By Rebecca Melvin
New York, Dec. 5 – The Republic of Indonesia priced $4 billion of bonds in three tranches of five-, 10-, and 30-year paper (expected ratings Baa3/BBB-/BBB-), according to a term sheet.
The sovereign priced $1 billion of 2.95% five-year notes at 99.764 for a yield of 3%, or 85.6 basis points over Treasuries. Final pricing came at the tight end of guidance in the 3.05% area, which was tightened from initial talk in the 3.3% area. Area refers to a swing of 5 bps on either side of the target price.
The 10-year tranche was for $1.25 billion of notes, which priced with a 3.5% coupon at 99.576 for a yield of 3.55%, or 117.6 bps over Treasuries. Pricing came at the tight end of guidance of 3.6% area, which was revised from 3 7/8% area initially.
The $1.75 billion of 4.35% 30-year notes priced at 99.166 for a 4.4% yield, or 163.3 bps over Treasuries. Final pricing was at the tight end of guidance in the 4.45% area, which was revised from 4¾% area initially.
The Securities and Exchange Commission-registered notes were sold via joint lead managers and bookrunners Australia and New Zealand Banking Group Ltd., Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, Goldman Sachs (Singapore) Pte. (billing and delivery) and Mandiri Securities Pte Ltd.
The notes are being listed on the Singapore Exchange Securities Trading Ltd. and the Frankfurt Stock Exchange.
| Issuer: | Indonesia
|
| Amount: | $4 billion
|
| Description: | Bonds
|
| Bookrunners: | Australia and New Zealand Banking Group Ltd., Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, Goldman Sachs (Singapore) Pte. (billing and delivery) and Mandiri Securities Pte Ltd.
|
| Co-managers: | PT Danareksa Sekuritas, PT Trimegah Sekuritas Indonesia Tbk. and PT Bahana Securities
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody’s: Baa3
|
| S&P’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC-registered
|
|
|
| Notes due 2023
|
| Amount: | $1 billion
|
| Description: | Bonds
|
| Maturity: | Jan. 11, 2023
|
| Coupon: | 2.95%
|
| Price: | 99.764
|
| Yield: | 3%
|
| Spread: | 85.6 bps over Treasuries
|
| Price talk: | 3.05% area, revised from 3.3% area
|
|
|
| Notes due 2028
|
| Amount: | $1.25 billion
|
| Description: | Bonds
|
| Maturity: | Jan. 11, 2028
|
| Coupon: | 3.5%
|
| Price: | 99.576
|
| Yield: | 3.55%
|
| Spread: | 117.6 bps over Treasuries
|
| Price talk: | 3.6% area, revised from 3 7/8% area
|
|
|
| Notes due 2048
|
| Amount: | $1.75 billion
|
| Description: | Bonds
|
| Maturity: | Jan. 11, 2048
|
| Coupon: | 4.35%
|
| Price: | 99.166
|
| Yield: | 4.4%
|
| Spread: | 163.3 bps over Treasuries
|
| Price talk: | 4.45% area, revised from 4¾% area
|
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