Indonesia’s Pertamina and Sri Lanka’s Bank of Ceylon tapped exuberant demand for emerging market credits late last week, raising a total of $3 billion. Judging by investors’ response to both deals, which attracted a huge order book of $13.1 billion, there is pent-up demand for more.
Both are quasi-sovereign credits. Pertamina, a 100% state-owned oil and gas company, was returning to the debt markets with a $2.5 billion dual tranche 10- and 30-year bond after an absence of less than a year. The deal was the first since its upgrade to investment grade status. On the other hand, Bank of Ceylon, which is also wholly state-owned, was issuing a debut...
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