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Wednesday, February 3, 2010

Astra Sedaya offer bond's coupon 8.14%--10.74%

photograph of Astra Sedaya President Director Djony Bunarto Tjondro

Irvin Avriano Arief

Astra Sedaya offer bond's coupon 8.14%--10.74%

JAKARTA: PT Astra Sedaya Finance has offer the investors for its XI/2010 worth IDR1 trillion bond's coupon between 8.14%--10.74%. Astra Sedaya is one of the subsidiaries company of PT Astra International Tbk.

Astra Sedaya President Director Djony Bunarto Tjondro said the coupon will be divided into six tranches that will be matured in 2011--2014.

The A tranches that will matured in 2011 will give premium at 110 basis points (bps) – 150 bps from yield of government bond (SUN/surat utang negara) that set to be their benchmark.

Premium is spread between the amount of coupon that will be given to the investors that counts from government bond's yield in the secondary market. The unit of 100 bps is equal with 1%.

The B and C tranches that will be matured in 2012 will give premium aroun 110 bps – 160 bps and 115 bps – 215 bps. D and E tranches will be matured in 2013 is likely willl offer premium between 125 bps – 250 bps and 135 bps – 250 bps.

Than, F tranches that will be matured in 2014 will give premium as much as 150 bps – 250 bps.

"The value of issuance could be higher if the demand and the coupon is good for us," said Djony to the press yesterday.

Based on quote when the market closed yesterday, yield of T-bond FR0015 series which has used as benchmark for the shortest Astra Sedaya's bond are on 7.04% level. Thus, the company potentially give coupon no less than 8.14% for the series.

Yield of FR0051 T-Bond which is set as the benchmark for the longest bond series are on8.24% level. The condition makes the company could give coupon no more than 10.74%. He explained the company will paid the coupons in every three months to their investors.

According to him, Astra Sedaya and the other companies member of Astra Credit Company projected the financing until the end of the year could reach IDR16 trillion, higher than IDR14.2 triliun that booked at the end of last year.

The company used service from PT Indo Premier Securities, PT HSBC Securities Indonesia, PT CIMB Securities Indonesia, and PT Mandiri Sekuritas as their bond's lead underwriter.



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