Berau Coal pulls $450m bond offering

The Indonesian miner blames adverse market conditions, but poor corporate governance, weak covenants and soft coal prices all played a role too.

Berau Coal pulls $450m bond offering

Berau Coal pulled its $450 million five-year bond offering on Wednesday morning, citing adverse market conditions in a company statement. But other factors could have dampened investor appetite for the notes.

Geopolitical risks in Ukraine, Iraq and Gaza have been at the forefront of financial markets, triggering outflows from emerging Asia fixed income. Indonesia was the biggest underperformer in high-yield, with bond prices dropping 1bp at the end of last week, while China real estate...

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