JAKARTA -- Taking advantage of low borrowing costs, Indonesia's state-owned companies are flocking to the bond market to fund infrastructure projects.
Sea port operator Pelindo I on May 17 announced plans to raise 1 trillion rupiah ($70 million) in June by issuing four series of rupiah denominated bonds with a tenor of 3 to 10 years. The company, which is wholly owned by the Indonesian government, said more than half of the funds will be used to develop port facilities in Sumatra and other islands. It currently operates more than 20 ports across four provinces.
