Rate Cuts Reflect Greater Optimism

DEBT R E S E A R C H

WEEKLY REPORT 21 JUN 2016

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

Rate Cuts Reflect Greater Optimism BB+ Baa3 BBB-

Key Market Indicator as of 20-Jun-16 BI Rate 6.50% JCI 4,864 IDR 13.252 Inflation (y-o-y)-Mar-16 3.33% Domestic Bonds Outstanding Gov’t Bonds as of 17-Jun-16 IDR 1,628.9 bn Corp Bonds as of 31-May-16 IDR 262.1 bn Previous Week Trading Volume Government Bonds IDR 48.60 tn Corporate Bonds IDR 4.44 tn Benchmark Yield as of 20-Jun-16 FR0053 (5 year) 7.427% FR0056 (10 year) 7.587% FR0073 (15 year) 7.863% FR0072 (20 year) 7.848% Source : Bloomberg, Mid YTM Government Bond Indices as of 20-Jun-16 Price Index (Bloomberg : DGBIIDPR) 128.36 Yield Index (Bloomberg : DGBIIDYD) 7.62% TR Index (Bloomberg : DGBIIDTR) 480.29

Calendar of Event 23-Jun-16 US Initial Jobless Claims (Survey : 270K; Prior : 277K) 23-Jun-16 Markit Germany Services PMI Business Activity (Survey : 55; Prior :55.2) 30-Jun-16 Indonesia Money Supply M2 YoY (Survey : NA Prior : 7.1%)

Bank Indonesia (BI) decided to cut its reference rate (BI Rate) by another 25bps from 6.75% to 6.5% last week, the fourth time BI has cut rates since the beginning of the year. In addition, BI also lowered its Deposits Facility and Lending Facility rates by 25bps to 4.5% and 7%, respectively. BI’s 7-Day Reverse Repo Rate – which is set to replace the benchmark interest rate - was also cut by 25bps to 5.25%. Exhibit 1 shows the term structure of BI’s monetary operations for other tenors.

Pada Kamis lalu, Bank Indonesia (BI) memutuskan untuk menurunkan BI Rate sebesar 25bps dari 6,75% menjadi 6,5%. Ini merupakan penurunan BI Rate untuk yang keempat kalinya selama tahun 2016. Selain BI Rate, suku bunga Deposit Facility dan Lending Facility juga mengalami penurunan sebesar 25bps menjadi 4,5% dan 7%. Seiring dengan rencana pergantian suku bunga acuan yang akan dilaksanakan, BI juga menurunkan BI 7-Days Reverse Repo Rate sebesar 25bps menjadi 5,25%. Pada Exhibit 1 terdapat struktur suku bunga dari operasi moneter BI untuk tenor-tenor lainnya.

Global economy is picking up, albeit slowly, marked by less uncertainty than before. Volatility may heighten, however, ahead of the United Kingdom’s vote on whether to withdraw from the European Union, the so-called Brexit. The referendum is scheduled to take place on Thursday and will determine the UK’s position in the European Union. Should the UK vote to exit the European Union, demand for safe haven investments - such as US Treasuries for example – will increase. In turn, the US dollar will strengthen on the back of stronger foreign inflows. The strengthening of the USD would consequently lead to weakness in the currencies of developing countries, Indonesia included. This uncertainty becomes a reason for central banks in many countries to hold important policy decision prior to UK’s referendum. However, low inflation environment and better stability from the currency front compared to last year provide room for BI to cut BI Rate. Since beginning of the year, BI signaled its support to boost nation’s growth by cutting its reference rate.

