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Tuesday, February 23, 2010

PHEI opened for new investors

PHEI opened for new investors
Tuesday, 23/02/2010 19:28:12 WIB

By: Irvin Avriano A.

JAKARTA (Bisnis.Com): Self-regulatory organization (SRO) expected other new investors in the PT Penilai Harga Efek Indonesia (PHEI/Indonesia Bond Pricing Agency) than only PT Pemeringkat Efek Indonesia (Pefindo).

"We wish there was another investors, so there will be no precedence impression for Pefindo," said PT Kustodian Sentral Efek Indonesia (KSEI) President Director Ananta Wiyogo to the press at the Bapepam-LK office today.

Pefindo recently filed a statement of interest to have PHEI shares valued at IDR1 billion. If the interest granted by the existing shareholders, which currently by SRO, the company potential ownership stake has as much to 3.22% -- 3.33%.

He said the SRO, which consists of KSEI, PT Kliring Penjaminan Efek Indonesia (KPEI), and the Indonesia Stock Exchange (IDX/BEI), still not met to formulate what strategy that would be decide to accept the new shareholders.

Ananta explained there are two options that have being explored, which is selling shares owned by the SROs or add PHEI stock. Currently the PHEI has paid up capital of Rp30 billion. which makes the SRO have ownership of each for 33.33%.

If Pefindo take new shares that can be issued by PHEI, then the ownership of shares will be 3.22%. When Pefindo buying shares fromn existing shareholder, the ownership will be 3.33%.

In fact, regulation of Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) No.V.C.3 of Securities Price Appraisal Institution, Pefindo, as non-financial institutions, are possible entitled to have as many as 20% of shares PHEI.

In addition, said Ananta, SROs not know in detail the purpose of Pefindo for owning PHEI stock. He suspects there are two possibilities, namely the strategic needs or mere financial gain.

Director Pefindo Kahlil Rowter when contacted said the company separately does have a financial interest as an investor in PHEI's shares because desire to have good prospects in the bond market.

"There are certainly economic interests, because a good business prospect and certainly interests for better secondary bond market. However, for strategic purposes, we considered there was no conflict of interest in the company's business activities because the different business lines."

He explained Pefindo's business lines concerned in the primary market, or when corporate bonds issued, is very different from the secondary market which became the main business of PHEI.

Associated with the absence of other investors who haven't interest in investing as PHEI's shareholder, Kahlil assess there are possibilities for Indonesia institutions have not seen the business potential from PHEI.

Or, he continued, the existence of PHEI not socialized enough to the capital market player.

"If there are foreign investors who want to come in [to PHEI], do not be judged negatively, because it was an independent institution and PHEI independence supervised by Bapepam-LK."

Minimum quorum for Multipolar 50%

Minimum quorum for Multipolar 50%

By: Irvin Avriano A.

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) determine the minimum quorum of a extraordinary shareholders' general meeting (EGM) of PT Multipolar Tbk by 50%.

"We wanted the shareholders who attended are more than 50%," said Companies Financial Valuation Service Sector Bureau Chief Bapepam-LK Noor Rachman told Bisnis in Bapepam-LK office this afternoon.

He said that number is a decision of Bapepam-LK which have considered several things. However, he said, the rate is not an average quorum of the earlier EGM that have held twice by the company.

Company failed to get approval from its shareholders to perform reverse stock. It did not get the issuer at the EGM which has held twice since January because they do not meet the quorum stipulated that makes the company requires the approval of Bapepam-LK to determine a minimum quorum at a third EGM.

Decision making by the Bapepam-LK is based on the rules of Bapepam-LK No.IX.J.1 concerning the Principles of Public Offering And Equity for Public Company. The company scheduled the third EGM held on Thursday this week.

Market players discuss to form a repo group

Market players discuss to form a repo group
Tuesday, 23/02/2010 19:10:00 WIB

By: Irvin Avriano A.

JAKARTA ( Several organizations of capital market participants form groups to discuss the master repurchase agreement (MRA) today in front of the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK).

Some of the organization are the Association of Indonesia Custodian Bank (ABKI), Association of Indonesian Securities Companies (APEI), Inter Dealer Market Association (Himdasun), and the Association of Mutual Fund Manager Indonesia (APRDI).

The meeting was also attended by several directors of self-regulatory organization (SRO) which is PT Kustodian Sentral Efek Indonesia (KSEI) and PT Kliring Penjaminan Efek Indonesia (KPEI). Based on observations by this afternoon, the meeting that was held for the second time in the Bapepam-LK office was just ended.

When confirmed, Chairman of ABKI Susiana Suhendra, who encountered after the meeting, confirmed that the formation has been done in the meeting. However, he said, there are no significant proposals are discussed, because the capital market players still trying to form group to discuss that MRA.

"We hope the discussion [of MRA] could be completed this year," she said to Bisnis this afternoon.

However, several other player who had encountered not willing to comment because the process is still in its early stages.

MRA had a discussion on the agenda last year due to determine the legality of the shares repurchase agreement (repo) and re-repo which had accused of being one of the causes of the stock market crash in 2008.

A several players are PT HD Capital President Director Anthony Kristanto, Origination & Trust Account Mgt. Dept. Head Citibank NA Indonesia Branch Margaret M. Tang, PT Trimegah Securities Tbk Director Karman Pamurahardjo, and PT Panin Sekuritas Tbk President Director Hendrata Sadeli.

The others are KPEI President Director Hoesen dan KSEI Director Trisnadi Yulrisman.

Bank Mega leads trustee boards markets: Total corporate bond issuance standing at IDR29.66 trillion

Tuesday, 23/02/2010 00:00 WIB
Irvin Avriano A.

Bank Mega leads trustee boards markets: Total corporate bond issuance standing at IDR29.66 trillion

JAKARTA: PT Bank Mega Tbk leads the trustee boards market with 33.93 composition as from the total bond issuance last year worth IDR29.66 trillion.

Total corporate bond issuance last year consisted of 78 tranches. Some 60 tranches are the conventional bonds, 14 tranches of sharia, two tranches subdebt and two asset-backed securities series contract (KIK-EBA).

As from the number, based on latest to of IDX, Bank Mega serves as the trustee to 20 conventional bonds and five sukuk from 10 emitters worth totall y IDR10.68. trustee is the representative of the investors and borker of the bond holders and securities emitters.

Market composition of bond trustee market by bank includes PT Bank CIMB Niaga Tbk worth IDR5.35 trillion 18.04 percent, PT Bank Permata Tbk 16.18 percent worth IDR4.8 trillion, and PT Bank Mandiri Tbk IDR4.6 trillion 15.5 percent. (see illustration)

Separately, head of division of capital market service of Bank Mega Sarmiati A.S. conceded the data. The company does not define the targeted composition of the trustee this year.

