Indosat pricing ‘generous’ yet ‘absolutely right’ to secure deal after postponement
Indosat’s $650m high yield bond rallied by more than four points on its Asian trading debut at the end of last week, and stayed well above its initial pricing this week — leading to debate between bankers and investors on the pricing of a deal that drew $10.5bn of orders.
The Indonesian telecommunications company sold a 10 year non-call five bond at 99.478 last Thursday (July 22), yielding 7.45% off a 7.375% coupon. The bond was trading at around 104 by the end of its trading debut, far outperforming a wider market tightening, according to debt bankers.
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