Declining Yields for Some Safe Haven Countries

WEEKLY REPORT

Analysts

Farid Abdurrahman

3509888 ext. 3404

farid_a@danareksa.com

Evi Fidiasari

3509888 ext. 3406

evif@danareksa.com

Please read important disclosure at the back of this report

16 - 20 JULY 2012

Country’s FCLT Rating

S & P

BB+

Moody’s

Baa3

Fitch

BBB-Key Market Indicator

BI Rate

5.75%

JCI

4,019.67

IDR

9.448

Inflation Jun-12 (%YoY)

.53%

Market Outstanding

Government Bond IDR 784,826 bn

Corporate Bond IDR 170,239 bn

Last Week Trading Volume

Government Bond IDR

27,651bn

Corporate Bond IDR

3,329 bn

Government Bond Indices

Price Index 144.40

Yield Index

6.07%

Total Return

265.69

Benchmark Yield

FR0060 5 year

5.4%

FR0061 10 year

6.03%

FR0059 15 year

6.53%

FR0058 20 year

6.81%

Declining Yields for Some Safe Haven Countries

The Indonesian government bonds market was mixed

last week. Over the week, the Danareksa Government

Bonds Yield Index edged up 1.6bps from 6.085% to

6.101%. For short-term bonds, yields increased. The

yield on the 2-year FR0026 series rose 10.7bps over

the week. In contrast, long-term yields declined. The

yield on the 10-year FR0061 series dropped 1.2bps,

for instance. Encouragingly, this shows that investor

confidence is recovering.

In Europe, meanwhile, the government bond yields of

crisis-hit countries showed an increase. This reflects

credit rating downgrades. By contrast, however, the

yields on the bonds of the developed countries not

in crisis showed a decline. This reflects the fact that

developed countries such as Germany and France are

considered as safe havens at a time when risk aversion

is increasing in neighboring European countries. For

Germany and France, the 2-year yield is already lower

than the Japanese 2-year yield (in Germany’s case the

2-year yield is even a negative 0.045%).

Minggu lalu, pasar obligasi Indonesia bergerak mixed.

Dibandingkan minggu sebelumnya, Danareksa

Government Bonds Yield Index naik tipis sebesar

1,6 basis poin dari level 6,085% menjadi 6,101%.

Kenaikan yield terjadi di obligasi bertenor pendek.

FR0026 yang bertenor 2 tahun naik 10,7 basis poin

selama minggu lalu. Sedangkan untuk tenor panjang,

yield mengalami penurunan. Sebagai contoh, FR0061

yang merupakan seri acuan bertenor 10 tahun, turun

1,2 basis poin. Kepercayaan investor sudah mulai

menunjukkan perbaikan dengan penurunan yield

tenor lebih panjang ini.

Sementara di negara-negara Eropa yang sedang

dirundung krisis, yield obligasi pemerintah

mengalami kenaikan seiring dengan penurunan

kualitas kreditnya, namun yield obligasi pemerintah

negara-negara yang maju malah semakin merendah.

Negara-negara yang maju ini, seperti Jerman dan

Perancis, dianggap tempat berlindung yang aman

ketika risk aversion meningkat di negara-negara

sekitarnya. Untuk Perancis dan Jerman, level yield

oblgisai bertenor dua tahun telah lebih rendah

daripada yield obligasi pemerintah Jepang. Bahkan

yield obligasi Jerman bertenor dua tahun kini negatif

0,045%.

0.50 1.00 1.50 2.00 2.50 3.00 30-De c-11 13-Ja n-12 27-Ja n-12 10-Fe b-12 24-Fe b-12 9-M a r-12 23-M a r-12 6-A p r-12 20-A p r-12 4-M a y -12 18-M a y-1 2 1-Ju n-12 15-Ju n-12 29-Ju n-12 13-Ju l-1 2 Germany France UK US Japan Source: Bloomberg 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 30-De c -11 13-Ja n-12 27-Ja n-12 10-Fe b-12 24-Fe b-12 9-M a r-12 23-M a r-12 6-A p r-12 20-A p r-12 4-M a y -12 18-M a y-1 2 1-Ju n-12 15-Ju n-12 29-Ju n-12 13-Ju l-1 2

