At a Slow Pace DEBT RESEARCH MONTHLY REPORT JUNE May 2014 Calendar Monday Tuesday Wednesday Thursday Friday

DEBT RESEARCH

MONTHLY REPORT JUNE 2014

At a Slow Pace May 2014 Calendar Monday

Friday

Thursday

Wednesday

Tuesday

2

22 1

Indonesia FCLT Rating S&P BB+ Moody’s Baa3 Fitch BBB-

BEXI01ACN3 : Matured

5

6

7

Key Market Indicators as of 10 Jun 2014 BI Rate 7.50% JCI 4,946 IDR 11,815 Inflation (YoY) 7.32% Inflation (MoM) 0.16%

Trading Volume in May 2014 Government Bonds IDR Corporate Bonds IDR

54.64 tn 2.08 tn

Benchmark Yields as of 10 Jun 2014 FR0069 (5 year) 7.647% FR0070 (10 year) 7.998% FR0071 (15 year) 8.463% FR0068 (20 year) 8.631%

9

15 22

16

OTMA07D : Matured

12

Domestic Bonds Outstanding Gov’t Bonds as of 9 May14 IDR 1,111 tn Corp Bonds as of Apr 14 IDR 211.58 tn

8

13

14

BFIN01BCN1 : Matured

ADMF02ACN3, ADMF02BCN3, ADMF02CCN3: New Issuance (IDR 1.5 trillion) 19

20

MEDC02B, BDKI06A : Matured

21

BCAF04D : Matured

TUFI01ACN2, TUFI01BCN2: New Issuance (IDR 0.6 trillion)

BEXI04C, INDF05, PNBN02C, APEX02B : Matured

BCAF01ACN2 : Matured

Source: Bloomberg Mid YTM

26

Analysts Amir A. Dalimunthe (62 21) 2955 5777 ext 3405 [email protected]

www.danareksa.com Bloomberg Ticker: DFMJ

28

27 22

BBIA01SB: New Issuance (IDR 1 trillion)

Ayesha Ardelia (62 21) 2955 5777 ext 3406 [email protected] Rifki Rizal (62 21) 2955 5777 ext 3404 [email protected]

23

22

BTPN01ACN1 : Matured

Sources: IDX & Pefindo

29 22

30

MAY 2014

Issuance from Banks and Financial Companies In May 2014, the amount of maturing corporate bonds reached IDR4.65 trillion, lower than the previous month of IDR 5.02 trillion. The biggest amount of maturing bonds came from Financial Company sector (IDR 1.83 trillion) and was followed by the Banking sector (IDR 950 billion). Meanwhile, the total of corporate bonds issuance in May 2014 was IDR 3,09 trillion, slightly lower than the previous month of IDR 3.14 trillion. The issuance came from only 2 sectors, Banks and Financial Companies. Banking sector contributed IDR 4 trillion of new bond issuance, while the Financial Companies issued IDR 211 billion. In June, the total amount of maturing corporate bonds will reach IDR 7.17 trillion.

Penerbitan obligasi dari Bank dan Financial Companies Pada bulan Mei 2014 total obligasi korporasi yang jatuh tempo Rp 4,65 triliun lebih rendah dari bulan sebelumnya sebesar Rp 5,02 triliun. Jumlah jatuh tempo tertinggi berasal dari sektor Financial Companies sebesar Rp 1,83 triliun disusul oleh sektor Banks sebesar Rp 950 miliar. Total penerbitan obligasi pada Mei 2014 adalah sebesar Rp 3,09 triliun, lebih rendah dari bulan sebelumnya yaitu sebesar Rp 3,14 triliun. Penerbitan berasal dari dua sektor dengan jumlah penerbitan tertinggi berasal dari sektor Banks sebesar Rp 4 triliun, sedangkan sektor lainnya adalah Financial Companies sebesar Rp 211 miliar. Pada bulan Juni mendatang merupakan salah satu bulan dengan jatuh tempo tertinggi yaitu sebesar Rp 7,17 triliun.

Exhibit 1. Maturing and Issuance of Corporate Bonds (IDR billion) 6000 5000

Others

Property and Construction

Banking

Financial Company

4000 3000 2000 1000 0 Matured

Issued

2014-01

Matured

Issued

Matured

2014-02

Issued

2014-03

Matured

Issued

2014-04

Matured

Issued

2014-05

Source : IDX

Government bonds issuance reached 60.86% of target During the four government bonds auctions held in May 2014, the total amount of bid for SUN accepted by the government was IDR 16.85 trillion, as for the SBSN (Government Sharia Securities) was IDR 1.61 trillion. For the SUN issuance, FR0071 was the biggest contributor with the total amount of IDR 7.75 trillion covered by the government, followed by FR0070 at IDR 2.60 trillion. Meanwhile for SBSN, the total amount of PBS005 granted by the Government was IDR 0,84 trillion, followed by PBS003 at IDR 0,39 trillion. By the end of the month of May 2014, total government bonds’ issuance reached IDR 224.85 trillion or 60.86% of the total issuance target in 2014 (IDR 369.44 trillion, based on APBN 2014).



Penerbitan obligasi pemerintah capai 60,86% target Dalam empat kali kesempatan lelang obligasi pemerintah selama bulan Mei 2014, jumlah nominal SUN yang dimenangkan adalah sebesar Rp 16,85 triliun dan jumlah SBSN yang dimenangkan adalah sebesar Rp 1,61 triliun. FR0071 merupakan seri SBN dengan jumlah yang dimenangkan tertinggi dalam dua kali lelang sebesar Rp 7,75 triliun, disusul oleh FR0070 dalam satu kali lelang sebesar Rp 2,60 triliun. Sedangkan untuk seri SBSN, PBS005 dimenangkan sebesar Rp 0,84 triliun dan merupakan yang tertinggi, disusul oleh PBS003 sebesar Rp 0,39 triliun. Sampai dengan akhir bulan Mei 2014, total penerbitan obligasi pemerintah sudah mencapai Rp 224,85 triliun atau 60,86% realisasi dari total target penerbitan tahun 2014 sebesar Rp 369,44 triliun.

