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Indonesia’s Kawasan Industri Jababeka completed an exchange offer for its outstanding 2017s on Wednesday. At the same time, the industrial estate developer also issued a new $190m five year non call three bond. Buoyed by strong demand for Indonesia, the deal was very well received and closed in two hours. -
Indonesian credits are back on the radar for investors following a quick succession of deals in September that came on the back of a $1.5bn sovereign sukuk. But despite the recent pick-up in activity, further corporate issuance for the rest of the year is expected to be tame, write Rev Hui and Isabella Zhong.
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Indonesian auto company Mitra Pinashika Mustika (MPM) priced its inaugural international bond last Friday, September 12. Offering diversification value and riding on the positive sentiment for Indonesia, the five year non call three issue pulled in an order book that was seven times subscribed.
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Indonesia’s Kawasan Industri Jababeka launched a five year non call three dollar bond on Wednesday. The issue features alongside an exchange offer by the industrial estate developer for its existing 11.75% 2017s.
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Europe’s investment grade bond market is in fine form, as a parade of grand borrowers entered the market for the highly attractive funding available in euros. High yield, on the other hand, has been rocked by the implosion of Phones 4U, the UK mobile phone retailer.
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The sudden collapse at the weekend of UK phone retailer and high yield bond issuer Phones 4U has provoked a vigorous round of mud-slinging. So far, not much has stuck to the bondholders, but they are still culpable.
