Bank Mega leads trustee boards markets: Total corporate bond issuance standing at IDR29.66 trillion

Tuesday, 23/02/2010 00:00 WIB

Irvin Avriano A.

for Bisnis Indonesia

Bank Mega leads trustee boards markets: Total corporate bond issuance standing at IDR29.66 trillion

JAKARTA: PT Bank Mega Tbk leads the trustee boards market with 33.93 composition as from the total bond issuance last year worth IDR29.66 trillion.

Total corporate bond issuance last year consisted of 78 tranches. Some 60 tranches are the conventional bonds, 14 tranches of sharia, two tranches subdebt and two asset-backed securities series contract (KIK-EBA).

As from the number, based on latest to of IDX, Bank Mega serves as the trustee to 20 conventional bonds and five sukuk from 10 emitters worth totall y IDR10.68. trustee is the representative of the investors and borker of the bond holders and securities emitters.

Market composition of bond trustee market by bank includes PT Bank CIMB Niaga Tbk worth IDR5.35 trillion 18.04 percent, PT Bank Permata Tbk 16.18 percent worth IDR4.8 trillion, and PT Bank Mandiri Tbk IDR4.6 trillion 15.5 percent. (see illustration)

Separately, head of division of capital market service of Bank Mega Sarmiati A.S. conceded the data. The company does not define the targeted composition of the trustee this year.

"Some 30-40 percent last year. But we are optimistic to handle some corporate bonds. we don't define special amount of the target as it is deemed mutual trust and service," he said to Bisnis yeaterday.

Last week the company was mandated by Perum Pegadaian to become trustee of the corporate bonds.

The assignment deals with the shift of trustee job from PT Bank Negara Indonesia Tbk (BNI).

The shift was taken due to the potential conflict of interest of the loan provider as from state bank here into PEgadaian.

"With the assignment we become trustee all bonds of Pegadaian which have been issed," she said.

Bank Mega formerly only served as the trustee of XIII/2008 bond series of Pegadian but the job transfer has made private bank here served as the trustee for the IX/2002, X/2003, XI/2006, XII/2007 and XIII/2008 bonds worth totally IDR2.91 trillion.

Last week, PT Bank Tabungan Negara Tbk (BTN) appointed Bank Mega to become trustee of XIV/2010 bond series issuance which is scheduled in semester I/2010 which is worth IDR2 trillion at maximum.

The issuance of IV/2010 bond and I/2010 subdebt of PT Bank Pembangunan Daerah Sulawesi Utara worth IDR500 billion sold yesterday also appointed Bank Mega as the trustee board.

Together with the appointment of Bank Mega as the trustee of bond issuance worth IDR2 trillion, BTN announced the appointment of bond issuance notary, Sutjipto SH, legal consultant of Jusuf Inradewa & Partners.

"BTN also appointed PT Pemeringkat Efek Indonesia and three other securities companies as the underwriters. They include PT Mandiri Sekuritas, PT Bahana Securities, and PT Indo Premier Securities," stated the press release of BTN yesterday.

The company alone up to September 2009 booked the credit disbursement of IDR38.12 trillion, assets IDR51.46 trillion, government bond portfolio IDR7.31 trillion, third party fund IDR33.71 trillion, and net profit after tax IDR319 billion.

However, the NPL rose from IDR2.7 billion in 2008 into IDR3.36 billion in September 2009. The capital rose from IDR3.07 trillion in 2008 into IDR3.39 trillion in September.

The company targets to issue KIK-EBA, housing loan asset-based secuiritization worth IDR750 billion to IDR1 trillion after accomplishment of bond issuance. (Bisnis/iaa)