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ALTERNATIF PEMBIAYAAN INFRASTRUKTUR
P R I V A T E A N D C O N F I D E N T I A L
PT Bank Mandiri (Persero) Tbk September 2019
ALTERNATIF PEMBIAYAAN INFRASTRUKTUR
Bank Mandiri does not proved tax, accounting, investment or legal advice to our clients, and all clients are advised to consult with their own advisers regarding any potential investment/transaction. Bank Mandiri is not a
licensed investment advisor, broker-dealer or investment bank in Indonesia. Any services provided to you by Bank Mandiri will be provided in or form jurisdictions other than Indonesia. Any aspects of the proposed
transactions described herein that require a local license or otherwise constitute regulated activity in Indonesia must be performed by an independent licensed entity in Indonesia.
Materi Diskusi
Mandiri Group September 2019
P R I V A T E A N D C O N F I D E N T I A L 3
DAFTAR ISI
BUMN
1. Mandiri Group Overview
2. Overview Infrastruktur
3. Skema Pembiayaan
4. Lampiran
MANDIRI GROUP OVERVIEW 1
P R I V A T E A N D C O N F I D E N T I A L 5
Bank Mandiri merupakan salah satu lembaga keuangan terkemuka di Indonesia dimana Bank Mandiri memberikan one-stop solution kepada klien melalui anak perusahaan dan jaringan global Bank Mandiri.
Mandiri Group mengoptimalkan integrasi di setiap segmen bersama dengan anak-anak perusahaan (subsidiaries)
MANDIRI GROUP SUBSIDIARIES
*As of in-house Consolidated Financial Statement Q2 2019
PERFORMANCE HIGHLIGHT IN Q2 2019
Rp 1,235 Tn Asset Rp 25 Tn in 2018
Rp 13.5 Tn in Q2 2019 Net Profit
39,809 talents Employee 2,632 branches
Branch
OUR PRESENCE
Hong Kong Branch & Remittance Office
Cayman Island Branch Dili Branch
Shanghai Representative Office
Bank Mandiri (Europe) Limited, London
Mandiri International Remittance Sdn. Bhd.
Singapore Branch
Indonesia (Headquarter)
MANDIRI GROUP OVERVIEW
MANDIRI OVERVIEW
P R I V A T E A N D C O N F I D E N T I A L 6
Bank Mandiri
FORBES
#11 World’s Best Employers 2018 #112 Top Regarded Companies 2018 #489 Global 2000 2018
GLOBAL FINANCE
The Best FX Provider 2018 – in Indonesia
THE ASIAN BANKER
The Best Cash Management Bank 2018 – in Indonesia
Mandiri Sekuritas
THE ASIAN BANKER
The Best TransactionBank 2018 – in Indonesia
GLOBAL WEALTH AND SOCIETY AWARDS
Best Private Bank in Wealth & Society 2018 - Indonesia
ALPHA SOUTHEAST ASIA
The Best Investor Relations in ASEAN 2018
FINANCE ASIA
Best Investment Bank in Indonesia 2011-2018 Best DCM House in Indonesia 2018 Best ECM House in Indonesia 2016-2018 Best Broker 2015 – 2018
ASIAMONEY
Best Local Brokerage House in Indonesia 2010 - 2017 Best Securities House in Indonesia 2017
ALPHA SOUTHEAST ASIA
Best Bond House in Indonesia Best Ijarah Deal in SEA 2017 Most Innovative Ijarah Deal in SEA 2017 Best Loan Deal in SEA 2017
GLOBAL FINANCE
Best Investment Bank in Indonesia 2005 – 2017
THE ASSET TRIPLE A
Best Local Currency Bond – Jasa Marga IDR 4 trillion Komodo bond
INFOBANK
#1 Best Securities Company – Digital Brand of the Year 2015-2017
This material is for discussion purpose only, and does not purport to contain a comprehensive analysis of the risk/rewards of any idea or strategy. You shall not rely on any representations in connection with this transaction, other than those made in the final executed transaction documentation Presented by Syndication & Structured Finance – Corporate Solution Group
AWARDS
MANDIRI OVERVIEW
P R I V A T E A N D C O N F I D E N T I A L 7 7
LOAN
Term loan Revolving loan Cash management Funding
STRUCTURED FINANCE LOAN SYNDICATION
Financing strategy Structured loan Financial restructuring Project financing Securitization M&A financing Reserve based lending Commodities trade
finance
Arranging Bookrunning Underwriting General syndication
Merger and acquisition execution
Advisory
MERGER & ACQUISITION
Facility Agent Security Agent Escrow Agent Trustee Custodian
AGENCY & TRUSTEE
SYARIAH FINANCING
Working capital financing
Investment financing Syariah capital
market financing
Sales Trading Brokerage Sukuk Equity & debt
underwriting Private placement
(conventional & islamic financing)
Custodian (for Capital Market)
Equity fund Balanced fund Fixed income fund Money market fund Protected fund Syariah RDPT DINFRA (Infrastructure Fund)
KIK EBA Wealth Management
Treasury Cash transaction Hedging product Investment product
Mandiri Cash Management
Host to Host Mandiri Bill Collection Report EBS Cash Pick Up/ Cash
Delivery Mandiri Corporate
Spending Card
EQUITY & DEBT CAPITAL MARKET
INVESTMENT MANAGEMENT TREASURY TRANSACTION
BANKING
M A N D I R I S O L U T I O N S
MANDIRI SOLUTION
MANDIRI OVERVIEW
P R I V A T E A N D C O N F I D E N T I A L 8
Dengan semangat sinergi, Mandiri Group menawarkan solusi pembiayaan end-to-end kepada klien yang membutuhkan solusi pembiayaan.
