Transition to Lower Yields

DEBT R E S E A R C H

WEEKLY REPORT 12 APR 2016

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

Transition to Lower Yields BB+ Baa3 BBB-

Key Market Indicator as of 11-Apr-16 BI Rate 6.75% JCI 4,847 IDR 13.134 Inflation (y-o-y)-Mar-16 4.45%

Strong Demand from Investors Danareksa Government Bond Yield Index declined by 10bps over the last week and closed the week at level 7.64% (the lowest level since May 2015). As of 8 April 2016, YTD total return reached 10.2%, higher than 6.65% of total return during the same period last year. This bullish trend was caused by market expectation towards low inflation, leading to trigger another BI Rate cut. Despite of BI Rate declining by 75bps to 6.75% in 1Q16; BI Rate is still expected to decline a further 25bps to 50bps until the end of 2016.

Demand Kuat dari Investor Danareksa Government Bond Yield Index mencatatkan penurunan sebesar 10bps selama sepekan terakhir dan menutup akhir minggu lalu di level 7,64% (terendah sejak Mei 2015). Per 8 April 2016, YTD total return telah mencapai 10,2%, lebih tinggi dibandingkan dengan total return di periode yang sama di tahun 2015 yaitu sebesar 6,65%. Tren bullish ini disebabkan oleh ekspektasi pasar terhadap rendahnya inflasi yang dapat memicu penurunan BI Rate. Meski BI Rate telah mengalami penurunan sebesar 75bps menjadi 6,75% selama kuartal I tahun 2016, namun BI Rate diprediksi masih dapat mengalami penurunan 25bps-50bps hingga akhir tahun.

This expectation has built strong demand from both foreign and domestic investors. Foreign ownership in IDR Government bonds increased IDR55.9 trillion from the end of 2015 to IDR613.9 trillion as of 8 April 2016. This is the highest level in nominal terms. From a domestic view, arising demand for Government bonds was influenced by FSA Regulation No.1/POJK.05/2016 about Investing in Government Securities for Non-Bank Financial Institutions. The regulation stated that for some non-bank financial institutions, such as Pension Funds and Insurance, are obligated to invest in Government securities with a portion minimum 30% of its total investment funds. As of 8 April 2016, Pension Funds ownership in IDR Government bonds stood at IDR56.2 trillion, or grew 12.7% from the end of 2015. During the same period last year, Pension Funds ownership only increased 3.45%. In line with Pension Funds ownership, Insurance ownership in IDR Government bonds also significantly increased this year. Insurance ownership rose by 13% to IDR193.9 trillion at the end of last week, while during the same period last year, Insurance holdings only grew 3.8%.

Ekspektasi tersebut menimbulkan demand yang kuat dari investor asing maupun domestik. Per 8 April 2016, kepemilikan asing di obligasi IDR Pemerintah berada di level tertinggi secara nominal yaitu Rp613,9 triliun, naik Rp55,4 triliun dari akhir tahun 2015. Dari sisi domestik, demand terhadap obligasi Pemerintah timbul akibat Peraturan OJK No. 1/POJK.05/2016 mengenai Investasi Surat Berharga Negara bagi Lembaga Jasa Keuangan Non-Bank. Dalam peraturan tersebut beberapa embaga keuangan non-bank, seperti Dana Pensiun dan Asuransi, diwajibkan menempatkan investasi pada obligasi Pemerintah dengan porsi minimum 30% dari total dana investasi. Per 8 April 2016, total kepemilikan Dana Pensiun di obligasi Pemerintah sebesar Rp56,2 triliun, tumbuh 12,7% dari posisinya di akhir 2015, sedangkan pada periode yang sama di tahun 2015, kepemilikan Dana Pensiun hanya naik 3,45%. Hal yang sama terjadi pada kepemilikan asuransi di obligasi Pemerintah. Kepemilikan asuransi di obligasi Pemerintah naik 13% menjadi Rp193,9 triliun di akhir minggu lalu, sedangkan pada periode yang sama di tahun 2015, kepemilikan asuransi hanya tumbuh 3,8%.

