Obbligazioni valute high yield INDONESIA e Obbligazioni in rupie indonesiane

[mostromarino]

.

una cosa è accollarsi una rupia con rischio BEI o banca tedesca con garanzia stato,o un samurai

e un`altra stato indonesia

devo studiarmi quella definizione di

"islamic bond"


Its sukuk issuance will adopt

an ijarah structure,

or a real estate sale and leaseback format between Indonesia and a special purpose company created by the government for the purpose of issuing these bonds.

The underlying assets backing the issuance will include government property in Jakarta and West Java.

ijarah

http://www.darululoomkhi.edu.pk/fiqh/islamicfinance/ijarah.html


CARTOLARIZZAZIONE????????

 

[Imark]

.

una cosa è accollarsi una rupia con rischio BEI o banca tedesca con garanzia stato,o un samurai

e un`altra stato indonesia

devo studiarmi quella definizione di

"islamic bond"


Its sukuk issuance will adopt

an ijarah structure,

or a real estate sale and leaseback format between Indonesia and a special purpose company created by the government for the purpose of issuing these bonds.

The underlying assets backing the issuance will include government property in Jakarta and West Java.

ijarah

http://www.darululoomkhi.edu.pk/fiqh/islamicfinance/ijarah.html


CARTOLARIZZAZIONE????????

Sì hai ragione, lo avevo postato solo per completezza, perché dava indicazioni interessanti sulle strategie di finanziamento del debito perseguite dell'Indonesia.

Circa le cartolarizzazioni ... pare le avessero inventate gli arabi ...

Se lo sapesse Tremonti... scherzi a parte, se cerchi con la parola sukuk, ne avevamo parlato con un forumista che aveva chiesto info su questa tipologia di bond...

Premesso che non ho mai letto il prospetto di un sukuk, la sostanza è quella, ma ci sarebbe da capire cosa succede appunto in caso di un sukuk statale, ossia se ad impedire il pagamento dei canoni conseguenti al sale and lease back di edifici pubblici sia soltanto l'evento default statale ovvero se ci sono situazioni in cui il pagamento possa venire meno senza che ciò determini default sul bond... fine OT...

 

[Gaudente]

mi era sfuggita....

l'ultima limatura dei tassi di 25 punti base deliberata dalla banca centrale lo scorso 3 aprile. Il tasso di riferimento e' attualmente il 7,5% http://www.bi.go.id/web/en/Moneter/BI+Rate/

 

[Giontra]

Segnalo questa emissione in U$.

 

[Giontra]

Segnalo questa emissione in U$.

Paragonandola all'emissione di circa un mese e mezzo fa,
in cui a parità di scadenza veniva offerta una cedola del 10,375%,
si direbbe che la situazione è migliorata.
E' cosi?

 

[Imark]

[FONT=verdana,arial,helvetica]Moody's has assigned a Ba3 rating to Indonesia's Global Sukuk[/FONT]

[FONT=verdana,arial,helvetica]Singapore, April 15, 2009 -- Moody's Investors Service has assigned a foreign currency rating of Ba3 with a stable outlook to the Republic of Indonesia's forthcoming Global Sukuk. [/FONT]

[FONT=verdana,arial,helvetica]On account of the ongoing global crisis, the year on year real growth rate of Indonesia's economy may slow to 3 -- 3.5% this year, down from 6% in 2008. "Weakening global demand will hurt Indonesia's exports which remain heavily dependent on commodities, and the investment cycle will also decelerate"--said Aninda Mitra, Moody's lead sovereign analyst for Indonesia, adding-- "Nonetheless, this is still a robust growth rate in the sharply weakening global environment." [/FONT]

[FONT=verdana,arial,helvetica]According to Mr. Mitra, Indonesia's economic resilience is supported by a large, domestic demand driven economy; relatively lower exposure to global trade and capital flows than at most other East Asian economies; and improving institutional capabilities. And its vulnerability to external shocks is limited by the declining trend in external indebtedness, adequate foreign currency reserves. An appropriate mix of fiscal and monetary policy responses will likely be sustained through the ongoing elections and beyond. [/FONT]

[FONT=verdana,arial,helvetica]"At a time of global de-leveraging, the lack of a more stable investor base for government bonds coupled with the dependence on foreign financing of the government deficits has raised Indonesia's debt market volatility more than its rating peers," said Mitra. [/FONT]

[FONT=verdana,arial,helvetica]However, Indonesia's external and the government's fiscal financing needs are not onerous. The country's overall short-term external financing needs --including foreign bank deposits- were comfortably positioned at around 65% of currently available foreign currency reserves, said Mitra. [/FONT]

[FONT=verdana,arial,helvetica]"Moreover, several precautionary lines of credit with multilateral institutions and foreign currency swap arrangements on a bilateral basis, and Indonesian authorities' widening range of issuance strategies would also broadly support the balance of payments as well as the fiscal position," added Mitra. [/FONT]

[FONT=verdana,arial,helvetica]The susceptibility of the ratings to event risks is moderate, according to Mitra. The legislative elections of April and the presidential elections of June may result in a change in the coalition support base but seem likely to return to power a government headed by President Yudhoyono, backed by a strong mandate for his political party. Political risks from other factors, ranging from conservative Islamic political activism to Jemaah Islamiyah terrorism or Acehnese separatism, have been contained. [/FONT]

[FONT=verdana,arial,helvetica]Furthermore, financial risks from derivatives, or the un-hedged foreign currency debt of the corporate sector or currency mismatches in the banking sector's assets and liabilities were low and supervision and enforcement of regulations have improved. [/FONT]

