Cikarang sets new benchmark for Indo HY

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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