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
(Tahun)
EBA DSMF01 11 Februari 2009 KIK EBA Danareksa-BRI Kelas A
Kelas B
100
11
AAA.id (Moody)
Unrated
13% 5
EBA DSMF02 10 November 2009 KIK EBA Danareksa-BRI Kelas A
Kelas B
360
31
IdAAA (Pefindo)
Unrated
11% 5
EBA D BTN01 27 Desember 2010 KIK EBA Danareksa-Bank Mandiri Kelas A
Kelas B
688,5
61,5
IdAAA (Pefindo)
Unrated
9,25% 5
EBA D BTN02 17 November 2011 KIK EBA Danareksa-Bank Mandiri Kelas A
Kelas B
645
58
IdAAA (Pefindo)
Unrated
8,75% 5
EBA D BTN03 13 Desember 2012 KIK EBA Danareksa-Bank Mandiri Kelas A
Kelas B
925
75
IdAAA (Pefindo)
Unrated
7,75 5
EBA D BTN04 20 Desember 2013 KIK EBA Danareksa-Bank Mandiri Kelas A1
Kelas A2
Kelas B
403
525
72
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
8,90%
9,50%
3
5
EBA D BTN05 3 Desember 2014 KIK EBA Danareksa-Bank Mandiri Kelas A1
Kelas A2
Kelas B
723,5
647,5
129
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
10,00%
10,25%
2
5
EBA-SP SMF BTN01 27 November 2015 SMF Kelas A
Kelas B
181,6
18,4
IdAAA (Pefindo)
Unrated
8,60% 4
EBA-SP SMF BMRI01 25 Agustus 2015   Kelas A1
Kelas A2
Kelas B
103,5
353
43,5
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
8,60%
9,10%
3
5
EBA-SP SMF BTN02 31 Oktober 2016 SMF Kelas A1
Kelas A2
Kelas B
400
513
87
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
8,15%
8,75%
2
5
EBA-SP SMF BTN03 28 April 2017 SMF Kelas A1
Kelas A2
Kelas B
200
713
87
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
8,00%
8,40%
2
4
EBA-SP SMF BTN04 28 Februari 2018 SMF Kelas A1
Kelas A2
Kelas B
700
1.124
176
IdAAA (Pefindo)
IdAAA (Pefindo)
Unrated
7,00%
7,50%
2
5
EBA-SP SMF BTN05 27 November 2019 SMF Kelas A1
Kelas A2
Kelas M
Kelas B
574
1.142
24
260
IdAAA (Pefindo)
IdAAA (Pefindo)
IdAAA
(Pefindo)
Unrated
8,50%
8,75%
10,40%
2
5
8,4
EBA-SP SMF BTN06 30 Desember 2020 SMF Kelas A
Kelas B
576,7
54,3
IdAAA
(Pefindo)
Unrated
6,50% 3
EBA-SP SMF BTN07 23 Desember 2022 SMF Kelas A
Kelas B
452,5
47,5
IdAAA
(Pefindo)
Unrated
7,70% 3
EBAS-SP SMF-BRIS01 8 Juni 2023 SMF Kelas A
Kelas B
297,7
27,3
IdAAA
(Pefindo)
Unrated
7,00% 4


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-BTN02

EBA-SP SMF-BTN03

EBA-SP SMF-BTN04

EBA-SP SMF-BTN05

EBA-SP SMF-BTN06

EBA-SP SMF-BMRI01

Asset Backed Securities Transaction Structure