Indonesias Bank Mandiri Plans $61m Bond Sale In May

Indonesia’s second-largest bank by assets PT Bank Mandiri said on Sunday it plans to sell 1 trillion rupiah ($61 million) worth of bonds next month to fund business expansion.

It will be the first stage of its overall plan to sell a maximum of 20 trillion rupiah in bonds within the next two years, the lender said in a statement.

The proceeds will be used “to strengthen its funding structure in supporting future business expansion,” the bank said.

The bond sales will be offered in two tranches – 5-year bonds with an indicative coupon rate of 7.5%-8.6% and 7-year bonds with 8.3%-9.4% indicative coupon rates.

Bank Mandiri plans to start marketing the bonds on Monday, with the offering period scheduled for May 5-6.

The lender has appointed five domestic investment banks to arrange the sales.

Reuters