Declining Yields for Some Safe Haven Countries

DEBT R E S EAR C H

WEEKLY REPORT

Declining Yields for Some Safe Haven Countries

Indonesia

3.50

1-Jul-12

3-Jun-12

17-Jun-12

6-May-12

20-May-12

8-Apr-12

22-Apr-12

1-Jul-12

1-Jan-12

2.00 17-Jun-12

2.50

-0.20

25-Mar-12

3.00

0.00

26-Feb-12

0.20

4.00

11-Mar-12

0.40

4.50

29-Jan-12

2 - Year Yield

0.60

3-Jun-12

Thailand

5.00

0.80

6-May-12

Phillippines

5.50

12-Feb-12

1.00

France US

15-Jan-12

1.20

20-May-12

5.4% 6.03% 6.53% 6.81%

Germany UK Japan

1-Jan-12

Benchmark Yield FR0060 5 year FR0061 10 year FR0059 15 year FR0058 20 year

Exhibit 1. Selected sovereign two-year bond yields

144.40 6.07% 265.69 2 - Year Yield

Government Bond Indices Price Index Yield Index Total Return

8-Apr-12

Last Week Trading Volume Government Bond IDR 27,651bn Corporate Bond IDR 3,329 bn

22-Apr-12

784,826 bn 170,239 bn

Sementara di negara-negara Eropa yang sedang dirundung krisis, yield obligasi pemerintah mengalami kenaikan seiring dengan penurunan kualitas kreditnya, namun yield obligasi pemerintah negara-negara yang maju malah semakin merendah. Negara-negara yang maju ini, seperti Jerman dan Perancis, dianggap tempat berlindung yang aman ketika risk aversion meningkat di negara-negara sekitarnya. Untuk Perancis dan Jerman, level yield oblgisai bertenor dua tahun telah lebih rendah daripada yield obligasi pemerintah Jepang. Bahkan yield obligasi Jerman bertenor dua tahun kini negatif 0,045%.

25-Mar-12

Market Outstanding Government Bond IDR Corporate Bond IDR

In Europe, meanwhile, the government bond yields of crisis-hit countries showed an increase. This reflects credit rating downgrades. By contrast, however, the yields on the bonds of the developed countries not in crisis showed a decline. This reflects the fact that developed countries such as Germany and France are considered as safe havens at a time when risk aversion is increasing in neighboring European countries. For Germany and France, the 2-year yield is already lower than the Japanese 2-year yield (in Germany’s case the 2-year yield is even a negative 0.045%).

26-Feb-12

5.75% 4,019.67 9.448 .53%

11-Mar-12

Key Market Indicator BI Rate JCI IDR Inflation Jun-12 (%YoY)

29-Jan-12

BB+ Baa3 BBB-

Minggu lalu, pasar obligasi Indonesia bergerak mixed. Dibandingkan minggu sebelumnya, Danareksa Government Bonds Yield Index naik tipis sebesar 1,6 basis poin dari level 6,085% menjadi 6,101%. Kenaikan yield terjadi di obligasi bertenor pendek. FR0026 yang bertenor 2 tahun naik 10,7 basis poin selama minggu lalu. Sedangkan untuk tenor panjang, yield mengalami penurunan. Sebagai contoh, FR0061 yang merupakan seri acuan bertenor 10 tahun, turun 1,2 basis poin. Kepercayaan investor sudah mulai menunjukkan perbaikan dengan penurunan yield tenor lebih panjang ini.

12-Feb-12

Country’s FCLT Rating S&P Moody’s Fitch

The Indonesian government bonds market was mixed last week. Over the week, the Danareksa Government Bonds Yield Index edged up 1.6bps from 6.085% to 6.101%. For short-term bonds, yields increased. The yield on the 2-year FR0026 series rose 10.7bps over the week. In contrast, long-term yields declined. The yield on the 10-year FR0061 series dropped 1.2bps, for instance. Encouragingly, this shows that investor confidence is recovering.

