Southeast Asia

International Container Terminal Services (ICTSI) raised $400m in the international bond market on Wednesday despite the Covid-19 pandemic challenging the Philippine issuer’s transaction.

Sembcorp Marine is looking to tap shareholders for S$2.1bn ($1.5bn) from a rights issue to help repay debt held by a subsidiary.

Cambodia’s Prasac Microfinance Institution has increased its latest offshore borrowing to $95m after attracting eight participants during syndication.

Thailand’s PTT Exploration and Production Public Co (PTTEP) found strong support for its $500m seven year bond on Thursday, despite an aggressive price tightening during bookbuilding.

Taiwan-based Chailese Finance Co is seeking a new loan of $50m through its Vietnamese subsidiary. The deal comes about a month after the leasing and financing company launched another transaction through its Singapore entity.

Indonesian mobile phone seller Tiphone Mobile Indonesia is restructuring its debt after failing to make payments on a loan, adding to a growing list of stressed businesses in the country. But what is worrying bankers more than the default itself is the lack of transparency from the borrower, writes Pan Yue.

Singapore Telecommunications (Singtel) raised $750m on Wednesday from its annual bond outing.

Indonesian telecommunications company Tiphone Mobile is restructuring its debt after failing to make payments on an offshore borrowing in March.

The Ministry of Finance of the Lao PDR has returned to the loan market for a new financing of $50m.

Asia’s loan market is slowly recovering from a near-shutdown due to Covid-19, with bankers predicting a busy couple of months ahead. But syndication will still be a challenge as lenders continue to remain risk-averse and selective on deals.

More borrowers navigated Covid-19 related pressure and rising US-China tensions to raise funds from the dollar bond market on Thursday.

The Asian Infrastructure Investment Bank has approved a $750m loan to the Philippines to help it recover from the Covid-19 pandemic.