Fixed Income Daily Report

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Fixed Income Daily Report

Analisa Perdagangan Obligasi (Kamis, 12/8)

Harga obligasi berdenominasi Rupiah melemah terbatas pada

perdagangan kemarin. Hampir semua tenor SUN mengalami

kenaikan pada kisaran 1 - 6 bp di sepanjang kurva, dimana yield

SUN bertenor 10 tahun naik tipis 1 bp ke level 6,32%. Berbeda

dengan obligasi berdenominasi Rupiah, yield obligasi Pemerintah

berdenominasi USD bergerak turun pada perdagangan kemarin,

dimana yield INDON-26, INDON-31, dan INDON-51 masing

– masing ditutup di level 1,33% (-2 bp), 2,19% (-2 bp), dan 3,15%

(-4 bp). Nilai tukar Rupiah ditutup di level IDR14.383/USD

kemarin, relatif tidak mengalami perubahan dari posisi

penutupan hari sebelumnya.

Volume transaksi SBN secara outright tercatat sebesar IDR13,9

triliun kemarin, meningkat dari volume transaksi hari Selasa yang

sebesar IDR11,8 triliun, namun masih lebih rendah dibandingkan

dengan rata-rata volume transaksi harian secara year-to-date

yang sebesar IDR20,9 triliun. FR0087 dan PBS002 menjadi dua

seri teraktif di pasar sekunder, dengan volume transaksi masing -

masing sebesar IDR1,5 triliun dan IDR1,4 triliun. Sementara itu,

volume transaksi obligasi korporasi secara outright tercatat

sebesar IDR753,2 miliar kemarin.

Perkiraan Pasar dan Rekomendasi (Jumat, 13/8)

Yield obligasi di pasar surat utang Indonesia diperkirakan akan

bergerak dalam rentang yang terbatas pada perdagangan hari

terakhir pekan ini. Pelaku pasar global masih terus mengevaluasi

kemungkinan pengurangan stimulus Bank Sentral AS dalam

beberapa bulan kedepan di tengah membaiknya data – data

ekonomi AS. Data initial jobless claims AS pekan lalu tercatat

sebesar 375.000, sejalan dengan perkiraan konsensus pasar,

serta turun dari pekan sebelumnya yang mencapai 387.000.

Sementara itu, angka inflasi produsen AS tercatat sebesar 1,0%

MoM di bulan Juli, diatas ekspektasi konsensus yang sebesar

0,6% MoM. Bursa saham AS melanjutkan penguatannya pada

perdagangan semalam, dimana indeks saham Dow Jones, S&P

500, dan Nasdaq masing – masing naik +0,04%, +0,30%, dan

+0,35%. Sementara itu, yield obligasi Pemerintah AS bertenor 10

tahun naik 3 bp ke level 1,36%. Berlanjutnya kenaikan yield

obligasi US Treasury diperkirakan akan membatasi peluang

penurunan yield di pasar surat utang Indonesia dalam waktu

dekat. Namun demikian, disisi lain, potensi kenaikan yield surat

utang domestik juga akan dibatasi oleh likuiditas investor yang

masih cukup besar serta masih tingginya minat investor asing

terhadap pasar domestik, yang tercermin dari tren penurunan

CDS Indonesia dalam beberapa hari terakhir. Potensi pergerakan

yield yang cenderung terbatas pada perdagangan hari terakhir

pekan ini diperkirakan juga akan didukung oleh kemungkinan

investor yang belum terlalu agresif di pasar sekunder menjelang

lelang SUN hari Rabu pekan depan.

Ditengah potensi pergerakan yield yang cenderung terbatas

dalam waktu dekat, maka strategi trading jangka pendek masih

akan menjadi pilihan yang menarik bagi investor. SUN seri

Daily Market Report

Bond Market Activity

Last Price

(%)

Most Active Government Bonds

FR0087

9.51

101.30

6.32 1520.28

PBS002

0.42

100.99

3.01 1400.00

FR0080

13.84

104.50

6.99 1250.19

FR0091

10.68

100.20

6.35 1159.88

FR0063

1.75

102.85

3.92

765.00 Most Active Corporate Bonds

PPGD04ACN3

0.13

100.35

2.62

380.0 WOMF03CCN2

0.79

103.05

5.89

103.8 TBIG04ACN1

0.10

100.32

2.61

100.0 MFIN03BCN2

0.89

100.02

10.47

67.0 EXCL01BCN2

0.49

101.90

4.67

32.0 Indonesia Macroeconomic Data

Jul-21

Jun-21

May-21

Apr-21

CPI MoM (%)

