Following a hard fought mandate process the Republic of Indonesia has mandated Barclays, JPMorgan and UBS to lead a dollar-denominated benchmark in hopes of being the second sovereign to take advantage of the excess liquidity in the market following the success of the Republic of Philippines 1.5 billion 25-year and E500 million 10-year offering two weeks ago.
Barclays, JPMorgan, Morgan Stanley and UBS had been short listed, with Citigroup rumoured to have managed to get itself on the list late in the selection process. The beauty pageant was said to have been somewhat contentious with one of the banks pitching a fee of only 3bp, which was surprisingly rejected...
