2022 State Budget: Fiscal Policy and Structural Reform
Republic of Indonesia - Samurai Bond JPY100bn
Issuer
Issuer Rating
Exp. Issue Rating
Format
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
Samurai Bond (Public Offering)
May 21, 2021
May 27, 2021
JPY100bn
Investor Breakdown by Investor Type
Others,
19.6%
City Banks,
22.2%
Deal Size
Shinkin
banks/
Regional
Size
JPY29.0bn JPY46.8bn JPY1.2bn JPY18.2bn JPY2.5bn JPY2.3bn
banks, 8.9%
Public Funds,
Tenor
3-year
5-year
7-year
10-year
15-year
20-year
0.2%
Maturity
May 27,
May 27,
May 26,
May 27,
May 27,
2024
2026
2028
Coupon
Re-offer Spread over Yen
0.33%
YMS+35
0.57% 0.70%
2031
0.89%
2036
1.17%
YMS+56 YMS+65 YMS+76 YMS+90
May 27,
2041
1.44%
YMS+105
Central
Banks, 4.0%
Central
Cooperatives
7.0%
Mid Swap (YMS)
Asset
Managers,
31.1%
Joint Lead Managers
Daiwa/Mizuho/Nomura/SMBC
Transaction Highlights
Insurers,
7.0%
•
• Rol's seventh consecutive year accessing this market with JPY 100 billion or larger sized benchmark transactions since 2015.
This benchmark sized transaction has been achieved with the lowest JPY spreads and coupon levels in comparison with Rol's past Samurai deals, maintaining a fairly low premium over its USD
secondary curves
• The lowest coupon in the history of the issuance of Samurai Bonds for a tenor of 10 years, amounting to 0.89%. This coupon is even lower when compared to the issuance of 10-year Samurai
Bonds with JBIC guarantee in 2015 which was at the level of 0.91%.
• Rol successfully issued mid to long tenured tranches (5-year and above) for more than 70% of the total issuance with the lowest ever dependency on 3-year tenor. This significant demand shift
from 3-year tranche to longer tenors reflected investors' confidence on Rol's fundamentals.
Source: Ministry of Finance
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