The Two Side of a Coin

DEBT R E S E A R C H

WEEKLY REPORT

The Two Side of a Coin

Indonesia FCLT Rating S & P Moody’s Fitch

BB+ Baa3 BBB-

Key Market Indicator as of 07-Apr-14 BI Rate 7.50% JCI 4,921 IDR 11.305 Inflation (y-o-y)-Mar-14 7.75% Domestic Bonds Outstanding Gov’t Bonds as of 02-Apr-14 IDR 1,072.3 bn Corp Bonds as of Mar-14 IDR 219.29 bn Previous Week Trading Volume Government Bonds IDR 42.51 tn Corporate Bonds IDR 2.25 tn

There are still USD33.99 billion of outstanding Indonesia USD Government bonds (INDON) with a weighted average maturity of 12.18 years and coupon of 6.34%. As of April 4, 2014, the yield on INDON 10Y stood at 5.019%, or up 15bps from the previous week. The slightly higher yield was accompanied by an increase in Indonesia’s Credit Default Swap from 250bps on March 28, 2014 to 256bps at the end of the week.

Obligasi Pemerintah berdenominasi USD (INDON) yang masih outstanding tercatat sebesar USD33,99 miliar dengan rata-rata tenor dan kupon masingmasing sebesar 12,18 tahun dan 6,34%. Sementara itu, yield INDON 10-tahun per 4 April 2014 berada di level 5,019%, atau meningkat 15bps dari minggu sebelumnya. Peningkatan yield selama minggu lalu juga diikuti dengan meningkatnya Credit Default Swap Indonesia dari 250bps pada 28 Maret menjadi 256bps di akhir minggu.

Exhibit 1. Yield on INDON 10Y & CDS 10Y 1400

16.0%

1200

14.0% 12.0%

1000

10.0%

800

8.0%

Bps

8 APRIL 2014

600

6.0%

400

Calendar of Event 9-Apr-14 Germany Current Account EUR (Survey : 18.0B; Prior : 16.2B) 10-Apr-14 US Initial Jobless Claim (Survey : 320K; Prior : 326K) 10-Apr-14 China Imports& Exports Trade Balance Value (Survey : $1.8%; Prior : $-22.99B)

4.0%

200

2.0%

0

0.0%

Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14

Benchmark Yield as of 07-Apr-14 FR0069 (5 year) 7.592% FR0070 (10 year) 7.822% FR0071 (15 year) 8.204% FR0068 (20 year) 8.392% Source : Bloomberg, Mid YTM Government Bond Indices as of 07-Apr-14 Price Index (Bloomberg : DGBIIDPR) 125.20 Yield Index (Bloomberg : DGBIIDYD) 7.98% TR Index (Bloomberg : DGBIIDTR) 390.91

INDON 10Y

CDS 10Y (LHS)

Source : Bloomberg Lower Risk than in 4Q13 Besides the CDS, the yield spread on INDON over the US Treasury with a similar tenor also gives an indication of the required investor yield for INDON. This spread is a measure of the Sovereign Risk Premium that is demanded by investors to hold INDON rather than UST instruments which are the acknowledged safe haven for global investors. Last week, the 10-year sovereign risk premium increased by 11bps to 221bps at the end of the week. In 1Q14, the average 10-year sovereign risk premium reached 238bps, or down 4bps from 242bps in 4Q13.

Risiko yang lebih rendah dari 4Q13 Selain CDS, yield spread INDON terhadap US Treasury dengan tenor yang sepadan juga mampu menggambarkan required yield investor untuk obligasi INDON. Spread tersebut mencerminkan Sovereign Risk Premium, atau premi resiko yang diminta investor untuk memegang INDON dibandingkan dengan instrumen UST yang merupakan safe haven bagi investor global. Sepanjang minggu lalu, sovereign risk premium 10 -tahun mengalami peningkatan 11bps menjadi 221bps di akhir minggu. Sementara itu, rata-rata sovereign risk selama 1Q14 sebesar 238bps, atau mengalami penurunan 4bps dari rata-rata di 4Q13 yang mencapai 242bps.

