BankPermata issues Rp 700 billion notes

AKARTA: PT Bank Permata Tbk (Bank Permata) has issued a 10-year unsecured subordinated Medium Term Note (MTN) worth Rp 700 billion (US$76.3 million) to fund future business expansion, the bank announced Wednesday.

With a coupon at 275 basis points over the 3-month Indonesian SBI, the issuance is priced at par. All notes were purchased by strategic shareholder Standard Chartered Bank.

“This issuance further strengthens BankPermata's balance sheet and gives us even greater flexibility to take advantage of growth opportunities in the Indonesian banking market as they emerge,” BankPermata president director David Fletcher said.

With the issuance of the notes, the bank can maintain an even higher level of capital relative to risk weighted assets, he said. — JP