BTPN issues IDR500 billion bond

JAKARTA: PT Bank Tabungan Pensiunan Nasional Tbk, an Indonesia-based financial institution, will issue bonds amounting to IDR500 billion to support credit expansion.In a prospectus published today, the company said that it will offer two bonds series, i.e. series A with three years in tenor and series B for five years in tenor.The company appointed PT Danareksa Sekuritas, PT Indo Premier Securities, and PT Standard Chartered Securities Indonesia as its underwriters for the bonds.PT Fitch Rating Indonesia, a credit rating agency, has assigned AA-(idn) to the bonds. PT Bank Permata Tbk acts as a trustee.Book building period started today and will be closed on June 9, 2011. The offering will begin on June 21 until June 23, 2011, while the allotment is on June 24, 2011. The bonds are scheduled to list on Jakarta Stock Exchange on June 30, 2011.Previously, the company unveiled plan to release the total of IDR2.5 trillion bonds within two years.After the authority of capital market eased the procedure for corporate bond issuance, the issuers can now use an effective statement for two years by dividing their issued value according to the financial needs.The BTPN-coded stock advanced 0.83% or IDR25 to IDR3,025 at the Jakarta Stock Exchange as of 11.48 a.m. local time. (NOM)