2

MAY 2014

Exhibit 2. IDR Government Bonds Auction in May 2014 (IDR trillion) 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 <15y

5y - 15y

5y<

<15y

5y - 15y

5y<

<15y

5y - 15y

5y<

<15y

5y - 15y

5y<

SBSN

SBN

SBSN

SBN

6-May-14

12-May-14

20-May-14

26-May-14

Source : DMO

Foreign holdings increase Foreign holdings of government bonds increase significantly to IDR 397.16 trillion as of May 30, 2014 from IDR 377 trillion as of April 31,2014. In proportion to bonds outstanding, foreign holdings also rise to 35.72% as of May 30,2014 from 34.59% as of April 30, 2014. Bank Indonesia increased its holdings from IDR 124.62 trillon to IDR 125.19 trillion, while domestic banks declined slightly from IDR 271.88 trillion to IDR 268.89 trillion. In term of proportion to the total outstanding, Bank Indonesia was at 11.26% and domestic bank was at 24.18% as of May 30,2014.

Kepemilikan asing bertambah Kepemilikan asing terhadap obligasi pemerintah bertambah signifikan menjadi sebesar Rp 397,16 triliun per tanggal 30 Mei 2014 dari sebelumnya sebesar Rp 377 triliun per tanggal 31 April 2014. Secara proporsi terhadap outstanding obligasi, kepemilikan asing juga mengalami peningkatan per tanggal 30 Mei 2014 menjadi 35,72% dari 34,59% per tanggal 30 April 2014. Kepemilikan Bank Indonesia meningkat dari Rp 124,62 triliun menjadi Rp 125,19 triliun, sedangkan kepemilikan bank domestik mengalami penurunan tidak signifikan dari Rp 271,88 triliun menjadi Rp 268,89 triliun. Secara proporsi kepemilikan, Bank Indonesia sebesar 11,26% dan bank domestik sebesar 24,18% pada 30 Mei 2014.

Exhibit 3. Foreign and domestic bank ownership of IDR Government Bonds (IDR trillion) 420 400 380 360 340

Foreign Investor

28-May-14

21-May-14

14-May-14

7-May-14

30-Apr-14

23-Apr-14

16-Apr-14

9-Apr-14

2-Apr-14

26-Mar-14

19-Mar-14

12-Mar-14

5-Mar-14

26-Feb-14

19-Feb-14

12-Feb-14

5-Feb-14

29-Jan-14

22-Jan-14

15-Jan-14

300

8-Jan-14

320

Domestic Bank

Source : Bloomberg



3

MAY 2014

Bond Market Review Weaker market performance The domestic bonds market, as reflected by Danareksa Composite Bond Index, showed a weaker performance in May 2014, with a positive return of 0.33% after recording a positive return of 0.91% in the previous month. The capital gain was negative 0.38% while the return from coupon payments was 0.71%.

Kinerja pasar sedikit menurun Pasar obligasi domestic, seperti digambarkan oleh Danareksa Composite Bond Index, menunjukkan penurunan kinerja selama Mei 2014, mencatatkan return positif 0,33% dibandingkan dengan return bulan April sebesar positif 0,91%. Return dari capital gain sebesar negatif 0,38%, sedangkan return diperoleh dari pembayaran kupon sebesar positif 0,71%.

Higher return from short tenor bonds Returns on bonds with tenors less than 3 years were greater than the returns on long tenor bonds in May 2014. For the short tenors, the return was positive 0.70% while the long tenors gave a positive return of 0.28%.

Return Obligasi tenor pendek lebih tinggi Return obligasi bertenor pendek (obligasi dengan tenor kurang dari 3 tahun) lebih tinggi dibandingkan dengan obligasi bertenor panjang pada Mei 2014. Return dari masingmasing tenor sebesar positif 0,70% untuk tenor pendek dan positif 0,28% untuk tenor panjang.

Corporate bonds performed slightly better Corporate bonds showed better performance than government bonds. For government bonds, the return reached 0.27% while for corporate bonds the return was 0.68%. The capital loss for government bonds was 0.42% while corporate bonds recorded slightly better performance with only 0.12% of capital loss. The return from coupon payments on corporate bonds was also higher than that of the government bonds, recorded at 0.80% v.s. 0.69%.

Performa obligasi korporasi lebih baik Obligasi korporasi memberikan kinerja lebih baik dari obligasi Pemerintah tercermin dari return obligasi pemerintah sebesar positif 0,27% dan obligasi korporasi sebesar positif 0,68%. Capital loss obligasi Pemerintah sebesar 0,42% sedangkan obligasi korporasi sebesar 0,12%. Untuk return yang diperoleh dari pembayaran kupon, obligasi korporasi lebih tinggi dari obligasi pemerintah yaitu sebesar 0,80% v.s. 0,69%.

Less active trading in the secondary market Continuing the previous month decline, the total trading in the secondary market during May 2014, slumped to IDR181.41 trillion. Government bonds trading was recorded at IDR171.67 trillion, or down from IDR 194.33 trillion in the previous month. Corporate bonds trading, meanwhile, fell to IDR 9.75 trillion from IDR10.36 trillion in the previous month.

Perdagangan sekunder obligasi menurun Melanjutkan penurunan pada bulan sebelumnya, total volume transaksi obligasi di pasar sekunder mencapai Rp181,41 triliun selama Mei 2014. Perdagangan obligasi pemerintah tercatat sebesar Rp171,67 triliun, turun dari Rp194,33 triliun di bulan sebelumnya. Perdagangan obligasi korporasi turun menjadi Rp 9,75 triliun dari Rp10,36 triliun di bulan sebelumnya.

Exhibit 4. Changes in the yield curve

Exhibit 5. Average monthly trading Avg Monthly Transaction for Corporate Bonds : IDR10,406.83 billion Avg Monthly Transaction for Governemnt Bonds : IDR163,751.38 billion

0.12%

300,000

0.10%

250,000

0.08%

200,000 0.06%

150,000

0.04%

100,000

0.02%



May-14

Apr-14

Mar-14

Feb-14

Jan-14

Dec-13

Nov-13

Oct-13

Sep-13

Aug-13

1 year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9 year 10 year 11 year 12 year 13 year 14 year 15 year 16 year 17 year 18 year 19 year 20 year 21 year 22 year 23 year 24 year 25 year 26 year 27 year 28 year 29 year 30 year 31 year