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Mandiri Sekuritas
Bank Syariah Mandiri
Mandiri Manajemen
Investasi IBFI
Wealth Management
Treasury Transaction
Banking
Loan √ √ √ - - - - - - -
Structured Finance
√ √ √ √ - √ - - - -
Loan Syndication
√ √ √ - √ - - - - -
Merger & Acquisition
√ √ √ √ - - - - - -
Agency & Trustee
√ √ √ - - √ - - - -
Syariah Financing
√ √ √ √ √ √ - - - -
Equity & Debt Capital Market
√ √ √ √ - - √ - - -
Investment Management
√ √ √ √ - √ - √ - -
Treasury √ √ √ - - - - - √ -
Transaction Banking
√ √ √ - - - - - - √
MANDIRI OVERVIEW
SINERGI MANDIRI GROUP
OVERVIEW INFRASTRUKTUR 2
KONDISI SAAT INI
Alokasi Pembangunan Infrastruktur (2015-2019) (dalam IDR Trn)*
OVERVIEW INFRASTRUKTUR
60
115
165
277.8
283
400.5
499
506.6
527.5
805
900
980
Darat (Termasuk ASDP)
Transportasi Perkotaan
Udara
Teknologi Komunikasi…
Kereta Api
Sumber Daya Air
Air Minum & Limbah
Energi (Migas)
Perumahaan
Jalan
Perhubungan Laut
Kelistrikan
Infrastruktur Telah Menjadi Fokus Utama dari Pemerintahan Presiden Jokowi. Menurut Rencana Pembangunan Jangka Menengah Nasional (RPJMN)
2015 – 2019, Pemerintah Mengalokasikan Setidaknya Rp 5,519.4 Triliun untuk Proyek Infrastruktur dengan Proporsi untuk Segmen Transportasi
sebesar Rp 2,328 Triliun (42.18% dari Total Proyek Infrastruktur)
Source: www.bappenas.go.id, RPJMN 2015-2019 Source: Laporan 4 tahun Capaian Jokowi
TARGET DAN PENCAPAIAN 2018
TARGET 2019
Jalan tol 1.000 Km
35 Bandara baru
3.258 km Jalur KA
Irigasi Rehabilitasi 3 juta ha Pembangunan baru 304 ribu ha
Kelikstrikan 35 Gigawatt
PENCAPAIAN 2018 PERSENTASE PENCAPAIAN
Kelistrikan 16.253 MW Konstruksi 13.481 MW Power Purchase Agreement 2.130 MW Pengadaan 2.278 MW COD/Komisioning 1.007 MW Perencanaan
94,7% Jalan tol Jalan tol 947 Km
10 Bandara baru
24 Pelabuhan baru 19 Pelabuhan baru
754,59 km Jalur KA
Irigasi Rehabilitasi 2,3 juta ha Pembangunan baru 860 ribu ha
28,6% Bandara baru
79,2% Pelabuhan baru
23,2% jalur KA
Irigasi 76,7% rehabilitasi 282% pembangunan baru
Kelistrikan 6,5% Operasi
P R I V A T E A N D C O N F I D E N T I A L 11
PENYALURAN KREDIT TRANSPORTASI
OVERVIEW INFRASTRUKTUR
195 212 215 221
252
303
271
331
2,34%
1,96%
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
4,5%
0
50
100
150
200
250
300
350
2013 2014 2015 2016 2017 2018 1H 2018 1H 2019
NP
L
Kre
dit
(R
p T
)
Kredit NPL
Kredit Sektor Transportasi – Perbankan Nasional Kredit Sektor Transportasi – Bank Mandiri
1,95% 1,76%
0,00%
1,00%
2,00%
3,00%
4,00%
5,00%
6,00%
0
10
20
30
40
50
60
70
80
90
100
2013 2014 2015 2016 2017 2018 1 H 2018
1H 2019 BADE LIMIT NPL
P R I V A T E A N D C O N F I D E N T I A L 12
SUMBER PEMBIAYAAN
OVERVIEW INFRASTRUKTUR
Dana Anggaran Pemerintah untuk Pembangunan Proyek Infrastruktur Terbatas, Sehingga Pemerintah
Menyambut Keterlibatan Swasta dan BUMN dalam Pembiayaan Pembangunan
Financing Gap
± 2,760,9
(50.02%)
2,758.5
254,161
Strategic Infrastructure Development APBN & APBD BUMN
5,519.4
Swasta
(30.66%)
± 1,692.3
± 1,066.2 (19.32%)
Rp Triliun
Sumber: Paparan Deputi Bidang Sarana dan Prasarana Kementerian PPN/BAPPENAS (berdasarkan RPJMN 2015-2019)
P R I V A T E A N D C O N F I D E N T I A L 13
KARAKTERISTIK INVESTASI INFRASTRUKTUR
OVERVIEW INFRASTRUKTUR
Sehubungan dengan kebutuhan konektivitas dalam rangka penurunan logistic cost, investasi dalam infrastruktur sangat
lah penting, adapun karakteristik investasi infrastruktur adalah sebagai berikut:
Nilai Investasi yang Besar Investasi pembangunan infrastruktur membutuhkan biaya yang cukup besar sehingga tidak cukup menggunakan cash operational perusahaan saja.
