Investors are displaying increasing caution towards the Indonesian high yield sector where a growing new issue pipeline is butting up against historically tight yields and the weak trading performance of recent deals.
The first casualty of this new attitude was Indonesia's largest private tanker operator, PT Soechi Lines, which postponed a debut 144a offering on Monday.
The $200 million transaction had built a reasonable $300 million order book by Asia's afternoon. But it was then struck by typhoon Merbok after the Hong Kong authorities raised the No 8 signal and the territory's financial markets' participants went home.
By this point, London was...