bahana

Indonesian state-owned electricity giant brings rare long-dated bond, taking advantage of investor demand for returns amid a flattening of the Treasury yield curve.

Indonesia’s second-largest public company raised a more-than-expected $250 million on the back of improved market sentiment.

And the sovereign takes advantage of it to push down on the new issue premium.

The Republic tops and tails 2015 with split 10 and 30-year dollar bonds, which show just what a difference a year can make to investor sentiment.

A slew of equity issuers rev up transactions in the hope that glimmers of improving sentiment help sustain a stock market rebound.

The deal is upsized by more than 50% despite being offered at a zero percent discount. A tight allocation supports the stock in the aftermarket.

Investor education starts for the IPO of state-owned airline Garuda Indonesia, which could fetch about $500 million, while Bank Mandiri kicks off the domestic roadshow for its rights issue of up to $1.6 billion.

The upsize option is utilised in full as investors endorse the company's transformation into Indonesia's second largest coal mining contractor, but the price is fixed towards the bottom of the range.

The existing controlling shareholder looks to trim his stake to 5% as Delta Dunia moves ahead with the Buma acquisition that will transform it into a coal mining contractor under the control of private equity firm Northstar.