Offer 5.85% Coupon, ORI014 Absorbed Only Rp 8.95 Trillion

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23/10/2017 18:30 WIB

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Target and Proceeds from the ORI014 Retail Bond Auction

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Offer 5.85% Coupon, ORI014 Absorbed Only Rp 8.95 Trillion

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Target and Proceeds from the ORI014 Retail Bond Auction

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Offered with a low coupon, the Retail State Bond ORI014 was only 66.7 percent subscribed to its target of Rp 13.4 trillion. The auction results for ORI014, released by the Ministry of Finance, only managed to absorb Rp 8.95 trillion in funds from the public. This figure is also lower than the achievement of ORI013, which reached Rp 19.69 trillion.

ORI014, with a three-year tenor, was offered with a coupon of 5.85 percent, the lowest in its history. This is also 75 basis points lower than the ORI013 coupon. Furthermore, the ORI014 coupon is lower than the yield of the benchmark government bond with a 3-year tenor, which remains above 6 percent. This is what caused the ORI014 subscription to fall far short of the target.

For information, the composite bond index (ICBI) rose more than 13 percent throughout 2017, and similarly, the Jakarta Composite Index (JCI) of the Indonesia Stock Exchange also rose by more than 11 percent. These figures are far above the coupon offered on ORI014.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."