Socialization of Policy on Municipal Bond Issuance

SOCIALIZATION OF POLICY ON MUNICIPAL BOND ISSUANCE

JUNE 2007

This publication was produced by Development Alternatives, Inc. for review by the United States Agency for International Development under Contract No. 497-M-00-5-00005-00

Photo credit: Paulina Marpaung/ ESP Jakarta

Only the right ones. For Minister of Finance Sri Mulyani the main challenge that remains is the ability of the local administration to choose the right projects for financing by municipal bond issuance.

SOCIALIZATION OF POLICY ON MUNICIPAL BOND ISSUANCE Title: Socialization of Policy on Municipal

Bond Issuance Program, activity, or project number: Environmental Services Program,

DAI Project Number: 5300201.

Strategic objective number: SO No. 2, Higher Quality Basic Human Services Utilized (BHS).

Sponsoring USAID office and contract number: USAID/Indonesia,

Contract number: 497-M-00-05-00005-00.

Contractor name: DAI. Date of publication: June 2007

TABLE OF CONTENTS

1. INTRODUCTION .............................................................................................................. 1 2. SUMMARY OF DISCUSSION .......................................................................................... 2 3. PRESS CONFERENCE ...................................................................................................... 5 4. ATTACHEMENTS............................................................................................................. 6

1. UNDANGAN DAN SUSUNAN ACARA.................................................................................................................7 2. KEYNOTE SPEECH MENTERI KEUANGAN........................................................................................................ 10 3. PENERBITAN OBLIGASI DAERAH OLEH PROF. DR. MARDIASMO................................................................. 14 4. PENAWARAN UMUM OBLIGASI DAERAH MELALUI PASAR MODAL OLEH FUAD RAHMANY...................... 24 5. PENCATATAN DAN PERDAGANGAN OBLIGASI DAERAH OLEH GUNTUR PASARIBU ................................ 31 6. MEMBIAYAI INFRASRUKTUR DENGAN PENERBITAN OBLIGASI DAERAH - PEMERINTAH KOTA AHMEDABAD, INDIA OLEH ECO-ASIA ............................................................................................................... 44 7. DAFTAR UNDANGAN....................................................................................................................................... 65 8. DAFTAR HADIR ................................................................................................................................................. 70

1. INTRODUCTION In collaboration with Eco-Asia and the Ministry of Finance of Indonesia, ESP conducted an event entitled, “The Socialization on Municipal Bond Issuance Policy” on 7 June 2007 in Jakarta. This event acted as a public launching of the new Ministerial Regulation on Municipal Bonds and the accompanying Standard Operating Procedures (SOPs). The completion of the regulation and SOPs represents a major regulatory milestone for domestic borrowing in Indonesia, with local governments now empowered to issue bonds for the first time. Aimed at providing a thorough and comprehensive understanding of municipal bonds to local government officials, among others, the event also culminates the collaboration between the three organizations in preparing standard operation procedure (SOP) which functions as the implementing guidelines of the Regulations of the Minister of Finance No. 147/PMK.07/2006 on ”Procedures of the Issuance, Accountability and Information Dissemination of Municipal Bond”. The SOP itself was finished in May 2007, and contains step-by-step instructions for local government bodies to issue municipal bonds. In support of local autonomy and fiscal decentralization programs, municipal bonds are regarded as an alternative approach for local governments to finance development projects to improve the lives of their citizens. In addition, municipal bonds can benefit local governments themselvesby providing a sustainable source of long-term financing. Before accessing the capital markets, however, a local government must first demonstrate sound financial management to become credit-worthy. The municipal bond socialization program in Indonesia will continue with numerous activities, including a familiarization meeting with mayors, bupati and Local Parliaments (DPRDs) between July-October 2007.


