Antam launches as PGN prices

PGN hits its aggressive pricing targets by shifting towards domestic demand and scaling back the issue size.

Credit Suisse First Boston priced a $150 million high yield deal for Indonesian gas transportation company, PT Perusahaan Gas Negara PGN yesterday Wednesday. Having been launched on a base deal size of $150 million, the transaction was not increased to the $200 million level originally flagged to the market and closed about one-and-a-half times covered with a strong local flavour.

About 50 accounts participated, with no individual order topping $25 million. Unsurprisingly, Indonesia accounted for two-thirds of demand, with the remaining third coming from offshore. Of this latter amount, Singapore comprised about 50%, the rest of Asia a further 20% to 30% and Europe about 10%. By account type, banks took 40%,...

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