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Saturday, December 26, 2009

Danareksa dominates bond issuance


as published in Bisnis Indonesia daily newspaper
Thursday, 24/12/2009 00:00 WIB
Danareksa dominates bond issuance

JAKARTA: PT Danareksa Sekuritas siap dominated bond issuance underwriting market with gross underwriting composition of 60 percent the same as this year underwriting.

Director of Investment Banking of Danareksa Sekuritas Marciano Herman said the accumulation of securities companies underwriting now still leads among the other securities companies.

Bloomberg data this week shows the securities company has bond net underwriting of 25 percent with distribution value of IDR7.4 trillion. The highest position is followed by PT Bahana Securities with IDR4.15 trillion and market shares of 14 percent and PT Mandiri Sekuritas IDR3.9 trillion and market shares of 13.2 percent.

Data of IDX early this week showed the gross underwriting of Danareksa Sekuritas is IDR19.48 trillion or 66.23 percent of the total bond issuance of IDR29.41 trillion.

Next year, the company aims not to get higher composition but rather take domination over underwriting markets.

"The other has declined its composition and we are still at 40 percent, so it doesn't matter as it remains predominant," he said to Bisnis this week.

Marciano said now the company is also optimistic to the bond issuance value next year will be the same as this year issuance value worth IDR29.41 trillion.

But he refuted to comment on the underwriting service cost drop prediction dealing with the many corporate bond issuances and SUN next year.

Finance Ministry data shows the SUN gross issuance value next year will stand at IDR175.13 trillion or rose from IDR144 trillion this year.

Economist of PT Bank Danamon Indonesia Tbk Helmi Arman said the corporate bond issuance next year will not affect the number of SUN gross issuance set by the government.

"SUN and corporate bonds have different investors type, government bond investors is longer and so is the investor with their investment horizon."

There will not be any crowding out effect which will influence the coupon value and bond issuance cost significantly for both bond instruments.

VP & Head of Debt Capital Markets of PT Trimegah Securities Tbk Agus Salim said the current bond condition is liquid after the negative issue on the bond default suffered by Dubai World last month. (Bisnis/21)

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