Majapahit Holding

05 Aug 2009

Guarantor: Perusahaan Listrik Negara
Rating: Ba3/BB-
Deal size: $750m
Maturity: 7 Aug 2019
Issue/re-offer price: 99.1550
Coupon: 8%
Spread at re-offer: 499.6bp over UST
Launched: 4 April
Payment date: 7 April
Joint books: Barclays Capital, UBS



Market appraisal:

"The timing was right. It was always going to happen, but not when PLN was 300bp over the sovereign."

"I thought ...

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