HSBC is believed to have won a mandate to launch a debut Eurobond for government-owned Bank Mandiri. What is expected to be a small-sized, three to five year issue represents a major strategic move for the bank as it prepares for listing on the Jakarta Stock Exchange next year and on a wider level, a first test of investors' faith in the Megawati government.
Since the financial crisis, there has been virtually no dollar debt of any kind from corporate or sovereign Indonesia. The ill-fated APP group managed to access the capital markets three times before it collapsed earlier this year, having launched a $403 million high yield bond for APP China via Morgan Stanley...
