Essential Factors to be Noted

DEBT R E S E A R C H

WEEKLY REPORT 4 APR 2017

Indonesia’s Sovereign Rating S & P Moody’s Fitch

Essential Factors to be Noted BB+ Baa3 BBB-

Key Market Indicator as of 03-Apr-17 BI 7-Day RR Rate 4.75% JCI 5,607 IDR 13.325 Inflation (y-o-y)-Feb-17 3.61%

Slower decline in bond yields The Indonesian Government Bonds yield showed a bullish trend last week, even though it was weaker than in previous weeks. Over the week, the Danareksa Government Bonds Yield Index declined by 8bps from 7.16% to 7.08%, recording a total return of 0.74%. Along with the fall in bond yields, risk also declined as reflected in Indonesia’s CDS. As of 31 March 2017, Indonesia’s 5Y CDS stood at 128bps, or down by 30bps from its level at the end of 2016.

Domestic Bonds Outstanding Gov’t Bonds as of 31-Mar-17 IDR 1,891.0 bn Corp Bonds as of 17-Mar-17 IDR 323.7 bn Previous Week Trading Volume Government Bonds IDR 57.22 tn Corporate Bonds IDR 2.83 tn Benchmark Yield as of 03-Apr-17 FR0061 (5 year) 6.755% FR0059 (10 year) 6.998% FR0074 (15 year) 7.392% FR0072 (20 year) 7.642% Source : Bloomberg, Mid YTM Government Bond Indices as of 03-Apr-17 Price Index (Bloomberg : DGBIIDPR) 131.26 Yield Index (Bloomberg : DGBIIDYD) 7.08% TR Index (Bloomberg : DGBIIDTR) 522.17

Penurunan lebih lambat pada yields obligasi Selama minggu lalu, pergerakan yield obligasi Pemerintah masih didominasi trend bullish meski sedikit lambat dibandingkan dengan mingguminggu sebelumnya. Danareksa Government Bonds Yield Index mengalami penurunan sebesar 8bps dari 7,16% menjadi 7,08%, sekaligus mencatatkan total return sebesar 0,74%. Penurunan yield selama tahun ini diikuti juga oleh membaiknya risiko yang tergambar dari CDS Indonesia. Per 31 Maret 2017, CDS 5-tahun Indonesia berada di level 128bps, atau turun 30bps dibandingkan dengan angka di akhir tahun 2016.

Exhibit 1. Foreign ownership vs yield (1Q17) Foreign net change (IDR tn)

Benchmark 10Y yield change (bps) 57.41 31.33

19.70 6.38

-10

-14

-49

31-Jan-17

28-Feb-17

31-Mar-17

-72 Total 1Q17

Source: MoF, Bloomberg Calendar of Event 06-Apr-17 US Initial Jobless Claims SA (Survey : 250k; Prior : 258k) 07-Apr-17 Indonesia Net International Reserves USD Monthly (Survey : NA; Prior : $119.86b) 10-Apr-17 China Monthly Money Supply M2 YoY (Survey :11.2%; Prior : 11.1%)

Analyst Rifki Rizal (62 21) 29 555 777 ext. 3404 [email protected]

Please read important disclosure at the back of this report

www.danareksa.com Bloomberg Ticker: DFMJ

Strong correlation between yield movements and demand for bonds by foreign investors The increase in foreign ownership of government bonds this year has been one of the catalysts for the bullish government bonds market. Exhibit 2 shows that the correlation between yield movements and the demand for government bonds by foreign investors in 1Q17 was quite high. In that period, foreign holdings of government bonds increased by IDR57.4 trillion or up from IDR665.8 trillion to IDR723.2 trillion. This figure exceeded the net buying of foreign investors in 1Q16 of Rp47.6 trillion. Nevertheless, the decline in bond yields in 1Q16 (109bps) was higher than it was in 1Q17 (72bps).