2. SUMMARY OF DISCUSSION

The Socialization of the Policy on Municipal Bond Issuance was held in Aryaduta Hotel – Jakarta. The program started with the welcoming remarks from the Director General of Fiscal Balance and was then officially opened by the Minister of Finance, Sri Mulyani Indrawati, as the keynote speaker. Further, the program was divided into two sessions. Session I was from 09:30 – 12:30, and it consisted of an explanation of the process of Municipal Bond Issuance by the Director General of Fiscal Balance, Mardiasmo, and General Municipal Bond Offering through Capital Market by the Head of Bapepam-LK (Capital Market Supervisory Board), Fuad Rahmany. Session II, from 13:30 – 15:00, addressed the topic of Municipal Bond Trade in Secondary Market by the Director of Surabaya Stock Exchange (Bursa Efek Surabaya), Guntur Pasaribu, as well as the Experience and Lessons Learned concerning the Municipal Bond Process in Ahmedabad India by USAID (delivered by Capt. Dilip Mahajan and SR Ramanujan) The program was officially closed by the Director of Regional Loan, Grant and Capacity. After the Minister of Finance session, a press conference was held in VIP room. The Minister was accompanied by the Director General of Fiscal Balance, Mardiasmo and the Head of Bapepam-LK (Capital Market Supervisory Board), Fuad Rahmany. Each session was followed by questions and answers, as follows: Questions:

1) Association of Capital Market Legal Consultant - Suggestion: Arbitration Body to solve disputes in the capital market; - Who will be in charge as the auditor for Municipal Bond? Will it be Public

Accountant as to bond in general? How does it relate to BPK (Badan Pemeriksa Keuangan= Financial Audit Board) or BPKP (Badan Pengawasan Keuangan dan Pembangunan= Financial and Development Supervisory Board)?

- If there is a default or the municipal bond value drastically goes down, what is the region’s responsibility to investors?

2) Head of DPRD Depok - What is the basic consideration of the MoF to issue policy on Municipal Bond? - What is the value of project that is eligible to be financed through municipal

bond (related to Local Government limited capacity)? - What is the reason of postponing the distribution of the balance fund since the

regions are heavily dependant on the DAU (General Allocation Fund)? - Will it be possible to approve the Perda (Local Regulation) for a Municipal Bond

at the same time as the approval of the APBD (Local Income and Expenditure Budget) is processed?

- Should a working unit to manage the municipal bond be established within the dinas or office level?

- Suggestion: There should be a pilot project for municipal bond under the supervision of the Ministry of Finance

3) Bappeda Nusa Tenggara Barat (NTB) - What is the actual response of the market to municipal bond? - For DPRD’s approval, should it be sufficient from the Head of the DPRD or

should pass the plenary meeting? - Is the fund from municipal bond allowed to finance commercial project, such as

hotel, to increase the Regional Income?

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4) NISP Securitas - Disagrees that the generation of revenue is a requirement for a project to be

financed through a municipal bond since Local Government has social function as well.

- Is it possible to issue bonds to finance social projects such as education and health?

5) Bappeda Jambi - Suggestion: It seems that Central Government is trying to move the problems to

the Regional Government. The PMK on Municipal Bonds should be reviewed in order to ensure that it is not contradictory to other regulations, especially those already issued by MoHA.

- Is it possible to issue a bond for a non-cost recovery project? - Suggestion: Local governments should not be sanctioned by postponing the

channeling of the balancing fund. - DSCR should be ≥ 2,5%, if the municipality wants to issue bond. Would it be

possible to increase the deficit?

Answers: 1) Association of Capital Market Legal Consultant

- Agreed, it would be better if a paragraph about solving disputes is also covered in the municipal bond agreement

- In accordance with Capital Market Regulations, the audit should be done by a public accountant approved by BAPEPAM and reported to BPK (should be approved by BPK)

- As stated in PP 54 Yr 2005, the municipal bond issuance must be supported by APBD, meaning that budget for principle, interest, and penalty payment should be allocated in APBD until the end of the bond period. Therefore, the investor’s right to be repaid is well protected.

2) Ketua DPRD Depok - The financing sources for the Local Governments are very limited. LG’s are

presently heavily dependant on the Central Government fund (Balancing Fund), meaning that the Municipal Bond as another alternative of financing source is really needed. Besides, the public should play a role in financing the development of its town.