Domestic Bonds Outstanding Gov’t Bonds as of 08-Apr-16 IDR 1,574.1 bn Corp Bonds as of 31-Mar-16 IDR 257.5 bn Previous Week Trading Volume Government Bonds IDR 69.02 tn Corporate Bonds IDR 4.40 tn Benchmark Yield as of 11-Apr-16 FR0053 (5 year) 7.291% FR0056 (10 year) 7.528% FR0073 (15 year) 7.799% FR0072 (20 year) 7.858% Source : Bloomberg, Mid YTM Government Bond Indices as of 11-Apr-16 Price Index (Bloomberg : DGBIIDPR) 128.67 Yield Index (Bloomberg : DGBIIDYD) 7.59% TR Index (Bloomberg : DGBIIDTR) 474.19

Calendar of Event 14-Apr-16 US Initial Jobless Claims SA (Survey : 270K; Prior : 267K) 15-Apr-16 China GDP Constant Price YoY (Survey : 6.7%; Prior : 6.8%) 21-Apr-16 Bank Indonesia Reference Interest Rate (Survey : 6.75%; Prior : 6.75%)

Exhibit 1. IDR Government Bond Ownership Growth 60%

Foreign ownership

Insurance

Pension Fund

50% 40% 30%

Analyst Rifki Rizal

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

20% 10% 0% 2013 -10% -20% -30% -40%

Please read important disclosure at the back of this report

www.danareksa.com Bloomberg Ticker: DFMJ

Sources : MoF

2014

2015

YTD as of 8 Apr 15 YTD as of 8 Apr 16

11 - 15 APR 2016

WEEKLY REPORT

Yield Curve Flattening Declines in Government bonds yield curve was dominated by long-tenor bonds (above 15-yrs) with an average decline of 17bps. Meanwhile, short (below 5-yrs) and mid-tenor (5to 15-yrs) bonds declined by 4bps and 11bps respectively, resulting in the yield slope (spread between yield curve 10-yrs and 2-yrs) declining from 63bps (1Apr16) to 53bps (8Apr16) or flattening the yield curve. This is in line with increasing demand from Insurance and Pension Funds that gave higher appetite for long-tenor bonds.

Yield Curve yang Lebih Datar Penurunan yield curve obligasi Pemerintah selama sepekan terakhir didominasi oleh tenor panjang (di atas 15-tahun) dengan rata-rata penurunan sebesar 17bps. Sementara ratarata penurunan untuk tenor pendek (kurang dari 5-tahun) dan tenor menengah (5- hingga 15-tahun) sebesar 4bps dan 11bps. Hal tersebut menyebabkan yield slope (selisih antara yield curve 10- dan 2-tahun) mengalami penurunan dari 63bps (1Apr16) menjadi 53bps (8Apr16), atau yield curve yang lebih flat. Hal ini sejalan dengan meningkatnya demand dari Asuransi dan Dana Pensiun yang memiliki appetite lebih tinggi terhadap obligasi tenor panjang.

With expectation of Bank Indonesia still has room to cut BI Rate this month, the rally in Government bonds yield is expected to continue. Nonetheless, the IDR bonds market is in the middle of rebalancing process to lower yields, thus prompting short-term volatility due to market mechanism.

Dengan adanya ekspektasi Bank Indonesia masih memiliki ruang untuk memangkas BI Rate di bulan ini, yield diperkirakan masih berada dalam tren penurunan. Namun saat ini pasar obligasi berada dalam proses rebalancing menuju tingkat yield yang lebih rendah. Oleh karena itu, harga obligasi yang relatif tinggi berpotensi menimbulkan volatilitas jangka pendek akibat mekanisme pasar.