15-Jan-12

16 - 20 JULY 2012

Source: Bloomberg

Exhibit 2. Selected yield slope of 10-year vs 2-year tenor 3.50

1.00 0.50 13-Jul-12

29-Jun-12

1-Jun-12

15-Jun-12

4-May-12

18-May-12

20-Apr-12

6-Apr-12

23-Mar-12

9-Mar-12

0.00 24-Feb-12

13-Jul-12

29-Jun-12

1-Jun-12

15-Jun-12

4-May-12

18-May-12

20-Apr-12

6-Apr-12

9-Mar-12

23-Mar-12

24-Feb-12

10-Feb-12

27-Jan-12

13-Jan-12

0.50

1.50

27-Jan-12

1.00

Indonesia

2.00

10-Feb-12

1.50

Thailand

2.50

13-Jan-12

2.00

Phillippines

3.00

30-Dec-11

UK

2.50

30-Dec-11

Evi Fidiasari 3509888 ext. 3406 [email protected]

Yield slope 10 - 2 years

Analysts Farid Abdurrahman 3509888 ext. 3404 [email protected]

France Japan

Yield slope 10 - 2 years

Germany US

3.00

Source: Bloomberg

Please read important disclosure at the back of this report

Meanwhile, the yield slope of Indonesian government bonds has experienced a downtrend since midMay 2012. The yield slope of 10-year vs 2-year bond declined from 1.711% on May 14, 2012 to 0.971% at the end of last week. The low of short-term yield encouraged investors to collect the longer term bonds which still offer a higher yield.

Sementara itu, kemiringan kurva yield obligasi pemerintah Indonesia sejak pertengahan Mei 2012, mengalami tren penurunan. Selisih yield obligasi pemerintah bertenor 10 dan 2 tahun turun dari 1,711% di 14 Mei 2012 menjadi 0,971% di akhir minggu lalu. Rendahnya yield di tenor pendek, mendorong investor untuk mengoleksi obligasi tenor panjang yang masih menawarkan yield yang lebih tinggi.

16 July - 20 July 2012

WEEKLY REPORT

BOND MARKET PERFORMANCE

Sideway Movement in Government Bond with Lower Trading Volume Government bond yield index in last week tend to move sideway in level of 6,101% or only rose 1.6 bps compared to the previous week. Government bond yield curve moved insignificant compared to the previous week. On average trading volume has decreased compared to the previous week both for government and corporate bonds, with the largest transaction volume was obtained from the benchmark series FR0058. Most of the bond series is getting a positive return in which the series FR0054 to top Gainer last week.

Indeks yield obligasi pemerintah pada minggu lalu cenderung mengalami pergerakan flat di level 6,101% hanya naik 1,6 bp dibandingkan minggu sebelumnya. Yield curve obligasi pemerintah yang bergerak tidak signifikan dibandingkan minggu sebelumnya. Secara rata-rata volume transaksi mengalami penurunan dibandingkan minggu sebelumnya baik obligasi pemerintah maupun korporasi, dengan volume transaksi terbesar masih diperoleh dari seri benchmark FR0058. Sebagian besar seri obligasi memang memperoleh positive return di mana seri FR0054 menjadi top gainer di minggu lalu.

Government Bonds Yield Index Tended to Move Sideway

Unsignificant Shift for Government Bonds 6.50

5-Days Average

8.0%

18

-1 Week

7.0%

6.25

20

FR Series Trade Volume (RHS) 13-Jul-12

16

12

6.00

10 5.0%

8 6

5.75 4.0%

4 2

13-Jul

6-Jul

29-Jun

22-Jun

15-Jun

8-Jun

1-Jun

25-May

16-May

9-May

2-May

25-Apr

18-Apr

11-Apr

5.50 3.0%

0 0

2

4

6

8

10 12 14 16 18 20 22 24 26 28 30 Term to Maturity (year)

Source: Danareksa

Source: Danareksa

Mostly Government Series Had Positive Retun

Medium Tenor Government Bonds Dominated Last week Trading

2%

Corp

Govt Short

20

Govt Mid

Govt Long

18

Total Return

14 12

FR0059

1%

FR0058

10

FR0061

8 6

FR0060 5.00

Vol (IDR trillion)

