Cikarang heralds high-yield comeback with $500 million bond

Cikarang Listrindo's $500 million high-yield bond gets a blowout response from investors, but its move to loosen covenants is less warmly received.

Cikarang heralds high-yield comeback with $500 million bond

Indonesian power company Cikarang Listrindo priced a $500 million seven-year bond amid resurgent demand on early Tuesday morning, re-opening the market for a growing pipeline of high-yield companies that are lining up to tap the market.

Cikarang Listrindo provides energy to industrial and residential estates in Indonesia, and it is a bell-weather high-yield borrower that has an established following among investors. The deal was the first Indonesian corporate high-yield bond this year and rode on...

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