Southeast Asia

The Republic of the Philippines sold its largest international bond in more than a decade this week, raising $2.75bn from a deal that received strong support from investors confident about the country’s control of Covid, and its outlook. It even managed to get away with a record low coupon on one of the tranches.

Thai express delivery company Kerry Express launched its IPO this week, aiming to raise up to Bt8.4bn ($278.2m) in proceeds.

Indonesian state-owned electricity company Perusahaan Listrik Negara is planning a return to the market for a new $1bn loan.

Singapore banking veteran Eric Lian has returned to UOB in a senior position after a stint at OCBC.

Taiwan’s printed circuit board manufacturer Apex International has closed a $50m loan for its Thai business.

The allocation of Indonesian instant noodle maker Indofood CBP Sukses Makmur’s $2.05bn-equivalent acquisition loan has been finalised, after the lead banks closed the syndication earlier this month.

The Kingdom of Thailand raised Bt20bn ($659.5m) from a syndicated bond on Tuesday, tapping its 15 year sustainable deal.

United Overseas Bank revitalised the moribund Singaporean covered bond market on Tuesday with the first euro deal in two years and the largest from a Singaporean issuer. The bonds attracted record demand and were priced inside UOB’s curve, showing the extraordinarily receptive state of the market.

Singapore-based Tiga Acquisition Corp has raised $240m after increasing the size of its New York Stock Exchange IPO.

United Overseas Bank has mandated leads for the first euro covered bond benchmark from a Singapore lender since September 2018. The deal takes advantage of the Monetary Authority of Singapore’s (MAS) recent decision to increase covered bond issuance capacity.

Vietnam’s Masan Group Corp has signed a $200m loan with four banks to support a capital injection into a subsidiary.

Philippine company AC Energy found good support for a $300m fixed-for-life green perpetual bond on Wednesday, with demand from existing and new investors, as well as domestic fund managers.