JAKARTA (TheInsiderStories) – The state financial company, PT Sarana Multigriya Finansial or SMF, plans to offer two series of local and sharia bonds up to Rp2 trillion (US$142.86 million) to support its business activities. The bond have various series and tenure from 370 days to three years.
For the conventional bond, the issuer prepared up to Rp1.9 trillion in two series. Series A is with a principal values of Rp1.5 trillion have an interest rate of 4.75 percent and a tenor 370 days. Then, Series B worth of Rp400.66 billion with coupon rate 5.75 percent and a tenure of three years.
While for the SUKUK the amount of Rp100.01 billion. The public offering period has been set on Feb. 4 – 5, allotment on Feb. 8, and listing on the Indonesia Stock Exchange on Feb. 11. SMF has appointed PT BCA Sekuritas, PT BRI Danareksa Sekuritas, PT CIMB Niaga Sekuritas, PT DBS Vickers Indonesia, PT Maybank Kim Eng Sekuritas and PT Trimegah Sekuritas Indonesia Tbk (IDX: TRIM) to helped the bond issuances.
The proceed of the notes will be used by SMF to replace part of the equity funds channeled to mortgage lenders. As of Sept. 30, 2020, the loans that have been disbursed to mortgage lenders recorded Rp5.53 trillion.
Director of SMF, Trisnadi Yulrisman, said the state firm will issue as much as Rp9.35 trillion of bonds in this year. During 2020, the issuer has released Rp7.26 trillion of debt paper. In early 2021, the company have list asset-backed securities (ABS) amounted to Rp576.34 billion.
This ABS has an interest rate of 6.5 percent per annum for three years period. The assets that are securitized in this the securities are a home credit receivables with total values of Rp631 billion. SMF partnering with the government-owned lender, PT Bank Tabungan Negara Tbk (IDX: BBTN) in the securities offering and received the idAAAsf rating from PT Pemeringkat Efek Indonesia.
The principal amount owed based on the mortgage agreement made between the original creditor and the debtors on the cut-off date of the final holding period. All interest (including interest on arrears) which is collectible or will become claims on the cut-off date of the final holding period and from time to time thereafter.
The total collection of bills submitted was Rp631.00 billion, which came from classes A and B. The source of the collection of claims includes 51 predetermined branch offices. The Exchange also revealed that the ABS interest will be paid together with the principal payments every three months starting Feb. 27.
President Director of SMF, Ananta Wiyogo, said until September of 2020, the company has failed to realizes the securitization business. To that, the financial firm has cut its target from Rp3 trillion to Rp600 billion. Since 2009 to September 2020 the company had initiated 13 securitization transactions with a total amount Rp12.15 trillion.
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