Southeast Asia

Singapore Telecommunications is working with DBS, Morgan Stanley and UBS to lead the $2bn IPO of its broadband unit NetLink Trust.

Indonesian real estate developer Pakuwon Jati fed off investors’ desperation for paper, pricing a tight $250m seven non call four on Wednesday on a book more than four times subscribed.

Indonesian coal miner Bumi Resources has received the go ahead from shareholders to raise Rp35.1tr ($2.639bn) from a combination of a rights issue and mandatory convertible bonds — a move that will help it pare down debt.

Indonesia’s Pakuwon Jati was back in the international market on Wednesday after a nearly three year hiatus, looking to grab enough funds to redeem its existing 2019s.

Star Energy Geothermal has enlisted three lenders for a $660m dual tranche loan that will go partly towards funding the company’s purchase of a stake in Chevron’s Indonesian assets.

Bukit Makmur Mandiri Utama (Buma), which services Indonesia's coal industry, pulled in an impressive $2.2bn book for a $350m bond this week, after taking care to meet investors and address their concerns about its relationship with defaulted miner Berau Coal.

CT Corp company, Trans Retail Indonesia, has launched its $575m loan with seven mandated lead arrangers and bookrunners.

Power companies were at the forefront of the international market on Monday, with India’s Neerg Energy and Indonesia’s Bukit Makmur Mandiri Utama launching high yield dollar deals.

Rimo International has downsized its long delayed rights issue by almost half to Rph4.1tr ($307.5m), in the latest update to its fundraising.

Activity is trickling back into Asia ECM as bankers return to their desks post Chinese New Year, with several Hong Kong IPOs looking to start pre-marketing and a Thai name testing investor appetite.

In this round-up, CFETS sets its dollar fix nearly unchanged after a week-long break, several Japanese lenders get ready to gain access to the China interbank payment system, and RMB trade settlement in Hong Kong sees a sharp fall in 2016. Plus a recap of our coverage.

The Hong Kong Monetary Authority (HKMA) released one of the most disappointing sets of RMB data last week when it revealed that the city’s renminbi deposits had plunged 12.9% in December 2016 to Rmb546.7bn ($79.5bn).