PLN establishes yen curve with three-tranche Samurai

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By Addison Gong
13 Sep 2019

Indonesian state-owned power company PLN has diversified its funding sources. It debuted in the Samurai market, raising ¥23.2bn ($215m) from three bonds while paying a small premium over its outstanding dollar curve.

Joint leads Mizuho, Morgan Stanley, Nomura and SMBC Nikko started soft-sounding investors on Wednesday and Thursday last week. Then, on September 6, they started the official marketing process for PLN’s inaugural appearance in the yen market.

They announced initial price guidance for four tranches, at 45bp-65bp over yen ...

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