Pemulihan ekonomi global masih cenderung lambat ditandai dengan beberapa ketidakpastian yang sedikit mereda. Salah satu kejadian yang berpotensi menimbulkan gejolak adalah keluarnya Inggris dari serikat Eropa atau yang lebih dikenal dengan sebutan brexit. Referendum yang rencananya akan digelar pada Kamis mendatang merupakan penentuan keanggotaan Inggris di serikat Eropa. Jika hal ini terjadi, permintaan terhadap instrumen safe haven, seperti US Treasury, akan mengalami peningkatan yang berimplikasi pada penguatan mata uang USD seiring dengan peningkatan aliran dana asing yang masuk. Penguatan USD mengakibatkan nilai tukar mata uang negara berkembang melemah, termasuk Indonesia. Ketidakpastian tersebut menjadi salah satu pertimbangan bank sentral di berbagai negara untuk menahan pengambilan kebijakan penting menjelang referendum Inggris. Namun, tingkat inflasi yang rendah serta nilai tukar yang relatif lebih stabil dibandingkan dengan tahun lalu memberikan ruang bagi Bank Indonesia untuk memangkas BI Rate. Sejak awal tahun, Bank Indonesia memberikan sinyal yang mendukung peningkatan laju pertumbuhan melalui pemotongan tingkat suku bunga acuan.

Exhibit 1. Term Structure of Monetary Operations Tenor

7 Days 2 Weeks 1 Month 3 Month 6 Month 9 Month 12 Month

Term Structure of Monetary Operations

5.25%

5.45%

Sources : Bank Indonesia

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

Silent week Government bond yields moved sideways last week. Danareksa’s Government Bonds Yield Index increased by 3bps from 7.59% to 7.62%. The total trading in Government bonds declined significantly from IDR82.4 trillion in the previous week to only IDR48.6 trillion last week, or down IDR33.8 trillion. This is a reflection of seasonally weaker trading activities during the period of Ramadan. This week, yields are still expected to move sideways, and even potentially increase ahead of the UK’s much-anticipated Brexit vote.

5.70%

6.10%

6.30%

6.40%

6.50%

As of 16 Jun 2016

Minggu sepi Yield obligasi Pemerintah bergerak sideways selama minggu lalu. Danareksa Government Bond Yield Index mencatatkan peningkatan sebesar 3bps dari 7,59% menjadi 7,62%. Selain itu, total volume transaksi obligasi Pemerintah selama minggu lalu mengalami penurunan yang cukup signifikan. Total volume transaksi turun Rp33,8 triliun dari Rp82,4 triliun di minggu sebelumnya menjadi Rp48,6 triliun di minggu lalu. Hal ini bersifat seasonal di mana aktifitas perdangan cenderung menurun selama periode Ramadhan. Yield minggu ini diperkirakan masih bergerak sideways dengan potensi meningkat akibat tingginya volatilitas yang berasal dari brexit.

20 - 24 JUN 2016

WEEKLY REPORT

APPENDICES Appendix 1. Government Bonds Trading 13 Jun - 17 Jun 2016 Last Trade Bonds Maturity Coupon Tenor Last Freq Data Done Price 17-Jun-16 17-Jun-16 13-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 14-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 14-Jun-16 17-Jun-16 16-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 14-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 16-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16

SPN12160708 SPN03160713 SPN12160805 SPN12160902 SPNS09092016 FR0055 ORI010 SPNS01122016 SR006 FR0060 SPN12170608 FR0028 ORI011 PBS009 SR007 FR0066 IFR0002 FR0038 ORI012 SR008 FR0069 FR0036 PBS006 FR0031 FR0034 FR0053 FR0061 FR0035 FR0063 FR0046 FR0039 FR0070 FR0044 IFR0007 FR0040 FR0056 FR0059 FR0042 FR0047 FR0064 FR0071 IFR0006 FR0052 FR0073 FR0054 PBS012 FR0058 FR0065 FR0068 FR0072 FR0050 FR0062 FR0067

