A Good Start 19 MAY 2015

WEEKLY REPORT

D E B T RESEARCH

A Good Start

19 MAY 2015

Indonesia FCLT Rating S&P Moody's Fitch

BB+ Baa3 BBB-

Key Market Indicators as of 18-May-15 BI Rate JCI Index IDR Inflation(y-o-y) - Jan-15 Domestic Bonds Outstanding Gov't Bonds as of 15-May-15 Corp Bonds as of 12-May-15

7.50% 5,238 13,139 6.96%

IDR 1,330.4tn IDR 233.2tn

Previous Week Trading Volume Government Bonds Corporate Bonds Benchmark Yield as of 18-May-15 FR0069 (5 year) FR0070 (10 year) FR0071 (15 year) FR0068 (20 year) Source : Bloomberg, Mid YTM

IDR 61.41tn IDR 3.14tn

7.614% 7.965% 8.154% 8.265%

Government Bonds Indices as of 18-May-15 Price Index (Bloomberg : DGBIIDPR) 125.42 Yield Index (Bloomberg : DGBIIDYD) 8.02% TR Index (Bloomberg : DGBIIDTR) 428.80

Calendar of Event 21-May-15 US Initital Jobless Claim (Survey : 270K; Prior : 264K) 26-May-15 Indonesia Money Supply M2 YoY (Survey : NA; Prior : 16%; Revised : 16.3%) 28-May-15 Italy Consumer Confidence Indicator (Survey : NA; Prior : 108.2)

QE Policy Package In early March 2015, the European Central Bank (ECB) started to buy public sector securities in the Eurozone as part of its Quantitative Easing policy (QE). In addition, the ECB plans to spend €60 billion every month on its bondpurchasing program until September 2016. Before the Eurozone’s QE, QE was successfully undertaken in the United States and the United Kingdom to boost economic growth. Nevertheless, the effectiveness of European QE needs to be examined further given the structural differences between the Eurozone and the US or the UK.

Paket Kebijakan QE Pada awal Maret 2015, European Central Bank (ECB) memulai pembelian efek yang diterbitkan oleh sektor publik di zona Eropa sebagai bagian dari kebijakan Quantitative Easing (QE). Selain itu, ECB berencana akan membelanjakan €60 miliar setiap bulannya untuk program pembelian obligasi ini hingga September 2016. Sebelum Eropa, QE juga sempat berhasil diterapkan oleh Amerika Serikat dan Inggris untuk mendorong pertumbuhan ekonomi mereka. Namun, efektifitas QE di zona Eropa masih perlu dicermati mengingat perbedaan struktur antara Eropa dengan AS atau Inggris.

The Top Priority Up until the end of April, ECB had bought €95.06 billion of public sector securities from the Eurozone. The bonds of Germany, France and Italy accounted for most of the bonds purchased. €22.2 billion of German bonds were purchased by the ECB, or 23.37% of the total, with an average tenor of 7.9-years. At the same time, purchases of French and Italian bonds were in 2nd and 3rd place with total purchases reaching €17.4 billion (18.28%) and €15.2 billion (12.02%), respectively. Meanwhile, only 53 million of Malta bonds were purchased or 0.06% of the total.

Proritas Utama Hingga akhir April, ECB telah melakukan pembelian efek sebesar €95,06 miliar yang berasal dari beberapa negara Eropa. Jerman, Perancis dan Italia adalah tiga negara dengan porsi terbesar dalam kebijakan pembelian obligasi ini. Obligasi Jerman yang telah dibeli ECB mencapai €22.2 miliar, atau 23.37% dari total pembelian oleh ECB, dengan rata-rata tenor sebesar 7,9 tahun. Di sisi lain, Perancis dan Italia berada di posisi 2 dan 3 dengan total pembelian masing-masing sebesar €17,4 miliar (18,28%) dan €15,2 miliar (12,02%). Sementara itu, Malta berada di posisi terakhir dengan jumlah pembelian hanya mencapai €53 juta atau 0,06% dari total pembelian ECB.

