Pertamina’s seven-year journey to the international debt market finally came to an end early yesterday morning when the Indonesian oil and gas company priced a $1 billion 10-year bond.
The deal has been mired in red tape and bureaucracy for years, but after plenty of false starts, the deal finally got underway 18 months ago when the three bookrunners Citi, Credit Suisse and HSBC started work on bringing Pertamina’s debut bond to market. Danareksa Sekuritas and Mandiri Sekuritas were also involved in the deal as co-managers.
“There was a lot of headache involved,” said one source familiar with the deal. “It was a colossal task getting the...
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