2

11 - 15 APR 2016

WEEKLY REPORT

APPENDICES Appendix 1. Government Bonds Trading 4 Apr - 8 Apr 2016 Last Trade Bonds Maturity Coupon Tenor Last Freq Data Done Price 8-Apr-16 4-Apr-16 8-Apr-16 6-Apr-16 8-Apr-16 6-Apr-16 7-Apr-16 7-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 7-Apr-16 5-Apr-16 4-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 7-Apr-16 8-Apr-16 7-Apr-16 6-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 7-Apr-16 8-Apr-16 7-Apr-16 6-Apr-16 8-Apr-16 5-Apr-16 8-Apr-16 6-Apr-16 7-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 7-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 7-Apr-16 8-Apr-16 6-Apr-16

SPN03160503 FR0030 SPN03160602 PBS008 SPN12160708 SPNS13072016 SPN12160805 SPN12160902 SPNS09092016 FR0055 ORI010 VR0023 SPN12161202 SPN12170106 SR006 FR0060 FR0028 ORI011 PBS009 SR007 FR0066 FR0048 ORI012 SR008 FR0069 VR0030 VR0031 PBS006 FR0031 FR0034 FR0053 FR0061 FR0035 FR0043 FR0063 FR0046 PBS011 FR0039 FR0070 FR0044 FR0040 FR0056 FR0059 FR0042 FR0047 FR0064 FR0071 FR0052 FR0073 FR0054 PBS012 FR0058 FR0065 FR0068 FR0072 FR0057 FR0062 FR0067

3-May-16 15-May-16 2-Jun-16 15-Jun-16 8-Jul-16 13-Jul-16 5-Aug-16 2-Sep-16 9-Sep-16 15-Sep-16 15-Oct-16 25-Oct-16 2-Dec-16 6-Jan-17 5-Mar-17 15-Apr-17 15-Jul-17 15-Oct-17 25-Jan-18 11-Mar-18 15-May-18 15-Sep-18 15-Oct-18 10-Mar-19 15-Apr-19 25-Dec-19 25-Jul-20 15-Sep-20 15-Nov-20 15-Jun-21 15-Jul-21 15-May-22 15-Jun-22 15-Jul-22 15-May-23 15-Jul-23 15-Aug-23 15-Aug-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-Aug-30 15-May-31 15-Jul-31 15-Nov-31 15-Jun-32 15-May-33 15-Mar-34 15-May-36 15-May-41 15-Apr-42 15-Feb-44

- 10.75 - 7.00 - - - - - 7.38 8.50 4.81 - - 8.75 6.25 10.00 8.50 7.75 8.25 5.25 9.00 9.00 8.30 7.88 3.75 4.81 8.25 11.00 12.80 8.25 5.19 12.90 10.25 5.63 9.50 8.75 11.75 8.38 10.00 11.00 8.38 7.00 10.25 10.00 6.13 9.00 10.50 8.75 9.50 8.88 8.25 6.63 8.38 8.25 9.50 6.38 8.75

0.06 0.09 0.14 0.18 0.24 0.25 0.31 0.39 0.41 0.43 0.51 0.54 0.64 0.73 0.90 1.01 1.26 1.51 1.79 1.91 2.09 2.43 2.51 2.91 3.01 3.70 4.29 4.43 4.59 5.18 5.26 6.09 6.18 6.26 7.09 7.26 7.34 7.34 7.93 8.43 9.43 10.43 11.09 11.26 11.84 12.09 12.93 14.34 15.09 15.26 15.59 16.18 17.09 17.93 20.09 25.09 26.01 27.84

Vol Yield (IDR bn)