"Some 30-40 percent last year. But we are optimistic to handle some corporate bonds. we don't define special amount of the target as it is deemed mutual trust and service," he said to Bisnis yeaterday.

Last week the company was mandated by Perum Pegadaian to become trustee of the corporate bonds.

The assignment deals with the shift of trustee job from PT Bank Negara Indonesia Tbk (BNI).

The shift was taken due to the potential conflict of interest of the loan provider as from state bank here into PEgadaian.

"With the assignment we become trustee all bonds of Pegadaian which have been issed," she said.

Bank Mega formerly only served as the trustee of XIII/2008 bond series of Pegadian but the job transfer has made private bank here served as the trustee for the IX/2002, X/2003, XI/2006, XII/2007 and XIII/2008 bonds worth totally IDR2.91 trillion.

Last week, PT Bank Tabungan Negara Tbk (BTN) appointed Bank Mega to become trustee of XIV/2010 bond series issuance which is scheduled in semester I/2010 which is worth IDR2 trillion at maximum.

The issuance of IV/2010 bond and I/2010 subdebt of PT Bank Pembangunan Daerah Sulawesi Utara worth IDR500 billion sold yesterday also appointed Bank Mega as the trustee board.

Together with the appointment of Bank Mega as the trustee of bond issuance worth IDR2 trillion, BTN announced the appointment of bond issuance notary, Sutjipto SH, legal consultant of Jusuf Inradewa & Partners.

"BTN also appointed PT Pemeringkat Efek Indonesia and three other securities companies as the underwriters. They include PT Mandiri Sekuritas, PT Bahana Securities, and PT Indo Premier Securities," stated the press release of BTN yesterday.

The company alone up to September 2009 booked the credit disbursement of IDR38.12 trillion, assets IDR51.46 trillion, government bond portfolio IDR7.31 trillion, third party fund IDR33.71 trillion, and net profit after tax IDR319 billion.

However, the NPL rose from IDR2.7 billion in 2008 into IDR3.36 billion in September 2009. The capital rose from IDR3.07 trillion in 2008 into IDR3.39 trillion in September.

The company targets to issue KIK-EBA, housing loan asset-based secuiritization worth IDR750 billion to IDR1 trillion after accomplishment of bond issuance. (Bisnis/iaa)

Friday, February 19, 2010

Pegadaian changes its bond trustee boards

Friday, 19/02/2010 00:00 WIB

Irvin Avriano A.

Pegadaian changes its bond trustee boards

JAKARTA: Perum Pegadaian, a state owned pawnshop, got approval from the investor to change the trustee board for the IX/2002, X/2003, XI/2006, XII/2007 bond series issuance worth totally IDR1.76 trillion from PT Bank Negara Indonesia Tbk (BNI) into PT Bank Mega Tbk.

Head of Custody and Trust Services of BNI Hestu Wijaya said the decision for approval was attained by Pawnshop through the bond holders general meeting (RUPO) which was attended by 70 percent of all bond holders of each series.

"All RUPO agendas were 100 percent agreed by the attending investors," he said to Bisnis yesterday.

RUPO also agreed the change of two clauses in the trusteeship agreement (PWA).

The amended article is Article 37 on the announcement on media and Article 61 on legal status of Pawnshop from state owned into corporation.

The changed trustee boards refers to the regulation of Bapepam-LK No.VI.C.3 on the credit relation and underwriting of trustee and emitter which limits the amount of loan of bank as the trustee board and bond issuance.

The regulation restricts the amount of attainable loan given by the trustee so as not to exceed 25 percent of the bond values under the trusteeship. BNI now has become the creditor for the Pawnshop.

The restriction here is made to prevent from conflict of interest of the two parties.

Trustee board is the representatives of the investor in each bond issuance and mediator of bond holders and emitter.

Data of IDX shows the current floating bonds of Pawnshop at secondary market has outstanding value of IDR3.26 trillion.

The bonds here consist of five series of bonds, namely X/2002 worth IDR269.55 billion, XI/2003 series worth IDR400 billion, XII/2006 IDR500 billion, XIII/2007 IDR600 billion, and XIV/2009 IDR1.5 trillion.

The change of trustee board enables the Pawnshop to get loan from BNI at least IDR417.38 billion. the loan commitment of BNI has made the company change the bond trustee board that has so far been handled by BNI.

Formerly, Finance Director of Pegadaian Budiyanto said the loan from BNI was aimed for the corporate working capital this year.

The company is optimistic to get BNI loan as part of the targeted credit totaling IDR3.63 trillion.

The fund will be allotted to meet the IDR7 trillion financing of expansion this year.

Budiyanto said the company was also optimistic to get IDR 1 trillion loans from Bank Mandiri, IDR1 trillion from BRI, and IDR1.22 trillion from BCA. (Bisnis/iaa)

Astra Sedaya raised its bond issuance to IDR1,5 trillion

photograph of Djony Bunarto

BI / bursa
Irvin Avriano A. & M. Tahir Saleh

Astra Sedaya raised its bond issuance to IDR1,5 trillion

JAKARTA: PT Astra Sedaya Finance increase the number of their bonds issuance from the initial target XI/2010 worth IDR1 trillion to IDR1, 5 billion due to excess demand as much as 2.5 times. The company also set a bond's coupon at the level of 8.47% - 10.9%.

Astra Sedaya President Director Djony Bunarto Tjondro said the bond coupon for tranches A tenured a year set by the company at the level of 8.47%, which is the lowest level of the company's offering when the company held a public offering to investors early this month. Coupon bond B tranches which tenured 2 years is set at 9% level.

Astra Sedaya's bonds divided into six tranches that will mature in 2011-2014. Tranches A will mature in 2011, B and C tranches will mature in 2012, D and E tranches will mature in 2013, and series F will mature in 2014. The Company will pay a coupon bonds once every 3 months to investors.

Tranches C couponed 10%, D tranches 10.4%, E tranches 10.75%, and the F tranches are given at the level of F 10.9%.

"Issuance of bonds to be used as working capital had a positive response with total demand reaching 2.5 times the original issuance of the plan of IDR1 trillion, describes the confidence of investors in the company," he said in a press release today.

Djony said the company always maintain investor confidence by making principal and interest payments in a straight time.

Bonds and Astra Sedaya pocketed idAA- ratings from PT Pemeringkat Efek Indonesia (Pefindo).

