INDONESIA - CAPITAL MARKETS - Sukuk investors Stay Have High Return

www.ibpa.co.id  - JAKARTA (IFT) - Interest in the domestic institutional investors is still relatively high for a bid for the State Sharia Securities (SBSN) or Sukuk State. Report of Indonesia's economic growth by 6.4% in the second quarter of 2012, as reported by the Central Statistics Agency (BPS) can be a catalyst sukuk investors buy the country. However, investors will ask in return is expected to remain high.
Fakhrul Aufa, an analyst at PT Independent Assessment Rates Securities Indonesia Bond Pricing Agency, said the release of data growth in Gross Domestic Product (GDP) of the second quarter could be a positive sentiment for domestic investors. The growth is higher than the realization of the first quarter by 6.3%.
The increase in economic growth is somewhat special in the middle of a global economic slowdown. The sentiment is expected to reduce the negative sentiment of market participants to the disappointment of the Central Bank of the United States policy or the Federal Reserve (the Fed) and the European Central Bank or the European Central Bank (ECB) which are not disbursed stimulus.  (source)


"Bidders state sukuk is usually the domestic institutional investors," said Fakhrul. Disappointment most of the market because there is no stimulus is not expected to affect directly. However, the announcement of GDP growth is expected to increase the interest of domestic institutional investors to buy sukuk country.
Investor demand for sukuk countries are still relatively high. It is seen from two recent auctions where the bidding can reach two to three times greater than the indicative target.
Auction held on July 10, 2012 the number of deals reached Rp 1.22 trillion and the auction of July 24 the amount of bids reached Rp 1.9 trillion. Investor demand in the country today sukuk auction expected to be higher, but in return demand is not much different from the previous auction.
If the demand is not very different rewards such as last week, the government likely will not win any bids submitted investors. Moreover, the fulfillment of the target auction sukuk has reached 77%. "The government would not accept the demand of high reward," said Fakhrul.
Ezra Nazula Rida, Vice President Head of Fixed Income Manulife Asset Management, said the demand for high rewards will still be visible in the sukuk auction. This is a reflection of the increased risk faced by investors after no certainty of European central banks and sukuk secondary market is not very liquid state.
Investors require a premium expected to continue for 5 basis points-10 basis on the exchange in the secondary market. Number of bids could potentially exceed the indicative target set by the government Rp 500 billion. "We have been publishing the target of more than 70%. I think, the government does not absorb all of the offer," said Ezra.
Today the government will auction off five state sukuk series, the series SPN-S 13122012 (new issuance) tenor of six months in return for a discount, PBS001 (reopening) tenor of six years in exchange for 4.45%, PBS002 (reopening) in exchange for a 10-year tenor 5.45%, PBS003 (reopening) tenor of 15 years in exchange for 6%, and PBS004 (reopening) tenor of 25 years in exchange for 6.1%.
SBSN sales will be conducted by the auction system organized by Bank Indonesia as the auction agent SBSN. The auction will be open using a variety of pricing methods. The winning bidder who submitted competitive bids will pay according to the proposed exchange.
Different Needs
Budi Susanto, Debt Capital PT Danareksa Securities, said the bids on the sukuk will vary because of different needs of domestic institutional investors. Banks tend to offer more short tenor sukuk countries to manage liquidity. While insurance and pension funds tend to absorb more long tenor sukuk countries because of relatively high rewards.
The "short-tenor sukuk intermediate state is the most popular series on the auction this time. However, did not rule out the insurance and pension funds included in the bid serial number of the long tenor sukuk country," said Budi.
I Made Adi Saputra, PT Nusantara Capital Securities analyst, said the return on the sukuk secondary market is still volatile in the foreseeable future. Domestic institutional investors to place funds in sukuk is still relatively good. I Made predict the required return for investors in the range 5.8% to 7.2%.

