pln-issues-30year-highyield-deal

PLN issues 30-year high-yield deal

Pricing amid a host of other issues last night, PLN had little trouble attracting investors to its $1 billion dual-tranche deal.
PT Perusahaan Listrik Negara PLN, the Indonesian electricity utility, issued $1 billion through a BaBB-rated dual-tranche $500 million 10-year and $500 million 30-year deal last night. The transaction, managed by UBS, priced following a roadshow in London on Monday, New York on Tuesday and Boston on Wednesday.

The 10-year tranche priced with a coupon of 7.250%, a yield of 7.375% and a price of 99.127, with a spread over 10-year US Treasuries of 222.6bp. The book for this tranche was five times covered, with 140 investors participating in the transaction. UBS released an initial guidance on Monday in the 7.375% area, and revised yesterday to 7.250%-7.375%.

In terms of geographic split,...
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