Exhibit 2. Yield on INDON 10Y, US Treasury 10Y & Sovereign Risk Premium 10Y 16.0%

1200

14.0%

Analysts Amir A. Dalimunthe

12.0%

(62 21) 29 555 777 ext. 3405

10.0% 8.0%

Rifki Rizal

6.0%

(62 21) 29 555 777 ext. 3404

4.0%

[email protected]

800 600 400 200

2.0%

0


0.0%

Please read important disclosure at the back of this report www.danareksa.com Bloomberg Ticker: DFMJ

Sovereign Risk (RHS)

INDON 10Y

Source : Bloomberg, www.treasury.gov, Danareksa Estimates

UST 10Y

Bps

[email protected]

1000

7 - 11 APRIL 2014

Risk anomaly In the period from 2006 to 2007, the average 10-year CDS and 10-year sovereign risk premium stood at 224bps and 181bps, respectively. Then, during the global crisis in 2008 - 2009, the average CDS increased to 392bps while the sovereign risk premium surged 240bps to 441bps. In the period from 2010 to 1Q14 risk abated, with the average 10-year CDS and 10year sovereign risk premium falling to 238bps and 189bps, respectively.

WEEKLY REPORT

Anomali Risiko Pada periode 2006 hingga 2007, rata-rata CDS 10-tahun dan sovereign risk premium 10-tahun masing-masing tercatat sebesar 224bps dan 181bps. Kemudian pada masa krisis global di tahun 2008 – 2009, rata-rata CDS meningkat menjadi 392bps sedangkan sovereign risk premium juga mengalami peningkatan 240bps menjadi 441bps. Resiko kembali turun di periode 2010 hingga 1Q14, sehingga baik rata-rata CDS ataupun sovereign risk mengalami penurunan masing-masing menjadi 238bps dan 189bps.

Exhibit 3. Credit Default Swap 10Y & Sovereign Risk Premium 1400 1200 1000 800 600 400 200


0

CDS 10Y

Sovereign Risk Premium 10Y

Source : Bloomberg, Danareksa Estimates

The credit default swap and sovereign risk premium are closely related since they provide an indication of the risk premium that investors demand. As can be seen in Appendix 3, the 10-year CDS tends to be about 25 to 75 bps higher than the 10-year sovereign risk premium, but during times of crisis, like in the period from 3Q08 to 4Q09, the CDS tends to be around the same value or even lower than the sovereign risk premium.

Credit default swap dan sovereign risk premium saling terkait karena merefleksikan risk premium yang diminta investor. Seperti dapat dilihat pada Apendiks 3, nilai CDS 10-tahun cenderung berada lebih tinggi 25 hingga 75 bps di atas sovereign risk premium 10-tahun, namun dalam kondisi krisis (3Q08 – 4Q09) nilai CDS cenderung sama bahkan lebih rendah dari sovereign risk premium.

Exhibit 3. Scatterplot Credit Default Swap 10Y vs Sovereign Risk Premium 10Y 1400

Sovereign Risk Premium 10Y

1200 1000 800 600 400 200 0 0

200

400

600

800

1000

1200

CDS 10Y Source : Bloomberg, Danareksa Estimates

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7 - 11 APRIL 2014

WEEKLY REPORT

APPENDICES Exhibit 1. Histogram of Credit Default Swap 10Y in 2006 - 1Q14 500 450 400 350

Bps

300 250 200 150 100 50

1,191

1,243

More

1,072

More

162

More

1,139

1,025

1,087

978

1,035

931

983

930

878

826

774

722

670

618

566

514

462

410

358

306

254

201

149

0

Source : Bloomberg, Danareksa Estimates Exhibit 2. Histogram of Sovereign Risk Premium 10Y in 2006 - 1Q14 400 350 300 250

Bps

200 150 100 50

883

836

789

741

694

647

599

552

505

457

410

363

315

268

221

173

79

126

0

Source : Bloomberg, Danareksa Estimates, www.treasury.gov

Exhibit 3. Histogram of Spread CDS 10Y over Sovereign Risk Premium 10Y 400 350 300

