Indonesia raises $3 billion from bond sale

Rival bankers attack the sovereign GMTN issue as being too cheap. Sour grapes anyone?

Rival bankers were quick to attack lead managers Barclays Capital and UBS over Indonesia's utilisation of its $4 billion global medium-term note GMTN facility to raise $3 billion late last week. The 144a, Singapore-listed, dual-tranche deal priced in the early hours of Friday morning Hong Kong time.

The Indonesian taxpayer is paying over $200 million more in interest charges than he should be on this deal, because the deal is too cheap, says one rival banker.

The new Republic...

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