mobile8-pulls-off-highyield-bond

Mobile-8 pulls off high-yield bond

The Indonesian mobile phone operator succeeds in pricing its maiden bond early on Thursday morning in a volatile market. The deal is downsized from $150 million to $100 million.
PT Mobile-8 Telecom, IndonesiaÆs fifth largest mobile phone operator, succeeded in pricing a five-and-a-half year non-call-three $100 million debut bond early Thursday morning, via sole-bookrunner Lehman Brothers. Mobile-8 had initially hoped to raise $150 million but had to downsize the deal.

The transaction, rated B2B, managed to close soon after the Federal Reserve made positive statements about the US economy and announced its intention to maintain interest rates at 5.25%. Further, Bear Stearns managed to price a $2.25 billion five-year bond the previous evening, reassuring investors and spurring a tightening of credit spreads.

As the market window opened, a number of issuers across the US also rushed in to price their deals, marking the...
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