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Thursday, April 29, 2010

SMF to issue IDR500 billion bonds: Four bond emitters carry paper sanction

Thursday, 29/04/2010 00:00 WIB

SMF to issue IDR500 billion bonds: Four bond emitters carry paper sanction

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Sarana Multigriya Finansial (SMF) plan to issue IDR500-550 billion bonds to cover the housing financing disbursed by the company.

Director of SMF Sutomo said the kick off meeting of the bond issuance had been done yesterday at the corporate office jointly with the underwriter.

"The tenure might by 1-3 years depending on which tenure that has lower interest," he said to Bisnis yesterday.

He said the company has appointed PT Danareksa Sekuritas as the underwriter which later seeks cooperation with PT CIMB Securities Indonesia as the joint underwriter.

"We appreciate the appointment of additional underwriter as it helps open the socialization of SMF and our program. The amount of issuance depends on the disbursement of KPR (housing loan) we have made before."

President Director of SMF Erica Soeroto said not the company has studied two choices of bond issuance scheme which is appropriate and could ease the issuance of new instrument.

The first scheme is by forming bond that uses KPR as the simpler underlying assets so as not to use the securitization scheme. The second on is to establish asset securitization without including the lower rating asset as the true sale asset.

"All schemes are also possible for the sharia financing institution. The point is that we are formulating the new way not to make the debt rating reflect the SMF risk but rather the lower KPR asset risk and get the higher rating."

The proposed scheme here will be proposed to the BI and Bapepam-LK in the near future.

Not the company got AA(idn) rating from PT Fitch Ratings Indonesia. Meanwhile, the securities-backed assets (KIK-EBA) issued by sMF last year got idAAA rating.

The securitization used the KPR asset of PT Bank Tabungan Negara Tbk as the underlying asset.

The issuance of EBA DSMF-BTN I/2009 and DSMF-BTN II/2009 of A series worth totaling IDR445.11 billion was executed by SMF jointly with PT Danareksa Investment Management and PT Standard Chartered Secu-ri-ties Indonesia.

Bond issuance is done by the company following the issuance of medium term notes (MTN) I/2010 totally worth IDR188 billion mid last month.

The issuance consisted of the tranches A worth IDR163 billion with 8.75 percent coupon maturing in April next year, and MTN tranches B worth IDR25 billion maturing in 2012 with 9.25 percent coupon.

IDX records shows that the company had ever issued the I/2009 and II/2009 bonds worth IDR300 billion and IDR251 billion respectively. Corporate bond issuance was handled by PT Trimegah Se-cu-rities Tbk and PT Bahana Securities as underwriter.

"If done, that will be discussed promptly despite the implementation needs approval from the Legislatives."

Meanwhile, IDX imposed paper sanction to four bond emitters at the capital market due to their failure for audited finance statements submission last year.

Based on the public expose yesterday, the four sanctioned firms here include PT Infoasia Teknologi Global Tbk, PT Jakarta Propertindo, PT Lontar Papyrus Pulp & Paper Industry, and PT Pindo Deli Pulp & Paper Mills.

"That refers to the IDX notice No. Peng-00307/ BEI.PPS/04-2010 dated April 6, 2010 on the first paper warning to bond and sharia bond emitters for the belated submission of audited finance statement of December 31, 2009," said division head of the securities company assessment of IDX Saptono Adi Junarso. (Bisnis/iaa)

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