Indonesian Offering Makes a Splash

Indonesia returned to international capital market with a bang as the government's $1 billion 10-year global bond was devoured by investors.

Indonesia's bond "was something a lot of people wanted".......,pointing to the country's improving economy........

.......once the bonds started trading in the secondary market, they strengthened about 75% ..........The yield on the deal, which carried a 6.75% coupon and spread of 2.77 percentage points over U.S. Treasury.........

....Indonesia's credit rating remained four notches below "investment grade," the major ratings companies have upgraded the country's debt.............

From the Wall Street Journal - Thursday, March 4, 2004