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AKARTA: State electricity company PT PLN has officially issued the first phase of the global medium-term notes (GMTN) with a total value of US$1 billion and a tenure of 10 years.

When launched to the market, the notes were oversubscribed by more than five times with a value of $5.5 billion. The notes also received the rating of Ba1 from Moody’s, BB from Standard & Poor’s and BB+ from Fitch.

“We’re very proud of the positive response. That shows how high international investors’ trust is in PLN despite the current fluctuating market conditions,” PLN president director Nur Pamudji said in a press statement.

The statement reads that the allocation for the notes is 44 percent for Asia, 35 percent for the US and 21 percent for Europe. As for the investor profiles, 64 percent of the notes were given to renowned investment managers, 19 percent to insurance and pension fund companies, 7 percent to banks, 6 percent to private banks and 4 percent to central banks.

PLN’s GMTN programs, with a total value of $2 billion, had been arranged in September to allow the company to access the international bond market for capital expenditure purposes. PLN also issued bonds in 2009.