trubas-highyield-bond-dreams-dashed

Truba's high-yield bond dreams dashed

The Indonesian construction company shelves its global bond after failing to achieve the required volume.
PT Truba Alam Manunggal Engineering has cancelled its high-yield bond transaction nearly four weeks after announcing its intention to raise dollar funds. Sources familiar with the transaction say sole-lead UBS and co-manager BNP Paribas were able to put together a deal at the bottom end of the size range and at the upper end of guidance, but that the company wasnÆt satisfied with the final size.

ItÆs unclear how many orders the arrangers managed to garner. One source heard that the deal attracted just $89 million in demand, of which only $50 million were firm orders, although this is not confirmed. Another stated that the leads had been waiting for one or two key accounts...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222