Indonesian property developer Bumi Serpong Damai sold its first dollar-denominated bond but credit research firm Lucror Analytics is questioning the legality of the instrument.
Bumi Serpong Damai, the largest property developer in Indonesia in terms of presales, raised a $225 million five-year note that is callable in year three on Monday evening. The Reg S-only bond, which had a target size of up to $250 million, priced at 6.75%, 25bp tighter than its initial price guidance area, according to a source close to the deal.
Although the transaction issued by wholly-owned subsidiary Singaporean incorporated Global Prime Capital managed to price, Lucror Analytics in a...
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