July Issuance Gets Slower to IDR8.1trn
There are 8 bonds issuers in July with total issuance of IDR8.1trillion, it was much lower than IDR22.4trillion booked in June. Less corporate bonds issuance in July was due to Idul Fitri holiday, urging issuers to delay bonds issuance this month. Current ongoing issuance is Bank Tabungan Negara, Tbk (BBTN IJ, idAA+/Sta) offering Shelf Registration.
Read More...One Downgrade, One Negative Outlook
On the rating action front, Pemeringkat Efek Indonesia (Pefindo) has lowered Duta Anggada Realty, Tbk (DART IJ) rating to idBBB+/Sta from idA-/Sta. The downgrade was driven by weakening financial condition due to lower revenue projection amid higher debt level. Lower revenue projection is expected due to weak sales performance from La Mansion project and late.
Read More...Media Nusantara Citra Margin Boost From Integrated TV Studios
We think Media Nusantara is still attractive, given better margins from cost savings after the completion of its new studios and potentially higher dividends in FY17F. We expect the company to report strong 2Q16 results on the back of resilient audience share, Euro 2016, and the Ramadhan season. Maintain BUY with a higher TP of.
Read More...Tower Bersama Infrastructure Prices 5y Bond of IDR230Bn at 9.25%
Tower Bersama Infrastructure, Tbk (TBIG IJ, AA-(idn)/Stabil) releases bond prospectus this week for its Shelf Registration Bond II Tranche I with the final coupon rate of 5 year bond set at 9.25%, which is close to the lower end of its initial guidance of 8.75%-9.05%. Total issuance amounted only IDR230bn, lower than its initial target.
Read More...Bank BTPN Offering 2 Series Bonds of IDR1Trn
According to the bond prospectus released this week, Bank Tabungan Pensiunan Nasional, Tbk (BTPN IJ, AAA(idn)/Stable) is offering Shelf Registration Bond III Tranche I that split into 2 series; Series A having 370 days maturity priced at 7.5% and Series B with 3 year maturity priced at 8.0%. The final price for 3 year bond.
Read More...Again, Final Coupon on Indonesia SOE Bonds Final Set at Lower End of Guidance
Indonesia airport state owned company, Angkasa Pura II, released prospectus for Bond I/2016 this week citing the final coupon which is offered closed to lower end of its guidance prices during book building period. The prices are; 5-year at 8.60% (guidance: 8.5% -8.75%) with face value of IDR1trn, 7-year at 8.8% (guidance: 8.75%-9.0%) with face.
Read More...Higher Coupon Expectations, Tower Bersama’s Bond Undersubscribed 38%
Tower Bersama Infrastruktur, Tbk (TBIG IJ), a tower rent provider, issue bond worth IDR230bn from its indicative target IDR600bn. Investor’s coupon expectation above its target between 8.75% up to 9.5%, made this Tower Bersama Shelf Registration Bond Tranche I tenor 3-years record undersubscribed 38%. For the record, the bond has rating at level AA- (double.
Read More...Construction Thematic
Built during the Soekarno presidential era, Semanggi flyover is widely known as an iconic structure of Jakarta over the years. Located in the heart of Jakarta, the clove-shaped flyover connects the most crowded areas including Sudirman Central Business District (SCBD), Thamrin, Senayan and Kuningan within its 3-km radius. These areas cover the city’s 2 major.
Read More...Indonesia Market Appetite Skewed Toward SOEs Bonds
The demand for stated owned bonds continue to rise amid the Otoritas Jasa Keuangan (OJK) plan to include 50% of those bonds into minimum investment of government securities for non-bank financial institution, as stated by OJK draft circulated last week. The increasing appetite for SOE bonds could be seen from the bids received for those.
Read More...Tiphone Mobile Indonesia’s Bonds Issue in 3Q2016
Tiphone Mobile Indonesia, Tbk (TELE IJ), a cell phone and mobile phone voucher retail, will issue bond worth IDR1trn in 3Q2016. The Company use the opportunity the rest of shelf registration bond that are still worth IDR1.5trn, from total of IDR2trn, to pay debts and finance its working capital needs. This bond will issue in.
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