Media Coverage / 6 August 2020

SMF Issues MTN of IDR 700 Billion

PT Sarana Multigriya Finansial (Persero) or SMF issued medium term notes (MTN) IX worth IDR 700 billion. These bonds are issued with a coupon rate of 6.5% per year.

Based on information from the Indonesian Central Securities Depository (KSEI) on Tuesday (4/8), the MTN has a period of 370 days and an interest rate of 6.5% per year. Meanwhile, interest payments will be made quarterly.

The MTN is planned to be distributed electronically to buyers on August 4, 2020. Then the first interest payment will be held on November 4, 2020 until due on August 14, 2021.

Acting as administrators for the MTN issuance are PT CIMB Niaga Sekuritas and PT DBS Vickers Sekuritas Indonesia. While PT Bank Mandiri (Persero) Tbk (BMRI) acts as a monitoring agent.

Previously, SMF Director Trisnadi Yulrisman said that he planned to evaluate the issuance of bonds or bonds this year. The issuance of these bonds will be adjusted to the need for funds for lending during the Covid-19 pandemic. Initially, the company targeted the issuance of bonds of around Rp 9.5 trillion. However, with the Covid-19 pandemic, the issuance of bonds may be cut by 20% to IDR 8 trillion.

Until the first semester of 2020, the company has issued bonds amounting to Rp 5.18 trillion or 54.13% of the target of Rp 9.5 trillion. Meanwhile, the issuance of bonds that the company has realized in the early semester II-2020 reached Rp 2.45 trillion in mid-July 2020.

“For the second semester of 2020 there is still room to issue bonds, because if you look at the realization of financing and liabilities there is still a gap. But we are also considering other sources of funds such as medium term notes (MTN) and bank loans,” he said.

Meanwhile, during the first semester of 2020, SMF has successfully disbursed loans to mortgage lenders amounting to Rp 4.2 trillion or 32.23% of the 2020 target. Meanwhile, the total assets of SMF up to semester I-2020 amounted to Rp 29.32 trillion, an increase. 39.57% from the same position in the previous year of IDR 21 trillion. The net profit in the first semester of 2020 reached IDR 242.53 billion, up 0.62% compared to the previous year which amounted to IDR 241.03 billion.

Source: Investor Daily