PLN launches $750 million high-yield bond

Indonesia's electricity company re-opens the Asian high-yield bond market and attracts huge demand for its 10-year deal.

Perusahaan Listrik Negara PLN, Indonesia's state-owned electricity company, has raised $750 million with 10-year bonds, pricing the issue on Monday afternoon New York time.

The deal was launched on the same day that another sub-investment grade borrower, Indonesian retailer Matahari, completed its $200 million debt exchange and issue of new high-yield bonds. The success of both transactions suggests that the capital markets might, at last, be re-opening for Asian companies with low credit ratings. The last...

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