Breakdown of Holding of Debt Securities Country of Issuer Total Germany France Italy Supranationals Spain Netherlands Belgium Austria Portugal Finland Ireland Slovakia Slovenia Luxembourg Latvia Lithuania Malta

Total Purchasing (EUR Million) as of March as of April 47,356 95,056 11,063 22,211 8,752 17,376 7,604 15,189 5,680 11,427 5,444 10,914 2,486 5,014 1,527 3,056 1,215 2,419 1,073 2,157 774 1,559 721 1,455 506 1,028 209 428 183 388 75 252 39 122 5 58

Weighted Average Tenor as of March as of April 8.56 8.25 8.12 7.90 8.22 7.84 9.07 8.41 7.26 8.05 11.66 9.73 6.71 6.97 8.80 9.10 7.79 7.99 10.96 10.77 7.26 7.15 9.43 9.14 9.49 9.26 6.33 7.92 7.01 6.88 6.43 5.93 6.46 5.22 10.37 8.47

Source: www.ecb.europa.eu Analysts Rifki Rizal 3509888 ext 3404 [email protected] Amir A. Dalimunthe 3509888 ext.3405 [email protected]

Please read important disclosure at the back of this report www.danareksa.com

Weaker Currency This policy triggered weakening of the Euro exchange rate because the ECB has increased the economy with a huge amount of liquidity every month. The Euro/US Dollar exchange rate (USDEUR) weakened 12.73% from €0.8227 per USD to €0.9318 per USD in 3M15. A weaker currency is expected to improve product competitiveness and boost economic growth as well. YoY Inflation in Europe in April was recorded at -0.1%, or unchanged from last month. This compares to inflation in January and February of -0.5% and -0.3%, respectively.

Pelemahan Nilai Tukar Kebijakan ini memicu melemahnya nilai tukar dikarenakan ECB menambah likuiditas yang cukup besar setiap bulannya. Selama kuartal pertama tahun 2015, nilai tukar Euro terhadap Dollar AS (USDEUR) melemah hingga 12,73% dari €0,8227 per USD menjadi €0,9318 per USD. Pelemahan nilai tukar ini diharapkan dapat meningkatkan daya saing produk sekaligus mendorong pertumbuhan ekonomi. Tingkat inflasi tahunan Eropa di bulan April tercatat sebesar -0,1%, atau tidak berubah dari bulan sebelumnya. Hal tersebut masih lebih baik jika dibandingkan dengan deflasi pada bulan Januari dan Februari 2015 yang mencapai angka -0,5% dan -0,3%.

18 - 22 May 2015

WEEKLY REPORT

USDEUR Index

13-May-15

6-May-15

29-Apr-15

22-Apr-15

15-Apr-15

8-Apr-15

1-Apr-15

25-Mar-15

18-Mar-15

11-Mar-15

4-Mar-15

25-Feb-15

18-Feb-15

11-Feb-15

4-Feb-15

28-Jan-15

21-Jan-15

14-Jan-15

7-Jan-15

31-Dec-14

0.96 0.94 0.92 0.9 0.88 0.86 0.84 0.82

Source: Bloomberg Yield Slope and Economic Growth Besides weakening the Euro exchange rate, QE is also expected to affect the yield slope (or the spread between the 10- and 2-year government bond yield curve in several European countries. In Exhibit 2, Germany’s yield slope has significantly increased since mid-April. Germany’s slope rose 48bps from 34bps on 20 April to 82bps on 11 May. Historically, an increase in the yield slope indicates an improving economic outlook. France and Italy also experienced an increased yield slope. The yield slope in France increased by 52bps from 0.54% to 1.06% in the same period. Meanwhile, the Italian yield slope has been in a rising trend since the beginning of March 2015.

Yield Slope dan Economic Growth Selain mempengaruhi nilai tukar Euro, QE juga diperkirakan mempengaruhi yield slope, atau selisih antara yield curve obligasi Pemerintah bertenor 10dan 2-tahun, di beberapa negara Eropa. Pada Exhibit 2, terlihat adanya peningkatan yield slope Jerman yang cukup signifikan sejak pertengahan April. Yield slope Jerman naik 48bps dari 34bps pada tanggal 20 April menjadi 82bps pada tanggal 11 Mei. Secara historis, peningkatan yield slope merupakan indikator akan membaiknya prospek perekonomian ke depan. Selain Jerman, Perancis dan Italia juga mengalami hal yang sama. Yield slope Perancis meningkat 52bps dari 0,54% menjadi 1,06% selama periode yang sama. Sementara itu, yield slope italia telah berada dalam tren meningkat sejak awal Maret 2015.

