Acrostics Asia: Live Deal Intelligence
How Acrostics Asia tracked Indonesian sovereign fund Danantara’s debut international bond sale from roadshow to pricing.
The biggest value of intelligence is when it helps investors to make their decisions – not after the fact.
Acrostics Asia has tracked Indonesian sovereign fund Danantara’s debut international bond sale every step of the way.
A day before Danantara’s investment arm, Danantara Investment Management (DIM), kicked off its roadshow on 3 June 2026 to market the proposed notes, Acrostics Asia had already mapped out the internal structure of the fund and its key officials, saving investors and analysts hours of research.
Throughout the roadshow, Acrostics Asia also spoke to buyside investors to gauge their sentiment towards the proposed bond.
Acrostics Asia identified on 9 June 2026 that investors largely viewed Danantara as a sovereign-linked credit, despite some concerns about the intended allocation of the bond proceeds and where the issuer sits in the overall structure of the fund.
Three days later, Danantara raised USD 1.5 billion from the bond sale and tightened the final yields from its initial pricing guidance. Acrostics Asia laid out why Danantara pursued the bond issuance despite the market volatility and what the deal means for its overall fundraising strategy.
The offshore bond issuance achieved three purposes:
Raising dollars to fund large investments and avoid exerting more pressure on the rupiah, which has sunk to record lows.
Adding another motor in Danantara’s refinancing engine that already included loans and domestic notes sold to local tycoons.
Spreading out the fund’s debt maturities.
The book statistics released by Danantara showed strong participation from asset or fund managers from the US and Europe, the Middle East and Africa (EMEA), as they formed the lion’s share of the orders for both the five-year and 10-year notes issued by its investment arm.
Acrostics Asia Coverage
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.