Bapepam-LK recommend Optima suspension

Saturday, 24/10/2009
Bapepam-LK recommend Optima suspension

JAKARTA: Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan/Bapepam-LK) recommend to the Indonesia Stock Exchange (PT Bursa Efek Indonesia/BEI) to suspend all securities traded through PT Optima Kharya Capital Securities.

Bapepam-LK recommendations related to the examination of the case the failure of repaying the discretionary funds (kontrak pengelolaan dana/KPD) who performed by the securities company's subsidiary namely PT Optima Kharya Optima Capital Management.

Yesterday, the authority suspended of the stock trading held by Optima Securities related to the entry of new investors plan.

Chairman of Bapepam-LK Ahmad Fuad Rahmany said suspension taken to avoid further losses for the company's customers and prospective investors who currently wants to buy the company.

According to him, Optima Management allegedly associated with the Optima Securities, so that the need to examine the entire company. "We can recommendations from Sarjito [Inspection and Investigation Bureau Chief of Bapepam-LK] to facilitate the examination, so it's better suspended," he told the press yesterday.

However, he said, the suspension of Optima Securities' stock trading is a right of IDX as a self-regulatory organization (SRO) which oversees securities firms, while Bapepam-LK is only recommended it.

Associated with prospective buyers, Fuad said customers and the public should be careful with the information circulating about the business entity. He said prospective buyers should consider the problems facing Optima Group.

This week, an investor, The Garuda Capital Investama stated intention to acquire the company and bear the obligations of the company.

Request information
Director of Trade and Membership Surveillance of IDX Wan Wei Yiong admitted his side had met with management yesterday and Optima Group was requested more information relating to corporate activities and data customers. In addition, he continued, the stock also requested information about the company's potential investors.

Securities Transaction and Institution Bureau Chief of Bapepam-LK Nurhaida said the securities company was still able to conduct transactions through other securities company, although suspended.

Associated with the new investors, Bapepam-LK will conduct due diligence on next week against Garuda Capital associated with the acquisition group consisting of Optima Securities and Management.

When confirmed, Head of Public Relations & Promotion Optima Group Lidyawati Herdianto justify suspension. He guessed that the stock suspension is related to the transfer of management plans and the owner of, not because of other issues affecting the group. (21)

OSK borer Rp2 trillion in underwriting services

Saturday, 24/10/2009
OSK borer Rp2 trillion in underwriting services

JAKARTA: PT OSK Nusadana Securities Indonesia targets the value number of underwriting bonds and stocks that will increase to Rp2 trillion next year, or twice the value of the guarantee until this year that predicted around Rp1 trillion.

President Director OSK Nusadana Securities Halim Susanto said the company has become a securities underwriter of corporate debt obligations of PT Salim Ivomas Pratama and PT Indofood Sukses Makmur Tbk this year. In addition the company also became the underwriter medium-term debt securities (medium term notes/MTN) PT Astra Sedaya Finance, a multifinance company.

"The composition of underwriting next year about 60% -70% bonds, the remaining is from underwring shares issuence," he said to the press yesterday.

He was optimistic that the investment conditions and underwriting next year, especially shares, will be better next year considering constrained financial market conditions are less conducive.

He said the company also wants into the ranks of the top five in domestic securities in the next 5 years. One way to achieve it, Halim added, by adding new branches to increase the number of customers.

Companies, he said, budgeted funds for Rp2, 5 billion to Rp7 billion to set up 5-10 new branches next year. Company needs funds to build a new branch office around Rp500 million to Rp700 million.

Halim said the establishment of branch offices is to increase the number of corporate customers from around 1700 to 3000 account accounts.

"There are still many potential customers in Indonesia, mostly because it has not educated to invest."

He estimates that the current capital market customers numbered only about 2 million people. According to him, the number of potential people who could be invited to invest up to 10 times or about 20 million people.

He also said the company plans to integrate its trading system to be electronically (online trading) next year so that customers can transact more easily. Convenience, he added, is expected to make potential customers interested in transacting through OSK Nusadana.

Companies, he said, also intended to simplify fee trading shares in several exchange only one client's account in one branch office in a country. Thus, he said, customers do not need to open an account in another country to buy securities in investment destination countries affiliated with the company.

However, he said, the plan requires the approval of socialization and exchange some authority.

Company, he said, is seeking a cooperation with three banks for mutual funds marketing that launched by company's subsidiary, PT Nusadana Asset Management.

Director & Chief Operating Officer of OSK Nusadana Securities Chan Kong Ming added in the next month the company will establish a branch office in Medan.