99.73 1.00 153.00 100.63 3.00 294.00 99.30 1.00 21.49 100.21 1.00 2.00 98.79 6.00 454.92 98.69 1.00 4.00 98.37 1.00 17.35 97.78 1.00 60.00 97.83 1.00 100.00 100.60 2.00 310.00 100.80 3.00 282.19 99.30 1.00 200.00 96.18 1.00 360.00 95.33 1.00 300.00 101.00 15.00 1,827.20 99.64 4.00 1,125.37 104.00 2.00 22.75 103.80 3.00 157.47 100.50 5.00 921.90 100.50 25.00 1,827.72 96.50 1.00 932.11 103.50 1.00 156.06 103.20 32.00 1,071.71 101.94 731.00 14,858.78 102.90 10.00 2,616.65 100.02 2.00 1,994.00 100.02 1.00 1,282.00 102.70 1.00 22.08 113.50 2.00 61.55 122.38 1.00 60.31 104.00 30.00 5,163.66 97.50 1.00 60.80 125.85 4.00 80.00 113.00 1.00 53.17 88.80 3.00 131.35 110.25 2.00 62.20 104.70 6.00 20.00 122.55 1.00 5.00 104.70 32.00 7,587.92 114.07 12.00 390.58 121.65 1.00 49.90 106.05 42.00 5,385.69 97.50 9.00 574.57 118.00 1.00 752.85 115.75 4.00 128.70 85.70 2.00 32.44 110.50 49.00 3,102.81 122.05 2.00 801.51 108.55 25.00 1,923.80 111.00 14.00 846.49 105.35 25.00 400.00 104.50 65.00 492.06 86.75 10.00 144.53 103.50 215.00 6,245.21 101.50 107.00 3,009.95 104.00 3.00 18.73 79.80 2.00 28.95 104.55 2.00 37.25

0.27 4.90 0.70 5.77 1.23 1.33 1.66 2.27 2.22 5.93 8.43 4.84 3.97 4.90 8.66 6.62 6.64 8.19 7.44 8.21 7.07 7.40 8.72 8.14 6.80 3.75 4.81 7.52 7.48 7.50 7.32 7.52 7.58 7.60 7.70 7.63 7.89 7.68 7.57 7.70 7.73 7.53 7.33 7.82 7.92 7.99 7.70 7.90 7.78 8.22 8.26 7.76 8.07 8.00 8.10 9.09 8.28 8.33

Tenor Modified Class Duration < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 5yr - 10yr 5yr - 10yr 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

0.11 0.19 0.42 0.53 0.94 1.16 1.63 1.91 2.15 2.57 3.45 3.82 3.66 3.53 3.81 4.17 4.94 4.35 4.60 5.51 5.21 5.35 5.10 5.76 5.82 6.16 6.96 7.37 6.89 7.17 7.86 7.81 7.93 8.32 8.20 8.28 8.80 9.30 9.30 9.51 9.42 10.71 10.57

Sources: Danareksa Estimates, BEI 3

11 - 15 APR 2016

WEEKLY REPORT

APPENDICES Appendix 3. Corporate Bonds Trading 4 Apr - 8 Apr 2016 Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 6-Apr-16 4-Apr-16 8-Apr-16 4-Apr-16 4-Apr-16 7-Apr-16 8-Apr-16 7-Apr-16 5-Apr-16 4-Apr-16 5-Apr-16 5-Apr-16 7-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 5-Apr-16 6-Apr-16 8-Apr-16 5-Apr-16 6-Apr-16 5-Apr-16 8-Apr-16 4-Apr-16 6-Apr-16 6-Apr-16 7-Apr-16 6-Apr-16 5-Apr-16 6-Apr-16 8-Apr-16 7-Apr-16 5-Apr-16 8-Apr-16 6-Apr-16 8-Apr-16 7-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 4-Apr-16 8-Apr-16 8-Apr-16 6-Apr-16 8-Apr-16

WOMF01ACN3 PPGD02ACN3 MFIN02ACN1 ISAT01ACN2 BIIF02A TAFS01ACN2 PPLN08C APLN01B FIFA02ACN2 BEXI02ACN6 FAST01 IMFI02ACN2 ASDF02BCN2 SIKISAT04B ISAT07B BMRI01 SIEXCL01ACN1 ADMF01CCN1 BNLI01BCN1 SMFP03CN3 PPLN11A TAFS01BCN1 ASDF01CCN1 BEXI02ACN7 ADMF03ACN3 FIFA01BCN3 SMFP03ACN4 IMFI02ACN3 CTRR01A ASDF02BCN3 IMFI01BCN4 SMKMYOR02 ADMF02BCN3 TUFI01ACN2 ISAT05B INDF06 WOMF01BCN1 BNGA01SB PPLN09A ADMF01CCN3 SSIA01B PNBN04SB SSMM01B SIISAT01ACN1 ISAT01ACN1

