JAKARTA: PT Mandiri Tunas Finance plans to issue bonds valuing IDR500 billion-IDR600 billion in first quarter of 2011.President Director of Mandiri Tunas Finance Anton Setiawan said the company has appointed PT Mandiri Sekuritas as the underwriter.We held a tender to appoint the underwriters. There are four securities proposing an offer and we decided to appoint Mandiri Sekuritas to help us issue the bonds, he told Bisnis, last weekend.According to him, the company is still reviewing the maturities of bonds being offered. However, he indicates that the company will offer the bonds maturing in 36 months.Mandiri Tunas Finance is a financing company for cars and motorcycles of both new and used. In February 2009, 51% stock of the company that was formerly known as PT Tunas Financindo Sarana was acquired by PT Bank Mandiri Tbk. The stock was previously owned by a car dialer company called PT Tunas Ridean Tbk.Anton revealed that the company is targeting new booking to reach IDR6.5 trillion this year. We are expecting that 60% of the funding comes from Bank Mandiri through a joint financing mechanism.Bank Mandiri FinancingEVP Coordinator Consumer Finance Bank Mandiri Mansyur S. Nasution said the company is constantly providing funds for Mandiri Tunas Finance.The financing company is a fast growing entity. We will constantly supporting the financing development of Mandiri Tunas Finance as long as it does not violate the legal lending limit.At the end of last year, PT Pemeringkat Efek Indonesia (Pefindo) has upgraded the rating of Mandiri Tunas Finance from idA to idA+ for its bonds V/2008 worth IDR225 billion, medium term note (MTN) I/2009 worth IDR250 billion and medium term note (MTN) II/2010 worth IDR350.The rating upgrade reflects Pefindos greater confidence upon the support from its parent company.The rating reflects a strong support from the parent company, the potential for high growth through the synergy with Bank Mandiri, and improved business positions. However, the rating is constrained by a moderate level of corporate profitability and intense competition in the financing industry. (T06/NOM)
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