Indonesia's Bank Lippo guides $150 million 10-year notes at 7 3/8% area

By Paul A. Harris

St. Louis, Nov. 14 - Indonesia's PT Bank Lippo TBK has given guidance in the 7 3/8% area for its $150 million offering of 10-year lower tier 2 notes (Ba3//B+), according to a market source.

The notes, which are to be issued via Lippo's Cayman branch, are expected to price Wednesday afternoon in London.

UBS has the books for the Regulation S offering.

The notes will come with five years of call protection, and with a coupon step-up, the rate of which will be determined by the greater of 50% of the initial spread to U.S. Treasuries or 100 basis points.

Moody's Investors Service assigned its Ba3 issuer rating to Bank Lippo. The Fitch Ratings issuer rating is BB-.

Bank Lippo is a commercial bank with headquarters in Karawaci, Indonesia, and is majority owned by Khazanah, the investment holding arm of the government of Malaysia.

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