Positive Growth for Indonesia s Bonds Market: With or Without You (QE Tapering)

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Analysts Amir A. Dalimunthe (62 21) 29 555 777 ext. 3405 [email protected] Rifki Rizal (62 21) 29 555 777 ext. 3404 [email protected]

26 MARCH 2014

Positive Growth for Indonesia’s Bonds Market:

With or Without You (QE Tapering)

Indonesia FCLT Rating

S & P BB+ Moody’s Baa3

Fitch

BBB-Key Market Indicator as of 25-Mar-14 BI Rate 7.50%

JCI 4,703

IDR 11.394

Inflation (y-o-y)-Feb-14 7.75% Domestic Bonds Outstanding

Gov’t Bonds as of 21-Mar-14 IDR 1,072.2 bn Corp Bonds as of Feb-14 IDR 219.16 bn Previous Week Trading Volume

Government Bonds IDR 62.80 tn Corporate Bonds IDR 3.38 tn

Benchmark Yield as of 25-Mar-14 FR0069 (5 year) 7.689% FR0070 (10 year) 8.185% FR0071 (15 year) 8.496% FR0068 (20 year) 8.65% Source : Bloomberg, Mid YTM

Government Bond Indices as of 25-Mar-14 Price Index (Bloomberg : DGBIIDPR) 123.19 Yield Index (Bloomberg : DGBIIDYD) 8.20% TR Index (Bloomberg : DGBIIDTR) 383.71 Calendar of Event

27-Mar-14 US Initial

(Survey : 325K Prior : 320K) 28-Mar-14

Germany CPI YoY (Survey : 1.1%; Prior : 1.2%) 1-Apr-14

Indonesia CPI YoY (Survey : NA; Prior : 7.75%)

Yield US Treasury 10-tahun meningkat

Yield US Treasury 10-tahun per 21 Maret 2014 tercatat 2,75%, atau meningkat 10bps dari penutupan seminggu sebelumnya. Salah satu penyebab peningkatan yield tersebut adalah rencana Janet Yellen, Ketua Federal Reserve, untuk meningkatkan interest rate (Fed Funds Rate) setelah program pembelian obligasi Fed berakhir. The Fed akan mengurangi pembelian obligasi sebesar US$10 miliar menjadi US$55 miliar untuk April 2014 dan akan mempertimbangkan untuk melakukan pengurangan di setiap FOMC meeting. The Fed juga menyatakan tidak akan meningkatkan Fed Funds Rate jika unemployment rate masih di atas 6,5% dan outlook inflasi di bawah 2,5%. Saat ini, US unemployment rate per Februari 2014 tercatat sebesar 6,7%, sementara inflasi YoY sebesar 1,1%. Rising 10-year UST yields

As of March 21, yields on the 10-year US Treasury stood at 2.75%, up 10bps over the previous week. The increase in yields last week came on the back of the statement by Janet Yellen, the Federal Reserve chairman, that the Fed would raise its reference rate (Fed Funds Rate) after the bonds purchase program ends. The Fed reduced bond purchases by US$ 10 billion to US$55 billion in April 2014 and will also consider reducing bond purchases at each FOMC meeting in the future. However, the Fed also said that they would not raise interest rates if the unemployment rate was still above 6.5% and inflation remained below 2.5%. Currently, the US unemployment rate stands at 6.7%, with year-on-year inflation still low at 1.1%.

Exhibit 1. Yield on US Treasury 10-year & US Unemployment Rate

Source : www.treasury.gov & Bloomberg 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% Ja n -0 6 Ju l-0 6 Ja n -0 7 Ju l-0 7 Ja n -0 8 Ju l-0 8 Ja n -0 9 Ju l-0 9 Ja n -1 0 Ju l-1 0 Ja n -1 1 Ju l-1 1 Ja n -1 2 Ju l-1 2 Ja n -1 3 Ju l-1 3 Ja n -1 4

UST 10Y (RHS) US Unemployment rate

Exhibit 2. Fed Funds Rate & US YoY Inflation

Source : Bloomberg -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Ja n -0 6 Ju n -0 6 N ov -0 6 Ap r-0 7 S e p -0 7 F e b -0 8 Ju l-0 8 D e c-0 8 Ma y-0 9 O c t-0 9 M ar -1 0 A u g -1 0 Ja n -1 1 Ju n -1 1 N ov -1 1 Ap r-1 2 S e p -1 2 F e b -1 3 Ju l-1 3 D e c-1 3

