Primary Activity Boosted by Multifinance Bonds Offer
Currently, there are three multifinance names offering new bonds in the primary market with one of the issuer i.e. Toyota Astra Financial (TAFS, idAAA/Stable) has completed the book building period. TAFS received decent bids for its new bond offering as it oversubscribed by 1.3 times, with investors’ appetite skewed to short term bonds. TAFS’ final coupon rates are at around 63-121bps over the benchmark yields, they are; series A (370 days) at 7.65% from guidance 7.5-8.0% and series B (3 year) priced at 8.5% from guidance 8.0-8.5%. Other two issuers are; 1) BFI Finance Indonesia Tbk (BFIN, idAA-/Stabil) offering IDR600 miliar comprising Seri A (370 days) guided at 8.00-8.75% and series B (3 years) at 8.50-9.25% 2) Astra Sedaya Finance (ASF, idAAA/Stabil) offering IDR2.3 trn, comprising 3 series; Series A (370 days) at 7.40% – 7.90%, Series B (3 years) at 8.00% – 8.60% and Series C (5 years) at 8.40% – 9.00%.
