10 - 14 FEBRUARY 2014
Indonesia FCLT Rating
S & P BB+
Moody's Baa3
Fitch
BBB-Key Market Indicators as of 10-Feb-14
BI Rate 7.50%
JCI Index 4,467
IDR 12,161
Inflation(y-o-y) - Jan-14 8.22% Domestic Bonds Outstanding
Gov't Bonds as of 06-Feb-14 Corp Bonds as of Jan-14 Previous Week Trading Volume Government Bonds
Corporate Bonds
Benchmark Yield as of 10-Feb-14
FR0069 (5 year) 7.988%
FR0070 (10 year) 8.990%
FR0071 (15 year) 9.524%
FR0068 (20 year) 9.551%
Source : Bloomberg, Mid YTM
Government Bonds Indices as of 10-Feb-14 Price Index (Bloomberg : DGBIIDPR) 116.29 Yield Index (Bloomberg : DGBIIDYD) 9.01% TR Index (Bloomberg : DGBIIDTR) 358.60
Calendar of Event 13-Feb-14
(Survey : 330K Prior : 331K) 13-Feb-14
Germany CPI YoY (Survey : 1.3%; Prior : 1.3%) 13-Feb-14 (Survey : 7.5%; Prior : 7.5%) Analysts Rifki Rizal 3509888 ext 3404 [email protected] Amir A. Dalimunthe 3509888 ext.3405 [email protected]
Please read important disclosure at the back of this report
IDR 2.05tn IDR 1012.7tn IDR 218.03tn
IDR 47.18tn
US Initial Jobless Claims
Bank Indonesia Reference Rate
Positivity Leads to Stability
Indonesia’s Balance of Trade recorded a surplus of US$1.5 billion in December 2013, the highest in the last 2 years. Exports rose 6.5% on a YoY comparison in December 2013, while imports climbed 2.04%. GDP growth reached 5.72% YoY in 4Q13, but on a comparison with 3Q13, GDP growth slipped 1.42%. Looking ahead, inflation in 2014 is expected to be lower due to changes in the base year and because the impact of last year’s fuel price hikes will disappear.Neraca Perdagangan Indonesia bulan Desember 2013 tercatat surplus sebesar US$ 1,52 miliar, tertinggi selama 2 tahun terakhir. Selama Desember 2013, ekspor meningkat sebesar 6,56% dari bulan November 2013 dan pada periode yang sama, impor mengalami peningkatan sebesar 2,04%. YoY GDP 4Q13 mencapai 5,72%, namun jika dibandingkan dengan 3Q13, GDP di kuartal akhir 2013 turun 1,42%. Selain itu, inflasi tahun 2014 diperkirakan akan turun akibat perubahan tahun dasar dan hilangnya efek kenaikan BBM di tahun lalu.
Export, Import andTrade Balance
Source: Bloomberg, Ministry of Finance
Indonesia GDP Year on Year Source: Bloomberg, Danareksa Estimate
Source: Bloomberg
Yield Slope and BI Rate
Rata-rata yield slope (spread antara yield curve 10 dan 2-tahun) selama bulan Februari meningkat 42bps menjadi 161bps, artinya yield curve obligasi Pemerintah dalam proses steepening. Jika BI menurunkan tingkat suku bunga (BI Rate), maka tingkat tingkat suku bunga pinjaman akan turun dan membuat obligasi Pemerintah semakin menarik, terutama untuk jangka panjang, Sehingga yield untuk tenor panjang akan turun dan yield curve kembali flat.
3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 1Q0 8 2Q0 8 3Q0 8 4Q0 8 1Q0 9 2Q0 9 3Q0 9 4Q0 9 1Q1 0 2Q1 0 3Q1 0 4Q1 0 1Q1 1 2Q1 1 3Q1 1 4Q1 1 1Q1 2 2Q1 2 3Q1 2 4Q1 2 1Q1 3 2Q1 3 3Q1 3 4Q1 3 -3000 -2000 -1000 0 1000 2000 3000 4000 4000 9000 14000 19000 24000
31-Jan-08 31-Jul-08 31-Jan-09 31-Jul-09 31-Jan-10 31-Jul-10 31-Jan-11 31-Jul-11 31-Jan-12 31-Jul-12 31-Jan-13 31-Jul-13
U S D M illio n U S D M illio n
Trade Balance (RHS) Import Export
The average yield slope (the spread between the yield curve of 10-year and 2 year government bonds) rose 42bps to 161bps in February, meaning that the government bond yield curve is steepening. If Bank Indonesia lowers interest rates (the BI Rate), then the loan interest rate would fall, making Government bonds look more attractive, especially over the long term. As such, the yield on long tenors would decline and the yield curve would flatten.