16 FR0054

0.00

IDR trillion

14 6.0%

10.00

15.00

20.00

25.00

4

30.00

2 0

-1%

15-Jun

Term to Maturity

Mixed Weekly Returns of the Government Fixed Rate Series FR0058 was the Most Actively Traded Government Bond Last Week Series

1 2 3 4 5 6 7 8 9 10

FR0058 FR0059 FR0061 SPN12130404 FR0026 SPN12121005 FR0043 VR0019 FR0054 SPN12121102

Source: IDX processed data

29-Jun

6-Jul

13-Jul

Source: Ministry of Finance

Source: Danareksa

Rank

22-Jun

Maturity 15-Jun-32 15-May-27 15-May-22 4-Apr-13 15-Oct-14 5-Oct-12 15-Jul-22 25-Dec-14 15-Jul-31 2-Nov-12

Weekly Weekly Volume Frequency (IDR bn) 6,421.80 588 3,952.47 219 3,506.63 201 1,500.00 3 957.20 16 893.50 14 826.00 5 735.47 3 630.66 27 604.47 9

Last Week Top was Gainer FR0053 with 0.84% of WeeklyBonds Return IMFI01BCN1 thewas Most Actively Traded Corporate Rank

Series

1 2 3 4 5 6 7 8 9 10

IMFI01BCN1 BFIN01CCN1 FIFA01BCN1 TRAC03B ISAT08B ISAT08A FIFA01CCN1 BMTR01B BBTN01CN1 BEXI05B

Maturity 11-May-15 12-Jun-15 20-Apr-14 5-Jul-14 27-Jun-22 27-Jun-19 20-Apr-15 12-Jul-17 5-Jun-22 8-Jul-13

Weekly Weekly Volume Frequency (IDR bn) 438.00 8 200.00 4 166.69 11 155.00 4 130.35 26 124.70 55 123.00 7 105.00 2 90.00 4 86.50 12

Source: IDX processed data

2

16 July - 20 July 2012

WEEKLY REPORT

BOND MARKET OUTLOOK

A Positive Sentiment from Higher Foreign Ownership In the midst of decline in the exchange rate that occurred last week, foreign holdings of government bonds even have increased. Although no significant movement in government bond yield index but Indonesia global bond yield index experienced a slight decrease and also its 5-year CDS. On the other hand, UST also experienced a slight decline. We expect that government bond price index will continue its positive gains like in the past week due to higher foreign ownership.

Di tengah penurunan nilai tukar rupiah yang terjadi pada minggu lalu, kepemilikan asing pada obligasi pemerintah malah mengalami peningkatan. Meskipun yield indeks obligasi pemerintah tidak mengalami pergerakan signifikan namun untuk yield indeks obligasi global mengalami sedikit penurunan juga dengan CDS 5-tahun Indonesia. Di lain hal UST juga mengalami sedikit penurunan. Di harapkan pada minggu ini indeks harga obligasi pemerintah kembali meneruskan kenaikannya seperti pada minggu lalu seiring dengan kenaikan kepemilikan asing tersebut.

Rupiah Closed the Week at Rpx,xxxx

FR0058 and FR0061 Dominated Last Week Trading

MA(5) of Last Price

9750

MA(15) of Last Price

9650 9550 9450 9350 9250 9150 9050 13-Jul

6-Jul

29-Jun

22-Jun

15-Jun

8-Jun

1-Jun

25-May

16-May

9-May

2-May

US Leading Indocators (Prior : 0.3%; Survey : -0.1%) 19-Jul-12 The Conference Board's index of leading indicators posted a 0.3% gain for May Survey where consensus by Bloomberg for Jun reaches -0.1% with consensus range 0.2% to 0.2% US Initial Jobless Claims (Prior : 350K; Survey : 365K) 19-Jul-12 Consensu by Bloomberg for jobless claims reaches 365K where range of consensus is 360K - 375K Source: Bloomberg & Ministry of Finance

Source: Danareksa

A Slight Increase of BI and Foreign Ownership in Government Bond

Relatively Lower 5-Year CDS of Indonesia

250

300

230

BI Ownership (RHS) Domestic Banks Ownership

3.5% 2.5% 2.0% 13-Jul-12 -1 Week -1 Month -3 Months

1.5% 1.0% 0.5%

Rate (%)

