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JAKARTA - PT Pertamina Geothermal Energy Tbk (PGEO) has completed the process of issuing green bonds in the global market worth 400 million US dollars.

From this issuance value, Pertamina Group's subsidiary in the geothermal industry managed to reap demand of up to US$3.3 billion or Rp48.5 trillion (exchange rate of Rp14,700 per US dollar). Thus, there was an oversubscribed increase of up to 8.25 times.

According to Maybank Indonesia's Global Markets Economist, Myrdal Gunarto, the market participants' positive response to the issuance of PGEO's green bond was supported by a number of things.

One of them, the high interest of investors is based on the company's positive performance which proved good over the past year.

"In addition, PGEO's position as the main player of an environmentally friendly energy-producing business. This is important, because it will be the main support for the company's business continuity in the future," said Myrdal in a written statement, Thursday, May 11.

Not only that, PGEO's kinetic profile in the eyes of global investors is also equipped with a company rating at an excellent international level and categorized as investment-worthy status.

"This is not yet considering the returns offered by PGEO, which does look interesting amid the declining yield of global bonds, when the Fed's monetary tightening policy expectations were apparently not as tight as before," said Myrdal.

Finally, continued Myrdal, in general, financial market sentiment is currently improving for emerging markets which are considered to have qualified fundamentals such as Indonesia.

"The sentiment towards emerging markets with quite good fundamental power is currently quite positive. Indonesia is also included in that category. So it is natural that PGEO's green bonds are well responded to by the market," said Myrdal.


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