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Friday, November 13, 2009

Demand for PKT bonds stands at IDR2.6 trillion


As published in Bisnis Indonesia daily
Friday, 13/11/2009 00:00 WIB
Demand for PKT bonds stands at IDR2.6 trillion

JAKARTA: Demand for II/2009 bonds and I/2009 sharia bonds of PT Pupuk Kalimantan Timur (Pupuk Kaltim) got double oversubscription, or IDR2.6 trillion, of the total issuance of IDR1.3 trillion.

Bisnis resource said the emitter set 10.5 percent coupon and yield for each instrument to the investor.

"The coupon was set yesterday and the offer was closed," he said to Bisnis yesterday.

The largest composition of investors in the instrument here is pension fund and insurance which stood at 40-60 percent of the total issuance. The II/2009 bond and I/2009 sharia bonds of Pupuk Kaltim was set at IDR1 trillion and IDR300 billion.

When asked, Director of Investment Banking of PT Danareksa Sekuritas Marciano Herman declined to comment. He just said the demand for the bonds was beyond the emitter expectation and Danareksa. Danareksa Sekuritas acted as the underwriter in this case.

Finance Director of Pupuk Kaltim Eko Sunarko was not available for comment last night.

Some 20 percent of the fund raked from the issuance of both bond series here will be allotted for the construction of NPK fused blending fertilizer factory. The rest will be budgeted for working capital.

Pupuk Kaltim has just got IDR3 trillion loan commitment from the syndicated six banks led by PT Bank Mandiri Tbk to construct fertilizer factory, Pupuk Kaltim V.

Not simply from Bank Mandiri, the loans come either from PT Bank Rakyat Indonesia Tbk (BRI), PT Bank Negara Indonesia Tbk, PT Bank Central Asia Tbk, Bank Pembangunan Daerah DKI, and Bank Pembangunan Kalimantan Timur.

The company eyes on a total of US$115-120 million loans from BRI for the coal boiler construction.

Formerly the company intended to finance gasification through bond and sharia bond issuances.

Until last month, data of IDX shows the bond issuance in rupiah denomination domestic stood at IDR19.1 trillion.

Danareksa Sekuritas could have the market shares of underwriting by 20.3 percent with underwriting value of IDR3.83 trillion from the total issuances. (21)

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