Besides the yield slope, European GDP growth also improved. GDP growth in Europe was recorded at 0.4% in the first quarter of the year, or up 0.1% from 4Q14’s growth of only 0.3%. Despite improvements in some indicators, it is still too early to tell that European QE has succeeded.

Selain yield slope, pertumbuhan GDP Eropa juga mengalami perbaikan. Pertumbuhan GDP Eropa selama kuartal I 2015 tercatat sebesar 0,4%, atau naik 0,1% dari kuartal IV 2014 yang hanya mencapai 0,3%. Walaupun beberapa indikator memperlihatkan perbaikan, namun perlu observasi lebih lanjut untuk menyatakan bahwa QE Eropa telah berhasil.

Germany Yield Slope 1.0

Yield Slope

Germany Yield Curve

German 2Y

1.4

German 10Y

0.8

1.2

0.6

1.0

0.4

0.8

0.2

0.6 0.4

0.0

0.2

-0.2

0.0 31-Dec-14 7-Jan-15 14-Jan-15 21-Jan-15 28-Jan-15 4-Feb-15 11-Feb-15 18-Feb-15 25-Feb-15 4-Mar-15 11-Mar-15 18-Mar-15 25-Mar-15 1-Apr-15 8-Apr-15 15-Apr-15 22-Apr-15 29-Apr-15 6-May-15

-0.4

Source: Bloomberg, Danareksa Estimates

-0.2 -0.4 0

2

4 6 8 31-Dec-14

Source: Bloomberg

France Yield Slope

Italy Yield Slope

France 2Y

France 10Y

Yield Slope

Italy 2Y

6-May-15

29-Apr-15

22-Apr-15

8-Apr-15

15-Apr-15

1-Apr-15

25-Mar-15

18-Mar-15

11-Mar-15

4-Mar-15

25-Feb-15

18-Feb-15

11-Feb-15

6-May-15

29-Apr-15

22-Apr-15

15-Apr-15

8-Apr-15

1-Apr-15

25-Mar-15

18-Mar-15

11-Mar-15

4-Mar-15

25-Feb-15

18-Feb-15

4-Feb-15

Yield Slope

11-Feb-15

28-Jan-15

21-Jan-15

14-Jan-15

7-Jan-15

31-Dec-14

-0.3

4-Feb-15

0.1 -0.1

28-Jan-15

0.3

21-Jan-15

0.5

14-Jan-15

0.7

2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 7-Jan-15

0.9

31-Dec-14

1.1

Source: Bloomberg

10 12 14 16 18 20 22 24 26 28 30 31-Mar-15 11-May-15

Italy 10Y

Source: Bloomberg

2

18 - 22 May 2015

WEEKLY REPORT

APPENDICES Appendix 1. Government Bonds Trading 11 - 15 May 2015 Last Trade Date 15-May-15 15-May-15 15-May-15 12-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 12-May-15 12-May-15 15-May-15 13-May-15 15-May-15 15-May-15 12-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 12-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 15-May-15 13-May-15 13-May-15 15-May-15

Bonds SPN12150611 FR0027 SPN03150701 SPNS14072015 SPN12150710 SPN12150903 SR004 SPN12151001 ORI009 SPN12151105 SPN12160107 SR005 SPN03150604 VR0022 FR0030 PBS008 FR0055 ORI010 SR006 FR0060 FR0028 ORI011 SR007 FR0066 FR0038 FR0069 FR0036 FR0031 FR0034 FR0053 FR0061 FR0035 FR0043 FR0063 FR0046 FR0070 FR0044 FR0040 FR0056 FR0059 FR0042 FR0064 FR0071 FR0052 FR0054 FR0058 FR0065 FR0068 FR0050 FR0062 FR0067