Companies assisted PT HSBC Securities Indonesia, PT CIMB Securities Indonesia, and PT Mandiri Securities as underwriters in the issuance of such bonds.

Earlier, he assume Astra Sedaya and the other Astra Credit Companies group member will booked financing can be reached IDR16 trillion at the end of the year, increase from IDR14.2 trillion at the end of 2009.

Astra Sedaya itself, he said, can deliver targeted financing (booking) for IDR13.5 billion this year, an increase of 12.5% compared with last year's booking for IDR12 trillion.

Wednesday, February 17, 2010

ICRA apply for rating permit to Bapepam-LK

BI / bursa
Irvin Avriano A. & Yuda Prihantoro
Bisnis Indonesia

ICRA apply for rating permit to Bapepam-LK

JAKARTA: PT ICRA Indonesia request permission for rating agency license to the Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK).

Accounting Standards and Disclosure Bureau Chief of Bapepam-LK Etty Retno Wulandari, whose supervise rating agencies, said the request was submitted to the capital markets authority since January.

"They've have delivered the submission for a while, there will be assessment to learn about it. We already have work on them," she told Bisnis this weekend.

She explained the ICRA Indonesia associated with the original rating agency from India, ICRA Ltd. Data from its official website shows it is a small part-owned by Moody's Investors Service, as much as 28,5%.

The ratings company is also a public company which listed on the Bombay Stock Exchange and National Stock Exchange in India, owned by Moody's Investors Service through Moody's Investment Co India Pvt Ltd. ICRA India had formed since 1991 with the name of Investment Information and Credit Rating Agency of India Limited.

However, Etty not sure ICRA associate with Moody's Indonesia which had closed the company's branch office in Indonesia, PT Moody's Indonesia, in July last year. Moody's Indonesia was closed at the end of last year due to the policy by its parent company, among with several other branches, namely in Taiwan and Indiana, USA.

Etty added, one of the proposed directors of the company to lead the ICRA Indonesia is Minon Almasyur, which had led Moody's Indonesia as president director before the closing.

After Moody's Indonesia resignation, the existing ratings transfered to PT Pemeringkat Efek Indonesia (Pefindo) and PT Fitch Ratings Indonesia.

However, when confirmed, Minon did not respond the short message service which sent yesterday. When asked for comment about the entry plan of ICRA to the ratings industry, Pefindo President Director Kahlil Rowter didn't able to give answers.

"The Pefindo internal still have not discussed about it. We're still waiting for the results," he said.

Baraditta Katoppo, the Fitch Ratings Indonesia President Director, said that he had hear the plan of ICRA to setlle in Indonesia. He said that the company is very welcome with other ratings company that will establish in Indonesia.

SUN foreign portion increased to Rp119, 01 trillion

SUN foreign portion increased to Rp119, 01 trillion

Wednesday, 17/02/2010 13:00:16 WIB
By Irvin Avriano A.

JAKARTA ( Foreign ownership in government bonds (surat utang negara/SUN) continues to increase from IDR118.84 trillion on Monday to IDR119.01 trillion on Tuesday this week amid a crisis of Greece and Spain state's bonds are still plagued the global capital markets.

Directorate General of Debt Management Data MoF which issued today showed that ownership through ownership of foreign investors continue to break the record again which occur since the beginning of this year.

Bond analyst from PT Kim Eng Securities Dian Abdul Hakim in his research said the global bond market participants confused by the Greek bond sale plan as an effort to overcome the debt crisis in the country to close the budget deficit.

"However, through Goldman Sachs as one of the underwriters [the Greek government bonds], the publication also features currency swap with a pretext to minimize any additional risk for the circulation of these bonds," he said in their company's research released today.

He said the assess of the bond crisis did not affect the changes in the yield movement in the SUN secondary market significantly, because it just still moving in the range of 3 basis points (bps) in Tuesday trading record.

Market activity is still moderate, he said, causing the movement of yield from some tenor SUN is also still a little fluctuating.

He's just worried about the negative issues in line with the Greeks is the U.S. government bond prices bounce back to all the tenure of the bonds due to transition back into the U.S. market, in an effort to seek safer debt instruments. (wiw)

BTN appoint 3 bond underwriters

BTN appoints 3 bond underwriters
Wednesday, 17/02/2010 10:41:23 WIB

By Irvin Avriano A. & Wisnu Wijaya

JAKARTA ( PT Bank Tabungan Negara Tbk (BTN) appointed three underwriters to manage issuance of their XIV/2010 bonds valued at IDR1,5 trillion--IDR2 trillion.

BTN Treasury Director Saut Pardede said to they has appointed PT Mandiri Sekuritas, PT Indo Premier Securities, and PT Bahana Securities.

"Yes, we have conducted the selection and choose the three underwriters for the highest qualified than others," he said.

Before appointed three underwriters, the BTN to invite as many as 10 securities companies to follow the underwriter bonds selection.

The selected securities are Mandiri Sekuritas, Bahana Securities, PT Indo Premier Securities, PT BNI Securities, and PT Danareksa Sekuritas. In addition, PT Trimegah Securities Tbk, PT Kresna Graha Sekurindo Tbk, and PT CIMB Securities Indonesia.

BTN is preparing a number of instruments in order to capture funding this year worth a total of Rp4 trillion, namely through its bonds issuance, asset securitization stage III, and the medium term notes (MTN).

Issuance of bonds will be done early in the first half of this year. The plan of those corporate action is a follow-up after BTN held initial public offering (IPO) and securitize its assets last year.

Market situation and interest rates of debt securities was better predicted in the first half of this semester so that the issuance of bonds should come before higher interest rates predicted happen in the second half of this year. (wiw)

Tuesday, February 16, 2010

Investors focus moves to domestic

Monday, 15/02/2010 00:00 WIB

Irvin Avriano A. & Arif Gunawan S.
Investors focus moves to domestic

JAKARTA: Investor at domestic bourse is predicted to more the sentiment focus on the domestic following the betterment of global investor sentiment in relation to the Greek debt settlement.

The Jakarta Composite Index (JCI) is suspected to enter the consolidation trend this week while waiting for the following positive sentiment.

Research analyst of PT Panin Sekuritas Tbk Purwoko Sartono said the index might test the psychological level of 2,560 prior to the following trend direction after the rebound transaction last week.

"This wee, we assume the index moves to consolidation of aside. JCI will test the psychological level of 2,560 and political situation still comes after the bourse this week," he said last week.

At global bourse, trend of bourse last week showed the indication of global investor trust recovery when the blue chips rebound such as Shanghai index growth of 1.09 percent, and Nikkei-225 rose 1.29 percent.