Phillippines Thailand Indonesia

Exhibit 1. Selected sovereign two-year bond yields

-0.20 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1-Ja n-12 15-Ja n-12 29-Ja n-12 12-Fe b-12 26-Fe b-12 11-M a r-12 25-M a r-12 8-A p r-12 22-A p r-12 6-M a y -12 20-M a y-1 2 3-Ju n-12 17-Ju n-12 1-Ju l-12 Germany France UK US Japan Source: Bloomberg 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 1-Ja n-12 15-Ja n-12 29-Ja n-12 12-Fe b-12 26-Fe b-12 11-M a r-12 25-M a r-12 8-A p r-12 22-A p r-12 6-M a y -12 20-M a y-1 2 3-Ju n-12 17-Ju n-12 1-Ju l-12

Phillippines Thailand Indonesia

2

- Y

ear Y

ield

Y

ield slope 10 - 2 y

ears

2

- Y

ear Y

ield

Y

ield slope 10 - 2 y

ears

Exhibit 2. Selected yield slope of 10-year vs 2-year tenor

Meanwhile, the yield slope of Indonesian government

bonds has experienced a downtrend since

mid-May 2012. The yield slope of 10-year vs 2-year bond

declined from 1.711% on May 14, 2012 to 0.971%

at the end of last week. The low of short-term yield

encouraged investors to collect the longer term

bonds which still offer a higher yield.

Sementara itu, kemiringan kurva yield obligasi

pemerintah Indonesia sejak pertengahan Mei 2012,

mengalami tren penurunan. Selisih yield obligasi

pemerintah bertenor 10 dan 2 tahun turun dari

1,711% di 14 Mei 2012 menjadi 0,971% di akhir

minggu lalu. Rendahnya yield di tenor pendek,

mendorong investor untuk mengoleksi obligasi tenor

panjang yang masih menawarkan yield yang lebih

tinggi.

BOND MARKET PERFORMANCE 1 15-Jun-32 588 1 11-May-15 8 2 15-May-27 219 2 12-Jun-15 4 3 15-May-22 201 3 20-Apr-14 11 4 4-Apr-13 3 4 5-Jul-14 4 5 15-Oct-14 16 5 27-Jun-22 26 6 5-Oct-12 14 6 27-Jun-19 55 7 15-Jul-22 5 7 20-Apr-15 7 8 25-Dec-14 3 8 12-Jul-17 2 9 15-Jul-31 27 9 5-Jun-22 4 10 SPN12121102 2-Nov-12 9 10 8-Jul-13 12 SPN12121005 FR0043 VR0019 FR0054 957.20 893.50 86.50 BBTN01CN1 826.00 FR0059 FR0061 SPN12130404 FR0026 155.00 130.35 BFIN01CCN1 735.47 630.66 124.70 123.00 105.00 90.00 Maturity Weekly Frequency FIFA01BCN1 Weekly Volume (IDR bn) 438.00 200.00 166.69 Series IMFI01BCN1 TRAC03B ISAT08B ISAT08A 604.47 FIFA01CCN1 BMTR01B BEXI05B 3,506.63 1,500.00 3,952.47 Rank Maturity FR0058 Weekly Volume (IDR bn) Series Rank Weekly Frequency 6,421.80 5.50 5.75 6.00 6.25 6.50 11 -A pr 18 -A pr 25 -A pr 2-May 9-May 16 -M ay 25 -M ay 1-Jun 8-Jun 15 -J un 22 -J un 29 -J un 6-Jul 13 -J ul 5-Days Average

Government Bonds Yield Index Tended to Move Sideway Unsignificant Shift for Government Bonds

0 2 4 6 8 10 12 14 16 18 20 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 IDR trillion

Term to Maturity (year) FR Series Trade Volume (RHS) 13-Jul-12

-1 Week

Mixed Weekly Returns of the Government Fixed Rate Series

Mostly Government Series Had Positive Retun Medium Tenor Government Bonds Dominated Last week Trading

Last Week Top Gainer was FR0053 with 0.84% of Weekly Return FR0058 was the Most Actively Traded Government Bond Last Week IMFI01BCN1 was the Most Actively Traded Corporate Bonds

Sideway Movement in Government Bond with Lower Trading Volume

Government bond yield index in last week tend to move sideway in level of 6,101% or only rose 1.6 bps compared to the previous week. Government bond yield curve moved insignificant compared to the previous week. On average trading volume has decreased compared to the previous week both for government and corporate bonds, with the largest transaction volume was obtained from the benchmark series FR0058. Most of the bond series is getting a positive return in which the series FR0054 to top Gainer last week.

