JAKARTA: PT Agung Podomoro Land Tbk decided to issue bonds at the very most IDR800 billion merely to back its working capital this year.The bond I/2001 is issued in two series with three and five years maturities respectively.Nevertheless, Agung Podomoro declined to specify bond coupon being offered to investor, said Agung Podomoro Corporate Secretary Prisca Batubara. We cannot disclose the exact bond coupon yet the corporate action aims to back our capital, she said yesterday.The company appointed four underwriters, PT Mandiri Sekuritas, PT Indo Premier Securities Deutsche Bank and PT Standard Chartered Securities.PT Pemeringkat Efek Indonesia sets A rating for the bond issuance.Previously Prisca said that the super-bloc developer is reviewing financing alternatives to fund this year capital expenditure at IDR3 trillion.Agung Podomoro plans to issue bonds and secure bank loan merely to fulfill its financing needs. The companys cash flow from sale reached IDR2 trillion as per May this year. Agung Podomoro still keeps its last year rights issues proceeds.Director Indo Premier Securities, Shiantaraga said that the company cannot disclose any information regarding the offered coupon during such corporate action.We cannot compare it with other property company as Agung Podomoro is the only company to hold bond issuance this year. One thing for sure, the bond coupon is yet to disclose yet, he said.Besides Agung Podomoro Land, several property and real estate companies also plan to issue bond.Property developer in Serpong, PT Alam Sutera Realty Tbk also plans to issue dollar denominated bonds valuing IDR1.1 trillion in the third quarter of 2011.MaturitiesOn the other hand, PT Kustodian Sentral Efek Indonesia disclosed that the total bonds or property and real estate reached IDR1.1 trillion at the moment.Such issuance was undertaken by four property companies, PT Bumi Serpong Damai Tbk, PT Bakrieland Development Tbk, PT Pembangunan Jaya Ancol Tbk and PT Summarecon Agung Tbk.Head of Fixed Income Division at PT Anugerah Securindo Indah Ramdhan Ario Maruto perceived bonds issued by property sector to have offered higher coupon compared to other sector such as financing companies.Different from other industry, it is not easy for property developer to secure A rating within their bonds as only few property developer decide to issue bonds.He projects bond coupon to be in the range of 11%-11.5% during such issuance.According to him, coupon trend is supposed to be lower considering numerous corporate actions in the form of initial public offering.Besides, there are many companies from other sectors issuing bonds with low coupon. The bond coupon of multi finance company approximately reaches 9%, yet the interest of listed property is higher, said Ramdhan.This year, Agung Podomoro allocates up to IDR3 trillion capital expenditure to develop its projects, including Green Lake Sunter, Green Bay, Kuningan City and Green Permata Residence.Agung Podomoros business performance is very prospective following the potential sustainable growth of domestic economy, said analyst at PT e-Trading Securities, Wisnu Karto.Economic growth will have positive correlation with the development of medium and high class society, he said in a recent published research.He said that the opportunities in fact also bolster the growth of property industry.Based on the data of Central Bureau of Statistics, the medium class society with US$5,356 per year income reached 25.08 million while high class society with average income of US$14,918 were 8.36 million.Such rising income automatically boosts demand on residence and residential tower.Supposes government legalizes law on foreign ownership in property sector and will take effect in 90 years, then the potential market of foreign market is estimated to reach US$2 billion-US$3 billion. (18) (t02/msw)

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