Indosiar to issue bond

JAKARTA : Indonesia's television company PT Indosiar Visual Mandiri plans to issue up to Rp 700 billion worth of bonds in the second half of the year to raise working capital, a banker familiar with the deal said late on Thursday.

The banker, who spoke under the condition of anonymity, said that the listed company has named Trimegah Securities as the lead underwriter for the proposed issue.

Other details were unavailable. Indosiar's officials weren't available for immediate confirmation early on Friday.

A slew of Indonesian companies have tapped the local debt market this year to take advantage of falling domestic interest rates.

Raising funds from the bond market has become the best alternative for Indonesian companies to finance their operations as most local banks remain unable to lend due to their weak capital base. --Dow Jones