JCI was rebound in Thursday and Friday with the two consecutive days rise by 2.02 percent into the level of 2,534.137. The commodity sectors like mining and plantation came up last week with the increase of 2.07 and 0.97 percent.

Formerly national index fell down following the correction happened to regional bourse amidst the fear of the default of Greece, Spain, and Portugal which might trigger a worsening recession.

Bloomberg data shows the fear has slashed down the stock and commodity investment. On contrary, US dollar finance market was rebound.

Dollar index which recorded the currency against six leading exchange rates worldwide rose into 80.75 or the highest since June.

Purwoko said the commitment of European leaders to help ease Greece has cooled down the negative sentiment of the global bourse. "Investor trust has been recovered after two week crisis of Greece debt which potentially affects other European Union countries," he said.

In turn, domestic political party might become the investors concern. The JCI will go along with the progress growing from fundamental point of 2,511 into resistant point of 2,559 in the first day of this week.

Division head of Fixed Income of PT Anugerah Securindo Indah Ramdhan Ario Marutho said the government bond (SUN) market will plunge slightly this week and climb up the yield by 10-5 basis points (bps).

The price correction is affected by the global market condition and Chinese New year holiday yesterday.

"Early this week will remain static and not high as our client abroad mostly will enjoy vacation. It is declining noting that the global negative sentiment has not cooled down yet," he said yesterday. (Bisnis/ags/iaa)

Pefindo intend to provide capital for PHEI IDR1 billion

Pefindo intend to provide capital for PHEI IDR1 billion

Tuesday, 16/02/2010 18:28:50 WIB
By Yuda Prihantoro (m14) & Irvin Avriano A.

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) intend to invest in the securities PT Penilai Harga Efek Indonesia (PHEI/Indonesia Bond Pricing Agency) worth IDR1 billion, thus potentially will have ownership in the institution of as much as 3.22%--3.33%.

Numbers of Bisnis source said the first securities appraisal agency was asking for self-regulatory organization (SRO) approval as PHEI's shareholder.

SRO consists of PT Kliring Penjaminan Efek Indonesia (KPEI), PT Bursa Efek Indonesia (Indonesia Stock Exchange/IDX), and PT Kustodian Sentral Efek Indonesia (KSEI).

"They have the intention to convey, and will be discussed by PHEI's shareholders," said one of the source to Bisnis this week.

Right now, the capital in PHEI stand for IDR30 billion which come from the SROs. KPEI, BEI, and KSEI owned 33.33% shares for each institution.

If PHEI issue new shares and sell it to Pefindo, the rating agency will have a 3.22% ownership in PHEI. But if the SRO sell one of their shares to Pefindo, then the credit rating company will have 3.33% stake.

When confirmed, Pefindo Presindet Director Kahlil Rowter can not justify or deny the value of the company's plan to raise capital of PHEI.

However, he confirmed the plan was submitted to the management of the first securities price appraisal company.

"The point is we want to participate in developing the corporate bond market, as the market still illiquid. The plan still remains a discourse that we studied until now."

According to him, he denied the intention to provide capital in a limited number showed no interest from Pefindo to PHEI. He said it is because Pefindo is still a small companies and because the nature of companies that do not have large amounts of capital.

Based on the regulations of Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) No.V.C.3 of Securities Price Appraisal Institute, non-financial institutions are entitled to have 20% stake of PHEI.

He considered IDX as Pefindo shareholders who also own shares PHEI not a problem because it only has a goal of capital market development and not merely the pursuit of profit.

PHEI Presindent Director Ignatius Girendroheru can not comment because it is a discussion on the level of their shareholders.

BEI President Director Ito Warsito not answering the cellular phone when he tried to be confirmed yesterday.

KPEI President Director Hoesen, can not comment because it is still meeting yesterday.

KSEI President Director Ananta Wiyogo said he had received a letter of interest from Pefindo related to its intention to be one of the PHEI's shareholders.

However, he said, shareholders have not met to discuss the options to issue new stock or sell owned share by the older shareholder.

"Not yet determined the choices, if we've met, we will discuss it and choose the options."

Accounting Standards and Disclosure Bureau Chief of Bapepam-LK Etty Retno Wulandari, which supervising the rating agency, said she haven't heard the news.

However, he said, capital market authority is still studying the possibility of these two institutions together. "The complexity of shareholders is not the issue, but we will examine the two different licenses of the companies."

Transaction and Securities Institution Bureau Chief of Bapepam-LK Nurhaida said that there is no problem for PHEI to accept other shareholder.

"It is no matter, because PHEI's shareholder still the SRO. We are hoping that other market palyer will intend to support PHEI, but we try to explore the potential conflict of interest between the two companies."(m14/wiw)

IDX studies on revocation of stock lock-up regulation

Monday, 15/02/2010 00:00 WIB
by Irvin Avriano A.

IDX studies on revocation of stock lock-up regulation

JAKARTA: Indonesia Stock Exchange (IDX) plans to revoke the lock up of new shares concerning with the rights issue without pre-emptive rights (HMETD).

IDX corporate assessment director Eddy Sugito said the plan still waits for approval and discussion of some regulations including the listing regulation by the Capital Market and Finance Institution Supervisory Agency (Bapepam-LK).

"The regulation draft of stock listing is still discussed by Bapepam-LK and the approval depends on them," he said to press last week.

Regulation of JSX No I-A Kep-305/BEJ/07-2004 on stock listing stipulates the rights issue without HMETD must not be tradable at the bourse within at least one year after the listing.
This aims to protect the non ultimate shareholders interst.

The regulation has so far not been revised yet into IDX regulation. The bourse has discussed six regulation revision which will seek approval from Bapepam-LK in a bid to harmonize the regulations following the merger of Jakarta and Surabaya Stock Exchanges in November 2008.

Eddy added the lock up limitation has caused some market players regretted the regulation substance as it is potentially to cut the emitter stock liquidity at market.

"The objective of (capital rise) without HMETD is to increase the stock liquidity (but with the restriction) there are some parties expressing objections."

He said the regulation will complete the revised Bapepam-LK regulation No.IX.D.4
On the capital rise without HMETD deliberated on December 9, 2009.

When asked, the securities institution and transaction bureau chief of Bapepam-LK Nurhaida was not available for comment.

Some bureau chiefs and chief of Bapepam-LK Ahmad Fuad Rahmany are scheduled to have a meeting on the formulation of finance service authority in Bogor, West Java.

Formerly, Nurhaida said the regulator would speed up the discussion of IDX regulation so as to get prompt approval in quarter I/2010. now Bapepam discusses and deliberates eighth membership regulation.

