LPEI to issue bond in 2H/2011

JAKARTA: Indonesian Exports Financing Agency (LPEI) has appointed one of state-owned investment bank and two private investment banks as underwriters of bond issuance worth IDR2 trillion IDR3 trillion.The three securities are PT Danareksa Sekuritas,
Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 30 Mei 2011  |  01:21 WIB

JAKARTA: Indonesian Exports Financing Agency (LPEI) has appointed one of state-owned investment bank and two private investment banks as underwriters of bond issuance worth IDR2 trillion IDR3 trillion.The three securities are PT Danareksa Sekuritas, PT Indo Premier Securities, and PT Trimegah Securities Tbk, a source close to the matter said.Bisniss sources last week said that the company will use financial statement of 2Q/2011 thus the company will be able to issue its bonds by the end of this year.The decision was sustained by the requirement of bond issuance registration document which obliged the company to submit financial statement with maximum period of 6 months since the audit of financial statement.He also said that the bond issuance was previously planned to be done on first half of this year.Referring to the market condition, the company decided to hold bond issuance in second half, he said, last week.The company also has appointed Fitch Rating and Standard & Poor to become rate the companys bond.When being confirmed about this matter, Senior Managing Director of LPEI Arifin Indra did not answer the telephone and reply the text (short message service/SMS) which was sent by Bisnis, yesterday.LPEI which focusing on export financing has obtained idAAA from PT Pemeringkat Efek Indonesia (Pefindo).The last rating of LPEI and several outstanding bonds of the company has been done by Pefindo on April 11, with stable outlook.The bond rating which was set in the same level is III/2006 and IV/2009 bonds, issued by the company when by the company under its old name PT Bank Ekspor Imopr. LPEIs bond I/2010 also attained the same rating.The rating hyas reflected the sovereign status of the company under the Law No. 2/2009, a strong position in export credit segment and strong capital profile, said an analyst at Pefindo Hendro Utomo in his research.However, the rating is limited by quality indicator of the banks assets which is under the average since the high risk of concentrated loan.Bank Expor is a state-owned institution which focusing on export financing. The company started to use Indonesia Exim Bank in September 1, 2009 in order to obliged the LAW No.2/2009. The government acquires 100% share of LPEIAfter the issuance of rupiah-denominated bond, the company also plans to issue dollar-denominated bond totaled US$150 million.Now, the company still has eight floating bond tranches worth IDR5.34 trillion. The bond which consisted of three series will mature in September this year until 2017.LPEI needs funds to settle the bond which will be mature in this year worth IDR1.4 trillion. The bonds which worth IDR150 billion will mature on September 28, 2011, while the next one which worth IDR1.25 trillion will mature on July 13, 2011. (t03/wiw)

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