Indika Energy, an Indonesian coal miner, returned to the international bond markets for the first time in over four years this week, raising $265 million that it will use to refinance outstanding debt.
The company offered investors a deal that was as high-yield as you can get it has a triple-C rating from both Moody's and Fitch. But that did not stop Indika generating more than $1.7 billion at the peak order book level.
That may be because Indika's credit rating is on the way up. In a March 26 report by Fitch, the rating agency pointed to a successful bond issuance as being a...
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