"The process (of deliberation) takes quite long time as we still have many to figure out. The membership regulation (of IDX) has eight and seven trade. All is 27 regulations in queue," he said. (Bisnis/iaa)

Mandiri Tunas Finance issue MTN IDR350 billion

Mandiri Tunas Finance issue MTN IDR350 billion

Tuesday, 16/02/2010 19:01:29 WIB

By Irvin Avriano & Yuda Prihantoro (m14)

JAKARTA ( PT Mandiri Tunas Finance issued a medium term notes (MTN) II/2010 valued at IDR350 billion yesterday.

According to data from PT Kustodian Sentral Efek Indonesia (KSEI), MTN coupon will be paid every 3 months. Initial coupon payment will be made by company on May 16th, 2010.

Mandiri Tunas Finance as publishers set maturity the debt securities until February 16th, 2012. Coded coupon itself have set at fixed type.

When confirmed, Mandiri Tunas Finance President Director Halim Gunadi confirmed the company's debt securities are issued today.

"The purpose of the issuance of debt securities is to finance our lending this year. Most of the financing from Bank Mandiri as the parent company as amuch as IDR3 trillion, but still a shortage of about IDR1.6 trillion."

He described one of the instruments he had just published the company is reducing the need for financing totaling IDR1.6 trillion, which was reduced to IDR1.3 trillion.

Halim said the company seeks options from local bank loans, MTN issuance, or issuance of bonds to cover the shortage of lending resources this year.

Previously, one of the sources in the capital markets said the company named PT OSK Nusadana Securities Indonesia as the underwriters of debt securities issuance. Halim also confirmed the information.

Monday, February 15, 2010

Jasa Marga targets IDR900 billion profits

Rabu, 10/02/2010 00:00 WIB
Irvin Avriano A.

Jasa Marga targets IDR900 billion profits

JAKARTA: PT Jasa Marga Tbk predicted the net profit in 2010 could increase form early target of IDR750 billion into IDR900 billion expectedly coming from this year revenue.

"It seems it could be upsized noting that some of our capital expenditure last year was not used and there was interest income from that post," said President Director of Jasa Marga Frans Sunito yesterday.

He said the corporate capital expenditure this year is predicted IDR3 trillion or almost the same as last year.

The company also predicted the corporate revenue could reach IDR4.2 trillion rose from IDR3.6 trillion last year.

At least there will be two toll roads finalized in 2010 so as to contribute the company performance. Those are the 1 kilometers Semarang-Ungaran toll, and 3 kilometers Surabaya-Mojokerto.

He said the company also plans to issue bonds worth more than IDR1 trillion this year to refinance the debt.

Frans once said the loan resources will come from bank loan including from PT Bank Man-diri Tbk, PT Bank Rak-yat Indonesia Tbk, PT Bank Negara Indonesia Tbk, and regional development banks (BPD) at toll road project location.

President Director of PT Pem--bangunan Pe-ru-mah-an Tbk (PTPP) Mu-sya-nif said the company and Jasa Marga have conducted due diligence for two toll road projects worth totally IDR3.6-4 trillion.

The toll road consists of 9-12 kilometer Cinere-Serpong which will be kicked off in quarter IV/2010.

Besides, Jasa Marga and PP will also work out Aloha-Wonokromo-Tanjung Perak, Surabaya toll roads. Both projects were valued at IDR1.8-2 trillion each.

Finance Director of Jasa Marga Reynaldi Hermansjah recently added the company organically grew with the development of seven toll road projects totally 200 kilometers in length.

The company aims to acquire at least two new toll roads in java next year by using combination of internal and external funding using bank loan. He declined to name the acquisition value due to the underway negotiation.

"The value could hardly be mentioned as it could affect the negotiated pricing. The 30 percent acquisition fund will use the equity and the other 70 percent from banks that so far in cooperation with us," he said.

The acquisition fund is separated from capital expenditure in 2010 worth IDR3 trillion as the capital expenditure is allotted for regular investment and the current toll road project development.

The stock price of JSMR rose IDR40 with the closing at IDR1,730 as from the previous closing.

This year the stock dropped 4.42 percent with IDR11.76 trillion market capitalization. (Bisnis/iaa)

Bank Mandiri & BNI divest their stocks: Income Tax incentive to boost emitter net profit

Wednesday, 10/02/2010 00:00 WIB
By Irvin Avriano A.

Bank Mandiri & BNI divest their stocks: Income Tax incentive to boost emitter net profit

JAKARTA: The government added floating shares of PT Bank Mandiri Tbk and PT Bank Negara Indonesia Tbk (BNI) up to 40 percent each to get tax incentives.

The facility includes income tax discount by 5 percent to the company with at least 40 percent divestment to the bourse.

Currently the composition of BNI floating shares is about 15 percent, and Bank Mandiri floating shares in the secondary market is 33 percent. The Indonesian government through state enterprise ministry owns 66.76 percent Bank Mandiri stocks and 76.36 percent BNI stocks.

BNI is said to have increased public stocks portion into 40 percent so as to get 5 percent tax incentive.

Last night Bisnis asked President Director of BNI Gatot Mudiantoro Suwondo, but he was not available for comment.

The government currently owns 473,89 million green shoe of BNI or 4.14 percent of the total issued and placed shares of BNI.

The government has not divested the stocks noting the plummet of BNI stock price from the divestment price level in 2007 by IDR2,050.

President Director of Bank Mandiri Agus DW Mar-to-war-dojo said the company plans to have rights issue in semester II/2010 by divesting 7-8 percent shares in a bid to increase public share ownership up to 40 percent at minimum.

He got positive responses from shareholders so that the public shares ownership could reach 40 percent.

"We welcome whether the divestment or rights issue that could make Bank Mandiri 40 percent stocks possessed by public as from the current 33 percent. If it could be 40 percent, we could receive tax incentive," he said.

With the tax incentive, it will boost up the state bank profits. He even felt optimistic to tap higher profits than the other major banks.

"Actually Bank Mandiri profit before tax is the largest of all banks. But, it is owing to the tax incentive given to other banks. So our profit after tax is lagged behind by the other banks. We only want that the public stock ownership could grow larger. In fact, the government has the same concern," he said.

He said the rights issue is included into the bank business plan (RBB). But the RBB fails to give detail of corporate action scheme.

"It is scheduled in semester II, but in our RBB it was not mentioned the fixed semester, but let's say in 2010," he said.

Agus said despite the divestment of 7-8 percent shares, the government still has major shares by 51 percent at least. He declined to mention the possible fund generated from the rights issue.

