DEBT R E S E A R C H
WEEKLY REPORT 25 JUL 2017
Indonesia’s Sovereign Rating S & P Moody’s Fitch
A Slight Gain in a Quiet Week BBBBaa3 BBB-
Key Market Indicator as of 24-Jul-17 BI 7-Day RR Rate 4.75% JCI 5,802 IDR 13.309 Inflation (y-o-y)-June-17 4.37% Domestic Bonds Outstanding Gov’t Bonds as of 21-Jul-17 IDR 1,954.8 bn Corp Bonds as of 30-Jun-17 IDR 343.3 bn Previous Week Trading Volume Government Bonds IDR 64.19 tn Corporate Bonds IDR 4.42 tn Benchmark Yield as of 24-Jul-17 FR0061 (5 year) 6.721% FR0059 (10 year) 6.905% FR0074 (15 year) 7.302% FR0072 (20 year) 7.539% Source : Bloomberg, Mid YTM Government Bond Indices as of 24-Jul-17 Price Index (Bloomberg : DGBIIDPR) 131.64 Yield Index (Bloomberg : DGBIIDYD) 6.92% TR Index (Bloomberg : DGBIIDTR) 536.26
The Danareksa Government Bonds Yield Index ended last week at a level of 6.92% after it had reached 7.11% on 11 July 2017, its highest level in almost the last 2 months. The yield slipped 7bps over the week, generating a weekly return of 0.6%. As of 21 July 2017, the YTD total return of government bonds stood at 9.52%, yet far lower than the YTD total return recorded during the same period in 2016 of 16.56%. Based on changes in the yield curve, the decline was dominated by mid tenors (5 to 15 yrs) with an average decline of 7.7bps over the last week.
Danareksa Government Bonds Yield Index menduduki level 6,92% pada pekan lalu setelah menyentuh angka 7,11% pada 11 Juli 2017, level tertinggi selama hampir 2 bulan terakhir. Yield mengalami penurunan 7bps selama minggu lalu, menghasilkan weekly return sebesar 0,6%. Per 21 juli 2017, obligasi pemerintah mencatatkan return sebesar 9,52% ytd, jauh lebih rendah dibandingkan ytd return periode yang sama pada tahun 2016 yang sebesar 16,56%. Berdasarkan perubahan pada yield curve, penurunan didominasi oleh tenor jangka menengah (5 – 15 tahun) dengan rata-rata penurunan sebesar 7,7bps selama minggu lalu.
Besides Indonesia, Government bonds in both the US and Germany also recorded gains last week. The 10Y US Treasury yield curve dropped by 9bps from 2.33% to 2.24% while the 10Y German Bund yield curve declined from 0.578% to 0.505%, or down 7bps. In the Eurozone, the ECB may wait until October before making a policy change, giving investors additional time to weigh up their response to ECB policy making.
Selain Indonesia, obligasi Pemerintah Amerika dan Jerman juga mencatatkan gain pada minggu lalu. Yield curve 10Y US Treasury mengalami penurunan sebesar 9bps dari 2,33% menjadi 2,24%, sementara 10Y German Bund yield curve mengalami penurunan dari 0,578% menjadi 0,505%, atau turun sebesar 7bps. Di Eurozone, ECB kemungkinan akan menunggu hingga Oktober sebelum melakukan perubahan kebijakan, memberikan investor waktu untuk menentukan strategi dalam menghadapi kebijakan EBC.