Source : Danareksa Estimate

Jul-13

-

0.00%

Jun-13

50,000

Source : IDX process data & Danareksa Estimate

4

MAY 2014

Bond Market Review New Issuance of Corporate Bonds in May 2014 No. Bond ID Bond Name 1 ADMF02ACN3 2 ADMF02BCN3 3 ADMF02CCN3 4 TUFI01ACN2 5 TUFI01BCN2 6 BBIA01SB

Issued Date

Obligasi Berkelanjutan II Adira Finance Tahap III Tahun 2014 Seri A Obligasi Berkelanjutan II Adira Finance Tahap III Tahun 2014 Seri B Obligasi Berkelanjutan II Adira Finance Tahap III Tahun 2014 Seri C Obligasi Berkelanjutan I Mandiri Tunas Finance Tingkat Bunga 10,70% Tahap II 2014 Seri A Obligasi Berkelanjutan I Mandiri Tunas Finance Tingkat Bunga 10,70% Tahap II 2014 Seri B Obligasi Subordinasi I Bank UOB Indonesia 2014

Listed Maturity Coupon Rating Amount Date Date Rate (%) (IDRbn)

14-May-14 16-May-14 24-May-15

9.60%

idAA+

687

14-May-14 16-May-14 14-May-17

10.50%

idAA+

363

14-May-14 16-May-14 14-May-19

10.75%

idAA+

450

23-May-14 26-May-14 23-May-17

10.70%

idAA

425

23-May-14 26-May-14 23-May-18

10.85%

idAA

175

28-May-14 30-May-14 28-May-21

11.35%

AA(idn)

1000

Total Issuance May 2014

3,100

Source: IDX

Maturity of Corporate Bonds in May 2014 No.

Bond ID

Bond Name

1 ISAT05A Indosat V Tahun 2007 Seri A 2 SIKISAT02 Sukuk Ijarah Indosat II Tahun 2007 3 BLTA04C Obligasi Berlian Laju Tanker IV Tahun 2009 Seri C 4 SIKBLTA02B Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri B 5 BBTN13C Obligasi XIII Bank BTN Tahun 2009 Seri C 6 BSSB01A Obligasi Bank Sulselbar I Tahun 2011 Seri A 7 TUFI06C Obligasi Mandiri Tunas Finance VI Tahun 2011 Seri C 8 ADMF05C Obligsai Adira Dinamika Multi Finance V Tahun 2011 Seri C 9 ADMF01BCN2 Obligasi Berkelanjutan I Adira Dinamika Multi Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2012 Seri B 10 BCAF01BCN1 Obligasi Berkelanjutan I BCA Finance Dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri B 11 IMFI01ACN2 Obligasi Berkelanjutan I Indomobil Finance dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A 12 TAFS03A Obligasi Toyota Astra Financial Serv ices III Tahun 2013 Seri A

Maturity Date 29-May-14 29-May-14 28-May-14 28-May-14 29-May-14 12-May-14 19-May-14 27-May-14 04-May-14

Rating

Amount

Rate (%)

Coupon

(IDR bn)

10.2% 10.2% 16.25% 16.2% 12.25% 9.5% 10% 9.6% 7.5%

idAA+ idAA+(sy) idA- idA-(sy) idAA idA idA+ idAA+ idAA+

1,230 400 190 55 900 50 350 567 200

09-May-14 Fixed: 7.35% idAA+/AA+(idn)

200

18-May-14 Fixed: 7.00%

idA

109

27-May-14 Fixed: 6.60%

AAA(Idn)

400

Total May 2014

4,651

Source: IDX



5

MAY 2014

Bond Market Review Maturity of Corporate Bonds in Jun 2014 No.

Bond ID

Bond Name

1 BEXI01ACN3 2 OTMA07D 3 BFIN01BCN1 4 MEDC02B 5 BDKI06A 6 BEXI04C 7 INDF05 8 PNBN02C 9 APEX02B 10 BCAF04D 11 BCAF01ACN2 12 BTPN01ACN1

Obligasi Berkelanjutan Indonesia Eximbank I Dengan Tingkat Bunga Tetap Tahap III Tahun 2013 Seri A Obligasi Oto Multiartha VII Tahun 2010 Seri D Obligasi Berkelanjutan I BFI Finance Indonesia Tahap I Tahun 2012 Seri B Obligasi Medco Energi International II Tahun 2009 Seri B Obligais VI Bank DKI Tahun 2011 Seri A Obligasi Bank Ekspor Indonesia IV Tahun 2009 Seri C Obligasi Indofood Sukses Makmur V Tahun 2009 Bank Panin II Tahun 2007 Seri C Obligasi Apexindo Pratama Duta II Tahun 2009 Seri B Obligasi BCA Finance IV Tahun 2011 Seri D Obligasi Berkelanjutan I BCA Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A Obligasi Berkelanjutan I Bank BTPN dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri A

Maturity Date

Rating

Amount

Rate (%)

Coupon

(IDR bn)

02-Jun-14

6.15

idAAA

1920

08-Jun-14 12-Jun-14

10.37 8.00

idAA A(idn)

200 110

17-Jun-14 17-Jun-14 18-Jun-14 18-Jun-14 19-Jun-14 19-Jun-14 22-Jun-14 24-Jun-14

14.25 idAA- 9.25 idA+ 12.00 idAAA 13.00 idAA+ 11.00 idAA 15.00 idA 8.90 idAA+ 6.50 idAA+/AAA(idn)

28-Jun-14

9.25

986.5 125 607 1610 200 300 200 750

AA-(idn)

165

Total Jun 2014

7,174

Source: IDX



6

MAY 2014

Bond Market Review Transaction Activitiy in May 2014 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion No Bond ID

Bond Name

Maturity Rating Coupon Date

Last Trade

Last Last Vol Price YTM (IDRbn)

Freq

Maturity < 3 years 1 FIFA01BCN3 2 BNGA01B 3 BNII01BCN1 4 TAFS02B 5 BIIF02A 6 FIFA01BCN2 7 VRNA01ACN2 8 BDMN02B 9 JPFA01CN1 10 BNII01ACN2 11 ADMF01BCN3 12 BNGA01ACN2 13 BCAF01BCN2 14 BTPN01BCN1 15 BMRI01 16 BCAF01BCN3 17 ASDF01BCN3 18 ADMF02CCN1 19 SMKMYOR02 20 TAFS03B 21 ISAT07B 22 IMFI01CCN1 23 SMKBSSB01 24 SIKTPNI01 25 BTPN01ACN3