Currently, 51% ownership of a company owned by OSK Investment Bank Bhd from Malaysia. OSK Investment Bank has 60 branch offices in the country of origin as well as Singapore, Hong Kong, and Shanghai. (21)

S & P raised ratings outlook of Indonesia

S & P raised ratings outlook of Indonesia
'Indonesia a step to achieve investment grade'

JAKARTA: Credit rating company, Standard & Poor's (S & P), raised ratings outlook for Indonesia from stable to positive in line with the fiscal management capacity and improving public debt ratios. Its also related with the strong enough accumulation of foreign reserves exchange.

Bank Indonesia said in a press release yesterday, S & P rating outlook to set long term local currency sovereign credit rating to BB +. While long term outlook for foreign currency sovereign credit rating of BB-.

Net central government debt is projected to drop to 32% of GDP in 2009, from 34% in 2008.

Meanwhile, central bank policy to cut interest rates to lowest level in the last 9 months in order to boost consumer spending could bring Indonesia to avoid the worst impacts of global recession.

Pacific Investment Management Co., which has a global managed funds up to U.S. $ 842 billion, said Indonesia assessing a step to achieve investment grade ratings in 3 to 5 years.

"Indonesia, India, and China are relatively better able to control the global crisis due to sustained domestic demand, supported by a large population, as the main bearings," said Chia-Liang Lian, Pimco fund manager in Singapore, as quoted by Bloomberg, yesterday.

In December 1997, the economic crisis in Asia forced the country with the largest economy in Southeast Asia ask IMF to help lend around U.S. $ 23 billion for the reserves exchange. After the crisi, Indonesia forced to remove the investment grade given by Moody's Investors Service and S & P.

Furthermore, on September 16, 2009, Moody's raised Indonesia's debt level to the highest point in the last 11 years, along with the ability to survival ability in the global recession.

Head of Debt Capital Markets PT BNI Securities Sukartono should assess Indonesia's national ranking improved, given the length of the ranking was not reviewed.

"It seems that Indonesia's current ranking is not based on the current economic condition is very good, especially in the last year that even the [Indonesian condition] better than the condition of other countries a higher predicate."

He said the resistance of the Indonesian economy and debt management while facing the global crisis after subprime mortgage crisis is relatively large.

Indonesian industrial sector, he said, is not so affected as well as several other neighboring countries that experienced significant economic decline.

Rahmat Waluyanto, Director General of Debt Management Office - Ministry of Finance tells the increase in rating outlook reflects the significant improvement of the economy and finance of Indonesia.

"This is the result of prudent fiscal management and a credible monetary so that Indonesia can pass the economic crisis and the financial markets well," he said.

According to him, the credit rating will actually go up if Indonesia can improve its performance in the next 1-2 years. Primarily, through policy or policy reform program in fuel subsidies and electricity.

Although the country economic fundamentals are good enough, Indonesia Finance Minister Sri Mulyani Indrawati said the creation of economic growth and uneven quality is a pressing task that still needs government attempted. This is closely related to poverty reduction and employment creation. (16/21) (gajah. kusumo@bisnis.co.id)

Fitch Ratings rated Adaro Indonesia's bond BB+

Thursday, 22/10/2009 15:27 WIB
Fitch Ratings rated Adaro Indonesia's bond BB+

by: Irvin Avriano

JAKARTA (Bisnis.com): Fitch Ratings finalizing the bond ratings of PT Adaro Indonesia worth U.S. $ 800 million of guaranteed PT Adaro Energy Tbk as the parent company at the level of BB+. Prospect rankings were determined stable.

The debt securities will mature in 2019. Rates were similar to ratings expectations given by the agency earlier this month.

Based on the press release of Fitch Ratings, the ratings action associated with the completed of the submitted documents by the issuers to Fitch Ratings.

Such ratings reflect support assessed from low cost companies operational, the company's strong financial growth, strong relationships with corporate customers, and the growth of good financial condition.

Besides Adaro Indonesia, five companies in Indonesia will flood global markets with the issuance of U.S. dollar-denominated bonds with a total value of U.S. $ 2.58 billion (Rp25 trillion) in a week or two. The plan indicates that the global bond markets recovered and foreign investors interested in the corporation in Indonesia.

Some executives who know the deal said the four companies include PT Bukit Makmur Mandiri Utama (Buma), PT Chandra Asri Petrochemical Center, PT Indika Energy Tbk by its subsidiaries Indo Integrated Energy II BV, PT Perusahaan Listrik Negara (PLN), and PT Bumi Resources Tbk.

Bond analyst from PT Trimegah Securities Tbk Octavianus Bramantya said issuance rate U.S. dollar-denominated debt will not interfere with the publication carried out several similar issuers later this year.

"For dollar bonds, the investor base is not limited because it should not be solely marketed to regional investors, but more extensive example to Asia or Europe and America."