Ramp Up Period Setelah beroperasi, perusahaan akan mengalami ramp up period yang mana pendapatan project di awal operasi masih belum dapat mengcover kebutuhan operasional dan pembayaran kewajiban
Bersifat Jangka Panjang Pengembalian investasi bersifat jangka panjang yang menyebabkan pembiayaan yang diberikan tidak dimungkinkan menggunakan pinjaman jangka pendek
SKEMA PEMBIAYAAN 3
P R I V A T E A N D C O N F I D E N T I A L 15
KRITERIA PEMBIAYAAN INFRASTRUKTUR
OVERVIEW INFRASTRUKTUR
Government Guarantee / SJP
Penjaminan dari PII
Bantuan pemerintah berupa Penjaminan pemerintah atau Subsidi konstruksi dalam skema VGF.
Bantuan pemerintah berupa Subsidi Penumpang
Proyek bankable dengan IRR yang dapat diterima oleh bank Contoh: Proyek jalan tol ruas Jawa, proyek powerplant, dll
Proyek infrastruktur merupakan Proyek Strategis Nasional
Terdapat potensi bisnis turunan untuk Bank Contoh:Pembiayaan kepada subkontraktor / kontraktor proyek yang dibiayai APBN
KELAYAKAN PROYEK DUKUNGAN PEMERINTAH POTENSI VALUE CHAIN PSN
P R I V A T E A N D C O N F I D E N T I A L 16
SKEMA PEMBIAYAAN PERUSAHAAN INFRASTRUKTUR
SKEMA PEMBIAYAAN
HO Company SPV COMPANY (Subsidiaries)
COMPANY
BANK CAPITAL MARKET
TERM LOAN
BONDS
MTN
SEKURITISASI
LAMPIRAN 4
P R I V A T E A N D C O N F I D E N T I A L 18
JSMR GRAND PLAN (s.d. 2020)
600 km new toll road Supporting the Government's plan to construct a toll road with a span of 1,000 km long in the period of 5 years. As of 2015, 590 km of the toll road has been operational.
IDR100 Trillion In Financing Total financing requirement for the Project until 2020 is Rp100 trillion (estimated).
-
20,00
40,00
60,00
80,00
100,00
120,00
2016 2017 2018 2019 2020
100
Challenge!
1 Equity funding & Financing Cash Deficit through new project
Maintain minimum ICR at 125%
590
2015
2020
1190
Key Success Factors Increase investor confidence through providing credibility in the investment
Increase offshore investor appetite to successfully achieve funding requirement
2
1
2
CONTOH PEMBIAYAAN: ALTERNATIVE FINANCING PT JASA MARGA (PERSERO) TBK
P R I V A T E A N D C O N F I D E N T I A L 19
2,20
1,61 1,23 1,25 1,40
1,68 1,94
2017 2018 2019 2020 2021 2022 2023
JSMR’s Capital Requirement 2016 -2020 (IDR tn)
10,73
100,46
17,67 5,96
50,56
15,55
2016 2017 2018 2019 2020 Total
Current Capital Structure Proposed Capital Structure
75%
25%
Debt
Equity 48% 52%
Debt
Equity
Current ICR (x)
Minimum ICR: 1.25x
Adjusted ICR (x)
• Current capital structure will breach ICR covenant in 2019 (1.23x) and 2020 (1.25x) given the capital requirement of IDR100 tn between 2016 and 2020
• JSMR needs new capital structure composition of 48% from debt and 52% from equity to reduces its interest expense and maintain their debt covenant
JSMR’s Debt Maturity Profile (IDR tn)
2,10
0,01
1,98
3,17
2,58
0,67 0,89
2017 2018 2022 2026 2027 2030 2031
Notes: based on internal estimation using JSMR’s Financial report Des 2016
CONTOH PEMBIAYAAN: ALTERNATIVE FINANCING PT JASA MARGA (PERSERO) TBK
PENYESUAIAN CAPITAL STRUCTURE
P R I V A T E A N D C O N F I D E N T I A L 20
Target 2019 2020
Total Debt 85,233,866 93,227,264
EBITDA 9,878,979 11,979,391
Interest Expense (7,259,904) (7,940,752)
Interest to Total Debt 8.5% 8.5%
ICR (x) 1.36 1.51
DSCR (x) 1.00 1.24
Rp100.4 T
Rp48.1 T
Rp25.2 T
Rp27.1 T
Capital Structure (Consolidated)
Rp75.2 T
Rp25.2 T
Debt Equity
JSMR
Subsidiaries
Consolidated
3.88 3.66
0.65 0.73
1.19 1.19
ICR (x)
2019 2020
Current Projection
JSMR
Subsidiaries
Consolidated
3.88 3.66
1.25 1.25
1.25 1.25
ICR (x)
2019 2020
TARGET
A. INVESTMENT PLAN REEVALUATION
ALTERNATIVE STRATEGIES
B. COST OF DEBT EFFICIENCY
C. DEBT COVENANT NEGOTIATION
D. FINANCIAL RESTRUCTURING
Current Condition 2019 2020
Total Debt 85,233,866 93,227,264
EBITDA 9,878,979 11,979,391
Interest Expense (8,320,807) (10,071,113)
Interest to Total Debt 9.8% 10.8%
ICR (x) 1.19 1.19
DSCR (x) 0.90 1.02
INVESTMENT PLAN REEVALUATION A COST OF DEBT EFFICIENCY B DEBT COVENANT NEGOTIATION C FINANCIAL RESTRUCTURING D
• Reevaluation on investment plan to reduce total cost by Rp12.8 trillion from Rp100.4 trillion to Rp87.6 trillion or 12.75% from 2016 to 2020.
