Mandiri cleans up

Indonesia''s largest bank launches its most successful international bond deal to date.

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...

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