Exhibit 1. Indonesia & US 10Y Yield Curve 2.70
UST 10Y Yield
8.20
Indonesia 10Y Yield
8.00
2.60
7.80 2.50
Analysts Rifki Rizal (62 21) 29 555 777 ext. 3404
[email protected] Amir A. Dalimunthe (62 21) 29 555 777 ext. 3405
[email protected]
Please read important disclosure at the back of this report
www.danareksa.com Bloomberg Ticker: DFMJ
7.20
2.30
7.00 2.20
6.80 21-Jul-17
7-Jul-17
14-Jul-17
30-Jun-17
23-Jun-17
9-Jun-17
16-Jun-17
2-Jun-17
26-May-17
19-May-17
5-May-17
12-May-17
28-Apr-17
21-Apr-17
7-Apr-17
14-Apr-17
31-Mar-17
24-Mar-17
17-Mar-17
3-Mar-17
10-Mar-17
24-Feb-17
17-Feb-17
3-Feb-17
10-Feb-17
27-Jan-17
6.60 6-Jan-17
2.10 20-Jan-17
27-Jul-17 Japan Unemployment Rate SA (Survey :3.0%; Prior : 3.1%)
7.40
13-Jan-17
27-Jul-17 US Initial Jobless Claims SA (Survey : 240k; Prior : 233k)
7.60
2.40
30-Dec-16
Calendar of Event 26-Jul-17 UK GDP Chained GDP at Market Prices YoY (Survey : 1.7% Prior : 2.0%)
Source: Bloomberg; www.treasury.gov
Getting back on track Demand from global investors for Indonesian government bonds found a new lease of life last week. Foreign investors recorded net buying of rupiah denominated bonds to the tune of IDR9.69 trillion after they were net sellers of IDR8.61 trillion of sovereign debts in the previous two weeks. On the currency front, the USD/IDR strengthened by 0.19% to IDR13,313 per USD in the same period. As of 21 July 2017, foreign holdings of government bonds stood at IDR771.6 trillion (39.5% of the total outstanding), or up by IDR110.3 trillion from its position at the end of 2016.
Kembalinya demand Minat investor global terhadap obligasi Pemerintah Indonesia kembali meningkat pada minggu lalu. Investor asing mencatatkan net buy terhadap obligasi berdenominasi rupiah sebesar Rp9,69 triliun setelah mencatatkan net sellers sebesar Rp8,61 triliun sovereign debts pada dua minggu sebelumnya. Sedangkan nilai tukar IDR terhadap USD mengalami penguatan sebesar 0,19% menjadi Rp13.313 per USD dalam periode yang sama. Per 21 Juli 2017, pemegang asing obligasi Pemerintah adalah sebesar Rp771,6 triliun (39,5% dari total outstanding), atau mengalami peningkatan sebesar Rp110,3 triliun dari posisi akhir tahun 2016.
24 - 28 JULY 2017
WEEKLY REPORT
Weaker secondary market activity Secondary market activity in the Indonesian bonds market weakened last week. The total trading in gov’t bonds reached IDR64.2 trillion during the week, or down by IDR14.6 trillion compared to trading in the previous week. Meanwhile, the total trading in corporate bonds stood at IDR4.4 trillion. It was dominated by trading in AAA-rated corporate bonds which accounted for 33.4% of the total trading.
Aktivitas pasar sekunder lebih sedikit Aktivitas pasar sekunder obligasi di Indonesia melemah selama minggu lalu. Total perdagangan obligasi Pemerintah mencapai Rp64,2 triliun dalam seminggu, atau turun Rp14,6 triliun dibandingkan perdagangan minggu sebelumnya. Sementara itu, total perdagangan obligasi korporasi tercatat sebesar Rp4,4 triliun. Perdagangan obligasi korporasi tersebut didominasi obligasi korporasi dengan peringkat AAA atau sebesar 33,4% dari total.
