Bank Tabungan Pensiunan Nasional, an Indonesian lender that focuses on pensioners, plans to raise Rp 750 billion ($77.5 million) from selling bonds later this month to help finance its lending expansion plan. The Jakarta-based lender will offer the notes to investors from Feb. 26 through Feb. 28, the company said in a brief prospectus published in Bisnis Indonesia on Friday. BTPN’s bond will be part of the company’s larger plan to raise Rp 2.5 trillion within two years.
The lender sold Rp 1.25 trillion last year and Rp 500 billion in 2011. The upcoming bond sale will lift the company’s total sales to Rp 2.5 trillion. The lender will sell Rp 350 billion of three-year bonds at a coupon of 7.65 percent and Rp 400 billion of five-year bonds at a coupon of 8.25 percent, the company said in the prospectus. BTPN has hired Danareksa Sekuritas and Indo Premier Securities to help arrange debt sale. The coupon rates of BTPN’s bonds are higher than the government bonds of comparable maturities.
Corporate bonds typically pay higher coupon rates than the government notes to reflect the risk for investors. The yield of the government’s three-year bonds was at 4.46 percent on Friday, with the five-year notes at 4.65 percent, according to data from Indonesia Bond Pricing Agency. Many Indonesian companies and lenders are selling bonds to finance their expansion plans, capitalizing on low borrowing cost in the country. Indonesia’s central bank, Bank Indonesia, is one of a few policy makers in the region that has not tightened its monetary policies.
Bank Indonesia kept its lending rate unchanged at a record low of 5.75 percent early this week. Bank CIMB Niaga, partly controlled Malaysia’s CIMB Group, plans to sell Rp 6 trillion in bonds in the first half of this year. CIMB Niaga’s bond sale is part of its larger plan to sell Rp 8 trillion within a total of two years. CIMB Niaga sold Rp 2 trillion of bonds last year. BTPN has yet to announce its 2012 financial results. Net income at BTPN rose to Rp 1.4 trillion in the January-September period last year from Rp 959 billion in the same period in 2011.
Net interest income — revenue from loans minus interest payments to depositors — rose to Rp 4.36 trillion in the period from Rp 3.3 trillion in the same period in 2011. BTPN is 57.8 percent controlled by Texas Pacific Group Capital — a leading international US investment firm with a $60 billion asset portfolio under its management, covering a variety of industries, including the financial sector. TPG began its Asian operations in 1994 and has been a shareholder of various Asian financial services companies, including South Korea’s Korea First Bank, China’s Shenzhen Development Bank, India’s Shriram Group and Taiwan’s Taishin International Bank.
TPG has also invested across different continents, with ownerships in Burger King, Lenovo, Parkway Medical and United Test and Assembly Center (Utac). In Indonesia, TPG’s operation is managed by TPG Nusantara, a company that acquired a 71.6-percent stake in BTPN in 2008, according to BTPN’s website. Shares of BTPN rose 1.6 percent to Rp 4,800 on the Indonesia Stock Exchange (IDX) on Friday, in line with a 0.5 percent gain in the main stock gauge. However, shares of BTPN have fallen 5 percent so far this year.
source : the jakarta globe
source : the jakarta globe
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