Obligasi Berkelanjutan I Federal International Finance 14-Mar-17 Dengan Tingkat Bungan Tetap Tahap III Tahun 2014 Seri B Obligasi I Bank CIMB Niaga Tahun 2011 Dengan 23-Dec-16 Tingkat Bunga Tetap Seri B Obligasi Berkelanjutan I Bank BII Tahap I 2011 Seri A 6-Dec-16 Obligasi Toyota Astra Financial Services II Tahun 2012 5-Jun-15 Dengan Tingkat Bunga Tetap Seri B Obligasi II BII Finance Tahun 2013 Dengan 19-Jun-16 Tingkat Bunga Tetap Seri A Obligasi Berkelanjutan I Federal International Finance 4-Apr-16 Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan I Verena Multi Finance 24-Dec-16 Tahap II Tahun 2013 Seri A Obligasi II Bank Danamon Tahun 2010 Seri B 9-Dec-15 Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 12-Jan-17 Obligasi Berkelanjutan I Bank BII Tahap II 2012 Seri A 31-Oct-15 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 27-Sep-15 dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri B Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II 20-Nov-15 Tahun 2013 dengan Tingkat Bunga Tetap Seri A Obligasi Berkelanjutan I BCA Finance Dengan 14-Jun-16 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B Obligasi Berkelanjutan I Bank BTPN dengan 28-Jun-16 Tingkat Bunga Tetap Tahap I Tahun 2011 Seri B Obligasi Subordinasi Bank Mandiri I Tahun 2009 11-Dec-16 Obligasi Berkelanjutan I BCA Finance Dengan Tingkat 27-Mar-17 Bunga Tetap Tahap III Tahun 2014 Seri B Obligasi Berkelanjutan I Astra Sedaya Finance 22-Feb-16 Dengan Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B Obligasi Berkelanjutan II Adira Finance 1-Mar-16 Tahap I 2013 Seri A Sukuk Mudharabah II Mayora Indah Tahun 2012 9-May-17 Obligasi Toyota Astra Financial Serv ices III 2013 Seri B 17-May-16 Obligasi Indosat VI Tahun 2009 Seri B 8-Dec-16 Obligasi Berkelanjutan I Indomobil Finance 11-May-16 Dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C Sukuk Mudharabah Bank Sulselbar I Tahun 2011 12-May-16 Sukuk Ijarah Titan Petrokimia Nusantara I Tahun 2010 2-Jun-15 Obligasi Berkelanjutan I Bank BTPN Dengan 5-Mar-16 Tingkat Bunga Tetap Tahap III Tahun 2013 Seri A

idAA+/AAA(idn) 36.00 23-May-14 100.35 35.76 244.00 36.00 idAAA

1.00

2-May-14

96.94

2.20 202.50

1.00

idAA+/AAA(idn) 11.00 23-May-14 AAA(idn)/idAA 7.00 19-May-14

99.15 11.39 202.00 11.00 99.15 7.85 198.00 7.00

AA+ (idn)

95.70 11.34 144.00

9.00 19-May-14

idAA+/AAA(idn) 15.00 22-May-14 idA

9.00

97.50 16.57 140.00 15.00

118.00 12-May-14 102.00 114.40 124.89 118.00

idAA+ 6.00 22-May-14 100.25 5.83 114.00 6.00 idA/A+(idn) 3.00 7-May-14 101.55 2.40 102.00 3.00 idAA+/AAA(idn) 8.00 26-May-14 98.43 9.18 80.55 8.00 idAA+ 12.00 22-May-14 97.70 13.89 77.00 12.00 idAAA/AAA(idn) 7.00

5-May-14

99.54

7.32

72.80

7.00

idAA+/AAA(idn) 7.00 30-May-14

97.50

8.34

69.20

7.00

AA-(idn)

99.95

6.02

60.00

6.00

idAA+ idAAA

6.00 21-May-14

14.00 28-May-14 104.35 11.98 7.00 12-May-14 100.90 6.65

60.00 14.00 58.00 7.00

idAA+

8.00 26-May-14

95.66 10.77

57.70

8.00

idAA+

2.00 23-May-14

96.88

56.00

2.00

idAA-(sy) AAA(Idn) idAA+ idA idA A+(idn) AA-(idn)

16.00 7.00 10.00 22.00

3.83

26-May-14 96.10 17.72 28-May-14 97.35 8.47 22-May-14 105.33 7.67 30-May-14 98.00 23.29

4.00 20-May-14 100.00 2.00 20-May-14 100.00 2.00 13-May-14 100.02

4.00 2.00 1.99

52.00 16.00 50.20 7.00 47.00 10.00 45.10 22.00 44.00 42.00 42.00

4.00 2.00 2.00

Source: PLTO IDX



7

MAY 2014

Bond Market Review Transaction Activitiy in May 2014 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion No Bond ID

Bond Name

Maturity Rating Coupon Date

Last Trade

Last Last Vol Price YTM (IDRbn)

Freq

Maturity < 3 years 26 PRTL01 27 BIMF01B 28 SIKISAT04B 29 ASDF01CCN1 30 IMAT01B 31 PPLN12A 32 FAST01 33 BJBR07B 34 PPLN08C 35 BEXI01BCN3 36 TBIG01BCN1 37 TUFI01ACN1 38 BWPT01

Obligasi Protelindo I Tahun 2014 28-Feb-17 Obligasi I Bima Multi Finance Tahun 2013 Seri B 9-Jan-16 Sukuk Ijarah Indosat IV Tahun 2009 Seri B 8-Dec-16 Obligasi Berkelanjutan I Astra Sedaya Finance 21-Feb-17 Dengan Tingkat Bunga Teteap Tahap I Tahun 2012 Seri C Obligasi Indomobil Wahana Trada I Tahun 2012 Seri B 19-Jun-15 Obligasi PLN XII Tahun 2010 Seri A 8-Jul-15 Obligasi Fast Food Indonesia I Tahun 2011 6-Oct-16 dengan Tingkat Bunga Tetap Obligasi VII Bank Jabar Banten Tahun 2011 Seri B 9-Feb-16 Syariah Ijarah PLN I Tahun 2006 21-Jun-16 Obligasi Berkelanjutan Indonesia Eximbank I 23-May-16 Dengan Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B Obligasi Berkelanjutan I Tiwer Bersama Infrastructure 12-Dec-16 Tahap I Tahun 2013 Seri B Obligasi Berkelanjutan I Mandiri Tunas Finance 5-Jun-16 Tahap I Tahun 2013 Seri A Obligasi I BW Plantation Tahun 2010 16-Nov-15

