Indonesia issues new bond series, targets $337m in debt financing

first_img“We will raise the [bond sales] target if significant numbers of people express interest in the [new bond issuance],” the Finance Ministry’s director for sovereign debt papers, Deni Ridwan, told The Jakarta Post on Wednesday.The government’s July issuance of the ORI017 retail bond series has raised funds of Rp 18.33 trillion, the highest proceeds recorded from an online bond issue. The figure is 367 percent more than the original sale target of Rp 5 trillion, as retail investors have turned to safe-haven assets amid stock market volatility.The coronavirus-induced economic downturn has sapped tax revenue, spurred government spending and necessitated record amounts in borrowing. Meanwhile, the budget deficit is estimated to widen to 6.34 percent of gross domestic product (GDP), more than twice the original cap of 3 percent. The deficit has widened primarily as a result of the government issuing a Rp 695.2 trillion stimulus package to revive the economy.Indonesia’s GDP growth is projected to contract between 0.6 percent and 1.7 percent this year, which would mark the first annual contraction since the 1998 Asian financial crisis.The majority of the funds to plug the deficit is to come from debt financing, with the government planning to raise more than Rp 1.5 quadrillion this year from bond sales. Around Rp 50 trillion to Rp 75 trillion of this amount is to come from retail bond issuances, according to the Finance Ministry.Indonesia’s debt is expected to increase significantly both this year and in 2021, with the debt-to-GDP ratio forecast to increase to 40 percent this year from 29.8 percent in 2019.Topics : Indonesia is looking to raise Rp 5 trillion (US$337 million) from a new series of government retail bonds, the Finance Ministry announced on Tuesday, as it looks to fund the battle against the coronavirus outbreak and deal with its economic fallout.The ORI018 series has a fixed coupon rate of 5.7 percent per annum and a three-year tenor. The maturity date of the new bond series is Oct. 15, 2023.The bond is offered online from Oct. 1 through Oct. 21, and is open to purchase by individuals with Indonesian citizenship for a minimum investment of Rp 1 million and a maximum investment of Rp 3 billion. The bond series is tradable between domestic investors after a two-month holding period.last_img read more

Patricia Ashcraft

first_imgPatricia Ashcraft, 79 of Milan, passed away Monday November 7, 2016 at the Waters of Dillsboro. Patricia was born Monday January 18, 1937 in Cincinnati, Ohio the daughter of Arthur and Marie (Lawson) Bauer. She married Billy Curtis Ashcraft November 16, 2002 and he preceded her in death August 29, 2006.Patricia was a homemaker. She loved taking care of the garden, flowers, cooking, making quilts, and she enjoyed painting, ceramics and spending time with her family.Patricia is survived by Son: Richard Eads of Milan; Daughter: Melissa (Doug) Proffitt of Cincinnati; brother: Arthur “Bill” Bauer of Cincinnati; Sisters: Ruth Creech and Alice Joseph both of Ohio.  14 Grandchildren, 14 Great-Grandchildren.  She was preceded in death by her parents, husband, and one son: David Eads, two daughters: Patricia Eads and Brenda Sandlin, and brother Hubert Bauer.Funeral service will be 12 PM Friday November 11, 2016 at Laws-Carr-Moore funeral home.  Burial will follow in New Craven Cemetery. Visitation will be 10AM-12PM Friday also at the funeral home.  Memorials may be given to the American Cancer Society.  Laws-Carr-Moore Funeral Home entrusted with arrangements, Box 243, 707 South Main Street Milan, IN 47031; (812)654-2141.  Go to www.lawscarrmoore.com to leave an online condolence message for the family.last_img read more