BSM Seeks to Issue IDR500Bn Sukuk; CMNP to Release Bond Next Year

Bank Syariah Mandiri (BSM) is reviewing to issue Subordinate Sukuk worth IDR500Bn in 1H16. The proceeds will be used to refinance the maturing sukuk worth IDR 500 bn next year. Besides, PT Bank BNI Syariah Tbk (BNIS:IJ) is also planning to release another sukuk after successfully issuing sukuk mudharabah worth IDR 500 bn in April with bid to cover reaching 3.5 times. Initially, this first sukuk issuance was held to test market yet the company saw overwhelming market reaction given there are still few sukuk issuers in the country while demands seen decent enough. In primary market for conventional bond, PT Citra Marga Nushapala Persada, Tbk (CMNP:IJ) expressed its plan to issue bond worth IDR 1 trn to finance its working capital worth IDR 2.92 trn next year.

New Bonds and Sukuk Offering by Medco Energi and Bank Syariah Mandiri

Bank Mandiri Issue IDR3.5Trn Bonds

BNI Bank Issue IDR5trn Bonds

The Export Proceeds are Converted into Rupiah is Only Worth USD4.4Bn in 2Q18

Maintain Rupiah Fundamentally