Indeks yield obligasi pemerintah pada minggu lalu cenderung mengalami pergerakan flat di level 6,101% hanya naik 1,6 bp dibandingkan minggu sebelumnya. Yield curve

obligasi pemerintah yang bergerak tidak signifikan dibandingkan minggu

sebelumnya. Secara rata-rata volume transaksi mengalami penurunan dibandingkan minggu sebelumnya baik obligasi pemerintah maupun korporasi, dengan volume transaksi terbesar masih diperoleh dari seri benchmark FR0058. Sebagian besar seri obligasi memang memperoleh positive return di mana seri FR0054 menjadi top gainer di minggu lalu.

Source: Danareksa Source: Danareksa

Source: Danareksa Source: Ministry of Finance

Source: IDX processed data

0 2 4 6 8 10 12 14 16 18 20

15-Jun 22-Jun 29-Jun 6-Jul 13-Jul

Corp Govt Short

Govt Mid Govt Long

Vol (IDR trillion

)

FR0060 FR0061 FR0059 FR0054 FR0058 -1% 1% 2% 0.00 5.00 10.00 15.00 20.00 25.00 30.00 Total Return Term to Maturity

BOND MARKET OUTLOOK

Consensu by Bloomberg for jobless claims reaches 365K where range of consensus is 360K - 375K

US Initial Jobless Claims (Prior : 350K; Survey : 365K) US Consumer Price Index (Prior MoM: -0.3% )

US Leading Indocators (Prior : 0.3%; Survey : -0.1%)

17-Jul-12

Survey conducted by Bloomberg shows that economists expect CPI will be 0.0% with consensus range -0.4% to 0.1%

19-Jul-12

19-Jul-12

The Conference Board's index of leading indicators posted a 0.3% gain for May Survey where consensus by Bloomberg for Jun reaches 0.1% with consensus range -0.2% to -0.2%

Relatively Lower 5-Year CDS of Indonesia A Slight Increase of BI and Foreign Ownership in Government Bond Rupiah Closed the Week at Rpx,xxxx FR0058 and FR0061 Dominated Last Week Trading

In the midst of decline in the exchange rate that occurred last week, foreign holdings of government bonds even have increased. Although no significant movement in government bond yield index but Indonesia global bond yield index experienced a slight decrease and also its 5-year CDS. On the other hand, UST also experienced a slight decline. We expect that government bond price index will continue its positive gains like in the past week due to higher foreign ownership.

A Positive Sentiment from Higher Foreign Ownership

Di tengah penurunan nilai tukar rupiah yang terjadi pada minggu lalu, kepemilikan asing pada obligasi pemerintah malah mengalami peningkatan. Meskipun yield indeks obligasi pemerintah tidak mengalami pergerakan signifikan namun untuk yield indeks obligasi global mengalami sedikit penurunan juga dengan CDS 5-tahun Indonesia. Di lain hal UST juga mengalami sedikit penurunan. Di harapkan pada minggu ini indeks harga obligasi pemerintah kembali meneruskan kenaikannya seperti pada minggu lalu seiring dengan kenaikan kepemilikan asing tersebut.