8-Jul-16 13-Jul-16 5-Aug-16 2-Sep-16 9-Sep-16 15-Sep-16 15-Oct-16 1-Dec-16 5-Mar-17 15-Apr-17 8-Jun-17 15-Jul-17 15-Oct-17 25-Jan-18 11-Mar-18 15-May-18 15-Aug-18 15-Aug-18 15-Oct-18 10-Mar-19 15-Apr-19 15-Sep-19 15-Sep-20 15-Nov-20 15-Jun-21 15-Jul-21 15-May-22 15-Jun-22 15-May-23 15-Jul-23 15-Aug-23 15-Mar-24 15-Sep-24 15-Jan-25 15-Sep-25 15-Sep-26 15-May-27 15-Jul-27 15-Feb-28 15-May-28 15-Mar-29 15-Mar-30 15-Aug-30 15-May-31 15-Jul-31 15-Nov-31 15-Jun-32 15-May-33 15-Mar-34 15-May-36 15-Jul-38 15-Apr-42 15-Feb-44

- - - - - 7.38 8.50 - 8.75 6.25 - 10.00 8.50 7.75 8.25 5.25 11.95 11.60 9.00 8.30 7.88 11.50 8.25 11.00 12.80 8.25 7.00 12.90 5.63 9.50 11.75 5.19 10.00 10.25 11.00 8.38 7.00 10.25 10.00 6.13 9.00 10.25 10.50 8.75 9.50 8.88 8.25 6.63 8.38 8.25 10.50 6.38 8.75

0.05 0.06 0.12 0.20 0.22 0.23 0.32 0.44 0.71 0.82 0.96 1.07 1.32 1.59 1.72 1.90 2.15 2.15 2.32 2.72 2.82 3.23 4.23 4.40 4.98 5.07 5.90 5.98 6.90 7.07 7.15 7.73 8.23 8.57 9.23 10.23 10.90 11.07 11.65 11.90 12.73 13.73 14.15 14.90 15.07 15.40 15.98 16.90 17.73 19.90 22.07 25.82 27.65

99.78 1.00 99.67 1.00 99.31 1.00 98.82 1.00 98.67 2.00 100.35 3.00 100.71 10.00 97.34 3.00 101.50 12.00 99.77 1.00 94.30 1.00 103.50 3.00 100.80 16.00 100.65 12.00 101.70 10.00 96.84 4.00 108.50 1.00 108.85 1.00 103.15 34.00 102.35 74.00 101.60 6.00 111.94 1.00 101.76 7.00 113.33 2.00 122.15 2.00 103.45 19.00 97.65 2.00 125.78 1.00 89.95 19.00 110.63 1.00 122.50 1.00 104.90 13.00 114.59 1.00 115.12 1.00 122.06 1.00 105.80 88.00 94.50 10.00 118.71 2.00 117.20 1.00 87.00 10.00 111.00 15.00 118.55 1.00 122.00 1.00 108.15 58.00 113.50 12.00 105.00 12.00 106.15 68.00 85.50 14.00 104.95 28.00 106.00 128.00 125.22 1.00 80.30 1.00 106.20 2.00

Vol Yield (IDR bn) 105.00 15.20 22.00 51.13 564.40 217.20 840.33 100.00 981.64 781.00 110.00 112.12 379.55 3,063.78 1,593.11 1,407.13 0.60 48.00 750.81 1,591.08 1,310.74 30.90 24.29 146.00 6.10 7,177.61 214.33 254.00 968.31 105.00 5.00 1,732.86 186.86 75.00 30.54 9,728.87 352.38 697.00 225.60 772.33 1,990.39 75.00 121.00 4,668.51 213.09 222.54 1,317.91 601.48 1,209.36 1,352.47 34.00 3.79 20.00

0.22 0.33 0.70 1.19 1.35 5.81 8.44 2.73 8.62 6.53 6.04 6.57 8.43 7.31 8.11 7.05 7.60 7.10 8.73 8.11 7.23 7.29 7.75 7.40 7.41 7.42 7.50 7.48 7.51 7.53 7.62 7.53 7.58 7.80 7.63 7.55 7.75 7.71 7.73 7.82 7.63 8.00 7.89 7.81 7.95 8.29 7.58 8.23 7.85 7.66 8.04 8.22 8.18

