New Issue: Indonesia prices €1 billion bonds due 2025, $1 billion bonds due 2028

By Rebecca Melvin

New York, April 17 – The Republic of Indonesia priced €1 billion bonds due 2025 and $1 billion bonds due 2028 (Baa2//BBB-) on Tuesday, according to term sheets.

The €1 billion tranche of 1¾% seven-year notes priced at 99.804 to yield 1.78%, or a yield spread of mid-swaps plus 115 basis points. Final pricing was tighter than guidance of mid-swaps plus 120 bps to 125 bps.

The $1 billion tranche of 4.1% 10-year notes priced at 99.756 to yield 4.13%, or a spread of U.S. Treasuries plus 131.4 bps. Final pricing was at the tight end of talk in the 4.15% yield area, plus or minus 2 bps.

Joint lead managers and joint bookrunners of the Securities and Exchange Commission-listed notes are Credit Agricole CIB, Deutsche Bank, Goldman Sachs, HSBC and Mandiri Securities.

Issuer:	Indonesia
Issue:	Euro and U.S. dollar-denominated bonds
Bookrunners:	Credit Agricole CIB, Deutsche Bank, Goldman Sachs, HSBC and Mandiri Securities
Co-managers:	PT Danareksa Sekurities, PT Trimegah Sekuritas Indonesia Tbk. and PT Bahana Sekurities
Trade date:	April 17
Settlement date:	April 24
Ratings:	Moody’s: Baa2
	Fitch: BBB-
Distribution:	SEC registered
2025 bonds
Amount:	€1 billion
Maturity:	April 24, 2025
Interest rate:	1¾%
Price:	99.804
Yield:	1.78%
Spread:	Mid-swaps plus 115 bps
Talk:	Guidance of mid-swaps plus 120-125 bps
2028 bonds
Amount:	$1 billion
Maturity:	April 24, 2028
Interest rate:	4.1%
Price:	99.756
Yield:	4.13%
Spread:	Treasuries plus 131.4 bps
Talk:	4.15% yield area, plus or minus 2 bps

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