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."