Southeast Asia

Three bookrunners have kicked off primary distribution of an up to $150m revolver for Indonesian garment maker Pan Brothers.

South Korean mobile messaging platform Kakao Corp raised $1bn this week from an issue of Global Depository Receipts (GDRs), defying fears it would suffer from its link to a cryptocurrency exchange.

Indonesia’s Tunas Baru Lampung printed its first international bond on Wednesday, a few months after attempting a transaction in Singapore dollars.

State-owned Vietnam National Oil and Gas Group (PetroVietnam) has raised D5.6tr ($244.3m) from the IPO of subsidiary Binh Son Refining and Petrochemical Company — nearly $100m more than anticipated.

The Republic of the Philippines is marketing Asia’s first sovereign bond of the year, taking bids for a 10 year SEC-registered deal on Thursday.

Promoting RMB internationalisation is necessary for China to safeguard its national security, Anthony Leung, chairman and CEO of Nan Fung Group and former financial secretary of Hong Kong, told the Asian Financial Forum on January 16.

China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) sold their first dollar bonds on Tuesday, successfully completing transactions that were stymied just two months ago.

Bank of the Philippine Islands is preparing to issue a chunk of new stock through a rights offer, with a view to raise up to Ps50bn ($985.5m).

Bank of Tokyo-Mitsubishi UFJ has appointed Marie Diana Lynn Coronel-Singson as head of global corporate banking for its Manila branch in the Philippines, effective Wednesday.

State-owned energy conglomerate Vietnam National Oil and Gas Group (PetroVietnam) is preparing to launch IPOs for three of its subsidiaries this month as part of its privatisation plan, potentially raising a combined D12.31tr ($542.9m).

Trafigura’s Singaporean entity Trafigura Pte launched a $4.5bn revolving credit facility on Monday to refinance two loans taken out over the last two years.

Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.