-0.02 -0.01 -0.01 0.00 0.01 0.01 0.02 0.02 0.03 0.05 0.06 0.07 0.08 0.09 0.1 2-J a n-08 29-Jan-08 21-Feb -08 18-Mar-08 14-Apr-08 8-M a y-08 3-J u n-0 8
26-Jun-08 21-Jul-08 14-Aug-08 9-Sep-08 8-Oct-08 31
-Oct -0 8 25-Nov-08 19-De c-08 20-Jan-09 BI Rate (LHS) Yield Slope
MACROECONOMICS CONDITION
Yield Index CDS 5-Year (bps)
Gov't Bonds Ownership Rupiah closed at Rp12,161 per USD
Falling Risk
The yield index rose 5bps from 8.96% at the end of the previous week to 9.01% at the end of last week. The Indonesia Credit Default Swap (CDS), an indicator of investment risk, declined by 13bps last week. From the end of January 2014 until February 6, 2014, foreign holdings in government bonds rose by IDR540 billion to IDR329.19 trillion, while domestic bank holdings in Government bonds fell IDR4.17 trillion. Meanwhile, Bank Indonesia increased its holdings by IDR3.1 trillion and reduced its Reverse Repo by the same amount. On the currency front, the rupiah strengthened by 0.43% against the US dollar last week from IDR12,213 per USD to IDR12,161 per USD.
Last week’s total trading in corporate bonds in the secondary market was dominated by trading in financial companies and banks (34.5% and 22.7% of the respective total trading).
Yield indeks naik 5bps dari 8,96% pada akhir mingu sebelumnya menjadi 9,01% pada akhir minggu lalu. CDS Indonesia yang menggambarkan risiko investasi mengalami penurunan 13bps selama minggu lalu. Sejak akhir Januari 2014 hingga 6 Februari 2014 kepemlikan asing meningkat Rp540 miliar menjadi Rp329,19 triliun sedangkan kepemilikan bank domestik turun hingga Rp4,17 triliun. Bank Indonesia dalam periode yang sama meningkatkan komposisi kepemilikannya terhadap obligasi Pemerintah sebesar Rp3,1 triliun dan mengurangi Reverse Repo dengan jumlah yang sama. Rupiah selama minggu lalu menguat 0,43% terhadap Dollar AS dari Rp12.213 per Dollar AS menjadi Rp12.161 per dollar AS.
Transaksi obligasi korporasi di pasar sekunder selama minggu lalu masih didominasi oleh sektor financial company dan banking masing-masing sebesar 34,5% dan 22,7%.
Source: Danareksa, Bloomberg Source: Bloomberg
Source: Ministry of Finance Source: Bloomberg
Corporate Bonds Trading by Tenor Corporate Bonds Trading by Sector
Source: IDX Process Data Source: IDX Process Data
40 50 60 70 80 90 100 110 120 130 310 320 330 340 350 360 370 380 390 4-N o v-1 3 8-N o v-1 3
13-Nov-13 18-Nov-13 21-Nov-13 26-Nov-13 29-Nov-13 4-Dec-13 9-Dec-13 12-De
c-13 17-De c-13 20-De c-13 27-De c-13 7-J a n-14
10-Jan-14 16-Jan-14 21-Jan-14
ID R tr illio n ID R tr illio n
RR-BI (RHS) BI (RHS) Domestic Bank Foreign Investors
