BTN to sell bonds

BTN to sell bonds

JAKARTA: PT Bank Tabungan Negara (BTN), an Indonesian state- owned lender, plans to sell Rp 750 billion (US$77.7 million) of bonds in July to raise money for housing loans.

The five-year bonds will pay a coupon of 12 percent, BTN President Director Kodradi told reporters on Thursday. PT Andalah Artha Advisindo Sekuritas, PT Mandiri Sekuritas and PT Trimegah Securities are arranging the sale, the company said.

The Jakarta-based bank in April 2004 sold Rp 1 trillion of bonds. Its senior unsecured debt is rated B3, six levels below investment grade, by Moody's Investors Service. -- Bloomberg