Exhibit 2. Foreign Holdings on IDR Govt Bonds 780
40.0%
Proportion (%)
760
39.5%
Foreign Ownership (IDRtn)
39.0%
740
38.5% 720 38.0% 700
37.5%
21-Jul-17
7-Jul-17
14-Jul-17
30-Jun-17
23-Jun-17
9-Jun-17
16-Jun-17
2-Jun-17
26-May-17
19-May-17
5-May-17
12-May-17
28-Apr-17
21-Apr-17
7-Apr-17
14-Apr-17
31-Mar-17
24-Mar-17
17-Mar-17
3-Mar-17
10-Mar-17
24-Feb-17
17-Feb-17
3-Feb-17
10-Feb-17
27-Jan-17
20-Jan-17
36.5%
6-Jan-17
660
13-Jan-17
37.0%
30-Dec-16
680
Source: Danareksa Estimates
2
24 - 28 JULY 2017
WEEKLY REPORT
APPENDICES Appendix 1. Government Bonds Trading 17 - 21 July 2017 Last Trade Bonds Maturity Coupon Tenor Last Freq Data Done Price 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 18-Jul-17 21-Jul-17 18-Jul-17 20-Jul-17 21-Jul-17 21-Jul-17 17-Jul-17 21-Jul-17 21-Jul-17 19-Jul-17 21-Jul-17 19-Jul-17 19-Jul-17 19-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 19-Jul-17 21-Jul-17 21-Jul-17 18-Jul-17 17-Jul-17 21-Jul-17 20-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 17-Jul-17 21-Jul-17 21-Jul-17 20-Jul-17 21-Jul-17
SPN12170804 SPNS08082017 SPN03170811 SPN03170907 SPNS05102017 SPN12171012 ORI011 SPNS03112017 SPN12180104 PBS009 SPN12180201 SPN12180301 SR007 SPN12180412 SPN12180511 FR0066 SPN12180607 SPN12180712 FR0038 FR0048 ORI012 SR008 FR0069 PBS013 FR0036 ORI013 SR009 VR0031 PBS006 FR0031 PBS014 FR0034 FR0053 FR0061 FR0035 FR0043 FR0063 FR0046 PBS011 FR0070 FR0044 FR0040 FR0056 PBS003 FR0059
4-Aug-17 8-Aug-17 11-Aug-17 7-Sep-17 5-Oct-17 12-Oct-17 15-Oct-17 3-Nov-17 4-Jan-18 25-Jan-18 1-Feb-18 1-Mar-18 11-Mar-18 12-Apr-18 11-May-18 15-May-18 7-Jun-18 12-Jul-18 15-Aug-18 15-Sep-18 15-Oct-18 10-Mar-19 15-Apr-19 15-May-19 15-Sep-19 15-Oct-19 10-Mar-20 25-Jul-20 15-Sep-20 15-Nov-20 15-May-21 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-Jan-27 15-May-27
- - - - - - 8.50 - - 7.75 - - 8.25 - - 5.25 - - 11.60 9.00 9.00 8.30 7.88 6.25 11.50 6.60 6.90 4.81 8.25 11.00 6.50 5.19 8.25 7.00 12.90 10.25 5.63 9.50 8.75 8.38 10.00 11.00 8.38 6.00 7.00
0.03 0.04 0.04 0.12 0.19 0.21 0.22 0.27 0.44 0.50 0.52 0.60 0.63 0.71 0.79 0.81 0.87 0.96 1.06 1.14 1.22 1.63 1.72 1.81 2.14 2.22 2.63 3.00 3.14 3.31 3.81 3.89 3.97 4.81 4.89 4.97 5.81 5.97 6.06 6.64 7.14 8.14 9.14 9.47 9.81
99.87 99.81 99.77 99.44 98.98 98.88 100.60 98.48 97.59 101.00 97.30 96.58 101.00 96.22 95.72 99.60 95.23 94.53 105.50 106.65 103.40 102.30 102.45 99.08 109.89 100.20 99.50 96.97 103.95 112.47 98.40 120.30 106.75 101.20 125.35 114.35 94.40 112.75 107.65 107.80 116.00 124.50 108.55 91.80 100.54
