Indonesia's PLN taps investor demand for long bonds

Indonesian state-owned power company Perusahaan Listrik Negara PLN closed a $1 billion 30-year bond early Wednesday morning, demonstrating robust investor appetite for long-dated bonds.

The company, which is wholly owned by the Indonesian government, gathered an order book of $11.5 billion and succeeded in re-pricing its secondary curve.

Following hot on its heels, Thai corporate PTT is rumoured to be looking at a 10- and 30-year dual tranche bond to raise about $1 billion, which could come to market as early as today.

Assuming PTT does launch a dual-tranche bond, other borrowers will be keen to see the size of the spread differential between...