Bps

250 200 150 100 50

141

120

99

78

57

36

15

-6

-27

-48

-69

-90

-111

-131

-152

-173

-194

-215

-236

-257

-278

0

Source : Bloomberg, Danareksa Estimates, www.treasury.gov

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WEEKLY REPORT

APPENDICES Appendix 4. Government Bonds Trading 01 - 04 April 2014 Last Trade Bonds Maturity Coupon Tenor Last Freq Data Done Price 3-Apr-14 3-Apr-14 4-Apr-14 1-Apr-14 3-Apr-14 4-Apr-14 4-Apr-14 4-Apr-14 4-Apr-14 3-Apr-14 1-Apr-14 3-Apr-14 2-Apr-14 4-Apr-14 4-Apr-14 3-Apr-14 4-Apr-14 3-Apr-14 3-Apr-14 4-Apr-14 4-Apr-14 4-Apr-14 4-Apr-14 4-Apr-14 2-Apr-14 3-Apr-14 1-Apr-14 4-Apr-14 3-Apr-14 4-Apr-14 4-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 4-Apr-14 1-Apr-14 4-Apr-14 2-Apr-14 2-Apr-14 3-Apr-14 3-Apr-14 2-Apr-14 2-Apr-14 2-Apr-14 4-Apr-14 3-Apr-14

SPN03140408 SPN12140410 SPN12140703 SPNS29072014 SPN12140731 SPN12140911 SPN12141009 FR0026 ORI008 VR0019 SPN03140506 FR0027 IFR0001 SR004 ORI009 SR005 VR0022 FR0030 FR0055 ORI010 VR0023 SR006 FR0060 FR0028 PBS001 FR0066 FR0048 FR0069 FR0036 VR0031 FR0031 FR0034 FR0053 FR0061 FR0043 FR0063 FR0046 FR0070 FR0044 FR0040 FR0056 FR0059 FR0042 FR0047 FR0064 FR0071 IFR0006

8-Apr-14 10-Apr-14 3-Jul-14 29-Jul-14 31-Jul-14 11-Sep-14 9-Oct-14 15-Oct-14 15-Oct-14 25-Dec-14 6-Feb-15 15-Jun-15 15-Aug-15 21-Sep-15 15-Oct-15 27-Feb-16 25-Mar-16 15-May-16 15-Sep-16 15-Oct-16 25-Oct-16 5-Mar-17 15-Apr-17 15-Jul-17 15-Feb-18 15-May-18 15-Sep-18 15-Apr-19 15-Sep-19 25-Jul-20 15-Nov-20 15-Jun-21 15-Jul-21 15-May-22 15-Jul-22 15-May-23 15-Jul-23 15-Mar-24 15-Sep-24 15-Sep-25 15-Sep-26 15-May-27 15-Jul-27 15-Feb-28 15-May-28 15-Mar-29 15-Mar-30

- - - - - - - 11.00 7.95 3.75 - 9.50 11.80 6.25 6.25 6.00 3.75 10.75 7.38 8.50 4.81 - 6.25 10.00 4.50 5.25 9.00 7.88 11.50 4.81 11.00 5.19 8.25 7.00 10.25 5.63 9.50 8.38 10.00 11.00 8.38 7.00 10.25 10.00 6.13 9.00 10.25

- 0.01 0.24 0.31 0.31 0.43 0.50 0.52 0.52 0.71 0.83 1.19 1.35 1.45 1.52 1.89 1.96 2.10 2.44 2.52 2.55 2.91 3.02 3.27 3.85 4.10 4.44 5.02 5.44 6.30 6.60 7.19 7.27 8.10 8.27 9.10 9.27 9.94 10.44 11.44 12.44 13.10 13.27 13.85 14.10 14.94 15.94

99.95 99.96 98.58 98.13 98.15 97.66 97.01 102.50 100.20 99.25 94.97 103.11 104.95 98.50 97.75 97.25 98.23 107.16 100.40 102.00 98.25 101.85 97.50 107.95 88.40 92.25 105.25 101.20 117.00 101.90 116.75 126.90 102.40 94.90 113.50 85.68 108.25 104.00 113.75 120.25 99.60 88.75 114.93 112.00 82.75 106.00 113.90

3 4 3 1 1 1 1 1 4 1 1 3 4 1 1 6 1 2 3 3 1 48 1 1 2 6 2 8 1 1 1 4 4 7 1 7 1 15 1 2 2 4 11 1 4 9 2

