HFIS
PT. SARANA MULTIGRIYA FINANSIAL (PERSERO)

Residential Mortgage Backed Securities

PT SMF Persero can act as the issuer of Asset-Backed Securities, especially those that guaranteed by mortgages - Residential Mortgage-Backed Securities

In accordance with its goal of establishment, in 2009 SMF has managed to do the securitization process of BTN mortgages. At first, the approach is done according to Presidential Decree No. 19 in 2005, which is securitization using SPV (Special Purpose Vehicle). However, because the Implementation Guidelines that available at Bapepam as capital market authority for securitization transactions that currently being implemented are using Collective Investment Contract (KIK) mechanisms, then finally being implemented through KIK that's formed by Investment Manager and Custodian in accordance with existing regulations. After Financial Service Authority Regulation (POJK) No.23/POJK.04/2014 was issued by Financial Service Authority on November 19th, 2014, The Company was assigned as Issuer of ABS - Participation Certificate, beside as Arranger, Credit Enhancer and Investor. ABS - Participation Certificate is a structure of ABS that's specifically intended for mortgage securitization (Based on POJK No.23/POJK.04/2014).


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 A1
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
EBA-SP SMFBTN0527/11/2019SMFKelas A1
Kelas A2
Kelas M
Kelas B
574
1.142
24
260
IdAAA (Pefindo)
IdAAA (Pefindo)
IdA (Pefindo)
Unrated
8,50%
8,75%
10,40%
3,00
5,00
8,40

Some benefits that need to be considered in Asset Backed Securities (ABS) as a securitization product:

  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 class.
    • 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 EBA-SP SMF-BTN04 EBA-SP SMF-BTN05
 


ASSET BACKED SECURITIES TRANSACTION STRUCTURE