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

NAMA EBATANGGAL PENERBITANPENERBITTRANCHESNOMINAL (RP MILIAR)PERINGKATKUPONTENOR
EBA DSMF0111/02/2009KIK EBA
Danareksa – BRI
Kelas A
Kelas B
100
11
Aaa.id (Moody)
Unrated
13%5,00
EBA DSMF0210/11/2009KIK EBA
Danareksa – BRI
Kelas A
Kelas B
360
31
IdAAA (Pefindo)11%5,00
EBA DBTN0127/12/2010KIK EBA
Danareksa – Bank Mandiri
Kelas A
Kelas B
688,5
61,5
IdAAA (Pefindo)9,25%5,00
EBA DBTN0216/11/2011KIK EBA
Danareksa – Bank Mandiri
Kelas A
Kelas B
645
58
IdAAA (Pefindo)8,75%5,00
EBA DBTN0312/12/2012KIK EBA
Danareksa – Bank Mandiri
Kelas A
Kelas B
925
75
IdAAA (Pefindo)7,75%5,00
EBA DBTN0420/12/2013KIK EBA
Danareksa – Bank Mandiri
Kelas A1
Kelas A2
Kelas B
403
525
72
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
8,90%
9,50%
3,00
5,00
EBA DBTN052/12/2014KIK EBA
Danareksa – Bank Mandiri
Kelas A1
Kelas A2
Kelas B
723,5
647,5
129
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
10,00%
10,25%
2,00
3,00
EBA-SP SMFBTN0127/11/2015SMFKelas A
Kelas B
181,6
18,4
IdAAA (Pefindo)
Unrated
8,6%4,00
EBA-SP SMFBMRI0125/08/2016SMFKelas A
Kelas A1
Kelas B
103,5
353
43,5
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
8,60%
9,10%
3,00
5,00
EBA-SP SMFBTN0231/10/2016SMFKelas A1
Kelas A2
Kelas B
400
513
87
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
8,15%
8,75%
2,00
5,00
EBA-SP SMFBTN0328/04/2017SMFKelas A1
Kelas A2
Kelas B
200
713
87
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
8,00%
8,40%
2,00
4,00
EBA-SP SMFBTN0428/02/2018 SMFKelas A1
Kelas A2
Kelas B
700
1.124
176
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
7,00%
7,50%
2,00
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
Prospektus & Information :
EBA-SP SMF-BTN01 EBA-SP SMF-BMRI01 EBA-SP SMF-BTN02 EBA-SP SMF-BTN03


ASSET BACKED SECURITIES TRANSACTION STRUCTURE