Indonesia accelerates new dollar bond issue

Six banks are in the running for Indonesia''s second dollar bond of the year.

After witnessing its currency's biggest drop since January 1999, the Indonesian government has stepped up efforts to stabilize the rupiah and calm investor jitters by raising interest rates and announcing further details of a new dollar bond issue.

The government has shortlisted six overseas banks to handle a second $1 billion sovereign bond to ease an estimated at Rp40 trillion $3.87 billion budget shortfall. They include Credit Suisse First Boston, HSBC, Citigroup, Goldman Sachs, Lehman Brothers and Merrill Lynch.

Indonesia last issued a 10-year dollar-denominated sovereign bond in April, raising $1 billion to help plug the budget deficit. Citigroup, Deutsche Bank and UBS managed the sale....

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