Jakarta (TheInsiderStories) – PT Sarana Multigriya Finansial or SMF, a state company own by Indonesian government, planned to releases bond of Rp2.5 trillion (US$174.82 million) on August 22, 2019, said the company on Monday (08/12). The bonds are part of the Sustainable Public Offering with a total amount of Rp19 trillion.
Last March, the state-owned home mortgage financing 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, Sarana Multigriya Finansial 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.
For the new issuance, SMF stated, 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.
Sarana Multifinansial Griya will offer the bonds from August 22 to 23 and listing at the Indonesia Stock Exchange on August 29. PT BNI Sekuritas, PT Danareksa Sekuritas, PT Indo Premier Sekuritas and PT RHB Sekuritas Indonesia are acting as underwriters.
The funds from the bond will be used to replace the equity funds that have been channeled as loans to mortgage lenders. As of June 30, the equity funds channeled as loans reached Rp4.98 trillion, said Heliantopo.
He continued, 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 Rp 9 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.
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