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Wednesday, February 3, 2010

Demand of SR002 reach IDR5.56 trillion

By Irvin Avriano A.

Demand of SR002 reach IDR5.56 trillion

JAKARTA: The demand for retail sukuk series 002 (SR-002) until yesterday reached IDR5.56 trillion from 17 selling agent.

Director General of Debt Management Office Ministry of Finance Rahmat Waluyanto said large number of requests make the government no longer give permits to 18 selling agents to upsize the initial target of SR-002.

"Today [yesterday] the government officially closed the upsize request," said Rahmat via SMS yesterday.

He indicates the number of requests has been reach more than the amount of IDR5.56 trillion because the report in only from 17 to all 18 agents. One of the selling agent, he said, too late entering the number of requests.

Wealth Management Group Head PT Bank Mandiri Tbk Inkawan D. Jusi, one of the banks that became selling agent, said the company already had a request to IDR1.1 trillion until yesterday.

Target Bank Mandiri is upsized to about IDR1.5 trillion after the request has exceeded the company's initial target of IDR800 billion at the end of last week.

Director of PT Trimegah Securities Tbk Karman Pamurahardjo, said the company which became one of the selling agent, said the request through it that has gone through an initial target of Rp300 billion. The company are also asking for approval from the government yesterday to upsize the target.

"We've filed upsize, but can not announce the amount now because it is still waiting for approval from the Ministry of Finance."

Head of Retail PT Danareksa Sekuritas Sujadi Darmotinojo said the company was getting requests valued at Rp398 billion, a little bit smaller around IDR2 billion -- IDR3 billion below the company's target of IDR400 billion.

Target is already in-upsize from the initial target of Rp 300 billion which was filled earlier this week.

Increase sales
He considered the total number of requests that reach IDR5.56 trillion is due to the number of companies that ask for the upsize. "Most likely it is because many agents do upsize like we are."

Head of Investment Banking of PT Mega Capital Indonesia Zulhelfi said the company also has a demand around IDR170 billion yesterday.

The number is approaching the target at IDR200 billion level, which was has been up-sized from the earlier target of IDR100 billion. The Company achieved initial targets at the end of last week.

Directorate General of Debt Management data showed foreign ownership in government bonds (surat utang negara/SUN) at the end of last week reached IDR115.02 trillion, which is still increased compared to the previous day's position IDR114.89 trillion.

Rahmat said the government is not worried by the amount of foreign ownership of SUN due the potential outflow associated with a large potential. He said most investors is usually including in long-term type of investors.

"Foreign investors typically buy and hold. Most of which they have, as many as 72%, tenured 5-year or longer."

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