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Tuesday, May 18, 2010

BTN bond coupon at 10.25%: Bond and sukuk pricing of Titan Kimia completed

Tuesday, 18/05/2010 00:00 WIB

BTN bond coupon at 10.25%: Bond and sukuk pricing of Titan Kimia completed

Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Bank Tabungan Negara Tbk (BTN), the largest mortgage provider bank which listed their stock last year, set the bond coupon of XIV/2010 with 10 years tenure at 10.25 percent.

A business player said the demand for bonds from underwriter stood at IDR3.3 trillion and it enables the company to increase the bond issuance as from earlier target of IDR1.5 trillion.

"The coupon of 10.25 percent is enough for the emitter as it is relatively lower noting that the company is deemed a company with frequent bond issuance, let alone BTN is the state firm," he said to Bisnis in Jakarta yesterday.

Director of BTN Saut Pardede confirmed the information but he could barely ensure the increase of the bond issuance. "WE have not made any discussion on the increase of bond issuance,' he said.

In the issuance, BTN is assisted by three underwriters, PT Mandiri Sekuritas, PT Indo Premier Securities, and PT Bahana Securities as the underwriter.

Another market player said PT Titan Petrokimia Nusantara, the subsidiary of PT Titan Kimia Nusantara Tbk, has finalized bookbuilding and collected the bond and sukuk issuance demand

Unlike BTN bond, the market player said the coupon of both bonds worth totaling IDR500 billion with 5 years tenure is set higher or 12.35 percent.

Corporate secretary of Titan Kimia Merciana Anggani was not available for comment and neither Finance Director of Titan Kimia Ezani Bin Sheikh Mohamad.

Titan appointed Indo Premier Securities and PT Standard Chartered Securities Indonesia as the underwriters.

Menwhile, PT Selamat Sempurna Tbk had appointed PT Andalan Artha Advisindio Sekuritas (AAA Securities) and PT Investindo Nusantara Sekuritas as the issuance of IDR300 billion bonds.

Another market player said the company has registered the bond issuance document to the capital market authority. When asked, President Director of AAA Securities Th. Andri Rukminto was not available for comment.

But Real Sector Corporate Finance Assessment Bureau Chief of Bapepam-LK Anis Baridwan conceded the information of bond registration of Selamat Sempurna.

"They had just submitted the document but I cannot mention the issuance amount," he added.

The bond issuance scheme in semester I/2010 is accumulated into IDR23.17 trillion and US$10.5 million exceeding the last year record which booked IDR15.26 trillion. The figure is potentially to rise by 51.83 percent. (Bisnis/iaa)

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