- The value of the bond will not be stated in the regulation. However, if the market will buy the bond, it will be able to see the liquidity of the project, and whether the project to be financed through bond proceed is a realistic one. If the value of the bond is small, only a few investors will own the bond and they will usually hold the bond until the maturity date, meaning that there is no secondary market. In general, the market prefers a higher value for a bond, ranging between 100-150 billion.

- In principal, the transfer of the balancing fund to the region will not be reduced, but rather the transfer will be postponed. The reason for such a sanction is to make local governments more serious in planning and managing municipal bond, therefore minimizing the risk.

- The endorsement of Local Regulation on Municipal Bond will be done after approval from the Minister of Finance c.q. the Directorate General of Fiscal Balance after evaluating the financial condition and administrative requirements. The financial evaluation will be done to the APBD, therefore it is not possible to issue local government regulation (Perda) on Municipal Bond at the same time with Perda for APBD.

3


- It is not necessary to establish a new task force or working unit to manage the municipal bond. It can be done within one of division in the Financial Bureau that will be given a special mandate to manage municipal bond.

3) Bappeda Nusa Tenggara Barat (NTB) - Market response is very positive, as the market currently requires greater

diversification - Principal approval is required from DPRD to reduce political risk. The DPRD

should be involved in the process from the beginning till the end as part of the monitoring process for the municipal bond.

- Projects to be financed through municipal bonds have to be listed in the Regional Development Plan.

4) NISP Securitas - The Municipal Bond is not General Bond but a Revenue Bond. PP 54 Yr 2005

explains that the Municipal Bond will be used to finance projects that generate revenue, but not necessarily at full cost recovery.

5) Bappeda Jambi - Response to suggestion: regulation on municipal bond is stated in PP

(Government Regulation) so it presumably has been discussed between departments.

- Based on PP, projects to be financed through municipal bond should generate income but not necessarily be full cost recovery. The payment of the bonds should therefore be backed up by APBD.

- Response to suggestion: The reason for postponing the channeling of CG fund is to make local government more serious in planning and managing municipal bond, therefore minimizing the risk of default.

- Maximum deficit for local government has been determined at 5% from the projection of local income. A Request for a deficit of more than 5% will require approval from the Minister of Finance with input/consideration from the MoHA.

4


3. PRESS CONFERENCE Important points/issues were conveyed by the Minister of Finance as follows:

1. The LG should really know what they want since there are various sources of financing besides municipal bond

2. As a matter of fact the CG issues bonds not because it has been planned but more because of the crisis when CG has to bail out loans of national banking

3. It is clearly stipulated in PP 54/2005 that the purpose of municipal bonds issue is to finance projects for pbulic sector that generate revenue and provide benefit to the community. Therefore, is is generally not allowed to be used to finance deficit in APBD,

4. The LG should find projects which are good, needed by community, high priority, generate revenue stream and whether bond is the right instrument to finance it. The main problem actually is not the bond but the capability of the LG to be able to identify and prepare good projects. Basically, the money is searching for good projects. Supply is big but demand is lacking with good projects, especially the capability to prepare good feasibility study,

5. It should be kept in mind that the maturity of bond will be beyond the period of the head of local government. Consequently, the Head of Bappeda and Finance Buerau of the LG should really be responsible in setting the scheme, financing should match with the benefit and the project have revenue stream,

6. The advantage of issuing bond is the LG have more people lending money (the community). A lot of investors are ready to buy the bond offering. They will still buy though it is for bad project and from bad local government, but surely the price will be higher. Therefore, the underline transaction is more improtant. Oversubscribe, for example by 8 times, doesn’t mean anything. It should be noted that the main business is to serve people.

7. To the question about the urgency of the bond for the LG, the Minister said that LG should have a kind of diversification of sources to finance the regional development. Besides its Regional Income and DAU from Pusat, LG has various needs. Municipal bond is consistent with Central Government program as a whole to: (1) diversify instruments of financing, (2) improve development of bond in doemstic market, and (3) intensify dometic bond market,

8. The Central Government will support good Local Governments who have good infrastucture projects, good capacity, high priority and the characteristic is in line with the purpose of bond issue. The CG will probably provide technical assistance to such local government.

