2022 State Budget and Fiscal Incentives Presentation
Republic of Indonesia - Dual Currency USD3bn and EUR1bn
Issuer
Issuer Rating
Exp. Issue Rating
Format
Issue
Pricing Date
Settlement Date
Republic of Indonesia
Baa2 Moody's (Stable)
BBB S&P (Neg)
BBB Fitch (Stable)
Baa2 Moody's / BBB S&P / BBB Fitch
SEC Registered
Senior unsecured fixed rate notes off US SEC Shelf
January 5, 2021
January 12, 2021
PB/Others,
CB/SWR
Ban
Investor Breakdown by Investor Type
Isurance
PF, 95%
RIEUR033
CB/SWF PB/Others,
3%
1%
Banks, 8%
Insurance
PF 20%
RI0351
Banks, 1%
PB/Others,
1%
PB/Others,
AM/FM, 75%
CB/SWF
8%
AM/FM, 58%
CD/SWE
-5%
Insurance
PF. 24%
RI0371
Currency
Size
US$1.25bio
USD
US$1.25bio
US$0.5bio
Euro
€1bio
Banks, 26%
RI0331
AM/FM, 63%
Tenor
Long 10-year
Long 30-year Long 50-year Long 12-year
Insurance
PF,2%
Maturity
March 12, 2031
March 12,
2051
March 12,
2071
March 12, 2033
Coupon (p.a.)
1.850%
3.050%
3.350%
1.100%
Investor Breakdown by Geography
Yield
1.900%
3.100%
3.400%
1.174
Price
99.538%
99.020%
98.794%
99.165%
US, 20%
Listing
Use of Proceeds
Singapore, Frankfurt Stock Exchange
The net proceeds are for general purposes of the Republic of
Indonesia, including its Covid-19 relief efforts
RIEUR0333
APAC, 9%
EMEA, 71%
EMEA, 30%
US, 27%
RI0351
Transaction Highlights
• The lowest yields and coupons throughout the issuance of Indonesian Global
Bonds for all tenors and currencies
All tranches priced inside of the Republic's existing credit curve with negative new
issue premium and at the tightest levels for every one of the tranches
• The transaction was well-executed and competitively priced, with final pricing
across all tranches pricing 45bps inside of initial price guidance for USD and
40bps inside of initial price guidance for EUR
Source: Ministry of Finance
EMEA, 22%
US, 20%
APAC, 43%
EMEA, 31%
RI0331
APAC, 58%
AM/FM, 69K
RI0371
US, 37%
APAC, 32%
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