WEEKLY REPORT
D E B T RESEARCH
10 JUN - 14 JUN 2013
Global Bonds Market Conditions
BB+ Baa3 BBB-
Key Market Indicator as of 07-Jun-13 BI Rate JCI IDR Inflation(y-o-y)- May-13
5.75% 4,865 9,886 5.47%
Market Outstanding as of 07-Jun-13 Government Bond Corporate Bond
IDR 897.99tn IDR 200.20tn
IDR 36.61tn IDR 12.3tn
4,500
12,000
2,500
DOW
Mar-13
May-13
Oct-12
Dec-12
Aug-12
May-12
Jan-12
Mar-12
Oct-11
15 14 13 12 11 10 (%) 9 8 7 6 5
3.5 3.0 (%) 2.5 2.0 1.5
German 10Y
Mar-13
May-13
Dec-12
Oct-12
Aug-12
Mar-12
May-12
Jan-12
Oct-11
Aug-11
Mar-11
May-11
Jan-11
Oct-10
Aug-10
Mar-10
May-10
Jan-10
Oct-09
Aug-09
Jan-09
1.0
UST10Y
IDR Government Yield Curve 10-Y (RHS)
Source : Bloomberg, Danareksa Estimate, US Treasury Yield Change Week on Week
Bps
Amir A. Dalimunthe 3509888 ext.3405
[email protected]
Aug-11
4.0
13-Jun-13 Bank Indonesia Refference Interest Rate (Survey : NA; Prior : 5.75%)
Analysts Rifki Rizal 3509888 ext 3404
[email protected]
JCI (RHS)
Indonesian IDR Yield Curve 10-Y, UST 10-Y & Germany Generic Yield Curve 10-Y
Mar-09
13-Jun-13 US Initial Jobless Claim (Survey : 345K; Prior : 346K)
DAX
Source : Bloomberg, Danareksa Estimate
May-09
Calendar of Event 12-Jun-13 Germany CPI Year on Year (Survey : 1.5%; Prior : 1.5%)
May-11
Jan-11
May-10
Mar-11
500 Oct-10
3,000 Aug-10
1,500 Jan-10
6,000
Mar-10
5.362% 6.211% 6.803% 7.089%
3,500 9,000
Oct-09
139.98 6.26% 406.75
Aug-09
Benchmark Yield as of 07-Jun-13 FR0066 (5 year) FR0063 (10 year) FR0064 (15 year) FR0065 (20 year)
5,500
15,000
May-09
Government Bond Indices as of 07-Jun-13 Price Index Yield Index Total Return
JCI, DOW JONES & DAX Index
Jan-09
Previous Week Trading Volume Government Bond Corporate Bond
Mar-09
Country's FCLT Rating S&P Moody's Fitch
Yield curve 10-tahun obligasi Pemerintah masih dalam tren meningkat sejak pertengahan April 2013 dan berada pada 6,55% per tanggal 10 Juni 2013, atau naik sebesar 108bps dari awal tahun. Pola yang sama terjadi pada US Treasury 10tahun dan Germany generic yield curve 10-tahun. UST 10-tahun naik 36bps menjadi 2,22% dan Germany generic yield curve 10-tahun yang naik 10bps dari awal tahun menjadi 1,55%. Perubahan yield curve (WoW) dari ketiga negara memperlihatkan bahwa terjadi kenaikan yield relatif yang lebih tinggi untuk obligasi bertenor 1 hingga 5-tahun. Berbeda dengan obligasi, indeks stok market ketiga negara memiliki pola kenaikan dari awal tahun. Indeks JCI per tanggal 10 Juni 2013 sebesar 4,777, atau naik 10% dari awal tahun, sedangkan indeks DOW JONES dan DEX naik sebesar 14% dan 7% menjadi 15,238 dan 8,307.
