Mandiri to issue bonds in November<\/p>\n
Bank Mandiri, the nation's largest bank in terms of assets, is
\nwaiting for approval from the central bank to issue global bonds
\nworth some US$300 million in the form of medium-term notes
\n(MTNs).<\/p>\n
The bank's corporate secretary, Ekoputro Adijayanto, announced
\non Monday that the MTNs, which were expected to be issued in
\nNovember, would be used to refinance the bank's maturing dollar-
\ndenominated bonds amounting to $400 million.<\/p>\n
\"We are still in a due diligence process for issuing the MTNs,
\nas well as waiting for the green light from the central bank. We
\nexpect to issue the bonds in November after the procedure has
\nbeen completed,\" said Ekoputro.<\/p>\n
The MTNs will mature in three to five years, he added.<\/p>\n
The state bank has appointed Credit Suisse First Boston as
\nlead underwriter for the issue.<\/p>\n
In the first six months of this year, the bank suffered a
\nsharp decline in net profit resulting from an increase in
\nnonperforming loans (NPL).<\/p>\n
The bank's net profit dropped by 80 percent to Rp 620 billion
\n(US$60.49 million) in the first half this year, from over Rp 3
\ntrillion in the corresponding period last year.<\/p>\n
The bank's gross NPLs rose to 24.6 percent as of June 2005
\nfrom 8.2 percent as of June 2004, while its net NPLs rose to 15.4
\npercent from 1.8 percent. -- JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/mandiri-to-issue-bonds-in-november-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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