BNI launches $170m FRN

BNI launches $170m FRN

HONG KONG (Reuter): The state-owned Bank Negara Indonesia (BNI) has launched a 10-year US$170 million floating rate note issue, said lead manager Chase Asia.

The notes were launched at par and float at 75 basis points over the six-month London Interbank Offered Rate. There is a fixed re-offer price of 99.50.

The notes can be put back to the issuer in year seven and called by the issuer in years five and six.

Management and underwriting fees are 20 basis points and the selling concession is 50 basis points.

Lead managers are Chase Asia, Chemical Securities Asia, IBJ Asia, LTCB Asia, Sakura Finance Asia, Sanwa International Finance, Societe Generale Asia and Standard Chartered Capital Markets.

Holders may put the notes back to the issuer at par if the Indonesian government holds less than 51 percent of the issuer. Listing is in Luxembourg and governing law is English. Syndication closes on July 28.