JAKARTA, March 24 (Reuters) - Two Indonesian finance firms
and a transport group plan to raise 2.3 trillion rupiah ($202
million) in total from bonds, according to company officials and
prospectuses, as domestic interest rates are set to fall further.
Several Indonesian companies have shown an interest in
issuing bonds this year to raise funds for working capital and to
repay maturing debt. Analysts estimate new corporate bonds could
reach a total of around 10-15 trillion rupiah.
Tito Sulistio, chief commissioner at transport firm PT Mitra
Rajasa Tbk , said on Tuesday the firm would raise about
750-900 billion rupiah from a bond issue in May.
PT Mandiri Sekuritas, a unit of Bank Mandiri , PT
CIMB-GK Securities, a unit of Bank CIMB Niaga and PT
DBS Vickers Securities Indonesia, part of DBS Group ,
have been appointed as underwriters.
Mitra Rajasa is changing its focus from transportation to
energy and mining following its acquisition of drilling firm PT
Apexindo Pratama Duta Tbk , and of two coal mines in
South Sumatra for $40 million. It also plans to change its name
to PT Mitra International Resources Tbk.
Two auto finance firms, PT Astra Sedaya Finance and PT Adira
Finance Tbk , expect to raise 900 billion rupiah and 500
billion rupiah respectively in the second quarter.
Astra Sedaya, controlled by General Electric Co and
Indonesia's largest automotive distributor PT Astra International
Tbk , will issue five bond series with maturities
ranging from 370 days to 36 months.
The fixed-rate bonds, underwritten by PT Indo Premier
Securities, PT Mandiri Sekuritas, PT HSBC Securities Indonesia
and PT ING Securities Indonesia, offer rates ranging from
13.50-14.90 percent, the firm said in a prospectus.
Adira Finance, controlled by Indonesia's fifth-largest bank
PT Bank Danamon Tbk , plans to sell two-year and
three-year bonds with coupons in the range of 12.3-14.5 percent.
PT CIMB-GK Securities Indonesia, PT HSBC Securities Indonesia
and PT Indo Premier Securities have been appointed underwriters.
Indonesia's central bank has cut its benchmark interest rate
by a total of 175 basis points to 7.75 percent since December and
has indicated it could lower the rate further to drive growth.
($1 = 11,375 rupiah)
(Reporting by Dicky Kristanto; Editing by Sara Webb)
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Keywords: INDONESIA BONDS/
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