PT Medco sets Asian high yield benchmark

And helps prise back open the international bond markets for Indonesian credits.

In what represents the first pure fixed rate dollar benchmark from Indonesia since the financial crisis, PT Medco Energi priced a scaled down $100 million bond yesterday Tuesday.

Issued in the name of MEI Euro Finance Ltd, the five-year issue was led by Credit Suisse First Boston and priced at 98.09% on a coupon of 10% to yield 10.5% or 585bp over Treasuries.

The transaction represents an important new marker as Indonesian credits attempt to return to the international...

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