Cikarang Listrindo breaks high-yield record

Power producer Cikarang Listrindo demonstrated that the high-yield bond markets are well and truly open for Indonesian credits on Wednesday after securing a very large $4 billion final order book for a tightly priced deal. 

The combination of Indonesia's highest rated non-investment-grade issuer with outstanding dollar denominated bonds and an improving macro backdrop proved a winning one for investors.

This happy confluence of events enabled the Ba2BB rated group to bring the tightest priced deal on record for a rated Asian non-investment grade issuer at the 10-year point of the curve.

The $550 million 10 non-call five-year transaction also represents the first...