Maturity Coupon 11-Jun-15 15-Jun-15 1-Jul-15 14-Jul-15 6-Aug-15 3-Sep-15 21-Sep-15 1-Oct-15 15-Oct-15 5-Nov-15 7-Jan-16 27-Feb-16 4-Mar-16 25-Mar-16 15-May-16 15-Jun-16 15-Sep-16 15-Oct-16 5-Mar-17 15-Apr-17 15-Jul-17 15-Oct-17 11-Mar-18 15-May-18 15-Aug-18 15-Apr-19 15-Sep-19 15-Nov-20 15-Jun-21 15-Jul-21 15-May-22 15-Jun-22 15-Jul-22 15-May-23 15-Jul-23 15-Mar-24 15-Sep-24 15-Sep-25 15-Sep-26 15-May-27 15-Jul-27 15-May-28 15-Mar-29 15-Aug-30 15-Jul-31 15-Jun-32 15-May-33 15-Mar-34 15-Jul-38 15-Apr-42 15-Feb-44

9.50 6.25 6.25 6.00 3.75 10.75 7.00 7.38 8.50 8.75 6.25 10.00 8.50 8.25 5.25 11.60 7.88 11.50 11.00 12.80 8.25 7.00 5.19 10.25 5.63 9.50 8.38 10.00 11.00 8.38 7.00 10.25 6.13 9.00 10.50 9.50 8.25 6.63 8.38 10.50 6.38 8.75

Tenor 0.06 0.07 0.12 0.15 0.21 0.29 0.34 0.37 0.41 0.46 0.63 0.77 0.79 0.85 0.99 1.07 1.32 1.41 1.79 1.91 2.16 2.41 2.81 2.99 3.24 3.91 4.32 5.49 6.07 6.16 6.99 7.07 7.16 7.99 8.16 8.82 9.32 10.32 11.32 11.99 12.16 12.99 13.82 15.24 16.16 17.07 17.99 18.82 23.16 26.91 28.74

Last Done Price 99.67 100.20 99.28 99.09 98.84 98.48 94.00 97.85 98.40 97.27 96.52 99.22 95.45 99.05 103.11 99.80 100.20 101.00 101.55 97.02 104.75 100.00 99.00 93.85 111.11 100.87 113.80 114.25 123.10 101.30 95.26 126.50 112.50 86.60 108.10 102.90 112.00 119.75 102.00 89.60 116.00 84.00 109.75 116.50 108.00 104.00 83.50 104.00 118.00 76.50 101.60

Freq 4.00 3.00 2.00 1.00 1.00 1.00 2.00 3.00 9.00 1.00 1.00 6.00 1.00 1.00 3.00 1.00 2.00 18.00 20.00 1.00 3.00 21.00 53.00 6.00 2.00 101.00 1.00 4.00 4.00 7.00 4.00 1.00 2.00 3.00 2.00 60.00 7.00 4.00 2.00 3.00 1.00 2.00 44.00 2.00 5.00 31.00 8.00 96.00 1.00 4.00 1.00

Vol (IDR Bn) 88.90 405.20 143.48 10.02 7.27 315.27 1.18 150.00 10.18 1.00 116.80 12.35 100.00 200.00 56.35 95.00 165.41 115.47 1,502.26 420.00 444.39 299.48 2,687.93 117.61 35.88 6,440.69 338.55 615.45 210.30 408.43 99.29 136.11 103.20 240.60 30.52 20,277.11 572.92 62.25 4.90 285.17 27.00 35.06 12,691.78 11.32 321.50 392.13 387.43 10,169.01 0.10 13.28 36.00

Yield 0.33 6.87 0.72 0.91 1.17 1.54 6.65 2.20 6.35 2.81 3.60 6.05 4.77 3.79 7.49 7.19 7.20 8.42 8.62 7.94 7.57 8.50 8.33 7.58 7.67 7.61 7.69 7.77 7.94 7.98 7.89 7.94 7.93 7.92 8.12 7.91 8.14 8.13 8.10 8.39 8.15 8.14 7.83 8.54 8.57 7.82 8.42 7.96 8.68 8.64 8.60

Tenor Class < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr

Modified Duration 0.08 0.39 0.85 0.90 1.00 1.24 1.77 1.88 2.70 2.66 3.30 3.40 4.20 4.23 4.65 5.40 5.55 5.02 6.18 5.57 6.13 6.12 6.42 7.19 7.75 7.08 8.41 8.02 7.93 8.25 8.95 9.65 9.46 9.34 10.87 10.36

