Indosat revives Asian high yield market

A large order book sees Indonesian telco successfully re-open Asian high-yield debt market.

Lead managers Credit Suisse First Boston, Goldman Sachs and JPMorgan have given Asia's beleagured non-investment grade sector a much needed boost following the successful completion of a $250 million issue for PT Indosat Thursday. The Reg S 144A seven non-call five deal had an unexpectedly strong investor showing and proved to be a classic example of how to use a small issue size and wide guidance to gain traction and tight pricing.

Having gone out with an initial guidance of around 365bp over Treasuries, the leads narrowed the range to between 325bp and 340bp during the final week, before closing off roadshows early once demand topped a whopping $1.6...

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