Debt Research Banking Debt Issuance
9 May 2016
Indonesia Eximbank Supporting National Export Program Country
Investment highlights:
INDONESIA
Sovereign status. IEB holds sovereign status as it operates independently based on special act (Lex specialist), i.e. Act of the Republic of Indonesia No.2/2009. Based on this Act (article 39), IEB can only be dissolved by the enactment of another law. As a special financial institution (sui generis) IEB is not subject to commercial banking, State Owned Enterprises (SOE), multifinance, and insurance regulations. IEB is under the supervision of OJK (Financial Service Authority). Meanwhile, in terms of policy making and development, business planning, as well as the appointment of the Board of Directors it is determined by the Ministry of Finance. Indonesia Eximbank was specifically established to perform National Export Financing, which aims to support the Government’s policy to encourage the national export program. National Export Financing is provided in the form of financing, guarantee, and/or insurance provided for enterprises and individuals, domiciled within or outside of the territory of the Republic of Indonesia (overseas financing includes Buyers credit, overseas investment financing). IEB provides its services under the conventional and Sharia principles. The sovereign status enables IEB to access low-cost funding both in domestic and global capital markets, consequently this allows it to offer competitive financing rate and effectively perform its special task as part of the development of the country’s export activities.
Capital and liquidity support from the Government. As a special financial institution, IEB is entitled for financial support from the government in the form of capital and liquidity support. Based on the Act 2/2009 article 19, in the event of IEB’s capital falling below Rp4 trillion, the Government shall cover the deficiency from the state budget. Moreover, based on article 21, 90% of IEB’s surplus (net profit) should be allocated for general and special purpose reserve. Meanwhile, in terms of liquidity, the Government will provide loans to IEB when the latter experiences difficulties due to the implementation of financing, guarantee, and insurance. The Ministry of Finance is essentially the lender of last resort for IEB. IEB’s capital has grown from profit accumulation as well as capital injection from the Government. The Bank’s total equity reached Rp12.36 trillion in 2015 from Rp4.36 trillion in 2009 as a result of capital injection from the Government and profit accumulation. IEB’s CAR stood at 13.9% at end of FY15 compared with 16.7% the year before due to its expansive loan growth. Although IEB is not subject to commercial bank regulations, it has to maintain its CAR at a minimum of 8% based on the Minister of Finance's regulation. However, we believe IEB could maintain its capitalization at a sound level given the strong government support. The management stated that IEB will receive additional capital of Rp2 trillion from the government this year.
Sovereign rating S&P
BB+/positive
Moody’s
Baa3/stable
Fitch
BBB-/stable
Company rating Pefindo
id
AAA/Stable
Shareholders (%) Government of Indonesia
100
Offering Shelf registered bonds IEB III phase I year 2016 Rating (Pefindo)
idAAA/Stable
Principal amount Period
max Rp4 trillion 370 days, 3 and 5 years
Yulia Ansari +6221 5296 9408
[email protected] Handy Yunianto +6221 5296 9568
[email protected] Ali Hasanudin
[email protected] +6221 5296 9629 Yudistira Yudadisastra
[email protected] +62 21 5296 9698
INVESTMENT HIGHLIGHTS 31 December (Rp billion)
2011
2012
2013
2014
2015
461
586
822
1.182
1.428
Total assets
26.322
33.333
46.474
60.503
84.971
Total debt
18,739
25,259
37,240
48,709
67,966
6,964
7,550
8,296
10,437
12,362
NIM
4.0
3.1
3.4
3.6
3.3
NPL
6.7
4.4
3.3
2.3
3.5
109.5
106.9
108.6
113.2
110.0
31.9
24.9
17.7
16.7
13.9
Net profit
Total equity
LFR (Loan to Funding Ratio) CAR
Source: Indonesia Eximbank
Please see important disclosure at the back of this report
Bank Indonesia Eximbank | 9 May 2016
BOND MARKET OVERVIEW
TINJAUAN PASAR OBLIGASI
IDR Government Bond Market Review
Tinjauan Pasar Obligasi Pemerintah
The Indonesian bond market performance showed positive results at the beginning of this year. According to HSBC Index, Indonesian government bonds reported the highest performance of 11.2% ytd, or 16.05% ytd in US Dollar. This was much higher than the average investment in Asian local currency government bonds of 6.0% ytd per 26-Apr. The global issues and the improving domestic macroeconomic condition have contributed to the rally in the government bond market this year. From the global market, the FFR hike of 25 bps in December 2015, which was not followed by continuous interest rate hike as previously happened in the period of FFR hikes in 2006, has curbed significant increase in US Treasury yield. Besides that, the rally was supported also by continuing dovish statement from Yellen and reconfirmed by the FOMC’s March minutes of the meeting released on 7-April that showed many Fed members are reluctant to hike further in the face of global uncertainty. Meanwhile, the negative interest rates policy in European countries and Japan has also curbed the rise in US Treasury yield and led to US Dollar depreciation. From the domestic market, the improving economic growth, lower inflation, and stable Rupiah exchange rate against the US Dollar have provided leeway for Bank Indonesia to lower its reference rate 3 times in the first-quarter this year by a total of 75 bps from 7.5% to 6.75%. The lower BI rate was also followed by the declining deposit and lending facility rates to 4.75% and 7.25%, respectively.
Kinerja pasar obligasi Indonesia menunjukkan hasil yang positif di awal tahun ini. Berdasarkan perhitungan indeks HSBC, obligasi pemerintah Indonesia mencatatkan kinerja 11.20% ytd atau 16.05% ytd dalam US Dollar. Angka ini jauh lebih tinggi dibandingkan rata-rata investasi di local currency government bond Asia sebesar 6.0% ytd per 26Apr. Faktor global dan kondisi makroekonomi domestik yang membaik telah mendukung rally di pasar obligasi pemerintah tahun ini. Dari pasar global, kenaikan FFR sebesar 25bps di bulan Desember 2015 yang tidak diiringi dengan kenaikan suku bunga lanjutan seperti periode kenaikan FFR sebelumnya di tahun 2006 telah menahan kenaikan US Treasury yield secara signifikan. Disamping itu, rally di pasar obligasi pemerintah juga didukung oleh pernyataan Yellen yang mengindikasikan adanya kehatihatian dalam pengetatan kebijakan moneter dan telah dikonfirmasi kembali dalam hasil notulen rapat FOMC bulan Maret yang dirilis pada 7-April yang mana menunjukkan bahwa banyak dari anggota Fed keberatan atas kenaikan suku bunga Fed lebih lanjut karena masih besarnya ketidakpastian global saat ini. Selain itu penerapan suku bunga negatif di negara-negara Eropa dan Jepang juga turut menekan laju kenaikan US Treasury dan mendorong turun nilai mata uang US Dollar. Sementara dari domestik, pemulihan pertumbuhan ekonomi, tingkat inflasi yang rendah, dan nilai tukar Rupiah terhadap US Dollar yang relatif stabil memberikan ruang bagi Bank Indonesia (BI) untuk menurunkan suku bunganya sebanyak 3 kali di kuartal pertama tahun ini dengan total penurunan sebesar 75 bps dari 7.5% ke 6.75%. Penurunan BI rate tersebut juga disertai dengan penurunan suku bunga deposito dan lending facility menjadi masing-masing sebesar 4.75% dan 7.25%.
Based on Shapley Value Index calculation, US Treasury yield and BI rate are the main variables which can explain the movement of the Indonesian government bond yield after Indonesia received investment grade rating. Accordingly, the recent declining US Treasury yield and BI rate were the main catalysts which have lowered the government bond yield by 119 bps to 7.52% ytd, while, on average, the government bond price increased by 8.12% ytd according to Mandiri Sekuritas Government Bond Index (MSGBI) per 27 April 2016. Meanwhile, the government bond yield for 2YR and 10YR tenors have declined by 161 bps to 6.99% and 111 bps to 7.64%, respectively.
Perhitungan Shapley Value Index menunjukkan bahwa US Treasury yield dan BI rate merupakan faktor utama yang dapat menjelaskan pergerakan yield SUN Indonesia setelah Indonesia mendapatkan rating investment grade. Karena itu, penurunan US Treasury yield dan BI rate merupakan katalis utama yang telah mendorong penurunan rata-rata yield SUN sebesar 119 bps menjadi 7.52% ytd. Sementara itu, harga SUN mengalami kenaikan rata-rata sebesar 8.12% ytd berdasarkan Mandiri Sekuritas Government Bond Index (MSGBI) per 27 April 2016. Adapun yield SUN tenor 2YR dan 10YR masing-masing turun sebesar 161 bps ke 6.99% dan 111 bps ke 7.64%.
