BTN pioneers with first Indo Basel III tier two

Crush smash dollar from Adobe 230x150
By Addison Gong
16 Jan 2020

Investors chased after a rare $300m Basel III-compliant tier two bond from Indonesia’s Bank Tabungan Negara (BTN) in both primary and secondary markets this week, sending the 12.3 times covered deal tighter in the aftermarket.

The dollar trade was not only BTN’s international debut, but was also the first subordinated Basel III-compliant bank capital deal from Indonesia. Bookrunners and lead managers Citi, HSBC and Standard Chartered took the issuer on a roadshow earlier this week, before starting bookbuilding for a five year bond ...

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