Indosat $650m bond success augurs well for Indonesia issuers
A $650 million bond from Indonesian telco Indosat, issued last month, was a record 16 times oversubscribed. What was it about the deal that attracted investors in such numbers?
The 10-year, $650 million bond from Indonesian telecoms company Indosat, a refinancing of the company’s outstanding debt due in 2010 and 2012, was one of the largest ever from an Asian high yield borrower. But, such is the demand for Indonesian credit at present, the deal might have been even larger: the order book was an astonishing 16 times oversubscribed.
Terence Chia, vice-president of Asian debt syndicate at Citi, joint lead bookrunner on the deal, says it quickly became apparent the bond
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