Page 2 of 20
Indonesia Exim Bank | 9 May 2016
FIGURE 1. GOVERNMENT BOND YIELD
10.00 9.50
GIDN1YR
GIDN3YR
GIDN5YR
GIDN7YR
GIDN10YR
BI RATE
9.00 8.50 8.00 7.50 7.00 6.50 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16
6.00
Source: Bloomberg and Mandiri Sekuritas
FIGURE 2. SHAPLEY VALUE ANALYSIS RESULT Significance Weight Variable
Before Investment Grade
After Investment Grade
18.2% 36.5% 14.7% 25.0% 5.6%
39.0% 4.2% 3.8% 9.9% 43.2%
BI Rate Core Inflation (% yoy) Change IDR/USD (%yoy) CDS-5yr (%) UST-10yr (%) Source: Mandiri Sekuritas Estimates
Looking at the bond fund flow data, foreign investors are the biggest net buyers. Indonesia has become one of the investment choices by foreign investors because it still provides attractive yields and the risk level is relatively low compared to other developing countries. In addition, we see the potential for Indonesia's rating upgrade by S & P in 2016 to investment grade (BBB-) after they raised the outlook to positive last year. Based on the DMO, per 26 April 2016, foreign holdings in government bond market reached Rp624.9tn or equal to 39.1% of the total outstanding government bonds. Note that foreign fund inflow coming into the Indonesian bond market reached Rp66.39tn ytd (vs Rp45.89tn in the same period last year). Interestingly, in addition to foreign inflow, support also came from onshore investors, such as insurance companies and pension funds. Notice that the ownership of insurance companies and pension funds increased significantly to Rp35.3tn ytd (vs. Rp10.5tn in the same period last year). In addition to the declining deposit interest rates, the new OJK rules that require insurance companies and pension funds to place 20-30% of their investments in government bonds have led to the increasing role of local investors in the government bond market.
Jika dilihat dari data aliran dana, investor asing merupakan pembeli terbesar di pasar SUN. Indonesia menjadi salah satu tujuan investasi pihak asing karena masih memberikan yield menarik dan tingkat risikonya relatif rendah dibandingkan negara berkembang lainnya. Selain itu, kami melihat adanya potensi upgrade rating Indonesia oleh S&P di tahun 2016 menjadi investment grade (BBB-) setelah mereka menaikkan outlook menjadi positif tahun lalu. Berdasarkan DMO, per 26 April 2016, kepemilikan asing di pasar SUN mencapai Rp624.9tn atau sama dengan 39.1% dari total outstanding obligasi pemerintah. Tercatat, foreign inflow fund yang masuk ke pasar obligasi Indonesia mencapai Rp66.39tn ytd (vs. Rp45.89tn pada periode yang sama tahun lalu). Pasar SUN semakin menarik karena selain semakin besarnya dana asing yang masuk, juga ada dukungan yang berasal dari para investor lokal seperti perusahaan asuransi dan dana pensiun. Tercatat, porsi kepemilikan perusahaan asuransi dan dana pensiun meningkat sangat signifikan sebesar Rp35.3tn ytd. (vs. Rp10.5tn pada periode yang sama tahun lalu). Selain faktor suku bunga deposito yang terus turun, adanya peraturan OJK baru yang mengharuskan dana kelolaan asuransi dan dana pensiun masuk ke instrument SUN sebesar 20-30% dari total dana kelolaannya juga mendukung peran investor lokal di pasar SUN.
Page 3 of 20
Bank Indonesia Eximbank | 9 May 2016
With the good condition early this year, in primary market, the government has successfully done front loading, as of 26-April, the government has already issued Rp316.5tn so far this year (gross – including pre funding issuances in December 2015) or almost 58% of issuance target for this year, assuming budget deficit is 2.1% of GDP. Meanwhile, trading volume in secondary market has slightly increased to Rp14.63tn average per day in the period of January to 27 April 2016, - higher compared with the trading volume in 2015 that reached Rp13tn average per day.
Di pasar perdana, pemerintah sukses menerapkan front loading policy, yang mana sampai dengan 26-April, pemerintah telah menerbitkan Rp316.5tn ytd (gross – termasuk prefunding issuance pada December 2015) atau hampir 58% dari total target penerbitan tahun ini, dengan asumsi budget deficit sebesar 2.1% dari GDP. Sedangkan di pasar sekunder, rata-rata volume transaksi SUN per hari tercatat mencapai Rp14.63tn selama periode dari awal tahun sampai dengan 27 April 2016, lebih tinggi dibandingkan dengan rata-rata volume transaksi SUN di tahun 2015 yang mencapai Rp13tn per hari.
On another front, some risks that may be encountered are worsening perceptions of investment risk in developing countries (for example, can be triggered by the worsening economic conditions in China or China’s higher currency devaluation), increasing FFR faster than market expectations, or higher default risk of oil companies if oil prices continue to decline. While from domestic, the risk that must be observed is the crowding out effect if the budget deficit increased significantly to 3% of GDP.
Di sisi lain, beberapa risiko yang harus diwaspadai adalah memburuknya persepsi risiko investasi di negara berkembang (misalnya, dipicu oleh memburuknya ekonomi di China atau devaluasi mata uangnya lebih besar tahun ini), kenaikan FFR lebih cepat dibandingkan ekspektasi pasar, atau meningkatnya risiko gagal bayar perusahaan-perusahaan minyak jika harga minyak terus turun. Sementara dari domestik, risiko yang harus dicermati adalah crowding out effect jika defisit anggaran meningkat signifikan ke 3% dari PDB.
FIGURE 3. THERE’S SUPPORT FROM ONSHORE, SUCH AS INSURANCES, PENSION FUNDS, AND RETAIL INVESTORS. 31-Dec-15
% of outstanding
26-Apr-16
% of outstanding
Net buy/(sell) - Rp tn mtd
ytd
2015
Bank
348.9
23.9%
360.4
29.0%
6.7
11.5
63.1
Central Bank
150.1
10.3%
149.5
2.9%
(0.5)
(0.6)
18.7
Mutual Fund
61.60
4.2%
72.1
4.5%
4.6
10.5
15.8
Insurance
171.62
11.7%
199.7
12.5%
7.4
28.0
21.0
Foreign
558.52
38.2%
624.9
39.1%
18.8
66.4
97.2
49.83
3.4%
57.1
3.6%
1.0
7.3
6.5 12.1
Pension Fund Individual
42.53
2.9%
49.4
3.1%
(16.4)
6.9
Others
78.50
5.37%
5.3%
1.6
6.6
17.2
1,461.85
100.0%
85.1 1,598.3
100.0%
23.2
136.4
251.9
Total
Source: DMO and Mandiri Sekuritas
FIGURE 4. THE GOVERNMENT HAS SUCCESSFULLY DONE FRONT LOADING AS IT HAS ALREADY ISSUED RP 316.5TN- GROSS OR 57.9% OF ISSUANCE TARGET THIS YEAR Rp trillion Budget deficit (% of GDP) Net Issuances Redemption & buybacks Gross Issuances Domestic bonds Conventional FR/VR
2.2
YTD 2016
% of target
Issuances Need
349.9
327.2
219.2
67.0%
108.0
(152.4)
(219.4)
(97.3)
44.3%
(122.1)
502.3
546.6
316.5
57.9%
230.1
389.4
415.4
234.8
56.5%
180.6
62.3%
49.4
122.5
T-bills/ZC bonds
52.2
8.0
Retail bonds (ORI & Sukuk)
49.4
31.5
Domestic sukuk
60.0
34.5
Private placement
25.7 112.9
38.3 131.2
81.8
Yankee bonds
57.0
49.0
Global sukuks
26.4
32.8
Samurai bonds
11.1
Euro denominated bond
18.5
Source: DMO and Mandiri Sekuritas
Page 4 of 20
Target 2016
2.5
202.1
Global bonds
2015
Indonesia Exim Bank | 9 May 2016
From the credit side, total issuance of corporate bonds at primary market during 2015 reached Rp62.58 tn, with multi finance and commercial banks still dominating the corporate bond issuance. Meanwhile, until mid April 2016, total corporate bond issuance has reached Rp28.8tn. The decline of BI rate to 75 bps, improving economic growth, and refinancing need of Rp48tn this year, should encourage more companies to issue corporate bonds in 2016.
Dari sisi kredit, penerbitan obligasi korporasi di pasar primer selama tahun 2015 mencapai Rp 62.58 tn, dengan sektor Multifinance dan Bank yang masih mendominasi penerbitan obligasi korporasi. Sementara itu, sampai dengan pertengahan April 2016, penerbitan obligasi korporasi sudah mencapai Rp28.8tn. Penurunan BI rate yang sudah mencapai 75 bps, perbaikan pertumbuhan ekonomi, dan kebutuhan refinancing yang mencapai Rp48tn, diharapkan dapat mendorong para emiten untuk lebih banyak menerbitkan obligasi korporasi di tahun 2016.
In terms of risk premium, the average risk premium for an AAA rated company is 155 bps with the range of minimum to maximum at 57-251 bps. Meanwhile, in the secondary market, for a company with the same rating, the average risk premium is 158 bps, with the range of minimum to maximum at 101-221 bps.
Dari sisi risk premium, rata-rata premi risiko untuk sebuah perusahaan dengan peringkat AAA adalah 155 bps dengan kisaran minimum-maksimum 57-251 bps. Di pasar sekunder untuk perusahaan dengan peringkat yang sama, rata-rata premi risikonya mencapai 158 bps, dengan kisaran minimum –maksimum adalah 101-221 bps.
