BII plans Rp 2 trillion bond

BII plans Rp 2 trillion bond

JAKARTA : Nationalized PT Bank Internasional Indonesia (BII)
plans to back part of its proposed Rp 2 trillion bond with credit
card receivables, a bank official said on Wednesday.

The bond is expected in the second half of 2003. Details of
the asset-backed portion have yet to be finalized, BII spokesman
Priyambodo told Dow Jones Newswires.

BII has named Triple-A Securities, Danareksa Securities and
Credit Suisse First Boston as joint underwriters for the planned
issue, Priyambodo added.

BII President Director Sigit Pramono said last month the
planned bond is part of the bank's move to switch more of its
financing into longer maturities.

If the deal goes through, the BII issue will be the first
asset-backed bond by Indonesian issuers since the 1997-98 Asian
financial crisis, and may encourage other local issuers to follow
suit, analysts said. --Dow Jones