3.0%

8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0

5.55 2.98

6

8

0

5

10 12 14 16 18 20 22 24 26 28 30 Term to Maturity (year)

Source: Danareksa

4-Jul

27-Jun

20-Jun

6-Jun

6.63

6.80

6.89

6.94

4.63

4.88

5.04

4.22 1.84

2.18

2.37

2.56

1.5

10

15 Maturity (years)

20

25

30

6.28 3.64

0.6

0.0% 4

13-Jun

Relatively Heavy Trade Volume

UST Yield Curve Continue to Low

2

BI Reverse Repo (RHS) Foreign Ownership

Source: IDX processed data

Source: IDX processed data

0

30-May

30-Mar

13-Jul

6-Jul

29-Jun

22-Jun

15-Jun

8-Jun

1-Jun

25-May

16-May

9-May

2-May

25-Apr

18-Apr

110 11-Apr

55 23-May

200

130

350

65

220

150 400

240

7-May

170

450

75 260

14-May

190

500

280

30-Apr

210

85

IDR trillion

550

320

23-Apr

600

270

9-Apr

Indonesia Philipines Brazil Spain (LHS)

IDR trillion

650

16-Apr

25-Apr

18-Apr

11-Apr

8950

US Consumer Price Index (Prior MoM: -0.3% ) 17-Jul-12 Survey conducted by Bloomberg shows that economists expect CPI will be 0.0% with consensus range -0.4% to 0.1%

UST YC

GoI USD Yield Curve

GoI IDR Yield Curve

Source: Danareksa

3

16 July - 20 July 2012

WEEKLY REPORT

APPENDICES Appendix 1. Government Bonds Trading 9 July -13 July 2012 Last Trade Date

Bonds

13-Jul-12 13-Jul-12 13-Jul-12 10-Jul-12 13-Jul-12 11-Jul-12 13-Jul-12 11-Jul-12 13-Jul-12 12-Jul-12 12-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 10-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 12-Jul-12 12-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 12-Jul-12 12-Jul-12 13-Jul-12 11-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 11-Jul-12 13-Jul-12 11-Jul-12 10-Jul-12 13-Jul-12 13-Jul-12 10-Jul-12 13-Jul-12 13-Jul-12 12-Jul-12 12-Jul-12 12-Jul-12

FR0058 FR0059 FR0061 SPN12130404 FR0026 SPN12121005 FR0043 VR0019 FR0054 SPN12121102 FR0023 FR0033 FR0053 FR0049 FR0055 FR0031 FR0034 SPN12130111 ORI006 FR0040 SR004 FR0019 FR0036 FR0039 FR0044 FR0052 FR0030 FR0047 FR0060 SPN03120920 SPN12120818 FR0048 FR0027 FR0062 FR0045 FR0028 ORI007 SPN12130606 FR0056 SR002 FR0057 SR003 FR0018 ORI008 SPN12120914 IFR0006 FR0050 ZC0005 SPN12130208 FR0020 ORI005 FR0038 FR0042 FR0046

Maturity 15-Jun-32 15-May-27 15-May-22 4-Apr-13 15-Oct-14 5-Oct-12 15-Jul-22 25-Dec-14 15-Jul-31 2-Nov-12 15-Dec-12 15-Mar-13 15-Jul-21 15-Sep-13 15-Sep-16 15-Nov-20 15-Jun-21 11-Jan-13 15-Aug-12 15-Sep-25 21-Sep-15 15-Jun-13 15-Sep-19 15-Aug-23 15-Sep-24 15-Aug-30 15-May-16 15-Feb-28 15-Apr-17 20-Sep-12 18-Aug-12 15-Sep-18 15-Jun-15 15-Apr-42 15-May-37 15-Jul-17 15-Aug-13 6-Jun-13 15-Sep-26 10-Feb-13 15-May-41 23-Feb-14 15-Jul-12 15-Oct-14 14-Sep-12 15-Mar-30 15-Jul-38 20-Feb-13 8-Feb-13 15-Dec-13 15-Sep-13 15-Aug-18 15-Jul-27 15-Jul-23