Yields on 10-year Government bonds have been in an uptrend since mid-April 2013. As of June 10, 2013, the yield on 10-year Government bonds stood at 6.55%, up 108bps from the beginning of the year. Likewise, the yields on 10year U.S. Treasury and 10-year Generic German government bonds have also increased. As of June 10, 2013, the yield on the 10-year UST rose 36bps to 2.22% and the yield on the 10-year Generic German government bond climbed 10bps to 1.55% from a year earlier. Changes in the yield curve (WoW) for the three countries shows a relatively higher increase in the yields on bonds with a tenor of 1 to 5 years. In contrast to bond prices, the stock market indexes of these three countries have exhibited a rising trend. The JCI Index stood at 4,777 as of 10 June 2013, or up 10% from a year earlier, while the DOW JONES and DEX are up 14% and 7% at 15,238 and 8,307, respectively.
40 35 30 25 20 15 10 5 0 1M
3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
20Y
30Y
Tenor Please read important disclosure at the back of this report www.danareksa.com
Germany Generic Yield Curve 10-Y
UST 10-Y
Source : Bloomberg, Danareksa Estimate, US Treasury
IDR Government Yield Curve 10-Y
10 Jun - 14 Jun 2013
WEEKLY REPORT
MACROECONOMICS CONDITION
Foreign Investors Steadily Reduce Their SUN Holdings Government bond yields stood at 6.26% at the end of last week, up 27bps from the previous week’s level of 5.99%. This is the highest level since September 2012. In the year to June 7, 2013, yields are up 80bps. The 5-year CDS for Indonesia also continues to increase and ended last week at 190.67, up 15bps from the previous week’s level. Foreign holdings in SUN have steadily declined. From May 28, 2013 to June 5, 2013, foreign holdings were down IDR 5.67 trillion. Domestic bank holdings in SUN stood at IDR 310.23 trillion as of June 5, 2013, or more than foreign holdings which only reached IDR 300.05 trillion. Rupiah volatility was still high and the local currency unit weakened against the US Dollar. The Rupiah ended the week at Rp9,886/USD compared to Rp9,877/USD the previous week.
Yield obligasi Pemerintah pada akhir minggu lalu berada pada level 6,26%, atau naik sebesar 27bps dari minggu sebelumnya yang berada pada level 5,99%. Ini merupakan angka tertinggi sejak September 2012, sedangkan perubahan yield dari awal tahun hingga tanggal 7 Juni 2013 sebesar 80bps. Sama seperti yield index, CDS 5-tahun indonesia juga terus meningkat dan menutup akhir minggu lalu pada level 190,67, atau naik 15bps dari minggu sebelumnya. Kepemilikan asing terhadap SUN turun secara perlahan, terhitung sejak tanggal 28 Mei 2013 hingga 5 Juni 2013, kepemilikan asing telah turun sebesar Rp5,67 triliun. Kepemilikan bank domestik terhadap SUN per tanggal 5 Juni 2013 sebesar Rp310,23 triliun, sedangkan kepemilikan asing hanya sebesar Rp300,05 triliun. Rupiah kembali melemah pada akhir minggu lalu pada level Rp9,886 per Dollar AS dengan tingkat volatilitas yang masih tinggi.
