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Indonesia markets first panda bonds as it broadens funding
Janice Huang & Harry Suhartono / Bloomberg3 min read
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Indonesia has begun marketing its inaugural yuan-denominated bonds in China's domestic debt market.
(July 21): Indonesia has begun marketing its inaugural yuan-denominated bonds in China's domestic debt market, as Southeast Asia's largest economy seeks to diversify funding sources amid currency volatility and fiscal challenges.
The country is offering three-year and five-year panda bonds, targeting a combined initial issuance size of as much as seven billion yuan, according to bond offering documents. It has secured approval to issue up to 30 billion yuan of panda bonds in China's interbank bond market over the next two years, the documents show.
"Investor response to our China bonds has been positive," Indonesian Finance Minister Purbaya Yudhi Sadewa told a briefing on Tuesday.
Indonesia has already tapped international debt markets in multiple currencies this year, including the euro, Japanese yen and offshore yuan, raising a total of around US$7 billion, a record amount for its non-dollar issuance. The planned panda bond sale underscores Jakarta's efforts to broaden its funding sources as it seeks to balance its growth ambitions with macroeconomic stability.