FIGURE 5. RISK PREMIUM TABLE AT PRIMARY MARKET (AAA-RATED) No
Name
Sector
Issue Date
Mature Date
Rating
Coupon (%)
Spread Book building
Out standing (Rp Bn)
1
PUB OCBC NISP 1 Tahap 2 Th 2015 Seri A
Bank
11-Feb-15
20-Feb-16
AAA (idn)
9.00
190
1,095
2
PUB OCBC NISP 1 Tahap 2 Th 2015 Seri B
Bank
11-Feb-15
10-Feb-17
AAA (idn)
9.40
206
670
3
PUB OCBC NISP 1 Tahap 2 Th 2015 Seri C
Bank
11-Feb-15
10-Feb-18
AAA (idn)
9.80
245
1,235
4
PUB II BCA Finance Tahap I 2015 Seri A
Multifinance
17-Feb-15
17-Feb-16
idAAA
8.25
166
438
5
PUB II BCA Finance Tahap I 2015 Seri B
Multifinance
17-Feb-15
17-Feb-17
idAAA
8.50
156
140
6
PUB II BCA Finance Tahap I 2015 Seri C
Multifinance
17-Feb-15
17-Feb-18
idAAA
9.00
202
422
7
Obligasi I Bank UOB Indonesia Tahun 2015 Seri A
Bank
24-Feb-15
24-Feb-16
AAA (idn)
8.60
201
400
8
Obligasi I Bank UOB Indonesia Tahun 2015 Seri B
Bank
24-Feb-15
24-Feb-18
AAA (idn)
9.40
242
600
9
Obligasi I Bank UOB Indonesia Tahun 2015 Seri C
Bank
24-Feb-15
24-Feb-20
AAA (idn)
9.60
248
500
10
PUB Indonesia EximBank II Tahap IV Tahun 2015 Seri A
Financial Inst.
8-Jan-15
7-Jan-18
idAAA
9.25
170
800
11
PUB Indonesia EximBank II Tahap V Tahun 2015 Seri A
Financial Inst.
16-Mar-15
23-Mar-16
idAAA
8.25
165
575
12
PUB Indonesia EximBank II Tahap IV Tahun 2015 Seri B
Financial Inst.
8-Jan-15
7-Jan-20
idAAA
9.75
203
700
13
PUB Indonesia EximBank II Tahap V Tahun 2015 Seri B
Financial Inst.
16-Mar-15
13-Mar-18
idAAA
9.00
202
1,298
14
PUB Indonesia EximBank II Tahap V Tahun 2015 Seri C
Financial Inst.
16-Mar-15
13-Mar-20
idAAA
9.50
221
2,727
15
PUB II FIF Tahap I Tahun 2015 seri A
Multifinance
27-Apr-15
4-May-16
idAAA
8.50
196
939
16
PUB II FIF Tahap I Tahun 2015 seri B
Multifinance
27-Apr-15
24-Apr-18
idAAA
9.25
222
2,061
17
PUB I Telkom Tahap I Tahun 2015 Seri A
Telecomm
20-May-15 19-May-22
idAAA
9.93
161
2,200
18
PUB I Telkom Tahap I Tahun 2015 Seri B
Telecomm
20-May-15 19-May-25
idAAA
10.25
181
2,100
19
PUB I Telkom Tahap I Tahun 2015 Seri C
Telecomm
20-May-15 19-May-30
idAAA
10.60
188
1,200
20
PUB I Telkom Tahap I Tahun 2015 Seri D
Telecomm
20-May-15 19-May-45
idAAA
11.00
222
1,500
21
PUB I BRI Tahap I Tahun 2015 Seri A
Bank
3-Jun-15
2-Jun-16
idAAA
8.40
101
655
22
PUB I BRI Tahap I Tahun 2015 Seri B
Bank
3-Jun-15
2-Jun-18
idAAA
9.20
128
925
23
PUB I BRI Tahap I Tahun 2015 Seri C
Bank
3-Jun-15
2-Jun-20
idAAA
9.50
144
1,420
24
PUB III ADMF Tahap I Tahun 2015 Seri A
Multifinance
10-Jun-15
9-Jun-18
idAAA
9.50
126
741
25
PUB III ADMF Tahap I Tahun 2015 Seri B
Multifinance
10-Jun-15
9-Jun-20
idAAA
10.25
173
238
26
PUB II ASDF Tahap V Tahun 2015 Seri A
Multifinance
22-May-15 21-May-16
AAA (idn)
8.50
104
750
27
PUB II ASDF Tahap V Tahun 2015 Seri B
Multifinance
22-May-15 21-May-18
AAA (idn)
9.25
114
825
28
PUB I TAFS Tahap II Tahun 2015 Seri A
Multifinance
12-Jun-15
21-Jun-16
AAA (idn)
8.50
104
698
29
PUB I TAFS Tahap II Tahun 2015 Seri B
Multifinance
12-Jun-15
11-Jun-18
AAA (idn)
9.25
114
811
30
PUB I Indosat Tahap II Tahun 2015 Seri A
Telecomm
28-May-15
14-Jun-16
idAAA
8.55
121
554
Page 5 of 20
Bank Indonesia Eximbank | 9 May 2016
Coupon (%)
Spread Book building
Out standing (Rp Bn)
idAAA
9.25
137
782
idAAA
10.00
196
584
4-Jun-22
idAAA
10.25
212
337
28-May-15
4-Jun-25
idAAA
10.40
227
427
Multifinance
5-Aug-15
4-Aug-16
idAAA
8.50
119
1,000
Multifinance
5-Aug-15
4-Aug-18
idAAA
9.25
113
500
PUB III Adira Finance Tahap II Tahun 2015 Seri A
Multifinance
26-Aug-15
5-Sep-16
idAAA
8.75
121
492
38
PUB III Adira Finance Tahap II Tahun 2015 Seri B
Multifinance
26-Aug-15
25-Aug-18
idAAA
9.50
108
668
39
PUB III Adira Finance Tahap II Tahun 2015 Seri C
Multifinance
26-Aug-15
25-Aug-20
idAAA
10.25
150
277
40
PUB Indonesia EximBank II Tahap VI Tahun 2015 Seri A
Financial Inst.
17-Sep-15
26-Sep-16
idAAA
8.40
64
757
41
PUB Indonesia EximBank II Tahap VI Tahun 2015 Seri B
Financial Inst.
17-Sep-15
16-Sep-18
idAAA
9.20
57
309
42
PUB Indonesia EximBank II Tahap VI Tahun 2015 Seri C
Financial Inst.
17-Sep-15
16-Sep-20
idAAA
9.50
59
913
43
PUB I TAFSTahap III Tahun 2015 Seri A
Multifinance
23-Sep-15
22-Sep-16
AAA (idn)
8.75
92
170
44
PUB I TAFSTahap III Tahun 2015 Seri B
Multifinance
23-Sep-15
22-Sep-18
AAA (idn)
9.50
89
1,403
45
PUB I Indosat Tahap III Tahun 2015 Seri A
Telecomm
27-Oct-15
10-Dec-18
idAAA
10.00
138
201
46
PUB I Indosat Tahap III Tahun 2015 Seri B
Telecomm
27-Oct-15
10-Dec-20
idAAA
10.25
161
301
47
PUB I Indosat Tahap III Tahun 2015 Seri C
Telecomm
27-Oct-15
10-Dec-22
idAAA
10.60
183
130
48
PUB I Indosat Tahap III Tahun 2015 Seri D
Telecomm
27-Oct-15
20-Dec-25
idAAA
11.20
251
162
49
PUB I Sukuk Ijarah Indosat Tahap III Tahun 2015 Seri A
Telecomm
27-Oct-15
10-Dec-22
idAAA
10.60
183
65
50
PUB I Sukuk Ijarah Indosat Tahap III Tahun 2015 Seri B
Telecomm
27-Oct-15
10-Dec-25
idAAA
11.20
251
41
51
PUB I Sukuk Ijarah XL Axiata Tahap I Tahun 2015 Seri A
Telecomm
29-Oct-15
28-Oct-16
AAA (idn)
8.75
103
494
52
PUB I Sukuk Ijarah XL Axiata Tahap I Tahun 2015 Seri B
Telecomm
29-Oct-15
28-Oct-18
AAA (idn)
10.25
165
258
53
PUB I Sukuk Ijarah XL Axiata Tahap I Tahun 2015 Seri C
Telecomm
29-Oct-15
28-Oct-20
AAA (idn)
10.50
189
323
54
PUB I Sukuk Ijarah XL Axiata Tahap I Tahun 2015 Seri D
Telecomm
29-Oct-15
28-Oct-22
AAA (idn)
11.00
228
425
55
PUB III Adira Multifinance Tahap III Tahun 2016 Seri A
Multifinance
Feb-16
Mar-17
idAAA
8.75
161
73
56
PUB III Adira Multifinance Tahap III Tahun 2016 Seri B
Multifinance
Feb-16
Feb-19
idAAA
9.50
128
331
57
PUB III Adira Multifinance Tahap III Tahun 2016 Seri C
Multifinance
Feb-16
Feb-21
idAAA
10.25
220
698
58
PUB I Bank BRI Tahap II Tahun 2016 Seri A
Banking
5-Feb-16
8-Feb-17
idAAA
8.50
136
808
59
PUB I Bank BRI Tahap II Tahun 2016 Seri B
Banking
5-Feb-16
4-Feb-19
idAAA
9.25
103
1,019
60
PUB I Bank BRI Tahap II Tahun 2016 Seri C
Banking
5-Feb-16
4-Feb-21
idAAA
9.60
155
2,824
61
PUB I Bank BRI Tahap II Tahun 2016 Seri A
Banking
5-Feb-16
8-Feb-17
idAAA
8.50
136
808
62
PUB I Bank BRI Tahap II Tahun 2016 Seri B
Banking
5-Feb-16
4-Feb-19
idAAA
9.25
103
1,019
63
PUB I Bank BRI Tahap II Tahun 2016 Seri C
Banking
5-Feb-16
4-Feb-21
idAAA
9.60
155
2,824
64
PUB II EximBank Tahap VII Tahun 2016 Seri A
Financial Inst.
