HFIS
PT. SARANA MULTIGRIYA FINANSIAL (PERSERO)

Residential Mortgage Backed Securities

In 2009 SMF has managed to do securitization proses of BTN mortgage.

In accordance with its the goal of establishment, in 2009 SMF has managed to do securitization proses of BTN mortgage. At first approach is done according to Presidential Decreee No. 19 in 2005, which is securitization using SPV (Special Purpose Vehicle). However, because the Implementation Guidelines which available at Bapepam as capital market autorithy for securitization transaction that currently being implemented is using Collective Investment Contract (KIK) mechanisms, then finally being implemented through KIK formed by Investment Manager and Custodian in accordance with existing regulations.


ASSETS BACKED SECURITIES ISSUED

SecuritizationIssuance YearAverage Remaining Period Mortgage (Years)TranchesNominalRating
Beginning
Rating
Current
CouponEBA Tenor (Year)
DSMF 0111 Feb '095,3Kelas A
Kelas B
100
11
Aaa.id
Unrated
idAAA
Unrated
13%5,00
DSMF 0210 Nov '095,63Kelas A
Kelas B
360
31
idAAA
Unrated
idAAA
Unrated
11%5,00
DBTN 0127 Des '105,35Kelas A
Kelas B
688,5
61,5
idAAA
Unrated
idAAA
Unrated
9,25%5,00
DBTN 0217 Nov '115,94Kelas A
Kelas B
645
58
idAAA
Unrated
idAAA
Unrated
8,75%5,00
DBTN 0313 Des '126,35Kelas A
Kelas B
925
75
idAAA
Unrated
idAAA
Unrated
7,75%5,00
DBTN 0420 Des '135,58Kelas A1
Kelas A2
Kelas B
403
525
72
idAAA
idAAA
Unrated
idAAA
idAAA
Unrated
8,90%
9,50%
3,00
5,00

Some benefits that need to be considered in Asset Backed Securities (ABS) as a securitization product, including KIK EBA, are:

  1. Class A Asset Backed Securities received idAAA rating from Pefindo.
  2. Strong fundamentals and good reputation of the originator who is very experienced in the mortgage industry
  3. Strong asset portfolio and meet SMF criteria
    • ABS underlying mortgage meets 32 SMF criterias.
    • Average ratio of the weighted LTV is relatively low, that is less than 70%.
    • Theres is no arrear mortgage on cut-off final date.
  4. A solid transaction structure
    • Credit support in the form of reserve fund given by SMF.
    • A class ABS has subordinated by 8%.
    • B class ABS capital will not get payment unless A class ABS investor has not been fully paid.
    • Transition Fund Service Provider reserved in advance


ASSET BACKED SECURITIES TRANSACTION STRUCTURE