Indonesian companies are turning to global bonds to raise funds in order to reduce funding costs amid a downtrend in interest rates in the world’s financial markets. At least seven companies have already issued their global bonds since early January to take advantage of cheaper funds overseas. Property developer Lippo Karawaci and oil and gas company Medco Energi International were among the latest issuers of the global bonds. Lippo Karawci issued on Jan. 15 US dollar denominated bonds with a tenure of five years and a coupon rate of 8.13 percent a year and raised about $325 million. The bonds were oversubscribed four and a half times, the company said. Meanwhile, Medco Energi International said it had just issued global bonds with a tenure of seven years and a coupon rate of 6.37 percent. Medco raised $650 million from the issuance of the global bonds, which were liste...