Bakrie

London-listed blank cheque company Vallar becomes a listing vehicle for the Bakrie brothers through an M&A deal valued at around $3 billion.

Indonesian mobile phone operator Bakrie Telecom priced a $250 million five-year bond late Friday, but the notes opened Monday’s session trading weaker.

The Indonesian property developer is offering bonds with a coupon of up to 8.625% and a conversion premium of 20% to 25%. The deal is expected to price tomorrow.

Bumi Resources makes a robust defence of its purchases of three mining companies last week, as Bakrie hopes its convertible bond issue will finally ensure it retains control of its "crown jewels".

Bumi Resources, Bakrie's prized asset, sets out on a spending spree at New Year premium prices, and unsurprisingly causes confusion.

A lack of details about Bakrie's sale of its 35% stake in Bumi Resources suggests that the contest has barely started.

A $300 million issue from Indonesia's largest coal producer fails to attract investor interest due to a lack of compensation for a potential special dividend and other aggressive terms.