Commentary & Deal Flow

PT Perusahaan Listrik Negara (Persero) (PLNIJ), exp issue ratings Baa2/BBB by Moody's/Fitch (issuer ratings Baa2/BBB/BBB (s/s/s)), US$ benchmark 144A/Reg S 2-part sr notes (5y FXD due 2/3/31 and 10y FXD due 2/3/36). 1mo par call on 5y (1/3/31) and 3mos on 10y (11/3/35). Citi/HSBC (B&D)/Mandiri/MUFG/SMBC/StanChart as JLMs/JBRs. Redemption - Clean-up call: If at any time in respect of a Series the outstanding principal amount of Notes of that Series is less than 10% (or any other percentage specified in the Pricing Supplement) of the principal amount of all of the Notes originally issued under that Series following a (1) Change of Control Offer or (2) any tender offer, all Notes in respect of which any such notice is given shall be redeemed on the date specified in such notice. Governing Law: New York Law. Clearing: Euroclear / Clearstream and DTC. Listing: SGX-ST. Denoms: US$200k/1k. Off of the Issuer's US$ 15bn Global Medium Term Note Program. UOP: Net proceeds will be used to partially fund the Issuer's capital expenditure requirements for transmission, distribution, and non-coal related generation projects in relation to the acceleration of electricity infrastructure development (pembangunan infrastruktur ketenagalistrikan) in accordance with PR 4/2016 (as amended), as well as for general corporate purposes restricted to non-coal related projects. For the avoidance of doubt, the net proceeds will not be applied in connection with any of the Issuer's or its subsidiaries’ existing and planned coal-fired power assets (including, but not limited to, their construction and working capital requirements). Pricing 1/27. Settle 2/3. IPTs: 5y 5.15% area, 10y 5.85% area.