Source: Danareksa, BEI

3

18 - 22 May 2015

WEEKLY REPORT

APPENDICES Appendix 2. Corporate Bonds Trading 11 - 15 May 2015 Last Trade Date 15-May-15 12-May-15 12-May-15 13-May-15 15-May-15 13-May-15 15-May-15 15-May-15 13-May-15 13-May-15 13-May-15 11-May-15 12-May-15 13-May-15 13-May-15 15-May-15 15-May-15 12-May-15 13-May-15 13-May-15 15-May-15 13-May-15 15-May-15 13-May-15 13-May-15 15-May-15 13-May-15 13-May-15 15-May-15 12-May-15 12-May-15 15-May-15 15-May-15 12-May-15 12-May-15 15-May-15 12-May-15 12-May-15 12-May-15 13-May-15 11-May-15 15-May-15 13-May-15 15-May-15 13-May-15 15-May-15 13-May-15 12-May-15 12-May-15 12-May-15 13-May-15 11-May-15 12-May-15 15-May-15 15-May-15 12-May-15 15-May-15 15-May-15 13-May-15 12-May-15

Bonds ADMF02ACN3 MFIN01ACN2 BEXI02ACN1 ADMF01BCN3 BWPT01 ADMF02ACN4 SSMM01A WOMF01ACN2 PNMP01ACN1 NISP01ACN2 ASDF01BCN3 ADMF02CCN1 BEXI02ACN5 BFIN02ACN2 BBIA01A FIFA02ACN1 IMFI01BCN2 PPGD02ACN3 TAFS03B MFIN02ACN1 BEXI01BCN3 PPGD11A BCAF01BCN2 BEXI04D JMPD12Q APLN01B BBTN12 BNII01BCN1 ADMF01CCN1 JPFA01CN1 JPFA01CN2 NISP01BCN2 BCAF02BCN1 IMFI01BCN4 IMFI01CCN2 MFIN02BCN1 SMII01A BNGA01SB PPLN09A BTPN01BCN2 APLN02 ASDF02BCN4 PNBN04SB MAPI01BCN1 ISAT01ACN1 SANF01CN2 PNMP01BCN1 NISP01CCN2 ADMF02DCN1 ADHISM1CN2 MEDC01CN2 PTPP01CN1 BBIA01B WOMF01BCN3 SIAISA01 FIFA02BCN1 AMRT01ACN2 MFIN02CCN1 PANR01CN2 ROTI01CN1

Maturity Coupon 24-May-15 13-Jun-15 15-Jun-15 27-Sep-15 16-Nov-15 22-Nov-15 30-Nov-15 15-Dec-15 29-Dec-15 20-Feb-16 22-Feb-16 1-Mar-16 23-Mar-16 29-Mar-16 11-Apr-16 4-May-16 8-May-16 17-May-16 17-May-16 18-May-16 23-May-16 23-May-16 14-Jun-16 18-Jun-16 6-Jul-16 25-Aug-16 19-Sep-16 6-Dec-16 16-Dec-16 12-Jan-17 1-Feb-17 10-Feb-17 20-Mar-17 22-Apr-17 8-May-17 8-May-17 11-Jun-17 8-Jul-17 10-Jul-17 3-Aug-17 15-Aug-17 29-Oct-17 9-Nov-17 12-Dec-17 12-Dec-17 16-Dec-17 19-Dec-17 10-Feb-18 1-Mar-18 15-Mar-18 15-Mar-18 19-Mar-18 1-Apr-18 2-Apr-18 5-Apr-18 24-Apr-18 8-May-18 8-May-18 12-May-18 11-Jun-18

9.60 11.00 8.25 7.75 10.68 9.60 8.60 10.25 9.80 9.00 7.75 7.85 8.25 9.88 8.60 8.50 8.25 8.50 7.60 10.50 6.40 13.10 7.50 12.75 13.50 11.00 12.75 8.75 9.00 9.90 9.90 9.40 8.50 11.25 8.50 11.00 9.60 11.30 10.40 8.25 9.38 10.50 10.50 8.45 10.00 10.50 10.50 9.80 8.90 8.10 8.50 8.38 9.40 10.25 10.25 9.25 9.70 11.50 11.00 8.00

