JAKARTA: Investor is believed to absorb bond issuance in financial sector that increased this year since it still has enough liquidity.Portfolio Manager of PT Batavia Prosperindo Aset Manajemen Angky Hendra mengatakan manajer investasi atau investor institusi lainnya masih mampu menyerap penerbitan obligasi yang banyak dari sektor keuangan pada semester I/2011.Other investment manager or institution investor is still able to absorb bond issuance, which most it comes from financial sector, PT Batavia Prosperindo Aset Manajemen Portpolio Manager Angky Hendra said.Investment manager, pension fund and insurance can absorb it," he told Bisnis, yesterday.Based on recapitulation data in first half of 2011, bond issuance value in financial sector is estimated to reach IDR32.46 trillion or surged 126.20% compared to same period last year at IDR14.35 trillion.Bond domination in financial sector is still reasonable since real sector company rarely issues bond, mainly because it needs a clear reason for such issue, PT NC Securities Bond Analyst I Made Adi Saputra said.For instance, if they want to build plant that needs large fund then they need to issue bond.Investors liquidity condition for long term is still adequate to absorb corporate bond, Indonesian Pension Fund Association General Chairman Djoni Rolindrawan said.The potential increase in the number of issuance is also still adequate, mainly because there is potential increase in investment fund around 18% each year so that the industry will likely grabs IDR20 trillion this year. "However, PT Jaminan Sosial Tenaga Kerja (Persero) (Jamsostek) President Director Hotbonar Sinaga thinks otherwise. The bond that issued in the first half of 2011 in financial sector cant be absorb if it only rely on fund from domestic market. Unless, fund from foreign investor is also absorb such bond issuance.In fact, foreign investment portfolio in Indonesia is quite large, yet, foreign investor will consider the term and condition of such bond that will be issued.Most of the companies that issued bond come from financial sector such as regional development banks, private banks, state-owned banks, and financial institutions. Actually, those companies have a good fundamental since they are ranked with A- rating in minimum. However, foreign investor will consider the term and condition of bond that issued, he said.Prepares fundJamsostek will prepare fund to absorb bond that issued, state controlled insurance company will become bond buyer if the issuance value is around IDR500 billion in minimum.We will not use it entirely in first half of 2011 although it has great value. We will prepare fund to absorb issuance in second half, he said.Malaysia already has great number of companies in real sector or able to balance company in financial sector, PT Pemeringkat Efek Indonesia (Pefindo) President Director Ronald Andi Tauviek Kasim said.In second half, several companies in real sector are ready to issue bond. However, later it will increase when they realize bank loan is more expensive than bond coupon.According to him, bank is still relying on third party fund to provide fund to its customers including those in real sector.The number of bond issuance by bank is increasing, which later start moving the bank loan expenses higher than bond issuance.Bond issuance from real sector last year is believed to be much higher compared to this year.In real sector, PT Serasi Autoraya is the only company that issued bond this year while last year there were PT Titan Petrokimia Nusantara, PT Telekomunikasi Indonesia Tbk, PT Perusahaan Listrik Negara, and PT Selamat Sempurna Tbk.Ronald said Pefindos bond issuance prediction hasnt change between 15%-20% from last years issuance at IDR43 trillion same with its initial expectation early this year. Its similar since nothing has great impact on the corporate bond market conditions.LargerAngky Hendra added that corporate bond issuance this year is higher compared to last year around IDR43 trillion since the concern against interest rate hikes this year due to inflation began to recede.It reflects from the realization of corporate bond issuance since early this year and bidding process that still conducted by several prospective bond issuers in second quarter 2011.Its obvious that general markets at the early year concerning the potential increase of BI Rate due to higher inflation has decreased, mainly because BI rate only increased once after estimated to occur in stages."Early this year, capital market and bond players predicts BI Rate will increased because of higher inflation in mid this year and will press the number of bond issuances due to the potential increase in corporate bond issuance costs.Bank Indonesia yesterday kept its BI Rate at 6.75% after noticing economy condition continues to increase and followed by foreign capital inflow and rupiah appreciation against US dollar. (Bambang P. Jatmiko)(t06/msw)

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