Yield Index
CDS 5-Year (bps)
6.30% 6.20% 6.10% 6.00% 5.90% 5.80% 5.70% 5.60% 5.50% 5.40%
200
6.0%
175 5.5% 150 5.0%
Inflation Yield Index (LHS)
10-Jun-13
3-Jun-13
28-May-13
22-May-13
16-May-13
10-May-13
3-May-13
23-Apr-13
17-Apr-13
29-Apr-13
Brazil
Turkey
BI (RHS)
Domestic Bank
10-Jun-13
4-Jun-13
30-May-13
27-May-13
22-May-13
17-May-13
14-May-13
8-May-13
3-May-13
30-Apr-13
25-Apr-13
22-Apr-13
17-Apr-13
12-Apr-13
9-Apr-13
11-Mar-13 15-Mar-13 20-Mar-13 25-Mar-13 28-Mar-13 3-Apr-13 8-Apr-13 11-Apr-13 16-Apr-13 19-Apr-13 24-Apr-13 29-Apr-13 2-May-13 7-May-13 13-May-13 16-May-13 21-May-13 24-May-13 29-May-13 3-Jun-13
260
4-Apr-13
270
1-Apr-13
280
26-Mar-13
290
21-Mar-13
300
18-Mar-13
310
10,200 10,150 10,100 10,050 10,000 9,950 9,900 9,850 9,800 9,750 9,700 9,650 9,600
IDR trillion
105 100 95 90 85 80 75 70 65 60
320 IDR trillion
11-Apr-13
Philipinnes
Rupiah closed at Rp9,886 per USD
330
Foreign Investors
Source: Bloomberg
Source: Ministry of Finance Corporate Bonds Trading by Tenor
Corporate Bonds Trading by Rating
1.2 1.0 IDR trillion
5-Apr-13
Indonesia Source: Bloomberg
Domestic Bank Increased Their SUN Ownership
RR-BI (RHS)
1-Apr-13
25-Mar-13
19-Mar-13
13-Mar-13
6-Mar-13
75 28-Feb-13
4.0%
22-Feb-13
100
11-Mar-13 15-Mar-13 20-Mar-13 25-Mar-13 28-Mar-13 3-Apr-13 8-Apr-13 11-Apr-13 16-Apr-13 19-Apr-13 24-Apr-13 29-Apr-13 2-May-13 7-May-13 13-May-13 16-May-13 21-May-13 24-May-13 29-May-13 3-Jun-13 7-Jun-13 BI Rate Inflation Forecast Source: Danareksa, Bloomberg
125
4.5%
AA+
AA9%
AA
0.8
BBB A+ A 2% 3% 3%
A0.6
AAA
AAA 10%
AA+ 47%
AA-
0.4
A+
0.2
A 0.0 0
1
2
3
4
5
6
7
9
BBB
A12% AA 14%
Term to Maturity Source: IDX Process Data
Source: IDX Process Data 2
10 Jun - 14 Jun 2013
WEEKLY REPORT
GOVERNMENT BONDS REVIEW
Yields on the 15-year & 20-year Benchmarks Reach Their Highest Levels Yields on the benchmark series continued to increase. The yields on the FR0064 and FR0065 (the 15-year and 20-year benchmarks) even reached their highest levels since issuance. The yield on FR0064 stood at 6.80% at the end of last week, or up 21bps from the previous week’s level, while the yield on FR0065 reached 7.90%, or up 23bps from last week’s level. Total trading in SUN was down by IDR 3.4 trillion over the week. The decline in trading stemmed from lower trading in the medium and long tenors, while trading in shorter tenors increased. Trading in short tenors increased by IDR 3.5 trillion, while trading in medium and long tenors was down by IDR 5.9 trillion and IDR 1.7 trillion. The Government bonds yield curve shifted up last week for each tenor, with the short tenor government bonds exhibiting a greater shift compared to the other maturities.
Yield dari seri benchmark terus meningkat, bahkan FR0064 dan FR0065 (benchmark 15-tahun dan 20-tahun) mencapai yield tertingginya sejak penerbitan perdana. Yield FR0064 akhir minggu lalu berada di level 6,80%, naik 21bps dari minggu lalu, sedangkan FR0065 berada pada level 7,90%, naik 23bps dari minggu lalu. Total volume perdagangan SUN minggu lalu turun sebesar Rp4,1 triliun dari minggu sebelumnya. Penurunan tersebut diakibatkan pada penurunan pada tenor sedang dan panjang, sedangkan untuk tenor pendek mengalami peningkatan. Volume perdagangan untuk tenor pendek naik Rp3,5 triliun, sedangkan untuk tenor sedang dan panjang turun masing-masing sebesar Rp 5,9 triliun dan Rp1,7 triliun. Perubahan yield curve memperlihatkan bahwa peningkatan yield untuk tenor pendek lebih besar dari tenor sedang dan panjang.
