Bank BRI Priced its New Bonds at 8.5%-9.6%; Eximbank’s Coupon Rate Likely to be Priced Similar to BRI

The newly offered bonds by Bank Rakyat Indonesia, Tbk (BBRI:IJ) are priced at 8.5% for 1y bond while the 3y and 5y bonds priced at 9.25% and 9.6% respectively. They all are higher by 5-10bps than the coupon rate given on its similar bonds last year. Note that the bank has also issued 3 bonds series last year with 1, 3 and 5y maturity raising a total of IDR3trn, lower than this year’s issuance totaled IDR 4.65trn.

PLN Offers 7.2% – 8.5% Coupon

Astra Graphia’s Net Profit Growth 23.1%

Coal Bullish Trend Support Indo Tambangraya Megah’s Stock Price

Indonesia’s External Debt Rises 7.6% YoY

Sharia Banking’s Market Share Reaches 7.22%

Elsewhere, Eximbank is currently offering 3 bonds series with similar tenures to Bank BRI’s bonds. As such, we see the bonds are likely to be priced similar to Bank BRI given the company has similar rating and both are stated owned companies. Furthermore, both companies gave similar coupon rate on last year issuance. Current bonds offering by Eximbank are: Series A (1 yr) priced at 8.1%-8.4%, Series B (3 yrs) at 8.7%-9.2% and Series C (5 yrs) at 9.1%-9.6%.

Bank Mandiri Distributed KUR worth IDR11.83Trn

Bank Negara Indonesia’s KUR Extra Quota worth IDR3Trn

Indo Tambangraya Megah’s Coal Production 9.3 Million Tons in 1H2018

Third-Party Funds Banking Only Grew 6.3%

BI Expects Inflation Reach 3.5% YoY in FY18