PLN bond electrifies at the long end

Indonesia's Perusahaan Perseroan Persero PLN returned to the international bond markets for the first time in almost five years on Monday with a $2 billion dual tranche deal. The deal attracted an impressive $7 billion order book, but had a mixed performance in the secondary market.

The country's state-owned electricity producer, transmitter and distributor is only the second Indonesian issuer to raise more than $2 billion so far this year, following the sovereign's $3 billion sukuk in March. The new deal marks its largest ever.

But PLN appears to have picked a conducive market window for the country's credits, which have become noticeably more active during the...