Tenor Modified Class Duration < 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 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

0.24 0.79 0.98 1.44 1.77 1.84 1.85 2.47 2.66 3.47 3.51 3.82 3.98 4.72 4.38 5.51 5.03 4.92 6.04 5.64 5.66 5.99 6.78 7.37 6.72 7.02 7.99 7.64 7.68 7.75 8.46 8.10 8.43 9.02 9.40 9.18 9.92 9.45 10.99 10.49

Sources: Danareksa Estimates, BEI

2

20 - 24 JUN 2016

WEEKLY REPORT

APPENDICES Appendix 3. Corporate Bonds Trading 13 Jun - 17 Jun 2016 Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 14-Jun-16 13-Jun-16 16-Jun-16 17-Jun-16 14-Jun-16 17-Jun-16 16-Jun-16 14-Jun-16 14-Jun-16 15-Jun-16 15-Jun-16 16-Jun-16 16-Jun-16 17-Jun-16 16-Jun-16 17-Jun-16 16-Jun-16 13-Jun-16 15-Jun-16 16-Jun-16 16-Jun-16 14-Jun-16 15-Jun-16 17-Jun-16 13-Jun-16 17-Jun-16 16-Jun-16 17-Jun-16 14-Jun-16 16-Jun-16 15-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 17-Jun-16 16-Jun-16 14-Jun-16 13-Jun-16 13-Jun-16 17-Jun-16 17-Jun-16 14-Jun-16 14-Jun-16 17-Jun-16 15-Jun-16 14-Jun-16 14-Jun-16 13-Jun-16 13-Jun-16 17-Jun-16 15-Jun-16 14-Jun-16 16-Jun-16 13-Jun-16

PPLN08C TAFS01ACN2 FIFA02ACN2 IMFI02ACN2 BNII01BCN1 BMRI01 SIEXCL01ACN1 ADMF01CCN1 WOMF01ACN4 SMFP03CN3 JPFA01CN1 PPLN11A BMLK01C ASDF01CCN1 FIFA01BCN3 IMFI02ACN3 BCAF01BCN3 ASDF02BCN3 FIFA02ACN3 SMFP01CCN2 SMKMYOR02 ADMF02BCN3 ASDF03ACN1 NISP02ACN1 BIMF01ACN2 ISAT05B BBRI01ACN3 INDF06 WSKT02B TAFS02ACN1 BCAF01CCN2 BEXI03ACN1 SANF02ACN1 MEDC03 JMPD13R BVIC03 BNGA01SB SIKPPLN01 BEXI02CN2 BTPN01BCN2 PPGD12A ADMF01CCN3 BEXI02BCN3 ASDF02BCN4 BNII01BCN2 SSIA01B PNBN04SB ASDF02CCN2 SDRA02 ISAT01ACN1 MAPI01BCN1 SMFP02BCN5 SANF01CN2 MEDC01CN1

21-Jun-16 21-Jun-16 21-Sep-16 16-Nov-16 6-Dec-16 11-Dec-16 12-Dec-16 16-Dec-16 2-Jan-17 3-Jan-17 12-Jan-17 12-Jan-17 13-Jan-17 21-Feb-17 14-Mar-17 26-Mar-17 27-Mar-17 4-Apr-17 15-Apr-17 25-Apr-17 9-May-17 14-May-17 21-May-17 21-May-17 22-May-17 29-May-17 30-May-17 31-May-17 5-Jun-17 11-Jun-17 14-Jun-17 18-Jun-17 19-Jun-17 19-Jun-17 21-Jun-17 27-Jun-17 8-Jul-17 10-Jul-17 18-Jul-17 3-Aug-17 4-Sep-17 27-Sep-17 16-Oct-17 29-Oct-17 31-Oct-17 6-Nov-17 9-Nov-17 26-Nov-17 29-Nov-17 12-Dec-17 12-Dec-17 16-Dec-17 16-Dec-17 19-Dec-17