Spread Indon 10 year Over UST 10 year
Spread SUN 10 year over Indon 10 year 5.0%
3.0%
3.5%
7.0%
3.0%
2.5% 4.0% 2.0% 1.5%
3.0%
1.0% 2.0%
6.0%
2.5% 2.0%
5.0%
1.5%
4.0%
1.0% 3.0%
0.5%
UST 10Y
0.0%
30-May-13
20-Apr-13
10-May-13
31-Mar-13
11-Mar-13
30-Jan-13
19-Feb-13
10-Jan-13
1-Dec-12
Risk Premium 10Y
21-Dec-12
11-Nov-12
2-Oct-12
22-Oct-12
12-Sep-12
23-Aug-12
14-Jul-12
3-Aug-12
4-Jun-12
1.0% 24-Jun-12
0.0%
2.0% 4-Jun-12 22-Jun-12 10-Jul-12 28-Jul-12 15-Aug-12 2-Sep-12 20-Sep-12 8-Oct-12 26-Oct-12 13-Nov-12 1-Dec-12 19-Dec-12 6-Jan-13 24-Jan-13 11-Feb-13 1-Mar-13 19-Mar-13 6-Apr-13 24-Apr-13 12-May-13 30-May-13
0.5%
Currency Risk Premium 10Y
INDON 10Y
INDON 10Y
SUN 10Y
Source: Bloomberg, Danareksa Estimate
Source: US Treasury, Bloomberg, Danareksa Estimate Govt Bonds Benchmark Series Yield
Daily Trade Volume
FR0066 - 5Y
FR0063 - 10Y
7.5%
FR0064 - 15Y
FR0065 - 20Y
7.0%
Govt Short
Govt Med
Govt Long
Corp
12 10
6.5% 6
5.5%
4
8%
7.00%
6.55%
7%
7.21%
7.39%
5.12%
5.34%
4.85% 4.26%
5%
10-Jun-13
7-Jun-13
0.40% 0.35%
5.60%
0.30% 0.25%
4% 2.74%
2.63%
2.22%
2%
5-Jun-13
Yield Curve Change
Yield Curve Comparison
3%
4-Jun-13
Source: IDX processed data
Source: Bloomberg
6%
3-Jun-13
31-May-13
30-May-13
0 29-May-13
4.0% 28-May-13
2 27-May-13
4.5% 10-Jun-13
20-May-13
29-Apr-13
9-Apr-13
19-Mar-13
26-Feb-13
6-Feb-13
16-Jan-13
3-Dec-12
21-Dec-12
9-Nov-12
19-Oct-12
1-Oct-12
11-Sep-12
16-Aug-12
9-Jul-12
27-Jul-12
19-Jun-12
5.0%
IDR trillion
8 6.0%
3.36%
3.03%
0.20% 0.15% 0.10%
1.13%
1%
0.05%
0% 0
5 UST YC
10
15 20 Term to Maturity
GoI USD Yield Curve
Source: US Treasury, Danareksa Estimate
25
30
0.00% 0
2
4
6
8
10 12 14 16 18 20 22 24 26 28 30 Term to Maturity
GoI IDR Yield Curve
Source: Danareksa Estimate 3
10 Jun - 14 Jun 2013
WEEKLY REPORT
APPENDICES Appendix 1. Government Bonds Trading 3 June - 7 June 2013 Last Trade Date
Bonds
7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 5-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 4-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 5-Jun-13 7-Jun-13 4-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 4-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 4-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13
FR0066 FR0065 FR0063 FR0064 FR0058 ORI008 VR0020 FR0061 FR0034 SR005 FR0055 FR0040 FR0062 SPN03130614 ORI009 FR0054 FR0027 SPN12140314 FR0060 FR0059 SPN12140116 FR0026 FR0036 FR0049 SPN03130807 SPN03130710 FR0053 SPN12140217 FR0020 FR0035 FR0031 FR0048 FR0056 FR0051 FR0028 SR004 FR0044 FR0057 FR0047 FR0052 PBS004 FR0042 FR0043 ORI007 FR0030 SR003 FR0046 FR0050 FR0038 ORI005 FR0045 PBS001