0.08 -0.16

0.32

0.13 CPI YoY (%)

1.52

1.33

1.68

1.42 7-day RR (%)

3.50

3.50 Foreign Reserve

(US$ Bn)

Foreign Exchange Rate

12-Aug

(-1 day)

(-1 week)

(-1 month)

USD/IDR

14,383

14,343

14,483

EUR/USD

1.173

1.174

1.183

1.181 GBP/USD

1.381

1.387

1.393

1.383 AUD/USD

0.734

0.737

0.741

0.742 USD/JPY

110.410

110.430

109.770

109.830 USD/SGD

1.358

1.356

1.351

1.354 USD/THB

33.066

33.160

33.257

32.682 USD/MYR

4.232

4.240

4.217

4.203 USD/CNY

6.480

6.462

6.461 Government Auction Schedule

Date

Benchmark Government Bond Yields

18-Aug-21

SPN

3-mo, 12-mo

ON

5yr,10yr, 15yr, 20yr,30yr

137.10 Series

Maturities

137.30

136.40

138.80 24-Aug-21

SPNS

6-mo

PBS

2yr, 4yr, 13yr, 17yr, 25yr

12-Aug-21

TTM

(Year)

Last Yield

(%)

Volume

(IDR bn)

5.0 5.5 6.0 6.5 7.0 7.5 8.0 1/ 2 02 1 1/ 2 02 1 1/ 2 02 1 0/ 2 02 1 0/ 2 02 1 /2 /2 0 21 2/ 2 02 1 2/ 2 02 1 /1 /2 0 21 1/ 2 02 1 1/ 2 02 1 /1 /2 0 21 1/ 2 02 1 1/ 2 02 1 1/ 2 02 1 0/ 2 02 1 0/ 2 02 1 0/ 2 02 1 0/ 2 02 1 0/ 2 02 1 0/ 2 02 1 /9 /2 0 21 (% ) 5.17 6.32 6.34 7.06

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Berita Pasar Surat Utang Indonesia

Pemerintah berencana melakukan lelang SUN pada hari Rabu, 18 Agustus 2021 dengan target indikatif sebesar

IDR33,0 triliun. Dalam lelang pekan depan, Pemerintah menawarkan tujuh seri SUN yaitu SPN03211118, SPN12220819,

FR0090, FR0091, FR0088, FR0092, dan FR0089. Minat investor terhadap lelang pekan depan diperkirakan masih akan

cukup besar seiring tingginya likuiditas investor. Ditengah potensi permintaan investor yang cukup besar, Pemerintah

diperkirakan akan mampu menerbitkan SUN sesuai dengan target indikatifnya. Sejak awal tahun, Pemerintah telah

berhasil menerbitkan SUN senilai IDR477,4 triliun melalui lelang SUN dan lelang SUN tambahan (greenshoe option).

PT Tower Bersama Infrastructure Tbk menawarkan kupon sebesar 4,25% untuk penerbitan Obligasi Berkelanjutan V

Tower Bersama Infrastructure Tahap I Tahun 2021 senilai total IDR1,2 triliun. Obligasi tersebut akan diterbitkan

dengan tenor 370 hari. Penerbitan tersebut merupakan bagian dari penawaran Obligasi Berkelanjutan V dengan target

penerbitan sebesar IDR15,0 triliun. Lembaga pemeringkat Fitch Ratings Indonesia telah menetapkan peringkat AA+(idn)

pada obligasi tersebut. Masa penawaran umum akan dilaksanakan hingga tanggal 13 Agustus 2021, sementara

distribusi elektronik dan pencatatan di BEI akan dilakukan masing-masing pada tanggal 19 dan 20 Agustus 2021.