11,300 11,500 11,700 11,900 12,100 12,300 10-Feb -14 5-Feb-14 30-Jan-14 27-Jan-14 22-Jan-14 17-Jan-14 13-Jan-14 8-J a n-14 3-J a n-14 27-De c-13 20-De c-13 17-De c-13 12-De c-13 9-Dec-13 4-Dec-13 29-Nov-13 26-Nov-13 21-Nov-13 18-Nov-13 13-Nov-13 7.00% 7.25% 7.50% 7.75% 8.00% 8.25% 8.50% 8.75% 9.00% 9.25% 7-N o v-1 3
12-Nov-13 15-Nov-13 20-Nov-13 25-Nov-13 28-Nov-13 3-Dec-13 6-Dec-13 11-De
c-13 16-De c-13 19-De c-13 24-De c-13 2-J a n-14 7-J a n-14
10-Jan-14 16-Jan-14 21-Jan-14 24-Jan-14 29-Jan-14 4-Feb-14 7-Feb-14
Yield Index (LHS) BI Rate
Inflation Inflation Forecast
75 100 125 150 175 200 225 250 275 10-Feb -14 4-Feb-14 28-Jan-14 22-Jan-14 16-Jan-14 9-J a n-14 3-J a n-14 24-De c-13 18-De c-13 12-De c-13 6-Dec-13 2-Dec-13 26-Nov-13 20-Nov-13 14-Nov-13 8-N o v-1 3 1-N o v-1 3 28 -Oct -1 3 22 -Oct -1 3
Indonesia Philippines Brazil Turkey
0.00 0.20 0.40 0.60 0.80 1.00 1.20 0 1 2 3 4 5 6 7 ID R tr illio n Term to Maturity Financial Company 34.7% Banking 22.8%
Mining Oil & Natural Gas 14.3% Consumer Goods 8.3% Infrastructure 7.2% Others 12.7%
Government BONDS REVIEW
Yield Curve Comparison as of 10 February 2014 Yield Curve Change from 30 January to 7 February 2014 Daily Trading Volume
Gov't Bonds Benchmark Series Yield
The 5-year benchmark series was the only benchmark to see lower yields last week, even though the decline was not significant. The yield on FR0069 declined slightly by 2bps to 7.98%. Meanwhile, the yields on FR0070 and FR0071 increased by 8bps. High demand from investors for short-tenor instruments was reflected in changes to last week’s yield curve, resulting in a steeper government bonds yield curve. Total trading in Government bonds reached IDR47.18 trillion last week, or IDR7.03 trillion higher than in the previous week, with an average transaction of IDR18.3 billion. Overall, some 40% of the total trading was still dominated by medium tenors.
Steepening Yield Curve
Yield seri benchmark 5-tahun menjadi satu-satunya benchmark yang mengalami penurunan selama minggu lalu walaupun tidak signifikan. Yield FR0069 turun 2bps menjadi 7,98% pada penutupan minggu lalu. Sementara itu, FR0070 dan FR0071 sama-sama mengalami peningkatan sebesar 8bps. Tingginya permintaan investor terhadap tenor pendek yang tercermin dari perubahan yield curve minggu lalu mengakibatkan bentuk yield curve yang steepening untuk obligasi Pemerintah. Total volume perdagangan obligasi Pemerintah minggu lalu sebesar Rp47,18 triliun, meningkat Rp7,03 dari minggu sebelumnya, dengan rata-rata volume setiap transaksi sebesar Rp18,3 miliar. Sementara itu, 40% dari total volume perdagangan masih didominasi oleh tenor menengah.
