Inc.威胁取消印尼股票新兴市场地位的举措，如今也正在给该国企业债券市场的交易带来压力。
Inc.’s threat to strip Indonesian equities of emerging-market status is now also weighing on dealmaking in the corporate bond market.
知情人士透露，印尼KB银行推迟了一笔美元债券发行，这本应是自指数公司发出警告以来，印尼首家公司的美元债券发行。该银行称因市场波动暂停发行，并表示可能在稍后阶段重返市场，上述人士因不便讨论私人信息而要求匿名。发行人的一名发言人未能立即置评。
Bank KB Indonesia postponed a dollar bond sale, which would have been the first by a company from the nation since the index provider’s warning, according to people familiar with the matter. The lender cited market volatility for halting the sale and said it may revisit markets at a later stage, the people said, asking not to be identified discussing private information. A spokesperson for the issuer wasn’t immediately able to comment.
这笔被取消的债券发行还面临更严峻的全球背景，因为全球企业债券的收益率溢价已扩大至17个月高点，人们对AI资金以及各国政府面临的日益严峻的财政挑战的担忧打击了风险情绪。尽管如此，自MSCI于10月15日发布公告将东南亚最大经济体的治理问题再次推至聚光灯下以来，印尼企业债券的抛售幅度已超过地区同行。
The pulled bond sale also faced a tougher global backdrop after yield premiums on corporate bonds around the world widened to a 17-month high, as concerns about AI funding and mounting fiscal challenges facing governments dented risk sentiment. Still, Indonesian corporate bonds have sold off more than regional peers after MSCI’s Oct. 15 announcement put a spotlight back on governance issues in Southeast Asia’s largest economy.
另读：印尼企业债券风险指标升至六年高点。穆迪投资者服务和惠誉评级今年早些时候下调了对印尼主权评级的展望，理由是担心普拉博沃·苏比安托总统任期内的政策可信度和治理问题。
Read also: Indonesian Corporate Bond Risk Gauge Rises to Six-Year High Moody’s Ratings and Fitch Ratings lowered their outlooks on the sovereign earlier this year, citing concerns about policy credibility and governance under President Prabowo Subianto.
挪村控股亚洲信贷分析师主管尼古拉斯·亚普表示，MSCI的威胁以及穆迪和惠誉的评级行动“总体上损害了投资者对印尼的情绪”。KB银行未能发行美元债券，也可归因于其规模小、独立基本面弱以及急于在本月底前发行等特定因素，他说。
The MSCI threat and ratings actions by Moody’s and Fitch have “hurt investor sentiment” toward Indonesia in general, according to Nicholas Yap, head of Asia credit desk analysts at Nomura Holdings Inc. KB Bank’s inability to issue the dollar bonds can also be attributed to idiosyncratic factors such as its small size, weak standalone fundamentals and rush to issue before the end of the month, he said.
KB银行周一启动了一笔三年期债券的推介工作，惠誉预期评级为BBB，这是该机构第二低的投资级信用评级。彭博汇编的数据显示，该笔交易的初始定价指导约为美国国债收益率加275个基点，是今年以来市场上投资级债券定价指导最宽的之一，相比之下，类似评级的亚洲企业债券约为120个基点。
KB Bank had begun marketing on Monday a three-year note with an expected rating of BBB from Fitch, the firm’s second-lowest investment-grade credit score. The initial pricing guidance of around 275 basis points over Treasuries on the deal was one of the widest for an investment-grade bond in the market so far this year, and compares with roughly 120 basis points for similarly-rated Asian corporate debt, data compiled by Bloomberg show.
KB银行三分之二股份由评级更高的韩国国民银行持有。本月早些时候，在MSCI发出警告之前，该行已发布潜在交易的初始授权公告。
KB Bank is two-thirds owned by higher-rated South Korean lender Kookmin Bank. The initial mandate announcement for a potential deal came earlier this month before the MSCI warning.
野村的叶（Yap）补充道：“基本面良好的政府所有发行人仍应能进入美元债券市场，尽管它们可能不得不向投资者提供高于正常水平的新发行溢价。”
“Government-owned issuers with decent fundamentals should still be able to access the dollar bond market,” added Nomura’s Yap. “Although they will likely have to provide investors with larger-than-normal new-issue premiums.”