Truba's high-yield bond dreams dashed
The Indonesian construction company shelves its global bond after failing to achieve the required volume.
PT Truba Alam Manunggal Engineering has cancelled its high-yield bond transaction nearly four weeks after announcing its intention to raise dollar funds. Sources familiar with the transaction say sole-lead UBS and co-manager BNP Paribas were able to put together a deal at the bottom end of the size range and at the upper end of guidance, but that the company wasnÆt satisfied with the final size.
ItÆs unclear how many orders the arrangers managed to garner. One source heard that...
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