AA-(idn) (Idr)BBB idAA+(sy) idAA+

8.00 4.00 7.00 12.00

12-May-14 100.00 8.00 19-May-14 84.21 15.04 14-May-14 105.10 4.87 23-May-14 95.00 14.23

30.40 8.00 24.00 4.00 24.00 7.00 22.30 12.00

idA idAA+ idAA

4.00 22-May-14 98.50 4.00 12-May-14 100.80 4.00 28-May-14 100.07

5.44 3.29 3.97

20.00 20.00 20.00

4.00 4.00 4.00

idAA- idAA+(sy) idAAA

7.00 26-May-14 101.08 2.00 7-May-14 105.00 1.00 20-May-14 95.94

6.32 -0.35 3.09

18.00 16.00 15.00

7.00 2.00 1.00

AA-(idn)

3.00 28-May-14 100.05

2.98

15.00

3.00

idAA

3.00

8-May-14

97.50

4.26

14.00

3.00

idA

3.00

5-May-14

86.08 13.20

12.00

3.00

Source: PLTO IDX



8

MAY 2014

Bond Market Review



Transaction Activitiy in May 2014 for All Corporate Bonds with Maturity 3 - 5 Year and Total Volume of more than IDR10 billion No Bond ID

Bond Name

Maturity Rating Coupon Date

Last Trade

Last Last Vol Price YTM (IDRbn)

Freq

Maturity > 3 < 5 yrs 1 AKRA01A Obligasi I AKR Corporindo Tahun 2012 Seri A 21-Dec-17 2 SSIA01B Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 6-Nov-17 3 BMTR01B Obligasi Global Mediacom I Tahun 2012 Seri B 12-Jul-17 4 BNGA01BCN1 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I 30-Oct-17 Tahun 2012 Dengan Tingkat Bunga Tetap Seri B 5 APLN02 Obligasi II Agung Podomoro Tahun 2012 15-Aug-17 6 ANTM01ACN1 Obligasi Berkelanjutan I Antam Tahap I 2011 Seri A 14-Dec-18 7 PNBN04SB Obligasi Subordinasi Bank Panin III Tahun 2010 9-Nov-17 8 BSDE01CN2 Obligasi Berkelanjutan I Bumi Serpong Damai 5-Jun-18 Tahap II Tahun 2013 9 MEDC03 Obligasi Medco Energi Internasional III Tahun 2012 19-Jun-17 Dengan Tingkat Bunga Tetap 10 BNII01SB Obligasi Subordinasi I Bank BII Tahun 2011 19-May-18 11 SIAGII02 Sukuk Ijarah Aneka Gas Industri II Tahun 2012 18-Dec-17 12 AGII02 Obligasi Aneka Gas Industri II Tahun 2012 18-Dec-17 13 JSMR01CCN1S Obligasi Berkelanjutan I Jasa Marga Tahap I 27-Sep-18 Tahun 2013 Seri S Seri C 14 MAPI01BCN1 Obligasi Berkelanjutan I Mitra Adiperkasa Tahap I 12-Dec-17 Tahun 2012 Dengan Tingkat Bunga Tetap Seri B 15 PNBN01CN1 Obligasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 20-Dec-17 16 PPLN01ACN2 Obligasi Berkelanjutan I PLN Tahap II Tahun 2013 Seri A 10-Dec-18 17 MYOR04 Obligasi IV Mayora Indah Tahun 2012 9-May-19 Dengan Tingkat Bunga Tetap 18 BTPN01BCN3 Obligasi Berkelanjutan I Bank BTPN Dengan 5-Mar-18 Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B 19 BEXI01CCN1 Obligasi Berkelanjutan Indonesia Eximbank I 20-Dec-18 Dengan Tingkat Bunga Tetap I Tahun 2011 Seri C 20 JMPD13R Jasa Marga XIII Seri R Tahun 2007 21-Jun-17 21 BSBR01SB Obligasi Subordinasi I Bank Nagari Tahun 2010 13-Jan-18 22 APLN01CN1 Obligasi Berkelanjutan I Agung Podomoro 27-Jun-18 Land Tahap I Tahun 2013 23 BBKP01SBCN1 Obligasi Subordinasi Berkelanjutan I Bank Bukopin 6-Mar-19 Tahap I Tahun 2012 24 BNII01BCN2 Obligasi Berkelanjutan I Bank BII Tahap II 2012 Seri B 31-Oct-17 25 SISMRA01CN1 Sukuk Ijarah Berkelanjutan I Summarecon 11-Dec-18 Agung Tahap I Tahun 2013 26 ADMF01CCN3 Obligasi Berkelanjutan I Adira Dinamika Multi 27-Sep-17 Finance dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri C 27 SISSMM01 Sukuk Ijarah Sumberdaya Sewatama I Tahun 2012 30-Nov-17 28 BNLI02SB Obligasi Subordinasi II Bank Permata Tahun 2011 28-Jun-18 29 BTPN01BCN2 Obligasi Berkelanjutan I Bank BTPN dengan Tingkat 3-Aug-17 Bunga Tetap Tahap II Tahun 2012 Seri B 30 PTPP01CN1 Obligasi Berkelanjutan I PP Tahap I Tahun 2013 19-Mar-18 31 TBLA02 Obligasi II Tunas Baru Lampung Tahun 2012 5-Jul-17 Dengan Tingkat Bunga Tetap 32 PPGD12A Obligasi XII Perum Pegadaian Tahun 2007 Seri A 4-Sep-17

idAA- 39.00 idA 26.00 idA+ 14.00 idAAA/AAA(idn) 22.00

30-May-14 107.00 35.43 432.00 39.00 21-May-14 100.45 25.79 338.00 26.00 23-May-14 96.50 15.42 197.00 14.00 23-May-14 98.35 22.69 194.30 22.00

idA 25.00 28-May-14 98.20 25.83 191.71 25.00 idAA 5.00 21-May-14 100.00 5.00 188.00 5.00 idAA-/A+(idn) 26.00 19-May-14 98.00 26.89 154.00 26.00 idAA- 14.00 7-May-14 100.00 14.00 150.00 14.00 idAA-

