BNI bond

Bank Negara Indonesia returns to dollar bond market after hiatus

Rivals speculate that the $500 million bond deal for Bank Negara Indonesia, a state-owned bank, was hard underwritten.
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BNI in downtown Yogyakarta (photononstop)
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<div style="text-align: left;"> BNI in downtown Yogyakarta (photononstop) </div>

Indonesian state-owned lender Bank Negara Indonesia (BNI) priced a $500 million five-year bond late Tuesday night — the first offshore dollar bond from an Indonesian commercial bank since 2003

The bank had started marketing the bond to investors on Tuesday morning at mid to high 4%, despite the overnight weakness in Europe and the US This was revised to 4 375% to 4 5% with the bonds pricing at the tight end Credit Suisse, Deutsche Bank and Morgan Stanley were joint bookrunners

The deal attracted an order book of $3 billion from 183 investors, with offshore US investors allocated a sizeable chunk (23%)...

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