Indonesia launches $2.5 billion offering of notes in two tranches

By Paul A. Harris

Portland, Ore., April 17 - Republic of Indonesia (Baa3/BB+/BBB-) launched a $2.5 billion two-part offering of notes on Tuesday, according to market sources.

The deal is comprised of a new $2 billion issue of 10-year notes launched with a yield of 3.85% and a $500 million add-on to the 5¼% notes due Jan. 17, 2042, which launched at 104.636 to yield 4.95%.

Initial yield guidance on the 10-year bonds was 4 1/8%. The add-on came with initial yield talk of 4.98%.

JPMorgan and Standard Chartered Bank are the bookrunners.

JPMorgan will bill and deliver.

The original $1.75 billion issue of 5¼% notes due in 2042 priced at 98.148 to yield 5 3/8% on Jan. 9, 2012.

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