22-Feb-16
1-Mar-17
idAAA
8.50
203
657
65
PUB II EximBank Tahap VII Tahun 2016 Seri B
Financial Inst.
22-Feb-16
19-Feb-19
idAAA
9.25
147
1,647
66
PUB II EximBank Tahap VII Tahun 2016 Seri C
Financial Inst.
22-Feb-16
19-Feb-21
idAAA
9.60
179
1,732
67
PUB II EximBank Tahap VII Tahun 2016 Seri A
Financial Inst.
22-Feb-16
1-Mar-17
idAAA
8.50
203
657
68
PUB II EximBank Tahap VII Tahun 2016 Seri B
Financial Inst.
22-Feb-16
19-Feb-19
idAAA
9.25
147
1,647
69
PUB II EximBank Tahap VII Tahun 2016 Seri C
Financial Inst.
22-Feb-16
19-Feb-21
idAAA
9.60
179
1,732
70
PUB II Bank OCBC NISP Tahap I Tahun 2016 Seri A
Bank
30-Mar-16
11-May-17
idAAA
7.50
60
803
71
PUB II Bank OCBC NISP Tahap I Tahun 2016 Seri B
Bank
30-Mar-16
11-May-18
idAAA
8.00
76
380
72
PUB II Bank OCBC NISP Tahap I Tahun 2016 Seri C
Bank
30-Mar-16
11-May-19
idAAA
8.25
82
783
73
PUB II FIF Tahap III Tahun 2016 Seri A
Multifinance
6-Apr-16
15-Apr-17
idAAA
8.50
157
868
74
PUB II FIF Tahap III Tahun 2016 Seri B
Multifinance
6-Apr-16
5-Apr-19
idAAA
9.15
162
2,507
75
PUB I Bank BRI Tahap III Tahun 2016 Seri A
Bank
Apr-16
Apr-17
idAAA
7.50
79
4,500
Sector
Issue Date
Mature Date
Rating
PUB I Indosat Tahap II Tahun 2015 Seri B
Telecomm
28-May-15
4-Jun-18
PUB I Indosat Tahap II Tahun 2015 Seri C
Telecomm
28-May-15
4-Jun-20
33
PUB I Indosat Tahap II Tahun 2015 Seri D
Telecomm
28-May-15
34
PUB I Indosat Tahap II Tahun 2015 Seri E
Telecomm
35
PUB II FIF Tahap II Tahun 2015 Seri A
36
PUB II FIF Tahap II Tahun 2015 Seri B
37
No
Name
31 32
Page 6 of 20
Indonesia Exim Bank | 9 May 2016
Spread Book building
Out standing (Rp Bn)
Sector
Issue Date
Mature Date
Rating
Coupon (%)
PUB I Bank BRI Tahap III Tahun 2016 Seri B
Bank
Apr-16
Apr-19
idAAA
8.20
87
PUB I Bank BRI Tahap III Tahun 2016 Seri C
Bank
Apr-16
Apr-21
idAAA
8.70
136
PUB III ASDF Tahap I Tahun 2016 Seri A
Multifinance
5-Apr-16
4-Apr-17
AAA (idn)
7.95
110
770
79
PUB III ASDF Tahap I Tahun 2016 Seri B
Multifinance
5-Apr-16
4-Apr-19
AAA (idn)
8.50
129
1,230
80
PUB II TAFS Tahap I Tahun 2016 Seri A
Multifinance
Apr-16
Apr-17
AAA (idn)
81
PUB II TAFS Tahap I Tahun 2016 Seri B
Multifinance
-Apr-16
Apr-19
AAA (idn)
No
Name
76 77 78
1,500 Average Risk Premium of AAA rated
155
Minimum Risk Premium
57
Maximum Risk Premium
251
Source: IDX and Mandiri Sekuritas
FIGURE 6. RISK PREMIUM TABLE AT SECONDARY MARKET (AAA-RATED) No.
ID
1
ADMF02CCN4
2
ADMF03BCN1
3
BEXI05D
4
ISAT01CCN1
5
ISAT08A
6
ISAT01DCN1
7
ISAT01BCN1
8
ADMF03CCN2
9
ISAT01BCN2
10
ISAT01ECN2
11
ISAT01DCN2
12
ADMF02CCN3
13
ISAT08B
14
PPLN01ACN2
15
BEXI02CCN7
16
BEXI02BCN6
17
ADMF03ACN1
18
BNII01BCN2
19
ADMF02CCN2
20
BBIA01C
21
BBIA01C
22
TAFS01BCN3
23
ADMF02DCN1
Bonds PUB II Adira Finance Tahap IV Tahun 2014 Seri C PUB III Adira Finance Tahap I Tahun 2015 Seri B Obligasi Indonesia Eximbank I Tahun 2010 Seri D PUB I Indosat Tahap I Tahun 2014 Seri C Obligasi Indosat VIII Tahun 2012 Seri A PUB I Indosat Tahap I Tahun 2014 Seri D PUB I Indosat Tahap I Tahun 2014 Seri B PUB III Adira Finance Tahap II Tahun 2015 Seri C PUB I Indosat Tahap II Tahun 2015 Seri B PUB I Indosat Tahap II Tahun 2015 Seri E PUB I Indosat Tahap II Tahun 2015 Seri D PUB II Adira Finance Tahap III Tahun 2014 Seri C Obligasi Indosat VIII Tahun 2012 Seri B PUB I PLN Tahap II Tahun 2013 seri A PUB Indonesia Eximbank II Tahap VII Tahun 2016 Seri C PUB Indonesia Eximbank II Tahap VI Tahun 2015 Seri B PUB III Adira Finance Tahap I Tahun 2015 Seri A PUB I Bank BII Tahap II Tahun 2012 Seri B PUB II Adira Finance II Tahun 2013 Seri C Obligasi I Bank UOB Indonesia Tahun 2015 Seri C Obligasi I Bank UOB Indonesia Tahun 2015 Seri C PUB I TAFS Tahap III Tahun 2015 Seri B PUB II Adira Finance Tahap I Tahun 2013 Seri D
Spread Par Value over risk (Rp bn) free (Bps)
Coupon
Rating
Maturity Date
Last Transaction
TTM
Price
YTM (%)
10.75
idAAA
12-Nov-19
13-Apr-16
3.58
103.2
9.7
221
88
10.25
idAAA
30-Jun-20
20-Apr-16
4.19
102.7
9.48
220
238
10.00
idAAA
8-Jul-17
16-Feb-16
1.39
101.0
9.3
220
1,075
10.50
idAAA
12-Dec-21
11-Apr-16
5.67
104.0
9.58
211
250
8.63
idAAA
27-Jun-19
25-Apr-16
3.17
98.0
9.4
203
1,200
10.70
idAAA
12-Dec-24
25-Apr-16
8.63
105.8
9.71
202
360
10.30
idAAA
12-Dec-19
26-Apr-16
3.63
103.0
9.3
202
750
10.25
idAAA
25-Aug-20
1-Mar-16
4.48
100.7
10.05
199
277
9.25
idAAA
4-Jun-18
26-Apr-16
2.11
100.5
9.0
197
782
10.40
idAAA
4-Jun-25
24-Feb-16
9.28
100.0
10.40
196
427
10.25
idAAA
4-Jun-22
19-Apr-16
6.13
104.1
9.4
192
337
10.75
idAAA
14-May-19
11-Feb-16
3.26
102.5
9.84
189
450
8.88
idAAA
27-Jun-22
15-Apr-16
6.20
97.8
9.4
186
1,500
9.00
idAAA
10-Dec-18
19-Apr-16
2.64
99.9
9.04
186
593
9.60
idAAA
19-Feb-21
8-Apr-16
4.86
102.0
9.1
171
1,732
9.20
idAAA
16-Sep-18
6-Apr-16
2.44
100.0
9.20
169
309
9.50
idAAA
30-Jun-18
21-Apr-16
2.19
101.4
8.8
168
741
8.00
idAAA
31-Oct-17
8-Mar-16
1.65
98.2
9.19
168
1,020
11.00
idAAA
24-Oct-18
29-Mar-16
2.57
103.9
9.3
167
490
9.60
AAA(idn)
1-Apr-20
14-Mar-16
4.05
101.0
9.30
167
500
9.60
AAA(idn)
1-Apr-20
14-Mar-16
4.05
101.0
9.3
167
500
9.50
AAA(idn)
6-Nov-18
19-Apr-16
2.55
101.5
8.83
166
1,498
8.90
idAAA
1-Mar-18
21-Apr-16
1.86
100.3
8.7
165
851
Page 7 of 20
Bank Indonesia Eximbank | 9 May 2016
No.