Tenor

Rating

0.01 0.07 0.07 0.36 0.49 0.51 0.53 0.57 0.61 0.75 0.76 0.78 0.84 0.86 0.89 0.96 0.97 0.99 0.99 1.00 1.01 1.01 1.07 1.08 1.13 1.27 1.33 1.55 1.58 1.65 1.70 1.73 1.84 1.93 1.97 1.97 2.06 2.14 2.14 2.21 2.24 2.44 2.47 2.56 2.56 2.58 2.58 2.73 2.78 2.82 2.82 2.83 2.87 2.87 2.88 2.93 2.97 2.97 2.98 3.06

idAAA idA idAAA idAAA idBBB+ idAAA idA AA(idn) idA idAAA idAA+ idAA+ idAAA A+(idn) AAA(Idn) idAAA idA idAA+ AAA(idn) idA idAAA idAA+ idAAA idAAA idAA idA idAA AAA(idn) idAAA idA A+(idn) idAAA idAAA idA idA idA idAA+ AA(idn) idAA+ AA-(idn) idA AAA(Idn) idAA-/A+(idn) idAAidAAA AA(idn) idA idAAA idAAA idA(sy) idAAidA AAA(Idn) AA(idn) idA-(sy) idAAA AA-(idn) idA idAidAA-

Last Done Price 100.02 100.14 100.05 99.82 99.00 100.00 99.00 100.93 100.00 100.00 98.38 99.30 100.35 99.88 100.25 100.40 99.00 100.20 99.10 100.02 98.25 102.47 99.30 102.42 102.99 100.80 102.41 100.05 99.90 99.26 98.62 100.50 99.66 101.00 97.50 102.00 100.00 102.23 102.50 96.50 99.90 101.00 101.15 96.90 103.00 102.00 101.55 100.73 98.00 95.25 97.50 95.00 100.74 101.00 99.81 100.00 100.50 102.00 99.85 92.25

Freq 1.00 2.00 4.00 1.00 1.00 1.00 1.00 2.00 1.00 1.00 1.00 1.00 1.00 1.00 3.00 5.00 4.00 1.00 2.00 2.00 5.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 5.00 5.00 5.00 1.00 1.00 3.00 2.00 16.00 1.00 2.00 1.00 1.00 3.00 2.00 4.00 1.00 1.00 1.00 2.00 4.00 1.00 4.00 1.00 1.00 1.00 3.00 2.00 3.00 9.00 4.00 1.00 1.00

Vol (IDR Bn) 117.70 1.60 86.00 7.50 43.00 4.50 10.00 15.40 4.50 1.00 8.50 3.00 0.50 5.00 36.20 65.00 20.00 7.00 58.00 6.00 176.00 4.50 2.00 4.80 4.50 0.90 4.80 32.50 69.40 11.00 15.00 2.00 10.00 0.35 16.00 3.80 12.00 10.00 12.00 2.30 24.00 0.50 20.85 3.50 4.80 1.00 5.90 20.00 6.00 15.00 0.80 1.00 5.00 540.12 6.00 472.50 60.10 2.40 316.00 0.10

Yield 9.60 10.98 8.25 7.76 10.78 9.60 8.69 10.16 9.80 9.00 7.88 7.91 8.22 9.89 8.58 8.47 8.33 8.48 7.67 10.50 8.20 10.53 8.18 10.38 10.69 10.32 10.80 8.71 9.06 10.38 10.79 9.08 8.70 10.67 9.90 9.87 9.60 10.13 9.11 10.02 9.42 10.03 9.97 9.82 8.69 9.61 9.81 9.49 9.72 9.51 10.42 9.10 9.84 10.32 9.25 9.50 10.71 11.06 11.00

Modified Duration 0.02 0.08 0.09 0.36 0.47 0.50 0.51 0.55 0.60 0.72 0.73 0.76 0.82 0.82 0.86 0.92 0.93 0.94 0.95 0.93 0.96 0.93 1.01 1.00 1.04 1.15 1.21 1.42 1.44 1.51 1.55 1.58 1.67 1.72 1.80 1.76 1.84 1.88 1.91 1.99 1.97 2.13 2.17 2.25 2.23 2.21 2.22 2.38 2.41 2.45 2.46 2.48 2.44 2.45 2.54 2.56 2.50 2.52 2.63

