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Wednesday, February 3, 2010

Retail sukuk sales surpassing target: Bank Mandiri rake up IDR800 billion

Irvin Avriano Arief
Retail sukuk sales surpassing target: Bank Mandiri rake up IDR800 billion

Sales of SR002 retail sukuk up to the past second week reached IDR3.2 trillion or exceeded the target of IDR3 trillion.

Director General for Debt Management Rahmat Waluyanto said with the achievement, the government had allowed some sales agents to increase their sales indicative target.

"The sales up to Friday reached IDR3.2 trillion. There was upsize last week. we will see the track record next week of each agent and who will come first," he said via SMS to Bisnis yesterday.

Wealth Management Group Head of PT Bank Mandiri Tbk Inkawan D. Jusi said the company has got SR002 demand above the earlier target of IDR800 billion up to last week.

"We have got upsize approval at slightly under IDR1.5 trillion," he said yesterday.

The company expected the sales of SR002 this year could give 20 percent new investors from the whole retail investors of the state bank here.

Inkawan said in general bank and Bank Mandiri does not worry about the decreasing potential number of bank investors dealing with the move from bank products to government instrument.

Selling SR002 or other government investment instrument, the company did not lead the major depositor to move to the government retail product. The investor interest to the instrument is due purely to the government yield.

"There is no worry about the deposit product or reduced deposit noting that every saels of government instrument at our bank will increase our investors."

The government set the yield of SR002 government sharia bond retail with three years tenure at the level 8.7 percent offered from January 25 to February 5, 2010.

Based on Bloomberg data, the yield here is above the FR33 at 7.95 percent with March 2013 due date.

The FR33 series price last week stood at 112.31 percent or slightly dropped if compared from the previous day of 112.35 percent.

Head of Retail of PT Danareksa Sekuritas Sujadi Darmotinojo was optimistic the company target of IDR300 billion will be reached this week despite the only IDR50 billion sales recorded last week. "The securities company usually books by end of sales period."

The company targeted mutual fund investor and the existing investors as the major basis of SR002 sales.

The government issued retail sukuk to finance the State Budget. Up to January 26, the total foreign ownership of government bonds stood at IDR584.7 trillion with the total ownership of overseas investors of IDR114.52 trillion or rose IDR4.99 trillion from IDR109.53 trillion on January 8. (Bisnis/iaa/rni)

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