Covenants snuff out structural subordination doubts on Bhakti

Indonesia’s Bhakti Investama sold a $365m five year non-call three bond in its dollar market debut, offering a covenant package to gain a successful result.

  • 17 May 2013

Sole lead Deutsche Bank priced the deal at 5.875% on May 9 after setting guidance at the same level. The borrower sold its transaction through subsidiary Ottawa Holdings, and the structural subordination with initial guidance inside market expectations worried some investors.

"The starting point was inside where we though ...

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