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Permata Bank will offer a coupon up to 2.25 percentage
points, higher than that on similar government bonds for the Rp 500
billion (US$54.8 million) worth of 10-year bonds that it plans to offer
next month.
Permata will pay investors annual interest of between 1.5 and 2.25
percentage points more than that on the government's eight-year bonds
maturing in 2011, which the bank is using as a benchmark, it said in a
statement.
The government bonds pay a fixed coupon of 12 percent.
Permata, Indonesia's eighth largest lender by assets, which is majority
owned by a consortium made up of the London-based Standard Chartered
Bank PLC and local automotive giant PT Astra Internasional, held a
public briefing on the bond offering Tuesday.
The bond sale, Permata's first ever, is expected to run from Dec. 7-11,
with the bonds being tradeable on the Surabaya Stock Exchange by Dec.
15.
The bank had previously planned to hold the sale in late November. It
has appointed Standard Chartered Securities Indonesia to help sell the
bonds.
Permata will be looking to build demand for the bonds on the back of
its satisfactory results for this year's third quarter, while
benefiting as well from the central bank's recent rate cuts, from 12.75
percent at the beginning of the year to 10.25 percent today, which
makes debt cheaper.
The bank reported an unaudited net profit of Rp 223.4 billion in the
first nine months ending Sept. 30, up 21.6 percent from the same period
last year, and managed to increase its lending by 3 percent to Rp 22.2
trillion, despite the unfavorable macroeconomic situation for most of
the nine months.
Local rating agency Pefindo puts Permata at the investment-level grade
of "idA-".
Separately, state telco PT Telkom may sell bonds or seek loans to help
pay for Rp 1 trillion in debt maturing in the middle of next year, its
finance director Rinaldi Firmansyah said.
"We will make a decision two months before the debt matures,"
Firmansyah told a media briefing. Telkom would also use its existing
cash to repay the debt, he added.
Telkom, Indonesia's largest telco, should remain attractive in the eyes
of investors after reporting a 62 percent rise in net profits to Rp
9.22 trillion up to the end of the third quarter.
Telkom, through its Telkomsel subsidiary, currently controls 40 percent
of Indonesia's third generation, high speed GSM-based mobile phone
market, and has a total of 1 million subscribers, company president
Arwin Rasyid said. It was now targeting a 60 percent market share, he
added, without elaborating.
Firmansyah, meanwhile, said revenue from the company's CDMA-based
TelkomFlexi service may grow by up to 50 percent next year, with Telkom
planning to spend more than Rp 15 trillion on network expansion next
year.
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