Page 135 - Buku BPJT 2020

CAPITAL MARKETS so in infrastructure-related industries,
including toll roads, which have become
SUPPORT FOR THE the government’s priority especially
in executing the National Economic
CONSTRUCTION OF TOLL Recovery (Pemulihan Ekonomi Nasional/
ROADS kami tentu mendukung target PEN) program. Investors enjoy benefit
from these products as they enable direct
Rencana Pembangunan Jangka participation in the national economic
Menengah Nasional (RPJMN) development, have potential high yields,
By Harold Tjiptadjaja 2020-2024 untuk membangun and provide investment diversification.
Managing Director of PT Mandiri Sekuritas 3.000 kilometer (km) ruas In general, there are several stages of the
BADAN PENGATUR JALAN TOL CIndonesian government’s vision jalan tol baru guna mendorong namely: (i) land acquisition; (ii) construction
jalan umum dan 2.500 km
construction and operation of toll roads,
onstruction
of
infrastructures,
period; (iii) early operation period; (iv)
including toll roads, has become
roda
dan
mengakselerasi
mature period. In the initial two stages,
perekonomian Indonesia.
the financing of toll road projects will be
and one of its priorities in the effort of
advancing the country under President
however, are a different matter. In the early
Joko Widodo’s administration. As part of
target of the National Medium
operation period, the toll road is already
one of the largest State-Owned Enterprise we undoubtedly support the dominated by banks. The next two stages
(SOE) groups in Indonesia, Mandiri Group, Term Development Plan (Rencana operating but has not yet generated
we undoubtedly support the target of the Pembangunan Jangka Menengah positive cash flow, while in the mature
National Medium Term Development Plan Nasional/RPJMN) of 2020-2024 to period, the road has generated positive
(Rencana Pembangunan Jangka Menengah build 3,000 kilometers (kms) of public cash flow that usually enables financing for
Nasional/RPJMN) of 2020-2024 to build roads and 2,500 kms of new toll roads asset and debt recycling through various
3,000 kilometers (kms) of public roads in order to drive and accelerate the instruments, such as domestic bonds,
and 2,500 kms of new toll roads in order wheels of Indonesia’s economy. global bonds, securitization, strategic
to drive and accelerate the wheels of partnerships, IPOs, etc.
Indonesia’s economy.
Mandiri Sekuritas has contributed to the
Mandiri Sekuritas is committed to boost development of toll roads in Indonesia
the industrial sector and accelerating the by assisting issuers in the toll road and
development in our country for the greater infrastructure sectors, as an arranger/
good. This commitment is our form of advisor/underwriter, in performing different
support for the government who has been forms of financing, such as Jasa Marga’s
actively strengthening the foundations of Global IDR Bond, Jasa Marga’s Future
the economy in Indonesia. Revenue Based Securities for Jagorawi Toll
Participation Mutual Funds (Reksa Dana Road, etc.
Issuance of investment products Penyertaan Terbatas/RDPT), perpetual
related to toll road management in both bonds, project bonds, and Komodo Bond.
Indonesian and global capital markets is
and will continue to increase, due to the As an example, issuance of CIC-ABS worth
fact that these products are considered Rp2 trillion was pioneered by PT Jasa
to be investment solutions as well as the Marga (Persero) Tbk in 2017. The right to
alternatives to finance infrastructures in securitized revenue includes the partial
Indonesia and offer numerous attractive revenue of the Jagorawi (Jakarta-Bogor-
benefits for investors. Ciawi) toll road, which is one of the most
mature toll roads owned by Jasa Marga. In
Strategic initiatives to advance our nation the same year, the company also became
must be supported through various funding the first to issue a global bond called
BADAN PENGATUR JALAN TOL
sources. Financing infrastructures by Komodo Bond. To support its expansion,
utilizing capital market could deliver great Jasa Marga also issued RDPT Equity in
synergies to support economic growth 2018 and an alternative financing called
while providing stimuli for Indonesian Infrastructure Investment Fund or DINFRA
capital market. There are several financing in 2019.
options in the capital market that could
support corporate needs, including So far, the investment products issued
Collective Investment Contract of Asset- by toll road managers received positive
Backed Securities (CIC-ABS), Limited responses from investors, even more

Transformasi Jalan Tol, Merajut Nusantara (Toll Road Transformation, Connecting The Nation) | 135
Transformasi Jalan Tol, Merajut Nusantara (Toll Road Transformation, Connecting The Nation) | 135