www.ibpa.co.id - JAKARTA
(IFT) - The government does not win all the bids in the auction of
state securities or sukuk Islamic countries do Tuesday (10/7). Finance Ministry official said the government did not win because it offers investors demand in return (yield) is too high.
The results of the sukuk auction held Tuesday, was the worst in 2012. Number of bids reached Rp 1.22 trillion from five series offered through an auction mechanism. The government cut the indicative target of Rp 500 billion from Rp 1 trillion in the previous auction. (source)
Five
series which auctioned the SPN-S 11012013 (new issuance) with a tenor
of one year discount rate of return, series PBS001 (reopening) tenor of
six years in exchange for 4.45%, PBS002 (reopening) tenor of 10 years in
exchange for 5.45%, PBS003 (reopening) tenor of 15 years in exchange for 6% and PBS004 (reopening) tenor of 25 years in exchange for 6.1%.
The
highest number of offers on the series worth Rp 646 billion PBS001,
SPN-S11012013 series worth Rp 181 billion, PBS004 series worth Rp 163
billion, series worth Rp 131 billion PBS002 and PBS003 series worth Rp
96 billion.
Waluyanto,
Director General of Debt Management, Ministry of Finance, said the
government did not win the whole supply because of investor demand for
yield is very high.
Based
on data from the Directorate of Debt Management, the range of demand
for yield by 5.87% PBS001 -6.75%, above the 5.87% secondary market. Demand PBS002 yield in the range 6.5% -7%, 6.44% exceeded the secondary market. Yield
demand PBS003 series in the range 6.87% -7.5%, exceeding the secondary
market yield of 6.47% and demand PBS004 in the range 6.97% to 8%, while
in the secondary market only 6.73%. The Government did not yield it receives a request that all offers be rejected.
According to the Research Department of IFT, the domestic bond market is still likely to be affected in external conditions. European sovereign debt crisis resolution process is still ongoing and there is no clear signal towards improvement. Meanwhile,
the economic funds from some developed countries, published last
weekend and earlier this week the result disappointing financial
industry.
Unemployment data in the United States does not match market expectations. Eurobonds market is also worried about rejection by German Chancellor Angela Merkel. In fact, the market rate that the solution is considered to end the crisis in Europe.
Under conditions of relative uncertainty, investors tend to reduce investment in less liquid instruments such as sukuk country. The
condition is different from the Government Securities (GS) which are
relatively illiquid, so that the auction is still running more lively.
BargainingHerbie
Mohede, Bond Analyst PT Samuel Asset Management, said the absence of
bidding, which was won, proving the government has a strong bargaining
position while investors still require a high yield in every series. "Step right government. Government's
strong bargaining position to maintain market expectations, but on the
other hand it makes the investor a 'bite finger' for want of a high
yield, "said Herbie.
Jemmy
Paul, Fund Manager Sucorinvest Asset Management, added drop indicative
target is a signal that the government had anticipated the demand for
high yield investors. "The government believes in the auction of sukuk are not too attractive to foreign and local investors," said Jemmy.
Foreign
and local investors also tend to wait for the certainty of the European
Central Bank policy related to the purchase of Spanish and Italian
bonds new made on Tuesday afternoon local time. Completion of the steps the European crisis to be one investor's attention.
According to Jemmy, the decision did not win the bids indicates the government still has the bargaining power of the investor. In addition, the government can meet the most optimistic budget deficit State in 2012. (*)
Ditulis Oleh : Firdaus Nur Iman & Houtmand P Saragih, Sumber : Indonesiafinancetoday.com
JAKARTA
(IFT) – Pemerintah tidak memenangkan semua penawaran yang masuk dalam
lelang Surat Berharga Syariah Negara atau sukuk negara yang lakukan
Selasa (10/7). Pejabat Kementerian Keuangan mengatakan pemerintah tidak
memenangkan penawaran investor karena permintaan imbalan (yield) terlalu
tinggi.
Hasil
lelang sukuk negara yang dilaksanakan Selasa, merupakan yang terburuk
sepanjang 2012. Jumlah penawaran yang masuk mencapai Rp 1,22 triliun
dari lima seri yang ditawarkan melalui mekanisme lelang. Pemerintah
menurunkan target indikatif menjadi Rp 500 miliar dari Rp 1 triliun pada
lelang sebelumnya.
