Southeast Asia in focus as two new CBs hit the market

Indonesia's Bakrieland Development, which launched a $150 million convertible bond on Wednesday evening, got competition a day later when another Southeast Asian company, YTL Corp, launched a $350 million deal. In reality though, the two offerings catered to different types of investors -- YTL is a repeat issuer and one of Malaysia's top blue-chips with a market capitalisation of about $9.5 billion, while Bakrieland is a small-cap Indonesian property and infrastructure developer that was approaching the international capital markets for the first time. On Friday there were rumours flying around about the level of interest in the YTL deal, but, in the end, both deals were executed successfully and were placed in full with external...