JAKARTA: PT Bank Tabungan Negara Tbk offers 9% yield for IDR2 trillion bond issuance with a ten-year tenor commencing in next week.Financial Director of BTN Saut Pardede confirmed that the estimated yield was set by considering Government Bond FR0053 plus a premium of 75-150 basis points.Today, the yield of FR0053 stays at 7.5%, so the estimated yield within of 8.25%-9% will be offered. Nevertheless, the yield hasnt been deal yet and is still negotiated, he said, on Wednesday.On Tuesday next week, the bank focusing mortgage facility business will hold a public exposure for the senior bond issuance amounting IDR2 trillion.The bank will just issue only one series with 10-year tenor. However, we still have option for series and tenor to be changed. If we want to gain lower yield, thus the tenor can be shortened, Saut affirmed.Then, three securities companies have been mandated to handle the bond issuance, namely PT Bahana Securities, PT Danareksa Sekuritas and PT CIMB Securities.In addition, BTN will also implement a securitization of mortgage facility asset through Collective Investment Contract for Asset-Backed Securities (KIK-EBA) worth by IDR1 trillion in the second half of 2011, but there is no underwriter appointed yet.The underwriter position will be auctioned in the public exposure. However, SMF [PT Sarana Multigriya Financial] is usually ready to be a standby buyer for the securitization, he informed.The issuance of bond and securitization can support the business expansion especially for mortgage facility business, as stated by Saud.Previously, PT Pemeringkat Efek Indonesia (Pefindo), Indonesia-based rating agency, had upgraded a rating of BTN XII-XIV bond to idea from idea- with stable rating prospect for the issued bond within period of 2006-2010.Repurchase agreementAt the same occasion, BTN will sign a repurchase agreement (repo) for mortgage facility worth by IDR500 billion with PT Sarana Multigriya Financial.The repo has 3-year tenor with fixed interest level by 8.25%, according to Saut.The interest will be paid for each 3 months, while the repos principal will delivered at the end of contract, he said.Later, the proceed of repo will be allocated to expand the mortgage facility business focusing on subsidized home financing by this year. Pocketing repo fund by IDR500 billion, about 10,000 subsidized homes priced at IDR50 million each can be financed. (20) (t01//msw)

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