Southeast Asia

Indonesian property company Alam Sutera’s move to kick off an exchange offer last week to stave off pressing financial concerns was met with ratings downgrades from two of the three global ratings agencies.

Singapore’s DBS Bank ventured into the Kangaroo market on Wednesday in search of tier two debt. Though Australian dollar tier two volumes have remained stable year on year, there is a marked decline in offshore issuance so far in 2020.

Lippo Malls Indonesia Retail Trust is in discussions with banks for a S$120m ($87m) loan that will support its acquisition of shopping malls in Indonesia.

Singaporean sovereign wealth fund Temasek made a successful return to the dollar bond market on Tuesday, raising $2.75bn from 10 year, 30.5 year and 50 year bonds.

Frasers Centrepoint Trust, a real estate investment trust (Reit), raised S$575m ($419.1m) on Monday evening from a sale of new units.

Singaporean agribusiness Olam International has become the latest borrower in the country to offer a loan linked to the Singapore overnight rate average (Sora), a new benchmark.

Telecom operator Robi Axiata has won approval from Bangladesh’s securities regulator to list for Taka5.2bn ($61.9m), making it the country’s largest IPO.

Thailand’s IPO market got a boost this week with SCG Packaging launching what is set to be the country’s largest listing since Covid-19 hit earlier this year. International and local investors have already swamped the deal, which is expected to raise up to Bt39.5bn ($1.25bn), writes Jonathan Breen.

ANZ has appointed Rufus Pinto as its country head for the Philippines, effective Thursday.

Taiwan’s Chailease International Finance Corp has launched its fifth loan of the year to the market. It is eyeing up to $100m through its Thailand subsidiary.

Commodities company Mercuria has returned for its annual borrowing of $980m. This time, it is enticing banks with a 10bp Covid-19 premium on the loan margin and fees.

SCG Packaging is set to begin investor presentations for its up to Bt39.5bn ($1.26bn) IPO, which will be Thailand’s second largest listing in 2020.