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Government Bonds Valuation

Closing Price Data : Aug 12, 2021

Series Maturity Coupon Last Price YTM Yield Curve Price Model Valuation

FR0061 15-May-22 7.000% 102.84 3.11% 2.99% 102.98 Fair FR0035 15-Jun-22 12.900% 108.18 2.95% 3.08% 108.08 Fair FR0043 15-Jul-22 10.250% 106.42 3.07% 3.17% 106.40 Fair FR0063 15-May-23 5.625% 102.79 3.95% 3.90% 102.90 Fair FR0046 15-Jul-23 9.500% 109.75 4.14% 4.01% 110.06 Fair FR0039 15-Aug-23 11.750% 114.40 4.16% 4.07% 114.67 Fair FR0070 15-Mar-24 8.375% 109.60 4.40% 4.42% 109.59 Fair FR0077 15-May-24 8.125% 109.53 4.40% 4.50% 109.29 Fair FR0044 15-Sep-24 10.000% 114.96 4.72% 4.66% 115.19 Fair FR0081 15-Jun-25 6.500% 105.39 4.94% 4.97% 105.27 Fair FR0040 15-Sep-25 11.000% 121.82 5.02% 5.07% 121.67 Fair FR0084 15-Feb-26 7.250% 108.10 5.21% 5.21% 108.11 Fair FR0086 15-Jun-26 5.500% 101.32 5.18% 5.31% 100.78 Expensive FR0037 15-Sep-26 12.000% 129.16 5.37% 5.39% 129.08 Fair FR0056 15-Sep-26 8.375% 113.31 5.35% 5.39% 113.13 Fair FR0090 15-Apr-27 5.125% 99.21 5.29% 5.55% 97.93 Expensive FR0059 15-May-27 7.000% 107.24 5.51% 5.57% 106.93 Fair FR0042 15-Jul-27 10.250% 122.83 5.66% 5.62% 123.06 Fair FR0047 15-Feb-28 10.000% 121.50 5.96% 5.77% 122.71 Cheap FR0064 15-May-28 6.125% 101.32 5.88% 5.82% 101.65 Fair FR0071 15-Mar-29 9.000% 117.15 6.14% 6.01% 118.03 Cheap FR0078 15-May-29 8.250% 112.94 6.13% 6.04% 113.51 Fair FR0052 15-Aug-30 10.500% 127.92 6.37% 6.28% 128.72 Cheap FR0082 15-Sep-30 7.000% 104.73 6.31% 6.29% 104.84 Fair FR0087 15-Feb-31 6.500% 101.25 6.32% 6.36% 100.97 Fair FR0085 15-Apr-31 7.750% 109.53 6.41% 6.39% 109.70 Fair FR0073 15-May-31 8.750% 117.26 6.35% 6.40% 116.83 Fair FR0054 15-Jul-31 9.500% 121.93 6.47% 6.43% 122.28 Fair FR0091 15-Apr-32 6.375% 100.31 6.33% 6.54% 98.75 Expensive FR0058 15-Jun-32 8.250% 112.39 6.63% 6.56% 112.94 Fair FR0074 15-Aug-32 7.500% 106.94 6.60% 6.58% 107.10 Fair FR0065 15-May-33 6.625% 100.00 6.62% 6.68% 99.56 Fair FR0068 15-Mar-34 8.375% 112.67 6.86% 6.77% 113.44 Cheap FR0080 15-Jun-35 7.500% 104.76 6.96% 6.89% 105.39 Fair FR0072 15-May-36 8.250% 111.07 7.03% 6.96% 111.78 Cheap FR0088 15-Jun-36 6.250% 99.12 6.34% 6.96% 93.44 Expensive FR0045 15-May-37 9.750% 123.50 7.23% 7.02% 125.74 Cheap FR0075 15-May-38 7.500% 104.24 7.06% 7.07% 104.16 Fair FR0050 15-Jul-38 10.500% 131.52 7.24% 7.08% 133.44 Cheap FR0079 15-Apr-39 8.375% 112.98 7.08% 7.11% 112.65 Fair FR0083 15-Apr-40 7.500% 104.46 7.07% 7.13% 103.75 Expensive FR0057 15-May-41 9.500% 123.25 7.26% 7.15% 124.65 Cheap FR0062 15-Apr-42 6.375% 91.50 7.17% 7.16% 91.63 Fair FR0092 15-Jun-42 7.125% 101.99 6.94% 7.16% 99.65 Expensive FR0067 15-Feb-44 8.750% 116.00 7.29% 7.15% 117.81 Cheap FR0076 15-May-48 7.375% 103.10 7.11% 7.05% 103.92 Cheap FR0089 15-Aug-51 6.875% 100.22 6.86% 6.92% 99.49 Expensive 3.00 4.00 5.00 6.00 7.00 8.00 (% ) Yield Curve YTM