• This will improve the ICR and for 2019 and 2020 from 1.19x to 1.36x.
• Negotiate with existing creditors regarding cost of debt in order to reduce interest to total debt to 8.5%.
• Interest expense in 2019 and 2020 is targeted to decrease by Rp1.1 trillion and Rp2.1 trillion respectively.
• Negotiate with creditors and/or bond holders to reduce the current covenant’s minimum ICR according to the JSMR’s future proforma condition.
• Note that the decrease in the proforma financials are temporary, resulting from the investment cost that will increase JSMR’s value in the future.
• Financial restructuring to obtain the optimal capital structure, whereby converting the debt portion to equity with a minimum of Rp27.1 trillion.
• Equity funding through IPO, strategic partnership or private equity fund.
Notes: • Based on existing debt convents between JSMR and
creditors, minimum ICR is 1.25x • With the current investment plan and the large debt
portion, DSCR will be below 1.0x in 2019.
9.360 15.417 5.198
44.110 13.568
1.368 2.253
760
6.446
1.983
2016 2017 2018 2019 2020
Investasi Jalan Tol - Adjusted Efisiensi Rencana Investasi Jalan Tol
Adjusted Toll Road Investment
Investment Cost Efficiency
Adjusted Toll Road Investment
Adjusted Toll Road Investment
CONTOH PEMBIAYAAN: ALTERNATIVE FINANCING PT JASA MARGA (PERSERO) TBK
STRATEGI PEMBIAYAAN ALTERNATIF
P R I V A T E A N D C O N F I D E N T I A L 21
Equity Financing Alternatives
Initial Public Offering (IPO) Strategic Partnership Private Equity Fundraising
Current Adjusted
Debt Outstanding 65,260,247 65,260,247
less debt converted to equity
- 27,051,481
Total Debt 65,260,247 38.208.766
Total Equity from Parent 29,969,641 29,969,641
Additional Equity from external
- 27,051,481
Total Equity 29,969,641 57,021,122
Restructuring Subsidiaries - 2019
(in million Rupiah)
JSMR
Subsidiaries
Consolidated
3.88 3.66
1.71 1.25
1.81 1.82
ICR (x)
2019 2020
ICR - Adjusted Capital Structure (Post-Restructure)
Rp100.4 T
Rp48.1 T
Rp25.2 T
Rp27.1 T
47.7% Debt
52.3% Equity
Public Shareholders
Subsidiary Cash
JSMR can conduct IPO of its subsidiaries by issuing new shares that will be absorbed by public shareholders.
Strategic Partner
Subsidiary Cash
JSMR can obtain a strategic partner to provide support for equity funding for its subsidiaries with a shares buyback option according to the agreed terms and conditions.
PE Fund
Subsidiary Cash
Investors
JSMR can collaborate with PT Mandiri Sekuritas as well as other investors to establish a fund that can inject capital to its subsidiaries, with a shares buyback option according to the agreed terms and conditions..
CONTOH PEMBIAYAAN: ALTERNATIVE FINANCING PT JASA MARGA (PERSERO) TBK
INISIATIF SKEMA PEMBIAYAAN ALTERNATIF
P R I V A T E A N D C O N F I D E N T I A L 22
25,0
4,1 4,5
18,4
7,0
6,0
35,0
JSMR portion Equity Participation Tranjava - IPO Future Revenue Back Securities Bonds/Sukuk Project Bonds Bank Loan
Investment Capital Requirement 2016 -2020 (IDR tn)
48
52 Equity
Debt
2016-2020 IDR100 tn
JSMR Portion
JSRM will provide internal source of funding
Potential Equity Funding
Investment participation in 3 toll road sections: •Bali Mandara Toll Road •Medan-Kualanamu-Tebing Tinggi Toll Road •JORR W1 Toll Road
Sub-holding Transjava
Minority equity opportunity in Trans Java sub-holding
Securitization
Securitizing 5 toll road sections future revenue: •Jagorawi •Cawang - Tomang – Cengkareng •JORR W2S, E1-E3 •Purbaleunyi •Jakarta Tangerang
Bonds/Sukuk (domestic & offshore)
With maximum issuance of IDR7 tn with tenor between 3 – 5 years (clean basis)
Project Bonds (Brownfield)
4 toll road sections will issue project bonds with total issuance of IDR6 tn with tenor up to 15 years.
