Senior Bankirs, Gunarni Soeworo and Tax Director General Darmin Nasution propose by President Susilo Bambang Yudhoyono for Bank Indonesia senior deputy governor to replace Miranda Swaray Goeltom.
Last year, Darmin Nasution to be the single nominee for the Commissioner Boards of the Indonesia Stock Exchange (BEI).
Darmin admitted he had reviewed his position as the president commissioner of BEI in spite the debatable nature of the multiple-position issue.
"Some say it is allowed to hold positions in more than one place. However, it is not a matter of right or not right. The situation needs wisdom. We need wisdom to support our reform process. So, I will resign," said Darmin, last year.
President Susilo Bambang Yudhoyono has written a letter to the House of Representatives (DPR) proposing two candidates for Bank Indonesia (BI) senior deputy governor to replace Miranda S Goeltom whose tenure will end on June 26.
The letter was sent on March 26, or three months before Mrs. Miranda ends her tenure.
Under the law on the central bank, the president must propose candidates for the post three months before the tenure of the incumbent BI senior deputy governor expires.
The candidates are proposed by BI.An official at the presidential palace who spoke on condition of anonimity said the candidates came from outside BI.
Miranda was appointed to her present post under a presidential decree dated June 26, 2004.Before assuming the post, she was a BI deputy governor and a staff member of the Office of the Coordinating Minister for Economic Affairs.
Tuesday, March 31, 2009
Monday, March 30, 2009
Red Dragon vs CP Prima
Red Dragon Group Pte Ltd claimed the proposal of PT Central Pro teinaprima Tbk (CP Prima) rights issue will dilute the corporate secured bond value.
Red Dragon issued secured convertible bonds worth US$200 million with 2 percent coupon maturing by 2010.
The secured convertible bonds are the CP Prima stocks owned by Red Dragon, PT Surya Hidup Satwa and other affiliated company comprising from the 70 percent of CP Prima floating stocks in November 2008.
Founder of PT Independent Research & Advisory Indonesia (IRAI) Lin Che Wei explained Red Dragon bonds default was due to the fact that the collateral value fell under the collateral coverage ratio following the decline of CP Prima stock price at market. IRRAI is the finance advisor of Red Dragon bond holders.
"There is agreement on the issuance of Red Dragon bonds. The Red Dragon and its affiliates should meet the agreed ratio and provide additional collateral when the ratio goes lower than the agreement," he said last week.
Red Dragon issued secured convertible bonds worth US$200 million with 2 percent coupon maturing by 2010.
The secured convertible bonds are the CP Prima stocks owned by Red Dragon, PT Surya Hidup Satwa and other affiliated company comprising from the 70 percent of CP Prima floating stocks in November 2008.
Founder of PT Independent Research & Advisory Indonesia (IRAI) Lin Che Wei explained Red Dragon bonds default was due to the fact that the collateral value fell under the collateral coverage ratio following the decline of CP Prima stock price at market. IRRAI is the finance advisor of Red Dragon bond holders.
"There is agreement on the issuance of Red Dragon bonds. The Red Dragon and its affiliates should meet the agreed ratio and provide additional collateral when the ratio goes lower than the agreement," he said last week.
Thursday, March 26, 2009
PLN loss widens as currency weakens
PT Perusahaan Listrik Negara,Indonesia state utility, more than doubled its net loss to
13.1 trillion rupiah ($1.1 billion) last year as the country currency weakened against the U.S. dollar.
The company had a foreign exchange loss of about 10 trillion rupiah last year.
Lower fuel costs after crude prices fell more than $100 a barrel from a July record of $147.27 a barrel failed to offset higher foreign exchange expenses and depreciation costs. The rupiah has weakened 26 percent in the past year as investors repatriated capital from emerging markets amid the global credit crisis. PLN posted a loss of 5.6 trillion rupiah in 2007.
13.1 trillion rupiah ($1.1 billion) last year as the country currency weakened against the U.S. dollar.
The company had a foreign exchange loss of about 10 trillion rupiah last year.
Lower fuel costs after crude prices fell more than $100 a barrel from a July record of $147.27 a barrel failed to offset higher foreign exchange expenses and depreciation costs. The rupiah has weakened 26 percent in the past year as investors repatriated capital from emerging markets amid the global credit crisis. PLN posted a loss of 5.6 trillion rupiah in 2007.