12-Apr-16 17-May-16 18-May-16 14-Jun-16 19-Jun-16 21-Jun-16 21-Jun-16 25-Aug-16 21-Sep-16 26-Sep-16 6-Oct-16 16-Nov-16 26-Nov-16 8-Dec-16 8-Dec-16 11-Dec-16 12-Dec-16 16-Dec-16 24-Dec-16 3-Jan-17 12-Jan-17 13-Feb-17 21-Feb-17 1-Mar-17 12-Mar-17 14-Mar-17 21-Mar-17 26-Mar-17 2-Apr-17 4-Apr-17 22-Apr-17 9-May-17 14-May-17 23-May-17 29-May-17 31-May-17 25-Jun-17 8-Jul-17 10-Jul-17 27-Sep-17 6-Nov-17 9-Nov-17 30-Nov-17 12-Dec-17 12-Dec-17

9.25 8.50 10.50 8.55 7.75 8.50 13.60 11.00 - 8.40 9.50 10.25 9.50 11.75 11.75 11.85 8.75 9.00 10.50 9.25 11.95 10.50 8.60 8.50 8.75 10.50 8.60 9.60 11.40 10.50 11.25 9.50 10.50 10.70 10.65 7.25 11.00 11.30 10.40 8.75 9.30 10.50 9.60 10.00 10.00

- AA(idn) 0.10 idAA+ 0.10 idA 0.17 AAA(idn) 0.19 AA+(idn) 0.19 idAA+ 0.19 idAAA 0.37 idA 0.44 idAAA 0.46 idAAA 0.48 idAA 0.59 idA 0.62 idAAA 0.66 AAA(idn) 0.66 idAAA 0.66 idAAA 0.67 BB+(idn) 0.68 idAAA 0.70 idAAA 0.73 idAA+ 0.75 idAAA 0.84 idAA+ 0.86 idAAA 0.89 idAAA 0.92 idAAA 0.92 AAA(idn) 0.94 idAA+ 0.96 idA 0.97 A(idn) 0.98 idAAA 1.03 idA 1.08 idAAA 1.09 idAAA 1.11 idAA 1.13 idAAA 1.14 idAA+ 1.20 AA(idn) 1.24 AA(idn) 1.24 idAAA 1.46 idAAA 1.57 idA 1.58 idAA- 1.63 idA 1.67 idAAA 1.67 idAAA

100.10 100.00 100.23 100.00 99.91 100.30 100.38 101.00 100.42 100.38 100.71 100.71 101.01 102.72 101.51 102.30 100.00 100.00 101.43 100.98 102.90 102.20 100.25 100.70 100.78 101.50 100.54 100.40 101.50 102.40 101.00 99.40 102.12 102.80 102.60 99.00 103.10 100.94 102.75 98.00 99.60 100.04 99.60 101.98 99.75

1.00 1.00 1.00 1.00 4.00 1.00 1.00 4.00 2.00 3.00 2.00 2.00 1.00 2.00 2.00 1.00 2.00 1.00 1.00 2.00 4.00 2.00 1.00 2.00 1.00 3.00 1.00 1.00 2.00 3.00 1.00 1.00 2.00 1.00 4.00 1.00 5.00 3.00 1.00 1.00 1.00 3.00 1.00 2.00 3.00

0.50 12.00 7.00 5.00 50.00 5.00 1.20 40.00 20.00 15.00 6.00 4.00 30.00 1.20 1.40 2.00 6.00 2.00 1.00 10.00 20.00 25.00 3.05 10.00 9.00 2.00 45.00 0.50 10.00 62.00 0.20 1.00 4.00 12.00 12.00 2.30 50.00 30.50 5.00 1.00 1.50 20.00 17.00 6.00 13.30

9.24 8.50 10.48 8.55 7.76 8.47 13.55 10.89 - 8.37 9.43 10.18 9.41 11.44 11.58 11.58 8.75 9.00 10.35 9.16 11.61 10.27 8.58 8.44 8.68 10.34 8.55 9.56 11.23 10.25 10.22 - 8.47 8.07 8.25 8.17 8.29 10.49 8.07 10.23 9.57 10.47 9.86 8.72 10.16

