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Thursday, January 28, 2010

SR-002's sales reached 68.33% of the target

BI / bursa
18/1/10
By Irvin Avriano A.
for Bisnis Indonesia

SR-002's sales reached 68.33% of the target

JAKARTA: The government is optimistic the sale of government sharia securities (SBSN/sukuk) retail series 002 (SR-002) exceeds the indicative target set at the beginning of IDR3 trillion, because its sales have reached IDR2.05 trillion until last night.

However, the government indicated wouldn't increase the number of target because there are many investment instruments that must be published this year.

"There are some agents have asked upsize [the target] but we have not considered because it has many debt instruments to be issued this year," said Director General of Debt Management Ministry of Finance Rahmat Waluyanto yesterday.

With the purposes of other instruments issuance, he said the indicative target was affirm with the target which announce at the beginning.

"Because the need to provide opportunities for other debt instruments, so a maximum indicative target still IDR3 trillion."

Rahmat explained that the number of demands came from as many as 3.981 retail investors until 19:00 o'clock last night. Rahmat also explained sales of retail sukuk until the second day have reached IDR1.48 trillion, or for 49.33% of the initial target.

SR-002 coupons is set by the government at a level 8.7% and will mature within the next 3 years. Minimum purchase is limited by the government of IDR5 million, but the government did not set a maximum limit.

Sales of SR-002 made by 18 sales agents began earlier this week until next weekend on 5 February. Seller's agent including 10 banks and 8 securities company.

Sharia Financing Director DMO MoF Dahlan Siamat said he was optimistic the result of sale of retail sukuk.

"We believe demand for the sukri [SR-002] will be oversubscribed, some of the benefits that can be enjoyed by investors is the maximum investment that has not been limited."

Wealth Management Group Head PT Bank Mandiri Tbk Inkawan D. Jusi said the company was getting requests around Rp500 billion at the third day of sales, after collect demand as much as Rp360 billion at the second day of sales.

The last amount is equivalent to 62.5% of the initial target set for a state owned bank at the level Rp800 billion.

He explains the factors non-limited on maximum purchases by the government became one of the factors that make the company optimistic will submit upsize target to the government in at least two days ahead.

Comment target achieved by other agents, he's optimistic that SR-002's sales will be same bigger as and potentially even exceed from SR-001. "Within a day or two we'll upsize."

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