Maturity 15-May-18 15-May-33 15-May-23 15-May-28 15-Jun-32 15-Oct-14 25-Apr-15 15-May-22 15-Jun-21 27-Feb-16 15-Sep-16 15-Sep-25 15-Apr-42 14-Jun-13 15-Oct-15 15-Jul-31 15-Jun-15 14-Mar-14 15-Apr-17 15-May-27 16-Jan-14 15-Oct-14 15-Sep-19 15-Sep-13 7-Aug-13 10-Jul-13 15-Jul-21 17-Feb-14 15-Dec-13 15-Jun-22 15-Nov-20 15-Sep-18 15-Sep-26 15-May-14 15-Jul-17 21-Sep-15 15-Sep-24 15-May-41 15-Feb-28 15-Aug-30 15-Feb-37 15-Jul-27 15-Jul-22 15-Aug-13 15-May-16 23-Feb-14 15-Jul-23 15-Jul-38 15-Aug-18 15-Sep-13 15-May-37 15-Feb-18
Last Price 99.25 96.35 95.50 92.95 111.75 101.40 98.25 105.70 142.25 99.50 106.00 136.50 91.25 99.96 100.10 126.50 108.00 96.42 103.76 104.28 96.92 107.75 130.00 100.80 99.38 99.67 113.00 96.57 104.70 149.50 130.00 115.75 116.00 106.06 117.01 100.40 128.01 129.25 130.10 137.50 90.43 133.00 126.50 100.15 115.75 100.75 125.25 139.50 127.00 101.65 133.21 90.50
Freq Vol (IDR bn) 19.00 88.00 41.00 14.00 45.00 8.00 2.00 16.00 15.00 31.00 7.00 14.00 2.00 4.00 18.00 10.00 8.00 2.00 7.00 7.00 1.00 3.00 7.00 3.00 1.00 3.00 6.00 1.00 1.00 1.00 6.00 1.00 2.00 1.00 7.00 7.00 4.00 2.00 4.00 1.00 2.00 2.00 2.00 5.00 1.00 5.00 2.00 2.00 1.00 3.00 1.00 1.00
9,010.62 5,785.01 4,774.05 2,308.93 2,294.09 1,404.73 900.00 830.44 764.43 593.02 540.22 527.71 499.23 478.50 441.35 365.18 346.17 338.39 279.64 246.88 245.00 221.05 180.17 164.58 162.23 155.28 120.20 120.00 115.40 109.00 97.70 87.50 81.20 80.00 73.31 70.10 65.08 58.43 49.34 36.56 30.00 28.14 24.90 23.51 22.80 19.80 18.41 11.68 6.45 4.15 1.85 0.50
Coupon
Yield (%)
5.25 6.63 5.63 6.13 8.25 7.95 4.81 7.00 12.80 6.00 7.38 11.00 6.38 6.25 9.50 9.50 6.25 7.00 11.00 11.50 9.00 8.25 14.28 12.90 11.00 9.00 8.38 11.25 10.00 6.25 10.00 9.50 10.00 10.50 6.10 10.25 10.25 7.95 10.75 8.15 9.50 10.50 11.60 11.45 9.75 4.50
5.42 6.97 6.24 6.89 7.11 7.84 4.90 6.16 6.07 6.03 5.35 6.61 7.09 0.04 6.24 6.91 5.28 3.71 5.16 6.53 3.18 5.00 5.73 5.89 0.62 0.33 6.18 3.56 5.03 5.78 5.95 5.51 6.55 4.57 5.33 6.23 6.46 7.08 6.74 6.77 6.93 6.62 6.37 7.94 4.92 8.09 6.11 7.10 5.54 11.26 6.90 6.90
Modified Duration 4.94 19.94 9.94 14.94 19.02 1.36 1.89 8.94 8.02 2.72 3.27 12.27 28.86 0.02 2.36 18.11 2.02 0.77 3.86 13.94 0.62 1.36 6.27 0.27 0.17 0.10 8.11 0.70 0.52 9.02 7.44 5.27 13.27 0.94 4.11 2.29 11.27 27.94 14.69 17.19 23.69 14.11 9.11 0.19 2.94 0.71 10.11 25.11 5.19 0.27 23.94 4.69
