PT Bank Tabungan Pensiunan Nasional Tbk plans to issue IDR1.25 trilion senior bonds and picks three underwriter, PT Danareksa Sekuritas, PT CIMB Securities Indonesia, and PT Indo Premier Securities.
Fitch Ratings has assigned an expected AA-(idn) rating to BTPN's proposed senior bonds III/2010 amounting up to IDR1.25 trilion with 3 to 5 year maturity. The final rating on the issue is contingent on the receipt of final documents conforming to information already received.
The expected rating also considers the bank's still weak but improving funding condition, potential risks arising from its aggressive expansion in microbanking, as well as its relatively smaller size compared to other larger players in the banking industry.
While rapid expansion in the microbanking sector is likely to prove challenging in the areas of marketing execution and risk management, the bank's experienced management and the stronger domestic operating environment help minimise operational and credit risks associated with rapid growth and diversification into micro loans.
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