ID
24
PIHC01B
25
PPLN01ACN1
26
ADMF02BCN4
27
BEXI02DCN1
28
ADMF02BCN3
29
BEXI02BCN5
30
ASDF02CCN3
31
BCAF02BCN1
32
BEXI02BCN7
33
BEXI02CCN5
34
BEXI02BCN3
35
BEXI02CCN3
36
BEXI02CCN1
37
ADMF03BCN2
38
BNGA01CCN2
39
ASDF02BCN5
40
ADMF01CCN3
41
BCAF02CCN1
42 43
ISAT05B FIFA02BCN1
44
NISP01CCN2
45
NISP01CCN2
46
PPLN11B
47
ISAT01ACN1
48
FIFA02BCN2
49
BEXI02CN2
50
PPLN09A
51
ASDF02CCN2
52
BNGA01BCN1
53
PIHC01A
54
BBIA01B
Bonds Obligasi I Pupuk Indonesia Tahun 2014 Seri B PUB I PLN Tahap I Tahun 2013 Seri A PUB II Adira Finance Tahap IV Tahun 2014 Seri B PUB Indonesia Eximbank II Tahap I Tahun 2014 Seri D PUB II Adira Finance Tahap III Tahun 2014 Seri B PUB Indonesia Eximbank II Tahap V Tahun 2015 Seri B PUB II Astra Sedaya Finance Tahap III Tahun 2014 SeriC PUB II BCA Finance Tahap I Tahun 2015 Seri B PUB II Indonesia Eximbank Tahap VII Tahun 2016 Seri B PUB II Indonesia Eximbank Tahap V Tahun 2015 Seri C PUB II Indonesia Eximbank Tahap III Tahun 2014 Seri B PUB II Indonesia Eximbank Tahap III Tahun 2014 Seri C PUB II Indonesia Eximbank Tahap I Tahun 2014 Seri C PUB III Adira Finance Tahap II Tahun 2015 Seri B PUB I Bank CIMB Niaga Tahap II Tahun 2013 Seri C PUB II Astra Sedaya Finance Tahap V Tahun 2015 Seri B PUB I ADMF Tahap III Tahun 2012 Seri C PUB II BCA Finance Tahap I Tahun 2015 Seri C Obligasi Indosat V Tahun 2007 Seri B PUB II FIFA Tahap I Tahun 2015 Seri B PUB I OCBC NISP Tahap II Tahun 2015 Seri C PUB I OCBC NISP Tahap II Tahun 2015 Seri C Obligasi PLN XI Tahun 2010 Seri B PUB I Indosat Tahap I Tahun 2014 Seri A PUB II FIFA Tahap II Tahun 2015 Seri B PUB Indonesia Eximbank II Tahap II Tahun 2014 Obligasi PLN IX Tahun 2007 Seri A PUB II Astra Sedaya Finance Tahap II Tahun 2013 Seri C PUB I Bank CIMB Niaga Tahap I Tahun 2012 Seri B Obligasi I Pupuk Indonesia Tahun 2014 Seri A Obligasi I Bank UOB Indonesia Tahun 2015 Seri B Average Risk Premium of AAA rated Minimum Risk Premium Maximum Risk Premium
Source: IDX and Mandiri Sekuritas
Page 8 of 20
Spread Par Value over risk (Rp bn) free (Bps)
Coupon
Rating
Maturity Date
Last Transaction
TTM
Price
YTM (%)
9.95
AAA(idn)
8-Jul-19
21-Mar-16
3.30
102.1
9.22
164
1,131
8.00
idAAA
5-Jul-20
25-Apr-16
4.19
97.0
8.9
161
182
10.50
idAAA
12-Nov-17
31-Mar-16
1.62
102.4
8.88
158
808
9.75
idAAA
5-Jun-19
21-Mar-16
3.21
101.7
9.1
157
1,469
10.50
idAAA
14-May-17
5-Apr-16
1.11
102.1
8.47
155
363
9.00
idAAA
13-Mar-18
28-Mar-16
1.96
100.0
9.0
154
1,298
10.60
idAAA
4-Apr-18
23-Mar-16
2.03
102.9
9.02
153
75
8.50
idAAA
20-Mar-17
14-Mar-16
1.02
100.0
8.5
153
140
9.25
idAAA
19-Feb-19
20-Apr-16
2.83
101.3
8.72
153
1,647
9.50
idAAA
13-Mar-20
6-Apr-16
3.94
101.5
9.1
152
2,727
9.25
idAAA
16-Oct-17
23-Mar-16
1.56
100.7
8.76
149
1,485
9.75
idAAA
16-Oct-19
4-Apr-16
3.53
102.2
9.0
145
828
9.25
idAAA
5-Jun-17
15-Apr-16
1.14
101.0
8.32
141
1,594
9.50
idAAA
25-Aug-18
3-Feb-16
2.56
100.2
9.4
141
668
9.75
idAAA
20-Nov-18
17-Mar-16
2.68
102.0
8.90
140
850
9.25
AAA(idn)
2-Jul-18
26-Apr-16
2.18
101.6
8.4
138
825
8.75
idAAA
27-Sep-17
26-Apr-16
1.42
100.8
8.18
137
673
9.00
idAAA
20-Mar-18
17-Mar-16
2.01
100.3
8.9
134
422
10.65 9.25
idAAA idAAA
29-May-17 24-Apr-18
6-Apr-16 21-Apr-16
1.15 2.01
102.6 101.6
8.25 8.4
130 130
1,370 2,061
9.80
idAAA
10-Feb-18
6-Apr-16
1.84
101.9
8.66
125
1,235
9.80
idAAA
10-Feb-18
6-Apr-16
1.84
101.9
8.7
125
1,235
12.55
idAAA
12-Jan-20
19-Jan-16
3.98
109.2
9.74
121
1,783
10.00
idAAA
12-Dec-17
21-Apr-16
1.64
102.8
8.2
117
950
9.25
idAAA
11-Sep-18
5-Apr-16
2.43
101.3
8.67
115
587
9.25
idAAA
18-Jul-17
20-Apr-16
1.24
101.4
8.1
114
500
10.40
idAAA
10-Jul-17
25-Apr-16
1.21
102.9
7.89
113
1,500
9.75
idAAA
26-Nov-17
29-Mar-16
1.66
102.1
8.4
104
385
7.75
idAAA
30-Oct-17
31-Mar-16
1.58
99.2
8.31
103
1,400
9.63
AAA(idn)
8-Jul-17
22-Mar-16
1.29
101.8
8.1
103
568
9.40
AAA(idn)
1-Apr-18
8-Apr-16
1.98
101.6
8.51
101
600
158 101 221
Indonesia Exim Bank | 9 May 2016
BUSINESS OVERVIEW
TINJAUAN BISNIS
Company background
Latar Belakang Indonesia Eximbank
Lembaga Pembiayaan Ekspor Indonesia, or the so-called Indonesia Eximbank (“IEB”) was established based on the Act of Republic of Indonesia No.2/2009. IEB commenced its operational activity on 1 September 2009. Indonesia Eximbank was specifically established to perform National Export Financing, which aims to support the Government’s policy to encourage the national export program. National Export Financing is provided in the form of financing, guarantee, and/or insurance provided to enterprises and individuals, domiciled within or outside of the territory of the Republic of Indonesia (overseas financing includes Buyers credit, overseas investment financing). IEB provides its services under the conventional and Sharia principles.
Lembaga Pembiayaan Ekspor Indonesia, atau biasa disebut dengan Indonesia Eximbank (“IEB”) didirikan berdasarkan Undang-Undang Republik Indonesia No. 2/2009. IEB memulai kegiatan operasional pada tanggal 1 September 2009. Indonesia Eximbank secara khusus didirikan untuk melakukan Pembiayaan Ekspor Nasional yang bertujuan untuk menunjang kebijakan Pemerintah dalam rangka mendorong program ekspor nasional. Pembiayaan Ekspor Nasional diberikan dalam bentuk pembiayaan, penjaminan, dan/atau asuransi yang diberikan kepada badan usaha maupun perorangan baik yang berdomisili di dalam atau di luar wilayah Negara Republik Indonesia, dengan prinsip konvensional maupun syariah.
Based on the Act No. 2/2009 article 13, IEB’s main tasks are to provide: 1. To give necessary assistance to business entities both legal entities and non-legal entities including individuals within the framework of exports, in the form of Financing, Guarantee, and Insurance for the development of the production of goods and services and/or other businesses that support exports. 2. Provide financing for transactions or projects categorized as unable to be financed by banks but have the prospect to increase national exports. 3. Help overcome obstacles faced by banks or Financial Institutions in providing financing for exporters which are commercially potential and/or important to the Indonesian economic development.
Berdasarkan UU No. 2/2009 pasal 13, dalam menjalankan fungsinya, IEB mempunyai tugas sebagai berikut: 1. memberi bantuan yang diperlukan pihak-pihak yaitu badan usaha baik badan usaha yang berbentuk badan hukum maupun tidak berbentuk badan hukum termasuk perorangan dalam rangka ekspor; dalam bentuk Pembiayaan, Penjaminan dan Asuransi guna pengembangan dalam rangka menghasilkan barang dan jasa dan/atau usaha lain yang menunjang ekspor. 2. menyediakan pembiayaan bagi transaksi atau proyek yang dikategorikan tidak dapat dibiayai oleh Perbankan, tetapi mempunyai prospek untuk peningkatan ekspor nasional. 3. membantu mengatasi hambatan yang dihadapi oleh bank atau lembaga keuangan dalam penyediaan pembiayaan bagi eksportir yang secara komersial cukup potensial dan/atau penting dalam perkembangan ekonomi Indonesia.
