PT Mitra brings high yield debut and swansong

An unusual high yield bond deal by an Indonesian "telecom operator".

Lead manager UBS completed a well-received $270 million bond deal for PT Mitra Global Telekomunikasi Indonesia MGTI on Tuesday. The three-tranche Reg S issue represents the first dollar bond from Indonesia since the spring and its success appears to show that the Asian yield market may be finding its feet again after a difficult six months.

Proceeds are being used to re-finance a syndication loan put in place this January to fund the acquisition of the...

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