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Friday, January 22, 2010

The coupon sukuk retail on 002 series (SR-002) set at 8.7% level

Irvin Avriano A.
Bisnis Indonesia

The coupon SR-002 set at 8.7% level

JAKARTA ( The government set the coupon on state securities sharia (SBSN/sukuk) retail on 002 series rupiah-denominated (SR-002) at 8.7% level. The retail sukuk will mature in 3 years.

This was revealed in a Department of Finance press release received by the today.

Based from several sources, the coupon was set yesterday by the Directorate General of Debt Office Management officials. But, the announcement itself still waiting for notification by the officials themselves to the Minister of Finance.

The government set the indicative target for the retail sukuk (SR-002) as much as Rp3 trillion even though the seller agent who undertakes the marketing of debt set the minimum limit at the level of Rp4.3 trillion.

Last week, the government has issue another SBSN by auction system with the results of Rp950 billion, lower than the indicative target of Rp1 trillion which set before.

Next week, the government intended to auction off four series of government debt (surat utang negara/SUN) which have indicative targeted as much as Rp5 trillion.

The auction held routine by the government with the gross issuance target around Rp170 trillion this year, bigger than the last year indicative target about Rp144 trillion.

Head of Debt Research PT Danareksa Sekuritas Budi Susanto said that the coupon have include the premium for liquidity and sukuk risk.

The yield of similar maturity debt in the secondary market, FR0033, stays at level 7.89% today. That makes the spread stands at around 72 basis points (bps). The value of 100 bps is equal with 1%.

It means the retail sukuk is less liquid in the secondary market. It also shows that the syari'a instrument have less trading in the capital market because the market player intended to hold until maturity the debt instrument.

"But, all the risk have been include in the coupon that higher than retail bond [obligasi negara ritel/ORI] that usually added about 50 bps."


Anonymous said...

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