Tuesday, March 24, 2009
XL signed a US$ 214 million EKN Facility Agreement
On 23rd of March 2009, PT Excelcomindo Pratama Tbk has signed a US$ 214 million EKN Buyer Credit Facility for the procurement of Ericsson equipment from Sweden and Indonesia.
The Facility is arranged by ABN AMRO Bank N.V. (subsidiary undertaking of the Royal Bank of Scotland Group plc / RBS) and Standard Chartered Bank.
The Facility is the second tranche of the total US$ 428 million facility provided by EKN. The first tranche was signed in December 2008. The proceeds from the Facility will be used to partially finance XL’s capital expenditure in 2008 and 2009.
The signing of the 2nd tranche of the EKN facility further shows XL’s ability to tap offshore funding in the midst of the global credit crunch and recessionary fears.
XL is the third largest wireless operator in Indonesia and is rated BB- by S&P and Ba2 by Moody’s.
The Facility is arranged by ABN AMRO Bank N.V. (subsidiary undertaking of the Royal Bank of Scotland Group plc / RBS) and Standard Chartered Bank.
The Facility is the second tranche of the total US$ 428 million facility provided by EKN. The first tranche was signed in December 2008. The proceeds from the Facility will be used to partially finance XL’s capital expenditure in 2008 and 2009.
The signing of the 2nd tranche of the EKN facility further shows XL’s ability to tap offshore funding in the midst of the global credit crunch and recessionary fears.
XL is the third largest wireless operator in Indonesia and is rated BB- by S&P and Ba2 by Moody’s.
Monday, March 23, 2009
BTN sell IDR1,5 trillion bonds
PT Bank Tabungan Negara, the Indonesian state-owned lender, plans to sell 1.5 trillion rupiah
($130 million) of bonds in June to help repay maturing debt and
fund expansion.
BTN hired PT Trimegah Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas to help sell the bonds. BTN focuses on housing loans and has a 31 percent share of the market.
The bank has 750 billion rupiah in 12.2 percent notes due to mature in May this year.
($130 million) of bonds in June to help repay maturing debt and
fund expansion.
BTN hired PT Trimegah Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas to help sell the bonds. BTN focuses on housing loans and has a 31 percent share of the market.
The bank has 750 billion rupiah in 12.2 percent notes due to mature in May this year.
Danamon Shareholders Approve Rights Offer
PT Bank Danamon Indonesia, backed by Temasek Holdings Pte and Deutsche Bank AG, said shareholders today approved its proposal to sell 4 trillion rupiah ($345 million) of shares in a rights offer next month to raise capital. Proceeds from the sale will be used to expand lending, Danamon President Director Sebastian Paredes told reporters in
Jakarta today.
The rights offer will bolster Danamon capital adequacy ratio to 20.8 percent from 15.4 percent, it said. The minimum required level is 8 percent.
Danamon joins Asian banks such as DBS Group Holdings Ltd., which raised S$4 billion ($2.6 billion) from a rights offer in January, in shoring up capital as economies across the region
falter.
The Indonesian central bank expects Southeast Asia biggest economy to expand at its slowest pace since 2001, as the global recession trims demand for the nation's products.
The strength of Bank Danamon balance sheet after this capital increase will place the bank in a unique position to face the current global uncertainties and challenges ahead, Paredes said in an e-mailed statement.
Danamon plans to sell as many as 3.33 billion shares at1,200 rupiah each, the Jakarta-based company said.
Jakarta today.
The rights offer will bolster Danamon capital adequacy ratio to 20.8 percent from 15.4 percent, it said. The minimum required level is 8 percent.
Danamon joins Asian banks such as DBS Group Holdings Ltd., which raised S$4 billion ($2.6 billion) from a rights offer in January, in shoring up capital as economies across the region
falter.
The Indonesian central bank expects Southeast Asia biggest economy to expand at its slowest pace since 2001, as the global recession trims demand for the nation's products.
The strength of Bank Danamon balance sheet after this capital increase will place the bank in a unique position to face the current global uncertainties and challenges ahead, Paredes said in an e-mailed statement.
Danamon plans to sell as many as 3.33 billion shares at1,200 rupiah each, the Jakarta-based company said.
BNBR spend US$170 million for pipeline
PT Bakrie & Brothers may spend as much as $170 million building a pipeline from a gas field off
Java to a power plant in Central Java province.
Bakrie & Brothers will begin constructing the 200-kilometer (120-mile) pipeline this year and work is slated to start April 2011.
