PT SMF Persero can act as the issuer of Asset-Backed Securities, especially those that guaranteed by mortgages - Residential Mortgage-Backed Securities

In accordance with its goal of establishment, in 2009 SMF has managed to do the securitization process of BTN mortgages. At first, the approach is done according to Presidential Decree No. 19 in 2005, which is securitization using SPV (Special Purpose Vehicle). However, because the Implementation Guidelines that available at Bapepam as capital market authority for securitization transactions that currently being implemented are using Collective Investment Contract (KIK) mechanisms, then finally being implemented through KIK that's formed by Investment Manager and Custodian in accordance with existing regulations. After Financial Service Authority Regulation (POJK) No.23/POJK.04/2014 was issued by Financial Service Authority on November 19th, 2014, The Company was assigned as Issuer of ABS - Participation Certificate, beside as Arranger, Credit Enhancer and Investor. ABS - Participation Certificate is a structure of ABS that's specifically intended for mortgage securitization (Based on POJK No.23/POJK.04/2014).


Assets Backed Securities Issued


Nama EBA Tanggal Penerbitan Penerbit Tranches Nominal (Rp Miliar) Peringkat Kupon Tenor
EBA DSMF01 11/02/2009 KIK EBA
Danareksa – BRI
Kelas A
Kelas B
100
11
Aaa.id (Moody)
Unrated
13% 5,00
EBA DSMF02 10/11/2009 KIK EBA
Danareksa – BRI
Kelas A
Kelas B
360
31
IdAAA (Pefindo) 11% 5,00
EBA DBTN01 27/12/2010 KIK EBA
Danareksa – BRI
Kelas A
Kelas B
688,5
61,5
IdAAA (Pefindo) 9,25% 5,00
EBA DBTN02 216/11/2011 KIK EBA
Danareksa – BRI
Kelas A
Kelas B
645
58
IdAAA (Pefindo) 8,75% 5,00


Some benefits that need to be considered in Asset Backed Securities (ABS) as a securitization product:

  1. Class A Asset Backed Securities received idAAA rating from Pefindo.
  2. Strong fundamentals and good reputation of the originator who is very experienced in the mortgage industry
  3. Strong asset portfolio and meet SMF criteria
    • ABS underlying mortgage meets 32 SMF criterias.
    • Average ratio of the weighted LTV is relatively low, that is less than 70%.
    • There is no arrear mortgage on cut-off final date.
  4. A solid transaction structure
    • Credit support in the form of reserve fund given by SMF.
    • A class ABS has subordinated class.
    • B class ABS capital will not get payment unless A class ABS investor has not been fully paid.
    • Transition Fund Service Provider reserved in advance

Prospektus & Information :

EBA-SP SMF-BTN01

EBA-SP SMF-BTN01 2

EBA-SP SMF-BTN01 3

EBA-SP SMF-BTN01 4

EBA-SP SMF-BTN04

EBA-SP SMF-BTN05

Asset Backed Securities Transaction Structure