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.