Bakrie & Brothers won special rights in 2006 to build 1,115 kilometers of pipelines connecting gas-rich East Kalimantan and Central Java provinces.
The company will now build a shorter pipeline as part of the project to transport between 120 million cubic feet and 200 million cubic feet of gas a day from the Carigali field, operated by Petroliam Nasional Bhd., to the Tambak Lorok power plant owned by state utility PT Perusahaan Listrik Negara.
Java to a power plant in Central Java province.
Bakrie & Brothers will begin constructing the 200-kilometer (120-mile) pipeline this year and work is slated to start April 2011.
Bakrie & Brothers won special rights in 2006 to build 1,115 kilometers of pipelines connecting gas-rich East Kalimantan and Central Java provinces.
The company will now build a shorter pipeline as part of the project to transport between 120 million cubic feet and 200 million cubic feet of gas a day from the Carigali field, operated by Petroliam Nasional Bhd., to the Tambak Lorok power plant owned by state utility PT Perusahaan Listrik Negara.
Thursday, March 19, 2009
WOM Finance gained IDR5 trillion credit commitment
PT Wahana Ottomitra Multiartha Tbk (WOM Finance) gained loan commitment worth IDR5 trillion from PT Bank Internasional Indonesia Tbk(BII) in the form of joint financing facilities.
Along with the BII commitment, WOM Finance is also negotiating loan with PT Bank Mandiri Tbk dan PT Bank Panin Tbk.
Along with the BII commitment, WOM Finance is also negotiating loan with PT Bank Mandiri Tbk dan PT Bank Panin Tbk.
Excelcomindo Shareholders Approve $400 Million Borrowing Plan
PT Excelcomindo Pratama,Indonesia third-largest mobile-phone operator, said its
shareholders approved a plan to raise $400 million by selling bonds, borrowing from banks.
shareholders approved a plan to raise $400 million by selling bonds, borrowing from banks.
Wednesday, March 18, 2009
Medco get US$125 loan from Bank Mandiri
PT Medco Energi Internasional Tbk, the bigger of Indonesia two listed oil companies, said it got a US$125 million loan from PT Bank Mandiri Tbk to fund the development of its oil and gas projects.
The one-year facility replaces a Bank Mandiri loan of the same amount and with the same terms and conditions, Medco said in a statement posted on its Web site.
The loan represents more than half of the $244 million debt Medco on March 5 said it would refinance through bond sales and bank loans.
The Jakarta-based company seeks to boost output to offset a drop in oil prices.
To ensure that the developments of its major projects are achieved within the timeframe envisaged, Medco will further look at other financing, the company said on its Web site.
The one-year facility replaces a Bank Mandiri loan of the same amount and with the same terms and conditions, Medco said in a statement posted on its Web site.
The loan represents more than half of the $244 million debt Medco on March 5 said it would refinance through bond sales and bank loans.
The Jakarta-based company seeks to boost output to offset a drop in oil prices.
To ensure that the developments of its major projects are achieved within the timeframe envisaged, Medco will further look at other financing, the company said on its Web site.
Tuesday, March 17, 2009
Danamon vs Sampoerna
Bank Danamon and Esa Kertas Nusantara, company own by Sampoerna Family's open to discuss bilateral mediations to settle the derivatife problem.
Bank Danamon revealed of 22 customers having problems with derivative product contracts, 21 had their problems settled via bilateral mediations, while the remaining customer was still undergoing negotiation.
Bank Danamon revealed of 22 customers having problems with derivative product contracts, 21 had their problems settled via bilateral mediations, while the remaining customer was still undergoing negotiation.
Monday, March 16, 2009
Tito new CEO Humpuss Group
Tito Soetalaksana change Eko Putro Sandjojo as CEO Humpuss Group after last month Hutomo Mandala Putra, the major shareholder of PT Humpuss Intermoda Transportasi Tbk, change the structure of commissioners and directors boards in the general meeting of shareholders.
Tommy has 60 percent of PT Humpuss shares as the holding company of Humpuss Intermoda and Tommy's sibling, Sigit Harjoyudanto, has 40 percent.
Hutomo Mandala Putra, as the major shareholder of Humpuss Intermoda, appointed Antonius as the president director of Humpuss Intermoda to replace Agus Darjanto.
The appointment of Antonius is agreed by 86.96 percent of the total shareholders attending the extraordinary general meeting of shareholders (EGMS). The EGMS also appointed Permadi as part of the new boards of directors.