0.02 0.12 0.11 0.19 0.20 0.20 0.20 0.37 0.46 0.47 0.58 0.60 0.63 0.63 0.64 0.66 0.66 0.67 0.71 0.70 0.80 0.82 0.86 0.88 0.88 0.91 0.92 0.92 0.93 0.95 1.03 1.04 1.07 1.08 1.13 1.15 1.14 1.36 1.44 1.42 1.49 1.53 1.52

Sources: Danareksa Estimates, BEI

4

11 - 15 APR 2016

WEEKLY REPORT

APPENDICES Appendix 4. Corporate Bonds Trading 4 Apr - 8 Apr 2016 (Cont’d) Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified Data Done (IDR bn) Duration Price 5-Apr-16 6-Apr-16 6-Apr-16 8-Apr-16 6-Apr-16 8-Apr-16 8-Apr-16 8-Apr-16 6-Apr-16 7-Apr-16 7-Apr-16 8-Apr-16 8-Apr-16 5-Apr-16 7-Apr-16 6-Apr-16 5-Apr-16 6-Apr-16 6-Apr-16 6-Apr-16 6-Apr-16 7-Apr-16 4-Apr-16 7-Apr-16 6-Apr-16 5-Apr-16 7-Apr-16 6-Apr-16 8-Apr-16 4-Apr-16 4-Apr-16 7-Apr-16 5-Apr-16 5-Apr-16 8-Apr-16 5-Apr-16 8-Apr-16 6-Apr-16 8-Apr-16 8-Apr-16 6-Apr-16 6-Apr-16 4-Apr-16 8-Apr-16 6-Apr-16 7-Apr-16 8-Apr-16 7-Apr-16

BSBR01SB NISP01CCN2 ADMF02DCN1 MEDC01CN2 ADHISM1CN2 BBIA01B AISA01 IMFI02BCN1 AMRT01ACN2 MFIN02CCN1 ISAT01BCN2 BSDE01CN2 APLN01CN1 ADMF03ACN1 GIAA01CN1 DILD01B FIFA02BCN2 BEXI02BCN6 WSKT01ACN2 SIEXCL01BCN1 ISAT01ACN3 SMRA01CN1 SMFP03BCN4 IMFI02BCN3 FIFA02BCN3 MYOR04 BNLI01SBCN1 TAXI01 ISAT08A BSLT05 BEXI02CCN3 BNII01SBCN2 ADMF02CCN4 ISAT01BCN1 BNLI01SBCN2 PNBN01SBCN1 AKRA01B BEXI02CCN5 IMFI02CCN3 AMRT01BCN2 BNGA02SB BNLI02SBCN1 BBRI01CCN2 BEXI02CCN7 ISAT01CCN1 ANTM01BCN1 ISAT01DCN1 ISAT01DCN3

13-Jan-18 10-Feb-18 1-Mar-18 15-Mar-18 15-Mar-18 1-Apr-18 5-Apr-18 24-Apr-18 8-May-18 8-May-18 4-Jun-18 5-Jun-18 27-Jun-18 30-Jun-18 5-Jul-18 9-Jul-18 11-Sep-18 16-Sep-18 16-Oct-18 2-Dec-18 8-Dec-18 11-Dec-18 11-Mar-19 16-Mar-19 5-Apr-19 9-May-19 15-Jun-19 24-Jun-19 27-Jun-19 8-Oct-19 16-Oct-19 31-Oct-19 12-Nov-19 12-Dec-19 19-Dec-19 20-Dec-19 21-Dec-19 13-Mar-20 16-Mar-20 8-May-20 23-Dec-20 24-Dec-20 4-Feb-21 19-Feb-21 12-Dec-21 14-Dec-21 12-Dec-24 8-Dec-25