Bank Loan
To fulfill funding requirement from debt instrument JSMR will borrow IDR35 tn from bank
CONTOH PEMBIAYAAN: ALTERNATIVE FINANCING PT JASA MARGA (PERSERO) TBK
USULAN STRUKTUR PEMBIAYAAN
P R I V A T E A N D C O N F I D E N T I A L
October 2017
PT Hutama Karya (Persero)
Terbanggi Besar – Kayu Agung Toll Road Project
IDR 9,16 tn
Joint Mandated Lead Arranger & Bookrunner
October 2018
October 2017
PT Pelabuhan Indonesia I
General Corporate Purpose
IDR 1.3 tn
Joint Mandated Lead Arranger & Bookrunner
December 2018
23
Mandiri is always ahead in creating innovative financing solution by providing advise and assistance for Project Financing, Structured Loan, Acquisition Financing & other various financing schemes.
October 2017
PT Cibitung Tanjung Priok Port tollways
Cibitung Cilincing Toll Road Development
IDR 10.76 tn
Joint Mandated Lead Arranger & Bookrunner
February 2019
October 2017
PT Seino Indomobil Logistik
Syndicated Term Loan
IDR 1.3 tn & USD 145 mio
Joint Mandated Lead Arranger & Bookrunner
February 2019
October 2017
PT Tamaris Hydro
PLTM & PLTA Project Development
& Refinancing
IDR 3.9 tn & USD 140 mio
Joint Mandated Lead Arranger & Bookrunner
January 2019
October 2017
PT Indika Energy Tbk
Term Loan Financing
USD 75 mio
Joint Mandated Lead Arranger & Bookrunner
December 2018
October 2017
PT Minahasa Cahaya Lestari
IPP Manado Project Financing
IDR 2.3 tn
Joint Mandated Lead Arranger & Bookrunner
December 2018
October 2017
PT Toba Bara Sejahtera
Term Loan Facility
USD 120 mio
Joint Mandated Lead Arranger & Bookrunner
November 2018
October 2017
PT Jakarta Toll Development
Jakarta Inner Ring Road Development
IDR 13.7 tn
Joint Mandated Lead Arranger & Bookrunner
November 2018
STRUCTURED FINANCE & SYNDICATION LOAN LANDSCAPE DEALS (1/3)
MANDIRI CREDENTIALS
P R I V A T E A N D C O N F I D E N T I A L 24
October 2017
PT Telekomunikasi Indonesia Internasional
Refinancing Shareholder Loan & Capital Expenditure
USD 90 mio
Joint Mandated Lead Arranger & Bookrunner
March 2018
October 2017
PT Amman Mineral Nusa Tenggara
Working Capital & General Corporate Purpose
IDR 8.35 tn
Joint Mandated Lead Arranger & Bookrunner
May 2018
October 2017
PT Perusahaan Listrik Negara
Working Capital Loan
IDR 28 tn
Joint Mandated Lead Arranger & Bookrunner
July 2018
October 2017
PT Jasamarga Jalanlayang Cikampek
Jakarta Cikampek II Elevated Toll Road Development
IDR 11.36 tn
Joint Mandated Lead Arranger & Bookrunner
July 2018
October 2017
PT Prima Terminal Petikemas
Capital Expenditure (Suprastruktur)
USD 70 mio
Joint Mandated Lead Arranger & Bookrunner
August 2018
October 2017
PT Archi Indonesia
Repackaging Facility
USD 400 mio
Joint Mandated Lead Arranger & Bookrunner
August 2018
October 2017
PT Saptaindra Sejati
Working Capital Facility
IDR 5.1tn
Joint Mandated Lead Arranger & Bookrunner
August 2018
October 2017
Gallant Venture Ltd.
Industrial Estate Development
IDR 4.5 tn
Joint Mandated Lead Arranger & Bookrunner
August 2018
October 2017
PT Poso Energy
Independent Power Plant Poso Project Development
USD 552 mio
Joint Mandated Lead Arranger & Bookrunner
August 2018
October 2017
PT Jaya Agra Wattie
Refinancing Existing Loan
IDR 2.6 tn
Joint Mandated Lead Arranger & Bookrunner
July 2018
STRUCTURED FINANCE & SYNDICATION LOAN LANDSCAPE DEALS (2/3)
MANDIRI CREDENTIALS
P R I V A T E A N D C O N F I D E N T I A L 25
Komodo Bonds
Securitization Project Bonds
RDPT Equity
October 2017
PT Wijaya Karya (Persero) Tbk
Global IDR Notes IDR5.4 tn Due 2021
Joint Lead Manager
January 2018
October 2017
PT Jasa Marga (Persero) Tbk
Global IDR Notes IDR4.0 tn Due 2020
Joint Global Coordinator
November 2017
October 2017
PT Marga Lingkar Jakarta
Project Bond IDR1.5 tn
Joint Lead Underwriter
November 2017
October 2017
PT Jasa Marga (Persero) Tbk
RDPT Equity IDR1.5 tn
Financial Advisor
July 2018
October 2017
PT Garuda Indonesia (Persero) Tbk
Securitization IDR1.8 tn Due 2023
Selling Agent
July 2018
October 2017
PT Jasa Marga (Persero) Tbk
Securitization IDR2.0 tn Due 2022
Arranger & Selling Agent
August 2017
October 2017
PT Indonesia Power
Securitization IDR3.6 tn Due 2022
Selling Agent
September 2017
