Indonesia edges towards standalone Samurai
The Republic of Indonesia returned to the Samurai bond market in style this week, receiving almost twice the demand necessary for the ¥60bn deal. The sovereign used a guarantee to ensure strong demand, but it got a good sign that investors were becoming more comfortable with its standalone credit quality.
Bookrunners Mizuho and SMBC Nikko priced the 1.13% November 2022 trade at 30bp over swaps on Tuesday, after revising guidance from 30bp-45bp down to 30bp-33bp over the previous week. The final transaction was almost twice covered, said an Indonesian treasury official in Jakarta.
"Investors have been waiting for
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