Tommy has 60 percent of PT Humpuss shares as the holding company of Humpuss Intermoda and Tommy's sibling, Sigit Harjoyudanto, has 40 percent.
Hutomo Mandala Putra, as the major shareholder of Humpuss Intermoda, appointed Antonius as the president director of Humpuss Intermoda to replace Agus Darjanto.
The appointment of Antonius is agreed by 86.96 percent of the total shareholders attending the extraordinary general meeting of shareholders (EGMS). The EGMS also appointed Permadi as part of the new boards of directors.
Sunday, March 15, 2009
Bank Ekspor boosts up bonds to IDR2 trillion
The bond issuance value of PT Bank Ekspor Indonesia will be increased up to IDR2 trillion or higher than the former target of IDR1-1.5 trillion.
Bank Ekspor bond issuance is assisted by PT Trimegah Securities and PT Danareksa Sekuritas.
Bond issuance here deals with the function to be performed by the company serving as the Indonesian Export Financing Institution (LPEI) entitling Indonesia Eximbank.
The new business entity targets to bolster the assets up to IDR48 trillion as from early position of IDR10.2 trillion in the next five years.
In response to the status change scheme, PT Pemeringkat Efek Indonesia (PEfindo) upgraded Bank Ekspor rating as from idA+ into idAAA with stable prospect.
Bank Ekspor bond issuance is assisted by PT Trimegah Securities and PT Danareksa Sekuritas.
Bond issuance here deals with the function to be performed by the company serving as the Indonesian Export Financing Institution (LPEI) entitling Indonesia Eximbank.
The new business entity targets to bolster the assets up to IDR48 trillion as from early position of IDR10.2 trillion in the next five years.
In response to the status change scheme, PT Pemeringkat Efek Indonesia (PEfindo) upgraded Bank Ekspor rating as from idA+ into idAAA with stable prospect.
Bond Astra Sedaya raised to IDR900 bilion
PT Astra Sedaya Finance raised total amount bond from only IDR600 bilion to IDR900 bilion.
The subscription to Astra Sedaya bonds reached IDR1,02 trillion, while ASF only planned to issue IDR600 billion worth of bonds.
Astra Sedaya fixes yield for 370-day series A bond at 13.5%, for 18-month series B bond at 13.83%, for 24-month series C bond at 14.56%, and for 30-month series D bond as well as for 36-month series E bond at 14.9%.
Astra Sedaya has appointed PT Indo Premier Securities, PT Mandiri Sekuritas, PT ING Securities, and PT HSBC Securities Indonesia as the underwriters.
In 2008, the company financed 91,674 units of vehicles worth IDR11.5 trillion, making the company record a net profit of IDR375 billion.
The subscription to Astra Sedaya bonds reached IDR1,02 trillion, while ASF only planned to issue IDR600 billion worth of bonds.
Astra Sedaya fixes yield for 370-day series A bond at 13.5%, for 18-month series B bond at 13.83%, for 24-month series C bond at 14.56%, and for 30-month series D bond as well as for 36-month series E bond at 14.9%.
Astra Sedaya has appointed PT Indo Premier Securities, PT Mandiri Sekuritas, PT ING Securities, and PT HSBC Securities Indonesia as the underwriters.
In 2008, the company financed 91,674 units of vehicles worth IDR11.5 trillion, making the company record a net profit of IDR375 billion.
Thursday, March 12, 2009
Bank Ekspor issued IDR1.5 trillion bonds
PT Bank Ekspor Indonesia plans to issue IDR1-1.5 trillion bonds in quarter II/2009.
To help ease the corporate action, Bank Ekspor has appointed two securities companies as underwriters.
Two securities companies appointed here are PT Trimegah Securities Tbk and PT Danareksa Sekuritas.
The detail of bonds issuance details like the coupon and tenure have been finalizing by the company and the underwriters.
The underwriter appointment here is done as the initial step of bond issuance of the company which will be transformed into the Indonesian Export Financing Institution (LPEI) in July 2009 or September 2009 at the latest.
The government designed LPEI to provide insurance, underlying, and financing services for exports.
The function of LPEI will be performed by Bank Ekspor under the title of the Indonesia Eximbank. The new business entity here targets to increase the assets up to IDR48 trillion as from early position of IDR10.2 trillion within the next five years.
Along with the status change here, PT Pemeringkat Efek Indonesia upgrades Bank Ekspor rating as from idA+ into AAA with stable prospect.
