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BTN & Bank NTT conduct rights issues at the same time

JAKARTA: PT Bank Tabungan Negara Tbk and PT Bank Pembangunan Daerah Nusa Tenggara Timur enter the bond market at the same time by issuing bonds worth IDR2 trillion and iDR500 billion, respectively .Even, both national banks have held offering and public

JAKARTA: PT Bank Tabungan Negara Tbk and PT Bank Pembangunan Daerah Nusa Tenggara Timur enter the bond market at the same time by issuing bonds worth IDR2 trillion and iDR500 billion, respectively .Even, both national banks have held offering and public exposure almost simultaneously in one place, but each of them has different characters on tenor and coupon offering.BTN offers a coupon of 2011 bond XV amounting to 8.62%-9.17%. In addition, the bond quota of 10-year tenor is IDR2 trillion at maximum without a plan for additional quota, as informed by Financial Director of BTN Saut Pardede.By having competitive interest rates and AA rating, the bond issuance could be oversubscribed, but we offer only IDR2 trillion at maximum, he said, yesterday.Meanwhile, BTNs bond has longest tenor compared to other similar bonds issued this year. Previously, the tenor of Bank DKIs subordinated debt was the longest period by 7 years.The offering had been formulated with accurate calculation and had considered the fund needs and allocation. According to Saut, if the bonds nominal value is set higher, thus the interest expenses will be also higher.Later, the proceed will be allocated for mortgage fund liquidity facility (FLPP) supported by Public Housing Ministry. Under the scheme, BTN shall be responsible for 40% of total financing, while the remaining will be charged to government.Bank NTTIn the meantime, Bank NTT offers interest rate of bond within 9.5%-11.5% with tenor of 3 years-7 years.In addition, the bond will be divided into 3 tenors, namely 3 years with 9.5%-10.25% coupon, 5 years with 10.5%-11.1% coupon, and 7 years with 10.75%-11.5%.President Director of PT Andalan Artha Advisindo Sekuritas Th. Andri Rukminto, acting as the bonds underwriter, confirmed the bonds nominal value stays at maximum IDR500 billion without an opportunity for additional quota.Afterwards, the proceeds will be benefited for credit expansion this year by IDR800 billion including for power plant construction, as affirmed by President Director of Bank NTT Daniel Pola Moto Dimu Tagu Dedo.Until March 2011, Bank NTT disbursed credit of IDR3.2 trillion, while the third party fund was IDR4 trillion.On the other hand, Bank NTT also plans to release 20%-30% shares to public by 2013 as a preparation for listing in Indonesia Stock Exchange. Moreover, the management is also optimistic to achieve a vision of being a foreign exchange bank by 2012.The needs for the existence of foreign exchange bank is very high considering NTT's commodity export potentials such as cacao, seaweed, and cashew nut.(T01/NOM)

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