Indonesia Raises $4.5 Billion to Defy Fiscal Health Concerns

Indonesia pulled off its biggest global bond sale since at least 2017, overcoming the threat of a credit rating downgrade and signaling easing investor concerns about fiscal woes in Southeast Asia’s largest economy.

The country raised €2.7 billion ($3.2 billion) via euro-denominated debt, as well as 9.25 billion in offshore yuan ($1.3 billion), according to people familiar with the matter who requested anonymity discussing private matters. The euro portion drew €9.2 billion of orders excluding underwriters’ bids, one of the people said.