BCA Finance bond coupon 8.4%-11%

Thursday, 02/03/2010 00:00 WIB

BCA Finance bond coupon 8.4%-11%

Irvin Avriano A.

for Bisnis Indonesia

JAKARTA: coupon of III/2010 bond and I/2010 subdebt of PT BCA Finance are potentially set at the level of 8.4-11 percent.

Some investment managers said BCA Finance offered tranches A bond coupon in the level of 8.4 percent, tranches B with 2012 due date 8.7 percent, and tranche C at 9.3 percent, tranches D 9.6 percent, and trance E 9.75 percent coupons.

The emitter also offered subdebt coupon at the level of 11 percent or the highest offer of the company on early sale.

"But the figure is not final yet as there is still negotiation with investor," a manager said yesterday.

Finance Director of BCA Finance Amirdin Halim said the coupon offered by investor here is not final yet. The compnay ha not got any bond issuance booking as it is scheduled to meet the underwriters this week.

"We have not met the underwriters so as to find out the coupon details. The coupon offer is not finalized yet," he said.

In the bond issuance, PT Kresna Graha Sekurindo Tbk (Kresna Securities), PT DBS Vickers Securities Indonesia, and PT OSK Nusadana Securities Indonesia serve as the underwriters. Meanwhile, the trusteeship board is PT Bank Mega Tbk.

President Director of BCA Finance Roni Haslim was not available for comment yesterday. Roni formerly said the company was optimistic with the performance this year setting the net profit target of IDR430 billion this year or rose 11 percent from last year.

He is optimistic with bond sales here. the bond offer here is relatively small in number and this shows corporate dependence on the less capital market funding and strong support of PT Bank Central Asia Tbk as the holding firm.

Currently BCA Finance still has floating bonds at secondary market worth IDR250 billion which was just deducted by the payment of BCA Finance of the II/2007 series of tranches B worth IDR150 billion with due date on February 27, last week.

The company also ownes II/2007 bond series of tranches C worth IDR125 billion maturing on August 27, 2010. On the public offering, the company claimed to use monthly cash booked worth more than IDR100 billion to pay the matured bonds.

Roni said the initially issued subdebt in vehicle financing industry was the instrument aimed to increase corporate capital quality.

This is deemed useful to prepare all possible business expansion in the future. "But now it has not specific scheme dealing with the soaring capital through subdebt." (Bisnis/iaa)