Fed Funds Rate US YoY Inflation

Performa INDON 10-year Membaik Tanpa QE Pergerakan yield US Treasury 10-tahun dan INDON 10-tahun secara teori memiliki korelasi negatif jika melihat fakta bahwa US merupakan negara safe haven sementara Indonesia bukan. Namun sejak dimulainya Quantitative Easing (QE) pada November 2008, korelasi antara yield kedua instrumen tersebut menjadi positif. Rata-rata yield spread antara UST 10-tahun dan INDON 10-tahun selama tahun 2005 hingga 2007, atau sebelum penerapan QE, berada dalam tren menurun; sementara setelah penerapan QE di periode 2010 hingga 2013, yield spread bergerak dengan tren cenderung meningkat walaupun tidak signifikan. Penghapusan QE akan menyebabkan adanya koreksi jangka pendek karena adanya proses rebalancing, namun dalam jangka panjang hal Better 10-year INDON performance without QE

10-Year US Treasury yields and 10-year INDON yields should theoretically have a negative correlation, given that the US is a safe haven while Indonesia is not. However, since Quantitative Easing (QE) started in November 2008, the correlation between the two instruments has become positive. The average spread between the 10-year UST and 10-year INDON from 2005 to 2007 (or before QE) was in a downtrend, while, in contrast, in the period from 2010 to 2013, the yield spread tended to increase although not significantly. Removal of QE will cause a short-term correction because of the rebalancing process, but, in the long run, QE removal is actually an indication of an improving global economy. Furthermore, we also have to remember that prior to QE, Indonesia

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2 Berdasarkan data historis, kenaikan Fed Funds Rate yang terjadi di sepanjang tahun 2005-2006 tidak berpengaruh signifikan terhadap obligasi USD Indonesia. Fed Funds Rate mengalami peningkatan 300bps selama tahun 2005 hingga 2006, namun dalam periode yang sama, yield INDON 10-tahun mengalami penurunan 70bps sementara yield US treasury 10-tahun meningkat 47bps

Based on historical data, the increase in the Fed Funds Rate in the period 2005-2006 had no significant impact on Indonesian USD bonds. The Fed Funds Rate increased by 300bps in the period from 2005 to 2006, and in the same period, the yield on the 10-year INDON fell 70bps while the 10-year US Treasury increased 47bps.

Exhibit 3. Yield Movement of US Treasury 10-year and

INDON 10-year

Source : www.treasury.gov & Bloomberg

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Ja n -0 5 Ju n -0 5 N ov -0 5 Ap r-06 Se p -0 6 Fe b -0 7 Ju l-07 D ec-07 Ma y-08 O ct -0 8 M ar -0 9 A u g -0 9 Ja n -1 0 Ju n -1 0 N ov -1 0 Ap r-11 Se p -1 1 Fe b -1 2 Ju l-12 D ec-12 Ma y-13 O ct -1 3 M ar -1 4

INDON 10Y UST 10Y

Exhibit 4. Fed Funds Rate & INDON 10-year Yield

Source : Bloomberg 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Ja n -0 5 Ju l-05 Ja n -0 6 Ju l-06 Ja n -0 7 Ju l-07 Ja n -0 8 Ju l-08 Ja n -0 9 Ju l-09 Ja n -1 0 Ju l-10 Ja n -1 1 Ju l-11 Ja n -1 2 Ju l-12 Ja n -1 3 Ju l-13 Ja n -1 4 FFR (LHS) INDON 10Y

Exhibit5. Yearly Average of Spread INDON 10-year Over US Treasury 10-year

Source : www.treasury.gov & Bloomberg

0 50 100 150 200 250 300 350 400 450 500 2005 2006 2007 2008 2009 2010 2011 2012 2013 Efek lainnya

Di sisi lain, obligasi IDR Pemerintah 10-tahun selama periode tersebut mengalami penurunan sebesar 43bps dari 10,42% di awal tahun 2005 menjadi 9,99% di akhir tahun 2006. Bukan hanya obligasi, nilai tukar Rupiah terhadap Dollar AS menguat 2,8% menjadi Rp9.030 per US$ di akhir tahun 2006. Other effects

The 10-year IDR Government bonds yield declined by 43bps from 10.42% at the beginning of 2005 to 9.99% at the end of 2006. On the currency front, meanwhile, the rupiah strengthened relative to the USD by 2.8% to IDR9,030 per USD at the end of 2006.

