Southeast Asia

Dollar bonds sold by a number of Philippine issuers in the past two months have dipped in the secondary market, as a combination of too much supply too quickly and tight pricing puts pressure on the deals.

The Vietnam subsidiary of Taiwanese leasing and financing firm Chailease Finance Co has boosted its loan size to $60m.

Indonesian high yield property companies are continuing to come under fire, with Alam Sutera becoming the latest to be hit with a downgrade due to bond refinancing concerns.

Singapore oil trading company Winson Group is planning to extend by one year a loan signed in 2019.

CP Pokphand Co, the Hong Kong-listed investment arm of Thailand’s Charoen Pokphand Foods, has closed a $400m loan for refinancing with 15 lenders.

Taiwan’s Cheng Loong Corp, a paper maker, has closed syndication of a $130m borrowing with nine banks.

Indonesian property developer Modernland Realty is looking to restructure its two outstanding dollar bonds following missed payments and rating downgrades, and after wrapping up a debt restructuring domestically.

In this round-up, China emphasises proactive fiscal policies and flexible monetary policies, Hong Kong disqualifies a dozen pro-democracy candidates from the upcoming legislative council election and the Ministry of Finance tells local governments to use up their special-purpose bond quotas by October.

GLP and First Abu Dhabi Bank both tapped investors in the renminbi bond market on Thursday. The Singapore-based logistics facilities provider took Rmb200m ($28.6m) from a Panda while the Middle Eastern firm headed to the Formosa market.

Now is not the ideal time to be a port operator. International Container Terminal Services has faced a tough year, as the Covid-19 pandemic and geopolitical turmoil take a toll on global trade. But the Philippine company, which develops and operates container ports and terminals, moved quickly in response to the crisis in early 2020, boosting its liquidity and freezing its capital expenditure. ICTSI followed with two successful dollar bond sales in June and July.

SPDB loses investment banking head — MUFG names PF, ESG head for Oceania — Loans veteran Ooi moves to Sydney

Singaporean property company UOL Group has raised a $120m green loan that will help fund the transformation of one of its hotels into a green building.