JAKARTA: From the total IDR500 billion of PT Bank Pembangunan Daerah of Sulawesi Selatan (BPD) initial bond, 90% or IDR450 billion was absorbed by other regional development bank due to companies closeness. President Director of BPD South Sulawesi Ellong Tjandra stated the absorption is a form of confidence of it financial portfolio, following the bond issuance plan valued at Rp500 billion.Most buyers were other BPD alliance and Yayasan Dana Pensiun BPD. Prospective buyers are BPD DKI Jakarta, East Nusa Tenggara, North Sumatra and Regional Development Bank Association (Asbanda).South Sulawesi BPD bond issuance is divided into two stages. First, 3-year tenured conventional bond worth IDR50 billion and 5-year tenured worth IDR350 billion. The coupon for the bond is 9.5%. Second, mudharabah bond worth IDR100 billion with a coupon of 10.4%.Tjandra claimed that the bond experienced 4 times oversubscribed or almost IDR2 trillion.The company appointed PT Danareksa Sekuritas and PT Andalan Artha Advisindo Sekurita as it underwriters.Other regional bank that is scheduled to conduct similar action is PT Bank DKI in the amount of IDR750 billion. The issuance will be VI/2011 conventional bond worth IDR450 billion and II/2011 subordinated bond worth IDR300 billion.Pefindo increased the conventional bonds rating from idA to idA + with stable outlook. Subordinated bond increased from idA- to idA. (T05/wiw)

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