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Exhibit 4. Fed Funds Rate & Rupiah Exchange Rate (USD-IDR) Source : Bloomberg 0% 1% 2% 3% 4% 5% 6% 8,000 8,500 9,000 9,500 10,000 10,500 11,000 11,500 12,000 12,500 13,000 Ja n -0 5 Ju l-05 Ja n -0 6 Ju l-06 Ja n -0 7 Ju l-07 Ja n -0 8 Ju l-08 Ja n -0 9 Ju l-09 Ja n -1 0 Ju l-10 Ja n -1 1 Ju l-11 Ja n -1 2 Ju l-12 Ja n -1 3 Ju l-13 Ja n -1 4 USDIDR FFR (RHS)

Exhibit 5. Fed Funds Rate & IDR Governmetn Bond 10-year Yield Source : Bloomberg 0% 1% 2% 3% 4% 5% 6% 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Ja n -0 5 Ju l-05 Ja n -0 6 Ju l-06 Ja n -0 7 Ju l-07 Ja n -0 8 Ju l-08 Ja n -0 9 Ju l-09 Ja n -1 0 Ju l-10 Ja n -1 1 Ju l-11 Ja n -1 2 Ju l-12 Ja n -1 3 Ju l-13 Ja n -1 4

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APPENDICES

Appendix 1. Government Bonds Trading 17 - 21 March 2014

Last Trade Bonds Maturity Coupon Tenor Last Freq Vol Yield Tenor Modified

Data Done (IDR bn) Class Duration

Price

20-Mar-14 SPN03140408 8-Apr-14 - 0.03 99.69 1 11.70 0.31 < 1yr 0.03

21-Mar-14 SPN03140506 6-May-14 - 0.11 99.44 1 631.00 0.56 < 1yr 0.11

20-Mar-14 SPN03140605 5-Jun-14 - 0.19 98.97 1 774.16 1.04 < 1yr 0.19

21-Mar-14 SPN12140703 3-Jul-14 - 0.27 98.52 2 2,217.40 1.51 < 1yr 0.27

17-Mar-14 SPNS29072014 29-Jul-14 - 0.34 98.00 1 100.00 2.04 < 1yr 0.34

21-Mar-14 SPN12140911 11-Sep-14 - 0.46 96.93 1 240.00 3.17 < 1yr 0.46

18-Mar-14 SPN12141009 9-Oct-14 - 0.54 96.94 1 10.35 3.16 < 1yr 0.54

20-Mar-14 FR0026 15-Oct-14 11.00 0.55 102.55 1 150.00 6.37 < 1yr 0.55

21-Mar-14 ORI008 15-Oct-14 7.95 0.55 100.00 7 611.47 7.95 < 1yr 0.55

18-Mar-14 VR0019 25-Dec-14 3.75 0.75 99.15 1 300.00 3.78 < 1yr 0.75

19-Mar-14 SPN12150108 8-Jan-15 - 0.78 95.13 9 1,400.00 5.11 < 1yr 0.78

20-Mar-14 SPN12150305 5-Mar-15 - 0.94 94.35 1 70.00 5.98 < 1yr 0.94

20-Mar-14 VR0020 25-Apr-15 4.81 1.08 99.20 4 1,250.00 4.85 1yr - 5yr 1.08

21-Mar-14 FR0027 15-Jun-15 9.50 1.22 103.00 2 1,619.00 6.91 1yr - 5yr 1.22

21-Mar-14 SR004 21-Sep-15 6.25 1.49 97.25 4 688.88 6.43 1yr - 5yr 1.49

21-Mar-14 ORI009 15-Oct-15 6.25 1.55 97.00 10 228.17 6.44 1yr - 5yr 1.55

21-Mar-14 SR005 27-Feb-16 6.00 1.92 96.05 9 331.35 6.25 1yr - 5yr 1.92