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4

Price (%) Yield (%) Price (%) Yield (%) Price (%) Yield (%)

INDO-22 3.700 8-Jan-22 0.41 101.34 0.29 101.35 0.29 101.40 0.30 INDO-22 3.750 25-Apr-22 0.70 102.34 0.35 102.35 0.38 102.47 0.27 INDO-23 2.950 11-Jan-23 1.41 103.53 0.43 103.55 0.43 103.60 0.41 INDO-23 3.375 15-Apr-23 1.67 104.74 0.51 104.76 0.51 104.89 0.46 INDO-23 5.375 17-Oct-23 2.18 110.41 0.54 110.37 0.58 110.55 0.52 INDO-24 5.875 15-Jan-24 2.42 112.49 0.65 112.46 0.68 112.66 0.62 INDO-24 4.450 11-Feb-24 2.50 109.36 0.65 109.36 0.66 109.50 0.62 INDO-25 4.125 15-Jan-25 3.43 110.42 1.01 110.41 1.02 110.58 0.99 INDO-26 4.750 8-Jan-26 4.41 114.56 1.33 114.50 1.35 114.71 1.31 INDO-27 4.350 8-Jan-27 5.41 113.69 1.69 113.60 1.70 113.91 1.65 INDO-27 3.850 18-Jul-27 5.93 111.73 1.76 111.69 1.77 112.02 1.71 INDO-28 3.500 11-Jan-28 6.42 110.01 1.84 109.95 1.85 110.30 1.80 INDO-28 4.100 24-Apr-28 6.70 113.72 1.91 113.66 1.92 114.04 1.86 INDO-29 4.750 11-Feb-29 7.50 118.10 2.12 117.96 2.14 118.23 2.11 INDO-29 3.400 18-Sep-29 8.10 109.17 2.16 109.16 2.16 109.68 2.10 INDO-30 2.850 14-Feb-30 8.51 104.72 2.24 104.66 2.25 105.17 2.18 INDO-30 3.850 15-Oct-30 9.18 112.78 2.30 112.58 2.32 112.92 2.28 INDO-31 1.850 12-Mar-31 9.58 97.06 2.19 96.90 2.21 97.80 2.11 INDO-37 6.625 17-Feb-37 15.53 139.34 3.35 139.00 3.38 140.41 3.28 INDO-38 7.750 17-Jan-38 16.44 152.17 3.54 151.82 3.56 153.40 3.46 INDO-42 5.250 17-Jan-42 20.44 125.16 3.51 124.87 3.53 126.46 3.44 INDO-43 4.625 15-Apr-43 21.68 117.45 3.47 117.01 3.50 118.74 3.40 INDO-45 5.125 15-Jan-45 23.44 124.80 3.56 124.43 3.58 126.06 3.49 INDO-47 5.250 8-Jan-47 25.42 128.58 3.54 128.22 3.55 129.91 3.47 INDO-47 4.750 18-Jul-47 25.95 120.37 3.54 119.93 3.57 121.75 3.47 INDO-48 4.350 11-Jan-48 26.43 114.42 3.51 114.01 3.53 115.98 3.43 INDO-49 5.350 11-Feb-49 27.52 130.59 3.59 129.90 3.62 132.21 3.51 INDO-49 3.700 30-Oct-49 28.23 105.05 3.42 104.40 3.46 106.28 3.35 INDO-50 4.200 15-Oct-50 29.19 113.87 3.44 113.30 3.47 115.22 3.38 INDO-51 3.050 12-Mar-51 29.60 98.07 3.15 97.38 3.19 99.63 3.07 INDO-70 4.450 15-Apr-70 48.70 118.23 3.65 117.72 3.67 120.33 3.57 INDO-71 3.350 12-Mar-71 49.61 96.43 3.50 95.97 3.52 98.61 3.41 INDOIS-21 4.050 15-Nov-21 0.26 100.95 0.22 100.98 0.21 101.02 0.22 INDOIS-22 4.000 11-Jan-22 0.41 101.50 0.26 101.53 0.26 101.57 0.26 INDOIS-22 3.400 29-Mar-22 0.62 101.75 0.57 101.74 0.61 101.89 0.43 INDOIS-22 3.300 21-Nov-22 1.27 103.33 0.65 103.31 0.68 103.37 0.66 INDOIS-23 3.750 1-Mar-23 1.55 104.82 0.61 104.81 0.63 104.99 0.54 INDOIS-24 3.900 20-Aug-24 3.02 108.69 