Indonesia Builder’s Bond Outperforms Despite 1300% Debt Rise
- Hutama Karya’s dollar bond gained more than Listrik Negara’s
- UOB’s Budiman cites government support for performance
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PT Hutama Karya’s debt is faring better than the bonds of other Indonesian state-backed enterprises — despite an eye-watering increase in leverage.
The construction company’s 2030 dollar bond has climbed to 92 cents on the dollar, up 0.6 cents since March 31, when it announced its third consecutive full-year loss. By contrast, PT Perusahaan Listrik Negara debt due in February 2030 climbed 0.4 cents, while PT Pertamina’s note due in August of that year has lost 0.9 cents per dollar, Bloomberg-compiled data show.