Bank Mantap Issues Rp2 Trillion Bonds To Finance Credit Expansion

Denpasar (Antara Bali) - PT Bank (Mandiri Taspen Pos) Mantap has issued a two series bond valued at Rp2 trillion to raise fund to strengthen its capital.

The bond fund would improve the performance of the bank in issuing credits for expansion, its Chief Executive Josephus K Triprakoso said here on Friday.

Josephus said the bond has been listed on the Indonesian Stock Exchange and given a rating of AA by international rating agency Fitch Rating.

The bonds of the bank formerly known with the name of Bank Sinar Harapan Bali consist of two series with A series valued at Rp1.5 trillion with fixed coupon rate of 8.5 percent a year for three years.

The B series was valued at Rp500 billion with a fixed coupon rate of 8.75 percent for five years.

The bank named four underwriters - Mandiri Sekuritas, BCA Sekuritas, Danareksa Sekuritas and Bahana Sekuritas.

Josephus said the subsidiary of state lender Bank Mandiri and state pension fund Taspen, needs the bonds for credit expansion.

Bank Mantap recorded credit growth of 174.4 percent in the second quarter to Rp7.54 trillion in June 2017 from Rp2.74 trillion a year earlier.

Its assets grew 136.39 percent in a year to Rp9.79 trillion in June this year.

The bank disbursed Rp5.6 trillion in credits for small and medium enterprises until June 2017, up 211.5 percent from the same period last year. (WDY)