Three New Eximbank Bonds to Color Indonesia Secondary Trading Next Week
Eximbank (idAAA/Stable) will list three new bonds series on Monday (22/02) where likely dominate secondary market activity next week. However, the offering coupon rate for these three new bonds series seem to be fairly valued relative to other Eximbank’s bonds being traded in the secondary market. For series A (370 days), Eximbank offers 8.5% coupon rate which is slightly lower than the old series that has adjacent maturity period i.e. Eximbank 9.25% Juni 2017 yielding 8.72%. Likewise, series B (3 year) also delivers low coupon rate (i.e. 9.25%) relative to similar tenured bond Eximbank 9.75% June 2019 yielding 9.51% in the secondary market. Besides, BFI Finance (idA+/Stable) will also list its new bonds next week but we don’t expect the bonds will be actively traded given smaller issuance size ranging only IDR142bn-658bn per bond series compared to newly issued Eximbank’s bonds that releases IDR657bn-1,723bn size per series.
