Adaro warms up investors

Indonesian coal miner helps revive Asian high yield sector.

Early Friday morning (December 1), Joint leads Goldman Sachs and JPMorgan priced an upsized $400 million five-year senior secured bond deal for Indonesian Coal producer, PT Adaro

The Reg S/144A deal priced in line with guidance at 99 005% on a coupon of 8 5%, to yield at 8 75% equivalent to 430bp over US Treasuries Fees were a healthy 112 5bp

The deal was heavily oversubscribed, closing with a $1 75 billion order book, an oversubscription ratio of almost six times, with 111 accounts taking part In terms of investor type, 65% went to asset managers, 15% went to private banks, 10% went to banks, and the remaining 10% allocated to insurers, brokers and...

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