October 2017
PT Wijaya Karya (Persero) Tbk
Perpetual Notes IDR600 bn
Joint Lead Arranger
December 2018
Perpetual Notes
DINFRA
October 2017
PT Jasa Marga (Persero) Tbk
DINFRA (Phase I) IDR423,5 bn
Financial Advisor
April 2019
STRUCTURED FINANCE & SYNDICATION LOAN LANDSCAPE DEALS (3/3)
MANDIRI CREDENTIALS
P R I V A T E A N D C O N F I D E N T I A L
Government of Indonesia – Global Bond Issuances
March 2017
GOVERNMENT OF INDONESIA
Global Sukuk Joint Lead Manager
USD 3.00 bn
December 2016
GOVERNMENT OF INDONESIA
GMTN XIV Co-Manager USD 3.50 bn
June 2016
GOVERNMENT OF INDONESIA
GMTN XIII Co-Manager EUR 3.00 bn
December 2015
GOVERNMENT OF INDONESIA
GMTN XII Co-Manager USD 2.25 bn
January 2015
GOVERNMENT OF INDONESIA
GMTN XI Co-Manager USD 1.25 bn
GOVERNMENT OF
INDONESIA
GMTN X Co-Manager USD 4.00 bn
December 2014 July 2017
GOVERNMENT OF INDONESIA
GMTN XV Co-Manager
EUR 1.00 bn,USD 2.00bn
December 2017
GOVERNMENT OF INDONESIA
SEC Reg Standalone Joint Lead Manager
USD 4.00 bn
August 2017
PT MEDCO ENERGI INTL TBK
SENIOR NOTES Joint Global Coordinator USD 400 mn
August 2017
PT CHANDRA ASRI PETROCHEMICAL TBK
USD Notes Joint Bookrunner
USD 300m
November 2017
PT JASA MARGA (PERSERO) TBK
GLOBAL IDR NOTES Joint Global Coordinator
IDR 4 tn
January 2018
PT MEDCO ENERGI INTL TBK
SENIOR NOTES Joint Global Coordinator USD 500 mn
January 2018
PT SOECHI LINES TBK
SENIOR NOTES Joint Lead Manager
USD 200mn
January 2018
PT WIJAYA KARYA (PERSERO) TBK
GLOBAL IDR NOTES Joint Lead Manager
IDR 5.4 tn
January 2018
PT TUNAS BARU LAMPUNGTBK
USD Notes Joint Lead Manager
USD 200 mn
April 2017
PT SAKA ENERGI INDONESIA
USD NOTES Joint Bookrunner
USD 625 mn
Indonesia Corporates – Global Bond Issuances
GLOBAL BONDS
MANDIRI OVERVIEW
P R I V A T E A N D C O N F I D E N T I A L 27
LOAN STRUCTURED FINANCE LOAN SYNDICATION
MERGER & ACQUISITION AGENCY & TRUSTEE
SYARIAH FINANCING EQUITY & DEBT
CAPITAL MARKET INVESTMENT
MANAGEMENT TREASURY TRANSACTION BANKING
M A N D I R I S O L U T I O N S
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Mandiri Sekuritas
Mandiri Manajemen Investasi
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Bank Syariah Mandiri
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Mandiri Sekuritas
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Bank Syariah Mandiri
Mandiri Sekuritas
Mandiri Manajemen Investasi
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Mandiri Sekuritas
International Banking & Financial Institutions
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Mandiri Sekuritas
Mandiri Manajemen Investasi
Wealth Management
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Treasury
Corporate Banking 1-6
Commercial Banking
Corporate Solution
Transaction Banking
KOLABORASI MANDIRI GROUP
MANDIRI OVERVIEW
P R I V A T E A N D C O N F I D E N T I A L
PEMBIAYAN CAPITAL EXPENDITURE/TERM LOAN
SKEMA PEMBIAYAAN
PROYEK INFRASTRUKTUR
PEMILIK PROYEK
LEMBAGA KEUANGAN
Fasilitas Kredit
Pembiayaan jenis Capital Expenditure atau Term Loan umumnya diberikan kepada Perusahaan yang mendapat penunjukkan langsung oleh
Pemerintah untuk membangun proyek infrastruktur.
Perusahaan yang mendapatkan penugasan untuk pembangunan proyek infrastruktur umumnya merupakan perusahaan milik Pemerintah (BUMN) 1.
Perusahaan telah memiliki cash flow yang kuat dan stabil sehingga sumber pengembalian kredit berasal dari cash flow Perusahaan 2.
HIGHLIGHTS
Jenis pinjaman umumnya adalah Term Loan dalam rangka pembiayaan Capital Expenditure ataupun keperluan investasi dari Perusahaan 3.
Aliran Dana
CONTOH PERUSAHAAN
Perusahaan Listrik Negara yang
ditunjuk langsung oleh
Pemerintah untuk mengerjakan
transmisi listrik dan juga
pembangkit listrik di daerah-
daerah berkembang di Indonesia
Angkasa Pura mendapatkan
penunjukkan langsung
Pemerintah untuk membangun
bandara di daerah pelosok di
Indonesia
P R I V A T E A N D C O N F I D E N T I A L
PROJECT FINANCING
SKEMA PEMBIAYAAN
SPV
SUMBER PEMBIAYAAN
Pembiayaan infrastruktur saat ini kebanyakan menggunakan skema Project Financing, dimana pembiayaan diberikan kepada SPV (Special Purposed
Vehicle) yang dibentuk khusus untuk proyek infrastruktur.
