Danareksa 'best debt house'

JAKARTA (JP): State-owned securities firm PT Danareksa said on Friday it had received an award from the international financial magazine Euromoney in the category of "the best debt house in Indonesia".

The magazine cited the firm's role in helping revive the country's stock and debt markets, which were close to collapse in 2000 due to the weakening of the rupiah and rising interest rate.

"Amid the unfavorable economic conditions, Danareksa has become a pioneer in issuing bonds in Indonesia's telecommunication and cement industries," Danareksa said in a statement.

The government appointed Danareksa as the lead underwriter for the issuance of bonds valued at Rp 1 trillion (US$109 million) early this year by state-owned telecommunication firm PT Indosat and bonds valued at Rp 600 billion by state cement firm PT Semen Gresik.

Danareksa also acted as the joint underwriter for the issuance of the Rp 300 billion in bonds issued by state-owned pawnbrokers Perum Pegadaian. (11)