2022 State Budget and Fiscal Incentives Presentation
Republic of Indonesia - Samurai Bond JPY100bn
Issuer
Issuer Rating
Exp. Issue Rating
Format
Pricing 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
Investor Breakdown by Investor Type
Others,
19.6%
Settlement Date
Deal Size
Size
Tenor
May 27, 2021
JPY100bn
Shinkin
banks/
Regional
JPY29.0bn JPY46.8bn JPY1.2bn JPY18.2bn JPY2.5bn JPY2.3bn
Public Funds,
3-year
5-year
7-year
10-year
15-year
Maturity
May 27, May 27,
May 26,
May 27,
May 27,
20-year
May 27,
banks,
8.9%
0.2%
Coupon
2024
0.33% 0.57%
2026
2028
2031
2036
2041
Central
Central
0.70% 0.89%
1.17%
1.44%
Banks, 4.0% Cooperative
s, 7.0%
Re-offer Spread over
YMS+35 YMS+56 YMS+65 YMS+76 YMS+90 YMS+105
Yen Mid Swap (YMS)
Daiwa/Mizuho/Nomura/SMBC
City Banks,
22.2%
Asset
Managers,
31.1%
Insurers,
7.0%
Joint Lead Managers
Transaction Highlights
.
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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