Friday, February 19, 2010

Atra Sedaya increase bond size

PT Astra Sedaya Finance, a unit of PTAstra International, increased the size of its bond sale plan to IDR1.5 trillion from the IDR1 trillion rupiah it originally sought due to high demand.
PT Mandiri Sekuritas, HSBC Securities Plc, PT CIMB Securities Indonesi and PT Indo Premier Securities were hired to manage the bond sale.
Astra Sedaya offered 8.14-10.74 percent coupon of the bonds. The company offer bond divided into six tranches maturing in 2011-2014.
Tranches A due date will be in 2011 with premium of 110-150 basis points (bps) of the government bonds (SUN) as the reference.
Premium is the spread of coupon given by the emitter with SUN yield at bond secondary market with the proportion of 100 bps equals to 1 percent.
Tranches B and C will mature in 2012 with each premium of 110-160 bps and 115-215 bps.
Tranches D and E maturity is in 2013 with premium of 125 bps-250 bps and 135 bps-250 bps. Then, tranches F maturing in 2014 will have 150 bps-250 bps premium.

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