The Republic of Indonesia ROI has topped and tailed 2015 with split 10 and 30-year dollar bonds, which highlight just what a difference a year can make to investor sentiment.
In January, the Baa3BBBBB- rated sovereign's first deal of the year attracted an enormous $20 billion order book.
However, this strong level of primary demand did not feed through into secondary market performance for very long. Investors who purchased January's $4 billion deal are sitting on losses, which almost certainly weighed on sentiment towards the new $3.5 billion deal, which entered the New York trading day with a far more subdued...
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