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Tuesday, October 27, 2009

PHEI to Issue Fair Share Price Benchmark


Selasa, 27/10/2009 00:00 WIB
PHEI to Issue Fair Share Price Benchmark

JAKARTA: The Indonesia Bond Pricing Agency (PT Penilai Harga Efek Indonesia/PHEI) by 2012 intends to issue fair daily price for shares not liquidly traded on the stock exchange.

"We intend to realize our plan to issue the benchmark in the long-term. In the short-term, on the other hand, we will focus on bond research first," said President Director of PHEI Ignatius Girendroheru last week.

The plan, he added, was possible since it was not prohibited by the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK/Badan Pengawas Pasar Modal dan Lembaga Keuangan) Regulation V.C.3 on Securities Pricing Institutions.

Director of PHEI Hasan Fawzi continued the product resulted in by the research would take form of fair daily price, which is different from other products, such as the ones issued by the Indonesian Rating Agency (PT Pemeringkat Efek Indonesia/Pefindo).

"The product of Pefindo is the price target for a specific period of time in the future. On the other hand, our product is fair daily price, which can change any time."

Ignatius revealed the company also planed to create the T-bond and corporation bond index, which is expected to serve as a benchmark in transaction.

To create the product, the company is sounding a partnership with several foreign institutions to market and publish the index.

He disclosed that the fair daily price product and the index would charge subscription fee and could only be accessed by the subscribers.

Ignatius told the Bond Pricing & Information Services (BIPS) would be socialized starting in next month for at least a month. After that, he inserted, the service would charge fee.

However, he reminded, the company would keep giving some free services to the capital market players, such as the display of fair daily T-bond price and the yield.

Ignatius explained the company also intended to create fair T-bill daily price at the request of the Directorate General of Debt Management at the Department of Finance.

Such a service, he said, was to help the auction that the government commonly held twice a month. The company, he cited, also gave its valuation of fair T-bond price periodically to the Directorate General of Debt Management Office - Ministry of Finance.

For example, the company helped giving valuation of Islamic T-bond, whose prices were hard to predict as there had only been two variants circulating in the secondary market. (Bisnis/21)

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