Under the LPEI Law, the institution is expected to bolster the export contribution to the Indonesian economy growth by 5 percent.
On July 11 last year, Bank Ekspor redeemed the US$100 million debt and expanded the exposure of foreign exchange loan worth US$53 million through green shoe facilities given by ten banks in which the French bank, Natixis, acted as the facility agent.
The additional loan here will turn the outstanding foreign exchange loans of Bank Ekspor into US$543 million.
To help ease the corporate action, Bank Ekspor has appointed two securities companies as underwriters.
Two securities companies appointed here are PT Trimegah Securities Tbk and PT Danareksa Sekuritas.
The detail of bonds issuance details like the coupon and tenure have been finalizing by the company and the underwriters.
The underwriter appointment here is done as the initial step of bond issuance of the company which will be transformed into the Indonesian Export Financing Institution (LPEI) in July 2009 or September 2009 at the latest.
The government designed LPEI to provide insurance, underlying, and financing services for exports.
The function of LPEI will be performed by Bank Ekspor under the title of the Indonesia Eximbank. The new business entity here targets to increase the assets up to IDR48 trillion as from early position of IDR10.2 trillion within the next five years.
Along with the status change here, PT Pemeringkat Efek Indonesia upgrades Bank Ekspor rating as from idA+ into AAA with stable prospect.
Under the LPEI Law, the institution is expected to bolster the export contribution to the Indonesian economy growth by 5 percent.
On July 11 last year, Bank Ekspor redeemed the US$100 million debt and expanded the exposure of foreign exchange loan worth US$53 million through green shoe facilities given by ten banks in which the French bank, Natixis, acted as the facility agent.
The additional loan here will turn the outstanding foreign exchange loans of Bank Ekspor into US$543 million.
Wednesday, March 11, 2009
Aneka May Select Indika, Nava to Build $300 Million Power Plant
PT Aneka Tambang, Indonesia second-largest nickel producer, select PT Indika Energy and PT Nava Bharat Indonesia as its partners in a venture to build a $300 million power plant in Pomalaa on Sulwesi Island.
Astra Sedaya Bond Yields Fixed at 13.5%-14.9%
PT Astra Sedaya Finance (ASF) fixes yields for its bonds at 13.5%-14.9%. My source confided the subscription to Astra Sedaya bonds reached IDR1 trillion, while ASF only planned to issue IDR600 billion worth of bonds.
Astra Sedaya fixes yield for 370-day series A bond at 13.5%, for 18-month series B bond at 13.83%, for 24-month series C bond at 14.56%, and for 30-month series D bond as well as for 36-month series E bond at 14.9%.
Previously, Astra Sedaya fixed yields for bond X worth IDR600 billion at 12.99%-15.23% per annum by referring to the closing of T-bond prices in the middle of last month.
The company divides its bonds in five series, which have been rated idAA- with stable outlook by PT Pemeringkat Efek Indonesia (Pefindo).
Astra Sedaya benchmarks yield for 370-day series A bond against series FR10 T-bond plus 225 basis points (bsp)-325 bsp or equivalent with 12.99%-13.99%.
Yield for 180-month series B bond is benchmarked against series FR13 T-bond plus 225 bsp-325 bsp (13.30%-14.30%), while yield for 24-month series C bond is benchmarked against series FR15 T-bond plus 250 bsp-350 bsp (13.85%-14.85%).
In addition, yields for 30-month series D bond as well as for 36-month series E bond are benchmarked against FR22 series T-bond plus 250 bsp-350 bsp (14.23%-15.23%).
Astra Sedaya has appointed PT Indo Premier Securities, PT Mandiri Sekuritas, PT ING Securities, and PT HSBC Securities Indonesia as the underwriters.
In 2008, the company financed 91,674 units of vehicles worth IDR11.5 trillion, making the company record a net profit of IDR375 billion.
Astra Sedaya fixes yield for 370-day series A bond at 13.5%, for 18-month series B bond at 13.83%, for 24-month series C bond at 14.56%, and for 30-month series D bond as well as for 36-month series E bond at 14.9%.
Previously, Astra Sedaya fixed yields for bond X worth IDR600 billion at 12.99%-15.23% per annum by referring to the closing of T-bond prices in the middle of last month.
The company divides its bonds in five series, which have been rated idAA- with stable outlook by PT Pemeringkat Efek Indonesia (Pefindo).
