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Tuesday, October 27, 2009

Issuence of government sukuk will affected by conducive conditions

BI
Irvin Avriano (21)
Bisnis Indonesia

Issuence of government sukuk will affected by conducive conditions
JAKARTA: A conducive conditions in the secondary market of government bonds (SUN/surat utang negara) is predicted to be the basis for government consideration to offer the return of the Islamic government bond (SBSN/sukuk) this afternoon, after a delayed 2 weeks ago.

The government intends to issue three series of government sukuk this afternoon, namely IFR0003, IFR0004, and IFR00005 this afternoon with the indicative target of Rp1, 5 trillion using the auction method.

IFR0003 and IFR0004 auctions held for the second time, after no bidders demand absorption in the earlier auction that was held two weeks ago.

Bond analyst from PT Kim Eng Securities Dian Abdul Hakim appealed that conducive conditions currently reflected in the global bond market conditions are relatively stagnant.

"In the U.S. bond market, the movement of YTM [yield to maturity / yield in the secondary market] is still normal to fluctuate with a spread [the difference] is greater for T-Bond with long tenure," he said in a research statement that received by Bisnis.com this morning.

He said the last few days, tradingof the medium tenured SUN series showed no significant movement. SUN with short tenure and long tenure was also assessed following the pattern of daily transactions as well as last week.

Public offering of PT Pupuk Kaltim bonds worth Rp1, 3 trillion and issuence of PT Salim Ivomas Pratama with value Rp1,25 triliun also will be additional booster for the trading of domestic corporate bonds.

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