He also refuted to ensure whether the rights issue fund will be allotted for the capitalization or taken by the government as the income of the 2010 State Budget.

"We cannot mention the profit as the scenario is divestment or rights issue. If it is divestment, the proceeds will go to the state income post. But rights issue proceeds will go to the company. The most important is that public could own 40 percent shares. We don't have any priority on whether it is equity upsize or to be owned by the government," he said.

Mandiri projected the CAR at the level of 12-15 percent this year.

Besides, shareholder set the target to meet IDR6.9 trillion profits after booking above IDR6 trillion profits.

Agust ensures this year could be more than IDR6 trillion as supported by the corporate credit expansion. But the bank management remains reluctant to name the value.

"As the Minister (of state enterprise) had mentioned the profit, I said again it is IDR6 trillion. I wonder if I should mention IDR4.5 trillion figure in quarter III."

With such amount of profit, it includes the assumption of the government 2010 budget.

"It will create budget minimum in 2010. At the time, he (Minister)said (2009 profits) stood at IDr6 trillion but in 2010 it could call for IDR6.9 trillion," he said.

Mandiri got incentive from the government with 5 tax haircut as from 30 percent given the fact that its 40 percent shares are owned by public. This encourages Bank Mandiri to increase the shares possession of public so as to get tax incentive.

Agus was optimistic to get higher than the other banks in terms of tax incentive.

"Actually Bank Mandiri profit before tax among the other banks is deemed the largest. But, as other banks received tax incentives, our profit after tax becomes less than the other banks," he said.

Yesterday the stock price of Bank Mandiri grew stronger by 1.16 percent into IDR4,375 as from IDR4,325 on previous day. The market capitalization is worth IDR91.74 trillion.

Meanwhile, BNI stock price rose 2.25 percent into IDR1,820 if compared from IDR1,780 previously. The market capitalization thus stood at IDR37.79 trillion.

BNI stock price in 2009 once hit the lowest on March 3, 2010 worth IDR640 and hit the highest at IDR2,150 on October 1. (Bisnis/iaa/hta/mts/wiw/mmh)

PTPN hard to hit the bourse this year: PTPN VII studies IDR500 billion bond issuance option

Wednesday, 10/02/2010 00:00 WIB
By Irvin Avriano A.

PTPN hard to hit the bourse this year: PTPN VII studies IDR500 billion bond issuance option

JAKARTA: PT Perkebunan Nusantara (PTPN) IPO plan this year might be suspended following the modification of state enterprise development priority set by the government and the Legislatives.

Deputy State Enterprise Minister Agus Pakpahan said to realize the IPO scheme of three PTPNs, PTPN III, IV, and VII, it takes long process.

"At least there should be approval from three parties, finance minister, coordinating minister for economy, and state enterprise minister, and Legislatives noting the changing capital market and economy condition," he said yesterday.

Besides, some state enterprises also need to consider the condition and new strategy of space management.

As to him, it is important to note space management as some state plantation firms should manage the surrounding spaces. "It is necessary to consider space management for the upcoming 20-30 years due to the changing community needs," he said.

Deputy chairman of the Legislatives' Commission VI Aria Bima said the company and state enterprise ministry agreed to change the priority of state firms betterment from liquidation and privatization into synergy by forming holding company.

"We evaluate again the prior plan and will emphasize the formation of synergy among state firms. There will be holding for plantation companies and such formation will be difficult if PTPN executed IPO," he added.

He cited example on the compulsory permit given to the minor investors in the EGMS when holding is established. So, the company targets PTPN has got holding firm prior to stock listing at the bourse.

Bisnis records the privatization scheme of PTPN III and IV has not been discussed in the privatization committee meeting despite the former plan to hit the bourse this year. In fact, prior to the Legislative approval given, the IPO scheme should be discussed with the privatization committee.

In addition to PTPN III and IV, some other state firms planning to hit the bourse this year include PT Ga-ruda Indonesia, PT Pembangunan Pe-rumahan (PP), and PT Krakatau Steel (KS).

Aria could barely ensure the finalization schedule of plantation holding company formation.

"The target of holding formation could not be set yet. But here, the task of Commission VI is to provide political endorsement," he said.

The State Enterprise Ministry and Commission XI do not simply encourage the formation of holding firm but also commit to call off the rightsizing scheme through liquidation of losing state firm. The government will vie for the synergy among state firms.

Meanwhile, PTPN VII studies the bond issuance scheme worth IDR500 billion this year. President Director of PTPN VII Andi Punoko said the issuance will be done gradually.

"We will issue bond gradually from semester I/2010 and II/2010 based on the investment needs," he said. (Bisnis/iaa/ags)

Friday, February 12, 2010

IDR25 trillion bonds ready to flock market: Floating bond value has stagnant growth outlook

By Irvin Avriano A.

IDR25 trillion bonds ready to flock market: Floating bond value has stagnant growth outlook

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) unveiled at least 11 companies, five of them the regional development banks, plan to issue bonds with a total value of IDR20-25 trillion.

Director of Pefindo Salyadi Saputra said seven out of 11 firms have called the institution for rating. Pefindo along the year usually rates 90 percent of the total bond issuance.

"Corporate bond issuance value this year will be lower than the issuance of two factors, interest rate risk and investment limit of pension fund institution at the level A limit," he said yesterday.

IDX records the total bond issuance value this year stands at IDR29.66 trillion by 33 emitters. Thus, floating bond value at market has stagnant growth outlook with potential plummet of 14 percent from last year.

However, unlike Salyadi, President Director of PT Penilai Harga Efek Indonesia (PHEI) Ignatius Girendroheru said the company considered the bond issuance this year will be the same as the last year issuance worth IDR29.66 trillion.

He said the prediction is based on several interests for the suspended bond issuance in 2009. "Overseas investors demand also grew larger for Indonesian bonds as reflected by the soaring foreign absorption for the government bonds."

Salyadi predicted in semester I, the total bonds issued is IDR10-15 trillion and semeseter II with lower value of IDR5-10 trillion.

The bond issuance in semester I comes from seven emitters. As from the seven firms and finance institutions, five of them is the regional development bank (BPD).

This year PT Bank Permata Tbk also plans to issue subdebt worth IDR700 billion in quarter I. PT Indosat Tbk and PT Bank Tabungan Negara Tbk is possibly to issue bonds this year.

In addition, there are some emitter candidates that have fallen short of bond issuance schedule but it is surely this year. Those include State Pawnshop and PT Federal International Finance.

Pawnshop will issue promissory notes (PN) with shorter tenure than the medium term notes (MTN) or less than IDR1 trillion. PT Federal International Finance also plans to issue IDR1.5 trillion MTN.