0.96 108.69 0.97 108.89 0.92 INDOIS-24 4.350 10-Sep-24 3.08 110.20 0.97 110.14 1.00 110.24 0.98 INDOIS-25 4.325 28-May-25 3.79 111.50 1.21 111.48 1.22 111.76 1.16 INDOIS-25 2.300 23-Jun-25 3.86 104.00 1.23 103.97 1.24 104.14 1.20 INDOIS-26 4.550 29-Mar-26 4.63 113.44 1.53 113.51 1.52 113.78 1.47 INDOIS-27 4.150 29-Mar-27 5.63 112.22 1.85 112.19 1.86 112.53 1.80 INDOIS-28 4.400 1-Mar-28 6.55 114.70 1.99 114.65 2.00 115.06 1.94 INDOIS-29 4.450 20-Feb-29 7.53 115.42 2.21 115.41 2.22 115.64 2.19 INDOIS-30 2.800 23-Jun-30 8.87 103.64 2.34 103.53 2.36 103.78 2.33 INDOIS-50 3.800 23-Jun-50 28.88 104.68 3.54 104.52 3.55 105.74 3.48 PERTIJ-22 4.875 3-May-22 0.72 102.95 0.73 102.96 0.76 103.02 0.74 PERTIJ-23 4.300 20-May-23 1.77 106.01 0.85 106.02 0.86 106.11 0.84 PERTIJ-29 3.650 30-Jul-29 7.97 108.11 2.52 107.92 2.55 107.85 2.56 PERTIJ-30 3.100 21-Jan-30 8.45 103.85 2.59 103.74 2.60 103.32 2.66 PERTIJ-30 3.100 27-Aug-30 9.04 103.81 2.62 103.72 2.63 103.74 2.63 PERTIJ-42 6.000 3-May-42 20.73 123.59 4.27 123.71 4.27 124.15 4.24 PERTIJ-50 4.175 21-Jan-50 28.46 104.30 3.92 103.46 3.97 103.82 3.95 PERTIJ-60 4.150 25-Feb-60 38.56 102.31 4.03 101.33 4.08 101.21 4.09 PLNIJ-27 4.125 15-May-27 5.76 109.02 2.43 108.99 2.44 108.49 2.53 PLNIJ-28 5.450 21-May-28 6.78 116.21 2.80 116.33 2.79 116.67 2.74 PLNIJ-29 5.375 25-Jan-29 7.46 116.98 2.83 116.96 2.83 116.96 2.84 PLNIJ-29 3.875 17-Jul-29 7.93 106.79 2.91 106.86 2.90 106.85 2.90 PLNIJ-30 3.375 5-Feb-30 8.49 103.61 2.89 103.70 2.88 103.55 2.90 PLNIJ-30 3.000 30-Jun-30 8.88 100.56 2.93 100.67 2.91 100.04 2.99 PLNIJ-37 7.875 29-Jun-37 15.89 141.25 4.27 141.41 4.26 141.63 4.25 PLNIJ-42 5.250 24-Oct-42 21.21 113.62 4.27 113.06 4.30 112.78 4.32 PLNIJ-47 5.250 15-May-47 25.77 113.33 4.38 113.36 4.38 113.59 4.37 PLNIJ-49 4.875 17-Jul-49 27.95 109.38 4.29 109.05 4.31 109.21 4.31 PLNIJ-50 4.000 30-Jun-50 28.90 99.48 4.03 98.65 4.08 99.40 4.04 INALUM-25 4.750 15-May-25 3.76 109.52 2.10 109.45 2.12 109.69 2.06 INALUM-30 5.450 15-May-30 8.76 116.39 3.28 116.49 3.27 116.70 3.25 PGASIJ-24 5.125 16-May-24 2.76 110.34 1.28 110.38 1.28 110.59 1.23 HAKAIJ-30 3.750 11-May-30 8.75 108.45 2.66 108.47 2.66 108.55 2.65 BBRIIJ-23 4.625 20-Jul-23 1.93 107.26 0.82 107.62 0.66 106.71 1.13 BBRIIJ-24 3.950 28-Mar-24 2.62 106.57 1.38 106.60 1.38 106.89 1.28 BBTNIJ-25 4.200 23-Jan-25 3.45 102.41 3.45 102.45 3.44 102.39 3.46 BMRIIJ-24 3.750 11-Apr-24 2.66 106.19 1.37 106.22 1.36 106.15 1.40 BMRIIJ-25 4.750 13-May-25 3.75 111.40 1.60 111.46 1.59 111.11 1.69 PELINDOII-25 4.250 5-May-25 3.73 109.45 1.62 109.24 1.68 109.16 1.71

