Excelcomindo makes high yield debut

Indonesia''s third cellular operator completes the largest high yield deal from Indonesia since the financial crisis.

Joint leads Credit Suisse First Boston, Morgan Stanley and UBS priced an upsized $350 million bond issue for PT Excelcomindo Pratama yesterday Thursday. The deal initially had a base size of $250 million, but was increased on the back of a $1.3 billion order book and now tops rival Indosat's $300 million offering as the largest from the country in over seven years.

Final pricing of the five non call three transaction was settled at 99.495% on a coupon of 8% to yield 8.125% or 514.5bp over Treasuries. This was marginally inside initial guidance around the 8.375% area.

There is also a call option at 104%.

A total...

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