Investor Presentaiton
Republic of Indonesia - USD3.1bn Equiv. Dual-Currency Offering
On January 7, 2020, the Republic of Indonesia priced a transaction comprising EUR1 bn and USD2 bn in senior unsecured notes.
Issuer
Issuer Rating
Exp. Issue Rating
Issue
Aggregate Size
Republic of Indonesia
Baa2 Moody's (Stable)
BBB S&P (Stable) BBB
Fitch (Stable)
Baa2 (Moody's) / BBB (S&P) / BBB (Fitch)
U.S. SEC-registered shelf takedown
Fixed rate senior unsecured
notes
EUR 7-year
February 14, 2027
EUR1,000 mm
Maturity
Tranche Size
Coupon
Reoffer Price
Reoffer Yield
Benchmark
(Yield)
0.900% p.a.
(ACT/ACT)
99.638%
0.953% p.a.
€MS (-
0.077%) DBR
02/15/27 (-
0.446%)
USD3,100 mm
equiv.
USD 10-year
February 14, 2030
USD1,200 mm
2.850% p.a.
(30/360)
99.737%
USD 30-year
February 14, 2050
USD800 mm
3.500% p.a.
(30/360)
99.077%
3.550% p.a.
2.880% p.a.
UST 10 (1.828%)
Old UST 30 (2.311%)
Transaction Highlights
Leveraged a brief market window of stability to price inside fair
value levels by 1 bp for the EUR tranche and at a de minimis
concession inside 1 bp for the 10- and 30-year USD tranches
Record-low yields, spreads, and coupons by EUR and USD
financing by the Gol in each tenor
High-quality and price-insensitive demand allowed compression of
27 bp for the EUR tranche and 25 bp and 20 bp for the 10-
and 30-year USD tranches, respectively
Harnessed a particularly strong bid for duration to price
benchmarks which prompted a rally in the long-end of
Indonesia's curve once the new bonds were freed to trade
TotalIndications.
TotalAlecadens
Mumber al
EUR 7-year
ELA3,920
ELA1,000
Chaplin
Ally Go
17%
20%
3
זיו
W
USD 10-pr
509 800
UBO 200mm
3d
IFE WE Fad and A
20%
UBC 30-your
J8DQ 100mm
US
134
2la
Spread to
Benchmark
Denominations
€MS + 103
bp DBR +
+ 105.2 bp
+ 123.9 bp
Allocation by Typ:
EUR100k /EUR1k
Listing Law
law
Use of Proceeds
239.9 bp
USD 200k/1k
Singapore, Frankfurt Open Market listing / New York
For general purposes, including to partially
fund general financing
requirements
USD 200k/1k
Source: Ministry of Finance
15
15
5%
■ MoreS
B
11%
15
31%
60%
W4
21%
Pension Fics Wouds
Pivot Bank and
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