Indonesia's Danantara tests demand with $1 billion bond sale

Indonesia's sovereign wealth fund Danantara has begun its debut global dollar bond sale, aiming to raise about $1 billion in two tranches as it gauges investor appetite during a period of market stress. The fund is targeting roughly $500 million each in five-year and 10-year notes. The deal comes after foreign investors pulled billions of dollars from Indonesian stocks this year, pressuring the rupiah and prompting authorities to step up support measures. Investor unease has grown around President Prabowo Subianto's interventionist agenda, including a plan to centralize exports of key commodities under a Danantara unit. Fitch Ratings and Moody's earlier revised their outlooks on Indonesia's sovereign rating to negative, citing policy uncertainty and governance concerns.