Vol Yield (IDR bn) 167.27 77.67 1,386.20 16.00 650.00 872.00 6.53 66.00 708.11 240.00 103.00 888.34 28.00 142.38 57.08 109.51 200.00 324.84 62.90 703.85 160.00 4,522.50 2,249.52 627.09 10.00 723.06 10.60 8,142.62 15.05 50.00 35.26 39.70 27.10 106.98 35.00 829.02 1.00 8,555.50 11.32 105.43 16.56 75.95 163.80 55.00 158.22 2,044.74 33.58

Tenor Modified Class Duration

0.05 < 1yr 0.04 < 1yr 1.44 < 1yr 1.91 < 1yr 1.88 < 1yr 2.39 < 1yr 3.08 < 1yr 6.13 < 1yr 7.93 < 1yr 3.78 < 1yr 5.30 < 1yr 6.74 1yr - 5yr 7.91 1yr - 5yr 6.35 1yr - 5yr 6.39 1yr - 5yr 6.17 1yr - 5yr 3.82 1yr - 5yr 7.04 1yr - 5yr 7.19 1yr - 5yr 8.33 1yr - 5yr 4.90 1yr - 5yr - 1yr - 5yr 7.18 1yr - 5yr 7.23 1yr - 5yr 8.04 1yr - 5yr 7.47 1yr - 5yr 7.59 1yr - 5yr 7.58 5yr - 10yr 7.63 5yr - 10yr 4.72 5yr - 10yr 7.72 5yr - 10yr 7.84 5yr - 10yr 7.81 5yr - 10yr 7.86 5yr - 10yr 7.99 5yr - 10yr 7.85 5yr - 10yr 8.21 5yr - 10yr 7.79 5yr - 10yr 8.03 > 10yr 8.23 > 10yr 8.43 > 10yr 8.43 > 10yr 8.36 > 10yr 8.51 > 10yr 8.21 > 10yr 8.29 > 10yr 8.63 > 10yr

0.01 0.24 0.31 0.31 0.43 0.50 0.52 0.52 0.71 0.83 1.19 1.35 1.45 1.52 1.89 1.96 2.10 2.44 2.52 2.55 2.91 3.02 3.27 3.85 4.10 4.44 5.02 5.44 6.30 6.60 7.19 7.27 8.10 8.27 9.10 9.27 9.94 10.44 11.44 12.44 13.10 13.27 13.85 14.10 14.94 15.94

Sumber: Danareksa, BEI

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WEEKLY REPORT

APPENDICES Appendix 5. Government Bonds Trading 01 - 04 April 2014 (cont’d) Last Trade Bonds Maturity Coupon Tenor Last Freq Data Done Price 2-Apr-14 4-Apr-14 4-Apr-14 4-Apr-14 4-Apr-14 2-Apr-14 3-Apr-14 2-Apr-14 3-Apr-14 3-Apr-14 2-Apr-14

FR0052 FR0054 FR0058 FR0065 FR0068 PBS004 FR0045 FR0050 FR0057 FR0062 FR0067

15-Aug-30 15-Jul-31 15-Jun-32 15-May-33 15-Mar-34 15-Feb-37 15-May-37 15-Jul-38 15-May-41 15-Apr-42 15-Feb-44

10.50 9.50 8.25 6.63 8.38 6.10 9.75 10.50 9.50 6.38 8.75

16.35 17.27 18.19 19.10 19.94 22.85 23.10 24.27 27.10 28.02 29.85

118.34 109.50 99.00 81.50 99.95 74.25 112.45 119.50 109.00 75.00 101.00

2 1 6 4 19 1 1 1 1 2 1

Vol Yield (IDR bn)

Tenor Modified Class Duration

0.12 93.60 1,040.53 276.90 5,357.35 0.24 37.00 8.65 8.39 72.29 3.40

> 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr

8.41 8.44 8.36 8.61 8.38 8.71 8.51 8.58 8.63 8.79 8.65

16.35 17.27 18.19 19.10 19.94 22.85 23.10 24.27 27.10 28.02 29.85


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WEEKLY REPORT

APPENDICES Appendix 6. Corporate Bonds Trading 01 - 04 April 2014 Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 2-Apr-14 2-Apr-14 4-Apr-14 3-Apr-14 1-Apr-14 1-Apr-14 3-Apr-14 3-Apr-14 2-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 1-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 1-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 1-Apr-14 3-Apr-14 1-Apr-14 1-Apr-14 2-Apr-14 4-Apr-14 1-Apr-14 3-Apr-14 3-Apr-14 1-Apr-14 1-Apr-14 3-Apr-14 1-Apr-14 1-Apr-14 3-Apr-14 1-Apr-14 3-Apr-14 1-Apr-14 4-Apr-14 1-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 4-Apr-14 3-Apr-14 3-Apr-14 2-Apr-14