Financ Director of Pegadaian Budiyanto conceded the info. The company still studies MTN issuance option this year. The selection of underwriter for IDR2 trillion bond issuance is scheduled by end February or early March.

"The issuance will be done by the company in June or July this year. We have not defined the MTN or PN. We take both as our alternatives with DR500 billion value. The issuance depends on the capital market condition and MTN and PN markets," he said.

Finance Director of Federal International Finance Juliani Eliza Syaftari also admitted the info. She said MTN issuance worth IDR2 trillion is expectedly carried out in quarter II/2010.

"But the total figure for the issuance only stands at IDR700 billion. so far we have issued up to IDR1.3 trillion MTN. The latest, we issued IDR300 billion MTN in January," she said.

Finance director of State electricity company (PLN) Setyo Anggoro Dewo said the company also intends to issue at least IDR1.5 trillion bonds in semester I in a bid to finance transmission project of the first phase of 10,000 MW project. (Bisnis/bsi/iaa)

Regulators and margin players' need finally met

By Irvin Avriano A.

Regulators and margin players' need finally met

JAKARTA: Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK), Indonesia Stock Exchange (IDX/Bursa Efek Indonesia), and margin trading market players, agreed perception of settlement based on a basket of shares in margin trading (basket stocks).

Securities Transaction and Institution Bureau Chief of Bapepam-LK Nurhaida said the agreement was made when the margin transactors reiterated the proposal to change the previous settlement of one-on-one into the basket system earlier this month. Currently, as many as 63 securities firms from exchange members could do the margin trading.

Previously, Nurhaida inform, margin rules of Bapepam-LK consider limiting settlement based solely on one-on-one. In fact, he said, authorities did not restrict the right way in the Bapepam-LK's rules or BEI regulations.

"In our last meeting the previous perceptions have met, and it was very good because it is the ideal in practice," said Nurhaida to the press today.

Settlement of one-on-one is a settlement system based on the ratio of margin collateral one share only.

Settlement of basket is a settlement with the weight of margin trading in a group of stocks that traded in margin, not just one stock. It opened opportunity margin ratio can use the collateral from other stocks in the group's shares when the ratio was reduced margins.

This is useful when the condition of a margin call, when the additional capital required for each stock on margin when the market price falls.

Bapepam-LK refuse Optima's RDPT plan

BI / bursa
Irvin Avriano A.

Bapepam-LK refuse Optima's RDPT plan

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) prohibits PT Optima Kharya Capital Management (Optima Management) to form a private equity fund (reksa dana penyertaan terbatas/RDPT) to resolve disputes with clients.

The default product of Optima Management is discretionary fund (kontrak pengelolaan dana/KPD).

Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto, whose regulates mutual funds and investment managers, said the capital market authority assessing the company's plan to restructure its investment products in the form of RDPT is not true.

"The plan is misleading, meant to mislead investors because Optima [Management] is not justified to restructure investment contracts whose condition is not clear. The assets in the RDPT should be in a good fund, " he told the press today.

He explained the investment in the KPD product from Optima Management is funds, so as to form a new RDPT they must use same assets which have the form fund, too, and they should not be in the form of other contract.

According to him, Optima Management just sent a request to the authority to establish capital markets products, RDPT, to restructure the KPD which fail to paid off. The request, he said, can not be processed because the previous contract the company promised is still unresolved.

Djoko said the customer should report to the capital market authority or the police if the Optima Management force customers to accept the deal. He explained that although the desire to restructure the KPD became RDPT came from its customers, capital market authority must comply with applicable regulations.

In addition, Djoko said, there are limits that can not be fulfilled Optima Management to form RDPT. In the rules of Bapepam-LK No. IV.C.5 about Shape of Limited Collective Investment Contract Investment Fund (reksa dana penyertaan terbatas/RDPT), the company that wants to form RDPT must have healthy management and administrative conditions.

One indicator is required of these regulations is the minimum paid up capital of Rp25 billion company and has a complete management, especially the minimum required number of directors of two people.

"Today alone, they do not have a director in accordance with the rules because there was a dispute."

Currently, the main director of Optima Management Antony TP Siahaan's dispute with the Director of PT Optima Kharya Capital Securities Harjono Kesuma.

Anthony requested the resignation of the company when the case protruding KPD, but the resignation itself not allowed by Bapepam-LK. The resignation was made Harjono, whose also as chief commissioner of Optima Management, is an authorized official at the company.

Djoko said the company should be able to repay her debts to the customer because they afford funds to paid up the costumers.

Djoko also said KPD's from Optima Management could not take to another investment manager for restructuring because of the underlying asset in the form of the KPD was still not complete.

Bapepam-LK examine Nusantara Investindo and Danareksa Sekuritas

By Irvin Avriano A.

Bapepam-LK examine Nusantara Investindo and Danareksa Sekuritas

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) examine allegations of embezzlement customers's fund of PT Nusantara Investindo Sekuritas Semarang branch worth more than Rp10 billion.

Securities Transaction and Institution Bureau Chief of Bapepam-LK Nurhaida said the securities company had examined since late last year over allegations of embezzlement of funds by unscrupulous head of its Semarang branch.

"We are studying whether it will be submitted to examination and investigation bureau or not, if there are indications of a violation it must be submitted to them," he told the press yesterday.

She also confirmed the existence of a large number of customers whose funds embezzled. According to her, the company also has reported to capital market authority related to its one stockbroker criminal activity.

Nurhaida explaining capital market authority can ease the sanctions if the securities are showing good faith to resolve disputes with its customers.

Based on data from Indonesia Stock Exchange (IDX/Bursa Efek Indonesia), Nusantara Investindo Sekuritas has three branches outside Jakarta in addition to its headquarters in Plaza ABDA Jl Jenderal Sudirman. Securities branch offices are located in Semarang, Medan and Solo.

When trying to contact to his office to ask for confirmation, Presinden Director Investindo Nusantara Andaka Gunawan not pick up the phone. Another company director, Jenny Kang, also was not in place.

Inspection and Investigation Bureau Chief of Bapepam-LK Sarjito said the embezzlement case are likely to be transfered from transactions and securities agency bureau institutions to his bureau.

"Almost certainly it will be transferred to the PP bureau [examination and investigation of Bapepam-LK], it seems just a matter of time."

Previously, Nurhaida said her bureau also were examining embezzlement case PT Danarekas Sekuritas customers who embezzled one stockbroker.

Embezzlement case was brought to court and one of its firms' broker already convicted, although the customers filed the state-owned securities company in a new claims to take responsible for its broker activity. The court for the new lawsuit was just began late last month.

