Indonesia’s Sarana Multigriya, Bank Tabungan Negara Releases ABS US$122M

PT Sarana Multigriya Finansial (SMF) menerbitkan obligasi dengan tingkat bunga tetap sebesar Rp2,11 triliun - Photo oleh Perusahaan

Jakarta (TheInsiderStories) – Mortgage company, PT Sarana Multigriya Finansial (SMF) cooperating with state-owned lender, PT Bank Tabungan Negara Tbk (IDX: BBTN), released asset backed securities (ABS) with total amount of Rp1.71 trillion (US$122.14 million), said the management on Monday (11/25).

The EBA-SMF BTN05 series will be published in two classes. Class A issued with a principal value of Rp574 billion, interest rate of 8.5 percent and will mature on May 7, 2032. Then, Class B will be issued with initial amount Rp1.14 trillion, interest rate of 8.75 percent and will mature on May 7, 2032.

Based on the official statement, the SMF has received an effective statement on Nov. 21, offering period on Nov 25, and listing at the Indonesia Stock Exchange on Nov. 28. The sales agent for ABS are PT BCA Sekuritas, PT BNI Sekuritas, PT CIMB Sekuritas Indonesia, PT Danareksa Sekuritas and PT Mandiri Sekuritas.

Previously, SMF had issued commercial securities worth of Rp120 billion with a discount rate of 7 percent. The commercial securities is distributed electronically on Nov. 21 and will mature on Nov 21, 2020 or has a one-year tenor.

In this issuance, SMF appointed PT BNI Sekuritas and PT Danareksa Sekuritas as the joint lead arrangers. Earlier, SMF also issued local bond Rp2.5 trillion. The bonds have two series, consist of Series A with a value of Rp771.5 billion with 7.8 percent interest rate and three years tenure.

While, the B series offered with total amount of Rp517 billion has 8.1 percent interest rate and five-years tenor. The remaining of Rp1.24 trillion will be issued with the best effort.

Last March, the state mortgage company has released Rp2.51 trillion to replace the equity funds that have been channeled to the home ownership loan dealers. These bond consists of  Series A amounted Rp522 billion and series B worth is Rp1.98 trillion. Series A has 7.75 percent coupon and matured on April 2, 2020. While the series B has 8.45 percent yield, matured on March 22, 2022.

In July, SMF issued local bond Rp2 trillion and SUKUK of Rp100 billion or in total Rp2.1 trillion. The fresh funding will be used for giving loan to the banks.

The bonds consist of three series, namely Series A bonds with a value of Rp428 billion and a rate of 7.5 percent and tenor 370 days. Then, Series B bonds with a value of Rp640 billion and a rate of 8.5 percent and tenor 3 years. Lastly, Series C bonds with a value of Rp932 billion and tenor 5 years with a fixed rate of 8.75 percent.

Besides that, SMF also issued SUKUK of Rp100 billion with tenor 370 days. This issuance is part of SUKUK Mudharabah. The total fund of bonds is Rp2 trillion and SUKUK is Rp19 trillion, said SMF’ director of securitization and financing Heliantopo.

He revealed, the company will issue two more local bonds in the second semester of this year. The total value of the two bond issuances are around Rp 5 trillion.

According to Heliantopo, in the 1H of 2019, the company had raised funding of Rp6.96 trillion, with Rp 6.36 trillion of the funding came from the bond issuance. In the 2H of 2019, the company will issue bonds twice at around Rp5 trillion.

Since 2009 until now the SMF has issued 38 times debt securities with a total of Rp31.7 trillion. This year, the company also plans to issue asset-backed securities (EBA-SP) with a value of around Rp2.2 trillion from last year issuance which amounted to Rp2 trillion.

This year, the company required funding of Rp9 trillion will be used to finance four programs in 2019. This value is increased compared to funding in 2018 which amounted to Rp6.4 trillion.

US$1: Rp14,000

Written by Staff Editor, Email: theinsiderstories@gmail.com