By Rebecca Melvin
New York, April 7 – The Republic of Indonesia priced $4.3 billion of bonds due 2030, 2050 and 2070 (expected ratings: Baa2/BBB/BBB) on Monday, according to term sheets filed with the Securities and Exchange Commission.
Citigroup Global Markets Inc., Deutsche Bank AG, London Branch, Goldman Sachs (Singapore) Pte, HSBC and Standard Chartered Bank were the joint lead managers and joint bookrunners of the issues, which will be listed on the Singapore and Frankfurt stock exchanges.
Proceeds will be used to partially fund Covid-19 relief and recovery efforts.
The $1.65 billion 3.85% bonds due Oct. 15, 2030 priced at 99.573 for a yield of 3.9%, or a spread over U.S. Treasuries of 323.2 basis points.
The $1.65 billion 4.2% notes due Oct. 15, 2050 priced at 99.15 for a reoffered yield of 4¼%, or a spread over Treasuries of 296.8 bps.
The $1 billion of 4.45% notes due April 15, 2070 priced at 99.009 for a yield to maturity of 4½%, or a spread over Treasuries of 321.8 bps.
| Issuer: | Indonesia
|
| Description: | Bonds
|
| Amount: | $4.3 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank AG, London Branch, Goldman Sachs (Singapore) Pte, HSBC and Standard Chartered Bank
|
| Co-managers: | PT Danareksa Sekurities and PT Trimegah Sekuritas Indonesia Tbk.
|
| Pricing date: | April 6
|
| Settlement date: | April 15
|
| Expected ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
|
|
| 2030 bonds
|
| Amount: | $1.65 billion
|
| Maturity: | Oct. 15, 2030
|
| Coupon: | 3.85%
|
| Price: | 99.573
|
| Yield: | 3.9%
|
| Spread: | 323.2 bps over Treasuries
|
|
|
| 2050 bonds
|
| Amount: | $1.65 billion
|
| Maturity: | Oct. 15, 2050
|
| Coupon: | 4.2%
|
| Price: | 99.15
|
| Yield: | 4¼%
|
| Spread: | 296.8 bps over Treasuries
|
|
|
| 2070 bonds
|
| Amount: | $1 billion
|
| Maturity: | April 15, 2070
|
| Coupon: | 4.45%
|
| Price: | 99.009
|
| Yield: | 4½%
|
| Spread: | 321.8 bps over Treasuries
|
| Price talk: | Initial price talk in 3¾% area
|
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