Indo rally drives aggressive pricing for new PGN 10yr

By Virginia Furness
15 May 2014

Perusahaan Gas Negara made a much anticipated return to the dollar bond market this week, printing a $1.35bn 10 year bond on Monday inside its nearest comparable as dealers took advantage of a rally in Indonesian paper. And with no end to that rally in sight, more borrowers are expected to take advantage of the double digit spread tightening, writes Virginia Furness.

The market backdrop could not have been better for PGN. Just one week earlier, the party of presidential frontrunner Joko Widodo won most votes in the country's parliamentary elections, much to the market's delight. In addition, abundant liquidity caused by institutional money flowing back into the Asian markets ...

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