13.60 8.50 8.50 10.25 8.75 11.85 8.75 9.00 9.35 9.25 9.90 11.95 10.70 8.60 10.50 9.60 10.00 10.50 8.50 7.55 9.50 10.50 7.95 7.50 13.50 10.65 7.50 7.25 9.75 7.70 7.60 7.50 8.25 8.75 10.25 10.00 11.30 10.40 9.25 8.25 10.03 8.75 9.25 10.50 8.00 9.30 10.50 9.75 11.75 10.00 8.45 10.00 10.50 8.80

- idAAA - idAA+ 0.25 idAAA 0.40 idA 0.46 idAAA 0.47 idAAA 0.48 AAA(idn) 0.49 idAAA 0.53 AA(idn) 0.53 idAA+ 0.56 idA+ 0.56 idAAA 0.56 A(idn) 0.67 idAAA 0.73 idAAA 0.76 idA 0.77 idAAA 0.79 idAAA 0.82 idAAA 0.84 idAA+ 0.88 idAA- 0.90 idAAA 0.92 idAAA 0.92 idAAA 0.92 idBBB 0.94 idAAA 0.94 idAAA 0.94 idAA+ 0.96 idA 0.97 idAA+ 0.98 idAAA 0.99 idAAA 0.99 AA(idn) 0.99 idAA- 1.00 idAA 1.02 idA- 1.05 AA(idn) 1.05 idAAA 1.08 idAAA 1.12 AA(idn) 1.20 idAA+ 1.27 idAAA 1.32 idAAA 1.36 idAAA 1.36 idAAA 1.38 idA 1.38 idAA- 1.43 idAAA 1.44 idA- 1.48 idAAA 1.48 idAA- 1.49 idAA+ 1.49 AA(idn) 1.49 idAA-

100.00 100.00 100.45 101.00 100.50 101.63 100.66 100.50 100.75 100.75 100.05 102.45 102.00 98.50 101.22 101.15 101.95 100.02 100.75 100.02 100.12 100.00 100.30 100.30 100.02 102.33 100.20 98.58 98.69 100.30 100.05 100.02 100.00 97.92 101.56 101.93 100.50 101.40 101.30 100.85 101.59 100.10 101.70 100.00 99.48 98.70 102.93 101.95 100.03 102.58 100.00 101.85 102.00 101.00

1.00 0.70 3.00 4.00 1.00 5.00 4.00 20.00 3.00 13.00 2.00 6.00 3.00 26.00 1.00 0.10 2.00 8.00 4.00 30.00 2.00 5.20 2.00 19.00 1.00 1.50 2.00 72.10 2.00 4.01 6.00 16.00 4.00 68.00 2.00 60.00 8.00 32.00 2.00 50.12 2.00 84.00 1.00 60.00 8.00 18.00 1.00 2.00 2.00 20.00 5.00 8.00 5.00 60.00 1.00 7.00 2.00 10.00 5.00 410.50 7.00 32.00 2.00 282.00 4.00 206.00 3.00 43.00 1.00 14.00 1.00 4.00 6.00 28.00 1.00 1.00 1.00 6.70 4.00 32.00 1.00 15.00 13.00 145.00 1.00 20.00 4.00 9.00 2.00 20.00 1.00 7.00 2.00 20.00 1.00 5.00 2.00 2.20 1.00 12.00 2.00 21.30 1.00 20.00 7.00 5.00 1.00 2.00