17-Mar-14 VR0022 25-Mar-16 3.75 2.00 98.25 1 100.00 3.82 1yr - 5yr 2.00

21-Mar-14 FR0030 15-May-16 10.75 2.14 107.00 2 378.00 7.17 1yr - 5yr 2.14

21-Mar-14 FR0055 15-Sep-16 7.38 2.47 100.50 3 1,483.20 7.15 1yr - 5yr 2.47

21-Mar-14 ORI010 15-Oct-16 8.50 2.55 101.15 25 190.25 8.40 1yr - 5yr 2.55

19-Mar-14 VR0023 25-Oct-16 4.81 2.58 98.27 1 370.00 4.90 1yr - 5yr 2.58

21-Mar-14 SR006 5-Mar-17 - 2.94 100.55 2 240.32 - 1yr - 5yr 2.94

21-Mar-14 FR0060 15-Apr-17 6.25 3.05 97.50 1 313.72 7.17 1yr - 5yr 3.05

17-Mar-14 VR0025 25-Sep-17 3.75 3.50 98.00 1 100.00 3.83 1yr - 5yr 3.50

20-Mar-14 PBS001 15-Feb-18 4.50 3.89 82.50 1 1.05 10.02 1yr - 5yr 3.89

21-Mar-14 FR0066 15-May-18 5.25 4.14 92.25 7 564.90 7.45 1yr - 5yr 4.14

20-Mar-14 FR0048 15-Sep-18 9.00 4.47 105.10 1 169.30 7.64 1yr - 5yr 4.47

21-Mar-14 FR0069 15-Apr-19 7.88 5.05 100.90 19 13,622.54 7.66 5yr - 10yr 5.05

19-Mar-14 FR0036 15-Sep-19 11.50 5.47 116.25 2 35.50 7.80 5yr - 10yr 5.47

21-Mar-14 FR0031 15-Nov-20 11.00 6.64 115.50 6 90.18 7.95 5yr - 10yr 6.64

20-Mar-14 FR0034 15-Jun-21 5.19 7.22 126.50 2 17.14 7.92 5yr - 10yr 7.22

20-Mar-14 FR0053 15-Jul-21 8.25 7.30 101.75 3 534.55 7.93 5yr - 10yr 7.30

21-Mar-14 FR0061 15-May-22 7.00 8.14 92.50 4 61.24 8.28 5yr - 10yr 8.14

19-Mar-14 FR0035 15-Jun-22 12.90 8.22 129.25 1 410.00 7.98 5yr - 10yr 8.22

21-Mar-14 FR0043 15-Jul-22 10.25 8.30 112.45 2 89.17 8.16 5yr - 10yr 8.30

21-Mar-14 FR0063 15-May-23 5.63 9.14 84.00 8 1,248.16 8.14 5yr - 10yr 9.14

19-Mar-14 FR0046 15-Jul-23 9.50 9.30 109.80 8 91.29 7.99 5yr - 10yr 9.30

19-Mar-14 FR0039 15-Aug-23 11.75 9.39 123.87 2 67.00 8.08 5yr - 10yr 9.39

21-Mar-14 FR0070 15-Mar-24 8.38 9.97 102.35 31 8,290.66 8.03 5yr - 10yr 9.97

19-Mar-14 FR0040 15-Sep-25 11.00 11.47 120.25 2 113.99 8.24 > 10yr 11.47

21-Mar-14 FR0056 15-Sep-26 8.38 12.47 97.50 2 144.67 8.71 > 10yr 12.47

21-Mar-14 FR0059 15-May-27 7.00 13.14 87.50 3 46.94 8.60 > 10yr 13.14

21-Mar-14 FR0042 15-Jul-27 10.25 13.30 113.85 3 14.10 8.49 > 10yr 13.30

19-Mar-14 FR0047 15-Feb-28 10.00 13.89 115.00 1 45.10 8.17 > 10yr 13.89

Sumber: Danareksa, BEI

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APPENDICES

Appendix 2. Government Bonds Trading 17 - 21 March 2014 (cont’d)

