Sritex offers investors rare high yield Indonesian bond

Fashion 230x150
By Morgan Davis
10 Oct 2019

Sri Rejeki Isman (Sritex) sold an opportunistic $225m bond on Wednesday, becoming the first high yield Indonesian issuer in five months. The company offered investors a juicy premium, which was necessary to appease buyers burnt by turmoil around fellow textile company Duniatex.

Sritex's deal came about three months after Indonesian textile company Duniatex's subsidiary, Delta Dunia Sandang Tekstil, missed an interest payment on a $260m syndicated loan. The failure to pay $5m in interest in July triggered a secondary market fall in the dollar bond price of its sister ...

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