Korelasi kuat antara perubahan yield dan permintaan pada obligasi oleh investor asing Pertumbuhan kepemilikan investor asing yang signifikan tahun ini menjadi salah satu katalisator trend bullish yang terjadi di pasar obligasi Pemerintah. Pada Exhibit 2, terlihat bahwa korelasi antara pergerakan yield dan demand dari investor asing selama 1Q17 cukup tinggi. Selama kuartal I tahun 2017, kepemilikan asing meningkat dari Rp665,8 triliun menjadi Rp723,2 triliun, atau meningkat sebesar Rp57,4 triliun. Angka ini lebih tinggi dibandingkan dengan net buy investor asing selama periode yang sama di tahun 2016 sebesar Rp47,6 triliun. Meski demikian, penurunan yield selama 1Q16 lebih tinggi yaitu mencapai 109bps, sedangkan penurunan yield selama tahun 2017 hanya sebesar 72bps.

03 - 07 APR 2017

WEEKLY REPORT

Exhibit 2. Foreign ownership vs yield (1Q16) Foreign net change (IDR tn) 19.80 9.46

Benchmark 10Y yield change (bps)

47.56

18.30 2

-52

-59

-109 31-Jan-16

29-Feb-16

31-Mar-16

Total 1Q16

Source: MoF, Bloomberg The financial sector was the most popular sector The secondary market for corporate bonds in the first quarter of the year was dominated by Financial sector companies with total trading of Rp18.6 trillion involving 1,342 transactions (IDR13.9 billion per transaction on average). In second place was the Banking sector with total trading of IDR13 trillion involving 1,675 transactions. In terms of the maturity profile, bonds with a tenor of 1 to 3 years were still the most popular tenors in the last 3 months.

Sektor keuangan merupakan sektor yang paling populer Aktivitas pasar sekunder obligasi korporasi selama kuartal pertama tahun ini didominasi oleh sektor Financial company dengan total volume transaksi mencapai Rp18,6 triliun yang berasal dari 1.342 transaksi, atau rata-rata Rp13,9 miliar per transaksi. Di posisi kedua ada sektor Banking dengan total volume sebesar Rp13 triliun dan frekuensi transaksi sebesar 1.675 kali. Sementara dari sisi tenor, obligasi dengan tenor 1 hingga 3 tahun masih menjadi kelas tenor yang paling populer selama 3 bulan terakhir.

Exhibit 3. Secondary market activity by Sectors Row Labels

Total Transaction Volume

Total Freq

Volume/freq

Financial Company Banking Telecommunication Property & Construction Mining Oil & Natural Gas Consumer Goods Infrastructure Others

18,664 1342 13,011 1675 4,295 428 3,551 700 2,664 489 2,327 245 1,775 242 1,489 236

Total

47,776 5,357

13.91 7.77 10.04 5.07 5.45 9.50 7.33 52 111

Source: IDX Exhibit 4. Secondary market activity by Class Tenor 5 - 7yrs 4%

a bove 10yrs 2%

3 - 5yrs 12% bel ow 1yr 31%

1 - 3yrs 51%

Source: IDX 2

03 - 07 APR 2017

WEEKLY REPORT

APPENDICES Appendix 1. Government Bonds Trading 27 - 31 Mar 2017 Last Trade Bonds Maturity Coupon Tenor Last Freq Data Done Price 31-Mar-17 30-Mar-17 31-Mar-17 29-Mar-17 31-Mar-17 29-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 27-Mar-17 31-Mar-17 30-Mar-17 27-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 27-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 27-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 29-Mar-17 29-Mar-17 31-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 29-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 29-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 29-Mar-17 31-Mar-17 29-Mar-17 31-Mar-17 31-Mar-17

