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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