trubas-highyield-bond-dreams-dashed

Truba's high-yield bond dreams dashed

The Indonesian construction company shelves its global bond after failing to achieve the required volume.
May 21, 2008
PT Truba Alam Manunggal Engineering has cancelled its high-yield bond transaction nearly four weeks after announcing its intention to raise dollar funds. Sources familiar with the transaction say sole-lead UBS and co-manager BNP Paribas were able to put together a deal at the bottom end of the size range and at the upper end of guidance, but that the company wasnÆt satisfied with the final size.

ItÆs unclear how many orders the arrangers managed to garner. One source heard that the deal attracted just $89 million in demand, of which only $50 million were firm orders, although this is not confirmed. Another stated that the leads had been waiting for one or two key accounts...
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