Indonesia sells Asia’s first 50-year dollar bond to fight pandemic

first_imgThe decision to sell 50-year bonds by the government came after initial conversations with potential investors found there was appetite for such a tenor, according to two sources with direct knowledge of the matter.Asian life insurers, especially some based in Taiwan as well as US fund managers were the largest investors, the sources said. The sources could not be named because they were not authorised to speak to media.“The mood in the market is starting to feel better, investors are starting to think we could be moving towards the end of the tunnel,” a banker working on the deal said.Read also: Indonesia to issue Rp 450 trillion in ‘pandemic bonds’ to finance COVID-19 fight The deal was carried out virtually, with bankers working on the transaction unable to travel to Jakarta which would have been normal practice.Bankers working on the deal said the international travel ban put in place to control the coronavirus pandemic made the transaction more efficient to negotiate.However, for syndicate bankers selling the deal to investors it was logistically more difficult because trading rooms in the major banks have been scaled back.Indonesia’s coronavirus cases stood at 2,491 on Monday, with 209 confirmed deaths – the highest number of fatalities in Asia outside China.Fifty-year bond deals priced in local currencies have been held in the past, Refinitiv data showed. South Korea raised 1.1 trillion won through a 50-year bond in September 2016 that at the time was worth $1 billion.Indonesia’s government said on Monday it had raised its estimated 2020 net bond issuance to Rp 549.6 trillion ($33.55 billion) to cover the country’s widening deficit.Read also: Indonesia announces Rp 405 trillion COVID-19 budget, anticipates 5% deficit in historic moveIt also listed a plan for sales of Rp 449.9 trillion ($27.47 billion) worth of “pandemic bonds” to cover additional spending for the COVID-19 response.Citigroup, Deutsche Bank, Goldman Sachs, HSBC and Standard Chartered were the joint book runners for the deal, the term-sheet showed.Topics : Indonesia has raised US$4.3 billion, including the longest-dated US dollar bond ever issued by an Asian nation, to help the government fund its battle against coronavirus, according to a term sheet reviewed by Reuters.The deal was finalized in the United States on Monday and sold in maturities of 10.5 years and 30.5 years, worth $1.65 billion each, with a 50-year tranche worth $1 billion.It was Indonesia’s largest-ever bond, according to the term-sheet which showed Indonesia will use the cash raised to partially “fund its COVID-19 relief and recovery efforts”.last_img read more

Tom Snape

first_imgTom Snape is the new program director for the Dearborn County Community Foundation.  A lot of you will remember that Tom Snape worked for WRBI for several years.  He was both a news director and sports director.  Tom did play-by-play in both football and basketball while at Batesville.I was able to work with Tom on both the football and basketball broadcasts.  The Dearborn County Community Foundation is planning to use Tom’s Communication skills to enhance workings of the Foundation.  Good luck, Tom, in your new position.last_img

Leeds turned down offer for Pontus Jansson from Russian side – reports

first_imgLeeds United reportedly rejected an offer of £10million for Pontus Jansson from Russian club Krasnodar earlier this month.The Yorkshire Evening Post claims that the club turned down the offer as they wanted to keep the defender at Elland Road beyond the end of the transfer window. RANKED IN DEMAND The biggest market value losers in 2019, including Bale and ex-Liverpool star Where every Premier League club needs to strengthen in January Latest Transfer News Arsenal transfer news LIVE: Ndidi bid, targets named, Ozil is ‘skiving little git’ REVEALED Man United joined by three other clubs in race for Erling Haaland Tony Cascarino backs Everton to sign two strikers for Carlo Ancelotti LATEST Reports in Sweden of Russian interest in Pontus Jansson. It’s true that Leeds did receive a bid from Krasnodar (somewhere close to £10m). Bid was turned down. #lufc— Phil Hay (@PhilHayYEP) August 23, 2018Jansson had been linked with moves to the Premier League, however, Krasnodar were the only side to put forward a firm offer for him.However, Leeds owner Andrea Radrizzani decided the club would not be drawn into selling the Sweden international after midfielder Ronaldo Vieira was offloaded to Sampdoria earlier this summer.Jansson has made 81 appearances for the Championship club since arriving on Torino 2016. He is tied to a deal until 2022 after signing a five-year contract with Leeds in October 2017. moving on targets LIVING THE DREAM Kevin De Bruyne ‘loves Man City and wants to keep winning’, reveals father Cavani ‘agrees’ to join new club and will complete free transfer next summer Top nine Premier League free transfers of the decade targets last_img read more