Astra Sedaya benchmarks yield for 370-day series A bond against series FR10 T-bond plus 225 basis points (bsp)-325 bsp or equivalent with 12.99%-13.99%.
Yield for 180-month series B bond is benchmarked against series FR13 T-bond plus 225 bsp-325 bsp (13.30%-14.30%), while yield for 24-month series C bond is benchmarked against series FR15 T-bond plus 250 bsp-350 bsp (13.85%-14.85%).
In addition, yields for 30-month series D bond as well as for 36-month series E bond are benchmarked against FR22 series T-bond plus 250 bsp-350 bsp (14.23%-15.23%).
Astra Sedaya has appointed PT Indo Premier Securities, PT Mandiri Sekuritas, PT ING Securities, and PT HSBC Securities Indonesia as the underwriters.
In 2008, the company financed 91,674 units of vehicles worth IDR11.5 trillion, making the company record a net profit of IDR375 billion.
Tuesday, March 10, 2009
Indorama build fertilizer plant in Nigeria
Indorama Group plans to spend $2.5billion building a fertilizer plant at Rivers State in Nigeria.
The plant will have the capacity to produce three million metric tons of urea a year.
Indorama, which is based in Indonesia according to its web site, plans to own 80 percent of the plant, with Nigeria state-owned oil company, the Nigerian National Petroleum Corp., owning 10 percent. The Rivers State government and the local community will own the rest.
The plant will have the capacity to produce three million metric tons of urea a year.
Indorama, which is based in Indonesia according to its web site, plans to own 80 percent of the plant, with Nigeria state-owned oil company, the Nigerian National Petroleum Corp., owning 10 percent. The Rivers State government and the local community will own the rest.
Ridha strong candidate for CEO BII
Ridha Wirakusumah, become a strong candidate for replace Henry Ho Hon Cheong as a President Director PT Bank Internasional Indonesia Tbk.
Previously, Ridha one of the five names prepared to replace President Director of the Asset Management Company (PPA) Mohammad Syahrial, who had resigned at the end of October.
Those names are Edgar Ekaputra Sujanto, Ignasius Jonan, Boyke Mukijat, Rizal Gozali, and Ridha Wirakusumah.
At the same time, Vice President Director BII Sukatmo Padmosukarso resign from the position.
Previously, Ridha one of the five names prepared to replace President Director of the Asset Management Company (PPA) Mohammad Syahrial, who had resigned at the end of October.
Those names are Edgar Ekaputra Sujanto, Ignasius Jonan, Boyke Mukijat, Rizal Gozali, and Ridha Wirakusumah.
At the same time, Vice President Director BII Sukatmo Padmosukarso resign from the position.
Saturday, March 7, 2009
Danareksa aims IDR170 billion from reverse repo
PT Danareksa (Persero) is optimistic to rake some reverse repo this month worth DIR170 billion from some institutions. At the same time, the corporate suffers IDR12 billion losses from the derivative transactions.
Reverse repo is stock purchase with stock sale back deal at certain time and price. The transaction interest commonly equals to the bank rate with the shortest tenure of one month.
Danareksa has IDR410 billion reverse repo transaction with five parties including broker.
One of the institutions doing the reverse repo to Danareksa is the Dinar Sekuritas.
Dealing with the derivative transaction, Danareksa still has contract with some banks to sell dollar at IDR10,000 per US dollar up to quarter III/2009. in fact , the currency rate is at the level of IDr12,000 per US dollar so that it imposes loss to the company.
Up to end of 2008, Danareksa tapped IDR32 billion net profit or fell down from September of IDR126 billion
To boost up the working capital, the company issued IDR200 billion bonds with PT Danareksa Sekuritas, PT Bahana Securities, and PT Trimegah Securities act as underwriters. The figure is cut down from the former target of IDR300 billion.
Reverse repo is stock purchase with stock sale back deal at certain time and price. The transaction interest commonly equals to the bank rate with the shortest tenure of one month.
Danareksa has IDR410 billion reverse repo transaction with five parties including broker.
One of the institutions doing the reverse repo to Danareksa is the Dinar Sekuritas.
Dealing with the derivative transaction, Danareksa still has contract with some banks to sell dollar at IDR10,000 per US dollar up to quarter III/2009. in fact , the currency rate is at the level of IDr12,000 per US dollar so that it imposes loss to the company.
