Through Q-1 2014, it seemed
there was no positive signal of corporate bond emission. At the moment
businessplayers were still waiting for the final outcome who the next
President would be on July 9 next. Besides, as known, BI's benchmark level was
rated as still supportive.
As quoted from BEI's
release on Friday [6/6] listed bonds or Sukuk released came to Rp 15.68
trillion submitted in 17 emission by 17 erniitents. The total release of bonds
increased with posting of Indonesia continued bonds Eximbank phase II by the
Indonesian Export Financing Agency.
The bonds which totalled Rp
4 trillions consisted of 4 series, i.e. serie A worth Rp 803 billon with
tenure of 370 days, serie B Rp 134 billion with tenure of 2 years, serie C Rp
1.594 trillion wih tenure of 3 years serie D worth Rp 1,469 trillion worth 5
years.
Previously BEI by end of
May 2014 till May 2014 posted total 14 bond emission of emissions of public
companies. The amount posted was Rp 10.47 trillion. This amount increased in
line with posting of continued bond I Mandiri Tunas Finance phase II /2014
released by Mandiri Tunas Finance at BEI.
This bond was listed with
nominal value of Rp 500 billion consisting of serie A Rp 425 billion with
target interest of 10.70% with date of payment May 23, 2017, serie B Rp175
billion with interest level 10.85% with payment of bond in May 23, 2018.
The bond had rating of idAA
[double A] from PT Perfindo. Acrting as authorized representative in that bond
emission was PT Bank Mega Tbk [MEGA]
Total bond and Sukuk
emission listed at BEI was 251 emission with nominal outstanding of Rp 216.52
trillion and USD 100 million released by 106 emittents. SBN Promisssory Notes
listed at BEI totalled 94% totalling 94 series with nominal value of
Rp1,094.01 trillion, whislt EBA was posted at Rp2.14 trillion.
Previously there was
release of Continuous Bonds I Mandala Multifinance phase II year 2014 released
by PT Mandala Multifinance Tbk. [MFIN]. The bond with emission value came to
Rp211 billion consisted of 2 series, i.e. serie A worth Rp147 billion wih
tenure of 370 days and serie B of 64 billion with tenure of 3 years.
The Subordination Bond I
Bank UOB Indonesia year 2014 was listed at BEI at the value of Rp1 trillion by
Bank UOB Indonesia. The bond was based on 7 years tenure. By this notification,
total bond emission or even Sukuk listed at BEI was 253 emission of 107 emittents,
with nominal outstanding of Rp216.322 trillion and USD 100 million. SBN State
Promissory Notes was posted to reach 93 series amounting to Rp 1,111,01
trillion and USD 540 million and 5 Asset-based Security [EBA] worth Rp 2.14
trillion.
The same was with
Continuous Bondi! Adira Finance wirh fix interest level phase III 2014 by PT
Adira Dinamika Muilti Finance Tbk [ADMF] worth Rp 1.5 trillion. The bond
consisted of 3 series, i.e. seri A worth 687 billion with 370 day tenure, serie
B Rp363 billion with 36 month tenure and serie C reaching Rp450 billion with
tenure of 60 months.
By this notation, total
emission of bonds or Sukuk listed at BEI was 251 emission of 106 emiitents
nominal outstanding value of Rp216.52 trillion and USD 100 million. Meanwhile
SBN Promissory Notes was posted to reach 94 series worth Rp1,104 `trillion and
USD 640 million and 5 asset-secured Security [EBA] worth Rp2.14 trillion.
Lana Soelistianingsih of PT
Samuel Asset Management esimated that corporate bonds would have high time at
0111-1V this year, but apparenly demand was high so SUN was over-subscribed
which was rated as easing the market. Issuance of corporate bonds was
estimated to heighten as long as the Government remained to emit SUN.
"Corporate Bonds would
persist as long as the Government emit bonds, but if the Government slowed down
in Semster II probably the private sector descend as well," Lana said
that the positive momentum would be safeguarded if companies were able to offer
attractive refund with higher coupon rate than SUN and benchmark rate which was
nort increased.
According to Lana,
emiitents must dare to enter market by giving normal return around 200-250
basic points where SUN was of the same tenure. According to Lana, release of
bonds by May 2014 was still led by emittent of the Financial sector, amounting
to Rp5.97 trillion.
Furthermore followed by
telecommuniction companies Rp1.00 trillion, retail emittent Rp650 billion,
property emittent Rp575 billion, food & beverages emittent Rp250 billion
while issuance of medium term notes IMTN I was also led by financial company at
the value of Rp550 billion.
According to analyst of BNI
Securities I Made Saputra, the quiet bond outflow was due to high benchmark
rate. Besides, emittents were still waiting for Presidential election outcome.
The two pints made emittents tend to wait and see before obtaining cheap money
from promissory notes.
"The mond market was
still quiet compared to last year's emittence of the same period moreover with
election suspense"
As known, the trend of
corporate bond emittence was in line with the number of SUN State Bond
absorption. At early year it seemed that the Government was doing front
loading to anticipate stimulus axing by the Fed in Semester 11 which motivated
some emittents to emit bonds.
This week, the Government
again launched auction of SUN. In this auction, the Government offered 5
series of bonds, i.e. serie SPN12150305 [reopening] by interst discount
payment and due on March 5, 2015. Furthermore series SPN12150501 [reopening] by
discounted interest payment to be due on May 1, 2015. (SS)
Business News - June 11, 2014
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