SPN03170404 FR0060 SPN03170501 SPN03170515 SPN03170601 SPN03170615 SPN03170629 FR0028 SPNS08082017 SPN12170914 ORI011 PBS009 SPN12180201 SPN12180301 SR007 FR0066 FR0038 ORI012 SR008 FR0069 PBS013 FR0036 ORI013 PBS006 FR0031 FR0034 FR0053 FR0061 FR0035 FR0043 FR0063 FR0046 PBS011 FR0070 FR0044 FR0040 FR0056 FR0059 FR0047 FR0064 FR0071 FR0052 FR0073 FR0054 PBS012 FR0058 FR0074 FR0065 FR0068 FR0072 PBS004 FR0050 FR0057 FR0062 FR0067

4-Apr-17 15-Apr-17 1-May-17 15-May-17 1-Jun-17 15-Jun-17 29-Jun-17 15-Jul-17 8-Aug-17 14-Sep-17 15-Oct-17 25-Jan-18 1-Feb-18 1-Mar-18 11-Mar-18 15-May-18 15-Aug-18 15-Oct-18 10-Mar-19 15-Apr-19 15-May-19 15-Sep-19 15-Oct-19 15-Sep-20 15-Nov-20 15-Jun-21 15-Jul-21 15-May-22 15-Jun-22 15-Jul-22 15-May-23 15-Jul-23 15-Aug-23 15-Mar-24 15-Sep-24 15-Sep-25 15-Sep-26 15-May-27 15-Feb-28 15-May-28 15-Mar-29 15-Aug-30 15-May-31 15-Jul-31 15-Nov-31 15-Jun-32 15-Aug-32 15-May-33 15-Mar-34 15-May-36 15-Feb-37 15-Jul-38 15-May-41 15-Apr-42 15-Feb-44

- 6.25 - - - - - 10.00 - - 8.50 7.75 - - 8.25 5.25 11.60 9.00 8.30 7.88 6.25 11.50 6.60 8.25 11.00 12.80 8.25 7.00 12.90 10.25 5.63 5.19 8.75 8.38 10.00 11.00 8.38 7.00 10.00 6.13 9.00 10.50 8.75 9.50 8.88 8.25 7.50 6.63 8.38 8.25 6.10 10.50 9.50 6.38 8.75

- 0.03 0.08 0.11 0.16 0.20 0.24 0.28 0.34 0.44 0.53 0.81 0.83 0.91 0.94 1.11 1.36 1.53 1.93 2.03 2.11 2.45 2.53 3.45 3.61 4.20 4.28 5.11 5.20 5.28 6.11 6.28 6.36 6.95 7.45 8.45 9.45 10.11 10.86 11.11 11.95 13.36 14.11 14.28 14.61 15.20 15.36 16.11 16.95 19.11 19.86 21.28 24.11 25.03 26.86

99.95 1.00 100.04 3.00 99.65 3.00 99.39 4.00 99.26 5.00 99.03 4.00 98.86 1.00 101.30 2.00 98.29 1.00 97.68 1.00 101.20 5.00 101.35 3.00 95.20 2.00 94.80 1.00 104.25 5.00 98.96 5.00 106.85 1.00 104.50 20.00 103.90 24.00 102.51 4.00 98.65 1.00 110.85 1.00 99.00 23.00 104.00 1.00 113.20 1.00 121.55 1.00 105.22 16.00 99.13 15.00 125.70 4.00 114.50 4.00 93.25 1.00 112.15 1.00 106.50 2.00 107.60 16.00 113.52 6.00 123.45 1.00 108.85 7.00 98.25 87.00 119.50 1.00 93.00 1.00 112.65 11.00 123.50 9.00 111.50 15.00 117.00 3.00 108.25 5.00 105.10 9.00 102.00 57.00 90.10 3.00 106.25 29.00 104.25 102.00 74.80 1.00 125.30 1.00 114.18 1.00 82.80 1.00 107.02 1.00

Vol Yield (IDR bn)