Source: Danareksa

Source: IDX processed data Source: IDX processed data

Source: Bloomberg & Ministry of Finance

55 65 75 85 200 220 240 260 280 300 320 30 -M ar 9-Ap r 16 -A pr 23 -A pr 30 -A pr 7-May 14 -M ay 23 -M ay 30 -M ay 6-Jun 13 -J un 20 -J un 27 -J un 4-Jul IDR trillion IDR trillion

BI Ownership (RHS) BI Reverse Repo (RHS)

Domestic Banks Ownership Foreign Ownership

8950 9050 9150 9250 9350 9450 9550 9650 9750 11 -A pr 18 -A pr 25 -A pr 2-May 9-May 16 -M ay 25 -M ay 1-Jun 8-Jun 15 -J un 22 -J un 29 -J un 6-Jul 13 -J ul

MA(5) of Last Price MA(15) of Last Price

350 400 450 500 550 600 650 110 130 150 170 190 210 230 250 270 11 -A pr 18 -A pr 25 -A pr 2-May 9-May 16 -M ay 25 -M ay 1-Jun 8-Jun 15 -J un 22 -J un 29 -J un 6-Jul 13 -J ul Indonesia Philipines Brazil Spain (LHS) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30

Term to Maturity (year)

13-Jul-12 -1 Week -1 Month -3 Months 0.6 1.5 1.84 2.18 2.37 2.56 2.98 3.64 4.22 4.63 4.88 5.04 5.55 6.28 6.63 6.80 6.89 6.94 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 0 5 10 15 20 25 30 Rate (%) Maturity (years)

UST YC GoI USD Yield Curve GoI IDR Yield Curve UST Yield Curve Continue to Low Relatively Heavy Trade Volume

116.65 588 6,421.80 6.72 105.56 219 3,952.47 6.41 107.25 201 3,506.63 6.01 97.08 3 1,500.00 4.12 112.50 16 957.20 5.06 99.11 14 893.50 3.90 129.75 5 826.00 6.21 99.22 3 735.47 4.09 129.50 27 630.66 6.73 98.55 9 604.47 4.90 102.75 11 570.10 4.37 104.90 6 554.40 4.97 115.50 13 482.11 6.00 104.50 17 470.00 4.99 117.20 16 461.95 2.96 133.50 6 431.00 5.86 146.09 20 421.42 6.04 97.74 10 407.05 4.74 100.00 38 400.75 -138.60 17 386.88 6.57 100.90 85 333.36 5.92 108.76 6 330.10 4.44 132.40 11 249.96 5.89 142.50 6 232.50 6.35 129.50 18 206.83 6.46 138.25 17 176.98 6.79 119.00 7 160.45 5.22 134.75 13 157.35 6.44 103.20 15 139.97 5.47 99.35 11 135.29 3.55 99.73 4 132.37 2.78 117.50 13 121.77 5.60 111.45 15 104.21 5.22 97.65 26 84.35 6.55 133.05 6 60.00 6.94 118.50 9 54.75 5.70 101.00 32 54.00 -96.50 1 50.00 4.03 117.25 10 40.43 6.49 101.40 31 29.28 5.96 132.50 8 26.95 6.89 103.30 62 23.00 5.91 100.00 1 22.89 12.38 104.01 34 22.10 -99.48 4 20.00 3.04 132.10 2 10.00 7.04 143.55 1 10.00 6.88 97.23 1 9.75 -97.76 1 9.67 4.01 112.30 1 9.20 5.18 105.75 21 6.55 -129.95 2 6.00 5.71 133.75 3 5.00 6.66 125.00 1 2.00 6.31 15-Jul-27 10.25 15-Sep-13 11.45 8.31 12-Jul-12 FR0046 15-Jul-23 9.50 7.01 12-Jul-12 FR0042 8-Feb-13 0.00 -12-Jul-12 FR0038 15-Aug-18 11.60 4.45 13-Jul-12 ORI005 15-Jul-38 10.50 -13-Jul-12 FR0020 15-Dec-13 14.28 1.30 10-Jul-12 SPN12130208 14-Sep-12 0.00 10.81 13-Jul-12 ZC0005 20-Feb-13 0.00 -13-Jul-12 FR0050 15-Jul-12 13.18

