In today’s briefing:
- IDX30/LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks
- Indika Energy – Event Flash – Launches Tender Offer And 5NC2 Notes Offering – Lucror Analytics
IDX30/LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks
- There are 2 constituent changes for the LQ45 Index and 6 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 30 April.
- The largest passive inflows are expected in Amman Mineral Internasional (AMMN IJ), Indosat Tbk PT (ISAT IJ), Bank Rakyat Indonesia (BBRI IJ) and Merdeka Copper Gold Tbk PT (MDKA IJ).
- With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.
Indika Energy – Event Flash – Launches Tender Offer And 5NC2 Notes Offering – Lucror Analytics
Indika Energy has launched a tender offer for its USD 8.25% 2025 notes, with USD 534 mn outstanding. For each USD 1,000 in principal, the tender consideration is USD 962.5 and early tender consideration is USD 50, leading to a total consideration of USD 1,012.5. Indika is concurrently launching a USD 144A/RegS offering. Holders of the 8.25% ’25s may request to receive priority allocation on the new notes.
We view initial price talk of 8.875% as attractive, given the company’s robust credit profile and improving debt maturity profile.
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