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).
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: