Tower Bersama pulls tap on pricing, demand mismatch

By Morgan Davis
26 Jan 2021

Indonesia's Tower Bersama Infrastructure took an aggressive pricing approach to a tap of its dollar bond on Monday. But when investor response fell short of expectations, the issuer was forced to pull its fundraising.

The telecommunication tower provider announced the tap of its $300m 2.75% 2026 notes on Monday morning local time. The issuer went straight out with final price guidance, marketing the additional notes at 2.3%-2.4%.

But the deal was pulled before the end of the day. There were ...

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