Indonesia to issue fresh bonds to help banks

Indonesia will issue new bank bail out bonds with higher interest rates next week in the hope of kick-starting a secondary bond market and resurrecting their $68.8 billion banking rescue effort.

Under the scheme, banks will have the option of swapping nearly one third of some of their recapitalisation bonds with those bearing coupons of more than 16%. "We will issue stapled bonds by Friday, 8 December," Darmin Nasution, director general of financial institutions, told reporters. "Banks will be

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