Thursday, February 11, 2010

BCA Finance offer bond coupon 8.4%-11%

PT BCA Finance offered III/2010 bond coupon and I/2010 subdebt worth totally at IDR600 billion at the level of 8.4-11%.
The offered premium to the investors is about 110 -250 basis points (bps). The 100 bps equals 1 percent. The premium is the spread of bond coupon offered by a company with the yield of government bonds at secondary market.
The company will use the bond fund as par of the financing scheme this year which was targeted into IDR13.5 trillion as from IDR11.42 billion last year.
The corporate bond had idAA- rating from PT Pemeringkat Efek Indonesia (Pefindo) and AA level from PT Fitch Ratings Indonesia. Meanwhile, the subdebt of BCA Finance is rated at idA+ and AA-.
The bonds here are categorized into five tranches, namely the A series maturing in 2011 with 110-160 bps premium from the FR0016 series yield, the B series maturing in 2012 offering 110-160 bps premium from FR0017 yield, and C series with 125-250 bps premium of FR0033 series yield, D series with 135-250 bps premium from the FR0049 yield maturing in 2013, E series maturing in 2014 with 150-250 bps premium from the FR0051 yield. The corporate subdebt offered 150-250 bps premium from the FR0027 yield maturing in 2015.
The underwriters of bond issuance here include PT Kresna Graha Sekurindo Tbk, PT DBS Vickers Securities Indonesia, and PT OSK Nusadana Securities Indonesia. PT Bank Mega Tbk assisted the issuance acting as the trustee board.
Roni said the company is optimistic with this year performance by setting the net profit target of IDR430 billion this year which grows from IDR387 billion last year.
He was optimistic with the bond sales gain. As to him, the relatively small bond offering shows the little corporate dependence on the capital market funding with strong support given by the holding company, PT Bank Central Asia Tbk (BCA).
Currently BCA Finance still has floating bonds at secondary market worth IDR400 billion of which IDR275 billion shares will mature this year. It consists of BCA Finance II/2007 of B series worth IDR150 billion maturing on 27 February and II/2007 of C series worth IDR125 billion maturing on 27 August. The company will use the cash flow each month with IDR100 billion booked monthly to pay the bonds.

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