Cikarang sets new benchmark for Indo HY

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By Addison Gong
08 Sep 2016

Indonesian power producer Cikarang Listrindo slashed its funding costs and extended the maturity of its debt profile with a popular $550m 10 year note priced at a 4.96% coupon — setting a new benchmark for the country’s issuers.

“For a deal this size, with this tenor and this pricing, I’d say it’s a very impressive outcome,” said a source with knowledge of the trade.

The borrower is not new to investors. It was first seen in 2010, printing a $300m five year note with a 9.25% ...

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