Last Price 116.65 105.56 107.25 97.08 112.50 99.11 129.75 99.22 129.50 98.55 102.75 104.90 115.50 104.50 117.20 133.50 146.09 97.74 100.00 138.60 100.90 108.76 132.40 142.50 129.50 138.25 119.00 134.75 103.20 99.35 99.73 117.50 111.45 97.65 133.05 118.50 101.00 96.50 117.25 101.40 132.50 103.30 100.00 104.01 99.48 132.10 143.55 97.23 97.76 112.30 105.75 129.95 133.75 125.00

Freq 588 219 201 3 16 14 5 3 27 9 11 6 13 17 16 6 20 10 38 17 85 6 11 6 18 17 7 13 15 11 4 13 15 26 6 9 32 1 10 31 8 62 1 34 4 2 1 1 1 1 21 2 3 1

Volume (IDR billion) 6,421.80 3,952.47 3,506.63 1,500.00 957.20 893.50 826.00 735.47 630.66 604.47 570.10 554.40 482.11 470.00 461.95 431.00 421.42 407.05 400.75 386.88 333.36 330.10 249.96 232.50 206.83 176.98 160.45 157.35 139.97 135.29 132.37 121.77 104.21 84.35 60.00 54.75 54.00 50.00 40.43 29.28 26.95 23.00 22.89 22.10 20.00 10.00 10.00 9.75 9.67 9.20 6.55 6.00 5.00 2.00

Coupon

Yield (%)

8.25 7.00 7.00 11.00 0.00 10.25 3.75 9.50 0.00 11.00 12.50 8.25 9.00 7.38 11.00 12.80 0.00 9.35 11.00 6.25 14.25 11.50 11.75 10.00 10.50 10.75 10.00 6.25 0.00 0.00 9.00 9.50 6.38 9.75 10.00 7.95 0.00 8.38 8.70 9.50 8.15 13.18 7.95 0.00 10.25 10.50 0.00 0.00 14.28 11.45 11.60 10.25 9.50

6.72 6.41 6.01 4.12 5.06 3.90 6.21 4.09 6.73 4.90 4.37 4.97 6.00 4.99 2.96 5.86 6.04 4.74 6.57 5.92 4.44 5.89 6.35 6.46 6.79 5.22 6.44 5.47 3.55 2.78 5.60 5.22 6.55 6.94 5.70 4.03 6.49 5.96 6.89 5.91 12.38 3.04 7.04 6.88 4.01 5.18 5.71 6.66 6.31

Modified Duration 10.40 9.22 7.09 1.98 6.48 2.33 9.59 0.42 0.63 6.30 1.08 3.59 5.82 5.95 7.69 0.87 5.08 6.79 7.48 9.19 3.18 8.67 4.03 4.73 2.56 12.88 10.96 3.87 8.52 11.70 0.01 9.09 10.81 1.30 4.45 8.31 7.01

Source: Danareksa, BEI

4

16 July - 20 July 2012

WEEKLY REPORT

APPENDICES Appendix 2. Corporate Bonds Trading 9 July -13 July 2012 Last Trade Date

Bonds

12-Jul-12 9-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 12-Jul-12 10-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 12-Jul-12 13-Jul-12 12-Jul-12 13-Jul-12 13-Jul-12 9-Jul-12 13-Jul-12 13-Jul-12 9-Jul-12 9-Jul-12 13-Jul-12 12-Jul-12 13-Jul-12 13-Jul-12 11-Jul-12 9-Jul-12 13-Jul-12 9-Jul-12 13-Jul-12 12-Jul-12 11-Jul-12 13-Jul-12 9-Jul-12 13-Jul-12 9-Jul-12 11-Jul-12 13-Jul-12 13-Jul-12 10-Jul-12 13-Jul-12 9-Jul-12 12-Jul-12 12-Jul-12 12-Jul-12 11-Jul-12 12-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 13-Jul-12 10-Jul-12 10-Jul-12 13-Jul-12 12-Jul-12 11-Jul-12 12-Jul-12 13-Jul-12

