Bank Panin to sell $420-M of bonds in December

Sell bonds to finance further lending.

This is what Bank Pan Indonesia intend to do by as much as Rp 4 trillion or $420 million in December.

The Jakarta-based Bank Panin is offering Rp 3 trillion in five-year bonds to investors on Dec. 13 and 14. The lender will also offer Rp 1 trillion in seven-year subordinated bonds to investors on the same dates.

The lender plans to list the bond on the Indonesia Stock Exchange on Dec. 20.

Many Indonesian commercial banks are selling bonds to capitalize on low borrowing costs.

The central bank has forecast lending by the country’s 120 commercial banks to grow between 23 percent and 25 percent this year.

Bank Panin will use 90 percent of the proceeds from the note sales to finance its lending including mortgage loans and infrastructure projects. The remaining 10 percent will be put toward various investments in the debt market, the company said in the prospectus.

For more.

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