Danamon makes high yield debut

Singapore halo effect comes back into play.

PT Bank Danamon completed a maiden subordinated debt issue yesterday Wednesday, pricing its Reg S deal inside of guidance and credit comps. At $300 million, the issue size was large for the Indonesian market and effectively doubles the $425 million outstanding subordinated debt universe of deals by BNI, Bank Mandiri and Bank Rakyat Indonesia.

The 10 non-call five transaction was led by Citigroup and Deutsche Bank on fees of 50bp. Both banks have strong links to Danamon, which was taken over by the Asia Financial consortium in May last year.

Deutsche Bank owns a 15% stake of Asia Financial, which in turn owns 61.9% of the bank. The remaining...

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