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.

  • 29 Jul 2010

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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All Corporate Bonds

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4 Barclays 64,919.42 275 4.75%
5 Deutsche Bank 61,725.14 258 4.52%

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4 HSBC 13,677.26 58 6.20%
5 SG Corporate & Investment Banking 12,319.14 63 5.58%

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1 JPMorgan 5,262.65 41 8.52%
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5 Barclays 3,740.83 31 6.05%

Bookrunners of Dollar Denominated HY Bonds

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2 Citi 17,958.06 133 9.10%
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4 Barclays 13,657.72 88 6.92%
5 Goldman Sachs 13,596.26 99 6.89%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 19,183.41 86 7.11%
2 Deutsche Bank 18,344.32 59 6.80%
3 HSBC 17,459.90 79 6.47%
4 Barclays 17,134.62 76 6.35%
5 Citi 15,489.08 65 5.74%