Southeast Asia

Komodo bonds — offshore Indonesian rupiah bonds — are finally sputtering into life. This week, the second such deal by an Indonesian company has shown their potential. But don’t count your dragons before they hatch. The market will always be limited — and that’s a good thing.

The Republic of Indonesia has mandated banks for a green dollar sukuk sale, marking the region’s first sovereign green issuance.

Singapore's SingHaiyi Group will go ahead with a rights offering to raise S$143.5m ($108.9m) after receiving regulatory approval, the company has said.

Indonesian construction services company Wijaya Karya began marketing an offshore rupiah deal on Monday morning, making it the second Komodo bond from the country to hit the market.

The Republic of the Philippines has wrapped up an SEC-registered transaction, raising $2bn from Asia’s first sovereign bond of the year, with $1.25bn going towards liability management. The new issuance made the country’s outstanding bonds look relatively attractive, said analysts.

China’s FX watchdog tells corporates to prepare for more volatility in the RMB exchange rate, the chief of China Banking Regulatory Commission (CBRC) criticises illegal activities in the banking sector, and a domestic Chinese credit rating agency moves US sovereign rating as a result of the recent tax cut.

Thai firm Canopus International has raised $200m from a bond exchangeable into shares of Indorama Ventures, the first zero coupon exchangeable with a Thailand-listed underlying stock.

TMH Telecom Public Co will list on the Yangon Stock Exchange in Myanmar next week, having held an IPO that included a chunk of primary shares — the first flotation in the country with new stock.

Metropolitan Bank & Trust Co’s board of directors has given the go-ahead for a rights issue that could raise up to Ps60bn ($1.18bn), according to an exchange filing on Thursday.

Crédit Ag’s Sodhi takes global role – Daiwa equity-linked banker exits – Deutsche builds up loans team – Nomura hires DCM banker – Mizuho names CEO – MUFG appoints Philippines head – Russell-Davison joins Amana Bank

Malaysia’s sovereign wealth fund Khazanah Nasional has sold a $320.8m exchangeable sukuk with Hong Kong-listed Citic Securities as the underlying stock, taking advantage of a rally in the broker’s shares.

A receptive market and generous pricing worked in favour of China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) this week, as both managed to pull off debut dollar bonds two months after failed attempts. Morgan Davis reports.