Oto Multiartha issuing IDR1 trillion bonds

Friday, 19/03/2010 00:00 WIB

Oto Multiartha issuing IDR1 trillion bonds

Irvin Avriano A.

for Bisnis Indonesia

JAKARTA: PT Oto Multiartha, a national car financing firm, has processed the new bond issuance worth IDR1 trillion that will be listed in June at the bourse.

IDX corporate assessment director Eddy Sugito said Oto Multiartha is deemed one of the bond emitter candidates processing bond issuance to the bourse authority.

"There are two new bond emitters in the near future. The quickest issuance is in the next 2-3 months ahead or June," he briefed the press yesterday.

Besides the car multifinance company, the bourse authority has either received bond issuance scheme report of one of bank emitters. The total bond issuance of both firms is estimated at IDR2 trillion.

Eddy declined to name the bank identity which will issue bonds as the issuance is still in initial planning. "let alone the status is go public company. But one thing for sure is that it is not state bank," he said.

Oto Multiartha bond issuance will become the seventh series. The last was the sixth series worth IDR1.2 trillion supplementary to the V/2007 series worth IDR500 billion.

In official statement, PT Pemeringkat Efek Indonesia (Pefindo) gave AA- rating of both bonds issued by Oto Multiartha, the V/2007 series worth IDR500 billion and the VI/2009 series worth IDR1.2 trillion.

Analyst of Pefindo Dimas Aditya and Hendro Utomo said the rating has stable outlook following the robust capitalization which reflected the strong backup from the holding firm, Sumitomo Cor-po-ration.

"But the tight competition among car multifinance industries will be challenging to the corporate rating," he said yesterday. (Bisnis/ags/iaa)