Federal bond can be be expanded

Tuesday, 09/02/2010 00:00 WIB

Irvin Avriano A.

for Bisnis Indonesia

Federal bond can be be expanded

JAKARTA: The X/ 2010 bond series of PT Federal International Finance have chance to increase from early target of IDR1 trillion into IDR1.5 trillion.

Analyst of PT Pemeringkat Efek Indonesia (Pefindo) Dimas Aditya said the rating prospect of Federal and all debts are in stable level.

The rating reflected the company ability to maintain strong business position, productive and vast distribution, and good profitability level.

"However, the rating is limited by the drop of Honda motorbike market shares and high dependence of banking and capital market sectors," he said yesterday.

President Director of Federal International Suhartono conceded the potential revenue of bond issuance. He said the company plans to issue bonds in April.

The company is the Astra Group subsidiary business focusing on Honda motorbike financing. As of October 2008, the company had 121 branches and 300 service centers with 11,297 employees.

The company has managed 2.4 million accounts with total net productive assets value (NSA) worth IDR14.4 trillion.

Some 99.99 percent of the company is owned by PT Astra International Tbk and 0,00004% percent by PT Arya Kharisma.

The company now has some series of securities consisting of bonds and medium term notes (MTN), namely MTN I/2009, MTN II/ 2009, and MTN III/2009.

Pefindo gave AA- rating for X/2010 bond issuance scheme of Federal International Finance (FIF). The issuance will be helped by PT Mandiri Sekuritas, PT Indo Premier Securities, and PT Kresna Graha Sekurindo Tbk.

The company planned to use the fund to finance target this year. Bisnis records the realization target this year of the company is IDR15 trillion.

Multifinance company majoring mostly on Honda motorbike still has IDR2.2 trillion bonds. As from the figure, three series worth IDR855 billion will mature this year.

Based on IDX data, the maturing series here include the C series VII/2007 bonds wrth IDR300 billion with May 2 due date, A series IX/2010 bonds worth IDR365 billion on May 4, B series VIII/2008 bonds IDR190 billion on May 13. (Bisnis/iaa/ags)