February 2, 2015 / 9:02 AM / 3 years ago

Indonesian airline Garuda delays up to $500 mln Singapore bond issue

JAKARTA, Feb 2 (Reuters) - Indonesian flag airline PT Garuda Indonesia Tbk has delayed an up to $500 million bond issue in Singapore until at least April as “the market is a bit quiet”, its chief financial officer said on Monday.

“We will look at the development in April,” Ari Askhara told Reuters in a text message. The airline is also considering issuing Islamic bonds, he added.

Garuda signed on Monday a cross-currency swap agreement worth a total of 1 trillion rupiah ($79 million) with PT Bank Negara Indonesia Tbk, PT Bank CIMB Niaga Tbk and Standard Chartered. ($1 = 12,680.00 rupiah) (Reporting by Cindy Silviana; Writing by Eveline Danubrata and Sunil Nair)

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