Indonesia expected to sell up to $1 billion of global bonds by end of 2005 first quarter

By Paul A. Harris

St. Louis, Jan. 5 - Amid recovery efforts underway for the victims of the Dec. 26 tsunami, the Republic of Indonesia is expected to offer up to $1 billion of global bonds by the end of the first quarter of 2005, according to market sources.

"Everyone has been figuring they would issue," one investment banker said Wednesday.

"The word in the market is that they have sent out requests for proposals. They are not a frequent issuer so they tend to mandate the banks well ahead of pricing."

"Indonesia's bonds didn't lose a lot of ground because of the tsunami," the source added. "In fact, the bonds haven't really been hit at all."

Indonesia's most recent international bond issue was an upsized $1 billion of 6¾% notes due 2014 that priced during the week of March 1, 2003 with a yield of 6.85%.

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