This case follows the Republic of Indonesia as it considered issuing its first blue bond to support its sustainable marine initiatives. The case puts students in the role of a team evaluating three potential markets for the issuance: US dollar (USD), euro (EUR), and Japan’s samurai bond market. Indonesia had built a strong track record in the USD and EUR markets, with multiple successful green and SDG bond issuances since 2018. Meanwhile, the samurai market presented a less conventional but potentially strategic opportunity. However, Japan’s conservative investor profile, which preferred plain-vanilla structures, and its limited secondary market liquidity presented trade-offs. The team faces a complex task to evaluate whether, how, and where Indonesia should launch its first blue bond.
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