Bonds from Pertamina and Bank of Ceylon

Pertamina and Bank of Ceylon tap strong demand for emerging market credits

Despite the never-ending deal flow in Asia's dollar bond markets, emerging market investors clearly want more of Bank of Ceylon and Pertamina.

Indonesia’s Pertamina and Sri Lanka’s Bank of Ceylon tapped exuberant demand for emerging market credits late last week, raising a total of $3 billion. Judging by investors’ response to both deals, which attracted a huge order book of $13.1 billion, there is pent-up demand for more.

Both are quasi-sovereign credits. Pertamina, a 100% state-owned oil and gas company, was returning to the debt markets with a $2.5 billion dual tranche 10- and 30-year bond after an absence of less than a year. The deal was the first since its upgrade to investment grade status. On the other hand, Bank of Ceylon, which is also wholly state-owned, was issuing a debut...

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