5


4. ATTACHEMENTS

1. Undangan dan Susunan Acara 2. Keynote Speech Menteri Keuangan 3. Penerbitan Obligasi Daerah Oleh Prof. Dr.

Mardiasmo 4. Penawaran umum Obligasi Daerah Melalui

Pasar Modal – Fuad Rahmany 5. Pencatatan dan Perdagangan Obligasi Daerah –

Guntur Pasaribu 6. Ahmedabad, India 7. Daftar Undangan 8. Daftar Hadir

6


1. UNDANGAN DAN SUSUNAN ACARA

ENVIRONMENTAL SERVICES PROGRAM WWW.ESP.OR.ID 7




SUSUNAN ACARA SOSIALISASI KEBIJAKANPENERBlTAN OBLIGASI DAERAH

Hotel Arya Duta, Jakarta - Kamis, 7 Juni 2007

Waktu Acara Keterangan

08.00 - 08.25 Registrasi Panitia 08.25 - 08.30 Salam Pembuka MC 08.30 - 08.35 Sambutan:

Prof. Dr. Mardiasmo, Ak.,MBA Direktur JenderalPerimbangan Keuangan, Departemen Keuangan

08.35 - 08.45 Keynotes Speech/Pembukaan Dr. Sri Mulyani Indrawati, Menteri Keuangan

08.45 - 09.15 Cofee Break/Press Conference 1. Menteri Keuangan 2. Dirjen PK 3. Ketua Bapepam-LK

09.15 - 09.30 Sambutan: 1. Ir. Timbul Pudjianto, MPM

Direktur JenderaI Bina Administrasi Keuangan Daerah, Departemen Dalam Negeri

2. Dr. Jeffrey Ashley Director Office of Basic Human Service Perwakilan USAID

09.30 - 11.30 Sesi Pertama 1. Penerbitan Obligasi Daerah

Penyaji : Prof. Dr. Mardiasmo, Ak., MBA, Dirjen Pertimbangan Keuangan

2. Penawaran Umum Obligasi Daerah melalui Pasar Modal Penyaji : Dr. A. Fuad Rahmany, Ketua Bapepam-LK

Moderator: Dr. Robert Simanjuntak Kepala Departemen Ilmu Ekonomi – Fakultas Ekonomi Universitas Indonesia

11.30 - 12.00 Tanya Jawab 12.00 - 13.00 ISHOMA 13.00 - 14.30 Sesi Kedua

1. Perdagangan Obligasi Daerah di Pasar Sekunder Penyaji :T. Guntur Pasaribu, Direktur Perdagangan - Bursa Efek Surabaya

2. Pengalaman dan Pembelanjaran dari Proses Obligasi Daerah di Ahmedabed India Penyaji : (i) Capt Dilip Mahajan, Deputy Commissioner

– Ahmedabad Municipal Corporation (ii) SR. Ramanujan, Dir. Urban Infrastructure-

CRISIL Infrastructure Advisory

Moderator : Anis Baridwan, Kepala Biro Standar Akuntansi dan Keterbukaan, Bapepam-LK

14.30-15.00 Tanya Jawab 15.00 -15.15 Penutupan



2. KEYNOTE SPEECH MENTERI KEUANGAN



KEYNOTE SPEECH

MENTERI KEUANGAN

“ SOSIALISASI KEBIJAKAN PENERBITAN OBLIGASI DAERAH ”

Hotel Aryaduta - Jakarta, 7 Juni 2007

Yth. Para Kepala Bappeda, Kepala Biro Keuangan, dan Ketua DPRD Provinsi; Para Perwakilan Lembaga Donor; Para Ketua Asosiasi Pemerintahan; Para Ketua Asosiasi Profesi; Ketua Bapepam-LK dan para Dirjen di lingkungan Departemen Keuangan; dan Para Undangan lainnya.

