Indonesia completes $467.49 million tender for global notes

By Devika Patel

Knoxville, Tenn., July 5 – Republic of Indonesia completed a $467,485,000 cash tender offer for some global bonds from nine series, according to a country announcement.

The offer began on March 22, and the country announced the maximum cash consideration of up to $500 million of bonds on March 23. The tender expired on March 28 and settled on April 1.

The country was tendering for some of its $1 billion outstanding 2.95% global bonds due Jan. 11, 2023 (ISIN: US455780CC89) for a purchase price of $1,011.57, based on the 1½% Treasury note due Feb. 29, 2024 minus 86 basis points, but none of these bonds were accepted in the tender;

The country was tendering for some of its $1,260,950,000 3 3/8% global bonds due April 15, 2023 (ISINs: USY20721BD05, US455780BL97) for a purchase price of $1,015.96, based on the 2024 Treasury note minus 49 bps, but none of these notes were accepted in the tender;

The country was tendering for some of its $819,219,000 5 3/8% global bonds due Oct. 17, 2023 (ISINs: USY20721BH19, US455780BP02) for a purchase price of $1,048.92, based on the 2024 Treasury note minus 17 bps, and $61,449,000 of these bonds were accepted in the tender;

The country was tendering for some of its $2 billion 5 7/8% global bonds due Jan. 15, 2024 (ISINs: USY20721BJ74, US455780BQ84) for a purchase price of $1,060.87, based on the 2024 Treasury note plus 7 bps, and $273,615,000 of these bonds were accepted in the tender;

The country was tendering for some of its $526,115,000 4.45% global bonds due Feb. 11, 2024 (ISIN: US455780CG93) for a purchase price of $1,036.01, based on the 2024 Treasury note plus 15 bps, and $52,152,000 of these bonds were accepted in the tender;

The country was tendering for some of its $2 billion 4 1/8% global bonds due Jan. 15, 2025 (ISINs: USY20721BG36, US455780BT24) for a purchase price of $1,036.45, based on the 2024 Treasury plus 45 bps, but none of these bonds were accepted in the tender;

The country was tendering for some of its $2.25 billion 4¾% global bonds due Jan. 8, 2026 (ISINs: USY20721BN86, US455780BV79) for a purchase price of $1,061.63, based on the 1 7/8% Treasury note due Feb. 28, 2027 plus 47 bps, and $80,269,000 of these bonds were accepted in the tender;

The country was tendering for some of its $1.25 billion outstanding 4.35% global bonds due Jan. 8, 2027 (ISINs: USY20721BQ18, US455780BX36) for a purchase price of $1,056.48, based on the 2027 Treasury note plus 53 bps, but none of these bonds were accepted in the tender; and

The country was tendering for some of its $1 billion outstanding 3.85% global bonds due July 18, 2027 (ISINs: USY20721BT56, US455780CA24) for a purchase price of $1,034.51, based on the 2027 Treasury note plus 60 bps, but none of these bonds were accepted in the tender.

The purchase prices were for each $1,000 principal amount of notes.

Dealer managers for the offer were Citigroup Global Markets Inc. (+852 2501 2692, 212 723-0859, +44 20 7986 8969, liabilitymanagement.asia@citi.com), Deutsche Bank AG Singapore Branch, (+65 6423 4229, aslayyn@list.db.com), Mandiri Securities Pte. Ltd. (+65 6589 3880, dcmgroup@manfirisek.co.id), Societe Generale (+33 1 42 13 21 40, +65 6326 7034, liability.management@sgcib.com) and Standard Chartered Bank (+65 6557 8289, +85 2398 38658, +44 20 7885 5739, liability_management@sc.com).

The tender and information agent was Morrow Sodali Ltd. (+852 2319 4130, 203 609-4910, +44 20 4513 6933, RoI@investor.morrowsodali.com, https://bonds.morrowsodali.com/roi).

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