In terms of networks, IEB’s business operation covers all regions in the archipelago, consisting of one head office (Jakarta), four regional offices (Medan, Surabaya, Surakarta, and Makassar), and two marketing offices (Balikpapan and Batam).
Dalam hal jaringan, operasi bisnis IEB mencakup semua wilayah di kepulauan yang terdiri dari satu kantor pusat (Jakarta), empat kantor wilayah (Medan, Surabaya, Surakarta, dan Makassar), serta dua kantor pemasaran (Balikpapan dan Batam).
Sovereign status
Sovereign status
IEB holds sovereign status as it operates independently based on separate act (Lex specialist), i.e. Act of the Republic of Indonesia No.2/2009. Based on this Act (article 39), IEB can only be dissolved by the enactment of another law. The Act also stipulates guarantee from the Government of Indonesia to inject capital should IEB’s capital fall below Rp4 trillion from the Government budget (APBN). As a special financial institution (sui generis) IEB is not subject of commercial banking, State Owned Enterprises (SOE), multifinance and insurance regulations. IEB is under the supervision of OJK (Financial Service Authority). Meanwhile, in terms of policy making and development, business planning, as well as the appointment of the Board of Directors it is determined by the Ministry of Finance.
IEB memiliki status sovereign, dan beroperasi secara independen berdasarkan Undang-undang tersendiri (lex specialis), yaitu Undang-Undang Republik Indonesia No. 2/2009. Berdasarkan UU No/2009 (Pasal 39), IEB hanya dapat dibubarkan oleh Undang-Undang. Undang-Undang ini pun menetapkan kewajiban Pemerintah untuk menutup kekurangan modal dari APBN berdasarkan mekanisme yang berlaku, jika modal IEB kurang dari Rp 4 triliun. Sebagai lembaga keuangan khusus (sui generis), IEB tidak tunduk pada peraturan perundangan-undangan di bidang perbankan komersial, usaha asuransi, lembaga pembiayaan, dan Badan Usaha Milik Negara (BUMN). IEB berada dibawah pengawasan OJK. Sementara itu, dalam hal pembuatan kebijakan dan pembinaan, perencanaan bisnis, serta pengangkatan Dewan Direktur ditentukan oleh
Page 9 of 20
Bank Indonesia Eximbank | 9 May 2016
Kementerian Keuangan. The sovereign status enables IEB to access low-cost funding both in domestic and global capital markets, consequently this allows it to offer competitive financing rate to the exporter which should help Indonesia export products to compete in the global market and, eventually, support the development of the country’s export activities.
Status sovereign yang dimiliki oleh IEB memungkinkan IEB memperoleh kemudahan pendanaan dari pasar keuangan dan pasar modal baik domestik maupun global. Hal tersebut memungkinkan IEB dapat menyediakan suku bunga pembiayaan yang kompetitif bagi eksportir sehingga diharapkan produk ekspor Indonesia dapat berkompetisi di pasar global yang akan mendorong pengembangan kegiatan ekspor nasional.
FIGURE 7. OPERATION COVERAGE
Source: Indonesia Eximbank
Page 10 of 20
Indonesia Exim Bank | 9 May 2016
FIGURE 8. POLICY, GUIDANCE AND SUPERVISION OF INDONESIA EXIMBANK
Source: Indonesia Eximbank
Business diversification
Diversifikasi Bisnis
IEB’s business covers financing, guarantee, and insurance services for all projects related to export-import activities. Financing dominated IEB’s business portfolio and recorded strong growth of 32.6% CAGR over 2011-2015. Of the total financing, around 47.2% was contributed by the manufacturing sector, followed by agriculture (13.8%) and mining (12.1%). Currency wise, the composition of financing receivables was relatively balanced. Based on Bank Indonesia's data, IEB dominated around 49.3% of the industry’s export and import financing at end of December 2015.
Bisnis yang dijalankan oleh IEB meliputi pembiayaan, penjaminan, dan asuransi untuk semua proyek yang berkaitan dengan kegiatan ekspor-impor. Bisnis pembiayaan mendominasi portofolio IEB dan mencatatkan pertumbuhanan yang kuat sebesar 32.6% CAGR pada tahun 2011-2015. Dari total pembiayaan tersebut, sekitar 47.2% berasal dari sektor manufaktur, diikuti oleh pertanian (13.8%) dan pertambangan (12.1%). Berdasarkan aspek mata uang, komposisi pembiayaan cukup berimbang. Berdasarkan data Bank Indonesia, IEB mendominasi sekitar 49.3% industri pembiayaan ekspor dan impor pada akhir Desember 2015.
FIGURE 9. FINANCING DIVERSIFICATION (BASED ON SECTOR AND CURRENCIES) – DEC 2015 Manufacturing 47%
Others 3%
Business services 7%
Social services 0%
Electricity, gas and water 3%
Mining 12%
Agriculture, hunting and agriculture services 14%
Rupiah 48%
Other currencies 52%
Construction 5% Transportation, warehousing and Trading, communication restaurants and 6% hotels 3%
Source: Indonesia Eximbank
Page 11 of 20
Bank Indonesia Eximbank | 9 May 2016
Funding structure
Struktur Pendanaan
Based on the article 22, IEB’s source of fund includes: 1. Securities issued 2. Short-term, medium-term, and/or long-term borrowings from: Government of Indonesia, foreign government, multilateral institution, banks, and other financial institutions within and/or outside the country. 3. Grant As of December 2015, securities issued accounted for 43% of total funding and the balance came from borrowings. In terms of currency, Rupiah contributed 37% of total financing and foreign currencies accounted for 63%. Note, that the composition excludes funding from equity. If we take equity into account, then the composition based on currency will be relatively balanced.
Berdasarkan Pasal 22, sumber pendanaan IEB berasal dari: 1. Penerbitan surat berharga (efek) 2. Pinjaman jangka pendek, menengah, ataupun jangka panjang yang berasal dari pemerintah Indonesia, pemerintah luar negeri, multilateral institution, bank, dan lembaga pembiayaan lainnya yang berada di dalam maupun di luar negeri. 3. Hibah Per Desember 2015, sebanyak 43% dari total pendanaan berasal dari penerbitan surat berharga, dan sisanya berasal dari pinjaman. Berdasarkan mata uang, Rupiah berkontribusi 37% dari total pembiayaan dan 63% berasal dari mata uang asing. Sebagai catatan, komposisi tersebut tidak termasuk pendanaan yang berasal dari ekuitas. Jika mengikutsertakan ekuitas, maka komposisi pembiayaan dalam Rupiah dan mata uang asing komposisinya relatif seimbang.
FIGURE 10. FUNDING STRUCTURE– DEC 2015 Rupiah 37%
Securities issued 43%
Borrowings 57%
Foreign currencies 63%
Source: Indonesia Eximbank
Management
Manajemen
Based on the Act No.2/2009 article 25, IEB’s Board of Directors (BOD) is appointed by the Ministry of Finance. Members of the BOD are 10 persons maximum consisting of: 3 officials from the Ministry of Finance, 1 official from the Ministry of Trade, 1 official from the Ministry of Industry, 1 official from the Ministry of Agriculture, maximum 3 people coming from outside IEB, and 1 from IEB. The Ministry of Finance also appoints one of the BOD as a chairman who also serves as the Executive Director. Based on the Act No.2/2009 article 29, the Executive Director leads operational activities at IEB assisted by a maximum of 5 managing directors (maximum 4 persons from internal IEB). As of December 2015, IEB’s BOD consists of 5 persons (1 executive director and 4 members) coming from the Ministry of Finance, Ministry of Trade, and professionals. Meanwhile, the executive director is assisted by 5 managing directors.
Berdasarkan UU No.2/2009 Pasal 25, Dewan Direktur (DD) IEB ditunjuk oleh Menteri Keuangan. Anggota DD berisikan maksimum 10 orang yang terdiri dari: 3 pejabat yang berasal dari Kementerian Keuangan, 1 pejabat yang berasal dari Kementerian Perdagangan, 1 pejabat yang berasal dari Kementerian Perindustrian, 1 pejabat yang berasal dari Kementerian Pertanian, maksimum 3 orang berasal dari luar IEB, serta 1 orang dari dalam IEB. Salah satu dari anggota DD ditetapkan Menteri Keuangan sebagai ketua DD merangkap sebagai Direktur Eksekutif (DE). Berdasarkan UU No.2/2009 Pasal 29, Kegiatan operasional IEB dilakukan oleh DE dengan dibantu oleh Direktur Pelaksana yang maksimal berjumlah 5 orang (maksimum 4 orang dari dalam IEB). Per Desember 2015, Dewan Direktur IEB terdiri dari 5 orang (1 direktur eksekutif dan 4 anggota DD) yang berasal dari Kementerian Keuangan, Kementerian Perdagangan, dan profesional. Sementara itu, Direktur Eksekutif dibantu oleh 5 orang Direktur Pelaksana).
Page 12 of 20
Indonesia Exim Bank | 9 May 2016
FIGURE 11. BOARD OF DIRECTORS AND MANAGING DIRECTORS
Board of Directors Ngalim Sawega - Chairman and concurrently as Executive Director
Holds the position as Chairman and concurrently as Executive Director since 2014. Previously: Member of the Board of Directors of Indonesia Eximbank (2009- Sept 2013); Deputy Commissioner for Non-Bank Financial Institutions, Indonesia Financial Services Authority (20122014); Chairman of the Capital Market Supervisory Board and Financial Institutions, Ministry of Finance (2012).
