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Deals of the Year 2011: Republic of Indonesia

Republic of Indonesia
Value $2.5 billion 10-year bond
Bookrunners Deutsche, JPMorgan, UBS
return to the Asian Deals of the Year index

If much of the world lacked bright moments in 2011, you could at least find them in Asia – and nowhere more so than in Indonesia.

The worst laggard of the Asian financial crisis is a country transformed, which is nothing new to foreign investors: by August, they held 36% of all rupiah government bonds in the country before a brief but manageable pullback later in the year. Indonesia’s numbers – whether foreign exchange reserves, GDP growth, net external debt or contribution of domestic demand – provided a compelling case for an upgrade to investment-grade status all year, and in December Fitch became the first of the rating agencies to give that vital and symbolic boost. The other two agencies are expected to follow.

A large part of Indonesia’s success was through its masterful use of the international capital markets. This included an impressive sukuk deal as well as conventional issues, but the standout was a $2.5

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