May 27, 2011

BTPN sets bonds at 8.9%-10.2%

PT Bank Tabungan Pensiunan Nasional Tbk (BTPN), that is owned by Northstar Pacific Partners, aims to issue a total of Rp2.5 trillion bonds.
During the first stage, BTPN will sell Rp500 billion bonds in two tranches, A and B. Tranche A bond, due in 3 years, will be set within the coupon range of 8.9%-9.6% and another tranche, due in 5 years, will be set within the range of 9.5%-10.2%. The bonds have obtained AA rating from Fitch Ratings with quarterly coupon payments. 
Bank Sumut bonds
Similarly, PT Bank Pembangunan Daerah Sumatra Utara (Bank Sumut) is offering a 10.% annual coupon for conventional bond and 11.5% for subordinated bonds.
In total, Bank Sumut aims to sell Rp600 billion conventional bonds and additional Rp400 billion of subordinated bonds.
According to Bank Sumut President Director Gus Irawan Pasaribu, the bank will use the bonds proceed for expansion.  

Disclosure: No position at the stock mentioned above.

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