Indonesia’s PLN braves dire conditions to tout dollar bond
Indonesian state-owned electricity company Perusahaan Listrik Negara has picked banks to drum up support for a dollar bond issue. But the borrower faces hurdles that stretch into the distance. It will have to overcome dire secondary markets, ballooning Indonesian CDS prices, a disappointing US Federal Reserve meeting, downgrades of US banks and prolonged fears over European finances before it can close a deal.
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