Bachrul Chairi - Member of the Board of Directors
Holds the position as Member of the Board of Directors since 2013. Previously: Director General of Cooperation for International Trade, Ministry of Finance (2014present); Director General of Foreign Trade, Ministry of Finance (2013-2014).
Purwiyanto – Member of the Board of Directors
Holds the position as Member of the Board of Directors since 2015. Previously: Expert Staff of Minister of Finance for Government Expenditure (2013 - present); Member of Supervisory Board of Perum Bulog (2014- present); Director of State Budget Preparation (2012-2014).
Susiwijono Moegiarso - Member of the Board of Directors
Holds the position as Member of the Board of Directors since 2015 Previously: Expert Staff for Organizations Bureaucracy and Information Technology, Ministry of Finance (2015- present); Director of Acceptance and Customs and Excises Policy (2012-2015); Director of Customs and Excise Information (2010-2012).
Arif Budimanta - Member of the Board of Directors
Holds the position as Member of the Board of Directors since 2015 Previously: Special staff of Ministry of Finance (2014- present); Member of House of Representatives of Republic of Indonesia (2009-2014).
Managing Directors Dwi Wahyudi - Managing Director I
Holds the position as Managing Director I since 2009 Previously: Head of Corporate Division I and II, PT Bank Ekspor Indonesia (Persero) (2008-2009); Head of Marketing and Services Department, PT Bank Ekspor Indonesia (Persero) (2001-2006).
Isnen Sutopo - Managing Director II
Holds the position as Managing Director II since 2013 Previously: Head of International Business Division, PT Bank Rakyat Indonesia (Persero) Tbk (20092013); Deputy Head of International Business Division, PT Bank Rakyat Indonesia (Persero) Tbk (2009); Deputy Head of Operations Center Division, PT Bank Rakyat Indonesia (Persero) Tbk (20082009).
Page 13 of 20
Bank Indonesia Eximbank | 9 May 2016
Basuki Setyadjid - Managing Director III
Holds the position as Managing Director III since 2009 Previously: Head of International Business Division, PT Bank Rakyat Indonesia (Persero) Tbk (2009); Head of Treasury Division, PT Bank Rakyat Indonesia (Persero) Tbk (2006-2009); Executive Director, BRI Finance, Hong Kong (1998-2000).
Arif Setiawan - Managing Director IV
Holds the position as Managing Director IV since 2014 Previously: Head of Risk Management Division, Indonesia Eximbank (2009-2014); Head of Risk Management Division, PT Bank Ekspor Indonesia (Persero) (2008-2009); Head of General Credit Division, PT Bank Ekspor Indonesia (Persero) (2006-2007); Head of Credit Division, PT Bank Ekspor Indonesia (Persero) (2003-2006).
Omar Baginda Pane - Managing Director V
Source: Indonesia Eximbank
Page 14 of 20
Holds the position as Managing Director V since 2014 Previously: Managing Director IV, Indonesia Eximbank (2009-2014); Head of Internal Audit Division, PT Bank Ekspor Indonesia (Persero) (2006-2009); Head of Operation and Accounting Division, PT Bank Ekspor Indonesia (Persero) (2004-2005); Head of Operation Division, PT Bank Ekspor Indonesia (Persero) (2001-2004).
Indonesia Exim Bank | 9 May 2016
FINANCIAL OVERVIEW
TINJAUAN KEUANGAN
Capital and liquidity support from the government
Dukungan modal dan likuiditas dari pemerintah
As a special financial institution, IEB receives financial support from the government in the form of capital and liquidity support. Based on the Act 2/2009 article 19, in the event of IEB’s capital falling below Rp4 trillion, the government shall cover the deficiency from the state budget. Meanwhile, in terms of liquidity, the government will provide loans to IEB when the latter experiences difficulties due to the implementation of its tasks to give financing, guarantee and insurance. The Ministry of Finance is essentially the lender of last resort for IEB.
Sebagai lembaga keuangan khusus, IEB mendapat dukungan keuangan dari pemerintah dalam bentuk dukungan modal dan likuiditas. Berdasarkan UndangUndang No. 2/2009 pasal 19, jika modal IEB kurang dari Rp4 triliun, Pemerintah akan menutup kekurangan tersebut dengan dana yang berasal dari APBN. Sementara itu, terkait dengan likuiditas, Pemerintah akan memberikan pinjaman kepada IEB apabila lembaga tersebut menghadapi kesulitan likuiditas karena pelaksanaan mandatnya sebagai pemberi pinjaman, penjaminan dan asuransi. Kementerian Keuangan pada dasarnya berperan sebagai lender of the last resort bagi IEB.
IEB’s capital has grown from profit accumulation as well as capital injection from the Government. IEB allocates 90% of its net profit of the year for general and specific reserve, while the rest is for performance bonus, tantieme and government profit. The Bank’s equity reached Rp12.36 trillion in 2015 from Rp4.36 trillion in 2009 as a result of capital injection from the Government and profit accumulation. IEB’s CAR stood at 13.9% at end of FY15 compared with 16.7% the year before due to its expansive financing growth of 35.6% yoy. Although IEB is not subject to commercial bank regulations, it has to maintain its CAR at a minimum of 8% based on the Ministry of Finance’s requirement. We believe IEB could maintain its capitalization at a sound level given the strong government support. The management stated that IEB will receive additional capital of Rp2 trillion from the government this year.
Modal yang dimiliki oleh IEB semakin bertambah setiap tahunnya dari akumulasi keuntungan dan juga suntikan modal dari Pemerintah. IEB mengalokasikan 90% dari net profit yang didapat pada tahun yang bersangkutan untuk cadangan umum dan cadangan tujuan, dan sisanya dialokasikan untuk jasa produksi, tantiem dan keuntungan Pemerintah. Modal IEB mencapai Rp 12.36 trilliun pada tahun 2015 dari Rp4.36 triliun pada tahun 2009 yang diperoleh dari penambahan modal dari pemerintah dan akumulasi profit. CAR IEB tercatat sebesar 13.9% pada akhir tahun 2015, lebih kecil dibandingkan dengan tahun sebelumnya sebesar 16.7% disebabkan karena ekspansi pembiayaan yang yang tumbuh 35,6%. Meskipun IEB tidak tunduk pada peraturan perbankan, IEB harus mempertahankan CAR minimum sebesar 8% berdasarkan persyaratan yang ditetapkan oleh Kementerian Keuangan. Meskipun demikian, kami meyakini bahwa IEB dapat mempertahankan kapitalisasinya pada level yang baik dengan adanya dukungan yang kuat dari pemerintah. Manajemen IEB mengungkapkan bahwa IEB akan menerima tambahan modal dari pemerintah sebesar Rp2 triliun tahun ini.
FIGURE 12. IEB’S CAR 30.0%
CAR 24.9%
25.0% 20.0%
17.7%
16.7% 13.9%
15.0% 10.0% 5.0% 0.0% 2012
2013
2014
2015
Source: Indonesia Eximbank
Page 15 of 20
Bank Indonesia Eximbank | 9 May 2016
Sound profitability
Profitabilitas yang baik
Although IEB as a special financial institution is not solely for profit, it has been able to manage its profitability at good level. NIM was considerably below the industry’s average but, ROAA was relatively comparable with the average industry’s in the last three years mainly due to IEB’s more efficient operation reflected by the lower cost to income ratio compared with the industry’s. IEB’s sound profitability provided adequate buffers against its cost of credit reflected by the high pre-provision profit to provisioning expense ratio of 4.8-13.3x in the last five years.
Meskipun IEB adalah lembaga keuangan khusus yang tidak semata-mata mencari keuntungan, IEB dapat mengelola profitabilitas pada tingkat yang baik. NIM berada di bawah rata-rata industri, akan tetapi ROAA relatif sebanding dengan industri dalam tiga tahun terakhir karena IEB semakin efisien dalam mengelola biaya seperti tercermin dari cost to income ratio yang lebih rendah dibandingkan dengan industri. Profitabilitas IEB yang baik memberikan penyangga yang cukup kuat untuk menyerap biaya kredit hal ini dicerminkan oleh rasio profit sebelum provisi terhadap biaya provisi yang cukup tinggi sebesar 4.8-13.3x dalam lima tahun terakhir.
