Lead manager UBS completed a well-received $270 million bond deal for PT Mitra Global Telekomunikasi Indonesia MGTI on Tuesday. The three-tranche Reg S issue represents the first dollar bond from Indonesia since the spring and its success appears to show that the Asian yield market may be finding its feet again after a difficult six months.
Proceeds are being used to re-finance a syndication loan put in place this January to fund the acquisition of the revenue rights to KSO IV - MGTI. The latter encompasses one of five ill-starred foreign owned joint ventures established in the 1990's to roll out fixed line phone services in Indonesia. A plethora of...