[FONT=verdana,arial,helvetica]"As a result, the banking and corporate sector will encounter more stress, but Indonesia faces the ongoing global financial volatility from a stronger position than at the time of the 1997 crisis," says Mitra. [/FONT]

[FONT=verdana,arial,helvetica]The stable outlook on the Ba3 government bond rating is premised on the authorities' ability to continue managing the country's vulnerability to the global financial market crisis and recession in an appropriate fashion, while avoiding a deep and sustained deterioration in relative credit metrics[/FONT]

 

[Gaudente]

Altra limatura ai tassi

dal 7,50% al 7,25%
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=auQy2Crg8iuU

 

[Gaudente]

Deflazione aprile

variazione mensile -0,31% http://www.bps.go.id/index.shtml e variazione annua 7,31% http://www.bi.go.id/web/en/Moneter/Inflasi/Inflasi+CPI/#

 

[Imark]

Le considerazioni di Moody's sul sistema bancario indonesiano... il fattore realmente critico può essere quello della forte crescita dei loans negli ultimi anni e della possibile crescita sostenuta dei non performing loans nei mesi a venire. Confortante il dato della capitalizzazione, della esposizione debitoria estera del sistema bancario e del funding largamente tributario della base dei depositi.

[FONT=verdana,arial,helvetica]Moody's reviews 10 banks in Indonesia for downgrade[/FONT]

[FONT=verdana,arial,helvetica]Singapore, May 20, 2009 -- Moody's Investors Service has placed the ratings of 10 Indonesian banks on review for possible downgrade. [/FONT]

[FONT=verdana,arial,helvetica]The banks affected are: Bank Central Asia, Bank CIMB-Niaga, Bank Danamon Indonesia, Bank Internasional Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Bank Tabungan Negara and Pan Indonesia Bank. [/FONT]

[FONT=verdana,arial,helvetica]The ratings affected are: all 10 banks' global local currency (GLC) deposit; and the Ba2 foreign currency subordinated debts of Bank CIMB-Niaga and Bank Internasional Indonesia. [/FONT]

[FONT=verdana,arial,helvetica]"The review of the debt and deposit ratings will look at the extent to which Indonesia's ability to provide support to its banking system, if needed, has changed in the midst of the ongoing global economic and credit crisis," says Beatrice Woo, a Moody's Vice President and Senior Credit Officer. [/FONT]

[FONT=verdana,arial,helvetica]"Moody's believes that most governments are at least as likely, if not more likely, to support their banking systems as they are to service their own debt -- a view that has traditionally led to bank ratings often benefiting from significant uplift due to systemic support," says Woo. [/FONT]

[FONT=verdana,arial,helvetica]"However, as the financial crisis continues, the capacity of a country and its central bank to support its banks converges with, and is increasingly constrained by, the government's own debt capacity," says Woo. [/FONT]

[FONT=verdana,arial,helvetica]"As such, Moody's will be reassessing the level of systemic support for the banks listed above to determine whether the systemic support they receive needs to be more closely aligned to the government's Ba3 local currency bond rating," says Woo. [/FONT]

[FONT=verdana,arial,helvetica]At present, the deposit and debt ratings of the 10 banks on review receive between one and four notches of systemic support. [/FONT]

[FONT=verdana,arial,helvetica]Moody's will review the specific circumstances of Indonesia to determine the appropriate systemic support for Indonesian bank ratings and the implications for the 10 banks that have been identified as being potentially affected. [/FONT]

[FONT=verdana,arial,helvetica]Factors that Moody's will consider in its assessment of systemic support include the size of the banking system in relation to government resources, the level of stress in the banking system, the foreign currency obligations of the banking system relative to the government's own foreign exchange resources, and changes to government political patterns and priorities. [/FONT]

[FONT=verdana,arial,helvetica]During the recent crisis, the Indonesian government has secured USD5.5 billion in contingent lines of support from the Asian Development Bank, World Bank and others. Furthermore, the government has been proactive in supporting the banking system by increasing the maximum amount of deposits insured to IDR2 billion from IDR100 million on October 13, 2008. [/FONT]

[FONT=verdana,arial,helvetica]At the same time, the credit stress evident in the banking system has increased moderately. The system non-performing loans ratio inched up to 3.72% at February 2009 from 3.20% at end-2008. Furthermore, rapid loan growth -- averaging 20% annually over the past five years -- could be a potential source of higher credit costs. However, "super-normal" profits from the earlier boom in commodities and natural resources have enabled the banks and corporates to build up financial cushions. As of February 2009, the capital adequacy ratio of the banking system was 18.04%. [/FONT]

[FONT=verdana,arial,helvetica]In addition, the foreign currency liabilities of the banking system represent 14% of liabilities. However, as 99% of this funding comprises deposits, this source is regarded as more stable. [/FONT]

[FONT=verdana,arial,helvetica]Moody's notes that the review is unlikely to lead to more than a two notch change in the debt and deposit ratings of the banks under review. It expects to conclude the review over the next few weeks. [/FONT]

[FONT=verdana,arial,helvetica]All other bank ratings in Indonesia are not impacted by the reassessment of the systemic support level.[/FONT]

 

[Gaudente]

Inflazione maggio

Praticamente fermo l'indice dei prezzi in maggio (+0,04%) il che fa ruzzolare la variazione annua al 6,04% http://www.bps.go.id/sector/cpi/table3.shtml