1.00 1.00 1.00 2.00 1.00 4.00 7.00 1.00 1.00 1.00 5.00 2.00 8.00 1.00 3.00 2.00 1.00 1.00 6.00 3.00 33.00 29.00 11.00 5.00 1.00 64.00 38.00 1.00 1.00 5.00 6.00 2.00 17.00 45.00 1.00 2.00 1.00 1.00 2.00 13.00 2.00 2.00 46.00 4.00 76.00
Vol Yield (IDR bn)
141.63 1,076.83 200.00 1,538.68 200.00 600.00 261.63 190.00 281.44 797.00 872.43 320.00 1,187.58 40.00 247.20 504.88 109.29 100.00 244.60 176.18 1,429.87 408.76 1,574.84 3,353.60 70.00 438.69 84.59 100.00 1.00 150.20 894.28 206.41 2,806.88 4,004.20 15.00 162.74 1,826.76 50.48 534.89 4,461.01 25.30 106.68 3,705.93 44.45 5,159.53
0.13 0.19 0.23 0.57 1.03 1.13 8.45 1.54 2.47 5.73 2.77 3.54 8.17 3.93 4.47 5.75 5.01 5.79 6.22 3.07 8.70 8.11 6.35 6.79 6.50 6.59 6.93 4.96 6.83 6.74 6.98 6.79 6.31 6.70 6.74 6.81 6.80 6.87 7.17 6.89 7.11 7.00 7.09 7.21 6.92
Tenor Modified Class Duration
< 1yr < 1yr < 1yr < 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 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
0.48 0.78 0.97 1.07 1.58 1.67 1.86 2.76 2.69 2.76 3.29 3.44 3.38 3.99 3.75 3.96 4.80 4.62 4.56 4.98 5.10 5.51 6.29 7.00 6.94
Sources: Danareksa Estimates, BEI
3
24 - 28 JULY 2017
WEEKLY REPORT
APPENDICES Appendix 2. Government Bonds Trading 17 - 21 July 2017 (cont’d) Last Trade Bonds Maturity Coupon Tenor Last Freq Data Done Price 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 20-Jul-17 20-Jul-17 21-Jul-17
FR0042 FR0047 FR0064 FR0071 FR0052 FR0073 FR0054 PBS012 FR0058 FR0074 FR0065 FR0068 FR0072 PBS004 FR0050 FR0057 FR0062 PBS005 FR0067
15-Jul-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-Apr-43 15-Feb-44
10.25 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 6.75 8.75
9.97 10.56 10.81 11.64 13.06 13.81 13.97 14.31 14.89 15.06 15.81 16.64 18.81 19.56 20.97 23.81 24.72 25.72 26.56
Vol Yield (IDR bn)
121.70 1.00 8.30 120.50 2.00 13.27 92.50 9.00 1,121.68 113.90 1.00 1,095.54 125.50 3.00 1,748.85 112.10 9.00 1,132.84 117.50 4.00 1,487.34 108.90 12.00 675.61 104.25 15.00 220.00 102.10 198.00 4,950.27 93.50 19.00 145.83 107.35 85.00 2,097.34 104.54 246.00 8,064.11 80.50 1.00 5.00 126.50 1.00 1.37 115.25 3.00 202.44 83.50 5.00 9.55 86.52 6.00 312.50 111.00 3.00 195.06
Tenor Modified Class Duration
7.17 5yr - 10yr 7.20 > 10yr 7.13 > 10yr 7.21 > 10yr 7.42 > 10yr 7.34 > 10yr 7.46 > 10yr 7.83 > 10yr 7.76 > 10yr 7.27 > 10yr 7.32 > 10yr 7.59 > 10yr 7.78 > 10yr 8.10 > 10yr 7.89 > 10yr 8.05 > 10yr 7.90 > 10yr 7.99 > 10yr 7.76 > 10yr
