Lucror dubs Bumi Serpong bonds "un-investable"

The Indonesian developer prices a debut dollar offering but credit research firm Lucror Analytics questions the legality of the instrument.

Indonesian property developer Bumi Serpong Damai sold its first dollar-denominated bond but credit research firm Lucror Analytics is questioning the legality of the instrument.

Bumi Serpong Damai, the largest property developer in Indonesia in terms of presales, raised a $225 million five-year note that is callable in year three on Monday evening. The Reg S-only bond, which had a target size of up to $250 million, priced at 6.75%, 25bp tighter than its initial price guidance area, according to a source close to the deal.

Although the transaction  issued by wholly-owned subsidiary Singaporean incorporated Global Prime Capital  managed to price, Lucror Analytics in a...

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