Bank Negara Indonesia returns to dollar bond market after hiatus

Rivals speculate that the $500 million bond deal for Bank Negara Indonesia, a state-owned bank, was hard underwritten.

Bank Negara Indonesia returns to dollar bond market after hiatus
BNI in downtown Yogyakarta (photononstop)

Indonesian state-owned lender Bank Negara Indonesia BNI priced a $500 million five-year bond late Tuesday night the first offshore dollar bond from an Indonesian commercial bank since 2003.

The bank had started marketing the bond to investors on Tuesday morning at mid to high 4%, despite the overnight weakness in Europe and the US. This was revised to 4.375% to 4.5% with the bonds pricing at the tight end. Credit Suisse, Deutsche Bank...

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