IMFI01BCN1 BFIN01CCN1 FIFA01BCN1 TRAC03B ISAT08B ISAT08A FIFA01CCN1 BMTR01B BBTN01CN1 BEXI05B CFIN03C TRAC03A BLAM02 JPFA01CN1 BFIN01ACN1 BEXI01BCN1 SMFP03B TRAC02A MEGA01 FIFA01ACN1 BSDE01BCN1 SMAR01ACN1 BDKI05A SANF02C MEDC03 CLPK02 ISAT06A BNLI02SB BNII01SB TAFS01A SANF02A SANF02B BLTA04C ADMF01ACN2 DUTI05 TBLA02 BBKP01SBCN1 MYOR04 SMKMYOR01 TAFS02A WSKT02A IMFI01ACN1 BCAF03C BSMT01SB ANTM01ACN1 SMSM02B ADHI01ACN1 FIFA11B SIKISAT03 SMKBSSB01 BMLK01C BDKI02SB SIISAT05 BBMISMSB1CN1 BSEC02A ASDF01ACN1 DNRK03C DNRK02 WSKT02B MAIN01

Maturity 11-May-15 12-Jun-15 20-Apr-14 5-Jul-14 27-Jun-22 27-Jun-19 20-Apr-15 12-Jul-17 5-Jun-22 8-Jul-13 8-Nov-14 15-Jul-13 9-Nov-12 12-Jan-17 17-Jun-13 20-Dec-16 8-Jul-13 10-Jul-12 15-Jan-18 25-Apr-13 4-Jul-17 3-Jul-17 4-Mar-13 20-Jan-15 19-Jun-17 27-Nov-12 9-Apr-13 28-Jun-18 19-May-18 12-Jul-12 24-Jan-13 20-Jan-14 28-May-14 14-May-13 11-Jul-12 5-Jul-17 6-Mar-19 9-May-19 5-Jun-13 15-Jun-13 5-Jun-15 21-May-13 23-Mar-13 5-Jul-18 14-Dec-18 8-Jul-13 3-Jul-17 26-Apr-13 9-Apr-13 12-May-16 13-Jan-17 17-Jun-18 27-Jun-19 29-Jun-22 5-Jul-14 3-Mar-13 20-Jun-13 25-Sep-12 5-Jun-17 6-Mar-13

Last Price 100.19 100.02 100.02 100.05 101.75 102.00 100.02 100.00 100.03 101.85 104.75 100.05 100.00 102.55 100.00 101.87 103.09 100.00 101.01 99.75 100.25 100.22 102.66 100.03 101.00 101.95 102.45 107.00 107.50 100.00 100.36 98.88 78.03 100.00 100.00 100.90 100.85 101.70 106.10 100.14 100.00 100.00 100.02 109.80 105.00 101.57 102.00 101.70 102.70 103.45 102.47 109.20 100.85 101.40 102.15 100.06 105.85 100.65 100.85 103.36

Freq 8.00 4.00 11.00 4.00 26.00 55.00 7.00 2.00 4.00 12.00 30.00 4.00 6.00 18.00 5.00 7.00 5.00 3.00 8.00 6.00 3.00 3.00 13.00 2.00 9.00 7.00 10.00 10.00 9.00 3.00 8.00 2.00 1.00 3.00 3.00 5.00 9.00 9.00 7.00 5.00 1.00 3.00 2.00 4.00 4.00 6.00 5.00 7.00 5.00 3.00 3.00 3.00 3.00 3.00 4.00 5.00 10.00 2.00 8.00 5.00

Volume (IDR billion) 438.00 200.00 166.69 155.00 130.35 124.70 123.00 105.00 90.00 86.50 79.49 77.00 76.00 56.00 47.00 44.10 43.50 43.00 41.00 37.00 35.00 35.00 34.55 34.00 33.00 31.05 29.00 29.00 28.00 28.00 27.50 26.00 25.64 25.00 24.00 24.00 24.00 24.00 23.00 21.50 21.00 21.00 20.00 20.00 20.00 19.50 19.00 17.00 15.20 15.00 15.00 15.00 15.00 15.00 14.00 13.50 12.50 12.00 12.00 11.55

