South East Asia's largest tyre manufacturer PT Gajah Tunggal accessed the debt markets for the first time since its 2002 restructuring yesterday July 14 with a $325 million five-year deal via Credit Suisse First Boston and UBS. After a two-week roadshow, the B2B rated group was able to increase its prospective deal size from $250 million after building an order book of $550 million.
Pricing came at 99.522% on a coupon of 10.25% to yield 10.375% or 642.5bp over Treasuries. Fees were 1%.
The deal will now rank as the highest yielding corporate credit from Indonesia by some margin. Most of the country's outstanding corporate...
