The Republic of Indonesia entered the international bond markets for the second time this year on Tuesday, raising a record-breaking 3 billion $3.4 billion from a dual-tranche transaction.
The split seven- and 12-year deal was more than twice the size of the sovereign's last euro-denominated offering in July 2015 and achieved an impressive peak order book of 8 billion according to one syndicate banker.
However, its market entry follows the disappointing news last week that Standard Poor's is not upgrading the country to investment grade status, although it did maintain its positive outlook.
The government's debt management team have long argued the...
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