FIGURE 13. IEB’S PROFITABILITY RATIO COMPARED WITH INDUSTRY NIM-IEB
NIM
ROAA-IEB
6.0%
3.5%
5.0%
3.0%
Cost to income ratio (BI calculation) - IEB
ROAA 85.0%
Cost to income ratio (BI calculation)
80.0%
2.5%
4.0% 3.0% 2.0%
2.0%
75.0%
1.5%
70.0%
1.0%
1.0%
65.0%
0.5%
0.0%
0.0% 2012
2013
2014
2015
60.0% 2012
2013
2014
2015
2012
2013
2014
2015
Source: Indonesia Eximbank and Bank Indonesia
FIGURE 14. PRE-PROVISION COVERAGE TO PROVISIONING EXPENSE Pre-provision coverage to provisioning expense (x) 16.0 14.0
13.3
12.0 10.5
10.0 8.0 6.0
5.9
5.6
4.6
4.0 2.0 2011
2012
2013
2014
2015
Source: Indonesia Eximbank and Mandiri Sekuritas estimates
Increasing NPL amidst the adverse economic condition
Peningkatan NPL di tengah kondisi ekonomi yang memburuk
IEB has been able to bring down NPL to 2.3% in 2014 from a high of 6.7% 2011. However, the recent global economic slowdown and pressure on commodity price have put pressure on IEB’s asset quality, as reflected by higher NPL of 3.5% in 2015 compared with the year before. At the same time, the ratio of restructured loans to total loans also increased to 3.7% from 3.1%. Sector wise, the trading
IEB telah mampu menurunkan NPL menjadi 2.3% di tahun 2014 dari 6.7% di tahun 2011. Namun, kondisi ekonomi global yang mengalami perlambatan dan penurunan harga komoditas memberikan tekanan pada kualitas aset IEB yang tercermin oleh peningkatan NPL menjadi 3.5% di tahun 2015 dibandingkan dengan tahun sebelumnya. Pada saat yang bersamaan, rasio hutang yang direkstrukturisasi
Page 16 of 20
Indonesia Exim Bank | 9 May 2016
sector recorded the highest NPL of 6.4% followed by business services (5.5%) and manufacturing (4.0%). Meanwhile, in terms of value, the manufacturing sector posted the highest portion to outstanding NPL of 53.8%, followed by the agriculture sector of 12.8% and mining sector of 11%. The management will continue to implement prudent risk management practice to manage asset quality at a good level of below 5%.
terhadap total hutang juga meningkat menjadi 3.7% dari 3.1%. Berdasarkan sektor, perdagangan mencatatkan NPL tertinggi sebesar 6.4%, disusul oleh jasa bisnis (5.5%), dan manufaktur (4.0%). Sementara itu, berdasarkan nilai, sektor manufaktur mencatat porsi terbesar dari total NPL sebesar 53.8%, diikuti oleh sektor pertanian sebesar 12.8% dan sektor pertambangan sebesar 11%. Pihak manajemen akan terus menerapkan praktik manajemen risiko dengan prinsip kehati-hatian untuk mengelola kualitas asset agar berada pada level dibawah 5%.
FIGURE 15. NPL NPL-gross 8.0% 7.0%
6.7%
6.0% 5.0% 4.4%
4.0%
3.5%
3.3%
3.0%
2.3%
2.0% 1.0% 0.0% 2011
2012
2013
2014
2015
Source: Indonesia Eximbank and Mandiri Sekuritas
Page 17 of 20
Bank Indonesia Eximbank | 9 May 2016
Key risk
The unfavorable economic condition might result in slower loan growth, while the increasing credit risk might reduce debt payment capacity of IEB’s borrowers and, consequently, lead to higher NPL ratio. Moreover, tight competition might give pressure on IEB’s profitability. Lower credit quality should the capital and liquidity supports from the government are not carried out according to the Act no.2/2009.
Page 18 of 20
Risiko
Kondisi ekonomi yang kurang baik akan mengakibatkan pertumbuhan kredit lebih lambat, sementara meningkatnya risiko kredit akan memberikan tekanan kepada kemampuan debitur IEB dalam membayar kewajibannya dan, akibatnya, menyebabkan rasio NPL yang lebih tinggi. Selain itu, persaingan yang ketat mungkin memberikan tekanan pada profitabilitas IEB ini. Kualitas kredit yang lebih rendah jika dukungan modal dan likuiditas dari pemerintah tidak dilakukan sesuai dengan UU no.2 / 2009.
Indonesia Exim Bank | 9 May 2016
FIGURE 16. FINANCIAL HIGLIGHTS
Profit and loss YE Dec (Rp bn) Interest income Interest expense Net interest income Other operating income Operating expenses Personel expenses G&A Others Pre provision profit Provision expense Operating income Pretax income Tax expenses Net profit ratios (%) Key YE Dec Profitability Net interest margin (NIM) ROAE ROAA Cost to income ratio (BI calc.) Capitalization Equity/assets CAR Liqudity Loan to funding ratio Liquid asset/total debt Asset quality Gross NPL Coverage ratio
Balance sheet
2011
2012
2013
2014
2015
YE Dec (Rp bn)
1,667
2,111
2,825
3,961
5,419
Assets
(737)
(1,159)
930
952
(1,544)
(2,082)
(3,113)
Cash
1,281
1,878
2,306
Due to BI
24
59
252
190
394
Interbank placement
(258)
(267)
(330)
(459)
(519)
Securities-net
(167)
(167)
(205)
(297)
(184)
Financing receivables
(91)
(98)
(124)
(160)
(331)
(1)
(2)
(1)
(2)
(4)
696
744
1,204
1,610
2,181
(155)
(65)
(205)
(121)
(391)
541
679
998
1,489
1,790
544
713
997
1,493
1,800
(127)
(175)
586
822
(83) 461
(311) 1,182
2013
2014
2015
4.0
3.1
3.4
3.6
3.3
6.9
8.3
10.6
13.6
12.9
2.4
2.3
2.5
2.8
2.4
68.8
67.6
64.1
69.1
26.5
22.7
17.9
17.3
14.5
31.9
24.9
17.7
16.7
13.9
109.5
106.9
108.6
113.2
110.0
33.2
27.4
17.9
12.2
12.1
6.7
4.4
3.3
2.3
3.5
66.0
58.8
91.6
109.5
69.2
2015
0
0
0
1
0
22
25
5
7
181
5,919
6,586
6,354
5,561
7,427
288
310
318
372
647
20,541
27,054
40,492
55,203
74,829 (1,837)
(912)
(957)
(1,210)
(1,366)
37
42
46
148
711
Other assets
426
273
470
578
3,011
Total assets
26,322
33,333
46,474
60,503
84,971
Liabilities
Securities issued
Total liabilities Shareholder's equity
67.9
2014
Provision
Others
2012
2013
Fixed assets
Borrowings
2011
2012
Liabilities and equity
(373) 1,428
2011
Total liabilities and equity
7,178
13,898
17,167
21,757
28,921
11,561
11,362
20,073
26,952
39,045
619
523
938
1,357
4,643
19,358
25,783
38,178
50,066
72,609
6,964
7,550
8,296
10,437
12,362
26,322
33,333
46,474
60,503
84,971
Source: Indonesia Eximbank and Mandiri Sekuritas
Page 19 of 20
Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk Plaza Mandiri 28th Floor, Jl. Jend. Gatot Subroto Kav. 36 - 38, Jakarta 12190, Indonesia General: +62 21 526 3445, Fax : +62 21 527 5701 (Debt Sales)
DEBT RESEARCH TEAM Handy Yunianto Head of Fixed Income Research
[email protected] +62 21 5296 9568
Leo Putra Rinaldi Economist
[email protected] +62 21 5296 9406
Ali Hasanudin Credit Analyst
[email protected] +6221 5296 9629
Wisnu Trihatmojo Research Assistant
[email protected] +62 21 5296 9544
Yulia Ansari Credit Analyst
[email protected] +62 21 5296 9408 Yudistira Yudadisastra Credit Analyst
[email protected] +62 21 5296 9698
DEBT CAPITAL MARKET TEAM Abdul Hadie Head of Institutional Sales
[email protected] +62 21 527 5378 Sita Arvianti Institutional Sales
[email protected] +62 21 527 5378
Fonny Supargo Institutional Sales
[email protected] +62 21 527 5378
Rininta Rizkia Okitanya Institutional Sales
[email protected] +62 21 527 5378
Teguh Suwarno Institutional Sales
[email protected] +62 21 527 5378
Mohammad Haikal Institutional Sales
[email protected] +62 21 527 5378
SINGAPORE DEBT CAPITAL MARKET TEAM Chia Soo Meng Head of Fixed Income Sales & Trading
[email protected] +65 6589 3898
Miranti Wulansari AVP - Institutional Sales
[email protected] +65 6589 3899
Mandiri Sekuritas A subsidiary of PT Bank Mandiri (Persero) Tbk Plaza Mandiri, 28th Floor Jl. Jend. Gatot Subroto Kav. 36-38 Jakarta 12190 - Indonesia General: +62 21 526 3445 Fax: +62 21 527 5701 (Debt Capital Market)
DISCLAIMER: This report is issued by PT. Mandiri Sekuritas, a member of the Indonesia Stock Exchanges (IDX) and Mandiri Sekuritas is registered and supervised by the Financial Services Authority (OJK). Although the contents of this document may represent the opinion of PT. Mandiri Sekuritas, deriving its judgement from materials and sources believed to be reliable, PT. Mandiri Sekuritas or any other company in the Mandiri Group cannot guarantee its accuracy and completeness. PT. Mandiri Sekuritas or any other company in the Mandiri Group may be involved in transactions contrary to any opinion herein to make markets, or have positions in the securities recommended herein. PT. Mandiri Sekuritas or any other company in the Mandiri Group may seek or will seek investment banking or other business relationships with the companies in this report. For further information please contact our number 62-21-5263445.
ANALYSTS CERTIFICATION: Each contributor to this report hereby certifies that all the views expressed accurately reflect his or her views about the companies, securities and all pertinent variables. It is also certified that the views and recommendations contained in this report are not and will not be influenced by any part or all of his or her compensation.
