Indonesia's Federal Finance sells 1 trln rph of bonds
JAKARTA, April 16 (Reuters) - Indonesian motorcycle financing firm, PT Federal International Finance increased the size of its planned bond issue to raise 1 trillion rupiah ($92.8 million) for working capital, the firm's president director said on Thursday.
"We received strong demand for our bonds and we wanted to take advantage of that," Suhartono told Reuters.
Suhartono said it had received bids up to 1.2 trillion rupiah, doubling its initial target of 600 billion rupiah for the bonds, which are priced to yield between 12.55-14.6 percent.
Federal -- owned by PT Astra International Tbk (ASII.JK), Indonesia's largest automotive distributor -- said the bonds would be offered in three tranches, with maturities ranging from one to three years.
PT Indo Premier Securities, PT Kresna Graha Sekurindo and PT Trimegah Securities (TRIM.JK) were the underwriters.
Indonesia's annual domestic vehicle and motorcycle sales fell 27.4 percent and 10.8 percent respectively in February as Southeast Asia's biggest economy slowed. ($1 = 10,780 rupiah) (Reporting by Dicky Kristanto Editing by Sara Webb)
