The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Best Asian corporate: Asia Pulp & Paper

In March 2000, Indonesian company Asia Pulp&Paper (APP) was the Wrst Asian bond issuer to return to the markets after the Asian Wnancial crisis, with a $403 million 10-year bond deal issued in the name of APP China, but guaranteed by the group. Just weeks before the bond launch, another APP subsidiary, PT Indah Kiat, was also the Wrst Indonesian borrower to tap the international loan markets after the crisis in early 2000 with a reWnancing of a $400 million bank facility that was also guaranteed by the parent company.

APP's return to the markets in March was an important step in Asia's Wnancial rehabilitation and APP stands out among Indonesian companies as one that has never missed or been late on a payment for any of its debt. "The group has clearly demonstrated the importance of access to long-term capital and has done a lot to turn its situation around in the wake of the crisis," says Rod Sykes, executive director at Morgan Stanley Dean Witter in Hong Kong. Some saw it as symbolic that APP's aYliate company PT Pindo Deli was the last Indonesian issuer to access the international markets before the meltdown in the autumn of 1997.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree