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Friday, June 10, 2011

BCA Finance up-sized bond to IDR1.1 trio

BI/financial
8/6/2011
Irvin Avriano A.
Bisnis Indonesia

BCA Finance up-sized bond to IDR1.1 trio

JAKARTA: PT BCA Finance, a multi-finance company owned by PT Bank Central Asia Tbk (BCA), up-sized their IV/2011 bond issuance from initial target IDR1 trillion to IDR1.1 trio because a huge demand from investors.

The matters already rumored by one capital market player and in Fitch Ratings rating research published yesterday. The Fitch research pegged the AA-(idn) final rating for the processed bond issuance.

"This follows the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on 21 February 2011," said Fitch Primary Analyst Iwan Wisaksana in the research.

Three debt capital markets participants also said the bond emitter also already set their A tranche bond coupons 7.9%, B tranche 8.1%, C tranche 8.7%, D tranche 8.9%, and E tranche 9%. A tranche tenured 370 days, B tranche 15 months, C tranche 2 years, D tranche 3 years, and E tranche 4 years.
In the pre-offering, the company and their joint lead underwriters offered A tranche coupon in range 7.4%-7.9%, B tranche 7.6%-8.1%, C tranche 8.2%-8.7%, D tranche 8.5%-9.2%, and E tranche 9%-9.5%.

In the issuance, the company advised by PT Standard Chartered Securities Indonesia, PT DBS Vickers Securities Indonesia, PT Bahana Securities, and PT Transasia Securities as their joint lead underwriters.

BCA Finance President Director Roni Haslim confirmed the info. He added that the A-E tranche issuance amount are IDR392 billion, IDR178 bio, IDR230 bio, IDR200 bio, and IDR100 bio.

""Yes, we've been up-sized the issuance to IDR1.1 trio, the incoming demand is more than around IDR2 trio. Perhaps investment managers take [because most of the amount issuance consist in short series], we also intentionally take more in the 1-2 years [tenures] because the 3-4 years coupon is rather expensive. "

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