Southeast Asia

Vincom Retail, a subsidiary of Vietnamese conglomerate Vingroup, has started pre-deal investor education for its $600m IPO, and is working on an unusually short roadshow-to-listing schedule.

Four firms from Asia ex-Japan are taking bids for their dollar bonds, including Lionbridge Capital Co, Nan Hai Corp, Overseas Chinese Town Enterprises Company as well as Malaysia’s Yinson Holdings.

Oversea-Chinese Banking Corporation (OCBC) and NordLB have signalled their intention to exploit exceptionally strong covered bond market conditions and open order books for transactions on Thursday.

The largest Indonesian IPO in years was dealt a blow when Garuda Maintenance Facility AeroAsia (GMF) was forced to take a knife to its Rph3.2tr ($245.5m) trade. The pipeline for new listings in the country is now in a state of flux, despite looking much brighter only a few months ago. John Loh reports.

Indonesian company Asia Pulp & Paper’s high profile default 16 years ago appears to be still fresh in the minds of investors. Its unit APP China Group sealed a modest $150m bond on Tuesday, but had to entice the buy-side with a juicy yield and a short tenor.

Geo Energy Resources is making a second attempt at selling a dollar bond, two months after the Indonesian coal producer decided to cancel its transaction.

Indonesia’s Indika Energy is hunting for more dollar debt, six months after securing $265m on the back of a nearly five times covered book.

Vincom Retail, a subsidiary of Vietnamese conglomerate Vingroup, has filed for approval to list on the Ho Chi Minh City Stock Exchange, targeting a $600m IPO.

Paper and pulp company APP China is testing investors’ appetite for an unrated dollar bond, about 15 years after its Indonesian parent Asia Pulp & Paper Group defaulted on close to $14bn of debt.

Singapore-based internet company Sea has kicked off pre-marketing for a US listing that could raise up to $1bn, according to a banker close to the deal.

Panda bonds issued by non-red chip foreign names are being snubbed by Chinese investors with a home bias – an opportunity international investors should not overlook, Wilfred Wee, portfolio manager at Investec Asset Management, told GlobalRMB in a wide-ranging interview.

Cromwell European Real Estate Investment Trust has cancelled its potential €738.8m listing on the Singapore Exchange due to market conditions, after first trying to get past the finish line with a smaller offering.