International Financing Review Asia April 4 2020 37COUNTRY REPORT INDONESIAEQUITY CAPITAL MARKETS
› MEDPLUS PLANS UP TO RS8BN IPOPharmacy chain MEDPLUS is planning a
Rs7bn–Rs8bn (US$93m–$106m) IPO and
recently held a beauty contest for banks,
people with knowledge of the transaction
said.
MedPlus could not be contacted for a
comment.
Doctor-turned-entrepreneur Madhukar
Gangadi founded the company in 2006.
Premji Invest, the family office of IT giant
Wipro’s chairman Azim Premj, is one of
the investors in the company.
MedPlus has around 1,700 stores in India.
The IPO will comprise both secondary
and primary shares.› ARVIND FASHIONS RIGHTS OFFERARVIND FASHIONS has shelved an up to Rs3bn
rights offer.
In a stock exchange announcement,
it said it has put the offer on hold
“considering the current countrywide
lockdown imposed by the government of
India to combat the spreading of novel
coronavirus (Covid-19) and overall market
conditions”.
The country entered a 21-day nationwide
lockdown from March 25.
Arvind planned to sell up to 19.98m
shares at Rs150 each in a 16-for-47 ratio.
The offer was to open on March 30 and
close on April 17.
Shares closed at Rs137.45 on Thursday,
down 61% year to date.
Vivro Financial was the lead manager.INDONESIA
DEBT CAPITAL MARKETS
› PLN ADDS FOUR-TRANCHER TO THE GRIDPERUSAHAAN LISTRIK NEGARA is marketing
four tranches of bonds to raise Rp1.82trn
(US110.2m).
Price guidance for a three-year tranche is
at 7.2%–8.4%, a five-year tranche is at 7.6%–
8.8%, a seven-year tranche is at 8.3%–9.6%
and a 10-year tranche is at 8.4%–9.9%.
The state-owned utility, rated AAA by
Pefindo, aims to raise Rp1.81755trn off a
Rp16trn debt programme.
Books opened last Tuesday and will close
on April 14, with settlement scheduled for
May 5.
Mandiri Sekuritas is sole lead manager.› SINAR MAS GOES SMALLSINAR MAS AGRO RESOURCES AND TECHNOLOGY, rated
A+ by Pefindo, last week completed a two-
day public offering of three and five-year
bonds that raised Rp775bn.
The Rp608.5bn three-year tranche have
been set at par to yield 8.5% while the
Rp166.5bn five-year tranche will pay 9.0%.
Price guidance for the respective tranches
was 8.25%–8.50% and 8.75%–9.00% when
bookbuilding was launched on March 4.
At that time, the Indonesian agribusiness
and food producer had targeted to raise
Rp1trn, but the coronavirus outbreak has
dampened investor sentiment.
The notes will be drawn from a Rp3trn
bond programme.
CIMB Niaga Sekuritas, Sinarmas Sekuritas and
Sucor Sekuritas were joint lead managers.SYNDICATED LOANS
› BRI SETS OUT FOR ITS LARGEST LOANBANK RAKYAT INDONESIA has sent a request for
proposals to raise up to US$1bn, in what
would be the Indonesian state-owned
lender’s largest offshore loan.
The deal is likely to comprise tenors of
one, two and five years. The deadline for
responses is the end of April.
BRI’s previous syndicated loan completed
in March last year was its largest and
tightest-priced financing – a US$700m
multi-tranche financing that attracted 15
lenders in general syndication.
Cathay United Bank, Citigroup,
Commerzbank, CTBC Bank, DBS Bank,
HSBC, Mizuho Bank, MUFG, Sumitomo
Mitsui Banking Corp, Standard Chartered,
United Overseas Bank and Wells Fargo
were the mandated lead arrangers and
bookrunners on that transaction, which
comprises a US$200m 359-day trancheA, a US$235m three-year tranche B and a
US$265m four-year tranche C.
The deal paid top-level all-in pricing of
60bp, 91bp and 103bp based on interest
margins of 40bp, 74bp and 84bp over Libor
for tranches A, B and C, respectively. The
remaining lives were 0.75, 2.75 and 3.75
years for each of the tranches.› PLN SENDS RFP FOR US$1BN FINANCINGIndonesian state-owned electric utility
PERUSAHAAN LISTRIK NEGARA is sounding the
market for a financing of up to US$1bn,
returning to the offshore loan markets in
less than six months.
The deadline for responses is on April- The deal is likely to comprise tenors of
three and/or five years.
Last October, PLN signed a US$1bn five-
year term loan following commitments
from eight lenders in general syndication.
Bank of China, Cathay United Bank, DBS
Bank, Korea Development Bank, MUFG,
OCBC Bank, Sumitomo Mitsui Banking
Top bookrunners of Indonesian rupiah bonds
1/1/20 – 31/3/20
Amount
Name Issues Rp(m) %
1 Bank Mandiri 9 3,022,172.5 11.0
2 JP Morgan 6 2,956,485.9 10.8
3 Trimegah Sec 8 2,759,729.2 10.1
4 Pt Cgs-Cimb Sekuritas 7 2,226,682.5 8.1
5 Indo Premier Sec 6 1,938,839.2 7.1
6 BCA Sekuritas 5 1,933,682.2 7.1
7 DBS 4 1,930,675.0 7.0
8 Bahana Sec 5 1,626,149.5 5.9
9 Maybank 4 1,537,490.0 5.6
10 Danareksa 3 1,370,823.3 5.0
Total 32 27,409,575.9
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS9Top bookrunners of Indonesia syndicated loans
1/1/20 – 31/3/20
Amount
Name Deals US$(m) %
1 Standard Chartered 2 294.0 19.0
2* MUFG 2 254.0 16.4
2* UOB 2 254.0 16.4
4* CTBC Financial 2 219.0 14.2
4* SMFG 2 219.0 14.2
6 DBS 2 85.0 5.5
7* ANZ 1 60.0 3.9
7* Maybank 1 60.0 3.9
9* OCBC 1 25.0 1.6
9* Taishin Financial 1 25.0 1.6
9* Bank of China 1 25.0 1.6
9* CIMB Group 1 25.0 1.6
Total 4 1,545.0
Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S11bIndonesia global equity and equity-related
1/1/20 – 31/3/20
Amount
Name Issues US$(m) %
1 UOB 6 51.8 25.8
2 Mirae Asset Daewoo 1 15.7 7.8
3 Bank Mandiri 1 15.2 7.6
4* Pan Indonesia Bank 4 14.1 7.0
4* Profindo Intl Sec 4 14.1 7.0
6* Pan Pacific Intl 3 13.2 6.5
6* Erdikha Elit 3 13.2 6.5
6* Mahanusa Capital 3 13.2 6.5
6* Jasa Utama Capital 3 13.2 6.5
10 Makinta Securities 1 8.0 4.0
Total 19 201.4Source: Refinitiv dataB&RXQWU\LQGG