Indonesian airline Garuda delays up to US$500m Singapore bond issue

[JAKARTA] Indonesian flag airline PT Garuda Indonesia Tbk has delayed an up to US$500 million bond issue in Singapore until at least April as "the market is a bit quiet", its chief financial officer said on Monday.

"We will look at the development in April," Ari Askhara told Reuters in a text message. The airline is also considering issuing Islamic bonds, he added.

Garuda signed on Monday a cross-currency swap agreement worth a total of 1 trillion rupiah (US$79 million) with PT Bank Negara Indonesia Tbk, PT Bank CIMB Niaga Tbk and Standard Chartered.

REUTERS