10.90 9.80 8.90 8.50 8.10 9.40 10.25 10.00 9.70 11.50 9.25 8.38 9.25 9.50 9.25 10.00 9.25 9.20 10.40 10.25 10.00 10.85 9.13 10.50 9.15 8.50 8.90 12.50 8.63 11.90 9.75 9.25 10.75 10.30 9.40 9.40 8.75 9.50 10.65 10.00 10.85 12.00 9.60 9.60 10.50 9.05 10.70 11.20

1.75 idA- 103.30 1.83 idAAA 101.92 1.89 idAAA 100.08 1.93 idAA- 93.50 1.93 idA 96.62 1.97 A AA(idn) 101.60 1.98 idA- 96.50 2.03 idA 101.00 2.07 A A-(idn) 100.55 2.07 idA 100.00 2.14 idAAA 99.95 2.15 idAA- 97.02 2.21 idA 96.00 2.22 idAAA 100.90 2.23 B BB+(idn) 99.53 2.24 idA 98.70 2.41 idAAA 101.25 2.43 idAAA 100.00 2.51 idA 100.00 2.64 B B+(idn) 100.00 2.66 idAAA 100.19 2.66 idA+ 102.55 2.91 idAA+ 102.00 2.93 idA 101.00 2.98 idAAA 100.00 3.08 idAA- 96.76 3.18 idAA+ 93.57 3.20 idA 87.00 3.21 idAAA 97.65 3.49 idA- 105.55 3.51 A AA(idn) 102.24 3.55 AA(idn) 99.75 3.58 idAAA 103.10 3.67 idAAA 102.53 3.69 idAA+ 102.40 3.69 idAA- 99.50 3.69 idAA- 94.00 3.92 idAAA 101.45 3.93 idA 101.00 4.07 A A-(idn) 100.30 4.70 AA(idn) 103.60 4.70 idAA+ 109.10 4.81 idAAA 101.96 4.85 idAAA 102.00 5.67 idAAA 104.35 5.67 idA 100.75 8.67 idAAA 103.50 9.66 idAAA 100.00

1.00 5.00 2.00 50.00 1.00 30.00 9.00 77.36 2.00 2.00 1.00 9.00 1.00 10.85 5.00 21.15 5.00 80.00 2.00 10.00 1.00 5.00 5.00 46.00 4.00 1.00 4.00 40.00 2.00 8.00 1.00 10.00 8.00 80.00 2.00 38.79 1.00 28.00 1.00 47.00 2.00 224.00 4.00 16.00 1.00 0.20 7.00 2.90 2.00 60.00 2.00 4.00 2.00 10.00 1.00 1.00 1.00 14.00 4.00 20.00 1.00 14.00 4.00 24.00 2.00 24.00 2.00 10.00 17.00 149.00 2.00 1.20 1.00 0.24 1.00 10.00 1.00 10.00 1.00 100.00 1.00 0.50 1.00 0.50 2.00 60.00 6.00 60.00 4.00 20.00 1.00 91.00 3.00 15.00 2.00 9.30

8.87 8.66 8.85 12.32 - 8.51 12.26 9.45 9.40 11.49 9.27 9.92 11.31 9.05 9.48 10.65 8.67 9.20 10.40 10.25 9.92 9.75 8.35 10.10 9.15 9.72 11.33 17.90 9.48 10.01 9.00 9.33 9.72 9.48 8.63 9.56 10.73 9.06 10.34 9.91 9.88 9.58 9.09 9.08 9.50 8.88 10.09 11.20

1.57 1.65 1.72 1.74 1.79 1.77 1.80 1.84 1.80 1.92 1.93 1.97 1.99 2.00 1.95 2.15 2.16 2.15 2.28 2.30 2.29 2.55 2.49 2.60 2.65 2.70 2.53 2.77 2.79 2.91 2.96 2.93 3.03 3.09 3.09 3.09 3.24 3.17 3.27 3.67 3.62 3.79 3.82 4.25 4.39 5.63 5.81

Sources: Danareksa Estimates, BEI

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11 - 15 APR 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 [email protected] ext. 3406 Production & Database Management Melissa Hartono Eka Nuraini [email protected] ext. 3402 [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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