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The Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank (“CGIF”) is pleased to announce its first Sustainability-Linked Bond (“SLB”) guarantee in Indonesia for PT Steel Pipe Industry of Indonesia (“SPINDO”) amounting to IDR1.0 trillion issued on 9 July 2024. Listed in Indonesia Stock Exchange (IDX) today, the transaction marks a remarkable landmark for sustainable financing in Indonesia.
The oversubscribed SLB, rated idAAA(cg) by PEFINDO, was issued at a coupon rate of 7.0% p.a. for the 3-year tranche and 7.35% p.a. for both the 5-year tranche and 7-year tranche with stronger investors’ demands for the longer tenors. The proceeds will be used for the development of SPINDO’s new warehouse, working capital, and refinancing of existing debt facilities.