Indonesia USD Denominated Bonds

Maturity 12-Aug-21 Previous Day Previous Week

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Indonesia Government Bonds Yield

Indonesia & US Treasury Yield Comparison

Maturities (Year)

12-Aug

(-1 day)

(-1 week)

(-1 month)

Global Bonds

12-Aug

1

3.03

2.97

3.06

3.45 12-Aug

(-1 day)

(-1 week) (- 1 month)

2

4.11

4.14 Fed Fund Rate & US Bond Yield

3

4.72

4.65

4.67

4.47 Fed Fund Rate

0.25

4

4.94

4.91

4.85

4.97 2-Year

0.22

0.20

0.23

5

5.17

5.15

5.10

5.32 5-Year

0.83

0.81

0.73

0.78

6

5.52

5.50

5.44

5.60 10-Year

1.36

1.33

1.22

1.30

7

5.88

5.86

5.80

6.00 30-Year

2.00

1.86

1.92

8

6.13

6.11

6.07

6.18 10-Year Government Bond Yield (LCY)

9

6.38

6.36

6.50 Germany

-0.46

-0.47

-0.50

-0.34

10

6.32

6.31

6.25

6.37 UK

0.60

0.57

0.52

0.66

15

6.34

6.33

6.29

6.35 France

-0.13

-0.16

0.00

20

7.06

7.05

7.00

7.09 Italy

0.54

0.57

0.53

0.72

30

6.86

6.85

6.87 Greece

0.53

0.54

0.53

0.69 Spain

0.22

0.24

0.20

0.31 CDS, VIX Index, IDMA Index

Japan

0.02

0.03

0.00

0.01 12-Aug

(-1 day)

(-1 week)

(-1 month)

China

2.87

3.16

2.81

2.95 5-year Indo CDS

75.29

77.21

79.69

77.63 Malaysia

3.21

3.25

3.18

3.22 VIX Index

15.59

16.06

17.28

17.01 Thailand

1.54

1.44

1.63 IDMA Index

99.57

99.65

99.95

99.29 Singapore

1.45

1.47

1.32

1.45

2.00 3.00 4.00 5.00 6.00 7.00 8.00 1 2 3 4 5 6 7 8 9 10 15 20 30 ( Yi el d % ) Maturities (Year)

12-Aug (-1 day) (-1 week) (-1 month)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 (% ) (% )

10-year Indo Gov't Yield Yield Spread 10-year UST Yield (RHS)

Government Securities Ownership As of August 9, 2021 (IDR Trillion)

Holders Dec-19 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 4-Aug-21 5-Aug-21 6-Aug-21 9-Aug-21

Banks 581.37 1375.57 1507.76 1513.09 1573.13 1526.94 1528.57 1391.98 1368.45 1396.51 1413.90 1445.13 1465.56

Bank Indonesia 262.49 454.36 378.09 447.95 442.68 541.78 504.35 677.95 689.52 658.69 663.48 630.48 609.48

Mutual Fund 130.86 161.33 166.17 164.80 163.10 161.69 128.61 135.40 136.21 137.08 137.41 138.30 138.96

Insurance & Pension Fund 471.67 542.82 557.70 571.34 585.19 599.87 607.35 610.06 625.30 625.03 628.00 627.53 627.79

Foreign Investor 1061.86 973.91 987.32 971.40 951.41 964.60 957.46 977.31 965.78 968.54 976.41 977.63 977.21