Coupon

Yield (%)

8.00 8.50 7.35 7.75 8.88 8.63 7.65 10.50 7.90 8.85 10.25 6.90 11.85 9.90 7.00 7.50 9.75 7.90 11.50 6.40 9.25 9.00 11.25 8.40 8.75 11.50 10.25 11.00 10.75 7.85 7.20 7.70 16.25 6.50 12.85 10.50 9.25 8.50 0.00 6.30 8.75 6.50 10.45 11.35 8.38 10.30 9.35 8.80 10.25 72.50 10.70 11.00 8.63 12.50 6.60 13.50 10.88 9.75 11.80

7.92 8.49 7.34 7.72 8.61 8.24 7.64 10.50 7.89 8.69 7.98 6.85 11.85 9.20 7.00 7.01 9.46 7.90 11.25 6.42 9.19 8.94 10.96 8.39 8.50 11.28 10.00 9.45 9.08 7.85 7.17 8.49 32.25 6.50 12.85 10.27 9.08 8.17 0.00 6.29 8.75 6.50 10.45 9.20 7.39 10.14 8.85 8.65 9.98 69.63 10.01 8.98 8.46 0.00 11.28 6.60 12.75 10.80 9.53 11.42

Modified Duration 2.48 2.55 1.62 1.81 6.58 5.19 2.43 3.85 6.77 0.93 2.02 0.95 0.31 3.61 0.89 3.74 0.93 0.00 3.94 0.75 3.96 3.98 0.60 2.21 3.96 0.36 0.71 4.39 4.31 0.01 0.51 1.40 1.47 0.80 0.01 3.84 4.90 5.09 0.89 0.89 2.52 0.82 0.67 4.39 4.95 0.93 3.95 0.74 0.70 1.18 3.55 4.38 5.18 1.74 0.62 0.86 0.20 3.83 0.61

5

16 July - 20 July 2012

WEEKLY REPORT

Appendix 2. Corporate Bonds Trading 9 July -13 July 2012 (cont'd) Last Trade Date

Bonds

12-Jul-12 12-Jul-12 12-Jul-12 12-Jul-12 12-Jul-12 9-Jul-12 10-Jul-12 10-Jul-12 12-Jul-12 11-Jul-12 13-Jul-12 11-Jul-12 12-Jul-12 9-Jul-12 11-Jul-12 10-Jul-12 11-Jul-12 9-Jul-12 10-Jul-12 10-Jul-12 10-Jul-12 13-Jul-12 9-Jul-12 12-Jul-12 9-Jul-12 12-Jul-12 9-Jul-12 12-Jul-12 10-Jul-12 12-Jul-12 13-Jul-12 13-Jul-12 10-Jul-12 13-Jul-12 12-Jul-12 9-Jul-12 9-Jul-12 10-Jul-12 12-Jul-12 9-Jul-12 12-Jul-12 13-Jul-12

BNII01SBCN1 RMBA01 NISP02 SMRA02 MAPI01A SANF01B ANTM01BCN1 ISAT05B SMFP01ACN1 PPGD01BCN2 BTEL01 JPFA01CN2 SIKSMRA01 TLKM02A PNBN04SB DNRK05A ADMF05D ASDF01CCN1 SIKPPLN04B ASDF01BCN1 PNBN03 SIKMPPA01B BIIF01B ADMF04D INDF06 BCAF01ACN1 SMKBBMI01 APLN01B BWPT01 PPKT02 BTPN03B BEXI05D ASDF12C IMAT01A MYOR03 NISP03SB BVIC03 TRAC02B SIKMAPI01B BFIN04A BFIN04B TRAC02C

Maturity 6-Dec-18 27-Nov-12 11-Mar-18 25-Jun-13 16-Dec-12 25-Jan-13 14-Dec-21 29-May-17 26-Dec-12 14-Feb-15 4-Sep-12 1-Feb-17 25-Jun-13 6-Jul-15 9-Nov-17 11-Jan-14 27-May-15 21-Feb-17 8-Jul-22 21-Feb-15 9-Apr-18 14-Apr-14 7-Jun-15 29-Oct-13 31-May-17 14-May-13 10-Jul-18 25-Aug-16 16-Nov-15 4-Dec-14 22-Dec-15 8-Jul-17 25-Feb-14 29-Jun-13 5-Jun-13 30-Jun-17 27-Jun-17 5-Jul-13 16-Dec-14 12-Jul-12 8-Jul-13 5-Jul-15

