by Elisa Valenta
State-owned lender PT Bank Negara Indonesia (BNI) plans to raise $2 billion (Rp29.81 trillion) from issuing Euro Medium Term Notes in Singapore Stock Exchange.
The securities issuance is aimed to support the bank's loan expansion, debt refinancing, and capital spending steady amid macroeconomic headwinds due to the COVID-19 outbreak.
"It (the debt issuance) will have a positive impact for the company," said BNI Corporate Secretary, Meiliana in a filing to Indonesia Stock Exchange (IDX).
BNI has restructured its debtors’ loans following a new Financial Services Authority (OJK) rule that relaxes debt quality assessment and restructuring requirements for debtors hit by the pandemic. According to OJK’s data, BNI has restructured Rp 6.9 trillion of loans given to 6,238 debtors.
Rating agency, Fitch Ratings, has affirmed the 'BBB-' Long-Term Issuer Default Rating for the rupiah and international currencies. At the same time, Fitch Ratings Indonesia has affirmed the bank's National Long-Term Rating at 'AA+(idn)' with stable outlook.
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