Bank Indonesia Circular Letter 11/32/DPM on Procedures for Auction and Administration of State Notes

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Sumber Data Legal Information Team, Directorate of Legal Affairs

12/7/2009 5:40 AM

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Judul Bank Indonesia Circular Letter Number 11/ 32 /DPM - Procedures for Auction for State Notes in the Primary Market and Administration of State Notes

Peraturan Bank Indonesia

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Regulation :

Circular Letter Number 11/ 32 /DPM dated December 7, 2009 concerning Procedures for Auction for State Notes in the Primary Market and Administration of State Notes

Effective date :

December 7, 2009

The procedures for the Auction for SUN in the Primary Market shall be as follows

a.

Based on press release and/or letter from the Minister c.q. Directorate General of Debt Management (DJPU), Bureau of Monetary Operation (BOpM) will announce the plan for the Auction for SUN through Bank Indonesia - Scripless Securities Settlement System (BI-SSSS).

b.

Based on the announcement of the plan for the Auction for SUN, Settlement of Monetary Management Transaction (PTPM) Division will register the SUN serial while BOpM will

register the Auction for SUN.

c.

On the day of the auction, BOpM shall receive bidding for SUN comprising bid of quantity and discount/yield level for Competitive Bidding and bid of quantity for Non-Competitive Bidding.

d.

Immediately after the closing of the auction, BOpM c.q . Monetary Operation Implementer Team (POM Team) shall deliver all data on bids to the Department of Finance c.q. DJPU.

e.

Based on the decision on auction awardees from the Minister c.q. DJPU, BOpM shall announce the results of the SUN Auction to the public through the Commercial Bank Daily Report (LHBU) and website of Bank Indonesia and the decision on awardees of SUN auction to the auction awardees through BidCC.

f.

Minister may cancel the SUN auction or reject all bids in the SUN Auction. In the event of such cancellation, BOpM shall cancel the SUN Auction through the BidCC.

Procedures for Settlement

a.

Settlement of results of SUN Auction

PTPM Division shall check data on BOpM pre-allotment based on the data on the results of SUN Auction from the Minister c.q. DJPU and then shall make allotment through the SCC.

In the event that the Giro Account of the Transaction Members and/or Paying Bank is insufficient up to the cut-off warning of BI-RTGS System, the intended transaction shall be declared as fail and PTPM Division shall inform it to BOpM through a memorandum. Based on the intended memorandum, BOpM shall send a notice to the Minister c.q. DJPU

b.

Settlement of results of Buyback Auction

PTPM Division shall check data on the results of Buyback Auction from PT. Bursa Efek Indonesia (PT. BEI) based on data on the results of Buyback Auction in accordance with the attachment of letter from the Minister c.q. DJPU. In the event of any discrepancies, PTPM Division shall seek clarification from the Department of Finance c.q. DJPU or PT BEI.

Settlement of Securities for Buyback Auction shall not be executed by debiting the Securities Account of the Bank or the Sub-Registry and crediting the Securities Account of the Government.

Settlement of Securities for Buyback Auction shall be executed through the procedures for early redemption of the serial number of SUN bought back by the Government in the Securities Account of the Transaction Members and/or the designated Sub-Registry.

In the transaction of Buyback Auction by debt switching, fund settlement of cash surplus shall be executed under the following procedures:

a)

in the event of cash surplus on the Government’s charge, the settlement is executed by debiting the Giro Account of the Government and crediting the Giro Account of the Transaction Member or Paying Bank.

b)

in the event of cash surplus on the Transaction Member’s charge, the settlement is executed by debiting the Giro Account of the Transaction Member and crediting the Giro Account of the Government.

In the transaction of Buyback Auction by debt switching, the procedures for crediting shall be made to the Securities Account of the Bank and/or the designated Sub-Registry in the nominal amount of the substitute SUN serial.

In the event that the Securities in the Securities Account of the Transaction Member and/or the Sub-Registry are insufficient up to the settlement time limit of the securities in BI-SSSS, the settlement shall be executed on T+1 and in the event of insufficiency on T+1, it shall be executed on T+2.

c.

Settlement of results of Retail State Bond (ORI) Auction

Based on the letter from the Department of Finance, PTPM Division shall register ORI issuance in accordance with the terms and conditions.