13.60 8.50 8.46 10.15 8.71 11.66 8.69 8.96 9.28 9.18 9.90 11.66 10.49 8.73 10.37 9.49 9.81 10.50 8.44 7.55 9.49 10.50 7.93 7.48 13.50 10.41 7.49 7.35 9.88 7.68 7.60 7.50 8.25 8.94 8.62 8.03 10.79 9.01 7.99 7.45 8.63 8.66 7.89 10.49 8.40 10.31 8.26 8.31 11.72 8.14 8.45 8.68 9.06 8.09

0.02 0.02 0.25 0.40 0.46 0.46 0.47 0.48 0.52 0.52 0.54 0.54 0.54 0.65 0.71 0.72 0.73 0.75 0.79 0.82 0.84 0.86 0.89 0.88 0.86 0.89 0.91 0.91 0.92 0.94 0.95 0.94 0.94 0.93 0.93 0.95 0.97 0.99 1.02 1.06 1.13 1.18 1.23 1.24 1.28 1.28 1.29 1.34 1.32 1.37 1.39 1.35 1.38 1.38


3

20 - 24 JUN 2016

WEEKLY REPORT

APPENDICES Appendix 4. Corporate Bonds Trading 13 Jun - 17 Jun 2016 (Cont’d) Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 16-Jun-16 PNBN01CN1 20-Dec-17 8.15 1.50 idAA 100.35 1.00 0.80 7.90 1.38 17-Jun-16 AKRA01A 21-Dec-17 8.40 1.50 idAA- 98.59 1.00 5.50 9.41 1.37 13-Jun-16 MDLN02B 27-Dec-17 11.00 1.52 idA 100.50 2.00 6.00 10.64 1.37 16-Jun-16 DNRK01BCN1 9-Jan-18 8.80 1.55 idA 100.80 4.00 16.00 8.25 1.43 16-Jun-16 BSBR01SB 13-Jan-18 10.90 1.56 idA- 102.93 1.00 1.00 8.88 1.41 16-Jun-16 ADMF02DCN1 1-Mar-18 8.90 1.69 idAAA 99.60 7.00 59.00 9.15 1.56 16-Jun-16 BTPN01BCN3 5-Mar-18 8.25 1.71 AA(idn) 100.25 2.00 5.00 8.09 1.58 15-Jun-16 ADHI01ACN2 15-Mar-18 8.10 1.73 idA 95.30 1.00 0.20 11.09 1.60 17-Jun-16 ADHISM1CN2 15-Mar-18 8.10 1.73 idA 97.07 1.00 5.00 - 17-Jun-16 MEDC01CN2 15-Mar-18 8.50 1.73 idAA- 98.63 1.00 15.50 9.36 1.60 13-Jun-16 PTPP01CN1 19-Mar-18 8.38 1.74 idA 98.00 4.00 4.00 9.62 1.59 16-Jun-16 WOMF01BCN3 2-Apr-18 10.25 1.78 AA(idn) 101.00 2.00 0.20 9.63 1.59 15-Jun-16 AISA01 5-Apr-18 10.25 1.79 idA- 101.20 5.00 22.50 9.52 1.60 15-Jun-16 SIAISA01 5-Apr-18 10.25 1.79 idA- 100.50 2.00 4.00 9.94 1.60 15-Jun-16 FIFA02BCN1 24-Apr-18 9.25 1.84 idAAA 100.79 4.00 16.00 8.78 1.67 13-Jun-16 ISAT01BCN2 4-Jun-18 9.25 1.95 idAAA 101.00 2.00 15.00 8.69 1.79 15-Jun-16 BSDE01CN2 5-Jun-18 8.38 1.96 idAA- 98.10 1.00 9.00 9.44 1.79 13-Jun-16 TAFS01BCN2 11-Jun-18 9.25 1.97 idAA+ 100.00 2.00 25.00 9.25 1.80 15-Jun-16 BNLI02SB 28-Jun-18 11.00 2.02 idAA+ 100.55 2.00 12.50 10.69 1.76 16-Jun-16 ASDF02BCN5 2-Jul-18 9.25 2.03 idAAA 101.35 1.00 10.00 8.52 1.81 16-Jun-16 BTPN02BCN1 4-Jul-18 8.25 2.04 AA(idn) 100.21 3.00 15.00 8.14 1.84 14-Jun-16 ADMF03BCN2 25-Aug-18 9.50 2.18 idAAA 101.19 2.00 1.00 8.90 1.96 13-Jun-16 BNII01SBCN1 6-Dec-18 10.00 2.46 AA(idn) 101.20 1.00 3.00 9.45 2.17 