Thursday, February 11, 2010

Bank Permata issues IDR700 billion subdebt

PT Bank Permata Tbk plans to issue subdebt worth IDR700 billion to increase the capital adequacy ratio. The tenure of bonds is in 10 years or 12 years with call option period in the fifth year after the issuance of bond.
Two major shareholders of Bank Permata, PT Astra International Tbk and Standard Chartered Bank, will buy the bonds. As of January 31, 2010, Astra International and SCB London will each possess 44.51 percent shares at Bank Permata.
Last year, Bank Permata issued subdebt worth $100 million with 9.75 percent coupon. The subdebt has 12 years tenure with call option in the seventh year.
In seven years, the subdebt coupon is set at the level of 9.75 percent. If call option failed to be executed, the bond coupon will change into floating.
Subdebt owns the same rights (paripasu) with all subdebts that have existed or will be issued.
But the bonds here have junior claim if compared to the obligation claim of deposit and other obligation owned by bank.

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