Perusahaan Listrik Negara PLN, Indonesia's state-owned electricity company, has raised $750 million with 10-year bonds, pricing the issue on Monday afternoon New York time.
The deal was launched on the same day that another sub-investment grade borrower, Indonesian retailer Matahari, completed its $200 million debt exchange and issue of new high-yield bonds. The success of both transactions suggests that the capital markets might, at last, be re-opening for Asian companies with low credit ratings. The last US dollar public offering by a regional sub-investment grade corporate was a $350 million issue from SMIC, a Philippine conglomerate, in July 2008.
PLN's senior unsecured notes were launched out of...
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