Bank Panin to launch FRCD

Bank Panin to launch FRCD

HONG KONG (Reuter): PT Pan Indonesia Bank (Bank Panin), acting through its Cayman Islands branch, will launch a US$65 million floating rate certificates of deposit issue, the sole arranger Oversea-Chinese Banking Corp said yesterday.

The six-year certificates include put and call options at the end of the third year, and are priced at par to float at 70 basis points over the three-month London Interbank Offered Rate.

With fees, the all-in return for top-tier managers is 87 basis points over LIBOR in general syndication.

General syndication is expected to start next week after the formation of a co-arrangers group.

Bank Panin is rated Ba1 by Moody's Investors Service.