Investor Presentaiton
Republic of Indonesia - USD3.1bn Equiv. Dual-Currency Offering
BHINNIKA
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
USD3,100 mm equiv.
EUR 7-year
February 14, 2027
USD 10-year
February 14, 2030
USD1,200 mm
2.850% p.a.
(30/360)
USD 30-year
February 14, 2050
USD800 mm
3.500% p.a.
(30/360)
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
USD 30-year
EUR 7-year
USD 10-year
Total Indications
EUR3,300 mm
Total Allocations
EUR1,000 mm
USD3,600 mm
USD1,200 mm
USD2,300 mm
USD800 mm
Number of Investors
Oversubscription
171
142
124
3.3x
3.0x
2.8x
Allocation by Geography
12%
Old UST 30 (2.311%)
35%
42%
99.077%
3.550% p.a.
Maturity
Tranche Size
Coupon
Reoffer Price
Reoffer Yield
Benchmark
(Yield)
Spread to
Benchmark
Denominations
Listing/Law
Use of Proceeds
EUR1,000 mm
0.900% p.a.
(ACT/ACT)
99.638%
0.953% p.a.
€MS (-0.077%)
DBR 02/15/27
(-0.446%)
€MS+103 bp
DBR +239.9 bp
EUR100K/EUR1k
99.737%
2.880% p.a.
UST 10 (1.828%)
+ 105.2 bp
USD200k/1k
+123.9 bp
USD200k/1k
Singapore, Frankfurt Open Market listing / New York law
For general purposes, including to partially fund
general financing requirements
Allocation by Type
70%
5%
3%
12%
18%
23%
Asia
Europe, Middle East and Africa
3% 1%
5%
11%
24%
36%
U.S.
8%
1%
40%
31%
60%
59%
16%
64%
21%
Source: Coordinating Ministry for Economic Affairs
■Asset Managers
Banks
Central Banks / Pension Funds / Sovereign Wealth Funds
Insurance
Private Bank and Other
79View entire presentation