BTPN bonds turns into IDR1.3 trillion

Wednesday, 05/05/2010 00:00 WIB

BTPN bonds turns into IDR1.3 trillion

Irvin Avriano A.

Bisnis Indonesia

JAKARTA: Bond issuance value of PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) II/2010 increased from initial target of IDR750 billion into IDR1.3 trillion due to the high investor demand.

"The company set the bond coupon at the level of 9.9 percent for tranche A nd 10.6 percent for tranche B," said Bisnis resource yesterday.

The bond series here consist of two tranches. The A tranche bond with 3 years tenure issuance is worth IDR715 billion and tranche B with 5 years tenure valued at IDR585 billion.

Other resource said the company has got demand worth above IDR2 trillion. But with the upgrading rating has made BTPN confident to cut down the coupon as form the maximum level of 10.9 percent into 10.6 percent.

BTPN bond issuance is assisted by three underwriters, namely PT Mandiri Sekuritas, PT CIMB Securities Indonesia, and PT Indo Premier Securities.

When asked, President Director of BTPN Jerry Ng conceded the mounting bond values into IDR1.3 trillion. "The coupons are 9.9 percent and 10.6 percent," he said.

Director of Investment Banking of Mandiri Sekuritas Iman Rachman was not available for confirmation. "Sorry, there is no effective statement yet from Bapepam-LK," he said through short message last night.

This year BTPN is projected to grow above 30 percent from IDR15.7 trillion last year. He said some 50 percent of the bond issuance will be used for funding the business development and pension financing and micro credit expansion.

The corporate bond has got AA- rating from PT Fitch Ratings Indonesia which had just been upgraded from A+ level in March due to the good asset possession. (Bisnis/iaa)