Assalamu’alaikum Warahmatullahi Wabarakaatuh Selamat pagi dan salam sejahtera bagi kita semua

Pertama-tama marilah kita panjatkan puji syukur kehadirat Tuhan Yang Maha Kuasa, karena berkat rahmat dan karunia-Nya pada hari ini kita dapat berkumpul di tempat ini untuk mengikuti acara “Sosialisasi Kebijakan Penerbitan Obligasi Daerah”. Hadirin yang saya hormati,

Dalam rangka mendukung pelaksanaan otonomi daerah dan desentralisasi fiskal sebagaimana yang diatur dalam Undang–Undang (UU) Nomor 33 Tahun 2004 tentang Perimbangan Keuangan antara Pemerintah Pusat dan Pemerintahan Daerah, serta Peraturan Pemerintah (PP) Nomor 54 Tahun 2005 tentang Pinjaman Daerah, Pemerintah Daerah dapat melakukan pinjaman sebagai alternatif pendanaan dari sumber-sumber penerimaan daerah yang digunakan untuk meningkatkan pelayanan kepada masyarakat dan mempercepat pembangunan daerah.

Secara umum ada 3 (tiga) jenis pinjaman daerah, yaitu pinjaman jangka pendek, pinjaman jangka menengah, dan pinjaman jangka panjang. Khusus untuk jenis pinjaman jangka panjang, Pemerintah Daerah dapat melakukan pinjaman kepada masyarakat dengan cara menerbitkan Obligasi Daerah (Municipal Bond) melalui penawaran umum kepada masyarakat di pasar modal dalam negeri.

Terkait dengan kebijakan penerbitan Obligasi Daerah tersebut, ada dua unsur utama yang perlu diperhatikan. Unsur yang pertama adalah berkaitan dengan kapasitas fiskal Pemerintah Daerah dalam menerbitkan Obligasi Daerah, sehingga setiap Pemerintah Daerah yang akan menerbitkan Obligasi Daerah harus terlebih dahulu mendapatkan persetujuan Menteri Keuangan. Persyaratan kapasitas fiskal yang dimaksud antara lain: (1) jumlah sisa pinjaman daerah ditambah jumlah pinjaman yang akan ditarik tidak melebihi

75 persen dari jumlah penerimaan umum APBD tahun sebelumnya; (2) rasio proyeksi kemampuan keuangan daerah untuk mengembalikan pinjaman (Debt

Service Coverage Ratio/DSCR) paling sedikit 2,5; (3) tidak mempunyai tunggakan atas pengembalian pinjaman yang berasal dari Pemerintah;

dan (4) mendapatkan persetujuan DPRD.



Unsur yang kedua adalah penawaran umum Obligasi Daerah melalui pasar modal. Daerah yang akan menerbitkan dan menawarkan Obligasi Daerah kepada masyarakat, terlebih dahulu harus menyampaikan Pernyataan Pendaftaran kepada Bapepam-LK. Setelah proses penawaran umum selesai, maka Obligasi Daerah tersebut akan dicatatkan di Bursa Efek. Mekanisme penawaran umum dan perdagangan Obligasi Daerah tersebut wajib mengikuti ketentuan yang berlaku di pasar modal baik berupa Peraturan Bapepam-LK maupun peraturan pasar modal lainnya.

Pada kesempatan ini, perlu saya tekankan bahwa sebagaimana diatur dalam PP Nomor 54 Tahun 2005, tujuan penerbitan Obligasi Daerah adalah untuk mendanai suatu kegiatan/proyek investasi sektor publik yang menghasilkan penerimaan dan memberikan manfaat bagi masyarakat. Dengan menerbitkan Obligasi Daerah tersebut, Pemerintah Daerah akan mendapatkan banyak manfaat, sebab mekanisme yang ada di pasar modal memungkinkan lebih banyak pihak yang terlibat untuk memberikan pinjaman dalam bentuk obligasi karena melibatkan masyarakat luas. Melalui Obligasi Daerah, Pemerintah Daerah juga dimungkinkan untuk mendapatkan pinjaman dari investor asing, mengingat pinjaman langsung dari luar negeri yang bukan melalui Obligasi Daerah tidak diperkenankan bagi Pemerintah Daerah.

