PT Adaro, Indonesia's second biggest coal miner, raised $800 million in a blowout 10-year high-yield bond issue at the end of last week. The company priced the deal with a 7.75% yield in the early hours of Friday morning Hong Kong time, having launched the marketing process on October 5.
The transaction was more than seven times subscribed, with orders from 262 accounts amounting to $5.75 billion, according to sources familiar with the transaction. However, as always, it's unclear how many orders and for what size were at the final price. Initial marketing guidance had been set at a yield of 8%.
Nevertheless, the launch clearly came at a propitious time, with international investors...
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