Source: Bloomberg Source: IDX processed data
Source: www.ustreas.gov, Danareksa Estimate Source: Danareksa Estimate
Spread INDON 10 year Over UST 10 year Spread IDR Gov't Bond 10 year over INDON 10 year
Source: Bloomberg, Danareksa Estimate
4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 10-Feb -14 20-Jan-14 24-De c-13 4-Dec-13 14-Nov-13 24 -Oct -1 3 2-Oct-13 12-Se p -13 23-Aug-13 29-Jul-13 9-J u l-1 3 19-Jun-13 29-May-13 8-M a y-13 18-Apr-13 28-Mar-13 7-M a r-1 3 15-Feb -13 FR0067 - 5Y FR0070 - 10Y FR0071 - 15Y FR0068 - 20Y 0 2 4 6 8 10 12 14 16 18 20 10-Feb -14 7-Feb-14 6-Feb-14 5-Feb-14 4-Feb-14 3-Feb-14 30-Jan-14 29-Jan-14 28-Jan-14 27-Jan-14 ID R tr illio n
Govt Short Govt Med Govt Long Corp
1.47% 2.71% 3.05% 3.39% 3.67% 4.21% 5.81% 6.38% 6.64% 6.83% 8.36% 9.19% 9.51% 9.65% 9.76% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 5 10 15 20 25 30 Term to Maturity
UST YC GoI USD Yield Curve GoI IDR Yield Curve -0.10% -0.05% 0.00% 0.05% 0.10% 0.15% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Term to Maturity Source: US Treasury, Bloomberg, Danareksa Estimate
1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2.0% 4.0% 6.0% 8.0% 10.0% 31-Jan-13 26-Feb -13
25-Mar-13 19-Apr-13 16-May-13 12-Jun-13 8-J
u l-1 3 1-A u g -13 3-Sep-13 27-Se p -13 25 -Oct -1 3 21-Nov-13 17-De c-13 17-Jan-14
Currency Risk Premium 10Y (LHS) INDON 10Y SUN 10Y 0.9% 1.4% 1.8% 2.3% 2.7% 3.2% 3.6% 1.1% 1.6% 2.1% 2.6% 3.1% 3.6% 4.1% 4.6% 5.1% 5.6% 6.1% 6.6% 31-Jan-13 28-Feb -13 1-A p r-1 3
29-Apr-13 28-May-13 26-Jun-13 24-Jul-13 28-Aug-13 25-Se
p -13 25 -Oct -1 3 25-Nov-13 23-De c-13 27-Jan-14
7-Feb-14 23-Feb-14 8.15 0.03 99.90 12.00 8.16 < 1yr
6-Feb-14 4-Mar-14 - 0.06 99.70 1.00 0.30 < 1yr
7-Feb-14 14-Mar-14 - 0.09 99.63 1.00 0.37 < 1yr
7-Feb-14 2-Apr-14 - 0.14 99.34 1.00 0.67 < 1yr
6-Feb-14 8-Apr-14 - 0.16 99.27 2.00 0.73 < 1yr
7-Feb-14 6-May-14 - 0.24 98.97 1.00 1.04 < 1yr
5-Feb-14 7-May-14 - 0.24 98.62 1.00 1.40 < 1yr
6-Feb-14 3-Jul-14 - 0.39 97.76 1.00 2.30 < 1yr
7-Feb-14 29-Jul-14 - 0.47 97.31 1.00 2.76 < 1yr
3-Feb-14 9-Oct-14 - 0.66 95.40 1.00 4.82 < 1yr
6-Feb-14 15-Oct-14 11.00 0.68 102.40 3.00 7.32 < 1yr
7-Feb-14 15-Oct-14 7.95 0.68 97.40 18.00 8.16 < 1yr
3-Feb-14 7-Nov-14 - 0.74 95.41 1.00 4.81 < 1yr
6-Feb-14 25-Dec-14 3.75 0.87 99.10 3.00 3.78 < 1yr
7-Feb-14 25-Apr-15 4.81 1.21 99.50 2.00 4.83 1yr - 5yr
7-Feb-14 15-Jun-15 9.50 1.34 101.90 2.00 7.97 1yr - 5yr
7-Feb-14 21-Sep-15 6.25 1.61 96.00 8.00 6.51 1yr - 5yr
7-Feb-14 15-Oct-15 6.25 1.68 96.75 15.00 6.46 1yr - 5yr
4-Feb-14 25-Nov-15 3.75 1.79 99.45 1.00 3.77 1yr - 5yr
