The state-controlled bank that is focusing on housing loan PT Bank Tabungan Negara Tbk (BTN) launches a Rp2 trillion unsecured bond scheduled on June 30 2011. The proceed of the bond issuance will be used by BTN to finance its credit expansion.
PT Bahana Securities, PT CIMB Securities Indonesia, and PT Danareksa Sekuritas will fully underwrite the bond, which obtained idAA rating with stable outlook from stellar rating agency PT Pemeringkat Efek Indonesia (Pefindo).
BTN posted Rp915.94 billion net profit in 2010 from Rp490.45 billion in the previous year.
Disclosure: No position at the stock mentioned above.
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