Indika bond scores amid upgrade hopes, coal price surge

A rally in the price of coal and the chance of credit upgrades ensured the Indonesian miner got a warm welcome from global bond investors.

Indika Energy, an Indonesian coal miner, returned to the international bond markets for the first time in over four years this week, raising $265 million that it will use to refinance outstanding debt.

The company offered investors a deal that was as high-yield as you can get it has a triple-C rating from both Moody's and Fitch. But that did not stop Indika generating more than $1.7 billion at the peak order book level.  

That may be because Indika's credit rating is on the way up. In a March 26 report by Fitch, the rating agency pointed to a successful bond issuance as being a...

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