BNI completes sub debt deal

Pricing comes at a small premium to the bank''s larger local competitor, Bank Mandiri

An increased $150 million lower tier 2 transaction was completed at Asia's close on Friday by lead managers JPMorgan and BNI Sekuritas. The 10 non-call five transaction was priced at 99.041% on a coupon of 10% to yield 10.25% or 740bp over Treasuries. Should the transaction fail to be called at year-five, the spread steps up to 1,100bp. Fees total 1%.

Pricing came at a slight new issue premium to Bank Mandiri, whose recent tier 2 transaction was yielding...

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