Danareksa to underwrite SMF bond issuance

Monday, 12/04/2010 00:00 WIB

Irvin Avriano A.

Danareksa to underwrite SMF bond issuance

JAKARTA: PT Sarana Multigriya Finansial (SMF) appointed PT Danareksa Sekuritas as the underwriter of III/2010 bond issuance and MTN I/2010 with maximum worth of IDR1 trillion.

"We have just apponted Danareksa Sekuritas as they had won underwriting selection. Their cost is relatively smaller than the other bidders," said Director of SMF Sutomo last week.

He said the securities company here will act as underwriter for both bond issuances scheduled before end of semester I/2010. As to him, the portion of issuance here will depend on the market and interest condition which will be offered to the investors.

The company has set the maximum value of bond and MTN issuances worth each IDR500 billion. MTN issuance serves as one of the corporate options noting the shorter and more efficient issuance process.

"However, value and schedule of the issuance still depends on the market condition and coupon we will offer to investors. This also depends on the housing loan we could disburse this year."

Sutomo said the company also readies to become one of the issuer of asset-backed securities (KIK-EBA) that uses housing loan bill from PT Bank Tabungan Negara Tbk (BTN) as the basic asset.

He said the EBA value planned by BTN stood at IDR750 billion based on the scheme addressed by the management of the state firm newly listed the stock at the bourse last year here.

"We have proposed for KIK-EBa issuance but it should wait for bond and BTN subdebt issuance which is scheduled in semester I/2010."

Bisnis records BTN made coupon standard to issue bond with yield of 10 years tenured SUN plus premium of 75-150 basis points (bps) targeting to hit the market mid May. The bond issuance is worth IDR1.5-2 trillion. (Bisnis/iaa)