Indonesia to issue US$1 billion Panda Bond on July 23
China Lianhe assigned an AAA/stable rating, with Bank of China leading the first-time underwriting team.
The Indonesian government has scheduled its inaugural Panda Bond issuance for July 23, 2026, targeting US$1 billion. Finance Minister Purbaya Yudhi Sadewa said the initial size was deliberately kept limited to test investor appetite in China’s bond market, even though demand is expected to be strong and a follow-on issuance could come months later. Ahead of the offer, China Lianhe Rating Co. assigned an AAA rating with a stable outlook on July 1, 2026. Bank of China was named lead underwriter and lead bookrunner, joined by ICBC, CITIC, CICC and DBS Bank China as joint lead underwriters and joint bookrunners. Purbaya said the credit assessment was supported by Indonesia’s still-strong economic growth, government debt at around 40 percent of GDP and foreign exchange reserves viewed as adequate.