Lippo Bank's FRCD raised

Lippo Bank's FRCD raised

HONG KONG (Reuter): PT Lippo Bank's floating rate certificates of deposit issue (FRCD) has been increased to US$60 million from $50 million due to oversubscription, arranger LTCB Asia said yesterday.

The certificates, which were issued through the bank's Cook Islands branch, have a maturity of four years and a put option in year two. They were issued at par to float at 80 basis points over the six-month London Interbank Offered Rate.

With fees, the all-in return for top-tier managers is 101 basis points.

Arrangers, with $4.75 million each, are Arab Banking Corp Singapore, Banque Nationale de Paris Singapore, LTCB Asia and Tokai Asia. Co-lead managers, with $4 million each, are Bank of New York Hongkong, Daiwa Securities (HK), KDB International (Singapore) and Yasuda Trust Banking Co Singapore.

Senior managers are Baden-Wurthembergische Bank, Chinatrust Commercial Bank and Kookmin Bank Singapore (Merchant Bank), with $3 million each.

Other senior managers, with $2 million each, are Bank Austria Aktiengesellschaft Singapore, Bankers Trust Co Hong Kong, Bear Stearns Asia, Chase Manhattan Asia, Credito Italiano SpA Singapore, Far Eastern International Bank Offshore Banking branch, PT Bank Negara Indonesia (Persero) Hong Kong and Taiwan Cooperative Bank Offshore Banking branch.