New Bond Issues From Mayora and Eximbank
Eximbank Indonesia starts this new year with an offering of shelf registered bond III tranche IV worth IDR3trn bonds, the book building has begun yesterday until 30 January. The bond is divided into 5 series; Series A (370 days) guided at 7.20%-7.70%, Series B (3 year) at 7.90% – 8.50%, Series C (5 year) at.
Read More...Eximbank on Positive Outlook; PPRO Outlook Revised to Negative
Fitch Ratings has revised the outlook on Indonesia Eximbank to Positive from Stable. At the same time, Fitch did not raise outlook on other 3 SOE banks Bank Rakyat Indonesia, Tbk (BBRI:IJ), Bank Mandiri, Tbk (BMRI:IJ), and Bank Negara Indonesia, Tbk (BBNI:IJ) but affirming them at stable outlook in view that the government’s support on.
Read More...Primary Market Less Active During The Week
On the primary front, there are two issuers offering new bonds at the meantime, they are; i) Bank Bukopin, Tbk (BBKP IJ, idA+/Stable) proposing IDR1.6trn of 7y subdebt at 11% and ii) Toyota Astra Finansial (TAFS, idAAA/Stable) offering IDR1.5trn bond. TAFS split its bonds offering into 2 series; series A of 370 days is guided.
Read More...2017 Issuance to Stay Bright Amid High Refinancing Need
Total IDR corporate bonds issuance this year reached a record high of IDR112.8trn, up 80% from last year issuance. Primary issuance though remains less diversified as banking and multifinance sectors dominated the issuance. Banking and multifnance firms accounted for 46% and 32% of total issuance this year. Other sectors like transportation and telecommunication issued only.
Read More...Malindo Feedmill Banking On Lebaran
Despite a weakened IDR and DOC price capping headwinds, Malindo deserves attention at this juncture. This is due to: 1. Its attractive valuation – it is currently trading at 10-9x FY16F-17F P/E, close to -2SD from its 5 years mean of 15x; 2. 4Q16 to be another strong quarter – average broiler and DOC prices.
Read More...Six SOEs on Positive Outlook at Fitch; 1 Rating Upgrade at Pefindo
On the rating front, Fitch has raised the outlook on 6 Indonesia stated owned companies to positive following its revision on the country’s sovereign rating. The SOEs whose outlook being revised to positive are; i) Perusahaan Listrik Negara (PLN), ii) Perusahaan Gas Negara, Tbk (PGAS IJ), iii) Telekomunikasi Indonesia, Tbk (TLKM IJ), iv) Pertamina, v).
Read More...Lippo Karawaci, Building The Urban Home And Health
Lippo said it is focusing on launching more affordable housing projects to target the mid-low segment over the next five years. Its healthcare business has become a priority too, as 51% of total consolidated revenue comes from this division. Future catalysts include better gearing from the sale of Lippo’s 9% stake in its healthcare subsidiary.
Read More...Rating Upgrade for Japfa; Another Downgrade for Gajah Tunggal
The were two rating action over the week; 1) Fitch rating upgraded Japfa Comfeed Indonesia, Tbk’s (JPFA IJ) to AA-(idn)/Stable from A+(idn)/Negative and 2) Gajah tunggal, Tbk (GJTL IJ) suffered another rating downgrade at Moodys’ with its rating slashed to B3 from B2 with negative outlook. Similar to S&P, the downgrade was caused mainly by.
Read More...Gajah Tunggal Slashed to CCC+ on Growing Refinancing Risks
S&P Global Ratings has lowered Gajah Tunggal Tbk’s (GJTL IJ) corporate rating to ‘CCC+’/Negative from ‘B-/Credit Watch’. The downgrade was driven by growing refinancing risk related to the company’s USD500Mn senior secured notes due in February 2018. Gajah Tunggal does not have a diverse pool of domestic and international banking relationships and has not borrowed.
Read More...New Bonds and Sukuk Offering by Medco Energi and Bank Syariah Mandiri
There are two new bonds offering this week they are; i) Medco Energi Internasional, Tbk (MEDC:IJ, idA+/Neg) and Bank Syariah Mandiri (BSM, idAA-(sy)/Stable). Medco sets to issue IDR1trn of Shelf Registration Bond II tranche III in which the public offer sets to be held next week on 15-16 Dec.This is the third bond issuance this.
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