7-Feb-14 27-Feb-16 6.00 2.04 96.10 24.00 6.24 1yr - 5yr
6-Feb-14 25-Mar-16 3.75 2.12 98.27 1.00 3.82 1yr - 5yr
7-Feb-14 15-May-16 10.75 2.26 106.22 1.00 7.70 1yr - 5yr
7-Feb-14 15-Sep-16 7.38 2.59 99.50 3.00 7.59 1yr - 5yr
7-Feb-14 15-Oct-16 8.50 2.68 100.90 156.00 8.42 1yr - 5yr
6-Feb-14 25-Oct-16 4.81 2.71 98.25 3.00 4.90 1yr - 5yr
7-Feb-14 15-Apr-17 6.25 3.18 95.50 2.00 7.87 1yr - 5yr
7-Feb-14 15-Jul-17 10.00 3.43 106.15 1.00 7.92 1yr - 5yr
6-Feb-14 25-Sep-17 3.75 3.62 98.00 1.00 3.83 1yr - 5yr
3-Feb-14 25-Jan-18 4.81 3.96 97.60 1.00 4.93 1yr - 5yr
5-Feb-14 15-Feb-18 4.50 4.01 79.00 1.00 11.11 1yr - 5yr
7-Feb-14 15-May-18 5.25 4.26 90.00 5.00 8.06 1yr - 5yr
6-Feb-14 15-Aug-18 5.19 4.51 112.60 1.00 8.21 1yr - 5yr
6-Feb-14 15-Sep-18 9.00 4.59 103.25 2.00 8.14 1yr - 5yr
7-Feb-14 15-Apr-19 7.88 5.18 99.25 1.00 8.05 5yr - 10yr
7-Feb-14 15-Sep-19 11.50 5.59 113.55 1.00 8.41 5yr - 10yr
7-Feb-14 15-Nov-20 11.00 6.76 112.25 2.00 8.57 5yr - 10yr
6-Feb-14 15-Jun-21 12.80 7.34 120.75 5.00 8.89 5yr - 10yr
4-Feb-14 15-Jul-21 8.25 7.43 97.13 1.00 8.78 5yr - 10yr
7-Feb-14 15-May-22 7.00 8.26 88.25 13.00 9.05 5yr - 10yr
6-Feb-14 15-Jun-22 12.90 8.34 122.00 2.00 9.08 5yr - 10yr
4-Feb-14 15-Jul-22 10.25 8.43 106.50 1.00 9.13 5yr - 10yr
7-Feb-14 15-May-23 5.63 9.26 79.80 14.00 8.86 5yr - 10yr
4-Feb-14 15-Jul-23 9.50 9.43 102.00 1.00 9.18 5yr - 10yr
7-Feb-14 15-Mar-24 8.38 10.09 96.05 54.00 8.98 > 10yr
7-Feb-14 15-Sep-24 10.00 10.59 105.00 2.00 9.25 > 10yr
4-Feb-14 15-Sep-25 11.00 11.59 111.75 8.00 9.32 > 10yr
5-Feb-14 15-Sep-26 8.38 12.59 94.40 4.00 9.13 > 10yr
7-Feb-14 15-May-27 7.00 13.26 80.00 2.00 9.71 > 10yr
7-Feb-14 15-Jul-27 10.25 13.43 106.00 3.00 9.45 > 10yr
6-Feb-14 15-Feb-28 10.00 14.01 103.94 1.00 9.49 > 10yr
7-Feb-14 15-May-28 6.13 14.26 73.75 11.00 9.52 > 10yr
7-Feb-14 15-Mar-29 9.00 15.09 98.00 90.00 9.25 > 10yr
7-Feb-14 15-Aug-30 10.50 16.51 107.49 4.00 9.59 > 10yr
7-Feb-14 15-Jul-31 9.50 17.43 100.75 7.00 9.41 > 10yr
7-Feb-14 15-Jun-32 8.25 18.34 86.30 24.00 9.88 > 10yr
7-Feb-14 15-May-33 6.63 19.26 73.00 22.00 9.76 > 10yr
7-Feb-14 15-Mar-34 8.38 20.09 89.25 36.00 9.59 > 10yr
3-Feb-14 15-May-37 9.75 23.26 101.88 1.00 9.54 > 10yr
4-Feb-14 15-Jul-38 10.50 24.43 108.11 1.00 9.63 > 10yr
7-Feb-14 15-Apr-42 6.38 28.18 67.24 1.00 9.82 > 10yr
5-Feb-14 15-Apr-43 6.75 29.18 100.00 1.00 6.75 > 10yr