Last Price 105.45 101.23 102.00 107.00 101.84 101.10 108.00 111.40 100.20 100.45 89.00 103.28 106.25 100.02 107.29 101.70 103.44 100.12 115.75 100.50 100.00 112.65 100.00 102.13 100.68 100.00 100.09 105.90 104.45 105.90 104.20 110.34 103.52 100.01 105.34 100.04 100.00 101.00 108.62 100.00 102.90 103.30

Freq 3.00 5.00 8.00 10.00 4.00 2.00 2.00 2.00 1.00 2.00 9.00 2.00 4.00 2.00 2.00 7.00 1.00 1.00 2.00 2.00 4.00 3.00 2.00 2.00 1.00 1.00 1.00 3.00 2.00 2.00 1.00 2.00 3.00 1.00 3.00 1.00 1.00 1.00 3.00 2.00 2.00 2.00

Volume (IDR billion) 11.00 10.45 10.43 10.00 10.00 10.00 10.00 10.00 10.00 10.00 9.00 9.00 8.50 8.00 7.00 7.00 6.00 6.00 6.00 6.00 5.50 5.00 5.00 5.00 5.00 5.00 5.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.00 3.00 3.00 3.00 3.00 3.00 2.00 2.00

Coupon

Yield (%)

10.00 10.50 11.10 14.10 12.50 8.90 9.05 10.65 7.38 7.25 11.90 9.90 14.10 9.60 10.50 9.40 10.00 8.60 10.40 8.00 11.60 17.00 7.90 9.00 7.25 6.35 0.00 11.00 10.68 10.75 9.20 10.00 9.70 7.15 13.75 11.35 10.00 9.10 13.00 9.00 10.25 10.20

8.87 10.37 10.62 13.18 12.27 8.80 7.84 7.82 7.36 7.06 13.37 9.01 13.27 9.59 8.77 8.19 8.63 8.57 8.09 7.78 11.60 9.11 7.90 7.27 7.08 6.35 0.00 9.26 9.12 8.01 7.80 7.50 7.38 7.15 13.05 11.34 10.00 9.01 9.00 9.00 9.96 8.92

Modified Duration 4.70 0.36 4.15 0.87 0.41 0.52 6.40 3.82 0.44 2.32 0.14 3.59 0.87 2.57 4.04 1.36 2.46 3.74 6.48 2.32 4.15 1.48 2.56 1.20 4.06 0.80 6.00 3.27 2.77 2.09 2.93 3.96 1.48 0.92 0.82 3.75 3.86 0.93 2.07 0.01 0.93 2.55

Source: Danareksa, BEI

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16 July - 20 July 2012

WEEKLY REPORT

RESEARCH TEAM

Debt Research Fax No.

(62 21) 350 9888 (62 21) 350 1709

Head of Debt Research Yudistira Slamet [email protected]

ext. 3400

Analysts Evi Fidiasari [email protected]

ext. 3406

Farid Abdurrahman [email protected]

ext. 3404

Market Analust Amir A. Dalimunthe [email protected]

ext. 3405

Production Eka Nuraini [email protected]

ext. 3407

Debt Capital Market Division

Debt Capital Market Div. Fax No.

Head of Debt Capital Market Budi Susanto [email protected]

Debt Sales & Brokerage Annie Djatmiko [email protected] Rina Rimawati D [email protected]

(62 21) 350 9888 (62 21) 350 1724 / 25

ext. 3200

(62 21) 3501088 ext. 3222

ext. 3223

Agung Suprihanto [email protected]

ext. 3212

Putrika Mayadipta [email protected]

ext. 3215

Fian Pusparini [email protected]

ext. 3224

Debt Trading & Investment Romi Mulyadi [email protected]

ext. 3213

Product & Retail Setyo H. Purnomo [email protected]

ext. 3226

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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