Mandiri returns Indonesia to bond markets

The state-owned bank sets a new benchmark for Indonesian debt with its debut FRN.

Though small by global standards, the increased $125 million FRN completed yesterday Thursday, marks an important step forwards for the small band of Indonesian borrowers capable of accessing the international capital markets. As the first sovereign related credit to tap the dollar markets since the Asian financial crisis, Mandiri has provided a key indicator of how investors view the country's credit.

For the bank itself, the deal has also been viewed as a precursor to its scheduled IPO next year and management are said to have returned from roadshows extremely happy to have executed a deal which proceeded without a hitch from start to finish.

Initially targeted as a $100 million transaction, the B-...

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