Coupon Rate for New Issuances Gets Lower on Strong Demand

Indonesia primary market this week was active with at least three issuers offering new bonds, they are; Siantar Top (A/Stabil), Maybank Finance (AA+/Stabil) dan OCBC NISP (AAA/Stabil). Strong demand during the bookbuiding and lower govvies yield in the secondary market have pushed issuers to lower coupon rates. Maybank Finance priced their 3 year and 5 year bonds  at 10bps above indicative coupon rates; 3year priced at 9.1% and 5 year at 9.35%. Elsewhere, lower govvies yield in the secondary market also has pushed OCBC NISP to give coupon rate at; 7.5%-8% for 370 days, 8.00%-8.50% for 2 years and 8.25%-8.75% for 3 years.

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