JAKARTA (TheInsiderStories0 – The state firm, PT Sarana Multigriya Finance (SMF) partnering with government-owned lender, PT Bank Tabungan Negara Tbk (IDX: BBTN) released asset-backed securities (ABS) with a principal amount of Rp576.73 billion (US$41.19 million), it announced on Tuesday (01/05). The notes has been issued on Dec. 30 and listed today at the Indonesia Stock Exchange.
The ABS has an interest rate of 6.50 percent per annum with the weighted average maturity three years. The securities has received the idAAAsf rating from PT Pemeringkat Efek Indonesia. The underlying assets for the issuances are home ownership credit receivables portfolios.
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.
Last year, the secondary housing finance company has issued bond and SUKUK with total amount of Rp2.46 trillion with two series. The Series A worth of Rp1.68 trillion with an interest rate of 6.75 percent per year and have a period of 370 since the issuance date.
Then, Series B has a principal values of Rp424 billion with an interest rate of 8.10 percent and has five years of tenure. While, the Mudharabah SUKUK amounting to Rp346 billion is part of the ongoing issuance with a total issuance value of Rp2 trillion. SMF offered the sharia bond with a ratio of 92.28 percent of the revenue generated with an indication of an equivalent of 6.75 percent per year.
The period of Mudharabah Sukuk is 370 Calendar Days from the issue date. The company has obtained idAAA (Triple A) and idAAA (sy) (Triple A Syariah) from PT Pemeringkat Efek Indonesia. The underwriters for these corporate actions are PT Bahana Sekuritas, PT BNI Sekuritas, PT Danareksa Sekuritas, PT Indo Premier Sekuritas, PT RHB Sekuritas Indonesia, and PT Trimegah Sekuritas Indonesia Tbk. The trustee is PT Bank Mandiri Tbk (BMRI).
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