Wednesday, June 2, 2010

BTN raise bonds volume to IDR1.65 trillion

PT BTN Plc, the biggest housing loan provider in Indonesia, raises its bond XIV/2010 value to IDR1.65 trillion from IDR1.5 trillion initially targeted.
The company had bolstered the 10-year bond value since the subscription reached IDR3.3 trillion. The bond value will reach up to IDR1.65 trillion due to an oversubscription of up to IR3.3 trillion.
BTN has fixed the bond coupon at 10.25%, relatively lower compared to other bonds of the same tenure.
BTN has picks PT Mandiri Sekuritas, PT Bahana Securities, and PT Indo Premier Securities to underwrite the 10-year bond.
This year, the management of BTN promises to cut lending rate in the second semester f 2010.
This year, BTN has lowered interest rate twice, namely by 50-100 basis points in March 2010 and 50 basis points in April 2010.
In 2009, the bank cut interest rates five times. The bank's interest rates currently hover at 9%-11%. As of the end of March 2010, BTN had been able to lend IDR43.1 trillion, rising 28.6% from IDR33.5 trillion as of the end of March 2009.
At the Limited Shareholders General Meeting in the middle of last month, the shareholders approved to pay a dividend of IDR220.95 billion or IDR15 per share, representing 45% of IDR491 billion in the 2009 net profits.

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