Indonesia Cuts Sept. 16 Bond Buyback as Deutsche Didn’t Deliver
The Indonesian government reduced the amount of bonds it bought back on Sept. 16 to 183 billion rupiah from an earlier announced figure of 303 billion rupiah, the finance ministry’s debt management office said in a statement on its website today.
Deutsche Bank AG didn’t complete the transaction as it “failed to deliver” 120 billion rupiah of bonds to the finance ministry by the Sept. 20 settlement deadline, the statement said.
The system failure was external to Deutsche Bank and the ministry is aware the non-delivery was out of the bank’s control, Mark Bennewith, a Singapore-based spokesman at the bank said in an e-mailed statement.
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