Up to end of 2008, Danareksa tapped IDR32 billion net profit or fell down from September of IDR126 billion
To boost up the working capital, the company issued IDR200 billion bonds with PT Danareksa Sekuritas, PT Bahana Securities, and PT Trimegah Securities act as underwriters. The figure is cut down from the former target of IDR300 billion.
Wednesday, March 4, 2009
Pegadaian sell IDR1,5 trillion bonds
Indonesia state-owned pawn shop operator (Perum Pegadaian) plans to raise 1.5 trillion rupiah ($124 million) from bond sales to help it expand as an economic slowdown prompts
more Indonesians to borrow against their belongings.
Perum Pegadaian may sell five- to 10-year bonds. The pawnbroker expects to increase lending by to 49 trillion rupiah this year as banks shun all but the safest loans and slowing economic growth pushes more Indonesians to pawn cars, motorcycles and jewelry.
Pegadaian has 1.78 trillion rupiah of bonds outstanding that will mature between 2010 and 2018.
more Indonesians to borrow against their belongings.
Perum Pegadaian may sell five- to 10-year bonds. The pawnbroker expects to increase lending by to 49 trillion rupiah this year as banks shun all but the safest loans and slowing economic growth pushes more Indonesians to pawn cars, motorcycles and jewelry.
Pegadaian has 1.78 trillion rupiah of bonds outstanding that will mature between 2010 and 2018.
Danareksa plans to enlarge bonds
PT Danareksa (Persero) possibly plans to enlarge the IV bond issuance value as from the previous scheme of IDR300 billion at maximum due to the need of investor to buy new bonds.
Danareksa talked with two other underwriters, PT Mandiri Sekuritas and PT Bahana Securities. Both underwriters here will cooperate each other with the IV bond underwriter, PT Danareksa Sekuritas.
In the prospectus of the IV bond issuance, Danareksa is said to use the fund generated from the bond issuance for working capital. The state financial enterprise will use the September 2008 financial report as the basis for the bond issuance.
Director of Danareksa M Hanif added the rating of IV Danareksa bonds until now has not been issued by PT Pemeringkat Efek Indonesia (Pefindo).
"We have not received yet the rating report from Pefindo. We hope it will be issued immediately prior to bond public offering which is scheduled by Friday this week," said Hanif underlining the importance of IV bond rating for the would-be bond investors.
Other executive said Pefindo is possibly to give idA- rating for the IV bonds or one notch drop from the former idA rating.
If Pefindo rated idA- for the IV bond, it is still deemed investment grade which lure the bonds investors.
"Some insurance companies have even expressed their interest to buy IV Danareksa bonds," he said.
Pefindo president director Kahlil Rowter said in general the company will announce the special review result of a company rating. The appeal process is allowed for the new bond issuance.
"However, this (special review) could hardly be appealed. The appeal process is allowed for the new bond issuance and if the result is changed it will be applicable to the corporation and all bonds issued by the corporate."
But he declined to provide detail information on the Danareksa downgraded rating.
On the derivative transaction settlement, Hanif said Danareksa tried to talk with bank to get the best way out. "I cannot inform you the talk and bank identity now."
Danareksa talked with two other underwriters, PT Mandiri Sekuritas and PT Bahana Securities. Both underwriters here will cooperate each other with the IV bond underwriter, PT Danareksa Sekuritas.
In the prospectus of the IV bond issuance, Danareksa is said to use the fund generated from the bond issuance for working capital. The state financial enterprise will use the September 2008 financial report as the basis for the bond issuance.
Director of Danareksa M Hanif added the rating of IV Danareksa bonds until now has not been issued by PT Pemeringkat Efek Indonesia (Pefindo).
"We have not received yet the rating report from Pefindo. We hope it will be issued immediately prior to bond public offering which is scheduled by Friday this week," said Hanif underlining the importance of IV bond rating for the would-be bond investors.
Other executive said Pefindo is possibly to give idA- rating for the IV bonds or one notch drop from the former idA rating.
If Pefindo rated idA- for the IV bond, it is still deemed investment grade which lure the bonds investors.
"Some insurance companies have even expressed their interest to buy IV Danareksa bonds," he said.
Pefindo president director Kahlil Rowter said in general the company will announce the special review result of a company rating. The appeal process is allowed for the new bond issuance.
"However, this (special review) could hardly be appealed. The appeal process is allowed for the new bond issuance and if the result is changed it will be applicable to the corporation and all bonds issued by the corporate."
