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Tuesday, April 20, 2010

Bahana underwrites PTPN VII bond issuance: Self registration regulation to be deliberated

Monday, 19/04/2010 00:00 WIB

Irvin Avriano A.
Bisnis Indonesia

Bahana underwrites PTPN VII bond issuance: Self registration regulation to be deliberated

JAKARTA: PT Perkebunan Nusantara (PTPN) VII appointed PT Bahana Securities as the underwriter of medium term notes (MTN) issuance worth IDR400-500 billion.

"PTPN VII has appointed Bahana Securities as the bond issuance beating some state securities companies and other private firms in selection process," said a capital market player to Bisnis last week.

When asked, Director of Bahana Securities Andi Sidharta conceded the issue as saying that MTN will likely be divided into three tranches of which has the tenure of two, three, and four years respectively.

"We will issue in the near future. The process of issuance might take another month."

Andi said the widespread MTN issuance is due to the more prompt and practical issuance of such notes than bond process which has to undergo public offering. Let alone, if the emitter has good track record, it will be simpler.

Despite the issuance should go through limited bookbuilding, Andi said the process should undergo an offering process to the targeted investors.

IDX recorded PTPN VII still has the floating I/2004 of B series bonds worth IDR10 billion. The bond here had idAA- rating given by PT Pemeringkat Efek Indonesia (Pefindo).

Bisnis records MTN issuance has been mushrooming since last year. This year some emitters issuing MTN include PT Federal International Finance, PT Medco Energi In-ternasional, PT Perumnas, PT Serasi Autoraya, and PT Mandiri Tunas Finance.

PT Kustodian Sentral Efek Indonesia (KSEI) records there are 43 tranches of MTN listed last year. The number here doubled from 26 tranches in previous year MTN listing or 65.38 percent rise.

Separately, Bapepam-LK readies to issue self registration regulation will be immediately issued to help ease emitter planning for bond issuance.

"The self registration here will be issued promptly as the draft has been prepared long before," said Service sector company finance assessment bureau chief of Bapepam-LK Noor Rachman last week.

Noor Rachman said with the self registration regulation, emitter that needs to issue bonds must not have several registration. Self registration here is not only for rupiah but also for global bonds.

"For instance, there is emitter planning to issue IDR3 trillion bonds. it could have direct registration. Even if it is done gradually for example IDR500 billion first, it is allowed to do so," he said.

He said the gradual listing could be carried out within two years period at maximum. Each gradual value is all up to the emitter.

"When there will be change, emitter would only have an update. They only need to send notice paper to Bapepam-LK. It is no longer permit letter and it does not need to wait for the issuance effective statement. Bapepam-LK effective statement is only once."

However, not each emitter could use self registration noting that some requirements applicable here. for instance, emitter must not be in state of default. The rating should be above an investment grade."

Chairman of the Indonesian Emitters Association (AEI) Airlangga Hartarto gave positive response to the plan here. "We support if the regulation helps ease emitter that plans to issue bonds," he said. (Bisnis/iaa/10)

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