PLN's $1 billion bond beats weak credit markets

The state-owned electricity company prices a $1 billion bond, tapping investor appetite for Indonesian credits.

Indonesian state-owned electricity company Perusahaan Listrik Negara PLN early Wednesday morning priced a $1 billion 10-year bond at a yield of 5.625%, at the tight end of the 5.625% to 5.75% final guidance. Barclays Capital and Citi were joint bookrunners.

PLN is the major provider of all public electricity infrastructure in Indonesia. The company is rated Ba1 by Moody’s and BB by Fitch, similar to the Indonesian sovereign. However, it is rated BB by S...

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