BTN asset securitization potential worth IDR20 trillion

PT Bank Tabungan Negara (BTN) projected the company assets that could be securitized into assets backed securities (KIK-EBA) is worth IDR20 trillion.
Along with the scheme of BTN credit asset securitization, my resource said PT Bank Rakyat Indonesia Tbk (BRI) has been appointed by PT Sarana Multigriya Finansial (SMF) as the custodian bank replacing Standard Chartered Bank. But, Standard Chartered Securities remains its function as the underwriter.
"The appointment opposes against the compliance regulation of II F.14 mutual fund on the ban of custodian and investment manager as the affiliated parties. BRI and Danareksa are owned by the government."
BTN has mandated SMF and Standard Chartered Securities to securitize BTN credit assets. Danareksa Investment Management has authority to manage the collective investment portfolio and sell them to investors.
President Director of SMF Erica Soeroto was not available for comment until 19.30 yesterday as she was on meeting.
The potential assets here are deemed the credit disbursed to the company in the housing loan forms. Asset securitization is expectedly maximized y the opening of the secondary market.
KIK-EBA could serve as one of new investment portfolios in Indonesia in addition to the shares, bonds and mutual funds.
BTN will continue to divest the assets up to IDR500 billion worth at initial step to the market. The following asset divestment will be worth IDR1-2 trillion.
Initial IDR500 billion asset securitization with 10 percent enhancement was on AAA rate as to the Moody's Indonesia.
The company not only through the divestment but also seeks fund from bonds sales or initial public offering (IPO).
BTN targets to rake some IDR1-1.5 trillion funds from bonds and some other IDR1.5-2 trillion proceeds from IPO.
Up to September BTN total asset was worth IDR42.79 trillion. Some of the IDR30.07 trillion is the company credit and the total credit as from January-September 2008 period stood at IDR13.11 trillion.
BTN targets to disburse IDR15 trillion new credits. Meanwhile, the BTN capital adequacy ratio (CAR) up to quarter III/2008 stood at 16.85 percent or decline as from 22.4 percent last year.