Astra Sedaya sells $300m bond after 15-year hiatus

Indonesian car financing firm returns to the global debt markets with a vengeance, upsizing it from a reported $250 million as investors seek diversification away from China.
March 25, 2015

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...

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