Irvin Avriano A.
SMF got IDR1.13 trio bond excess demand
JAKARTA: PT Sarana Multigriya Finansial (SMF) III/2010 bonds offering get excess demand up to IDR1.13 trillion from IDR800 billion early bid value.
SMF Director Sutomo said that although the demand value is high, the company was still only issued bonds worth IDR727 billion for the coupon adjusts demanded by investors.
Company sets bond coupon at 9.25% level for 3-year tenured tranche A worth IDR500 billion and 9.75% for tranche B tenured 4 years worth IDR227 billion.
"Coupons are determined in accordance with the distribution of mortgage financing that we have lent earlier this year, so that coupon bonds are distributed must not be higher than the loan interest," he said when contacted yesterday.
He said that the new bonds received a statement from Bapepam-LK on Thursday and was soon listed on the stock exchange board.
On the other offered corporate bonds, two bond issuers cut the value of its debt securities issuance, PT Selamat Sempurna Tbk and PT Bank OCBC NISP Tbk.
Selamat Sempurna II/2010 bond reduce the value of its issuance from IDR300 billion to IDR240 billion. The amount is taken from the issuance of each tranche is valued at IDR80 billion. PT Andalan Artha Advisindo Sekuritas (AAA Securities) and PT Investindo Nusantara Sekuritas acted as underwriters of the bonds issuance.
The bond prospectus shows tranche A bond that has a term of 370 days couponed 8.9%, tranche B 3-year tenured couponed 10.3%, tranche C tenured 5 years couponed 10.8%.
The company also opened up opportunities repurchase (buy back) after the first year of publication. Bonds were also pocketed idAA ratings from PT Pemeringkat Efek Indonesia.
Bank NISP OCBC III/2010 subordinated bonds issuance also shrunk from the target of IDR1 trillion to IDR880 billion. The bonds tenured for 7 years and pocketing ratings of AA- from PT Fitch Ratings Indonesia.
The fund that taken from the bond issuance will be used to help increase the companies' lending, as well as to strengthen the long-term funding structure of the company.
The company pointed PT NISP Sekuritas, PT Danareksa Sekuritas, and PT Standard Chareterd Securities Indonesia as underwriters of the issuance.