13-Jun-16 BEXI01CCN1 20-Dec-18 8.50 2.50 idAAA 100.15 1.00 5.00 8.43 2.20 13-Jun-16 BBRI01BCN2 4-Feb-19 9.25 2.62 idAAA 101.55 2.00 500.00 8.59 2.30 16-Jun-16 BBKP01SBCN1 6-Mar-19 9.25 2.71 idA 100.00 2.00 20.00 9.25 2.38 16-Jun-16 FIFA02BCN3 5-Apr-19 9.15 2.79 idAAA 100.02 3.00 62.00 9.14 2.41 17-Jun-16 MYOR04 9-May-19 8.50 2.88 idAA- 96.59 1.00 11.00 9.87 2.51 16-Jun-16 ASDF03BCN1 11-May-19 8.50 2.89 idAAA 101.00 1.00 0.75 8.11 2.53 14-Jun-16 ADMF02CCN3 14-May-19 10.75 2.90 idAAA 104.77 2.00 14.00 8.87 2.48 13-Jun-16 BBRI01BCN3 25-May-19 8.20 2.93 idAAA 100.00 1.00 30.00 8.20 2.59 17-Jun-16 TUFI02ACN2 1-Jun-19 8.95 2.94 idAA 102.00 12.00 17.53 8.18 2.57 17-Jun-16 TAFS02BCN1 1-Jun-19 8.40 2.94 idAA+ 102.00 2.00 28.39 7.64 2.59 17-Jun-16 SANF02BCN1 9-Jun-19 9.00 2.97 AA(idn) 100.75 4.00 119.50 8.71 2.59 16-Jun-16 WSKT02CN1 10-Jun-19 9.25 2.97 idA 100.02 5.00 325.00 9.24 2.58 17-Jun-16 SMBNII01CN2 10-Jun-19 8.25 2.97 idAAA 100.00 1.00 1.50 - 16-Jun-16 BNLI01SBCN1 15-Jun-19 8.90 2.98 idAA+ 100.03 2.00 33.00 8.89 2.61 13-Jun-16 TAXI01 24-Jun-19 12.50 3.01 idA 104.53 1.00 1.00 10.73 2.45 15-Jun-16 ISAT08A 27-Jun-19 8.63 3.02 idAAA 99.35 1.00 128.00 8.87 2.59 14-Jun-16 ADHI01BCN1 3-Jul-19 9.80 3.03 idA 96.54 2.00 2.00 11.15 2.54 16-Jun-16 MAPI01BCN3 19-Sep-19 10.90 3.24 idAA- 101.52 4.00 32.00 10.34 2.65 17-Jun-16 SMRA01CN2 10-Oct-19 11.50 3.30 idA+ 98.00 4.00 6.00 12.24 2.66 14-Jun-16 BNII01SBCN2 31-Oct-19 9.25 3.36 AA(idn) 97.15 2.00 8.00 10.26 2.83 16-Jun-16 SDRA01SB 29-Nov-19 12.63 3.44 idA 107.81 1.00 2.00 9.92 2.79 13-Jun-16 ISAT01BCN1 12-Dec-19 10.30 3.48 idAAA 103.25 2.00 40.00 9.20 2.92 15-Jun-16 BNLI01SBCN2 19-Dec-19 9.40 3.49 idAA+ 101.19 21.00 279.00 9.00 2.90 16-Jun-16 PNBN01SBCN1 20-Dec-19 9.40 3.50 idAA- 98.25 1.00 2.60 10.00 2.89 17-Jun-16 AKRA01B 21-Dec-19 8.75 3.50 idAA- 98.01 1.00 6.00 9.42 2.92 17-Jun-16 ADHI01BCN2 15-Mar-20 8.50 3.73 idA 93.40 1.00 31.00 10.66 3.14 15-Jun-16 ROTI01CN2 18-Mar-20 10.00 3.74 idAA- 100.64 2.00 26.00 9.79 3.03 15-Jun-16 BBIA01C 1-Apr-20 9.60 3.78 A AA(idn) 103.00 3.00 46.00 8.66 3.11 15-Jun-16 AMRT01BCN2 8-May-20 10.00 3.88 A A-(idn) 102.50 1.00 10.00 9.23 3.18 15-Jun-16 SIISAT01CCN2 4-Jun-20 10.00 3.95 idAAA 103.25 5.00 25.00 9.02 3.25 13-Jun-16 PTHK01C 28-Jun-20 9.50 4.02 idA- 97.75 7.00 21.00 10.18 3.24 14-Jun-16 TLKM02B 6-Jul-20 10.20 4.04 idAAA 104.00 1.00 0.10 9.01 3.26 Sources: Danareksa Estimates, BEI