215.00 60.00 1,203.00 340.59 1,650.00 225.00 100.00 82.34 70.00 150.00 102.62 641.00 460.00 2,640.00 840.31 242.49 15.00 193.66 74.11 805.58 120.00 86.04 225.69 15.00 69.40 60.43 1,397.93 2,281.41 40.00 40.00 69.68 0.71 159.00 1,440.80 247.00 20.00 2,482.27 14,143.10 85.20 517.07 1,317.57 548.11 2,150.29 105.03 285.18 62.41 4,272.06 58.19 1,996.56 12,304.54 1.00 62.85 104.00 22.80 320.30

0.05 5.19 0.35 0.61 0.75 0.98 1.16 5.38 1.74 2.37 8.40 6.02 5.05 5.49 7.91 6.21 6.36 8.61 7.99 6.54 6.94 6.64 6.67 6.93 6.82 6.82 6.82 7.20 6.94 6.93 7.00 7.07 7.45 6.98 7.59 7.24 7.07 7.25 7.36 7.04 7.39 7.66 7.42 7.53 7.91 7.67 7.28 7.71 7.71 7.82 8.81 8.00 8.15 7.97 8.10

Tenor Modified Class Duration

< 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr

0.04 0.29 0.78 1.05 1.27 1.80 1.91 2.14 2.98 2.92 3.26 3.54 4.13 3.86 4.08 4.94 5.16 4.84 5.27 5.35 5.78 6.59 6.95 6.91 7.64 7.53 7.70 8.14 8.13 8.13 8.56 9.03 9.19 9.19 9.46 9.94 9.50 9.92 10.85 10.65

Sources: Danareksa Estimates, BEI



3

03 - 07 APR 2017

WEEKLY REPORT

APPENDICES Appendix 2. Corporate Bonds Trading 27 - 31 Mar 2017 Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 30-Mar-17 30-Mar-17 31-Mar-17 27-Mar-17 31-Mar-17 30-Mar-17 30-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 27-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 29-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 29-Mar-17 30-Mar-17 31-Mar-17 30-Mar-17 29-Mar-17 27-Mar-17 27-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 30-Mar-17 27-Mar-17 29-Mar-17 29-Mar-17 27-Mar-17 29-Mar-17 30-Mar-17 30-Mar-17 29-Mar-17 29-Mar-17 29-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 31-Mar-17 29-Mar-17 29-Mar-17 29-Mar-17 27-Mar-17 27-Mar-17

MFIN02BCN1 MEDC03 JMPD13R NISP03SB ADHISM1CN1 BNGA01SB BMTR01B BTPN01BCN2 APLN02 BEXI03ACN2 ISAT01ACN4 SIISAT01ACN4 ADMF01CCN3 FIFA02ACN4 TELE01ACN2 ASDF03ACN2 ASDF02BCN4 PNBN04SB SSMM01B ISAT01ACN1 SANF01CN2 SIAGII02 MEDC01CN1 BSBR01SB ADMF02DCN1 BEXI03ACN4 BTPN01BCN3 BFIN03ACN2 ASDF03ACN3 ADHISM1CN2 MEDC01CN2 ADMF03ACN5 SMADMF02ACN3 IMFI02ACN4 AISA01 SANF02ACN2 FIFA02BCN1 ISAT01BCN2 BDKI02SB PTHK01B MDLN01ACN1 PPGD10BXBVTW SMRA01CN1 TUFI02ACN1 WOMF01BCN4 BBKP01SBCN1 BIIF01ACN2 MYOR04 ASDF03BCN1 TUFI02ACN2 TAFS02BCN1 BEXI03BCN1 WSKT02CN1 TAXI01 MEDC02ACN1

