Apr 5, 2011

Sarana Multigriya to issue Rp1 trio bonds

PT Sarana Multigriya Finansial (SMF) plans to issue two series of bond worth Rp1 trillion to support the distribution of housing finance.  
President of SMF Erica Soeroto stated the bond issuance is secured by mortgage loan (KPR). The structure was designed to not to burden investors. “The proceeds will be used to provide credit for housing finance for other financial institutions,” she said to Bisnis, yesterday.
The two bond issuance, worth Rp500 billion each, is in accordance with the issuance of SMF’s bond series IV/2011 in the amount of Rp463 billion, last month. 
Based on PT Kustodian Sentral Efek Indonesia’s disclosure, published last week, the 12-month tenured tranche A bond coupon set at 8.4% while 24-month tenured tranche B bond coupon set at 8.8%. The value of each tranche is Rp378 billion and Rp85 billion.
The company appointed PT Danareksa Sekuritas as their underwriter abnd PT Bank Rakyat Indonesia (BRI) as trustee in the issuance of the debt securities. 

Disclosure: No position at the stock mentioned above.

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