JAKARTA: The offering of global sharia bonds amounting to US$1 billion
was oversubscribed at 6.5 times or US$6.5 billion from 250 investors.
Directorate General of Debt Management Rahmat Waluyanto stated the
government through special purpose vehicle, who issued Indonesia SBSN 2,
had conducted pricing of the global sharia bonds worth US$1 billion
mature in 7 years. “The yield is 4%.”
“The transaction is the follow-up to meeting with Middle East investors last October.” (source)
The issuance is to meet 2011 State Budget financing target with a total gross SBN at IDR201.5 trillion.
In detail, 30% of investors came from Middle East, 12% Indonesia, 18% Europe, 32% Asia and 18% US.
“About 59% of investors was fund management, the rest were bank, central bank and sovereign wealth funds.”
The bond listing will be conducted at Singapore Stock Exchange on
November 21. S&P’s rates Indonesia with BB+, Ba1 from Moody’s and
BB+ from Fitch.
The issuance is the second one since 2009. Global sharia bonds were
firstly issued in April 2009 with 8.8% yield and 5 years tenor.
Investors' confidence
PT Penilai Harga Efek Indonesia’s Director Hasan Fawzi viewed the
oversubscription confirmed investors' confidence to Indonesia.
“So, the government could choose investors that are considered credible,” he said.
PT Nusantara Capital Securities’s Bond Analyst I Made Adi Saputra
believed 4% yield is quite enticing. “Yields for global government bonds
maturing in 2018 and 2019 are 3.42% and 3.6%. (T05/NOM)
Source : http://www.bisnis.com/articles/gobal-sukuks-oversubscribed-at-6-dot-5-times - Nov 16, 2011
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