7.00 21-May-14

97.07

8.08 140.00

7.00

idAA A-(idn) A-(idn) idAA

15.00 26-May-14 98.75 15.42 14.00 30-May-14 91.00 17.45 2.00 7-May-14 100.00 2.00 6.00 26-May-14 97.65 6.63

84.00 15.00 73.50 14.00 70.00 2.00 70.00 6.00

idAA-

11.00 21-May-14

95.00 12.77

68.00 11.00

idAA idAAA idAA-

12.00 28-May-14 6.00 7-May-14 18.00 28-May-14

94.90 13.83 99.25 6.19 92.35 20.49

64.00 12.00 60.00 6.00 50.00 18.00

AA-(idn)

4.00 13-May-14

95.50

5.31

40.00

4.00

idAAA

1.00

94.51

2.25

38.00

1.00

idAA idA- idA idA

2-May-14

1.00 2-May-14 99.69 1.10 2.00 7-May-14 100.00 2.00 47.00 23-May-14 98.00 48.05 9.00 21-May-14

94.98 10.34

30.00 1.00 30.00 2.00 21.29 47.00 21.00

9.00

idAA+/AAA(idn) 10.00 22-May-14 95.35 11.66 idA+(sy) 8.00 26-May-14 103.04 7.21

19.00 10.00 18.00 8.00

idAA+

16.70 14.00

idA(sy) idAA- AA-(idn)

14.00 26-May-14

96.00 15.55

5.00 7-May-14 97.00 6.00 19-May-14 105.02 6.00 23-May-14 95.40

5.94 4.65 7.64

15.00 14.70 12.00

5.00 6.00 6.00

idA- idA

3.00 21-May-14 100.00 3.00 12.00 12-May-14 95.65 13.72

12.00 3.00 10.60 12.00

idAA+

10.00 19-May-14 101.95

10.00 10.00

9.30

Source: PLTO IDX



9

MAY 2014

Bond Market Review Transaction Activitiy in May 2014 for All Corporate Bonds with Maturity more than 5 Year and Total Volume of more than IDR10 billion No Bond ID

Bond Name



Maturity Rating Coupon Date

Last Trade

Last Price

Last Vol YTM (IDRbn)

Freq

Maturity > 5 yrs

1 BBTN01CN2 Obligasi Berkelanjutan I Bank BTN Tahap II Tahun 2013 27-Mar-23 idAA/AA(idn) 2 PNBN01SBCN1Obligasi Subordinasi Berkelanjutan I Bank Panin 20-Dec-19 idAA- Tahap I Tahun 2012 3 AKRA01B Obligasi I AKR Corporindo Tahun 2012 Seri B 21-Dec-19 idAA- 4 BNLI01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank Permata 19-Dec-19 idAA- Tahap II Tahun 2012 5 BBMISMSB1CN2Sukuk Subordinasi Mudharabah Berkelanjutan I 28-Mar-23 idA Tahap II Bank Muamalat Tahun 2013 6 BBMISMSB1CN1Sukuk Subordinasi Mudharabah Berkelanjutan I 29-Jun-22 idA(sy) Tahap I Bank Muamalat Tahun 2012 7 BVIC02SB Obligasi Subordinasi Bank Victoria II Tahun 2012 27-Jun-19 idBBB Dengan Tingkat Bunga Tetap 8 BSBR02SB Obligasi Subordinasi II Bank Nagari Tahun 2012 26-Jun-19 idA- 9 BBTN15 Obligasi XV Bank BTN Tahun 2011 28-Jun-21 idAA 10 PPLN08B PLN VIII Tahun 2006 Seri B 21-Jun-21 idAA+ 11 ISAT08A Obligasi Indosat VIII Tahun 2012 Seri A 27-Jun-19 idAA+ 12 ANTM01BCN1 Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri B 14-Dec-21 idAA 13 SIKBLTA02B Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri B 31-Mar-23 idA-(sy)

8.00 21-May-14 32.00 20-May-14

83.99 93.30

10.83 320.00 8.00 34.73 269.30 32.00

8.00 30-May-14 29.00 26-May-14

97.00 92.63

8.69 108.00 8.00 31.85 87.00 29.00

12.00 19-May-14

76.71

17.16

2.00 20-May-14

86.60

3.94

50.00

2.00

1.00

8-May-14 100.00

1.00

45.00

1.00

11.00 8.00 4.00 6.00 2.00 2.00

28-May-14 96.53 14-May-14 99.20 14-May-14 118.80 23-May-14 95.40 19-May-14 95.87 14-May-14 11.00

11.92 8.15 1.23 7.08 2.60 34.12

57.00 12.00

37.00 11.00 24.00 8.00 20.00 4.00 10.00 6.00 10.00 2.00 10.00 2.00

Source: PLTO IDX



10

MAY 2014

Appendices



11

MAY 2014

Appendix Appendix 1. Winners and Losers in May 2014 TEN BEST Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Return Obligasi Subordinasi Bank Victoria II Tahun 2012 11.00% 27-Jun-19 300,000,000,000 BBB 0.89% 8.17% 9.06% Dengan Tingkat Bunga Tetap Obligasi Berkelanjutan I Bumi Serpong Damai 8.38% 5-Jun-18 1,750,000,000,000 AA- 0.64% 7.46% 8.10% Tahap II Tahun 2013 Obligasi Subordinasi I Bank CIMB Niaga Tahun 2010 11.30% 8-Jul-17 1,380,000,000,000 AA 0.92% 6.78% 7.70% Obligasi Berkelanjutan I Bank BII Tahap II 7.60% 31-Oct-15 980,000,000,000 AA+ 0.69% 6.99% 7.68% Tahun 2012 Seri A Obligasi Subordinasi Bank Saudara I Tahun 2012 12.63% 29-Nov-19 200,000,000,000 BBB 1.03% 4.13% 5.16% dengan Tingkat Bunga Tetap Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri A 8.38% 14-Dec-18 900,000,000,000 AA 0.68% 3.98% 4.65% Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I 7.75% 30-Oct-17 1,400,000,000,000 AAA 0.68% 3.36% 4.04% Tahun 2012 Dengan Tingkat Bunga Tetap Seri B Obligasi Berkelanjutan I Bank BTPN Dengan Tingkat 7.65% 5-Mar-16 350,000,000,000 AA- 0.61% 2.88% 3.49% Bunga Tetap Tahap III Tahun 2013 Seri A Obligasi VII Bank Jabar Banten Tahun 2011 Seri C 10.40% 9-Feb-18 1,123,000,000,000 AA- 0.79% 2.46% 3.25% PLN VIII Tahun 2006 Seri A 13.60% 21-Jun-16 1,335,100,000,000 AA+ 1.03% 2.05% 3.08%