FIFA01BCN1 ADMF01BCN2 IMFI01ACN2 ADMF05C TAFS03A ISAT05A BTPN01ACN1 TRAC03B APLN01A ADMF04E CFIN03C SIMP01 ADMF01BCN1 SIKMAPI01B BBRI02 TBIG01ACN1 BNGA01A SANF02C BFIN01BCN2 ASDF01BCN1 ASDF12D AIRJ01C FIFA01ACN3 BCAF01ACN3 ISAT06B BCAF01CCN1 TUFI06D BIIF01B IMFI04C BCAF04E PPLN12A BTPN01ACN2 BNGA01ACN2 BTPN03B BJBR07B NISP01CCN1 ADMF02CCN1 IMFI01CCN1 BIIF02A JMPD12Q APLN01B BBTN12 ASDF02BCN2 BNII01BCN1 JPFA01CN1 TAFS01BCN1 BFIN02CCN1 FIFA01BCN3 BCAF01BCN3 CTRR01A

20-Apr-14 4-May-14 18-May-14 27-May-14 27-May-14 29-May-14 28-Jun-14 5-Jul-14 25-Aug-14 29-Oct-14 8-Nov-14 1-Dec-14 16-Dec-14 16-Dec-14 22-Dec-14 22-Dec-14 23-Dec-14 20-Jan-15 19-Feb-15 21-Feb-15 25-Feb-15 13-Mar-15 24-Mar-15 7-Apr-15 9-Apr-15 9-May-15 19-May-15 7-Jun-15 9-Jun-15 22-Jun-15 8-Jul-15 3-Aug-15 20-Nov-15 22-Dec-15 9-Feb-16 19-Feb-16 1-Mar-16 11-May-16 19-Jun-16 6-Jul-16 25-Aug-16 19-Sep-16 26-Nov-16 6-Dec-16 12-Jan-17 13-Feb-17 7-Mar-17 14-Mar-17 27-Mar-17 2-Apr-17

7.35 7.50 7.00 9.60 6.60 10.20 9.25 7.75 10.00 9.25 10.25 11.65 8.00 13.00 10.95 9.00 7.38 8.40 8.50 8.00 10.00 13.25 9.60 9.00 10.80 7.60 10.70 7.90 10.65 9.00 9.70 7.75 8.75 9.20 10.20 7.40 7.85 8.25 7.75 13.50 11.00 12.75 9.50 8.75 9.90 10.50 11.50 10.50 10.00 11.40

0.03 idAA+ 100.05 2 0.07 idAA+ 100.07 2 0.11 idA 99.67 1 0.14 idAA+ 100.00 2 0.14 A AA(idn) 99.80 1 0.14 idAA+ 100.45 1 0.22 A A-(idn) 100.55 1 0.24 idA+ 100.43 2 0.38 idA 100.00 7 0.56 idAA 100.08 1 0.58 idA+ 100.00 3 0.65 AA- 101.02 2 0.69 idAA+ 96.50 1 0.69 A+ 102.60 2 0.71 AA+ 101.18 1 0.71 A A-(idn) 101.05 1 0.71 idAAA 99.32 4 0.78 idAA- 99.53 1 0.86 A+(idn) 98.78 4 0.87 idAA+ 98.98 1 0.88 idAA 100.98 1 0.93 A(idn) 104.04 1 0.96 idAA+ 100.50 1 1.00 idAAA 100.50 13 1.00 idAA+ 100.00 1 1.09 i dAA+/AA+(idn) 98.85 2 1.11 idA+ 101.50 5 1.16 A A+(idn) 101.85 1 1.17 idA 100.00 4 1.21 idAA+ 100.20 1 1.25 idAA+ 100.48 1 1.32 A A-(idn) 97.96 2 1.62 idAAA 98.25 1 1.71 A A-(idn) 99.80 1 1.84 idAA- 100.00 1 1.86 i dAAA/AAA(idn) 96.40 1 1.90 idAA+ 95.87 1 2.09 idA 100.00 1 2.20 A A+ (idn) 95.00 2 2.24 idAA 100.00 1 2.38 idA 101.85 1 2.45 idAA 100.00 1 2.63 i dAA+/AAA(idn) 100.04 1 2.66 A AA(idn) 99.50 1 2.76 idA 101.35 4 2.85 A AA(idn) 100.68 4 2.91 idA+ 100.10 3 2.93 idAA+ 100.00 2 2.97 idAAA 100.30 2 2.98 A(idn) 100.50 5