6.58 6.64 7.58 7.27 7.46 8.18 8.17 8.19 8.57 8.73 9.36 8.94 9.55 10.00 9.64 10.08 11.02 10.96 10.60
Sources: Danareksa Estimates, BEI
4
24 - 28 JULY 2017
WEEKLY REPORT
APPENDICES Appendix 3. Corporate Bonds Trading 17 - 21 July 2017 Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 20-Jul-17 20-Jul-17 20-Jul-17 21-Jul-17 19-Jul-17 20-Jul-17 18-Jul-17 21-Jul-17 20-Jul-17 17-Jul-17 21-Jul-17 21-Jul-17 20-Jul-17 18-Jul-17 19-Jul-17 20-Jul-17 21-Jul-17 19-Jul-17 19-Jul-17 18-Jul-17 21-Jul-17 21-Jul-17 19-Jul-17 20-Jul-17 20-Jul-17 21-Jul-17 17-Jul-17 19-Jul-17 21-Jul-17 20-Jul-17 21-Jul-17 20-Jul-17 21-Jul-17 21-Jul-17 18-Jul-17 21-Jul-17 21-Jul-17 17-Jul-17 21-Jul-17 20-Jul-17 19-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 19-Jul-17 19-Jul-17 20-Jul-17 21-Jul-17
SIISAT01ACN4 FIFA02ACN4 TELE01ACN2 ASDF03ACN2 ASDF02BCN4 BNGA01BCN1 SSIA01B PNBN04SB BBRI02ACN1 SIISAT01ACN1 SIAGII02 NISP01CCN2 MEDC01CN2 ADHISM1CN2 WOMF01BCN3 SIAISA01 SANF02ACN2 IMFI01CCN4 FIFA02BCN1 PPGD02BCN3 ISAT01BCN2 SIISAT02ACN1 TAFS01BCN2 LTLS01CN1 APLN01CN1 BNLI02SB ADMF03ACN1 TELE01ACN3 PPNX01 MDLN01ACN1 PANR01CN1 PPGD10BXBVTW CSUL01A ADMF03ACN6 ADMF03BCN2 FIFA02BCN2 ADMF02CCN2 SIEXCL01BCN1 SISMRA01CN1 SMRA01CN1 TUFI02ACN1 BEXI01CCN1 BBRI01BCN2 BBKP01SBCN1 IMFI02BCN3 BBRI01BCN3 PIGN01A ISAT08A BVIC02SB
12-Sep-17 7-Oct-17 24-Oct-17 28-Oct-17 29-Oct-17 30-Oct-17 6-Nov-17 9-Nov-17 6-Dec-17 12-Dec-17 18-Dec-17 10-Feb-18 15-Mar-18 15-Mar-18 2-Apr-18 5-Apr-18 10-Apr-18 22-Apr-18 24-Apr-18 7-May-18 4-Jun-18 10-Jun-18 11-Jun-18 19-Jun-18 27-Jun-18 28-Jun-18 30-Jun-18 2-Jul-18 5-Jul-18 7-Jul-18 9-Jul-18 11-Jul-18 21-Jul-18 24-Jul-18 25-Aug-18 11-Sep-18 24-Oct-18 2-Dec-18 11-Dec-18 11-Dec-18 18-Dec-18 20-Dec-18 4-Feb-19 6-Mar-19 16-Mar-19 25-May-19 21-Jun-19 27-Jun-19 27-Jun-19
7.50 7.25 9.15 7.25 10.50 7.75 9.30 10.50 7.25 10.00 9.90 9.80 8.50 8.10 10.25 10.25 8.00 11.40 9.25 9.25 9.25 7.00 9.25 9.75 9.25 11.00 9.50 9.00 8.90 12.00 11.50 10.50 9.75 7.10 9.50 9.25 11.00 10.25 10.85 10.85 10.20 8.50 9.25 9.25 10.50 8.20 8.25 8.63 11.00
0.13 idAAA 0.20 idAAA 0.25 idA 0.26 idAAA 0.26 idAAA 0.26 idAAA 0.28 idA 0.29 idAA- 0.36 idAAA 0.38 idAAA 0.40 A-(idn) 0.54 idAAA 0.64 idAA- 0.64 idA 0.69 AA(idn) 0.69 idA- 0.71 AA(idn) 0.74 idA 0.75 idAAA 0.78 idAA+ 0.86 idAAA 0.88 idAAA 0.88 idAA+ 0.90 idA- 0.92 idA 0.93 idAA+ 0.93 idAAA 0.94 idA 0.94 idA 0.95 idA 0.96 idA- 0.96 idAA+ 0.99 idA 1.00 idAAA 1.08 idAAA 1.13 idAAA 1.25 idAAA 1.35 idAAA 1.38 idA+ 1.38 idA+ 1.40 idAA 1.40 idAAA 1.53 idAAA 1.61 idA 1.64 idA 1.83 idAAA 1.91 idAA 1.92 idAAA 1.92 idA-