Last Trade Date Modified Duration 0.24 0.24 0.39 0.47 400.00 65.91 165.24 20.00 0.09 0.03 0.06 1.68 0.68 0.74 1.79 2.04 2.12 162.16 350.00 645.64 275.00 Freq Tenor Class 0.66 0.68 220.00 70.00 0.14 0.16 24.53 0.87 1.21 1.34 1.61 1,170.00 50.00 128.18 647.33 1,471.40 3.62 3.96 215.60 20.00 100.00 127.88 3.18 3.43 2.26 2.59 2.68 2.71 74.30 45.58 3,433.31 460.00 5.18 5.59 6.76 7.34 905.97 88.46 966.32 221.20 4.01 4.26 4.51 4.59 0.50 838.10 2.00 62.00 9.26 9.43 10.09 10.59 1,292.78 0.99 10,116.93 79.47 7.43 8.26 8.34 8.43 49.69 1,844.11 110.00 23.32 11.59 12.59 13.26 13.43 FR0042 913.24 239.54 1,100.09 48.86 14.01 14.26 15.09 16.51 FR0047 FR0064 FR0071 FR0052 63.40 831.16 9,502.91 855.76 17.43 18.34 19.26 20.09 FR0054 FR0058 FR0065 FR0068 270.56 1,804.94 1,235.43 2,303.84 23.26 24.43 29.18 FR0045 FR0050 PBS005 1.00 16.33 48.00 FR0062 40.91 28.18 FR0059 VR0021 SR005 VR0022 FR0030 FR0055 VR0025 VR0026 FR0070 FR0044 FR0040 FR0056 FR0061 FR0035 PBS001 FR0066 FR0038 FR0048 FR0036 FR0031 SR003 SPNS04032014 FR0034 FR0053 ORI009 FR0069 ORI010 VR0023 FR0060 FR0028 SPN03140506 SPN03130807 FR0043 FR0063 FR0046 Yield 245.00 18.15 25.00 Bonds SPN12141107 VR0019 VR0020 FR0027 SR004 SPN12140703 SPNS29072014 SPN12141009 FR0026 ORI008
Maturity Coupon Tenor Vol (IDR
Bn) 267.86 SPN03140408 405.00 Last Done Price SPN12140314 SPNS02042014
APPENDICES
Appendix 1. Government Bonds Trading 3 - 7 February 2014
4-Feb-14 4-Mar-14 6.75 0.06 idAA+ 99.82 4.00 8.98
4-Feb-14 11-Mar-14 6.85 0.08 idAA+ 99.86 4.00 8.22
7-Feb-14 18-Mar-14 10.90 0.10 idAA- 100.18 14.00 9.08
6-Feb-14 23-Mar-14 10.95 0.12 AA+(idn) 100.38 35.00 7.77
6-Feb-14 26-Apr-14 9.60 0.21 idAA 99.92 54.00 9.94
7-Feb-14 29-Apr-14 10.55 0.22 idAA- 100.18 61.00 9.71
5-Feb-14 9-May-14 7.35 0.24 idAA+/AA+(idn) 99.70 20.00 8.52
5-Feb-14 18-May-14 7.00 0.27 idA 99.05 5.60 10.41
7-Feb-14 27-May-14 6.60 0.29 AAA(idn) 99.45 48.34 8.44
5-Feb-14 29-May-14 10.20 0.30 idAA+(sy) 100.20 4.00 9.53
7-Feb-14 29-May-14 12.25 0.30 AA- 101.13 16.00 8.47
6-Feb-14 17-Jun-14 14.25 0.35 AA- 102.50 10.00 7.10
6-Feb-14 18-Jun-14 13.00 0.35 AA 101.28 150.00 9.33
6-Feb-14 1-Jul-14 11.68 0.39 AA+ 102.50 10.00 5.31
3-Feb-14 5-Jul-14 7.75 0.40 idA+ 98.95 14.00 10.33
5-Feb-14 7-Jul-14 6.75 0.41 idAA+ 99.32 1.00 8.42
7-Feb-14 7-Oct-14 12.00 0.66 A+ 101.35 8.00 9.86
4-Feb-14 29-Oct-14 9.25 0.72 idAA 100.00 2.00 9.25
5-Feb-14 3-Nov-14 9.15 0.73 idAA+ 99.20 95.00 10.28
7-Feb-14 8-Nov-14 10.25 0.74 idA+ 99.60 24.05 10.81
4-Feb-14 11-Nov-14 12.25 0.75 idAA+ 102.50 40.00 8.85
6-Feb-14 1-Dec-14 11.65 0.81 AA- 101.23 10.00 10.05
7-Feb-14 4-Dec-14 10.75 0.81 AA- 100.70 94.50 9.84
3-Feb-14 4-Dec-14 10.75 0.81 AA- 102.55 5.00 7.55
6-Feb-14 6-Dec-14 7.75 0.82 AAA(idn) 98.17 0.50 10.08
3-Feb-14 8-Dec-14 11.25 0.83 AA+ 108.00 5.00 1.66
5-Feb-14 8-Dec-14 11.25 0.83 AA+ 101.10 50.00 9.85
5-Feb-14 16-Dec-14 8.00 0.85 idAA+ 98.28 10.25 10.11