9.00 9.00 7.00 6.00 3.00 5.00 5.00 6.00 5.00 4.70 3.00 2.00 1.00 4.00 0.20 1.00 30.00 2.00 4.00 32.10 1.00 30.00 50.00 61.20 30.00 4.00 50.00 1.00 40.00 0.50 8.00 4.00 0.10 0.80 50.00 2.00 28.00 75.00 20.00 5.00 2.00 10.00 32.00 10.00 5.40 63.00 11.00 65.00 90.00 34.00

6.25 6.64 9.62 9.51 7.84 7.31 6.85 6.04 9.98 9.10 10.24 10.02 13.30 9.12 9.24 7.48 8.35 9.01 9.95 9.21 8.84 8.73 9.06 8.48 10.80 8.70 9.28 6.25 10.64 8.82 9.29 9.38 9.92 9.33 10.20 9.51 10.25 8.25 10.31 13.50 10.12 12.75 9.48 8.96 9.34 10.22 11.46 10.50 9.88 11.20

0.05 0.09 0.12 0.15 0.15 0.16 0.23 0.25 0.38 0.54 0.56 0.62 0.67 0.66 0.69 0.69 0.69 0.75 0.83 0.83 0.84 0.88 0.93 0.94 0.93 1.04 1.04 1.11 1.10 1.14 1.15 1.24 1.49 1.57 1.65 1.72 1.73 1.90 1.99 1.86 2.06 2.08 2.30 2.35 2.36 2.41 2.43 2.49 2.55 2.51


6

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WEEKLY REPORT

APPENDICES Appendix 7. Corporate Bonds Trading 01 - 04 April 2014 (cont’d) Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 4-Apr-14 1-Apr-14 3-Apr-14 1-Apr-14 3-Apr-14 1-Apr-14 1-Apr-14 2-Apr-14 3-Apr-14 3-Apr-14 3-Apr-14 1-Apr-14 1-Apr-14 1-Apr-14 4-Apr-14 1-Apr-14 3-Apr-14 2-Apr-14 3-Apr-14 3-Apr-14 1-Apr-14 3-Apr-14 2-Apr-14 2-Apr-14 3-Apr-14 4-Apr-14 3-Apr-14 4-Apr-14 3-Apr-14 1-Apr-14 1-Apr-14 1-Apr-14 1-Apr-14 3-Apr-14 1-Apr-14

ASDF02BCN3 SMFP01CCN2 INDF06 JMPD13R ADHISM1CN1 PPLN09A SIKPPLN01 BNGA01BCN1 SSIA01B PNBN04SB PNBN04SB PJAA02B BSBR01SB BJBR07C ADHISM1CN2 PTPP01CN1 SIAISA01 AISA01 APLN01CN1 BNLI02SB GIAA01CN1 BNII01SBCN1 PPLN01ACN2 SMRA01CN1 SISMRA01CN1 CTRR01B BNLI01SBCN1 ISAT08A PNBN01SBCN1 SMFP02CCN1 PPLN11B BBTN14 PTHK01C SIPPLN01CN1 PPLN09B

4-Apr-17 25-Apr-17 31-May-17 21-Jun-17 3-Jul-17 10-Jul-17 10-Jul-17 30-Oct-17 6-Nov-17 9-Nov-17 9-Nov-17 27-Dec-17 13-Jan-18 9-Feb-18 15-Mar-18 19-Mar-18 5-Apr-18 5-Apr-18 27-Jun-18 28-Jun-18 5-Jul-18 6-Dec-18 10-Dec-18 11-Dec-18 11-Dec-18 2-Apr-19 15-Jun-19 27-Jun-19 20-Dec-19 27-Dec-19 12-Jan-20 11-Jun-20 28-Jun-20 5-Jul-20 10-Jul-22

