Indonesia brings record bond deal

Indonesia re-establishes its reputation with international debt investors after blow out success.
The Republic of Indonesia completed a $2 billion fund raising on Friday March 3, its largest international debt sale, via lead managers Barclays Capital, JPMorgan and UBS.

The B2BBB- Fitch rated deal is split into two tranches a new $1 billion 11-year fixed rate offering and a $1 billion 29-year re-opening of its existing $600 million 8.5% October 2035 fixed rate deal completed last year.

The 11-year tranche priced at 99.052% on a coupon of 6.875%, to yield 7%. On a spread basis, that equates to 235.1bp over US Treasuries. The borrower chose to issue at the 11-year maturity because it already has existing 2015 and 2016 deals and...

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