According to him, funding institutions such as investment managers, hedge funds, private equity, and other global investors are still quite large compared with the regional market and domestic market.(Er)

Three series of sukuk issued on October 27

Thursday, 22/10/2009 15:20 WIB
Three series of sukuk issued on October 27

by: Irvin Avriano
JAKARTA (Bisnis.com): The Government intends to publish again the two series of Islamic securities (SBSN/surat berharga syariah negara-sukuk) and a new series on October 27. Indicative target from the government around of Rp1, 5 trillion.

In a press release published by Directorate General of Debt Management - Ministry of Finance said they will reauction the sukuk series of IFR0003 and IFR0004 that will mature in 2015 and 2020.

The two series were auctioned earlier two weeks ago, but the government barely didn't let the sukuk published because the yield asked by the market players were too high. The government will also auction off IFR0005 series that will mature in 2024.

Sukuk auction will be followed by the country's 15 institutions comprising 11 banks and four securities. The government is still allowing other financial institutions who want to become bidders to register themselves.

PT Bank Jabar Banten and PT Bank OCBC NISP Tbk will be the bidder who is not a primary dealer of conventional debt (SUN/surat utang negara) issuance. In addition, other bidders are PT Bank Mandiri Tbk, PT Bank Rakyat Indonesia Tbk, and PT Bank Panin Tbk.

The others are PT Bank Negara Indonesia Tbk, PT Bank Permata Tbk, PT Bank CIMB Niaga Tbk, Indonesia branch of HSBC Plc, Standard Chartered Bank NA branches Indonesia, and PT Bank International Indonesia Tbk.

Besides banks, four securities entitled to bidders namely PT Danareksa Securities, PT Mandiri Securities, PT Bahana Securities, and PT Trimegah Securities Tbk.

Throughout 2008 until now, the government has made publishing SBSN with a total value of Rp19, 8 trillion. For example Ijara SBSN fixed rate series, retail sukuk, the global sukuk, and the letter debt of Indonesian hajj funds (SDHI/surat dana haji Indonesia). Issuance was published through bookbuilding method and the private placement.

Sukuk issuance plans country through the auction method is expected to make the process more efficient from the cost side and more transparent. (Er)

Henan borer increase funds from HPAM Premium-1

Thursday, 22/10/2009 13:56 WIB
Henan borer increase funds from HPAM Premium-1 around Rp200 billion

by: Irvin Avriano
JAKARTA (Bisnis.com): PT Henan Putihrai Asset Management targeted funds under management increased to Rp200 billion after the mixed mutual fund HPAM Premium-1 from distributing the investment product by PT Bank Rakyat Indonesia Tbk (BRI) until the end of this year.

Previously, mutual fund products that are marketed through the company's management.

In addition to being an agent of the seller, BRI also became custodian securities mutual fund.

"The company hopes the funds under management products HPAM Premium-1 will reach Rp700 billion at the end of next year," said President Director Henan Putihrai Fresty Hendayani to the press this afternoon.

Currently, the company already manages funds amounting to Rp1, 7 trillion - Rp2 trillion donated by mutual fund HPAM Premium-1, capital protected fund HPAM Maestro Flexi, HPAM Protection-1, and some discretionary fund (KPD/kontrak pengelolaan dana) that managed bty the company. From the three mutual funds, the company managing funds around Rp300 billion - Rp500 billion.

Fresty said the firm also intends to publish three new funds next year, which will also be distributed through the BRI as a selling agent.

Director of Investment Henan Putihrai Mangko Bedjo adding the new mutual fund products will be fixed-income mutual funds, money markets, and stocks. Companies, he said, also will try to embrace several other banks that will act as dealer-managed mutual fund company.

Mangko Bedjo said the company intended to increase the total amount of asset under management to be Rp4 trillion - Rp 5 trillion in the next year from sales through banks. With the services of the bank, he hopes the retail investor base the company grow from the current composition, which only reached 20% of the total funds under management of the company. (Er)

Coupon MBS DSMF-BTN 11%

as published in Bisnis Indonesia daily newspaper

Thursday, 22/10/2009
Coupon MBS DSMF-BTN 11%

JAKARTA: Coupon mortgage-backed securities (MBS) Danareksa Sarana Multigriya Finansial-Bank Tabungan Negara (DSMF-BTN) II/2009 set at level 11% and tenured for the next 7 years.

The derivative securities will be issued by PT Sarana Multigriya Finansial and collateralized by mortgage loan from PT Bank Tabungan Negara.

"The company set a publication of the first derivative securities that a number of Rp369 billion, and could not be increased because the amount was closed," said SMF's Corporate Secretary Eko Ratrianto yesterday.

The issuence is underwrited by PT Standard Chartered Securities Indonesia whose helped by PT Danareksa Sekuritas, PT Mandiri Sekuritas, dan PT Bahana Securities.(Bisnis/21)