BRI plans $150m bond roadshow next month

BRI plans $150m bond roadshow next month

Dow Jones, Jakarta

State-owned Bank Rakyat Indonesia (BRI) planned to start marketing its US$150 million bonds during a roadshow to be held Sept. 8-12, its president Rudjito said on Thursday.

"After the road show, I hope that by the end of September, we can issue the bonds," he told reporters. He didn't give further details.

Besides the dollar-denominated bond, Rudjito said BRI was also preparing to issue Rp 1 trillion (about US$120 million) in subordinate debt to expand its capital base.

BRI has named UBS Warburg the lead underwriter of the proposed dollar bond. UBS Warburg is also one of the two joint lead underwriters for BRI's initial public offering planned for later this year.

The government plans to sell a 30 percent stake in BRI in October to raise Rp 2 trillion to Rp 3 trillion in privatization proceeds. The bank has the largest number of branches in the country.