Thanks to an aggressive pricing strategy by joint arrangers Barclays Capital and Credit Suisse, Indonesian power producer PT Cikarang Listrindo managed to execute a sizeable deal at the end of last week, despite weakening market conditions.
The $300 million high-yield Reg-S deal was issued with a final coupon of 9.25%. The initial yield guidance was 9.75%, but the arrangers managed to tighten that by setting the reoffer price at 99.106bp for a final yield of 9.5%. The bonds mature...