Indonesia's $1 billion-$1.5 billion 10-year bond whispered T+240-260 bps, awaits improving market

By Paul A. Harris

St. Louis, March 24 - Indonesia's expected $1 billion to $1.5 billion 10-year sovereign bond offering, sidelined by the recent extensive sell-off in emerging markets securities, is being whispered in a price range of U.S. Treasuries plus 240 to 260 basis points, according to a syndicate source.

The source added that Indonesia is unlikely to move forward with the deal before the emerging markets, which have been selling off for the past week, begin to improve.

Asked about earlier reports from market sources that the deal was being talked at Treasuries plus 170 to 190 basis points, the syndicate source declined to comment.

Deutsche Bank Securities, UBS Investment Bank and Citigroup have the books for Indonesia's deal. Credit Suisse First Boston and JP Morgan are the co-managers.

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