Republic of Indonesia locks in pre-funding

Indonesia takes a view that market conditions may not get better as it jumps into the first available window following the G20 meeting with a new benchmark bond.

The Republic of Indonesia helped to cement its status as one of Asia’s most experienced and dextrous borrowers on Monday after it grabbed the first opportunity it could to pre-fund some of next year’s borrowing requirements with a $3 billion triple tranche offering.

The Baa2BBB-BBB- rated credit has come to market during the first week of December for the past three years running. Its determination to do so again this year is likely to have been fortified by predictions that 2019 could witness further spread deterioration across Asia.

As one banker commented “a number of issuers are taking the view that things could...

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