HONG KONG, May 10 (IFR) - The Republic of Indonesia (Baa3/BB+/BBB-) has mandated Mizuho, Mitsubishi UFJ Morgan Stanley Securities and SMBC Nikko as bookrunners for an offering of Samurai bonds, expected to come without a guarantee from Japan Bank for International Cooperation.
The sovereign previously issued a yen-denominated benchmark last August through a 100 billion yen ($801.4 million) offering made up of its first non-guaranteed tranches in three decades.
Three and five-year tranches of 22.5 billion yen each priced at 87bp and 108bp over yen offer-side swaps, respectively.
Also included in the offering was a 10-year tranche of 55 billion yen, which was guaranteed by JBIC and priced at 27bp over swaps.
Indonesia’s last sovereign trade in the offshore markets was a $2.5 billion dual-tranche sukuk, sold in March. (Reporting By Frances Yoon; editing by Dharsan Singh and Daniel Stanton)