Lippo trade reflects dearth of quality Indonesian paper

Investors chase Lippo’s bonds despite the aggressive pricing.

Lippo trade reflects dearth of quality Indonesian paper
Lippo's Pluit Village mall in affluent north Jakarta

Indonesian real estate developer Lippo Karawaci last night priced a $150 million seven-year bond a deal that clearly illustrated the dearth of quality Indonesian paper. The company went out with aggressive terms on a weak day and managed to attract $680 million worth of orders from 72 accounts. Meanwhile, its outstanding bonds also tightened sharply in secondary.

The company announced initial price guidance of around 7.25% at noon on Wednesday. From the onset, this looked...

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