Source: Danareksa, BEI
4
10 Jun - 14 Jun 2013
WEEKLY REPORT
APPENDICES Appendix 2. Corporate Bonds Trading 3 June - 7 June 2013 Last Trade Date
Bonds
7-Jun-13 7-Jun-13 3-Jun-13 7-Jun-13 7-Jun-13 5-Jun-13 4-Jun-13 4-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 5-Jun-13 5-Jun-13 5-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 5-Jun-13 7-Jun-13 5-Jun-13 5-Jun-13 7-Jun-13 7-Jun-13 5-Jun-13 7-Jun-13 5-Jun-13 5-Jun-13 4-Jun-13 5-Jun-13 4-Jun-13 5-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 7-Jun-13 5-Jun-13 5-Jun-13 7-Jun-13 5-Jun-13 5-Jun-13 7-Jun-13 5-Jun-13 5-Jun-13 3-Jun-13 4-Jun-13 5-Jun-13 4-Jun-13 7-Jun-13 7-Jun-13 4-Jun-13 7-Jun-13 4-Jun-13 5-Jun-13 5-Jun-13 5-Jun-13 5-Jun-13 5-Jun-13 3-Jun-13 5-Jun-13 5-Jun-13
FIFA01BCN2 SIAGII02 SMFP02ACN2 FIFA01BCN1 BEXI01ACN3 BIIF01C ASDF01BCN3 MEDC01CN2 BCAF01BCN1 TAFS03A BIMF01A FIFA01ACN2 ADMF01ACN3 ASDF01ACN2 SIKMPPA01B BIIF01B BCAF01SB NISP01ACN1 ASDF12C ADMF05C BDMN02A FAST01 PNBN04SB BNLI01SBCN2 FIFA11C BNLI02SB SMADMF01ACN1 ADMF02BCN1 BNII01ACN1 ISAT05A SIISAT05 MYOR04 MEDC03 SMFP01ACN2 JPFA01CN1 PNBN01SBCN1 TRAC02C BIMF01B IMAT01A ASDF01BCN1 OTMA07D SMKMYOR02 JMPD11PXBFTW PNBN02C NISP01BCN1 SIKSMRA01 TBLA02 CFIN03C AISA01 SIKPPLN01 PPLN07 ADMF01BCN2 SANF02C DNRK01BCN1 SMADMF01CCN1 IMFI04B BBTN12 BEXI01BCN3 ADMF04D ADMF01CCN3
Maturity 4-Apr-16 18-Dec-17 31-Mar-14 20-Apr-14 2-Jun-14 7-Jun-16 22-Feb-16 15-Mar-18 9-May-14 27-May-14 14-Jan-14 14-Apr-14 7-Oct-13 22-Oct-13 14-Apr-14 7-Jun-15 23-Mar-15 1-Mar-14 25-Feb-14 27-May-14 9-Dec-13 6-Oct-16 9-Nov-17 19-Dec-19 26-Apr-14 28-Jun-18 11-Mar-14 1-Mar-15 6-Dec-14 29-May-14 27-Jun-19 9-May-19 19-Jun-17 25-Apr-14 12-Jan-17 20-Dec-19 5-Jul-15 9-Jan-16 29-Jun-13 21-Feb-15 8-Jun-14 9-May-17 10-Oct-13 19-Jun-14 19-Feb-15 25-Jun-13 5-Jul-17 8-Nov-14 5-Apr-18 10-Jul-17 11-Nov-14 4-May-14 20-Jan-15 9-Jan-18 1-Mar-16 9-Jun-14 19-Sep-16 23-May-16 29-Oct-13 27-Sep-17
Last Price 100.00 100.00 100.02 101.36 100.00 100.00 100.05 100.23 100.65 100.00 100.00 101.01 100.81 101.07 108.30 99.80 99.35 100.94 101.84 103.64 100.90 105.34 99.85 101.78 101.75 107.75 100.74 100.03 100.55 103.35 103.50 102.60 102.00 100.04 103.50 101.16 102.10 100.00 101.24 100.00 103.20 101.72 100.33 103.80 100.00 101.62 100.00 103.28 101.48 111.00 106.80 100.30 99.25 102.45 100.86 102.00 106.64 100.00 100.93 100.00
