By Mary Katherine Stinson
Lexington, Ky., Jan. 4 – The Republic of Indonesia priced a $2.05 billion three-part offering of fixed-rate bonds (Baa2/BBB/BBB) on Wednesday, according to final term sheets.
The $500 million of 4.4% bonds due March 10, 2029 priced at 98.852 to yield 4.65%, or 74.4 basis points over Treasuries.
The republic priced $650 million of 4.7% bonds due Feb. 10, 2034 at 98.81 to yield 4.85%, or at Treasuries plus 93.2 bps.
Finally, the $900 million of 5.1% bonds due Feb. 10, 2054 priced at 98.481 to yield 5.2%, or 111.4 bps above Treasuries.
Each of the bonds is callable at par beginning one month, three months and six months before maturity, respectively.
Australia and New Zealand Banking Group Ltd., BofA Securities, Inc., Deutsche Bank AG, Singapore Branch, Morgan Stanley & Co. LLC and UBS AG Singapore Branch are acting as joint bookrunners. BofA is handling billing and delivery.
Proceeds will be used for general purposes of the republic, including to partially fund general financing requirements.
The bonds will be listed in both Singapore and Frankfurt.
| Issuer: | Republic of Indonesia
|
| Amount: | $2.05 billion
|
| Issue: | Bonds
|
| Bookrunners: | Australia and New Zealand Banking Group Ltd., BofA Securities, Inc. (billing and delivery), Deutsche Bank AG, Singapore Branch, Morgan Stanley & Co. LLC and UBS AG Singapore Branch
|
| Co-managers: | PT BRI Danareksa Sekuritas and PT Trimegah Sekuritas Indonesia Tbk.
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Hiswara Bunjamin & Tandjung and Allen & Overy LLP
|
| Counsel to underwriters: | Mayer Brown and Assegaf Hamzah & Partners
|
| Pricing date: | Jan. 3
|
| Settlement date: | Jan. 10
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
|
|
| 2029 bonds
|
| Amount: | $500 million
|
| Maturity: | March 10, 2029
|
| Coupon: | 4.4%
|
| Price: | 98.852
|
| Yield: | 4.65%
|
| Spread: | Treasuries plus 74.4 bps
|
| Call features: | At par beginning one month before maturity
|
| Cusip: | 455780DT0
|
|
|
| 2034 bonds
|
| Amount: | $650 million
|
| Maturity: | Feb. 10, 2034
|
| Coupon: | 4.7%
|
| Price: | 98.81
|
| Yield: | 4.85%
|
| Spread: | Treasuries plus 93.2 bps
|
| Call features: | At par beginning three months before maturity
|
| Cusip: | 455780DU7
|
|
|
| 2054 bonds
|
| Amount: | $900 million
|
| Maturity: | Feb. 10, 2054
|
| Coupon: | 5.1%
|
| Price: | 98.481
|
| Yield: | 5.2%
|
| Spread: | Treasuries plus 111.4 bps
|
| Call features: | At par beginning six months before maturity
|
| Cusip: | 455780DV5
|
|
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