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Tuesday, November 23, 2010

EBA based mutual fund worth IDR200 billion ready to sell

BI / exchange
1/11/2010
Irvin Avriano A.
Bisnis Indonesia

EBA based mutual fund worth IDR200 billion ready to sell

JAKARTA: PT Mandiri Manajemen Investasi gets approval from the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) to distribute its asset-backed securities (ABS/efek beragun aset/EBA) DSMF-BTN I/2009 and I I/2009 based protected funds, to its future investors.

The new mutual funds already got permission from Indonesia Central Bank, Bank Indonesia, to sell the product in several banks.

"Yes, we've got permission, we are ready to sell it in the near future. We also have achieve permit to sell it at numbers of banks," said Mandiri Investasi Director Andreas Muljadi Gunawidjaja to Bisnis. But he could not reveal the name of the banks due the formal announcement to offering the new public mutual fund.

He said the company targeted mutual fund to collect funds at least IDR200 billion, the same amount that the company usually collected from protected funds that have been issued by the company.

The mutual fund will use the EBA DSMF-BTN I/2009 and II/2009 as the underlying assets, which is a derivative effect of mortgage that been issued by PT Bank Tabungan Negara Tbk (BTN).

The derivative securities published with the help of PT Danareksa Investment Management as investment manager and PT Sarana Multigriya Finansial (SMF) as the executor of securitization. PT Standard Chartered Securities Indonesia acted as lead underwriter, while PT Bank Rakyat Indonesia Tbk (BRI) act as its custodian.

Formerly, Bapepam-LK stated they will give effective statement to the EBA III/2010 only when SMF release its EBA DSMF-BTN I/2009 and II/2009 from it's portfolio to other investors in the secondary market. SMF still the majority holder of EBA I and II, while there is lack of interest from other capital market player.

Bapepam-LK has not seen the urgency of the issuance of EBA III if the majority holder of the already issued EBA majority holder are only SMF which is an institution that being the part of issuer the debt securities.

EBA III is waiting for an effective statement from Bapepam-LK to be immediately marketed. EBA was the securities that from mortgage securitization of BTN receivables worth IDR750 billion.

Andreas also cannot explains tenor time of the mutual fund because it depends on the time of each mortgage payment that becomes the underlying assets of EBA.

SMF Corporate Secretary Sony Wisaksono Nugroho, as the majority owner of EBA I and II, also confirmed the information that stated the EBA based mutual funds are already getting an effective statement from Bapepam-LK and sale permit from Bank Indonesia.

He also said the amount of current EBA owned by SMF is smaller than IDR300 billion. The number is shrink from total initial issuance of IDR111 billion and IDR360 billion, which was issued to investors in 2009.

"There is little amount that has been sold, and there are also numbers that been matured."

He also said the most likely amount to be sold to Mandiri Investasi worth IDR200-250 billion. He said the SMF is also still planning to own a small portion of EBA I and II to monitor the investment portfolio as well as stock market prices. SMF also want to provide the securities if there are new investors who want to buy it.

Sony is also still hoping to EBA III can be given an effective statement from Bapepam-LK without waiting until the mutual funds were distributed completely. He also explain SMF never intends to own EBA as an investment portfolio and not intended to have any return of investment.

Investment Management Bureau Chief of Bapepam-LK Djoko Hendratto can not respond because it is still meeting when contacted at the time.

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