Property developer PT Agung Podomoro made its international bond market debut on Thursday, becoming the first borrower to test unchartered waters since Indonesia attained its full investment grade rating.
The Jakarta-listed group itself has a Ba3BB- non-investment grade rating and had been waiting for a market opening ever since Standard Poor's upgraded Indonesia to investment grade status on May 19.
However, the ideal opening never really materialised.
After initially tightening by 10bp to 15bp on the day of the upgrade, Indonesian spreads were on a softening trend all last week.
Investor sentiment has been hit by some...