Indonesia marks first entry into China’s onshore bond market

BEIJING – This week, Indonesia moved from speculation to execution. The government successfully issued 7 billion yuan (around US$1.03 billion) in yuan-denominated Panda Bonds, marking its first entry into China’s onshore bond market. The offering received total orders of around 17 billion yuan, resulting in an over-subscription ratio of 2.4 times, reflecting strong appetite from investors in China’s capital market. The bonds were issued in two tranches: a three-year tranche worth 5.6 billion yuan and a five-year tranche worth 1.4 billion yuan. Finance Minister Purbaya Yudhi Sadewa said Jakarta could consider a larger follow-up issuance if the debut transaction performs…