100.17 100.30 100.27 100.20 101.23 100.43 100.53 101.08 100.38 100.02 100.72 101.76 100.39 99.72 100.02 101.21 100.80 102.85 101.52 101.92 108.05 100.09 100.52 99.82 100.25 103.25 102.08 100.02 100.07 102.93 102.30 103.15 100.04 100.00 102.16 102.18 104.03 101.02 102.40 102.20 101.02 100.93 102.68 101.20 102.60 100.02 100.02 98.00 100.00
2.00 19.00 3.00 10.00 2.00 7.60 1.00 33.00 1.00 5.00 1.00 115.85 6.00 18.00 1.00 0.40 1.00 25.00 2.00 1.00 3.00 51.00 2.00 17.00 2.00 9.10 2.00 4.00 2.00 1.00 2.00 8.00 1.00 7.00 1.00 49.00 2.00 8.00 2.00 9.00 1.00 4.00 1.00 2.00 2.00 23.00 2.00 16.00 6.00 110.00 1.00 15.00 1.00 40.00 2.00 10.00 2.00 76.00 2.00 50.30 3.00 50.00 3.00 3.70 2.00 60.00 4.00 48.00 2.00 37.00 1.00 16.00 1.00 54.00 2.00 1.00 2.00 2.00 3.00 15.70 2.00 1.00 1.00 10.00 1.00 4.00 5.00 8.00 6.00 190.00 2.00 6.00 2.00 2.00 2.00 0.20 3.00 33.00
7.49 7.23 9.13 7.24 10.37 7.72 9.25 10.39 7.22 10.00 9.83 9.63 8.47 8.12 10.25 10.13 7.94 11.08 9.11 9.08 8.56 6.99 9.20 9.77 9.23 10.65 9.31 9.00 8.89 11.66 11.24 10.18 9.75 7.10 7.44 7.24 7.61 9.45 8.99 9.15 9.42 7.80 7.39 8.45 8.79 8.19 8.24 9.77 11.00
0.14 0.21 0.25 0.26 0.26 0.27 0.29 0.29 0.37 0.39 0.39 0.52 0.62 0.63 0.67 0.67 0.69 0.70 0.71 0.75 0.82 0.85 0.84 0.86 0.88 0.87 0.90 0.90 0.90 0.90 0.90 0.91 0.94 0.95 1.03 1.07 1.14 1.26 1.27 1.27 1.29 1.31 1.40 1.48 1.49 1.68 1.75 1.75 1.71
Sources: Danareksa Estimates, BEI
5
24 - 28 JULY 2017
WEEKLY REPORT
APPENDICES Appendix 4. Corporate Bonds Trading 17 - 21 July 2017 (cont’d) Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 19-Jul-17 17-Jul-17 17-Jul-17 17-Jul-17 19-Jul-17 19-Jul-17 21-Jul-17 21-Jul-17 20-Jul-17 17-Jul-17 18-Jul-17 21-Jul-17 19-Jul-17 17-Jul-17 19-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 17-Jul-17 21-Jul-17 19-Jul-17 21-Jul-17 20-Jul-17 21-Jul-17 20-Jul-17 19-Jul-17 21-Jul-17 21-Jul-17 19-Jul-17 21-Jul-17 20-Jul-17 19-Jul-17 19-Jul-17 19-Jul-17 19-Jul-17 18-Jul-17 20-Jul-17 19-Jul-17 20-Jul-17 19-Jul-17 20-Jul-17 21-Jul-17 18-Jul-17 21-Jul-17 18-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17 21-Jul-17
