Chicago, June 16 – Indonesia sold ¥100 billion of bonds in six parts (Baa2/BBB/BBB) at the end of May, according to a government release.
This is the second sale of samurai bonds since the pandemic started, with the first issue sold in July 2020.
The republic sold ¥29 billion of 0.33% bonds due May 27, 2024 at yen mid-swaps plus 35 basis points.
The second tranche was for ¥46.8 billion of 0.57% notes due May 27, 2026, with a yen mid-swaps plus 56 bps spread.
The issuer also sold ¥1.2 billion of 0.7% notes due May 26, 2028, at yen mid-swaps plus 65 bps.
Additionally, there was a 10-year tranche of ¥18.2 billion 0.89% notes due May 27, 2031 that came with a yen mid-swaps plus 76 bps spread.
A fifth tranche of ¥2.5 billion 1.17% bonds due May 27, 2036 were sold with a yen mid-swaps plus 90 bps spread.
And, the final tranche was ¥2.3 billion of 1.44% bonds due May 27, 2041 that were sold with a yen mid-swaps plus 105 bps spread.
The issue was 1.6 times oversubscribed.
The republic held a non-deal roadshow via online group meetings and one-to-one meetings, attended by Japanese investors virtually.
Asset managers were the largest group of subscribers. Non-Japanese subscribers accounted for 17.7% of the transaction.
Proceeds will be used to finance the 2021 state budget, including handling Covid-19 and efforts to restore the national economy.
Joint lead arrangers for the notes were Daiwa Securities Co. Ltd., Mizuho Securities Co., Ltd., Nomura Securities Co., Ltd., and SMBC Nikko Securities Inc.
| Issuer: | Indonesia
|
| Issue: | Samurai bonds
|
| Amount: | ¥100 billion
|
| Bookrunners: | Daiwa Securities Co. Ltd., Mizuho Securities Co., Ltd., Nomura Securities Co., Ltd., and SMBC Nikko Securities Inc.
|
| Trade date: | May 21
|
| Settlement date: | May 27
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
| Marketing: | Non-deal roadshow
|
|
|
| Three-year bonds
|
| Amount: | ¥29 billion
|
| Maturity: | May 27, 2024
|
| Coupon: | 0.33%
|
| Spread: | Yen mid-swaps plus 35 bps
|
|
|
| Five-year bonds
|
| Amount: | ¥46.8 billion
|
| Maturity: | May 27, 2026
|
| Coupon: | 0.57%
|
| Spread: | Yen mid-swaps plus 56 bps
|
|
|
| Seven-year bonds
|
| Amount: | ¥12 billion
|
| Maturity: | May 26, 2028
|
| Coupon: | 0.7%
|
| Spread: | Yen mid-swaps plus 65 bps
|
|
|
| 10-year bonds
|
| Amount: | ¥18.2 billion
|
| Maturity: | May 27, 2031
|
| Coupon: | 0.89%
|
| Spread: | Yen mid-swaps plus 76 bps
|
|
|
| 15-year bonds
|
| Amount: | ¥2.5 billion
|
| Maturity: | May 27, 2036
|
| Coupon: | 1.17%
|
| Spread: | Yen mid-swaps plus 90 bps
|
|
|
| 20-year bonds
|
| Amount: | ¥2.3 billion
|
| Maturity: | May 27, 2041
|
| Coupon: | 1.44%
|
| Spread: | Yen mid-swaps plus 105 bps
|
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