Joint leads CIMB Niaga, JPMorgan, and UBS priced a B1BB- rated $250 million bond issue for PT Excelcomindo Pratama early Friday morning January 13. Despite building a book that was 14-times oversubscribed at $3.2 billion, the leads opted to keep the deal to its original size.
Final pricing of the seven non-call four transaction was settled at 99.323% to yield at 7.25% or 288p over Treasuries. This was at the low end of revised guidance of 7.25% - 7.375% and down from initial yield guidance of 7.5% that had been set earlier in the roadshow. Fees were 55bp.
The deal had a geographical...