IIFF01A FIFA02BCN4 ASDF03BCN2 BIIF01ACN3 PNMP01ACN2 IMFI02CCN2 PRTL01ACN1 JPFA02ACN1 IMPC01A PNBN01SBCN1 TAFS02BCN2 BEXI03BCN4 ADHI01BCN2 IMFI02CCN3 MEDC02ACN4 TBIG02CN2 SIEXCL01BCN2 AMRT02CN1 ISAT01CCN2 SIAGII01ACN1 TELE01BCN3 BVIC03SB BBRI01CCN1 IMFI03BCN1 PPGD02DCN1 BMTP01A PNMP02ACN1 PIHC01ACN1 SMRA02CN1 BNGA02SB BBRI01CCN2 BEXI02CCN7 BBRI01CCN3 APIA01A BEXI03CCN2 BBTN02BCN2 SSIA01BCN1 BMRI01ACN1 TELE01CCN2 BBRI02CCN1 IMPC01B ISAT01CCN1 ASDF03CCN3 INDF08 OTMA01C ISAT01DCN2 BBTN01CN1 SIAGII01BCN1 SMGR01CN1 BBKP02SBCN1
19-Jul-19 27-Sep-19 18-Oct-19 3-Nov-19 3-Nov-19 16-Nov-19 23-Nov-19 1-Dec-19 2-Dec-19 20-Dec-19 14-Feb-20 23-Feb-20 15-Mar-20 16-Mar-20 30-Mar-20 21-Apr-20 28-Apr-20 23-May-20 4-Jun-20 6-Jun-20 22-Jun-20 27-Jun-20 3-Jul-20 7-Jul-20 9-Jul-20 11-Jul-20 12-Jul-20 12-Jul-20 16-Dec-20 23-Dec-20 4-Feb-21 19-Feb-21 25-May-21 30-Jun-21 25-Aug-21 30-Aug-21 22-Sep-21 30-Sep-21 14-Oct-21 1-Dec-21 2-Dec-21 12-Dec-21 3-Mar-22 26-May-22 30-May-22 4-Jun-22 5-Jun-22 6-Jun-22 20-Jun-22 30-Jun-22
8.25 7.95 7.95 8.30 9.00 11.00 7.90 9.25 10.00 9.40 8.50 8.40 8.50 10.65 10.80 8.75 8.40 8.50 10.00 9.90 10.50 10.50 9.50 8.60 8.00 8.50 8.75 7.90 11.25 10.85 9.60 9.60 8.70 8.60 8.35 8.75 10.50 7.95 10.65 8.20 10.50 10.50 8.75 8.70 8.90 10.25 7.90 10.35 8.60 12.00
1.98 idAAA 2.17 idAAA 2.23 idAAA 2.27 A A+(idn) 2.27 idA 2.31 idA 2.33 A A-(idn) 2.35 idA+ 2.35 idA- 2.40 idAA- 2.55 idAA+ 2.58 idAAA 2.64 idA 2.64 idA 2.68 idAA- 2.74 A A-(idn) 2.76 idAAA 2.83 A A-(idn) 2.86 idAAA 2.86 A-(idn) 2.91 idA 2.92 idBBB+ 2.94 idAAA 2.95 idA 2.96 idAA+ 2.96 A AA(idn) 2.96 idA 2.96 A AA(idn) 3.39 idA+ 3.41 AA(idn) 3.53 idAAA 3.57 idAAA 3.83 idAAA 3.93 idAAA 4.08 idAAA 4.10 idAA 4.16 idA 4.18 idAAA 4.22 idA 4.35 idAAA 4.35 idA- 4.38 idAAA 4.61 idAAA 4.84 idAA+ 4.85 idAA 4.86 idAAA 4.86 idAA 4.86 A-(idn) 4.90 idAA+ 4.93 idA
101.01 100.50 100.50 99.02 100.00 103.80 100.57 100.04 100.05 97.50 101.50 102.50 100.00 103.25 101.77 100.06 101.10 100.05 105.10 100.06 100.02 100.00 104.80 100.25 100.30 100.05 100.04 100.02 100.02 100.00 100.00 105.50 100.02 100.02 102.30 101.55 100.05 100.02 96.25 100.40 100.05 105.80 102.90 101.60 99.95 108.02 96.98 100.07 101.35 107.50
1.00 40.00 2.00 20.00 2.00 40.00 2.00 1.00 3.00 4.00 1.00 50.00 1.00 100.00 1.00 16.00 2.00 170.00 7.00 2.40 1.00 10.00 5.00 159.10 2.00 10.00 1.00 10.00 2.00 4.00 1.00 50.00 11.00 75.00 2.00 35.00 1.00 30.00 2.00 2.00 2.00 10.00 2.00 8.00 3.00 2.88 1.00 20.00 4.00 20.00 5.00 375.00 6.00 281.00 4.00 325.00 2.00 1.00 1.00 51.00 2.00 40.00 1.00 5.00 2.00 2.00 2.00 10.00 3.00 3.45 3.00 30.00 2.00 50.00 2.00 2.00 2.00 4.00 4.00 4.00 2.00 182.00 6.00 12.00 1.00 7.00 7.00 48.00 2.00 10.00 5.00 20.00 1.00 1.00 2.00 29.00 4.00 24.00 5.00 20.00
