Mandiri completes sub debt

A $125 million lower tier 2 debt issue was priced on Friday in New York via lead managers UBS Warburg and Mandiri Sekuritas. Completion of the transaction shows just how far Mandiri has come since December when it raised $125 million from an FRN and became the first sovereign related credit to tap the international debt markets since the Asian financial crisis. But pricing and distribution of its new B3/CCC rated deal also shows just how far Indonesian credits still have to go before they are completely re-embraced by the international community.