Asia Roundup
SP Group to Raise INR 254 Billion via Bonds, Loans
Shapoorji Pallonji Group is set to raise roughly INR 254 billion (USD 2.7 billion) in three-year debt by 15 May, The Economic Times reported, citing people familiar with the matter.
The bulk of about $800 million to $1 billion will be raised via dollar bonds, which should be taken up by real money investors such as BlackRock, BFAM and Lombard, according to ET. The remainder is being placed with a mix of domestic investors, foreign banks and private credit funds.
The 18.75% pricing is higher than the initial guidance of 16.5-17% for the rupee tranche, as it has gone up following geopolitical risks and tighter funding conditions, ET reported.
Top Indian Private Credit Borrower Delays Paying 20.75% Bond
Holders of a high-yield note issued by a unit of Indian infrastructure conglomerate Shapoorji Pallonji Group unanimously agreed to let the company delay paying principal and interest to 30 June, Bloomberg reported.
Goswami Infratech’s bondholders received a 25-basis point consent fee for agreeing to push back the maturity from the 30 April deadline.
Singapore Airlines Deepens Role at Air India Amid Record Losses
Singapore Airlines is deepening its operational involvement in Air India, as the carrier battles record losses and recent safety lapses draw increasing concern, Bloomberg reported, citing people familiar with the matter.
SIA has moved some of its employees into Air India, placing its executives in key roles across flight operations, engineering and maintenance in recent months – areas where the Singaporean carrier has long been considered a global benchmark.
Indonesia Roundup
Bank Indonesia Vows to Ramp Up Rupiah Defence as It Sinks to Record Low
Indonesia’s central bank is committed to intervening with increased intensity to defend the rupiah after the fragile currency sank to a record low, Reuters reported, citing senior deputy governor Destry Damayanti.
The rupiah’s drop against the US dollar was caused by rising global uncertainty and the rate of depreciation was in line with the currencies of Indonesia’s peers in the region, she said.
Indonesia Says Russia Will Supply 150 Million Barrels of Oil
Russia has agreed to supply Indonesia with up to 150 million barrels of oil following Indonesian President Prabowo Subianto's recent visit to Moscow, special envoy for energy and environment Hashim Djojohadikusumo said.
“Indonesia has now secured a commitment from the Russian government. We can store 150 million barrels in Indonesia to address economic volatility issues," Antara quoted Hashim, who is Prabowo's brother, as saying.
Russia has agreed to supply 100 million barrels of oil to Indonesia at a special price, he said, and another 50 million barrels if needed later.
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