Namun demikian, untuk menarik minat para investor agar membeli Obligasi Daerah yang ditawarkan di pasar modal, Pemerintah Daerah harus benar-benar memberikan kepastian bahwa obligasi tersebut akan dibayarkan kembali pada saat jatuh tempo. Mengingat bahwa Obligasi Daerah dipergunakan hanya untuk proyek yang memberikan manfaat kepada publik dan menghasilkan penerimaan, maka proyek tersebut harus benar-benar matang dan layak.

Saudara-Saudara sekalian yang saya hormati,

Guna mendukung pelaksanaan penerbitan Obligasi Daerah, Pemerintah telah menerbitkan Peraturan Menteri Keuangan (PMK) Nomor 147/PMK.07/2006 Tanggal 29 Desember 2006 tentang Tatacara Penerbitan, Pertanggungjawaban, dan Publikasi Informasi Obligasi Daerah. Dalam PMK tersebut diatur mengenai tahapan penerbitan Obligasi Daerah, yaitu (1) persiapan daerah, (2) persetujuan Menteri Keuangan atas Rencana Penerbitan Obligasi Daerah, (3) Pra-registrasi dan Registrasi, dan (4) Penawaran Umum.

Berdasarkan PMK tersebut, Pemerintah Daerah mengusulkan rencana penerbitan Obligasi Daerah kepada Menteri Keuangan. Atas usulan ini, akan dilakukan penelitian atas kelengkapan dokumen, dan penilaian keuangan Pemerintah Daerah, yang meliputi kemampuan keuangan Pemerintah Daerah, jumlah kumulatif pinjaman, dan jumlah defisit APBD. Berdasarkan hasil penilaian ini, Menteri Keuangan mengambil keputusan mengenai persetujuan atau penolakan rencana penerbitan Obligasi Daerah. Apabila usulan rencana penerbitan Obligasi Daerah disetujui Menteri Keuangan, selanjutnya usulan tersebut akan diproses oleh Bapepam-LK sesuai dengan aturan Pasar Modal. Untuk itu, Bapepam-LK telah menerbitkan 6 (enam) Peraturan Ketua Bappepam-LK pada tanggal 13 April 2007. Paket peraturan tersebut merupakan ketentuan-ketentuan yang perlu diperhatikan dan digunakan sebagai pedoman bagi Daerah, Profesi dan Lembaga Penunjang Pasar Modal dalam rangka Penawaran Umum Obligasi Daerah.

Saudara-Saudara sekalian yang berbahagia,

Tujuan diselenggarakannya acara ini adalah dalam rangka memberikan pemahaman yang utuh dan komprehensif, sehingga diharapkan akan menjadi pedoman bagi daerah dalam penerbitan Obligasi Daerah. Dalam kesempatan ini, saya menyampaikan terima kasih atas partisipasi dan peran serta Saudara-Saudara dalam acara ini.



Akhirnya, dengan mengucapkan bismillahirrahmaanirrahiim, secara resmi saya membuka acara Sosialisasi Kebijakan Penerbitan Obligasi Daerah. Semoga apa yang akan kita lakukan ini dapat membawa manfaat dan kebaikan bagi Daerah, Negara, dan kita semua. Amiin.

Sekian dan terima kasih.

Wassalamu’alaikum Warahmatullahi Wabarakaatuh.

Jakarta, 7 Juni 2007

Menteri Keuangan, Sri Mulyani Indrawati



3. PENERBITAN OBLIGASI DAERAH OLEH PROF. DR. MARDIASMO





















4. PENAWARAN UMUM OBLIGASI DAERAH MELALUI PASAR MODAL

OLEH A. FUAD RAHMANY















5. PENCATATAN DAN PERDAGANGAN OBLIGASI DAERAH

OLEH T. GUNTUR PASARIBU



























6. MEMBIAYAI INFRASRUKTUR DENGAN PENERBITAN OBLIGASI DAERAH -

PEMERINTAH KOTA AHMEDABAD, INDIA OLEH ECO-ASIA





ENVIRONMENTAL SERVICES PROGRAM WWW.ESP.OR.ID

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ENVIRONMENTAL SERVICES PROGRAM Ratu Plaza Building, 17th. Fl.

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www.esp.or.id

Socialization of Policy on Municipal Bond Issuance

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