PLN sets precedent for future borrowings

UBS prices this year's largest non-investment grade international bond deal with a $1 billion dual-tranche transaction for PLN.

On Thursday morning, IndonesiaƆs Perusahaan Listrik Negara PLN priced a new Reg-S 144a $1 billion dual-trance bond deal, with UBS acting as sole bookrunner and local securities firm Danareksa as joint global co-ordinator.

The B1BB-A Moody'sSPPefindo rated deal marks the largest non-investment grade corporate bond from Asia all year and, with the exception of Hutchison's euro transaction, would be the largest corporate deal of the year alongside investment grade deals for PSA AaaAA...

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