Mandiri cleans up

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.