8-May-17 19-Jun-17 21-Jun-17 30-Jun-17 3-Jul-17 8-Jul-17 12-Jul-17 3-Aug-17 15-Aug-17 5-Sep-17 12-Sep-17 12-Sep-17 27-Sep-17 7-Oct-17 24-Oct-17 28-Oct-17 29-Oct-17 9-Nov-17 30-Nov-17 12-Dec-17 16-Dec-17 18-Dec-17 19-Dec-17 13-Jan-18 1-Mar-18 3-Mar-18 5-Mar-18 12-Mar-18 13-Mar-18 15-Mar-18 15-Mar-18 1-Apr-18 1-Apr-18 2-Apr-18 5-Apr-18 10-Apr-18 24-Apr-18 4-Jun-18 17-Jun-18 28-Jun-18 7-Jul-18 11-Jul-18 11-Dec-18 18-Dec-18 22-Dec-18 6-Mar-19 13-Apr-19 9-May-19 11-May-19 1-Jun-19 1-Jun-19 8-Jun-19 10-Jun-19 24-Jun-19 15-Jul-19

11.00 8.75 10.25 11.35 - 11.30 10.50 8.25 9.38 7.25 7.50 7.50 8.75 7.25 9.15 7.25 10.50 10.50 9.60 10.00 10.50 9.90 8.80 10.90 8.90 7.40 8.25 8.00 7.40 8.10 8.50 7.50 7.50 8.00 10.25 8.00 9.25 9.25 11.00 9.10 12.00 10.50 10.85 10.20 10.80 9.25 9.10 8.50 8.50 8.95 8.40 8.20 9.25 12.50 10.80

0.09 idA 0.21 idAA- 0.21 idAA 0.24 AA(idn) 0.25 idA 0.26 AA(idn) 0.27 idA+ 0.33 AA(idn) 0.36 idA 0.42 idAAA 0.44 idAAA 0.44 idAAA 0.48 idAAA 0.51 idAAA 0.56 idA 0.57 idAAA 0.57 idAAA 0.60 idAA- 0.66 idA 0.69 idAAA 0.70 AA(idn) 0.71 A-(idn) 0.71 idAA- 0.78 idA- 0.91 idAAA 0.91 idAAA 0.92 AA(idn) 0.94 A+(idn) 0.94 idAAA 0.95 idA 0.95 idAA- 0.99 idAAA 0.99 idAAA 0.99 idA 1.00 idA- 1.02 AA(idn) 1.06 idAAA 1.17 idAAA 1.20 idA+ 1.23 idA- 1.26 idA 1.27 idAA+ 1.69 idA+ 1.71 idAA 1.72 AA(idn) 1.92 idA- 2.03 A A+(idn) 2.10 idAA- 2.10 idAAA 2.16 idAA 2.16 idAA+ 2.18 idAAA 2.18 idA 2.22 idA 2.28 idAA-

100.27 100.02 100.70 100.92 100.17 101.02 100.50 100.35 100.42 100.16 100.23 100.18 98.50 100.06 100.02 100.18 102.01 101.02 99.53 102.20 97.50 100.77 100.41 101.44 101.33 100.30 100.60 100.02 100.20 99.02 100.30 100.07 100.07 100.00 101.02 100.00 101.80 101.50 103.13 100.60 103.21 102.77 102.76 103.49 96.50 100.00 101.00 99.10 97.00 97.50 100.90 100.32 100.02 100.67 102.22

3.00 2.40 2.00 37.30 6.00 40.00 4.00 1.00 2.00 10.00 2.00 2.00 3.00 15.00 1.00 3.60 2.00 29.00 4.00 170.00 2.00 100.00 2.00 27.00 1.00 2.00 2.00 110.00 2.00 9.00 2.00 40.00 1.00 4.00 3.00 27.16 2.00 142.00 4.00 100.00 1.00 0.30 2.00 16.00 2.00 25.00 2.00 5.00 1.00 2.00 1.00 2.00 12.00 14.00 2.00 2.00 1.00 0.50 2.00 6.00 2.00 79.30 7.00 244.00 2.00 47.00 3.00 33.00 2.00 4.00 3.00 12.00 2.00 2.00 1.00 22.00 3.00 40.00 4.00 4.00 3.00 10.00 2.00 1.70 2.00 0.70 1.00 11.00 1.00 0.10 8.00 50.00 1.00 40.00 4.00 8.00 1.00 0.70 1.00 50.10 1.00 1.53 1.00 17.50 2.00 30.00 4.00 12.00 2.00 14.00