-10-Jul-12 IFR0006 15-Mar-30 10.25 9.09

11-Jul-12 SPN12120914

15-May-41 9.50

0.01

13-Jul-12 ORI008 15-Oct-14 7.95

-11-Jul-12 FR0018 15-Sep-26 8.38 11.70 13-Jul-12 SR003 23-Feb-14 8.15 -13-Jul-12 FR0057 13-Jul-12 FR0019 15-Jun-13 14.25 8.52 13-Jul-12 SR002 10-Feb-13 8.70 -10-Jul-12 FR0031 13-Jul-12 FR0056 13-Jul-12 FR0036 FR0047 FR0044 12-Jul-12 12-Jul-12 15-Sep-19 11.50 15-Aug-12 9.35 15-Sep-25 11.00 15-Nov-20 11.00 6.79 -7.69 0.87 5.08 -9.19 13-Jul-12 FR0039 15-Aug-23 11.75 13-Jul-12 FR0052 15-Aug-30 10.50 13-Jul-12 15-Sep-18 6.25 -13-Jul-12 SPN12120818 18-Aug-12 0.00 -13-Jul-12 FR0048 13-Jul-12 SPN03120920 20-Sep-12 13-Jul-12 FR0060 15-Apr-17 10.00 8.67 FR0028 15-Jul-17 10.00 3.87 12.88 4.03 10.96 13-Jul-12 FR0062 15-Apr-42 6.38 15-Sep-24 12-Jul-12 FR0030 15-May-16 15-Feb-28 13-Jul-12 FR0027 15-Jun-15 9.50 15-May-37 9.75 10.00 7.48 10.75 3.18 9.00 4.73 2.56 11-Jan-13 0.00 13-Jul-12 SR004 21-Sep-15 6.25 13-Jul-12 FR0040 13-Jul-12 ORI006 5.82 5.95 -1.08 13-Jul-12 FR0034 15-Jun-21 12.80 13-Jul-12 SPN12130111 3.59 15-Sep-13 13-Jul-12 FR0049 13-Jul-12 FR0055 0.63 13-Jul-12 FR0053 15-Jul-21 8.25 6.30 13-Jul-12 FR0033 15-Mar-13 12.50 7.95 -11-Jul-12 SPN12130606 6-Jun-13 0.00

-13-Jul-12 ORI007 15-Aug-13

0.00 12-Jul-12 FR0045 13-Jul-12 FR0043 15-Jul-22 10.25 9.00 15-Sep-16 7.38 Modified Duration 11-Jul-12 SPN12121005 5-Oct-12 0.00 6.48 2.33 13-Jul-12 FR0026 15-Oct-14 13-Jul-12 FR0054 15-Jul-31 9.50 9.59 4-Apr-13 - -11.00 1.98 -0.42 FR0059 15-May-27 7.00 9.22 11-Jul-12 VR0019 25-Dec-14 3.75 13-Jul-12 7.09 12-Jul-12 FR0023 13-Jul-12 FR0061 15-May-22 7.00 15-Dec-12 11.00 10-Jul-12 10.40 Volume (IDR billion) 8.25 Yield (%) Coupon 12-Jul-12 SPN12121102 2-Nov-12 0.00 -13-Jul-12 FR0058 Maturity 15-Jun-32

Last Trade Date Bonds Last Price Freq

SPN12130404

APPENDICES

Appendix 1. Government Bonds Trading 9 July -13 July 2012

100.19 8.00 438.00 7.92 100.02 4.00 200.00 8.49 100.02 11.00 166.69 7.34 100.05 4.00 155.00 7.72 101.75 26.00 130.35 8.61 102.00 55.00 124.70 8.24 100.02 7.00 123.00 7.64 100.00 2.00 105.00 10.50 100.03 4.00 90.00 7.89 101.85 12.00 86.50 8.69 104.75 30.00 79.49 7.98 100.05 4.00 77.00 6.85 100.00 6.00 76.00 11.85 102.55 18.00 56.00 9.20 100.00 5.00 47.00 7.00 101.87 7.00 44.10 7.01 103.09 5.00 43.50 9.46 100.00 3.00 43.00 7.90 101.01 8.00 41.00 11.25 99.75 6.00 37.00 6.42 100.25 3.00 35.00 9.19 100.22 3.00 35.00 8.94 102.66 13.00 34.55 10.96 100.03 2.00 34.00 8.39 101.00 9.00 33.00 8.50 101.95 7.00 31.05 11.28 102.45 10.00 29.00 10.00 107.00 10.00 29.00 9.45 107.50 9.00 28.00 9.08 100.00 3.00 28.00 7.85 100.36 8.00 27.50 7.17 98.88 2.00 26.00 8.49 78.03 1.00 25.64 32.25 100.00 3.00 25.00 6.50 100.00 3.00 24.00 12.85 100.90 5.00 24.00 10.27 100.85 9.00 24.00 9.08 101.70 9.00 24.00 8.17 106.10 7.00 23.00 0.00 100.14 5.00 21.50 6.29 100.00 1.00 21.00 8.75 100.00 3.00 21.00 6.50 100.02 2.00 20.00 10.45 109.80 4.00 20.00 9.20 105.00 4.00 20.00 7.39 101.57 6.00 19.50 10.14 102.00 5.00 19.00 8.85 101.70 7.00 17.00 8.65 102.70 5.00 15.20 9.98 103.45 3.00 15.00 69.63 102.47 3.00 15.00 10.01 109.20 3.00 15.00 8.98 100.85 3.00 15.00 8.46 101.40 3.00 15.00 0.00 102.15 4.00 14.00 11.28 100.06 5.00 13.50 6.60 105.85 10.00 12.50 12.75 100.65 2.00 12.00 10.80 100.85 8.00 12.00 9.53 103.36 5.00 11.55 11.42 0.61

