Excelcomindo closes pricing gap

Indonesian cellular operator brings blow out deal thanks to strong market liquidity and the halo effect of its Malaysian parent.

Joint leads CIMB Niaga, JPMorgan, and UBS priced a B1/BB- rated $250 million bond issue for PT Excelcomindo Pratama early Friday morning (January 13). Despite building a book that was 14-times oversubscribed at $3.2 billion, the leads opted to keep the deal to its original size.

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