Global Market: Indonesia appoints banks for inaugural yuan-denominated panda bond issue

Indonesia has appointed Bank of China as lead underwriter and bookrunner for its inaugural yuan-denominated panda bond issuance in China's domestic bond market, with CICC, CITIC Securities, DBS Bank China and ICBC as joint lead underwriters. Indonesia holds investment-grade ratings of Baa2 from Moody's and BBB from both S&P and Fitch, along with an AAA onshore rating from China's Lianhe Credit Rating. Size, tenor and pricing details of the planned issuance have not yet been disclosed, with the transaction subject to prevailing market conditions.