10.50 7.55 7.25 10.25 - 10.40 10.40 7.75 9.30 10.50 10.50 8.40 10.90 10.40 8.10 8.38 10.25 10.25 9.25 11.00 9.25 10.00 9.00 10.85 10.85 12.40 8.90 8.63 9.40 8.00 12.55 10.25 9.50 8.00 12.25

2.99 A AA(Idn) 99.85 1 3.05 AA(idn) 87.50 1 3.15 idAA+ 94.02 3 3.20 idAA 100.00 1 3.24 idA(sy) 98.19 4 3.26 idAA+ 100.00 1 3.26 i dAA+(sy) 100.00 2 3.56 I dAAA/AAA(idn) 94.75 4 3.58 idA 99.14 3 3.59 i dAA-/A+(idn) 96.97 4 3.59 i dAA-/A+(idn) 96.97 4 3.72 idAA- 94.78 2 3.76 idA- 97.71 6 3.84 idAA- 100.00 1 3.94 idA(sy) 91.80 2 3.95 idA- 95.50 7 3.99 idA-(sy) 101.60 10 3.99 idA- 97.50 3 4.22 idA 95.75 7 4.22 idAA- 104.54 4 4.24 A(idn) 100.00 1 4.66 A A-(idn) 97.80 4 4.67 idAAA 99.05 4 4.68 idA+ 101.20 1 4.68 i dA+(sy) 101.84 5 4.98 A(idn) 102.00 8 5.19 idAA- 95.74 2 5.22 idAA+ 95.25 1 5.70 idAA- 100.02 5 5.72 idAA 88.14 1 5.76 idAA+ 100.00 1 6.18 idAA- 100.00 1 6.22 idA- 100.00 1 6.24 idAAA 95.30 5 8.26 idAA+ 100.00 1

10.00 0.30 15.00 50.00 6.60 20.00 14.00 122.00 165.00 9.00 9.00 20.00 20.00 50.00 3.00 15.00 14.00 27.00 15.05 4.70 150.00 15.00 24.00 2.00 15.00 23.83 2.00 4.52 30.60 10.00 330.00 100.00 20.00 20.00 6.00

10.56 12.52 9.46 10.25 - 10.40 10.40 9.50 9.58 11.54 11.54 10.09 11.66 10.40 - 9.76 9.76 11.03 10.51 9.68 9.25 10.60 9.25 10.52 10.35 11.86 9.96 9.80 9.39 10.80 12.55 10.25 9.50 8.99 12.25

2.54 2.62 2.75 2.71 2.68 2.68 3.03 2.98 2.90 2.90 3.15 2.98 3.10 3.31 3.18 3.16 3.44 3.38 3.41 3.65 3.76 3.63 3.63 3.70 4.07 4.13 4.37 4.45 3.96 4.52 4.66 4.74 5.02


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WEEKLY REPORT

RESEARCH TEAM Debt Research Fax No.

(62 21) 29 555 777 (62 21) 350 1709

Head of Debt Research Yudistira Slamet [email protected] ext. 3400 Credit Analyst Production & Database Management Amir A. Dalimunthe Eka Nuraini [email protected] ext. 3405 [email protected] ext. 3407 Ayesha Ardelia [email protected] ext. 3406 Market Analyst Melissa Hartono Rifki Rizal [email protected] ext. 3402 [email protected] ext. 3404 Debt Capital Market Division Debt Capital Market Div. Fax No. Head of Debt Capital Market Budi Susanto [email protected]

(62 21) 29 555 777 (62 21) 3501724/25

ext. 3200

Debt Sales & Brokerage (62 21) 29 555 777 Debt Trading & Investment Rina Rimawati D Romi Mulyadi [email protected] ext. 3223 [email protected] Agung Suprihanto [email protected] ext. 3212 Putrika Mayadipta [email protected] ext. 3215 Ariningtyas W. Agustina [email protected] ext. 3224 Product & Retail Hernita Dwi Ariesandhy Setyo H. Purnomo [email protected] ext. 3216 [email protected]

ext. 3213

ext. 3226

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8

The Two Side of a Coin

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