13-Jul-12 MAIN01 6-Mar-13 11.80

0.20

12-Jul-12 WSKT02B 5-Jun-17 9.75 3.83

11-Jul-12 DNRK02 25-Sep-12 10.88

0.62

12-Jul-12 DNRK03C 20-Jun-13 13.50 0.86

13-Jul-12 ASDF01ACN1 3-Mar-13 6.60

10-Jul-12 BSEC02A 5-Jul-14 12.50 1.74

10-Jul-12 BBMISMSB1CN1 29-Jun-22

-4.38

13-Jul-12 SIISAT05 27-Jun-19 8.63 5.18

13-Jul-12 BDKI02SB 17-Jun-18 11.00

1.18

13-Jul-12 BMLK01C 13-Jan-17 10.70 3.55

13-Jul-12 SMKBSSB01 12-May-16 72.50

0.74

13-Jul-12 SIKISAT03 9-Apr-13 10.25 0.70

12-Jul-12 FIFA11B 26-Apr-13 8.80

0.93

11-Jul-12 ADHI01ACN1 3-Jul-17 9.35 3.95

12-Jul-12 SMSM02B 8-Jul-13 10.30

4.39

12-Jul-12 ANTM01ACN1 14-Dec-18 8.38 4.95

12-Jul-12 BSMT01SB 5-Jul-18 11.35

0.82

9-Jul-12 BCAF03C 23-Mar-13 10.45 0.67

13-Jul-12 IMFI01ACN1 21-May-13 6.50

0.89

10-Jul-12 WSKT02A 5-Jun-15 8.75 2.52

13-Jul-12 TAFS02A 15-Jun-13 6.30

5.09

13-Jul-12 SMKMYOR01 5-Jun-13 0.00 0.89

11-Jul-12 MYOR04 9-May-19 8.50

3.84

9-Jul-12 BBKP01SBCN1 6-Mar-19 9.25 4.90

13-Jul-12 TBLA02 5-Jul-17 10.50

0.80

9-Jul-12 DUTI05 11-Jul-12 12.85 0.01

13-Jul-12 ADMF01ACN2 14-May-13 6.50

1.40

11-Jul-12 BLTA04C 28-May-14 16.25 1.47

12-Jul-12 SANF02B 20-Jan-14 7.70

0.01

13-Jul-12 SANF02A 24-Jan-13 7.20 0.51

9-Jul-12 TAFS01A 12-Jul-12 7.85

9-Jul-12 BNLI02SB 28-Jun-18 11.00 4.39

13-Jul-12 BNII01SB 19-May-18 10.75 4.31

13-Jul-12 CLPK02 27-Nov-12 11.50

11-Jul-12 ISAT06A 9-Apr-13

0.75

13-Jul-12 SMFP03B 8-Jul-13

13-Jul-12 MEGA01 15-Jan-18 11.50 3.94

13-Jul-12

Coupon Last Trade Date

3.96 9.00 10.25 0.71 2.21 3.98 0.36 8.75 3.96

12-Jul-12 SANF02C 20-Jan-15 8.40

11.25 0.60

13-Jul-12 MEDC03 19-Jun-17

12-Jul-12 BFIN01ACN1 17-Jun-13 7.00 0.89

13-Jul-12 BEXI01BCN1

13-Jul-12 BDKI05A 4-Mar-13

9-Jul-12 SMAR01ACN1 3-Jul-17

FIFA01ACN1 25-Apr-13 6.40

9-Jul-12 BSDE01BCN1 4-Jul-17 9.25

2.02

13-Jul-12 TRAC03A 15-Jul-13 6.90

13-Jul-12 CFIN03C 8-Nov-14 10.25

