JAKARTA -PT Jasa Marga (Persero) Tbk (“JSMR”)’s Komodo Bond is the first IDR denominated USD settled Global Bond issued in Indonesia. The purpose of the issuance is to diversify funding sources for JSMR in order to finance JSMR’s expansion plan to double up their operating toll road to 1,260 Km by 2019. The issued amount is IDR 4 Trillion or equivalent to USD 300 million with 3 years tenor and offered pricing at 7.5%.
JSMR and this Komodo Bond has obtained international rating of Baa3 (positive outlook) from Moody’s and BB+ (Stable outlook) from S&P
As domestic infrastructure financing company, IIF’s role in this transaction is considered crucial to build confidence from other local and international buyers. This is evidenced by and oerwhelming oversubcription of more 4 times the total issued amount.
IIF believes that this only confirms international confidence in a bouyant infrastructure financing market in Indonesia.