Rated five notches lower than the Republic of the Philippines, Bank Mandiri, nevertheless, managed to price 50bp tighter last Friday on the completion of a $300 million bond deal. The B-B3 rated Reg S transaction was upsized from $200 million and is likely to be increased again to $360 million sometime this week if Bank Indonesia gives its approval for the exercise of a 20% greenshoe.
Books were also closed early by lead managers Credit Suisse First Boston, UBS Warburg and joint-lead Mandiri Sekuritas, after orders came in for just shy of $1 billion. Pricing was not surprisingly fixed at the tight end of the indicative range and was much more aggressive...
