Gajah Tunggal attracts $1 billion in demand for bond top up

The re-opened 2010 bonds price at the tight end with investors confident about a healthy secondary market.

PT Gajah Tunggal, IndonesiaƆs largest tyre company, re-opened its July 2010 bond programme last night, pricing $95 million worth of 10.25% guaranteed senior unsecured notes via Credit Suisse and Lehman Brothers. The B2stableBpositive Reg-S transaction attracted a $1 billion order book.

The re-opened bonds priced at 102.75 yielding 9.2%, in contrast to the existing bonds which were trading yesterday at 103.125 or 9.07%. The new issue price equates to a yield spread of 423.9bp over two-year...

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