Modernland Realty builds on Jokowi factor

The Indonesian property developer sold a $190 million bond, fulfilling its plan to cut overall funding costs and extend its debt maturity profile.

Modernland Realty builds on Jokowi factor

Modernland Realty, which builds luxury townships in Indonesia, priced a capped $190 million five-year bond that is callable in year three on Tuesday as investors cashed-in on rare high-yield Indonesian credit post-election.

The group took the opportunity to replace its existing $150 million three-year senior unsecured notes maturing in 2016 with the new bonds. This helped the group towards its goal of reducing overall funding costs and lengthening its debt maturity profile.

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