Cikarang Listrindo breaks high-yield record

Power producer shows that the high-yield bond markets are very much open for Indonesian credits after securing a very large order book for a tightly priced deal.
Dark skies clearing for Indonesian high yield
Dark skies clearing for Indonesian high yield

Power producer Cikarang Listrindo demonstrated that the high-yield bond markets are well and truly open for Indonesian credits on Wednesday after securing a very large $4 billion final order book for a tightly priced deal  

The combination of Indonesia's highest rated non-investment-grade issuer (with outstanding dollar denominated bonds) and an improving macro backdrop proved a winning one for investors

This happy confluence of events enabled the Ba2/BB rated group to bring the tightest priced deal on record for a rated Asian non-investment grade issuer at the 10-year point of the curve

The $550 million 10 non-call five-year transaction also represents the first 10-year deal from Indonesia and the largest deal from...

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