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Jakarta Post

SMF eyes Rp 21 trillion from shelf registration bonds, sukuk

  • News Desk

    The Jakarta Post

Jakarta   /   Sat, July 6, 2019   /   08:29 am
SMF eyes Rp 21 trillion from shelf registration bonds, sukuk State-owned secondary mortgage market company PT Sarana Multigriya Finansial (SMF) will issue shelf registration conventional bonds and shelf registration sukuk to help fund the government's housing program. (Shutterstock/File)

Secondary mortgage market company PT Sarana Multigriya Finansial (SMF) aims to collect Rp 21 trillion (US$1.49 billion) in funds by issuing shelf registration conventional bonds (PUB) V and shelf registration Sukuk Mudharabah I securities.

SMF securities and financing director Heliantopo said on Friday that the fresh money was expected to be collected within two years – Rp 19 trillion from the conventional bonds and Rp 2 trillion from the sukuk -- to help finance the government's one-million houses program.

He said SMF had not decided on the number of phases to issue the PUB V, because there was no limitation. “For PUB IV, there were eight phases; [as for PUB 5], we are unable to estimate it,” said Heliantopo as quoted by kompas.com.

Through PUB IV, the state-owned firm collected Rp 11.92 trillion of the targeted Rp 12 trillion.

In the first phase of PUB V, SMF issued conventional bonds worth Rp 2 trillion and sukuk worth Rp 100 billion. PT Pemeringkat Efek Indonesia (Pefindo) has given the debt papers a rating of idAAA.

In Phase 1, the bonds were divided into three series – Series A totaling Rp 428 billion with a fixed rate of 7.5 percent and a tenor of 370 days; Series B (Rp 640 billion) with an 8.5 percent fixed rate and 3-year tenor; and Series C (Rp 932 billion) with an 8.75 percent fixed rate and 5-year tenor.

Meanwhile, the Rp 100 billion worth of shelf registration sukuk issued in Phase 1 would have a tenor of 370 days, Heliantopo added.

In 2019, SMI had issued debt papers 38 times and collected funds totaling Rp 31.7 trillion. (bbn)