7.70 7.70 7.71 8.77 9.00 9.16 7.63 9.23 9.97 10.58 7.85 7.33 8.50 9.26 10.04 8.73 7.95 8.48 8.00 9.87 10.49 10.50 7.67 8.50 7.88 8.48 8.73 7.89 11.24 10.85 9.60 7.82 8.69 8.59 7.69 8.30 10.48 7.94 11.79 8.09 10.48 8.89 7.99 8.29 8.91 8.23 8.66 10.33 8.26 10.05
1.83 1.99 2.01 2.03 2.01 2.01 2.09 2.07 2.06 2.12 2.26 2.29 2.34 2.29 2.31 2.42 2.41 2.47 2.47 2.45 2.47 2.48 2.56 2.58 2.62 2.60 2.59 2.62 2.77 2.80 2.91 2.99 3.20 3.30 3.41 3.40 3.32 3.53 3.34 3.60 3.42 3.49 3.75 3.88 3.87 3.81 3.95 3.74 3.96 3.73
Sources: Danareksa Estimates, BEI 6
24 - 28 JULY 2017
WEEKLY REPORT
APPENDICES Appendix 5. Corporate Bonds Trading 17 - 21 July 2017 (cont’d) Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 21-Jul-17 19-Jul-17 21-Jul-17 21-Jul-17 20-Jul-17 21-Jul-17 19-Jul-17 19-Jul-17 20-Jul-17 19-Jul-17 19-Jul-17 19-Jul-17 19-Jul-17 20-Jul-17 19-Jul-17 21-Jul-17 18-Jul-17 19-Jul-17 19-Jul-17 19-Jul-17 20-Jul-17
BLAM04 BMTR01ACN1 AGRO01B BBTN02CCN1 PPLN09B BBNI01CN1 BMTP01B BBTN03BCN1 BACA02SB PIGN01C APIA01B BMRI01BCN1 SMBRIS01SB SIPPLN01BCN2 BBKP02SBCN2 BVIC01SBCN1 TLKM01BCN1 PIGN01D APIA01C BMRI01CCN1 APAI01C
7-Jul-22 7-Jul-22 7-Jul-22 8-Jul-22 10-Jul-22 11-Jul-22 11-Jul-22 13-Jul-22 15-Jan-23 21-Jun-23 30-Jun-23 30-Sep-23 16-Nov-23 10-Dec-23 28-Feb-24 11-Jul-24 23-Jun-25 21-Jun-26 30-Jun-26 30-Sep-26 22-Nov-26
9.60 11.50 8.50 10.00 12.25 8.00 8.75 8.50 12.00 9.25 8.80 8.50 - 9.60 11.00 11.00 10.25 9.50 9.00 8.65 8.55
4.95 A(idn) 4.95 idA+ 4.95 idAA 4.95 idAA 4.96 idAAA 4.96 idAAA 4.96 AA(idn) 4.97 idAA 5.47 idBBB- 5.91 idAA 5.93 idAAA 6.18 idAAA 6.31 A+(idn) 6.38 idAAA 6.59 idA 6.96 idBBB+ 7.91 idAAA 8.91 idAA 8.93 idAAA 9.18 idAAA 9.33 idAAA
100.04 100.00 100.10 103.76 108.52 100.27 100.02 100.80 94.20 100.02 100.02 100.02 100.02 105.42 102.75 100.00 100.00 100.02 100.02 100.02 101.07
2.00 30.00 4.00 230.00 2.00 100.00 2.00 1.00 2.00 2.00 3.00 21.50 2.00 6.00 4.00 40.00 3.00 4.00 2.00 2.00 2.00 2.00 2.00 6.00 2.00 4.00 2.00 6.00 11.00 58.00 3.00 8.00 2.00 46.00 2.00 2.00 2.00 2.00 2.00 14.00 2.00 8.00
9.59 11.50 8.47 9.05 10.05 7.93 8.74 8.30 13.51 9.24 8.79 8.50 - 8.49 10.42 11.00 10.25 9.50 9.00 8.65 8.38
3.90 3.73 4.00 3.89 3.74 4.06 3.99 4.03 3.91 4.49 4.57 4.76 4.75 4.62 4.81 5.35 5.93 6.07 6.27 6.32
Sources: Danareksa Estimates, BEI
7
24 - 28 JULY 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
ext. 3213 ext. 3214 ext. 1684
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