He explained that the examination related to the existence of customer complaints and requests the securities company to change their losses due to embezzlement because it is the responsibility of the company.

Responding to customer embezzlement and their complaints to Bapepam-LK, President Director of PT Danareksa Edgar Ekaputra, which owned Danareksa Sekuritas, admitted it is not unusual.

"Cases like that a lot in the stock market every day if there is dispute with their customers and we complained by them to Bapepam-LK, it was not serious."

Recapital Asset Management targets Rp100 billion for Recapital Terpoteksi III

By Irvin Avriano A. & Christine Felicia A. (M04)

Recapital Asset Management targets Rp100 billion for Recapital Terpoteksi III

JAKARTA: PT Recapital Asset Management targets of at least IDR100 billion funds under management of mutual funds RD Recapital Terpoteksi III which is still was marketed by the companies.

Director of Recapital Asset Management Nuryana Hidayat said the company would raise funds from investors maximum until the end of this month.

"I hope until the end of the month it can be fulfilled, we are targeting institutional investors for the mutual funds," he said when contacted yesterday.

Protected mutual funds are mutual fund products containing debt securities and the purchase time of additional unit is limited, unlike open-type mutual funds that have an unlimited time.

The capital market products, he said, has a tenure range that can contain several series of debt. That, he said, in accordance with the regulations of Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) which enable the protected mutual funds amortized.

He explained the company allocate all of its investment instruments in the mutual funds for government bonds (surat utang negara/SUN) and government's sharia debt.

According to him, the type of investors to mutual funds reserved for institutions that want minimal risk, so that does not include debt instruments issued by corporations that have a higher yield but with a greater risk.

He explained the company had just succeeded in raising funds about IDR100 billion from their new protected mutual fund Recapital Proteksi IV which collection investment period closed on February 3rd.

The company, he said, targeting its funds managed to grow a minimum of 100% from IDR200 billion at the end of last year to IDR400 billion at the end of this year. He explained that the raising action will be focused from several protected mutual funds that will be issued by Recapital Asset Management.

He continued, that his company's funds under management had decreased at the end of last year due to the expiration of several protected mutual fund.

The fund house, he said, also intends to focus its business this year to raise funds under management by embrace the insurance arm of its business group PT Recapital Advisory, Relife, and several banks as sales agents.

The company also will boost investments in limited inclusion mutual funds limited (private equity fund/reksa dana penyertaan terbatas/RDPT) and some products that have been managed.

One product that has managed the company's Syariah Capital Fleksi which is a product basedin the Islamic capital market securities. According to him, this year the company also will issue sharia mutual funds from other type of fund.

"For example, we could have issue sharia-protected mutual funds or sharia RDPT." (M04)

Bapepam-LK wants to accelerate the discussion of IDX's membership rules

By Irvin Avriano A.
Bapepam-LK wants to accelerate the discussion of IDX's membership rules

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) want to accelerate the discussion of Indonesia Stock Exchange (IDX/Bursa Efek Indonesia)'s membership rules. The authority hopes the rules can be passed in the 1st Q/2010 quickly.

Securities Transaction and Institution Bureau Chief of Bapepam-LK Nurhaida said the eight of membership rules being discussed by the capital market authority and wait for approval.

"The process [approval] takes time because there are many rules that we studied. Regulation membership [from IDX] was eight and there are another seven trading rules, it's all there are 27 rules in the line for approval," he told the press today.

He explained the current regulations that being discussed with the IDX mostly are membership rules that limit the behavior of the stock market's members.

Associated with membership rules, Nurhaida said the authority also setting new limits for the rules on net adjusted working capital on rules No.V.D.5 about Maintenance and Reporting of Net Adjusted Working Capital (modal kerja bersih disesuaikan/MKBD).

According to him, MKBD limits is also still waiting inputs from capital market participants, so it is not closed the possibility of a further proposal from the Association of Indonesian Securities Companies (Asosiasi Perusahaan Efek Indonesia/APEI) whose in charge of all the members of the bourse (anggota bursa/AB).

"If their feedback [from ABs] are reasonable, we must consider it, so the choice is still opened."

Previously, APEI suggest the capital market authority to review again about the plan of tightening of MKBD's calculation method. In the regulations' draft which released by Bapepam-LK in 2008, they proposed the limit of MKBD at level Rp25 billion or 6.25% of total liabilities plus its ranking liabilities.

6.25% clause is a new thing in the MKBD regulations draft, because in the current rules No.V.D.5, there is no such clause.

According to Nurhaida, she was asking for priority to the statutory and legal aid bureau of Bapepam-LK related to the numbers of IDX rules to be immediately passed.

Wednesday, February 10, 2010

BCA Finance offers bond's coupon at level 8.4% -11%

Wednesday, 10/02/2010 14:13:41 WIB
by Irvin Avriano A.

BCA Finance offers bond's coupon at level 8.4% -11%

JAKARTA: PT BCA Finance offers bonds III/2010 coupon and subordinated bond I/2010 totaling Rp600 billion level in the range 8.4% -11%.

BCA Finance President Director Roni Haslim said premium offered to investors ranging from 110 basis points (bps) --250 bps. Calculation of 100 bps is equal to 1%. Premium is the spread between the offered coupon corporate bonds with yields of government bond securities (SUN) in the secondary market.

"We will use these bond funds as part of a new financing plan this year that have been targeted to IDR13. 5 billion from Rp11, 42 billion last year," he told the press today.

The bonds earn idAA- ratings from of PT Pemeringkat Efek Indonesia (Pefindo) and AA ratings from PT Fitch Ratings Indonesia, while BCA Finance's subordinated bonds were ratings idA+ and AA-.

The debt is divided into five tranches of A series maturing in 2011 with a premium 110 bps--160 bps of yield FR0016, B series which will mature in 2012 to offer premium 110 bps--160 bps of yield FR0017, and C series with premium 125 bps--250 bps of yield FR0033.

D Series offers premium 135 bps--250 bps from the yield of FR0049 maturing in 2013, E series bonds will mature in 2014 by offering premium 150 bps--250 bps of yield FR0051.

Subordinated bonds company offers premium 150 bps--250 bps of yield of FR0027 maturing in 2015.

The underwriter for the bonds is PT Kresna Graha Sekurindo Tbk, PT DBS Vickers Securities Indonesia, and PT OSK Nusadana Securities Indonesia.

BCA FInance was also assisted by PT Bank Mega Tbk as a trustee. Roni explains the company is optimistic with the performance this year by setting an increased target of a net profit of Rp430 billion this year compared to Rp387 billion at the end of last year.


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