Indonesia billionaire’s builder joins top Asia junk bonds

The amount of negative-yielding bonds globally have jumped 47% to more than $12 trillion this year as signs that the Federal Reserve and the European Central Bank will ease spurred a bond rally.

A BUILDER controlled by Indonesia’s billionaire Riady family has rebounded from the depths of distress to become one of the best performers in the Asia junk dollar bond market.

The turnaround by Lippo Karawaci, among Indonesia’s biggest developers, comes after moves to raise cash to pay down debt, and dovetails with two broader themes.