Southeast Asia

Commodities trader Gunvor Singapore is back for its annual refinancing, attracting commitments from 13 banks even before the $800m loan was launched into general syndication.

Indonesia’s ratings upgrade last week is positive, but came ahead of an expected slowdown in investments into the southeast Asian country ahead of the 2019 general election, say market watchers.

Industrial and Commercial Bank of China’s Singapore branch aims to underwrite IPOs of Chinese companies in the city-state after receiving accreditation as an issue manager from the Singapore Exchange.

Indonesia’s Surya Pertiwi kicked off bookbuilding for its potential Rph1.64tr ($119.1m) IPO on Monday, joining a handful of other companies also seeking a domestic float.

Indonesian petrochemicals manufacturer Barito Pacific has set a price range for its rights offering to bag up to Rph18.5tr ($1.3bn).

Summit Power International has opened books for the first IPO of a Bangladeshi firm in Singapore, hoping to raise $260m.

HSBC has created a new head of Belt and Road Initiative (BRI) position for Asia Pacific, naming Mukhtar Hussain to the job.

Sarimelati Kencana, the owner of the Pizza Hut franchise in Indonesia, began premarketing its $100m IPO this week, as the country’s equities market gears up for more action.

Indonesia Eximbank has returned to bank lenders with a $950m loan, slashing pricing on all three of its tranches. It is making the most of a dearth of supply from other Indonesian borrowers, writes Pan Yue.

San Miguel Pure Foods (SMPF), the Philippine food and beverage conglomerate, has suggested it could more than double a planned follow-on to $3.6bn, making it the country’s largest equity deal.

Covered bonds issued by Swedish Covered Bond Corp and Overseas Chinese Banking Corp on Wednesday were thinly oversubscribed though investor preference was clearly slanted towards the most defensive five year Swedish offering.

Logan Property Holdings Company sold its first Singapore-dollar denominated bond on Tuesday to support its growing presence in the country, raising a larger-than-expected S$200m ($152.6m). The deal is the first in the currency from a Chinese real estate name in almost four years.