Wijaya Karya (Wika) received orders totaling IDR 13.3 trillion (approx. USD $1 billion) from investors for its komodo bonds, almost 2.5 times the target that was set by the construction company (IDR 5.4 trillion). Wika is in need of funds to finance its part in the Indonesian government's infrastructure development program.

As such, Wika's komodo bonds are no less than state-controlled toll operator Jasa Marga's komodo bonds (listed on the London Stock Exchange on 13 December 2017). Jasa Marga issued IDR 4 trillion (approx. USD $299 million) worth of three-year bonds with a 7.5 percent coupon rate. It was a success with total investor demand reaching IDR 15 trillion (approx. USD $1.1 billion), attracted by the high yield.

Wika's komodo bonds are rated Ba2 by Moody's Investors Service, and BB by Fitch Ratings (both are non-investment grade, hence speculative). The three-year bonds (maturing on 31 January 2021) carry a 7.7 percent coupon rate and will be listed on the London Stock Exchange.

High demand from investors for Wika's rupiah-denominated global bonds shows that investors have confidence in the fundamentals of the company as well as in the rupiah exchange rate that has been stable against the US dollar since late 2017 (and has actually been appreciating sharply against the green back since mid-December 2017.

Indonesian Rupiah versus US Dollar (JISDOR):

| Source: Bank Indonesia