European sovereigns might still continue to argue about the need to sell coronabonds, but the Republic of Indonesia has no such qualms. Last week, April 7, it sold an impressive $4.3 billion three-tranche bond, proceeds of which will partly be used to fight the COVID-19 pandemic.
Not only is the senior secured deal the country’s first coronabond, it is also the largest from the sovereign and, with a 50-year tranche, the longest tranche ever seen in Asia.
Despite market turmoil, the issue was launched after the government had announced a Rp405 trillion $24 billion stimulus package. It was “as good as time as any to do...
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