0.95 6.77

13-Jul-12 BEXI05B 8-Jul-13 8.85

10-Jul-12 BBTN01CN1 5-Jun-22 7.90

0.93

3.61 3.74

12-Jul-12 BLAM02 0.31

13-Jul-12 JPFA01CN1 12-Jan-17 9.90

20-Dec-16 7.50

9.75

9-Nov-12 11.85

0.93

9-Jul-12 TRAC02A 10-Jul-12 7.90 0.00

2.43

12-Jul-12 BMTR01B 12-Jul-17 10.50 3.85

13-Jul-12 FIFA01CCN1 20-Apr-15 7.65

6.58

13-Jul-12 ISAT08A 27-Jun-19 8.63 5.19

13-Jul-12 ISAT08B 27-Jun-22 8.88

1.62

13-Jul-12 TRAC03B 5-Jul-14 7.75 1.81

13-Jul-12 FIFA01BCN1 20-Apr-14 7.35

2.48

9-Jul-12 BFIN01CCN1 12-Jun-15

12-Jul-12 IMFI01BCN1 11-May-15 8.00

Modified Duration Maturity Last

Price Freq

Volume

(IDR billion) Yield (%) Bonds

2.55 8.50

APPENDICES

105.45 3.00 11.00 8.87 101.23 5.00 10.45 10.37 102.00 8.00 10.43 10.62 107.00 10.00 10.00 13.18 101.84 4.00 10.00 12.27 101.10 2.00 10.00 8.80 108.00 2.00 10.00 7.84 111.40 2.00 10.00 7.82 100.20 1.00 10.00 7.36 100.45 2.00 10.00 7.06 89.00 9.00 9.00 13.37 103.28 2.00 9.00 9.01 106.25 4.00 8.50 13.27 100.02 2.00 8.00 9.59 107.29 2.00 7.00 8.77 101.70 7.00 7.00 8.19 103.44 1.00 6.00 8.63 100.12 1.00 6.00 8.57 115.75 2.00 6.00 8.09 100.50 2.00 6.00 7.78 100.00 4.00 5.50 11.60 112.65 3.00 5.00 9.11 100.00 2.00 5.00 7.90 102.13 2.00 5.00 7.27 100.68 1.00 5.00 7.08 100.00 1.00 5.00 6.35 100.09 1.00 5.00 0.00 105.90 3.00 4.00 9.26 104.45 2.00 4.00 9.12 105.90 2.00 4.00 8.01 104.20 1.00 4.00 7.80 110.34 2.00 4.00 7.50 103.52 3.00 4.00 7.38 100.01 1.00 4.00 7.15 105.34 3.00 3.00 13.05 100.04 1.00 3.00 11.34 100.00 1.00 3.00 10.00 101.00 1.00 3.00 9.01 108.62 3.00 3.00 9.00 100.00 2.00 3.00 9.00 102.90 2.00 2.00 9.96 103.30 2.00 2.00 8.92 8.00 BCAF01ACN1 INDF06 31-May-17 ASDF01BCN1 21-Feb-15 8-Jul-22 10.40 6.48 Modified Duration 11.00 3.27 9-Jul-12 21-Feb-17 17.00 1.48 10-Jul-12 SIKPPLN04B 6.00 10-Jul-18 0.00 10-Jul-12 BWPT01 16-Nov-15 10.68 2.77 Yield (%) 7-Jun-15 7.90