TEN WORST

Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Return Obligasi I BW Plantation Tahun 2010 10.68% 16-Nov-15 700,000,000,000.00 A 1.15% -12.95% -11.80% Obligasi I AKR Corporindo Tahun 2012 Seri A 8.40% 21-Dec-17 623,000,000,000.00 AA- 0.66% -9.08% -8.42% Obligasi Indomobil Wahana Trada I Tahun 2012 Seri C 8.75% 19-Jun-17 181,000,000,000.00 A 0.79% -6.73% -5.95% Obligasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 8.15% 20-Dec-17 1,000,000,000,000.00 AA 0.72% -5.42% -4.70% Obligasi Berkelanjutan I BCA Finance Dengan 7.60% 14-Jun-17 200,000,000,000.00 AA+ 0.68% -5.36% -4.68% Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C Obligasi Berkelanjutan I Mitra Adiperkasa Tahap I 8.45% 12-Dec-17 447,000,000,000.00 AA- 0.75% -5.36% -4.61% Tahun 2012 Dengan Tingkat Bunga Tetap Seri B Obligasi Subordinasi Berkelanjutan I Bank Bukopin 9.25% 6-Mar-19 1,500,000,000,000.00 A 0.83% -5.20% -4.37% Tahap I Tahun 2012 Obligasi Global Mediacom I Tahun 2012 Seri B 10.50% 12-Jul-17 1,000,000,000,000.00 A+ 0.88% -4.70% -3.82% Obligasi Berkelanjutan I ROTI Tahap I Tahun 2013 8.00% 11-Jun-18 500,000,000,000.00 AA- 0.77% -3.65% -2.88% Obligasi Subordinasi Berkelanjutan I Bank Permata 9.40% 19-Dec-19 1,800,000,000,000.00 AA- 0.85% -3.64% -2.80% Tahap II Tahun 2012

Source: Danareksa Estimates Appendix 2. Total Return Bond Index MoM (%) YoY (%) YTD (%) Mar-14 Apr-14 May-14 Mar-14 Apr-14 May-14 2012 2013 2014 Composite 3.12 0.91 0.33 -5.70 -5.79 -3.70 12.20 -10.14 5.99 Governments 3.47 0.89 0.27 -7.95 -8.08 -5.61 12.52 -13.18 6.26 Corporates 0.90 1.00 0.68 4.14 4.23 4.52 10.81 4.70 3.61 Finance 0.80 0.33 0.57 6.45 5.35 5.34 10.10 5.17 3.32 Banking 1.32 1.33 0.86 3.75 4.16 4.89 12.04 5.52 3.48 Consumer Goods Industry 0.80 0.00 1.17 5.63 3.05 3.70 9.05 6.58 -0.14 Telecommunication -0.43 1.63 0.77 -0.86 -1.79 -0.28 9.41 -1.15 4.46 Infrastructure, Utilities & Transportation 1.71 -0.43 0.33 4.33 5.20 5.13 10.07 6.85 3.56 Property and Construction 2.13 2.03 2.14 3.36 4.55 6.13 13.16 6.97 2.34 Corporate upper A- 0.91 0.98 0.65 4.28 4.18 4.45 10.75 4.84 3.58 Corporate below A- up to BBB- 0.75 1.55 1.60 -1.78 5.47 6.16 12.80 -1.67 4.14 SOE 1.80 2.05 0.55 0.49 1.38 2.26 9.95 3.16 4.15 Source: Danareksa Estimates



12

MAY 2014

Appendix Appendix 3. Danareksa Bond Index - May 2014 Overview

Return

Total Return per Periode

Total* Price Interest Last Last Year to Last Last 3mo 6mo Date 12mo 24mo Composit Government Corporate Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property AAA …A A-…BBB+ SOE

Broad Market Index (full maturity range) 0.33 (0.38) 0.71 4.40 8.29 0.27 (0.42) 0.69 4.68 8.55 0.68 (0.12) 0.80 2.60 5.99 0.57 (0.16) 0.73 1.70 4.76 0.86 0.06 0.81 3.54 5.99 1.17 0.41 0.77 1.98 4.08 0.77 (0.06) 0.83 1.98 4.63 0.33 (0.56) 0.89 1.61 6.26 2.14 1.36 0.78 6.44 8.31 0.65 (0.15) 0.79 2.55 5.81 1.60 0.76 0.84 3.94 10.16 0.55 (0.28) 0.83 4.46 5.17

(4.45) (7.50) 9.21 9.28 10.13 7.68 4.05 11.01 11.82 9.30 4.04 8.04

(3.70) (5.61) 4.52 5.34 4.89 3.70 (0.28) 5.13 6.13 4.45 6.16 2.26

5.81 3.47 14.43 14.62 16.28 10.75 8.23 15.03 19.88 14.45 11.74 12.38

Short-term Market Index (1 to 3 yrs) Composit Government Corporate Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property AAA …A A-…BBB+ SOE

0.70 0.56 0.84 0.61 1.14 2.16 1.46 1.37 0.81 0.84 0.84 0.72

(0.03) (0.11) 0.05 (0.11) 0.37 1.33 0.60 0.44 (0.02) 0.06 (0.04) (0.14)

0.73 0.68 0.78 0.72 0.77 0.83 0.85 0.93 0.83 0.78 0.88 0.86

3.00 2.17 3.93 1.63 6.75 4.98 4.25 2.44 2.63 3.90 7.16 8.34

5.42 4.73 6.04 4.76 5.15 3.93 6.17 15.57 6.43 5.95 13.11 7.36

28.78 22.94 34.75 32.82 36.97 27.08 35.55 42.80 51.89 33.90 12.99 35.27

5.51 3.18 7.73 6.84 8.40 7.58 6.78 13.73 4.92 7.65 13.93 7.61

12.49 9.08 15.88 15.86 17.45 12.35 14.07 20.66 16.95 16.21 (7.79) 15.29

27.79 25.46 42.24 26.94 42.47 38.71 33.65 41.85 32.25 42.10 43.85 40.77

(4.92) (6.26) 3.10 1.43 3.98 1.54 (1.96) 3.10 6.58 2.98 5.34 0.91

5.10 3.37 13.82 10.91 15.93 9.61 7.56 14.23 19.84 13.64 16.97 11.78

Mid-term Market Index (more than 3 yrs) Composit Government Corporate Finance Banking Consumer Goods Industry Telecommunication Infrastructure, Utilities & Transportation Property AAA …A A-…BBB+ SOE