4

20 - 24 JUN 2016

WEEKLY REPORT

APPENDICES Appendix 4. Corporate Bonds Trading 13 Jun - 17 Jun 2016 (Cont’d) Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 17-Jun-16 17-Jun-16 15-Jun-16 15-Jun-16 16-Jun-16 14-Jun-16 13-Jun-16 16-Jun-16 17-Jun-16 14-Jun-16 16-Jun-16

MDLN01BCN1 JMPD14JM10 SIEXCL01CCN1 SMRA02CN1 BNGA02SB BEXI02CCN7 TUFI02BCN2 BEXI03CCN1 BSDE02ACN1 MAYA04SB BACA01SB

7-Jul-20 12-Oct-20 2-Dec-20 16-Dec-20 23-Dec-20 19-Feb-21 1-Jun-21 8-Jun-21 16-Jun-21 17-Dec-21 13-Jan-22

12.50 9.35 10.50 11.25 10.85 9.60 9.25 8.70 9.00 12.50 12.00

4.04 idA 4.31 idAA 4.45 A AA(idn) 4.49 idA+ 4.51 AA(idn) 4.66 idAAA 4.94 idAA 4.96 idAAA 4.99 idAA- 5.49 idBBB+ 5.56 idBBB-

104.60 99.34 107.60 104.00 104.58 103.75 101.00 100.00 100.00 97.00 94.58

3.00 30.00 11.07 1.00 5.00 9.54 1.00 2.10 8.44 6.00 40.00 10.13 1.00 2.00 9.59 1.00 30.00 8.62 3.00 1.70 9.00 1.00 2.00 8.70 1.00 5.00 9.00 2.00 1.00 13.28 1.00 2.00 13.39

3.10 3.46 3.57 3.43 3.49 3.74 3.94 4.00 3.99 3.79 3.88


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20 - 24 JUN 2016

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 Yudistira Slamet [email protected] ext. 3400 Credit Analyst Market Analyst Amir A. Dalimunthe Rifki Rizal [email protected] ext. 3405 [email protected] ext. 3404 Ayesha Ardelia Production & Database Management [email protected] ext. 3406 Eka Nuraini [email protected] ext. 3407 DEBT CAPITAL MARKET TEAM Telp No. Fax No. Head of Debt Capital Market Breisga Nawangsidi [email protected]

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

ext. 3217

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 [email protected] ext. 3215 Hernita Dwi Ariesandhy [email protected] ext. 3216 Citra Isramij P. [email protected] ext. 3228 Khalid Abdurrahman [email protected]

ext. 3213 ext. 3214

ext. 3227

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6

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