PERUSAHAAN A PERUSAHAAN B
PROYEK INFRASTRUKTUR
HIGHLIGHTS
Historical Cash Flow digunakan sebagai dasar dalam perhitungan proyeksi cash flow. Umumnya akan terjadi negative cash flow untuk beberapa waktu.
1.
Relatif memiliki jangka waktu yang lama dibandingkan dengan pembiayaan yang biasa dilakukan pada umumnya. 2.
Umumnya memiliki masa tenggang (grace period) selama masa konstruksi dan berisiko tinggi 3. A. Construction Risk
Completion on time/loss of planning, preparation and assessment (PPA), on Budget & according to Specifications / reduction in capacity payments
B. Operational Risk
Default risk: project company/off-taker –loss of PPA -Plant
C. Affecting Construction and Operational Phase
Political risk: Government /government –owned Off-taker & Natural disaster: insurance
Skema Project Financing membutuhkan dukungan penuh dari Pemerintah sebagai penjamin dari proyek
infrastruktur
P R I V A T E A N D C O N F I D E N T I A L
PUBLIC PRIVATE PARTNERSHIP (PPP)
SKEMA PEMBIAYAAN
GOVERNMENT SUPPORT
PROJECT DEVELOPMENT FUND
VIABILITY GAP FUND
GOVERNMENT GUARANTEE
INFRASTRUCTURE FINANCING FUND
PAYMENT SCHEME
AVAILABILITY PAYMENT
USER PAYMENT
EQUITY SPONSOR
FINANCIER
User
GCA
MoF
IIGF
PPP Contract User Fee
Infrastructure Services
Land/Part of Construction/Availability
payment
Sovereign Guarantee
VGF
Debt Equity
Pembayaran Berkala kepada pemegang konsesi dalam rangka menyediakan layanan infrastruktur yang disepakati
PPP Project (Special Purpose Vehicle)
P R I V A T E A N D C O N F I D E N T I A L
MTN DAN BOND ISSUANCE
SKEMA PEMBIAYAAN
ISSUER
PERUSAHAAN SEKURITAS
INVESTOR
SUBSIDIARY
MTN/BOND
SKEMA TRANSAKSI
Perusahaan Sekuritas akan bertindak sebagai arranger atau underwriter dalam penerbitan instrumen fixed income dari sebuah Perusahaan (ataupun anak usahanya), dimana instrumen yang umum berupa Medium Term Notes (MTN) atau Obligasi (bond)
1.
1
2
3
4
Cash
Proceed
Investor akan membeli MTN/Obligasi melalui pembayaran tunai kepada Perusahaan Sekuritas 2. Proceed yang diterima dari investor akan diteruskan kepada penerbit MTN/Obligasi (Issuer) 3. Issuer dapat menggunakan proceed tersebut untuk membiayai anak usahanya 4.
HIGHLIGHTS PERBANDINGAN MTN DAN OBLIGASI
MTN OBLIGASI
Nominal dan Struktur lebih fleksibel
Tidak membutuhkan izin OJK
Tidak membutuhkan rating
Tenor maksimum 3 tahun
Struktur akan bergantung pada rating dan pricing
Membutuhkan izin OJK
Rating dibutuhkan dan akan mempengaruhi harga kupon
Tenor tidak diatur
P R I V A T E A N D C O N F I D E N T I A L
EQUITY: INITIAL PUBLIC OFFERING DAN RIGHTS ISSUE
SKEMA PEMBIAYAAN
IPO RIGHTS ISSUE
DEFINISI
Penawaran Saham Perdana atau Initial Public Offering
(IPO) merupakan penjualan saham umum dari
perusahaan yang sebelumnya bersifat terbatas (non-
publik) kepada publik untuk pertama kalinya.
Hak Memesan Efek Terlebih Dahulu atau Rights Issue
adalah penerbitan saham baru dimana pemegang saham
eksisting mendapat hak penawaran terlebih dahulu. Hak
yang tidak digunakan akan ditawarkan kepada investor
publik dimana mereka akan menjadi pemegang saham
baru.
