Merrill Lynch has priced the first Indonesian cross-border securitization since the Asian financial crisis with a landmark $600 million 3.1-year Series-1 future flow securitization for PT Bumi Resources mining units, PT Kaltim Prima Coal KPC and PT Arutmin Indonesia.
The BBB- Fitch deal was priced yesterday June 23 at par with a coupon of 7.134% to yield 350bp over three-year US Treasuries. The deal closed at the wide end of projected price talk of 325bp to 350bp over.
The order book is said to have closed at the $900 million level - an oversubscription ratio of 1.5 times. It was allocated to 75 accounts made up...
