Telkomsel proves the exception to the rule

An increased $150 million five non-call three offering was priced yesterday (Tuesday) by lead manager UBS Warburg after books closed three-and-a-half times oversubscribed. Launched on an issue price of 99.75% to yield 9.825% or 474bp over Libor (532.5bp over five-year Treasuries), the deal surprised a number of observers who believed that 10% would be a psychologically hard hurdle to cross.