SMF prepares IDR1.1 trillion issuance bond
JAKARTA: PT Sarana Multigriya Finansial (SMF), state-owned enterprise for secondary mortgage, plans to issue IDR1.1 trillion bond together with credit distribution to mortgage (KPR) distributor for about IDR1.2 trillion this year.Nonetheless, the bond
JAKARTA: PT Sarana Multigriya Finansial (SMF), state-owned enterprise for secondary mortgage, plans to issue IDR1.1 trillion bond together with credit distribution to mortgage (KPR) distributor for about IDR1.2 trillion this year.Nonetheless, the bond issuance realization is still on hold due to shareholders approval. We are waiting for Ministry of Finance approval as our main shareholder, said SMF Director Sutomo in Jakarta, yesterday.From the total issuance bond, he informed, the company will use IDR400 billion to pay their debt securities that will be mature this year. The debt securities are in the form of bond and medium term notes (MTN).The soon-to-repay debt security is an II/2009 bond worth IDR251 billion that expired early this week. SMF will pay off the bond from their internal cash and will refinance it with another bond that will be published this year.According to Sutomo, they will issue new debt securities by releasing IV/2011 bond worth IDR500 billionIDR800 billion on Q I/2011. PT Danareksa Sekuritas will underwriter the 3 year and 5 year bonds.He also informed that the company is studying the possibility to issue bond with conventional and sharia KPR base asset this year amounted to IDR1 trillion. Still, this type of bond is still waiting for the license from exchange authority.The bond will use high quality KPR as the asset base so that bond development will follow the mortgage insurer rating, no longer derives from SMF rating.Recently the company, he added, launched IDR200 billion MTN on December 30. The 360 days-maturing bond occurred due to relatively small interest rate and will not load the company.This condition allows SMF to fix a 8.5% interest per year. Funds from the bond will be used to replace cash loaned to KPR distributor. SMF spent IDR200 billion of KPR loan to PT Bank Tabungan Negara Tbk (BTN) sharia unit.Another securitizationSutomo assessed that his company will continue their corporate acts; one of them is to securitize or sell the loan asset from the initial lender to investor or other parties. Loan assets that will be securitized will be more than IDR1 trillion.Per December 2010, SMF recorded1.4 trillion asset or rose from IDR1 trillion in July 2010. Annually, on the average, our assets growth 8% so in 2011 we also peg 8% growth rate.According to him, the growing asset is in line with the advancing on the total disbursed loan. The company successfully disbursed a total IDR1.4 trillion last year. Funds for financing SMF distribution are fully from the proceeds of issuance bonds.President of SMF Erica Soeroto said the company successfully cooperated with BTN in launching asset-backed securities (EBA) accounted of emission traded worth IDR688.5 billion last December. (t05/wiw)
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