10.97 8.75 10.18 11.25 - 11.19 10.45 8.22 9.34 7.24 7.48 7.49 8.88 7.25 9.15 7.24 10.29 10.39 9.65 9.78 10.77 9.82 8.76 10.75 8.78 7.38 8.20 8.00 7.39 8.18 8.47 7.49 7.49 8.00 9.18 8.00 7.49 7.90 8.27 8.59 9.30 10.22 9.07 8.00 13.09 9.25 8.56 8.97 10.09 10.25 7.94 8.04 9.24 12.15 9.71

0.10 0.21 0.22 0.24 0.26 0.26 0.27 0.33 0.36 0.42 0.43 0.45 0.48 0.49 0.54 0.55 0.55 0.57 0.63 0.67 0.67 0.68 0.69 0.73 0.87 0.88 0.88 0.91 0.92 0.92 0.91 0.94 0.94 0.94 0.93 0.96 1.00 1.10 1.13 1.15 1.14 1.16 1.53 1.57 1.54 1.74 1.81 1.88 1.88 1.93 1.96 1.98 1.96 1.93 1.98

Sources: Danareksa Estimates, BEI

4

03 - 07 APR 2017

WEEKLY REPORT

APPENDICES Appendix 3. Corporate Bonds Trading 27 - 31 Mar 2017 (Cont’d) Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 29-Mar-17 30-Mar-17 30-Mar-17 29-Mar-17 31-Mar-17 30-Mar-17 30-Mar-17 31-Mar-17 31-Mar-17 29-Mar-17 27-Mar-17 30-Mar-17 29-Mar-17 30-Mar-17 27-Mar-17 30-Mar-17 27-Mar-17 29-Mar-17 29-Mar-17 31-Mar-17 29-Mar-17 29-Mar-17 31-Mar-17 27-Mar-17 27-Mar-17 27-Mar-17 29-Mar-17 30-Mar-17 27-Mar-17 27-Mar-17 31-Mar-17 29-Mar-17 27-Mar-17

MEDC02ACN2 SMRA01CN2 SMII01ACN1 PRTL01ACN1 BBIA01BCN1 APLN01CN3 PNMP01CCN1 BNLI01SBCN2 PNBN01SBCN1 AKRA01B ASDF03BCN3 SANF02BCN2 BBTN02BCN1 ADMF03CCN2 JMPD14JM10 BNGA02SB PPRO01B SIAISA02 BBTN02BCN2 SMFP03CN6 ANTM01BCN1 BBKE01SB WSKT02BCN3 TLKM01ACN1 BBKP02SBCN1 PPLN12B PNBN02SBCN2 MEDC02CCN4 SIISAT01ECN2 APIA01C ISAT01ECN4 BBRI02ECN1 TLKM01DCN1

30-Sep-19 10-Oct-19 18-Nov-19 23-Nov-19 25-Nov-19 19-Dec-19 19-Dec-19 19-Dec-19 20-Dec-19 21-Dec-19 3-Mar-20 30-Mar-20 8-Jul-20 25-Aug-20 12-Oct-20 23-Dec-20 1-Jul-21 19-Jul-21 30-Aug-21 27-Sep-21 14-Dec-21 22-Dec-21 21-Feb-22 23-Jun-22 30-Jun-22 8-Jul-22 17-Mar-24 30-Mar-24 4-Jun-25 30-Jun-26 2-Sep-26 1-Dec-26 23-Jun-45

10.80 11.50 7.85 7.90 8.00 12.50 10.75 9.40 9.40 8.75 8.50 9.00 9.88 10.25 9.35 10.85 9.90 10.50 8.75 8.60 9.05 11.85 9.00 9.93 12.00 10.40 10.25 11.80 10.40 9.00 9.15 8.90 11.00