12-Jul-12 ADMF04D 29-Oct-13 9.00

2.09

13-Jul-12 BTPN03B 22-Dec-15 9.20 2.93

12-Jul-12 PPKT02 4-Dec-14 10.75

25-Aug-16

11-Jul-12 ADMF05D 27-May-15

13-Jul-12 SIKMPPA01B 14-Apr-14

PNBN03 9-Jul-12 BIIF01B 9-Jul-12 ASDF01CCN1 11-Jul-12 PNBN04SB 10-Jul-12 12-Jul-12 APLN01B 9-Jul-12 SMKBBMI01 12-Jul-12 14.10 0.87 9-Jul-12 10.00 2.46 9-Nov-17 10.50 4.04 DNRK05A 11-Jan-14 6.35 1.36 2.56 1.20 4.06 0.80 7.25 8.60 3.74 2.32 14-May-13 9.60 2.57

13-Jul-12 BTEL01 4-Sep-12 11.90 0.14

11-Jul-12 12-Jul-12

0.44

6-Jul-15 25-Jun-13

12-Jul-12 SMFP01ACN1 26-Dec-12

SIKSMRA01

11-Jul-12 PPGD01BCN2

TLKM02A

9.05 6.40

10-Jul-12 ISAT05B 29-May-17 10.65 3.82

JPFA01CN2 1-Feb-17

12.50 0.41

9-Jul-12 SANF01B 25-Jan-13 8.90 0.52

7.38

12-Jul-12 MAPI01A 16-Dec-12

14-Feb-15

10-Jul-12 ANTM01BCN1 14-Dec-21

9-Apr-18 11.60 4.15 10-Jul-12 7.25 2.32 9.90 9.40 3.59 10-Jul-12 4.15

12-Jul-12 SMRA02 25-Jun-13 14.10 0.87

12-Jul-12 NISP02 11-Mar-18 11.10

4.70

12-Jul-12 RMBA01 27-Nov-12 10.50 0.36

12-Jul-12 BNII01SBCN1 6-Dec-18 10.00

Last Trade Date Bonds Maturity Last Coupon Price Freq Volume (IDR billion) 7.15 10.00 0.92

12-Jul-12 MYOR03 5-Jun-13 13.75 0.82

13-Jul-12 IMAT01A 29-Jun-13

11.35

3.96

10-Jul-12 ASDF12C 25-Feb-14 9.70 1.48

13-Jul-12 BEXI05D 8-Jul-17

9.00

3.75

9-Jul-12 BVIC03 27-Jun-17 10.00 3.86

9-Jul-12 NISP03SB 30-Jun-17

9.10

0.01

12-Jul-12 BFIN04B 8-Jul-13 10.25 0.93

9-Jul-12 BFIN04A 12-Jul-12

0.93

12-Jul-12 SIKMAPI01B 16-Dec-14 13.00 2.07

10-Jul-12 TRAC02B 5-Jul-13

10.20 2.55

13-Jul-12 TRAC02C 5-Jul-15

Source: Danareksa, BEI

Debt Research (62 21) 350 9888 Fax No. (62 21) 350 1709

Head of Debt Research

Yudistira Slamet yudistiras@danareksa.com

Analysts Market Analust

Evi Fidiasari Amir A. Dalimunthe

evif@danareksa.com amirda@danareksa.com

Farid Abdurrahman Production

farid_a@danareksa.com Eka Nuraini

ekan@danareksa.com

Debt Capital Market Div. (62 21) 350 9888 Fax No. (62 21) 350 1724 / 25

Head of Debt Capital Market

Budi Susanto

budisusanto@danareksa.com

Debt Sales & Brokerage Debt Trading & Investment

Annie Djatmiko Romi Mulyadi

annie@danareksa.com romi@danareksa.com

Rina Rimawati D Product & Retail

rina@danareksa.com Setyo H. Purnomo

setyohp@danareksa.com Agung Suprihanto agungs@danareksa.com Putrika Mayadipta putrikam@danareksa.com Fian Pusparini fianp@danareksa.com ext. 3212 ext. 3404 ext. 3200 ext. 3406 ext. 3400

Debt Capital Market Division

(62 21) 3501088 DISCLAIMER ext. 3407 ext. 3226 ext. 3213 ext. 3223 ext. 3222 ext. 3224 ext. 3215 RESEARCH TEAM ext. 3405

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