If India’s experience of selling local-currency notes in the overseas market is anything to go by, Indonesia’s plan to issue Komodo bonds may not be all plain sailing.The sovereign is mulling a sale of offshore rupiah-denominated bonds, and three state-owned infrastructure companies are considering issuance in coming months.
Masayoshi Son has found a new breed of believers: yield-hungry Asian investors.SoftBank Group has already issued 7.9 billion dollars of dollar-denominated bonds this year, but there's a key difference versus other offerings.These notes are unique in that they cater specifically to Asian investors.
Its sovereign bonds don’t yield much more than US Treasuries, they cost less to insure than Spanish notes and its currency is more stable than China’s managed yuan.In a sign of how the flood of money into emerging markets is upending conventional wisdom, military-run Thailand with a credit rating just three levels above junk at Moody’s Investors Service has become a favoured low-yielding destination for bond investors.A current-account surplus that’s forecast to be around 10 percent of gross
