BDN issues $95m in notes

JAKARTA (JP): State-owned Bank Dagang Negara (BDN), through its Cayman Islands branch, Tuesday issued floating rate notes worth US$95 million.

The bank said the seven-year notes would be listed on the Luxembourg and Hong Kong stock exchanges.

Subscribers of the notes, which mature in 2003, have an option to redeem them in their fifth year, the bank said.

The notes were well received because they were relatively cheap given the tight market for U.S. dollar-denominated bonds, the bank said.

The notes' issue was arranged by Daiwa Securities (HK) Ltd. (01)