The Republic of Indonesia launched a 1 billion $1.37 billion seven-year bond on Wednesday, the country’s first in the euro space, achieving an order book that far exceeded expectations.
The sovereign received 6.7 billion of orders from more than 400 accounts or an oversubscription multiple of 6.7 times the largest ever in its overall bond history, according to a source close to the transaction. The previous biggest oversubscription multiple was 6.5 times for Indonesia’s 2011 4% Islamic bond or sukuk.
“ROI chose to issue in euros to diversify its investor base, and also to increase pricing references for both the Indonesian sovereign and Indonesian corporates in...
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