Southeast Asia

Global alternative investment firm Castlelake is tapping the offshore loan market for $685.1m to support its purchase of aircraft from Malaysia’s AirAsia.

India’s Canara Bank and Bank Rakyat Indonesia this week gave investors a chance to diversify away from Greater China supply, pricing their respective five year dollar bonds.

In this round-up, Chinese president Xi Jinping starts a five-day visit to Europe, the eighth and ninth rounds of trade talks are scheduled and local government bonds will soon be available at bank counters.

Bank Rakyat Indonesia has closed its $700m offshore syndicated loan, with 15 participants joining during syndication.

The issuance of two currency-linked notes on the private market should help stimulate local currency markets in Myanmar and Ukraine according to one syndicate banker.

Singapore’s Frasers Property has closed a S$785m ($581m) green loan, the second green borrowing in six months.

Private equity firm Warburg Pincus has raised D2.33tr ($100.9m) after increasing a block sale of Vincom Retail shares.

Keppel Infrastructure Trust (KIT) has raised S$500.8m ($369.8m) after more than doubling the size of an equity fundraising and trimming a concurrent private placement.

In this round up, sluggish economic data indicates growth headwinds, the Philippines eyes a Panda bond in April and USD/CNH futures trading volumes on the Singapore Exchange (SGX) hits record level.

The Monetary Authority of Singapore (MAS) is considering making covered bonds eligible for repo, but Singapore dollar issuance would probably be needed, delegates at the Euromoney/ECBC Asian Covered Bond Forum heard this week. Domestic currency issuance would improve the resilience of Singapore’s banking system and potentially encourage other banks to set up programmes.

United Overseas Bank (UOB) became the first Singaporean issuer to sell a Panda bond this week, raising Rmb2bn ($298m) from a three year deal. Rebecca Feng reports.

United Overseas Bank has made its first appearance in the Panda bond market, selling a Rmb2bn ($297.8m) three year deal.