BANK Rakyat Indonesia has raised US$75 million through a floating-rate note (FRN), lead manager Sanwa International Finance says.
Issued at par, the FRN coupon was 110 basis points over six-month LIBOR (London interbank offered rate) for the five-year deal and it was snapped up in hours, said Kenichi Ofuji, associate director of Sanwa, yesterday.
He said the issue attracted 15 financial institutions from eight countries.
Co-lead managers were Arab Banking Corp, Development Bank of Singapore, HSBC Markets, LTCB Asia and Paribas Capital Markets.
The FRN featured put and call options - both at par and enforceable on the interest payment date in November 1997 - as well as a put option if the issuer ceases to be wholly owned by the Indonesian Government.
It could have raised more but for the Indonesian Government's tight restrictions on overseas borrowing by Indonesian financial institutions.
