Jan 25, 2011

BTPN plans to issue Rp1trio bond

PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) plans to issue subordinated bond worth Rp1 trillion to balance the long-term funding structure with the short-term.
President Directore BTPN Jerry Ng said the bond issuance will allow the company to prepare liquidity support for the credit expansion.
Besides, as he said, the company will draw down a loan amounted US$70 million from International Finance Corporation (IFC), the subsidiary of World Bank. Whereas, the loan was secured by BTPN in 2009 however it never been draw down until now.
"We prepare the bond issuance valued at Rp1 trillion and also at the same time will draw down a loan amounting US$70 million," he said yesterday.
Director of BTN Anika Faisal said the bond issuance to regulate the balance between long-term and short-term funding.
In this year, the bank set a 24% growth, beyond the average growth of the national banking industry. The credit expansion of BTPN will focus retirees and small medium and micro enterprises as the bank’s market share.
 
Disclosure: No position at the stock mentioned above.
 
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