Astra Sedaya priced a $300 million three-year bond on Wednesday at the lower range of final price guidance after a 15-year hiatus for the Indonesian car financing company, upsizing it from a reported $250 million.
Rated Baa3BBB-, the Reg S-only offering priced at US Treasuries plus 200 basis points is 25bp tighter than initial price guidance, according to a term sheet seen by FinanceAsia. The bond's coupon is 2.875%.
Investor sentiment towards Indonesia credit has been running high since President Joko Jokowi Widodo assumed office in October. Indonesia's bond market recorded a 13.6% gain in 2014, the second-best national performance in...