2.49 idAA- 2.52 idA+ 2.62 idAA+ 2.64 A A-(idn) 2.64 A AA(idn) 2.71 idA 2.71 idA 2.71 idAA+ 2.71 idAA 2.71 idAA- 2.91 idAAA 2.99 AA(idn) 3.26 idAA 3.39 idAAA 3.52 idAA 3.72 AA(idn) 4.24 idA- 4.29 idA- 4.41 idAA 4.48 idAA+ 4.69 idA 4.72 idBBB- 4.88 idA 5.22 idAAA 5.24 idA- 5.26 idAAA 6.95 idAA- 6.99 idAA- 8.17 idAAA 9.24 idAAA 9.41 idAAA 9.66 idAAA 28.22 idAAA

100.70 104.85 100.23 100.02 100.06 104.15 102.40 101.07 101.05 100.82 100.40 100.00 103.05 98.00 102.45 101.25 95.60 103.50 100.60 100.58 99.99 97.75 101.69 107.25 104.39 108.55 100.50 100.00 106.00 102.83 100.52 100.65 113.25

1.00 84.50 3.00 30.00 1.00 50.00 2.00 100.00 2.00 24.00 4.00 10.00 3.00 30.00 2.00 2.00 2.00 2.00 8.00 86.00 1.00 10.00 1.00 38.00 6.00 60.00 1.00 0.45 3.00 15.00 1.00 0.20 2.00 6.00 4.00 11.00 2.00 9.50 5.00 90.00 2.00 11.00 2.00 106.00 3.00 39.30 3.00 15.00 6.00 39.00 2.00 24.00 2.00 129.00 3.00 5.00 6.00 6.00 2.00 20.00 3.00 20.00 2.00 20.00 2.00 60.00

10.48 9.32 7.75 7.89 7.97 10.72 9.73 8.95 8.96 8.41 8.34 9.00 8.79 10.96 8.54 10.44 11.21 9.50 8.58 8.44 9.05 12.49 8.57 8.21 10.89 8.38 10.15 11.80 9.34 8.55 9.07 8.80 9.63

2.11 2.13 2.34 2.35 2.35 2.29 2.33 2.37 2.37 2.40 2.56 2.60 2.73 2.80 2.94 3.04 3.33 3.39 3.61 3.69 3.79 3.55 3.90 4.10 3.79 4.01 4.93 4.72 5.53 6.16 6.23 6.41 9.51

Sources: Danareksa Estimates, BEI

5

03 - 07 APR 2017

WEEKLY REPORT FIXED INCOME TEAM

Director of Debt Capital Market Budi Susanto [email protected]

ext. 3200 DEBT RESEARCH TEAM

Telp No. Fax No.

+62-21-29555777 +62-21-3501709



Head of Debt Research (ad interim) Market Analyst Amir A. Dalimunthe Rifki Rizal [email protected] ext. 3405 [email protected]

ext. 3404

Credit Analysts Production & Database Management Ayesha Ardelia Eka Nuraini [email protected] ext. 3406 [email protected] ext. 3407 Arif Sentanu [email protected] ext. 3402 Laras Nerpatari Suilyas [email protected]

ext. 3403



DEBT CAPITAL MARKET TEAM Telp No. Fax No.

+62-21-29555777 +62-21-3501724/25

Debt Sales & Brokerage Debt Trading & Investment Setyo H. Purnomo Romi Mulyadi [email protected] ext. 3226 [email protected] Rina Rimawati D Indra Figrachanda [email protected] ext. 3223 [email protected] Putrika Mayadipta Rachmat Eko Putranto [email protected] ext. 3215 [email protected] Hernita Dwi Ariesandhy [email protected] ext. 3216 Citra Isramij P. [email protected] ext. 3228 Khalid Abdurrahman [email protected]

ext. 3213 ext. 3214 ext. 1684

ext. 3212

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