Source: Danareksa, BEI

4

18 - 22 May 2015

WEEKLY REPORT

APPENDICES Appendix 2. Corporate Bonds TradingTrading 11 - 15 May 2015 (Cont'd) Last Trade Date 12-May-15 15-May-15 11-May-15 12-May-15 12-May-15 15-May-15 15-May-15 12-May-15 13-May-15 13-May-15 13-May-15 13-May-15 15-May-15 15-May-15 12-May-15 12-May-15 13-May-15 11-May-15 15-May-15

Bonds ROTI01CN1 LTLS01CN1 APLN01CN1 SMRA01CN1 SMII01B INDF07 TAXI01 BNII01SBCN2 SDRA01SB APLN01CN3 PNBN01SBCN1 AKRA01B BVIC03SB BBTN01CN1 ISAT08B BBMISMSB1CN1 SIKPPLN04B BBMISMSB1CN2 SIPPLN01BCN2

Maturity Coupon 11-Jun-18 19-Jun-18 27-Jun-18 11-Dec-18 11-Jun-19 13-Jun-19 24-Jun-19 31-Oct-19 29-Nov-19 19-Dec-19 20-Dec-19 21-Dec-19 27-Jun-20 5-Jun-22 27-Jun-22 29-Jun-22 8-Jul-22 28-Mar-23 10-Dec-23

8.00 9.75 9.25 10.85 10.00 10.13 12.50 9.25 12.63 12.50 9.40 8.75 10.50 7.90 8.88 0.00 10.40 9.60 9.60

Tenor

Rating

3.06 3.08 3.11 3.56 4.06 4.07 4.10 4.45 4.53 4.58 4.59 4.59 5.11 7.04 7.11 7.11 7.14 7.86 8.56

idAAidAidA idA+ idAA+ idAA+ idA idAA/AA(idn) idBBB idA idAAidAAidBBB+ idAA/AA(idn) idAAA idA(sy) idAAA(sy) idA(sy) idAAA(sy)

Last Done Price 92.25 93.95 98.40 101.13 99.75 102.00 103.00 95.25 103.50 104.70 93.87 95.75 93.90 85.80 91.50 100.00 104.75 80.00 100.75

Freq 1.00 11.00 3.00 5.00 2.00 1.00 3.00 2.00 1.00 2.00 13.00 2.00 5.00 2.00 1.00 1.00 1.00 4.00 1.00

Vol (IDR Bn) 0.10 110.00 24.00 12.00 20.00 5.00 14.85 4.00 6.00 10.00 33.00 2.25 45.00 2.00 0.10 290.00 18.00 120.00 30.00

Yield 11.00 12.12 9.85 10.47 10.07 9.53 11.57 10.60 11.62 11.18 11.12 9.91 12.11 10.80 10.59 9.48 9.47

Modified Duration 2.63 2.57 2.65 2.89 3.26 3.26 3.14 3.58 3.37 3.44 3.60 3.68 3.81 5.09 5.07 5.02 5.71

Source: Danareksa, BEI

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18 - 22 May 2015

WEEKLY REPORT

RESEARCH TEAM

Debt Research Fax No.

Head of Debt Research Yudistira Slamet [email protected]

(62 21) 2955 5777 (62 21) 350 1709

ext. 3400

Market Analyst Rifki Rizal [email protected]

ext. 3404

Credit Analysts Amir A. Dalimunthe [email protected]

ext. 3405

Production & Database Management Eka Nuraini [email protected]

ext. 3407

Ayesha Ardelia [email protected]

ext. 3406

Melissa Hartono [email protected]

ext. 3402

Debt Capital Market Division

Debt Capital Market Div. Fax No.

Head of Debt Capital Market Budi Susanto [email protected]

Debt Sales & Brokerage Breisga Nawangsidi [email protected]

(62 21) 2955 5777 (62 21) 350 1724 / 25

ext. 3200

(62 21) 3501088 ext. 3217

Debt Trading & Investment Romi Mulyadi [email protected]

ext. 3213

Rina Rimawati D [email protected]

ext. 3223

Indra Figrachanda [email protected]

ext. 3214

Putrika Mayadipta [email protected]

ext. 3215

Product & Retail Setyo H. Purnomo [email protected]

ext. 3226

Ariningtyas W. Agustina [email protected]

ext. 3224

Hernita Dwi Ariesandhy [email protected]

ext. 3216

Tia Aprianti [email protected]

ext. 3225 DISCLAIMER

The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action , suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by P.T. Danareksa Sekuritas or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice

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