Lima
seri yang dilelang yaitu SPN-S 11012013 (new issuance) tenor satu tahun
dengan tingkat imbalan diskonto, seri PBS001 (reopening) tenor enam
tahun dengan imbalan 4,45%, PBS002 (reopening) tenor 10 tahun dengan
imbalan 5,45%, PBS003 (reopening) tenor 15 tahun dengan imbalan 6% dan
PBS004 (reopening) tenor 25 tahun dengan imbalan 6,1%.
Jumlah
penawaran tertinggi pada seri PBS001 senilai Rp 646 miliar, seri
SPN-S11012013 senilai Rp 181 miliar, seri PBS004 senilai Rp 163 miliar,
seri PBS002 senilai Rp 131 miliar dan seri PBS003 senilai Rp 96 miliar.
Rahmat
Waluyanto, Direktur Jenderal Pengelolaan Utang Kementerian Keuangan,
menegaskan pemerintah tidak memenangkan seluruh penawaran karena
permintaan yield dari investor yang sangat tinggi.
Berdasarkan
data Direktorat Pengelolaan Utang, kisaran permintaan yield untuk
PBS001 sebesar 5,87%-6,75%, di atas pasar sekunder 5,87%. Permintaan
yield PBS002 pada kisaran 6,5%-7%, melampaui pasar sekunder 6,44%.
Permintaan yield seri PBS003 di kisaran 6,87%-7,5%, melebihi pasar
sekunder 6,47% dan permintaan yield PBS004 pada kisaran 6,97% hingga 8%
sedangkan di pasar sekunder hanya 6,73%. Pemerintah pun tidak menerima
permintaan yield itu sehingga semua penawaran ditolak.
Menurut
Departemen Riset IFT, pasar obligasi domestik masih cenderung
terpengaruh kondisi eksternal. Proses penyelesaian krisis utang Eropa
masih berlangsung dan belum ada sinyal jelas kearah perbaikan. Sementara
itu, dana ekonomi dari beberapa negara maju yang dipublikasikan akhir
pekan lalu dan awal pekan ini hasilnya mengecewakan pelaku industri
keuangan dunia.
Data
pengangguran di Amerika Serikat tidak sesuai ekspektasi pelaku pasar.
Pasar juga mencemaskan penolakan Eurobonds oleh Kanselir Jerman Angela
Merkel. Padahal, pasar menilai bahwa solusi ini dianggap mampu
mengakhiri krisis Eropa.
Dalam
kondisi yang relatif tidak pasti tersebut, investor cenderung
mengurangi investasi di instrumen yang kurang likuid seperti sukuk
negara. Kondisi tersebut berbeda dengan Surat Utang Negara (SUN) yang
relatif likuid, sehingga pelaksanaan lelang masih berjalan lebih
semarak.
Posisi Tawar
Herbie Mohede, Analis Obligasi PT Samuel Asset Management, mengatakan
dengan tidak adanya penawaran yang dimenangkan, membuktikan pemerintah
mempunyai posisi tawar yang kuat sementara para investor tetap meminta
yield tinggi di setiap seri. “Langkah pemerintah tepat. Posisi tawar
pemerintah kuat untuk menjaga ekspektasi pasar, tetapi disisi lain hal
ini membuat para investor jadi ‘gigit jari’ karena menginginkan yield
tinggi,” kata Herbie.
Jemmy
Paul, Fund Manager PT Sucorinvest Asset Management, menambahkan
penurunan target indikatif merupakan sinyal bahwa pemerintah sudah
mengantisipasi permintaan yield tinggi dari investor. “Pemerintah yakin
dalam lelang sukuk tidak terlalu diminati investor asing maupun lokal,”
kata Jemmy.
Investor
asing dan lokal juga cenderung menunggu kepastian kebijakan Bank
Sentral Eropa terkait pembelian surat utang Spanyol dan Italia yang baru
dilakukan pada Selasa sore waktu setempat. Langkah-langkah penyelesaian
krisis Eropa menjadi salah satu perhatian investor.
Menurut
Jemmy, keputusan tidak memenangkan penawaran yang masuk menunjukkan
pemerintah masih memiliki daya tawar terhadap investor. Selain itu,
pemerintah optimistis bisa memenuhi sebagian defisit Anggaran Pendapatan
dan Belanja Negara 2012.(*)
Source: http://www.ibpa.co.id/News/ArsipBerita/tabid/126/EntryId/4270/Investor-Tak-Serap-Lelang-Sukuk-Negara.aspx - July 10, 2012 - google translate
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