BTN Mulls to Cut Bonds

PT Bank Tabungan Negara (BTN), the state bank that focuses on mortgage, is mulling to sell less than IDR1 trillion bonds it has planned previously.
The bank will cut the bonds as the prices of state bonds have been declining and the yields have been increasing. With the lower bonds, the bank will use internal cash reserve to repay its maturing IDR750 million bonds.
To sell the bonds the bank has assigned PT Danareksa Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Securities Tbk as the underwriters.
BTN plans to jump into the market next May or June to sell some bonds. The bank has been preparing the alternatives of revolving fund if it will be difficult for the bank to sell 30% shares in IPO this year to get IDR1.9 trillion of capital.