3-Feb-14 16-Dec-14 13.00 0.85 A+ 108.62 3.00 2.86
6-Feb-14 21-Dec-14 8.48 0.86 AA(idn) 99.35 0.20 9.25
7-Feb-14 22-Dec-14 10.95 0.86 AA+ 100.85 154.00 9.91
4-Feb-14 20-Jan-15 8.40 0.94 idAA- 98.76 2.00 9.77
5-Feb-14 21-Feb-15 8.00 1.03 idAA+ 94.00 0.30 14.29
6-Feb-14 20-Apr-15 7.65 1.19 idAA+ 98.00 15.00 9.43
7-Feb-14 25-Apr-15 7.35 1.21 AA(idn) 97.22 0.70 9.80
5-Feb-14 4-May-15 7.75 1.23 idAA+ 99.25 3.00 8.39
4-Feb-14 9-May-15 7.60 1.24 idAA+/AA+(idn) 98.20 0.52 9.12
7-Feb-14 11-May-15 8.00 1.25 idA 95.95 5.60 11.50
7-Feb-14 5-Jun-15 7.50 1.32 idAA/AAA(idn) 95.90 23.00 10.87
7-Feb-14 9-Jun-15 10.65 1.33 idA 93.50 0.50 16.16
6-Feb-14 27-Sep-15 7.75 1.63 idAA+ 100.74 3.00 7.26
4-Feb-14 20-Nov-15 8.75 1.78 idAAA 97.65 52.00 10.20
6-Feb-14 4-Apr-16 7.75 2.15 idAA+/AAA(idn) 101.07 14.00 7.21
5-Feb-14 9-May-16 7.70 2.24 idAA+/AA+(idn) 94.00 0.35 10.72
7-Feb-14 11-May-16 8.25 2.25 idA 95.95 2.30 10.28
7-Feb-14 17-May-16 7.60 2.27 AAA(idn) 95.20 80.00 9.98
7-Feb-14 23-May-16 6.40 2.28 idAAA 93.05 117.00 9.82
4-Feb-14 21-Jun-16 13.60 2.36 idAA+(sy) 108.82 1.20 9.41
4-Feb-14 25-Sep-16 9.75 2.62 idAA-/AA(idn) 100.00 25.00 9.75
7-Feb-14 24-Oct-16 10.50 2.70 idAA+ 100.08 110.00 10.47
6-Feb-14 20-Nov-16 9.15 2.78 idAAA 99.02 60.00 9.55
7-Feb-14 8-Dec-16 11.75 2.83 AA+ 104.37 1.00 9.96
6-Feb-14 11-Dec-16 11.85 2.83 AA+ 87.00 2.00 17.77
7-Feb-14 19-Jun-17 8.75 3.36 idAA- 96.27 10.00 10.07
4-Feb-14 10-Jul-17 10.40 3.41 idAA+(sy) 108.82 0.60 7.46
6-Feb-14 10-Jul-17 10.40 3.41 idAA+ 101.45 70.00 9.89
4-Feb-14 3-Aug-17 8.25 3.48 AA-(idn) 93.25 6.00 10.58
7-Feb-14 15-Aug-17 9.38 3.51 idA 100.06 40.20 9.35
6-Feb-14 30-Oct-17 7.75 3.72 IdAAA/AAA(idn) 83.50 9.00 13.45
6-Feb-14 6-Nov-17 9.30 3.74 idA 100.03 10.00 9.29
0.08
ASDF01ACN3 2.00
0.22 0.10
Rating Last Done
Price Yield Modified Duration Vol (IDR Bn) 0.22 0.11 0.13 0.25 0.27 FIFA10D 2.00 BCAF01BCN1 4.00 IMFI01ACN2 2.00 0.30 0.30 0.30 0.35 TAFS03A 4.00 SIKISAT02 2.00 BBTN13C 4.00 MEDC02B 1.00 0.35 0.39 0.41 0.41 INDF05 4.00 PPGD13A1 1.00 TRAC03B 2.00 ASDF02ACN1 1.00 0.63 0.70 0.71 0.70 BTPN01B 2.00 ADMF04E 1.00 ADMF02ACN2 6.00 CFIN03C 3.00 0.71 0.76 0.77 0.78 PPLN07 1.00 SIMP01 2.00 PPKT02 2.00 SIKPPKT01 1.00 0.79 0.81 0.78 0.81 BNII01ACN1 1.00 SIKISAT04A 1.00 ISAT07A 3.00 ADMF01BCN1 3.00 0.82 0.83 0.82 0.91 SIKMAPI01B 2.00 SMFP01CCN1 1.00 BBRI02 4.00 SANF02C 1.00 0.96 1.13 1.14 1.18 ASDF01BCN1 1.00 FIFA01CCN1 1.00 SMFP01BCN2 1.00 ADMF01CCN2 3.00 1.17 1.15 1.23 1.19 BCAF01CCN1 1.00 IMFI01BCN1 1.00 TAFS02B 1.00 IMFI04C 1.00 1.52 1.61 1.96 2.00 ADMF01BCN3 2.00 BNGA01ACN2 4.00 FIFA01BCN2 3.00 BCAF01DCN1 2.00 1.99 2.02 2.07 2.01 IMFI01CCN1 1.00 TAFS03B 5.00 BEXI01BCN3 2.00 PPLN08C 2.00 SANF01BCN1 1.00 ADMF02BCN2 7.00 2.28 2.33 2.39 2.36 ISAT07B 1.00 2.88 2.84 2.98 2.91 3.11 3.14 SSIA01B 3.00 2.27 2.84 APLN02 2.00 BNGA01BCN1 Bonds FIFA11C 6.00 BMRI01 1.00