Last Trade Bonds Maturity Coupon Tenor Last Freq Vol Yield Tenor Modified

Data Done (IDR bn) Class Duration

Price

21-Mar-14 FR0064 15-May-28 6.13 14.14 80.30 17 582.15 8.55 > 10yr 14.14

21-Mar-14 FR0071 15-Mar-29 9.00 14.97 104.25 45 8,934.80 8.49 > 10yr 14.97

19-Mar-14 FR0052 15-Aug-30 10.50 16.39 116.50 17 222.00 8.60 > 10yr 16.39

21-Mar-14 FR0054 15-Jul-31 9.50 17.30 109.00 1 107.00 8.50 > 10yr 17.30

21-Mar-14 FR0058 15-Jun-32 8.25 18.22 96.00 35 1,276.47 8.69 > 10yr 18.22

21-Mar-14 FR0065 15-May-33 6.63 19.14 81.95 10 1,155.16 8.56 > 10yr 19.14

21-Mar-14 FR0068 15-Mar-34 8.38 19.97 98.00 91 10,534.62 8.59 > 10yr 19.97

19-Mar-14 PBS004 15-Feb-37 6.10 22.89 74.70 3 9.00 8.66 > 10yr 22.89

21-Mar-14 FR0050 15-Jul-38 10.50 24.30 117.50 1 18.61 8.75 > 10yr 24.30

21-Mar-14 FR0057 15-May-41 9.50 27.14 106.55 2 2.00 8.86 > 10yr 27.14

21-Mar-14 FR0062 15-Apr-42 6.38 28.05 73.00 6 60.68 9.04 > 10yr 28.05

21-Mar-14 PBS005 15-Apr-43 6.75 29.05 78.72 1 324.00 8.79 > 10yr 29.05

20-Mar-14 FR0067 15-Feb-44 8.75 29.89 99.50 4 109.94 8.80 > 10yr 29.89

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6

APPENDICES

Appendix 3. Corporate Bonds Trading 17 - 21 March 2014

Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified

Data Done (IDR bn) Duration

Price

17-Mar-14 FIFA01BCN1 20-Apr-14 7.35 0.07 idAA+ 100.01 2 6.00 7.16 0.09

21-Mar-14 FIFA11C 26-Apr-14 9.60 0.08 idAA 100.03 1 40.00 9.17 0.10

19-Mar-14 IMFI01ACN2 18-May-14 7.00 0.14 idA 99.74 2 22.50 8.52 0.16

20-Mar-14 TAFS03A 27-May-14 6.60 0.17 AAA(idn) 100.06 1 9.70 6.26 0.18

19-Mar-14 BBTN13C 29-May-14 12.25 0.18 AA- 100.90 1 4.00 7.57 0.19

21-Mar-14 IMFI04B 9-Jun-14 10.15 0.20 idA 97.00 1 20.50 24.61 0.20

18-Mar-14 BCAF01ACN2 24-Jun-14 6.50 0.24 idAA+/AAA(idn) 99.75 1 0.70 7.45 0.26

21-Mar-14 TAFS01C 7-Jul-14 9.50 0.28 idAA- 100.65 1 3.35 7.26 0.28

17-Mar-14 BJBR06B 10-Jul-14 12.50 0.29 A+ 101.00 1 0.02 9.24 0.30

20-Mar-14 ADMF02ACN2 3-Nov-14 9.15 0.60 idAA+ 100.15 1 9.70 8.89 0.59

18-Mar-14 CFIN03C 8-Nov-14 10.25 0.62 idA+ 99.82 4 8.20 10.53 0.60

21-Mar-14 PPLN07 11-Nov-14 12.25 0.63 idAA+ 102.80 6 26.00 7.73 0.61

21-Mar-14 BNII01ACN1 6-Dec-14 7.75 0.69 AAA(idn) 99.65 4 40.00 8.26 0.68

18-Mar-14 ASDF02ACN2 6-Dec-14 8.75 0.69 idAA+/AAA(idn) 100.00 1 300.70 8.75 0.69

19-Mar-14 ISAT07A 8-Dec-14 11.25 0.70 AA+ 101.85 1 2.00 8.57 0.68

21-Mar-14 ADMF01BCN1 16-Dec-14 8.00 0.72 idAA+ 98.50 1 35.75 10.14 0.70

18-Mar-14 SIKMAPI01B 16-Dec-14 13.00 0.72 A+ 103.04 1 12.00 8.74 0.71

