NISP set for bond issue in early 2005

NISP set for bond issue in early 2005

JAKARTA: Indonesia's PT Bank NISP said on Wednesday it plans to issue Rp 750 billion (US$83 million) worth of local bonds early next year to strengthen its long-term loan provisions and safeguard its risk management system.

"We expect the bond issue will attract investors, given the improving banking sector outlook here after the new government," Bank NISP President Pramukti Surjaudaja told Dow Jones.

Pramukti said the bank has named PT Mandiri Sekuritas and PT NISP Sekuritas as joint-lead underwriters for the five-year bond issue.

In the first nine months of 2004, Bank NISP's net profit jumped 70 percent on year to Rp 203.79 billion. NISP is 22.5 percent-owned by Singapore's Oversea-Chinese Banking Corp. -- Dow Jones