Coupon Tenor Freq
BCAF03D 1.00 ADMF02ACN1 3.00 ASDF11F 2.00 Last Trade Date 5.00 Maturity BNGA01BCN2 2.00 1.00 MEDC03 1.00 SIKPPLN01 1.00 PPLN09A 7.00 BTPN01BCN2
APPENDICES
Appendix 2. Corporate Bonds Trading 3 - 7 February 2014
6-Feb-14 6-Nov-17 9.30 3.74 idA 100.03 10.00 9.29
7-Feb-14 9-Nov-17 10.50 3.74 idAA-/A+(idn) 97.82 20.80 11.22
4-Feb-14 26-Nov-17 9.75 3.79 idAA+/AAA(idn) 100.00 20.00 9.75
7-Feb-14 21-Dec-17 8.40 3.86 idAA- 100.05 150.00 8.38
5-Feb-14 27-Dec-17 7.50 3.88 idAA 90.53 20.00 10.50
4-Feb-14 5-Mar-18 8.25 4.07 AA-(idn) 91.65 5.00 10.81
5-Feb-14 15-Mar-18 8.50 4.09 idAA- 94.12 120.00 10.27
4-Feb-14 5-Apr-18 10.25 4.15 idA- 100.30 10.00 10.16
5-Feb-14 5-Jun-18 8.38 4.32 idAA- 87.50 4.00 12.13
6-Feb-14 27-Jun-18 9.25 4.38 idA 97.50 28.00 9.96
7-Feb-14 20-Nov-18 9.75 4.78 idAAA 100.00 0.75 9.75
4-Feb-14 6-Dec-18 10.00 4.82 AA-(idn) 96.10 1.00 11.05
5-Feb-14 11-Dec-18 10.85 4.83 idA+ 85.14 0.50 15.24
3-Feb-14 11-Dec-18 10.85 4.83 idA+(sy) 99.36 1.00 11.02
5-Feb-14 20-Dec-18 8.50 4.86 idAAA 94.10 1.00 10.05
5-Feb-14 6-Mar-19 9.25 5.07 idA 92.00 6.00 11.34
7-Feb-14 26-Jun-19 10.15 5.38 idA- 96.50 6.00 11.02
4-Feb-14 27-Jun-19 8.63 5.38 idAA+ 92.50 1.70 10.46
7-Feb-14 20-Dec-19 9.40 5.86 idAA- 88.00 1.00 12.30
7-Feb-14 21-Dec-19 8.75 5.86 idAA- 92.50 4.69 10.48
7-Feb-14 12-Oct-20 9.35 6.67 idAA 100.00 12.00 9.35
4-Feb-14 5-Jun-22 7.90 8.32 idAA/AA(idn) 81.05 4.00 11.46
5-Feb-14 8-Jul-22 10.40 8.41 idAA+ 101.70 25.00 10.10
AISA01 3.00 3.71 3.71 3.46 3.27 3.34 3.52 Yield Modified Duration MEDC01CN2 4.00 3.14 2.98 3.10 3.24 3.36 SMFP02BCN1 2.00 BTPN01BCN3 5.00 SSIA01B 3.00 PNBN04SB 2.00 ASDF02CCN2 1.00 AKRA01A 1.00 3.33 Vol (IDR Bn) 3.89 5.55 BSDE01CN2 4.00 APLN01CN1 5.00 BNGA01CCN2 1.00 BNII01SBCN1 1.00 3.87 3.53 3.67 SMRA01CN1 1.00 SISMRA01CN1 2.00 BEXI01CCN1 1.00 BBKP01SBCN1 1.00 4.28 4.43 4.03 4.17 BSBR02SB 6.00 ISAT08A 1.00 PNBN01SBCN1 1.00 AKRA01B 2.00 4.90 5.65 JMPD14JM10 1.00 BBTN01CN1 2.00 PPLN12B 5.00 Last Trade
Date Bonds Maturity Coupon Tenor Rating Freq
Last Done Price
APPENDICES
Source: Danareksa, BEI
Debt Research (62 21) 2955 5777
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Head of Debt Research Market Analyst
Yudistira Slamet Rifki Rizal
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Ayesha Ardelia [email protected] Melissa Hartono [email protected]
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