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Tuesday, June 22, 2010

SMF readies to issue IDR1 trillion bonds

Friday, 18/06/2010 00:00 WIB
SMF readies to issue IDR1 trillion bonds
Irvin Avriano A.
Bisnis Indonesia

JAKARTA: PT Sarana Multigriya Finansial (SMF) plans to issue KPR-based bonds with sharia principel targeting to tap IDR1 trillion proceeds.

"Each bond will stand about DIR500 billion. Now we are preparing the KPR which will become the asset of the KPR-based product," said SMF President Director Erica Soeroto to press yesterday.

The bond issuance here is the obligation for the company as the effort to seek fund which will be followed up by channeling financing to the KPR market.

Now the company is on process of finalizing KPR financing channeling with a state bank worth IDR500 billion which will be channeled to 600 debtors.

At the same time, the company offers the III/2010 bond coupon at 9--9.4 percent and 9.45--9.85 percent worth totally IDR800 billion in the near future.

"The company and underwriter use the reference of the yield of FR0018 and FR0019 government bond series June 16 plus premium," said Director of Investment Banking Division of PT Danareksa Sekuritas Tulus Nababan.

Danareksa Sekuritas is one of the underwriters of the joint issuance with PT CIMB Securities Indonesia.

In public expose yesterday, Erica said the emitter plans to issue bonds in two tranche with 2 and 3 years tenure.

"All the proceeds will be allotted for channeling KPR (housing loans)."

She said KPR in Indonesia still has less market than the GDP or only 2 percent. This is very small if compared to other country like India which is 7 percent of the GDP.

The company still has I/2009 bond series worth IDR300 billion maturing in July with 10.125 percent coupon, the II/2009 bond series worth IDR251 billion maturing this year with 9.5 percent coupon.

SMF still has medium term notes (MTN) I/2010 worth IDR188 billin maturing next year and 2012.

Director of SMF Sutomo said the maturing bond will be paid using internal cash instead of the bond issuance proceeds.

He said the company this year targets to tap IDR80 billion net profits as required in the corporate work plans and budget (RKAP) 2010. (Bisnis/iaa)



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