indonesia-issues-its-biggest-ever-us-dollar-bond

Indonesia issues its biggest ever US dollar bond

Investors respond well to the reopening of three existing senior-debt tranches as the sovereign tries to rein in its fiscal deficit.
The Republic of Indonesia raised a record $2.2 billion from a debt sale yesterday when it reopened three existing tranches of senior fixed-rate bonds. It was the second global offering by Indonesia this year, after it raised $2 billion in the second week of January.

Yet, the order book was more than three times subscribed which allowed the Republic to raise the transaction size from $1.5 billion and tighten final pricing inside initial guidance. ôDemand reflected the marketÆs confidence in IndonesiaÆs sound fiscal policy management and inflation fighting credentials,ö says a banker close to the deal.

The bonds are rated BB- and Ba3 by Standard PoorÆs and MoodyÆs Investors Service respectively, which is three...
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