18-Mar-14 IMFI01ACN3 21-Dec-14 9.25 0.74 idA 99.80 1 0.70 9.53 0.71

19-Mar-14 BBRI02 22-Dec-14 10.95 0.74 AA+ 101.19 4 54.00 9.31 0.70

18-Mar-14 TBIG01ACN1 22-Dec-14 9.00 0.74 AA-(idn) 100.70 1 0.70 8.04 0.71

17-Mar-14 BNLI01ACN1 3-Jan-15 10.00 0.77 idAA+ 100.92 3 3.00 8.79 0.74

19-Mar-14 NISP01BCN1 19-Feb-15 6.90 0.90 idAAA/AAA(idn) 98.85 1 8.00 8.20 0.87

19-Mar-14 BFIN01BCN2 19-Feb-15 8.50 0.90 A+(idn) 99.03 2 2.00 9.61 0.86

20-Mar-14 WOMF05D 4-Mar-15 11.00 0.94 AA(idn) 101.05 5 11.00 9.83 0.89

20-Mar-14 AIRJ01C 13-Mar-15 13.25 0.96 A(idn) 102.92 2 75.00 10.08 0.91

18-Mar-14 BFIN02ACN1 17-Mar-15 10.50 0.98 idA+ 100.50 1 29.00 9.97 0.94

18-Mar-14 FIFA01ACN3 24-Mar-15 9.60 0.99 idAA+ 100.00 1 53.00 9.60 0.94

20-Mar-14 ADMF05D 27-May-15 10.00 1.17 idAA+ 100.54 2 20.00 9.51 1.10

17-Mar-14 TAFS02B 5-Jun-15 7.50 1.19 idAA/AAA(idn) 98.17 7 28.00 9.10 1.14

21-Mar-14 BPFI01B 3-Jul-15 9.50 1.27 idBBB 100.04 1 120.00 9.46 1.17

18-Mar-14 TRAC02C 5-Jul-15 10.20 1.28 idA+ 101.56 4 40.00 8.91 1.18

17-Mar-14 TLKM02A 6-Jul-15 9.60 1.28 idAAA 99.25 2 1.05 10.22 1.19

21-Mar-14 PNBN05 9-Nov-15 9.00 1.62 idAA/AA(idn) 98.80 4 8.00 9.80 1.48

17-Mar-14 BWPT01 16-Nov-15 10.68 1.64 idA 87.70 4 6.00 19.48 1.45

18-Mar-14 MAPI01ACN1 12-Dec-15 7.95 1.71 idAA- 100.02 3 6.00 7.94 1.60

21-Mar-14 SMFP02ACN1 27-Dec-15 7.30 1.75 idAA 95.70 1 60.00 9.98 1.60

19-Mar-14 BIMF01B 9-Jan-16 11.65 1.79 [Idr]BBB 83.83 2 24.00 22.80 1.51

21-Mar-14 NISP01CCN1 19-Feb-16 7.40 1.90 idAAA/AAA(idn) 96.40 2 24.00 9.47 1.74

20-Mar-14 ASDF01BCN3 22-Feb-16 7.75 1.91 idAA+ 96.98 2 40.00 9.48 1.75

17-Mar-14 BTPN01ACN3 5-Mar-16 7.65 1.94 AA-(idn) 100.02 2 112.00 7.64 1.81

21-Mar-14 TAFS03B 17-May-16 7.60 2.14 AAA(idn) 95.30 1 38.00 10.04 1.94

17-Mar-14 BEXI01BCN3 23-May-16 6.40 2.16 idAAA 96.31 2 140.00 8.26 2.00

19-Mar-14 TUFI01ACN1 5-Jun-16 7.75 2.19 idAA 97.45 1 5.00 9.03 2.00

17-Mar-14 PPLN08A 21-Jun-16 13.60 2.24 idAA+ 106.00 1 0.80 10.58 1.88

21-Mar-14 ASDF02CCN1 27-Jun-16 7.75 2.25 idAA+ 95.50 2 40.00 9.99 2.01

18-Mar-14 DILD01A 9-Jul-16 9.75 2.29 idA 100.33 2 4.00 9.59 2.01

19-Mar-14 JPFA01CN1 12-Jan-17 9.90 2.79 idA 101.55 2 170.00 9.27 2.39

17-Mar-14 TAFS01BCN1 13-Feb-17 10.50 2.88 AAA(idn) 100.98 2 40.00 10.10 2.46

21-Mar-14 ASDF01CCN1 21-Feb-17 8.60 2.90 idAA+ 96.00 2 72.00 10.20 2.52

20-Mar-14 PRTL01 28-Feb-17 10.50 2.92 AA-(idn) 100.45 1 10.00 10.32 2.49

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APPENDICES

Appendix 4. Corporate Bonds Trading 17 - 21 March 2014 (cont’d)

Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified

Data Done (IDR bn) Duration

Price

21-Mar-14 FIFA01BCN3 14-Mar-17 10.50 2.97 idAA+ 101.00 23 196.26 10.11 2.53

21-Mar-14 VRNA01BCN3 19-Mar-17 #N/A 2.98 #N/A 101.50 33 40.50 - -

20-Mar-14 TAFS03C 17-May-17 7.65 3.14 AAA(idn) 93.05 3 8.00 10.25 2.73

19-Mar-14 WSKT02B 5-Jun-17 9.75 3.19 idA- 98.41 2 150.00 10.34 2.71

21-Mar-14 MEDC03 19-Jun-17 8.75 3.23 idAA- 95.00 1 6.59 10.59 2.77

20-Mar-14 JMPD13R 21-Jun-17 10.25 3.24 idAA 102.40 5 71.00 9.39 2.68

19-Mar-14 ADHISM1CN1 3-Jul-17 - 3.27 idA(sy) 97.16 1 10.00 - -

19-Mar-14 TBLA02 5-Jul-17 10.50 3.28 idA 100.33 3 347.90 10.38 2.70

20-Mar-14 BMTR01B 12-Jul-17 10.50 3.29 idA+ 101.32 2 433.50 10.03 2.72

21-Mar-14 BTPN01BCN2 3-Aug-17 8.25 3.35 AA-(idn) 94.30 4 34.00 10.27 2.85

21-Mar-14 APLN02 15-Aug-17 9.38 3.39 idA 96.00 2 10.10 10.79 2.84

17-Mar-14 PPGD12A 4-Sep-17 10.03 3.44 idAA+ 102.60 4 20.00 9.14 2.90

19-Mar-14 BNGA01BCN1 30-Oct-17 7.75 3.59 IdAAA/AAA(idn) 95.90 1 2.00 9.09 3.07

19-Mar-14 PNBN04SB 9-Nov-17 10.50 3.62 idAA-/A+(idn) 95.50 6 21.30 12.04 2.93

17-Mar-14 SIAGII02 18-Dec-17 9.90 3.73 A-(idn) 82.00 4 14.00 16.42 2.90

19-Mar-14 SMFP02BCN1 27-Dec-17 7.50 3.75 idAA 92.45 2 28.00 9.92 3.16

19-Mar-14 ADHI01ACN2 15-Mar-18 8.10 3.97 idA 87.00 1 2.30 12.27 3.30

20-Mar-14 PTPP01CN1 19-Mar-18 8.38 3.98 idA- 94.00 4 31.00 10.22 3.33

18-Mar-14 AISA01 5-Apr-18 10.25 4.03 idA- 100.83 2 4.00 10.00 3.22

19-Mar-14 BNII01SB 19-May-18 10.75 4.15 idAA 98.65 3 22.00 11.16 3.29

20-Mar-14 ROTI01CN1 11-Jun-18 8.00 4.21 idAA- 86.50 1 8.10 12.13 3.46

19-Mar-14 LTLS01CN1 19-Jun-18 9.75 4.23 idA- 96.73 1 42.00 10.72 3.42

20-Mar-14 APLN01CN1 27-Jun-18 9.25 4.25 idA 92.10 4 12.10 11.62 3.36

19-Mar-14 BNII01SBCN1 6-Dec-18 10.00 4.69 AA-(idn) 97.80 2 10.00 10.60 3.69

17-Mar-14 ANTM01ACN1 14-Dec-18 8.38 4.72 idAA 92.00 1 0.03 10.54 3.82

18-Mar-14 PPGD01DCN2 14-Feb-19 7.75 4.88 idAA+ 93.00 4 20.00 9.55 3.97

17-Mar-14 BBKP01SBCN1 6-Mar-19 9.25 4.94 idA 93.92 4 10.00 10.85 3.89

18-Mar-14 BVIC02SB 27-Jun-19 11.00 5.25 idBBB 92.25 5 12.00 13.05 3.79

19-Mar-14 ISAT08A 27-Jun-19 8.63 5.25 idAA+ 93.25 1 0.50 10.30 4.06

20-Mar-14 PNBN01SBCN1 20-Dec-19 9.40 5.73 idAA- 88.00 1 33.80 12.35 4.28

21-Mar-14 BVIC03SB 27-Jun-20 10.50 6.25 idBBB+ 100.00 1 2.50 10.50 4.44

(8)

8

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