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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


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


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


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


PENYALURAN KREDIT TRANSPORTASI


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


SUMBER PEMBIAYAAN


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)


KARAKTERISTIK INVESTASI 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


KRITERIA PEMBIAYAAN 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


SKEMA PEMBIAYAAN PERUSAHAAN INFRASTRUKTUR

SKEMA PEMBIAYAAN

HO Company SPV COMPANY (Subsidiaries)

COMPANY

BANK CAPITAL MARKET

TERM LOAN

BONDS

MTN

SEKURITISASI

LAMPIRAN 4


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


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


PENYESUAIAN CAPITAL STRUCTURE


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




STRATEGI PEMBIAYAAN ALTERNATIF


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..


INISIATIF SKEMA PEMBIAYAAN ALTERNATIF


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


USULAN STRUKTUR PEMBIAYAAN


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


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


February 2019

October 2017

PT Seino Indomobil Logistik

Syndicated Term Loan

IDR 1.3 tn & USD 145 mio


February 2019

October 2017

PT Tamaris Hydro

PLTM & PLTA Project Development

& Refinancing

IDR 3.9 tn & USD 140 mio


January 2019

October 2017

PT Indika Energy Tbk

Term Loan Financing

USD 75 mio


December 2018

October 2017

PT Minahasa Cahaya Lestari

IPP Manado Project Financing

IDR 2.3 tn


December 2018

October 2017

PT Toba Bara Sejahtera

Term Loan Facility

USD 120 mio


November 2018

October 2017

PT Jakarta Toll Development

Jakarta Inner Ring Road Development

IDR 13.7 tn


November 2018

STRUCTURED FINANCE & SYNDICATION LOAN LANDSCAPE DEALS (1/3)

MANDIRI CREDENTIALS


October 2017

PT Telekomunikasi Indonesia Internasional

Refinancing Shareholder Loan & Capital Expenditure

USD 90 mio


March 2018

October 2017

PT Amman Mineral Nusa Tenggara

Working Capital & General Corporate Purpose

IDR 8.35 tn


May 2018

October 2017

PT Perusahaan Listrik Negara

Working Capital Loan

IDR 28 tn


July 2018

October 2017

PT Jasamarga Jalanlayang Cikampek

Jakarta Cikampek II Elevated Toll Road Development

IDR 11.36 tn


July 2018

October 2017

PT Prima Terminal Petikemas

Capital Expenditure (Suprastruktur)

USD 70 mio


August 2018

October 2017

PT Archi Indonesia

Repackaging Facility

USD 400 mio


August 2018

October 2017

PT Saptaindra Sejati

Working Capital Facility

IDR 5.1tn


August 2018

October 2017

Gallant Venture Ltd.

Industrial Estate Development

IDR 4.5 tn


August 2018

October 2017

PT Poso Energy

Independent Power Plant Poso Project Development

USD 552 mio


August 2018

October 2017

PT Jaya Agra Wattie

Refinancing Existing Loan

IDR 2.6 tn


July 2018


MANDIRI CREDENTIALS


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


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



Arranger & Selling Agent

August 2017

October 2017

PT Indonesia Power


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


DINFRA (Phase I) IDR423,5 bn

Financial Advisor

April 2019


MANDIRI CREDENTIALS


Government of Indonesia – Global Bond Issuances

March 2017

GOVERNMENT OF INDONESIA

Global Sukuk Joint Lead Manager

USD 3.00 bn

December 2016


GMTN XIV Co-Manager USD 3.50 bn

June 2016


GMTN XIII Co-Manager EUR 3.00 bn

December 2015


GMTN XII Co-Manager USD 2.25 bn

January 2015


GMTN XI Co-Manager USD 1.25 bn

GOVERNMENT OF

INDONESIA

GMTN X Co-Manager USD 4.00 bn

December 2014 July 2017


GMTN XV Co-Manager

EUR 1.00 bn,USD 2.00bn

December 2017


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


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


Commercial Banking

Corporate Solution


Commercial Banking

Corporate Solution

Mandiri Sekuritas

Mandiri Manajemen Investasi


Commercial Banking

Corporate Solution



Commercial Banking

Corporate Solution

Mandiri Sekuritas


Commercial Banking

Corporate Solution


Commercial Banking

Corporate Solution


Mandiri Sekuritas



Commercial Banking

Corporate Solution

Mandiri Sekuritas

International Banking & Financial Institutions


Commercial Banking

Corporate Solution

Mandiri Sekuritas


Wealth Management


Commercial Banking

Corporate Solution

Treasury


Commercial Banking

Corporate Solution

Transaction Banking

KOLABORASI MANDIRI GROUP

MANDIRI OVERVIEW


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


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


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)


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


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


INVESTOR PUBLIK

Saham Baru

Cash

Proceed

ISSUER


INVESTOR PUBLIK

Rights

Cash

Proceed

EKSISTING SHL

Un exercised

Rights

Umumnya dilakukan oleh Perusahaan yang telah lama beroperasi dan memiliki historikal yang cukup baik


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


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


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


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

ALTERNATIF PEMBIAYAAN INFRASTRUKTUR · –Jasa Marga IDR 4 trillion Komodo bond INFOBANK #1 Best...

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Transcript of ALTERNATIF PEMBIAYAAN INFRASTRUKTUR · –Jasa Marga IDR 4 trillion Komodo bond INFOBANK #1 Best...