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Thursday, October 22, 2009

Three series of sukuk issued on October 27

Thursday, 22/10/2009 15:20 WIB
Three series of sukuk issued on October 27

by: Irvin Avriano
JAKARTA ( The Government intends to publish again the two series of Islamic securities (SBSN/surat berharga syariah negara-sukuk) and a new series on October 27. Indicative target from the government around of Rp1, 5 trillion.

In a press release published by Directorate General of Debt Management - Ministry of Finance said they will reauction the sukuk series of IFR0003 and IFR0004 that will mature in 2015 and 2020.

The two series were auctioned earlier two weeks ago, but the government barely didn't let the sukuk published because the yield asked by the market players were too high. The government will also auction off IFR0005 series that will mature in 2024.

Sukuk auction will be followed by the country's 15 institutions comprising 11 banks and four securities. The government is still allowing other financial institutions who want to become bidders to register themselves.

PT Bank Jabar Banten and PT Bank OCBC NISP Tbk will be the bidder who is not a primary dealer of conventional debt (SUN/surat utang negara) issuance. In addition, other bidders are PT Bank Mandiri Tbk, PT Bank Rakyat Indonesia Tbk, and PT Bank Panin Tbk.

The others are PT Bank Negara Indonesia Tbk, PT Bank Permata Tbk, PT Bank CIMB Niaga Tbk, Indonesia branch of HSBC Plc, Standard Chartered Bank NA branches Indonesia, and PT Bank International Indonesia Tbk.

Besides banks, four securities entitled to bidders namely PT Danareksa Securities, PT Mandiri Securities, PT Bahana Securities, and PT Trimegah Securities Tbk.

Throughout 2008 until now, the government has made publishing SBSN with a total value of Rp19, 8 trillion. For example Ijara SBSN fixed rate series, retail sukuk, the global sukuk, and the letter debt of Indonesian hajj funds (SDHI/surat dana haji Indonesia). Issuance was published through bookbuilding method and the private placement.

Sukuk issuance plans country through the auction method is expected to make the process more efficient from the cost side and more transparent. (Er)



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