Corporate Indonesia eyes local debt market as dollar rises

Singapore

INDONESIAN companies are turning to the local debt market to refinance dollar debt in a bid to limit the impact of currency volatility and capitalise on growing domestic demand for bonds.

Animal feed manufacturer Japfa Comfeed is among those looking at rupiah bonds to repay its US dollar obligations. "We might refinance the dollar debt through rupiah issue or another dollar offering or both," said Elvina Apandi Hermansyah, vice president and head of investor relations.