Pakuwon Jati prices with aggressive revision

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By Virginia Furness
26 Jun 2014

Pakuwon Jati made its first appearance in the international bond market since 2006 when it priced a five year non call three dollar offering on Wednesday. Rarity value spurred demand and despite a steep price revision, the bond traded up in secondaries.

Joint global co-ordinators Standard Chartered and UBS opened guidance at 7.625% area before tightening to 7.125%-7.25%. The deal priced at 7.125% and raised $168m.

A banker on the deal said that the steep revision was supported by the robust order book of $2.5bn. “[The price tightening] is ...

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