Fulfilling Home Needs, SMF Reissues EBA-SP For BTN Assets Of IDR 600 Billion

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Sarana Multigriya Finansial (Persero) or SMF has again issued an Asset Gun Effect in the form of a SMF-BTN08 Participation Letter (EBA-SP) worth Rp600 billion with an idAA rating from PT Pemeringkat Efek Indonesia (Pefindo).

President Director of SMF, Ananta Wiyogo said the issuance of EBA-SP SMF-BTN08 was the result of the mortgage asset securitization transaction worth Rp600 billion belonging to PT Bank Tabungan Negara (Persero) Tbk (BTN).

"SMF issued the SMF-BTN08 EBA-SP which is the result of the securitization transaction and was officially listed on the Indonesia Stock Exchange on September 26, 2023," he said in a statement to the media, Thursday, October 5.

He added that if EBA-SP SMF-BTNU08 is offered through a public offering with a 4-year Weighted Average Life (WAL or a weighted average due) with a nominal value of IDR 544.8 billion or 90.8 percent of the total number of bills and fixed interest rates of 6.60 percent per year.

As for the transaction in addition to acting as a Publisher, SMF also acts as an arranger, and credit supporter. BTN in this transaction acts as a creditor of origin and service provider (service provider). In addition, as trustee and custodian bank is PT Bank Rakyat Indonesia (Persero), Tbk (BRI).

He further explained that all funds obtained from the issuance of the EBA-SP SMF-BTN08 were used to purchase a collection of BTN Home Ownership Credit (KPR) bills which were selected based on 32 selection criteria with a total of Rp600 billion, in order to support the development of housing secondary financing.

Ananta reiterated that the issuance of EBA-SP SMF-BTN08 is the Company's commitment as a Special Mission Vehicle (SMV) of the Ministry of Finance to revive the national housing sector through creative financing efforts, where the development of this sector requires a fairly large medium-term fund.

"The issuance of EBA-SP is carried out to support the government's efforts to suppress the backlog on meeting residential needs for Indonesian people who need large long-term funds," said Ananta.

Just so you know, since 2009 SMF has facilitated the issuance of structured products in the form of Asset Wearing Effects (EBA).

Until now, SMF has issued EBA with the basic assets of KPR bills as many as 17 transactions with the total funds collected from the capital market amounting to Rp14.21 trillion to be distributed to the public so that they can have a decent and affordable house.