State construction firm Adhi Karya (ADHI) cut its local bond issuance from Rp2 trillion to Rp600 billion. The notes have tenors of 2-3 series, offering an annual coupon rate at 9.75%. Half of the bond issuance proceeds will be used for capital expenditure and the rest for debt refinancing, working capital of light rapid transit projects, and other infrastructure projects.

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