Southeast Asia in focus as two new CBs hit the market

Bakrieland prices its $150 million deal after 1.5 days of marketing, while $350 million worth of bonds exchangeable into YTL scrape through at quite aggressive terms.

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...

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