Textile and China Minsheng Investment Group, have put a dent in investor sentiment in Asia with bonds underperforming in the secondary market.