But he declined to provide detail information on the Danareksa downgraded rating.
On the derivative transaction settlement, Hanif said Danareksa tried to talk with bank to get the best way out. "I cannot inform you the talk and bank identity now."
Tuesday, March 3, 2009
Garuda Profit More Than Doubles
PT Garuda Indonesia, the national biggest airline, said net income more than doubled last year
after it carried more passengers.
The airline had a profit of 683 billion rupiah ($57 million), 115 percent more than a year earlier, the company said in a presentation today.
Garuda passenger numbers gained 9 percent to 10.02 million last year, bolstered by growth in Southeast Asia largest economy and tourist arrivals to island resorts such as Bali.
The profit-surge contrasts with that at carriers such as Singapore Airlines Ltd. and AirAsia Bhd., which are either reporting lower profits or turning to a loss.
Airlines worldwide lost as much as $8 billion last year following a larger-than-expected fourth-quarter decline prompted by the recession and fuel-hedging losses in the period, the
International Air Transport Association said yesterday.
The closely held airline also said its leasing eight Boeing Co. 737-800 aircraft from Dubai Aerospace Enterprise in a contract valued at an estimated $360 million. Dubai will take
over Garuda contract with Boeing to buy the aircraft, part of a 50-plane order, it said. The first aircraft will be delivered in June under a 10-year lease.
The state-owned airline may increase passenger numbers 20 percent this year, it said.
after it carried more passengers.
The airline had a profit of 683 billion rupiah ($57 million), 115 percent more than a year earlier, the company said in a presentation today.
Garuda passenger numbers gained 9 percent to 10.02 million last year, bolstered by growth in Southeast Asia largest economy and tourist arrivals to island resorts such as Bali.
The profit-surge contrasts with that at carriers such as Singapore Airlines Ltd. and AirAsia Bhd., which are either reporting lower profits or turning to a loss.
Airlines worldwide lost as much as $8 billion last year following a larger-than-expected fourth-quarter decline prompted by the recession and fuel-hedging losses in the period, the
International Air Transport Association said yesterday.
The closely held airline also said its leasing eight Boeing Co. 737-800 aircraft from Dubai Aerospace Enterprise in a contract valued at an estimated $360 million. Dubai will take
over Garuda contract with Boeing to buy the aircraft, part of a 50-plane order, it said. The first aircraft will be delivered in June under a 10-year lease.
The state-owned airline may increase passenger numbers 20 percent this year, it said.
Indofood Sell 1 Trillion Rupiah of Bonds
PT Indofood Sukses Makmur, thebiggest Indonesian maker of instant noodles, plans to raise at
least 1 trillion rupiah ($82 million) selling bonds to refinance debt.
Indofood has hired PT DBS Vickers Securities Indonesia and five other companies to help sell the bonds, the company said in a statement to the Indonesia Stock Exchange.
least 1 trillion rupiah ($82 million) selling bonds to refinance debt.
Indofood has hired PT DBS Vickers Securities Indonesia and five other companies to help sell the bonds, the company said in a statement to the Indonesia Stock Exchange.
Danareksa bond rating downgraded
PT Pemeringkat Efek Indonesia (Pefindo) is likely to downgrade one notch into idA- as from idA rating of the IV bonds of PT Danareksa (Persero).
Pefindo downgrading rating for the Danareksa IV bonds will be worth IDR300 billion at maximum last week. One of the reasons of the IV bond downgrade is attributed to the derivative transaction and reverse repurchase agreement (repo) faced by Danareksa due to the depreciated rupiah against US dollar.
Amidst the global financial crisis currently, the bond rating is crucial as it will define the investor demands. With the one notch downgrading into idA-, the Danareksa IV bond will still be absorbed by market.
Danareksa still negotiating with other parties in the derivative transactions due to the rigid agreement based on the International Swaps and Derivative Association.
Pefindo downgrading rating for the Danareksa IV bonds will be worth IDR300 billion at maximum last week. One of the reasons of the IV bond downgrade is attributed to the derivative transaction and reverse repurchase agreement (repo) faced by Danareksa due to the depreciated rupiah against US dollar.
Amidst the global financial crisis currently, the bond rating is crucial as it will define the investor demands. With the one notch downgrading into idA-, the Danareksa IV bond will still be absorbed by market.
Danareksa still negotiating with other parties in the derivative transactions due to the rigid agreement based on the International Swaps and Derivative Association.
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