JAKARTA: PT Bank Tabungan Pensiun Nasional Tbk (BTPN) sets the coupon of IDR500 billion Sustainable Bonds I at 9.25% for series A and 9.90% for series B.Such bonds with three and four years maturities happen to be the first phase issuance as the company plans to issue IDR2.5 trillion bonds in total for the next two years, referring to the regulation on sustainable rights issue.An executive at an investment manager company as well as a bond broker said that series A bond employs 9.25% coupon while series B uses 9.90% coupon.The listed lender has set the bond coupon at 9.25% and 9.90%, he told Bisnis yesterday.During the initial offering period, the listed lender offers 8.9%-9.6% fixed interest rate for series A and 9.5%-10.2% for series B bond. Both bond coupons are in the middle of the initial range offered.BTPN appoints PT Danareksa Sekuritas, PT Danareksa Sekuritas, PT Indo Premier Securities, PT Standard Chartered Securities Indonesia as the underwriter while PT Bank Permata Tbk shall serve as trustee.However, when being confirmed by Bisnis, BTPN Director Anika Faisal declined to confirm such coupon establishment.We are still in the middle of bonds issuance process, we shall announce the coupon level later on, he said.Fitch Ratings grants National Long-term AA- (idn) with stable prospect to the bonds. BTPN secured the same rating on 11 April also from Fitch Ratings.Focusing on pension sectorFitch Ratings has set its final rating to BTPN bonds with stable prospect, said an analyst at PT Fitch ratings Indonesia Iwan Wicaksana.BTPN, as he added, is widely known as Indonesias middle-level lender by asset listed in Indonesia Stock Exchange, focusing on pension fund sector.Majority of BTPNs stock is controlled by Texas Pacific Group (59.7%). Texas Pacific acquired BTPN in March 2008.Since the end of 2008, the lender is actively penetrating micro financing. Prior to this, BTPN has issued bonds BTPN I 2009, bonds BTPN II in May 2010 and bonds III in November 2010.After the offering period ended on 9 June 2011, the lender estimates effective period to begin on 17 June 2011 and then continued by offering period on 21-31 June 2011.In the meantime, allotment period shall begin on 24 June 2011 and the bonds will be listed in Indonesia Stock Exchange (IDX) on 30 June 2011.BTPN was closed 0.83 higher to IDR3,025 compared to the previous day at IDR3,000, leaving the market capitalization at IDR17.13 trillion. (t02/msw)

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