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Thursday, November 25, 2010

Bapepam-LK give green light to EBA III IDR750 bio

BI / exchange
5/11/2010
Irvin Avriano A.

Bapepam-LK give green light to EBA III IDR750 bio

JAKARTA: The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) gave the green light to the process of obtaining effective statement for the product of a asset-backed securities collective investment contract (kontrak investasi kolektif-efek beragun aset/KIK-EBA) III/2010 worth IDR750 billion.

The derivative product has been part of the investment portfolio of PT Sarana Multigriya Finance (SMF). SMF is also part of the securitization of the mortgage assets that will become assets of the two EBA series that has been issued earlier.

The green light was conducted because PT Mandiri Manajemen Investasi agreed to form and distribute the EBA-based protected funds that will utilize the derivative securities. The mutual funds are scheduled to become the first capital market investment products based with EBA I & II that already issued.

The capital market supervisory required SMF to sold th EBA I & II portfolio to other investor first, before obtained the approval for EBA III issuance. This was associated with more than 50% of EBA I and II, which is still owned by the SMF as portfolio investment, and because the SMF also part of issuer of the earlier EBA.

"It may [continue the EBA III issuance process], because the protected mutual fund that will issued by Mandiri Investasi has obtained permission to published and sales permit from the BI [Bank Indonesia]," said Djoko Hendratto, Investment Management Bureau Chief of Bapepam-LK to Bisnis earlier.

EBA I & II ownership caused by too too little investors that interested or not able to enter the mortgage derivative securities as one of its investment policy in the past year. Mortgage itself is receivable owned by PT Bank Tabungan Negara Tbk (BTN).

EBA I and II were published with the help of PT Danareksa Investment Management as investment manager and SMF as the executor of securitization. PT Standard Chartered Securities Indonesia acted as lead underwriter, while PT Bank Rakyat Indonesia Tbk (BRI) act as custodian.

For EBA III which will be published, SMF and the BTN still assisted Danareksa Investment. They also appoint PT Trimegah Securities Tbk, PT Kresna Graha Sekurindo Tbk, and PT Andalan Artha Advisindo Sekuritas as underwriters. PT Bank Mandiri Tbk service will be utilized as custodian.

Mutual fund products sales must obtain an effective statement first from Bapepam-LK, while permit sales of BI must be pocketed by the investment managers and banks that become candidates for selling agents to distribute to customers of the bank, later, and it takes time, long time.

Djoko said the EBA III/2010 product registration statement to be issued is still running now and has reached the final stage, so that effective notice be given in a short term.

"Still in progress, just wait," he added.

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