Indofood stirs investor interest

Private banking demand from Singapore drives a strong opening performance for the largest Indonesian bond deal since the Asian crisis.

The noodle manufacturer underlined investors' continuing preference for high yield deals by the right Asian names yesterday Tuesday with an increase to its five-year bullet issue. With Credit Suisse First Boston as lead manager, the issue size was upsized from $200 million to $280 million, in the process mitigating any lingering concerns about 2002 re-financing risk and moving the company's debt maturity profile from short to long-term.

The Reg S deal was priced towards the tight end of its 10.5% to 11% indicative range. Terms were finalised on an issue price of 99.05% and coupon of 10.375% to yield 10.625%, or 630bp over five-year Treasuries. ING Barings was co-manager.

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