Southeast Asia

Sri Trang Gloves priced its Bt15bn ($481.4m) Thai IPO at the top of the range this week, taking advantage of coronavirus-driven demand, strong international interest and a liquid domestic equity capital market. Jonathan Breen reports.

PetroVietnam Gas Joint Stock Corp has finally signed an offshore loan that closed syndication last year, after delays over registration with the country’s central bank.

Mapletree Industrial Trust raised S$410m ($295.4m) on Tuesday after strong demand enabled the Reit to boost the size of a placement.

Singapore’s Keppel Infrastructure Trust and Cleantech Solar have raised S$700m ($502m) from a sustainability-linked loan and $75m from a green loan, respectively.

Indomobil Finance Indonesia has launched a $240m borrowing into general syndication, changing its approach to the fundraising after market sentiment improved.

Mapletree Industrial Trust is looking to raise at least S$350m ($251.5m) from an issue of primary units.

Thai rubber glove maker Sri Trang Gloves is set to raise Bt14.9bn ($481.4m) from its IPO, capitalising on a surge in demand for its products caused by Covid-19.

Banks have shown quick interest in a new $500m loan from Indonesia’s Sarana Multi Infrastruktur (SMI), which is wooing lenders with a short tenor deal.

Electricity company Perusahaan Listrik Negara (PLN) rode on the coattails of the Indonesian sovereign’s dollar bond sale to raise $1.5bn this week.

Thai hospitality company Minor International (Mint) used a guarantee from Bangkok Bank to issue a $300m bond this week. The deal structure, which echoes its 2018 debut bond, helped quell investor concerns about how Covid-19 has ravaged the borrower’s business. Morgan Davis reports.

Philippine oil refining and marketing company Petron has approached its relationship banks for a new club loan, after acknowledging the impact of the Covid-19 pandemic,

Subsidiaries of China Steel Corp and Ta Ya Electric Wire & Cable have closed their respective dollar loans.