INDONESIA - CAPITAL MARKETS - Sukuk investors want a high yield

www.ibpa.co.id - JAKARTA. The Government held a State Sharia Securities (SBSN), Tuesday (24/7) future. Of the instrument auction, which is also popularly known as sukuk country, the government is targeting the acquisition of funds worth Rp 500 billion.There are five series of project-based sukuk countries (project based sukuk) has to offer. Four series have been offered in previous auction, alias status of reopening, the PBS001, PBS002, PBS003, and PBS004. One more series is a new publication that SPN-S 25,012,013. (full story)

Dahlan Siamat, Director of Financing the Sharia Directorate General of Debt Management, Ministry of Finance, is optimistic that the auction will follow the high interest. He referred to the Government Securities auction on Tuesday (17/4). In the auction, bid placement of funds into Rp 27.69 trillion. Of value, the government only received Rp 9 trillion.Bank Indonesia benchmark interest low spark investor interest following the Treasury auction. "At an auction yesterday, investors are still worried, to ask for a high yield. So, we do not absorb everything," he said to KONTAN, Friday (20/6).In the next auction, Dahlan said the government would principled same, that is just taking the funds if, requested a low yield.Bond analyst, PT Mega Capital Indonesia, Ariawan, not sure the government could get a request to lower yields. He argued that the average investor-oriented long-term sukuk country and holding until maturity.Lana Soelistianingsih, Samuel Securities economist and I Made Adi Saputra, NC Securities Analysts expect the bonds, the government will not absorb the funds in the auction value of sukuk, the day after tomorrow. "If investors do not set the high-yielding government will win more," said Made.Ariawan estimate bids only around Rp 1 trillion to $ 3 trillion. Lana judge, fair if the government is only willing to take the funds, if the required return is low. "Targeted government funding has been fulfilled 69%. So naturally if you choose," he said.

Investor sukuk inginkan yield tinggi

Ditulis Oleh : Narita Indrastiti, Sumber : Kontan.co.id

JAKARTA. Pemerintah menggelar Surat Berharga Syariah Negara (SBSN), Selasa (24/7) mendatang. Dari lelang instrumen, yang juga populer disebut sukuk negara itu, pemerintah menargetkan perolehan dana senilai Rp 500 miliar.

Ada lima seri sukuk negara berbasis proyek (project based sukuk) yang ditawarkan. Empat seri sudah pernah ditawarkan di lelang terdahulu, alias berstatus reopening, yaitu PBS001, PBS002, PBS003, dan PBS004. Satu seri lagi merupakan penerbitan baru yaitu SPN-S 25012013.

Dahlan Siamat, Direktur Pembiayaan Syariah Direktorat Jenderal Pengelolaan Utang Kementerian Keuangan, optimistis minat mengikuti lelang akan tinggi. Ia merujuk ke hasil lelang Surat Utang Negara yang berlangsung Selasa (17/4) . Di lelang itu, tawaran penempatan dana yang masuk Rp 27,69 triliun. Dari nilai itu, pemerintah hanya menerima Rp 9 triliun.

Bunga acuan Bank Indonesia yang rendah memicu minat pemodal mengikuti lelang obligasi negara. "Di lelang kemarin, investor masih cemas, hingga meminta yield yang tinggi. Jadi, kami tidak serap semua," ujar dia ke KONTAN, Jumat (20/6).

Dalam lelang esok, Dahlan menuturkan, pemerintah akan berprinsip sama, yaitu hanya mengambil dana jika, yield yang diminta rendah.

Analis obligasi, PT Mega Capital Indonesia, Ariawan, tidak yakin pemerintah bisa mendapat permintaan imbal hasil yang lebih rendah. Ia beralasan, rata-rata investor sukuk negara berorientasi jangka panjang dan memegang sampai jatuh tempo.

Lana Soelistianingsih, Ekonom Samuel Sekuritas dan I Made Adi Saputra, Analis obligasi NC Securities menduga, pemerintah tidak akan menyerap dana dalam nilai besar pada lelang sukuk, lusa. "Kalau investor tidak menetapkan imbal hasil tinggi pemerintah akan memenangkan lebih banyak," ujar Made.

Ariawan memperkirakan penawaran yang masuk hanya berkisar Rp 1 triliun hingga Rp 3 triliun. Lana menilai, wajar jika pemerintah hanya mau mengambil dana, jika imbal hasil yang diminta rendah. "Target pendanaan pemerintah sudah terpenuhi 69%. Jadi wajar jika memilih," ujar dia.

Source: http://www.ibpa.co.id/News/ArsipBerita/tabid/126/EntryId/4304/Investor-sukuk-inginkan-yield-tinggi.aspx - July 23, 2012 - google translate