Southeast Asia

Philippine National Bank, a rare credit in the offshore bond market, raised $300m from a new transaction on Thursday. But despite the novelty value of its deal, investors still demanded a new issue premium.

Indonesian issuers continued to keep the market focused on new equity fundraisings, as several IPOs launched this week.

Vietnamese real estate developer No Va Land Investment Group brought a $310m convertible bond and a top-up share placement to the market this week, a combination rarely seen in the region. It capitalised on the rising interest in Vietnam, as the country hosts two record-breaking IPOs, writes Jonathan Breen.

Indonesia’s Star Energy Geothermal raised $580m from its debut green bond this week, selling a deal that also had some of the hallmarks of a project finance deal — a rare combination in Asia’s credit market. But the deal hit several speed bumps along the way. Morgan Davis reports.

Vietnamese conglomerate Vingroup Joint Stock Company is seeking a $400m loan for its newly established car manufacturing business.

The Republic of Indonesia sealed an opportunistic dual-currency bond on Tuesday, quickly taking advantage of positive sentiment following a ratings upgrade from Moody’s.

Indonesia’s Star Energy Geothermal (Wayang Windu) put together its first green bond on Tuesday after weeks of courting investors. Its $580m deal was meant to have a similar reception as the blow-out project finance trade from Paiton Energy Co in 2017, but the more difficult market backdrop posed a challenge.

Philippine conglomerate San Miguel Corp and its power unit SMC Global Power are jointly seeking a $1.1bn loan to finance a $1.9bn acquisition of a power plant in the country.

Medikaloka Hermina has hit screens for an IPO in Indonesia to raise up to Rph2.6tr ($193m) in primary and secondary proceeds.

Malaysia’s edotco, a unit of telecommunications firm Axiata Group, is close to selecting banks for a possible $1bn IPO.

Singapore’s United Overseas Bank made its first foray into the US market on Monday, raising $1.2bn from a two-tranche transaction, receiving strong support from US accounts.

Vinhomes is gearing up to launch the largest IPO in Vietnam, kicking off investor education for the up to $2bn share sale.