STRUKTUR TRANSAKSI
ISSUER
PERUSAHAAN SEKURITAS
INVESTOR PUBLIK
Saham Baru
Cash
Proceed
ISSUER
PERUSAHAAN SEKURITAS
INVESTOR PUBLIK
Rights
Cash
Proceed
EKSISTING SHL
Un exercised
Rights
Umumnya dilakukan oleh Perusahaan yang telah lama beroperasi dan memiliki historikal yang cukup baik
P R I V A T E A N D C O N F I D E N T I A L
HIGHLIGHTS SKEMA PEMBIAYAAN
SKEMA PEMBIAYAAN
TERM LOAN/ CAPITAL EXPENDITURE
PROJECT FINANCING PUBLIC PRIVATE PARTNERSHIP
MTN DAN BOND ISSUANCE
IPO DAN RIGHT ISSUANCE
Pembiayaan kepada entitas baru (SPV) sebagai pemilik
proyek
Pembiayaan Term Loan/ Capital Expenditure kepada Perusahaan pemilik proyek
Umumnya diberikan kepada Perusahaan yang telah
beroperasi dan memiliki cash flow
Pembiayaan diberikan di awal mulai konstruksi sampai dengan proyek
dinilai menghasilkan dengan sumber pengembalian berasal dari cash flow
proyek
Perjanjian jangka panjang antara pemerintah dengan
mitra swasta
Sumber pengembalian berupa Pembayaran Berkala kepada pemegang konsesi
dalam rangka menyediakan layanan infrastruktur yang
disepakati
Penerbitan surat utang berjangka kepada investor
untuk mendapatkan pendanaan
Penerbitan dilakukan oleh Perusahaan yang memiliki reputasi baik (secara rating
dan/atau nama) kepada investor publik
Penjualan saham kepada umum atau penawaran saham kepada eksisting
shareholder guna mendapatkan dana
Umumnya dilakukan oleh Perusahaan yang telah lama
beroperasi dan memiliki historikal yang baik
P R I V A T E A N D C O N F I D E N T I A L
SEKURITISASI
SKEMA PEMBIAYAAN
Marketable Securities
Credit Card Receivables
Future Receivables
Housing Mortgage
Government Bonds
Enhanced Credit/Cash Flow
Other Financial Asset
Catatan:
Berdasarkan Peraturan OJK No. IX.K.1
ORIGINATOR
Merupakan proses dimana sebuah Perusahaan menjual asset finansial atau piutang kepada sebuah Special Purposed Vehicle (SPV) dimana SPV
nantinya akan menerbitkan sekuritas dengan underlying finansial asset (Efek Beragun Aset)
ARRANGER INVESTMENT MANAGER AND CUSTODIAN BANK
FIXED INCOME
(Senior Series)
MEZZANINE
(Junior Series)
• Legal Counsels
• Tax Consultants
• Rating Agency
• Public Accountants
• Others
PROFESI PENUNJANG
Investor:
Pemilik EBA Investor:
Pemilik EBA
1 Subscription Fund
4 Coupon Payment
2 Asset Selling Proceed
3 Asset Distribution
SERVICER
5 Asset Collection and Distribution
6 ABS distributes interest/principal to ABS shareholders
P R I V A T E A N D C O N F I D E N T I A L
PERAN BANK MANDIRI DALAM PEMBIAYAAN INFRASTRUKTUR
SKEMA PEMBIAYAAN
DEBT
STOCK/SHARES
SALES TO STRATEGIC PARTNER
IPO/Rights Issue
ALTERNATIVE INSTRUMENT
GENERAL
LIMITED
GENERAL
LIMITED (Private
Placement)
ACQUISITION FUND
BOND
• ARRANGER • PROJECT FINANCING
BANK LOAN, NCD (NEGOTIABLE CERTIFICATE OF DEPOSITS)
MTN (MEDIUM TERM NOTES)
POTENTIAL OF FINANCIAL INSTITUTION SERVICES
• LOAN SYNDICATION • FA – DEBT RESTRUCTURING
• UNDERWRITER • FA - SHADOW RATING
• FA – DIVESTMENT OF SHARES
• UNDERWRITER • STANDBYE BUYER • FA – PRE IPO / PRE IRGHT
ISSUE
STRUCTURE OFFER CORPORATE
ACTION
MERGER & ACQUISITION
Alternative Transaction Structure and Corporate
Action
Indicative Valuation
FINANCIAL ADVISOR SERVICE
Due diligence
ENTITAS
P R I V A T E A N D C O N F I D E N T I A L
ILUSTRASI DATABASE PENYALURAN KREDIT SINDIKASI
SKEMA PEMBIAYAAN
Sebagai Arranger dalam Kredit Sindikasi, Bank Mandiri memiliki database dari Lembaga Keuangan yang menyesuaikan tipe pembiayaan yang
diperlukan dalam Proyek Infrastruktur
Tipe Institusi
Characteristic of Major Financing Institutions
Mezzanine/Equity
Financing Facilities
Debt Facilities
Project Finance as Acceptable
Structure
Strong Long Term IDR Currency Funding
Require Gov’t
Guarantee
Average Size of Financing
Facility
Tenor Applied Social & Enviroment Standard
PPP Advisory Capacity
ECA (JBIC, KEXIM, US EXIM etc..)
Very large Can be very long
Multilateral performance standards
Multilaterals (IFC, ADB, DEG etc..)
Large Long Multilateral performance standards
International Banks (SMBC, BTMU, CDB etc..)
Large Medium Equator principle (if applicable)
Large Domestic Banks (Mandiri, BNI, BRI, BCA,etc..)
Medium-very large
Long – medium
National standard
Local Branch of Foreign Banks (StandChart, DBS, ANZ, etc..)
Medium - Large
Medium – short
National standard
Medium Scale Domestic Banks (BII, Maybank, CIMB Niaga, etc..)
Medium-Small
Medium – short
National standard
PE Funds (Saratoga, CapAsia, KKR etc..)
Small - medium
Medium National standard
IIF Long - medium
Multilateral performance standards
© PT Bank Mandiri (Persero) Tbk.
T E R I M A K A S I H