Investor Sukuk Tetap Minta Imbalan Tinggi JAKARTA (IFT) – Minat investor institusi domestik masih relatif tinggi untuk mengikuti lelang Surat Berharga Syariah Negara (SBSN) atau Sukuk Negara. Laporan pertumbuhan ekonomi Indonesia sebesar 6,4% pada kuartal II 2012, seperti yang dilaporkan Badan Pusat Statistik (BPS) bisa menjadi katalis investor membeli sukuk negara. Namun, investor diperkirakan tetap akan meminta imbalan tinggi.
>Fakhrul Aufa, Analis PT Lembaga Penilai Harga Efek atau Indonesia Bond Pricing Agency, mengatakan rilis data pertumbuhan Produk Domestik Bruto (PDB) kuartal II bisa menjadi sentimen positif bagi investor domestik. Pertumbuhan tersebut lebih tinggi dibandingkan realisasi kuartal I sebesar 6,3%.>
Kenaikan pertumbuhan ekonomi ini terbilang istimewa di tengah perlambatan ekonomi global. Sentimen ini diperkirakan bisa meredam sentimen negatif dari kekecewaan pelaku pasar terhadap kebijakan Bank Sentral Amerika Serikat atau The Federal Reserve (The Fed) dan Bank Sentral Eropa atau European Central Bank (ECB) yang tidak mengucurkan stimulus.
“Peserta lelang sukuk negara biasanya investor institusi domestik," kata Fakhrul. Kekecewaan sebagian besar pelaku pasar karena tidak ada stimulus diperkirakan tidak berpengaruh secara langsung. Namun, pengumuman pertumbuhan PDB diharapkan bisa meningkatkan minat investor institusi domestik membeli sukuk negara.
Permintaan investor terhadap sukuk negara masih relatif tinggi. Hal tersebut terlihat dari dua lelang terakhir dimana jumlah penawaran bisa mencapai dua hingga tiga kali lebih besar dari target indikatif.
Pada lelang yang dilaksanakan 10 Juli 2012 jumlah penawaran mencapai Rp 1,22 triliun dan pada lelang 24 Juli jumlah penawaran yang masuk mencapai Rp 1,9 triliun. Permintaan investor pada lelang sukuk negara hari ini diperkirakan lebih tinggi, tetapi permintaan imbalan tidak jauh berbeda dengan lelang sebelumnya.
Jika permintaan imbalan tidak jauh berbeda seperti pekan lalu, pemerintah kemungkinan tidak akan memenangkan penawaran yang diajukan investor. Apalagi, pemenuhan target lelang sukuk sudah mencapai 77%. "Pemerintah pasti tidak mau menerima permintaan imbalan tinggi,” jelas Fakhrul.
Ezra Nazula Ridha, Vice President Head of Fixed Income Manulife Asset Management, mengatakan permintaan imbalan tinggi masih akan terlihat dalam lelang sukuk negara. Ini merupakan cerminan dari kenaikan risiko yang dihadapi investor setelah tidak ada kepastian dari bank sentral Eropa dan pasar sekunder sukuk negara yang tidak terlalu likuid.>
Investor diperkirakan tetap meminta premium 5 basis poin-10 basis di atas imbalan di pasar sekunder. Jumlah penawaran yang masuk berpotensi melebihi target indikatif yang ditetapkan pemerintah Rp 500 miliar. "Saat ini target penerbitan sudah lebih dari 70%. Saya rasa, pemerintah tidak menyerap semua tawaran," kata Ezra.
Hari ini pemerintah akan melelang lima seri sukuk negara, yaitu seri SPN-S 13122012 (new issuance) tenor enam bulan dengan imbalan diskonto, 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%.
Penjualan SBSN tersebut akan dilaksanakan dengan sistem pelelangan yang diselenggarakan Bank Indonesia sebagai agen lelang SBSN. Lelang bersifat terbuka menggunakan metode harga beragam. Pemenang lelang yang mengajukan penawaran pembelian kompetitif akan membayar sesuai dengan imbalan yang diajukan.
>Kebutuhan Berbeda
Budi Susanto, Debt Capital PT Danareksa Sekuritas, mengatakan penawaran yang masuk pada sukuk negara akan bervariasi karena kebutuhan investor institusi domestik berbeda. Perbankan cenderung akan menawar lebih banyak sukuk negara tenor pendek untuk mengelola likuiditas. Sementara asuransi dan dana pensiun cenderung lebih banyak menyerap sukuk negara tenor panjang karena imbalan yang relatif tinggi.
"Seri sukuk negara tenor pendek-menengah merupakan seri yang paling banyak diminati pada lelang kali ini. Namun, tidak menutup kemungkinan asuransi dan dana pensiun masuk dalam jumlah besar menawar seri sukuk negara tenor panjang," ujar Budi.
I Made Adi Saputra, Analis PT Nusantara Capital Securities, mengatakan imbalan sukuk di pasar sekunder masih volatile dalam beberapa waktu ke depan. Minat investor institusi domestik menempatkan dana di sukuk masih relatif baik. I Made memprediksi imbalan yang diminta investor pada kisaran 5,8% hingga 7,2%.

Source: http://www.ibpa.co.id/News/ArsipBerita/tabid/126/EntryId/4344/Investor-Sukuk-Tetap-Minta-Imbalan-Tinggi.aspx  - Aug 7, 2012 - google translate