0.28 0.25 0.57 0.29 0.68 0.83 0.28 (0.12) 2.47 0.50 1.71 0.46

(0.42) (0.44) (0.24) (0.45) (0.15) 0.08 (0.53) (0.98) 1.70 (0.30) 0.87 (0.36)

0.70 0.69 0.81 0.75 0.83 0.74 0.82 0.87 0.76 0.80 0.84 0.81

4.60 4.89 1.68 2.08 1.75 0.52 0.55 1.22 7.25 1.57 3.58 2.55

8.65 8.87 6.07 4.60 6.74 1.99 4.23 3.72 8.87 5.83 9.96 4.61

* Total return = price return + interest return

Source: Danareksa Estimates



13

MAY 2014

Appendix Appendix 4. Key Characteristics of Domestic Bonds (base year: Dec-04=100)

Total Weighted Average Average Average Average Market Return Average Coupon Modified Term Convexity Value Index YTM (%) Duration (IDR bn)



Composite 292.75 Government 281.83 Corporate 321.32 Finance 297.79 Banking 283.32 Consumer Goods Industry 306.22 Telecommunication 298.39 Infrastructure, Utilities & Transportation 350.17 Property 344.97 AAA …A 318.65 A-…BBB+ 297.58 SOE 332.90

All Maturity Market Index 908,235 782,142 126,093 22,330 46,289 6,565 9,570 15,721 10,772 121,677 4,416 41,921

100.00 86.12 13.88 17.71 36.71 5.21 7.59 12.47 8.54 96.50 3.50 33.25

100.00 86.12 13.88 2.46 5.10 0.72 1.05 1.73 1.19 13.40 0.49 4.62

4.11 109,608 5.06 56,711 4.06 52,897 4.57 19,224 3.43 18,515 6.22 1,715 5.25 3,975 4.23 4,709 3.96 2,116 4.08 52,387 3.47 510 4.25 15,240

100.00 51.74 48.26 36.34 35.00 3.24 7.51 8.90 4.00 99.04 0.96 28.81

100.00 51.74 48.26 17.54 16.89 1.56 3.63 4.30 1.93 47.79 0.47 13.90

Mid-term Market Index (more than 3yrs) Composit 297.67 8.41 9.51 4.46 6.93 23.18 798,627 Government 287.75 8.26 9.43 6.72 12.45 44.33 725,431 Corporate 335.64 10.13 9.54 3.42 4.37 13.42 73,196 Finance 286.95 9.77 8.83 3.09 3.76 11.14 3,106 Banking 271.33 10.38 10.00 3.45 4.45 13.39 27,774 Consumer Goods Industry 288.28 10.41 8.90 3.09 3.78 11.09 4,850 Telecommunication 293.29 10.38 9.18 4.10 5.59 18.98 5,595 Infrastructure, Utilities & Transportation 356.07 10.32 10.30 3.80 5.19 16.36 11,012 Property 302.98 9.64 9.56 3.34 4.21 12.76 8,656 AAA …A 325.04 10.11 9.37 3.43 4.39 13.60 69,290 A-…BBB+ 396.63 10.48 10.72 3.31 4.28 12.24 3,906 SOE 354.29 9.99 9.38 3.67 4.80 15.43 26,681

100.00 90.83 9.17 4.24 37.94 6.63 7.64 15.04 11.83 94.66 5.34 36.45

100.00 90.83 9.17 0.39 3.48 0.61 0.70 1.38 1.08 8.68 0.49 3.34



8.38 8.16 9.89 9.83 9.87 10.17 9.96 10.00 9.71 9.88 10.28 9.71

Weight Weight in Sub in Broad Index Market

9.43 9.34 9.45 8.82 9.67 9.46 9.90 10.55 9.55 9.37 10.38 9.64

3.29 6.23 2.55 2.14 2.58 2.80 3.05 2.91 2.83 2.52 2.91 2.95

4.80 11.41 3.14 2.48 3.20 3.38 3.96 3.81 3.50 3.09 3.70 3.75

14.98 40.40 8.62 6.01 8.74 9.27 12.12 11.05 9.96 8.48 10.22 11.17

Short-term Market Index (1 to 3 yrs)

Composit 262.03 Government 228.56 Corporate 319.51 Finance 328.36 Banking 301.28 Consumer Goods Industry 250.55 Telecommunication 345.53 Infrastructure, Utilities & Transportation 283.76 Property 299.80 AAA …A 308.38 A-…BBB+ 256.30 SOE 282.86

8.13 6.98 6.98 9.84 9.16 9.53 9.41 9.30 10.01 9.58 8.87 9.23

9.32 8.47 9.36 8.81 9.29 10.40 10.63 10.86 9.53 9.37 9.25 10.06

1.74 1.83 1.73 1.87 1.59 2.31 2.00 1.77 1.75 1.74 1.57 1.79

1.97 2.04 1.97 2.12 1.79 2.71 2.34 2.03 1.98 1.98 1.75 2.04

Source: Danareksa Estimates



14

MAY 2014

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15

MAY 2014

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UK Distribution : This document has not been approved as an investment advertisement in the United Kingdom pursuant to Section 57 of the Financial Services Act 1986 and may not be issued or passed on in the United Kingdom except to a person who is of a kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemption) Order 1996 or is a person to whom the document may otherwise lawfully be issued or passed on. At your request, this report is being provided to you as a potential investor who is a person of a kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisement) (Exemption) Order 1995 despite our pointing out to you that this report should not be relied upon by you. Accordingly any degree of reliance placed on this report in your decision to make any investment will be at your own risk. Japanese Distribution: This report is not intended to serve as a solicitation in connection with any offering or secondary distribution of securities under the Securities and Exchange Law, nor does it contain any ‘investment judgment’ under the Investments Advisory Business Law.



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