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Thursday, April 8, 2010

SMF to prepare IDR1 trillion bonds: Six underwriters to be selected


Thursday, 08/04/2010 00:00 WIB


SMF to prepare IDR1 trillion bonds: Six underwriters to be selected

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Sarana Multigriya Finansial (SMF) plans to issue IDR1 trillion bonds in quarter II/2010.

Director of SMF Sutomo said the bonds consists of medium term notes (MTN) and conventional bonds which will be issued worth IDR500 billion each.

"When the demand is good with lower coupon, we could issue IDR1 trillion this year provided that it is not beyond our credit disbursement," he said in Jakarta yesterday.

Sutomo said the company still studies the condition of bond market to define the schedule of both bonds issuance.

Now the company is selecting underwriter for both bond issuances by inviting six securities companies, namely PT Danareksa Sekuritas, PT Mandiri Sekuritas, PT Bahana Securities, PT Kresna Graha Sekurindo Tbk, PT Andalan Artha Advisindo Sekuritas (AAA Securities), dan PT Trimegah Securities Tbk.

He could barely ensure the tenure of both bond instruments as it depends on the corporate plan for loan disbursement.

The company has channeled housing loan worth IDR934 billion. This year the company targets to grow the credit channeling by IDR400 billion so as the target of this yearend will be IDR1.3 trillion.

Rating company, PT Fitch Ratings Indonesia yesterday gave AA(idn) rating to the SMF MTN issuance scheme. The national rating for the corporate long term bonds is also se tat AA(idn) level. In the report the government also intends to increase corporate capital next year.

When asked about the potential capital rise, Sutomo could not ensure yet. Theoretically, the growing capital and equity would have expand the corporate bond issuance at the capital market so as to bolster the amount of housing loan disbursement.

The company has issued two series of bonds last year, namely the I/2009 bonds worth IDR300 billion maturing on July 15, 2010 and II/2009 bond series worth IDR251 billion maturing in January 2011.

Last year the company has either issued asset-backed securities (KIK-EBA) of DSMF-BTN I/2009 and DSMF-BTN II/2009 series using housing loan contract bond assets from PT Bank Tabungan Negara Tbk.

The floating KIK-EBA I/2009 of A series are still worth IDR85.11 billion and KIK-EBA II/2009 of A series worth IDR300 billion. The B series of each derivative securities was absorbed by BTN to maintain its liquidity. (Bisnis/iaa)

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