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Thursday, February 24, 2011

Verena offers 9.59--11.68% I/2011 bond coupon

BI/bursa
22/2/2011
Irvin Avriano A. & M. Tahir Saleh

Verena offers 9.59--11.68% I/2011 bond coupon

JAKARTA: PT Verena Multi Finance Tbk, a Panin Group multifinance company, offered coupon indication for their very first time bond issuance around 9.59%--11.68% level, which devided into three tranches totaled IDR500 billion.

Dadang Suryanto, PT Mandiri Sekuritas Director-Investment Banking, said the I/2011 bond coupon indication came from government bonds (surat utang negara/SUN) yield FR0017--FR0018, FR0033, and FR0051 series that will added by premium.

He said the A tranches which tenured a year using weighted average yield from FR0017--FR0018 series added premium 275--325 basis points (bps), B tranches tenured 2 years with FR0033 yield added 275--350 bps, and C tranches tenured 3 years with FR0051 yield added 275--375 bps premium.

The yield of those series from Inter Dealer Market Association (IDMA/Perhimpunan Pedagang Surat Utang Negara/Himdasun) data yesterday indicated A tranches coupon potentially set at 9.59%—10.09% level, B tranches on 10.41%--11.16% level, and C tranches on 10.68%--11.68% level.
"The coupon will use that FR [fixed rate] series, added with premium. Later we can change the reference series if can not describe market conditions," said Dadang to the press this afternoon.

In the issuance, Mandiri Sekuritas together with PT Standard Chartered Securities Indonesia and PT Indo Premier Securities became its lead underwriters. Hence, PT Bank Mandiri Tbk already appointed as its trustee.

The company that commandeered by Hadi Budiman also already pocketed idA rating from PT Pemeringkat Efek Indonesia (Pefindo).

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