PTPM Division shall debit the Giro Account of the Paying Bank in the amount of the settlement value and in the event that the fund settlement accomplished, PTPM Division shall credit the Securities Account of the Sub-Registry in the total nominal value of the allotment.

d.

Settlement of SUN Lending Facility

Settlement of the granting of SUN Lending Facility

a)

After receiving lending fee receipt from the Transaction Member, PTPM Division shall transfer the SUN secured by the Transaction Member to the Securities Account of the Government.

b)

PTPM Division shall credit the SUN lent in the Securities Account of the Transaction Member and/or the Sub-Registry.

Settlement of SUN Lending Facility Repayment

a)

PTPM Division shall perform the procedures for settlement prior to the due date (early redemption) from the Securities Account of the Transaction Member and/or the designated Sub-Registry in the total nominal value of the lent SUN serial.

b)

PTPM Division shall re-transfer the secured SUN from the Securities Account of the Government to the Securities Account of the Transaction Member and/or the Sub-Registry

Settlement of SUN Lending Facility Extension

Based on the approval for SUN Lending Facility Extension from the Department of Finance c.q. DPJU, PTPM Division shall receive the receipt of fees for the SUN Lending Facility extension and shall not perform the procedures for settlement of SUN Lending repayment.

Settlement of the Sale of Secured SUN

a)

In the event that the Transaction Member cannot repay the SUN lent, PTPM Division shall make settlement of exchange of part or all of the SUN secured to the other Transaction Member in accordance with the serial of the SUN lent.

b)

In the event that the partial exchange has met the total nominal value which must be repaid, PTPM Division shall perform procedures for repayment of the remaining secured SUN.

c)

In the event that the secured SUN value is less than the value of the

SUN serial lent, the Transaction Member who failed to execute the settlement shall deliver additional security for SUN

d)

In the event that the value of the secured SUN is more than the value of the SUN serial lent, the settlement of payment for cash difference shall be made bilaterally between the Transaction Member buying the security and the Transaction Member failing to execute the settlement

e.

Direct Settlement of SUN Transaction

It includes the direct settlement of SUN sale transaction in the Primary Market and SUN buyback transaction in the Secondary Market.

Based on the letter from the Department of Finance c.q. DJPU, PTPM Division shall make settlement of SUN sale transaction fund in the Primary Market by debiting the Giro Account of the Transaction Member and/or the Paying Bank.

PTPM Division shall execute settlement of SUN sale transaction Securities in the Primary Market by adding the nominal value of SUN serial being re-issued and crediting SUN in the Securities Account of the Transaction Member and/or the Sub-Registry

Based on the letter from the Department of Finance c.q. DJPU, PTPM Division shall execute settlement of SUN buyback transaction securities in the Secondary Market directly by checking the sufficiency of value and serial of SUN in the Securities Account of the Transaction Member and/or the Sub-Registry for performing early redemption process in the nominal amount of the SUN bought back.

PTPM Division shall execute settlement of SUN buyback transaction fund in the Secondary Market directly by debiting the Giro Account of the Government and crediting the Giro Account of the Transaction Member and/or the Paying Bank.

f.

Settlement of payment of SUN coupon and/or principal on the due date

At the beginning of each month PTPM Division shall inform the Department of Finance c.q. DJPU of the government’s obligations concerning the coupon and/or principal amount which will be due in the relevant month.

Payment of SUN coupon and/or principal shall be made in accordance with the SUN ownership registration with the Central Registry 2 (two) business days prior to the due date (T-2 or ex-date).

At the beginning of the payment due date of the payment for SUN coupon and/or settlement of SUN principal, SCC shall automatically execute payment.

PTPM Division shall monitor the execution of payment for SUN coupon and/or settlement of SUN principal which is due until the settlement status indicates successful.

Lampiran Attachments

Lampiran 1 Bank Indonesia Circular Letter Number 11/ 32 /DPM

Lampiran 2 FAQ - Bank Indonesia Circular Letter Number 11/ 32 /DPM

Lampiran 3

Lampiran 4

Lampiran 5

Lampiran 6

Lampiran 7

Lampiran 8

Lampiran 9

Lampiran 10

Kontak Contact

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Halaman ini terakhir diperbarui 1/27/2021 9:15 PM

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