PLN issues 30-year high-yield deal

Pricing amid a host of other issues last night, PLN had little trouble attracting investors to its $1 billion dual-tranche deal.

PT Perusahaan Listrik Negara PLN, the Indonesian electricity utility, issued $1 billion through a BaBB-rated dual-tranche $500 million 10-year and $500 million 30-year deal last night. The transaction, managed by UBS, priced following a roadshow in London on Monday, New York on Tuesday and Boston on Wednesday.

The 10-year tranche priced with a coupon of 7.250%, a yield of 7.375% and a price of 99.127, with a spread over 10-year US Treasuries of 222.6bp. The book...

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