Individual 81.18 131.24 139.23 167.57 189.33 190.41 193.77 192.21 198.88 198.38 198.40 198.44 198.53

Others 163.32 231.54 235.74 243.39 250.75 256.76 287.23 297.71 303.01 302.92 303.55 303.64 303.63

Total 2,752.74 3,870.76 3,972.00 4,079.55 4,155.60 4,242.05 4,207.34 4,282.62 4,287.16 4,287.16 4,321.16 4,321.16 4,321.16

Year-to-date Investors' Net Buy/Sell In Government Securities (IDR Trillion)

Holders Dec-19 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 4-Aug-21 5-Aug-21 6-Aug-21 9-Aug-21

Banks 94.59 794.20 132.19 137.52 197.57 151.37 153.01 16.41 -7.11 20.95 38.33 69.56 89.99

Bank Indonesia 14.54 191.87 -76.27 -6.41 -11.68 87.42 49.99 223.59 235.16 204.33 209.12 176.12 155.12

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DEBT RESEARCH TEAM

Research Division

: +62 21 25543946

Fax No

: +62 21 57935828

E-mail

: [email protected]

Ariawan

ext. 2098

[email protected]

Head of Fixed Income Research

Ahmad Hapiz

ext. 3987

[email protected]

Fixed Income Analyst

DEBT CAPITAL MARKET TEAM

Fixed Income Division : +62 21 25543946

Fax No

: +62 21 57936934

E-mail

: [email protected]

Anung R. Hascaryo

ext. 3902

[email protected]

Head of Debt Capital Market

Agus Aslichan

ext. 3952

[email protected]

Fixed Income Sales

Meili Anggraini

ext. 3989

[email protected] Fixed Income Sales

Nur Amalia

ext. 3911

[email protected]

Fixed Income Sales

Sentiaji Nugroho

ext. 3952

[email protected] Fixed Income Sales

Prama Dithya N.

ext. 2114

[email protected]

Fixed Income Sales

Shendy Aditya H.

ext. 2020

[email protected]

Fixed Income Sales

(7)

MAIN OFFICE - JAKARTA

PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia

Phone: (62-21) 25543946 (Hunting) Fax: (62-21) 57935831 e-mail: [email protected] (General)

Website: http://www.bnisekuritas.co.id

DISCLAIMER

This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.

Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini

JAKARTA - Mangga Dua

Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara Phone: (62-21) 6123804-5,62203890

Fax: (62-21) 6123806 e-mail: [email protected]

JAKARTA - Puri Indah

Komplek Ruko Sentra Niaga Puri Indah Blok T1 No.11-12 Kembangan Selatan Jakarta 11610

Phone: (62-21) 58357464 Fax: (62-21) 58357465 e-mail: [email protected]

JAKARTA - Central Park

Central Park, APL Tower Podomoro City

Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan Phone: (62-21) 29034215

Fax: (62-21) 29034216 email: [email protected]

JAKARTA – Wisma Bumiputera

Wisma Bumiputera Lt. 6 Jl. Jend. Sudirman Kav. 75 Jakarta 12910

Phone: (62-21) 2523349 Fax: (62-21) 2523350 e-mail: [email protected] BANDUNG Jl. Perintis Kemerdekaan 3 Bandung - 40117 Phone: (62-22) 4213375 Fax: (62-22) 4220604 e-mail: [email protected] YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032

SOLO

Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525

SURABAYA

Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912

MALANG

Jl. Buring No. 58, Malang Phone: (62-341) 321214,321213,321430

Fax: (62-341) 356876 e-mail: [email protected]

DENPASAR

Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2 Jl. Diponegoro No. 100, Denpasar - Bali

Phone: (62-361) 264376, 2753389 Fax: (62-361) 229170 e-mail: [email protected]

MEDAN

Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616

PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969

PEKANBARU

Jl. Riau No. 124, BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698

Fax: (62-761) 856279 e-mail: [email protected]

MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado

Phone: (62-431) 847256 Fax: (62-24) 847256 e-mail: [email protected]

ACEH

Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh

Phone: (62-651) 31109 Fax: (62-651) 31107

BANJARMASIN

Gd. Bank BNI Antasari Lt. 2

Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin Phone: (62-511) 3253735