Freq Vol (IDR bn) 3.00 2.00 2.00 2.00 2.00 2.00 1.00 2.00 3.00 2.00 3.00 3.00 2.00 2.00 1.00 4.00 2.00 1.00 1.00 3.00 3.00 3.00 2.00 2.00 1.00 1.00 1.00 1.00 1.00 4.00 10.00 2.00 2.00 1.00 2.00 2.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 2.00 1.00 2.00 1.00 1.00 2.00 4.00 2.00 2.00 2.00 2.00 1.00 1.00 1.00 1.00 1.00 1.00
470.00 325.00 200.00 138.00 130.00 120.00 120.00 120.00 69.00 59.85 56.25 51.00 50.00 50.00 48.00 48.00 44.00 40.00 34.50 25.40 23.80 22.00 22.00 22.00 21.25 20.50 20.00 20.00 20.00 18.00 18.00 17.00 15.34 15.00 15.00 15.00 15.00 14.75 14.00 13.50 13.00 12.00 11.00 10.00 10.00 10.00 10.00 9.00 8.00 8.00 8.00 6.00 6.00 6.00 6.00 6.00 5.00 5.00 5.00 5.00
Coupon
Yield (%)
7.75 9.90 6.80 7.35 6.15 8.00 7.75 8.85 7.35 6.60 10.65 6.75 6.50 6.65 17.00 7.90 11.20 6.40 9.70 9.60 8.75 9.50 10.50 9.40 9.60 11.00 6.85 7.30 7.75 10.20 8.63 8.50 8.75 7.10 9.90 9.40 10.20 11.65 7.15 8.00 10.37 9.50 13.00 11.00 6.90 14.10 10.50 10.25 10.25 10.40 12.25 7.50 8.40 8.80 7.85 10.15 12.75 6.40 9.00 8.75
7.75 9.90 6.77 5.73 6.15 8.00 7.73 8.79 6.61 6.60 10.64 5.53 4.07 3.79 6.87 8.01 11.60 5.10 7.03 5.74 6.94 7.67 10.54 9.04 7.53 9.07 7.28 7.36 6.65 7.89 7.94 8.16 7.05 8.75 9.16 9.08 11.65 -11.57 8.00 7.03 12.96 7.18 6.90 -15.05 10.50 7.78 9.86 7.27 7.19 7.15 8.90 8.15 8.07 10.34 6.40 6.60 8.75
Modified Duration 2.48 3.54 0.79 0.83 0.95 2.60 2.42 3.79 0.88 0.93 0.57 0.82 0.33 0.37 0.78 1.83 1.57 0.72 0.69 0.93 0.49 2.81 3.47 4.77 0.84 3.84 1.62 1.38 0.93 4.64 4.61 3.32 0.84 2.97 4.77 1.83 2.17 1.58 0.93 0.33 0.96 1.59 3.23 1.31 3.72 3.33 1.30 0.87 1.49 3.71 0.93 2.62 2.68 0.39 3.50
Source: Danareksa, BEI
5
10 Jun - 14 Jun 2013
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
Credit Analysts Amir A. Dalimunthe
[email protected]
ext. 3405
Ayesha Ardelia
[email protected]
ext. 3406
Market Analyst Rifki Rizal
[email protected]
ext. 3404
Production & Database Management 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 Rina Rimawati D
[email protected] Agung Suprihanto
[email protected]
(62 21) 350 9888 (62 21) 350 1724 / 25
ext. 3200
(62 21) 3501088 ext. 3223
ext. 3212
Putrika Mayadipta
[email protected]
ext. 3215
Ariningtyas W. Agustina
[email protected]
ext. 3224
Hernita Dwi Ariesandhy
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ext. 3216
Debt Trading & Investment Romi Mulyadi
[email protected]
ext. 3213
Product & Retail Setyo H. Purnomo
[email protected]
ext. 3226
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