Lippo Karawaci returned to the bond markets this week, after being forced to pull a debt exchange earlier this year due to tepid demand. That earlier failure was fortuitous the company’s $260 million bond tap proved much cheaper than it had previously hoped.
The Indonesian property developer tried to pull off an ambitious liability management exercise at the start of the year, asking investors to accept a new 2023 bond in exchange for its outstanding $200 million 7% May 2019 issue and seeking consent from investors in another pair of outstanding bonds to go ahead with the plan.
Investors ultimately backed away from the deal, despite Lippo...
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