The Foreign Effect. Foreign holdings in Gov t bonds declined

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Analyst

Rifki Rizal

(62 21) 29 555 777 ext. 3404 rifkir@danareksa.com

Please read important disclosure at the back of this report

10 OCTOBER 2017

The Foreign Effect

Indonesia’s Sovereign Rating

S & P

BBB-Moody’s Baa3

Fitch

BBB-Key Market Indicator as of 09-Oct-17

BI 7-Day RR Rate 4.25% JCI 5,915

IDR 13.518

Inflation (y-o-y)-Sep-17 3.72% Domestic Bonds Outstanding

Gov’t Bonds as of 09-Oct-17 IDR 2,060.7 bn Corp Bonds as of 30-Sep-17 IDR 371.6 bn

Previous Week Trading Volume

Government Bonds IDR 73.32 tn Corporate Bonds IDR 4.85 tn

Benchmark Yield as of 09-Oct-17

FR0061 (5 year) 6.193% FR0059 (10 year) 6.533% FR0074 (15 year) 7.125% FR0072 (20 year) 7.323% Source : Bloomberg, Mid YTM

Government Bond Indices as of 09-Oct-17

Price Index (Bloomberg : DGBIIDPR) 134.87 Yield Index (Bloomberg : DGBIIDYD) 6.23% TR Index (Bloomberg : DGBIIDTR) 557.77

www.danareksa.com Bloomberg Ticker: DFMJ

Penyesuaian portofolio

Pasar obligasi Pemerintah cenderung bergerak

sideways selama minggu lalu. Yield benchmark

10-tahun (FR0059) menutup akhir minggu lalu di level 6,49%, atau naik tipis sebesar 4bps dibandingkan dengan penutupan minggu sebelumnya. Hal ini diperkirakan terjadi akibat aksi jual investor asing selama minggu lalu. Secara historikal, pertumbuhan kepemilikan asing cenderung melambat di kuartal 4 terkait

adjustment yang biasanya mereka lakukan sebagai

persiapan untuk tahun depan.

Kepemilikan asing pada obligasi Pemerintah menurun

Kepemilikan asing di obligasi Pemerintah Indonesia mengalami penurunan. Per 6 Oktober, investor asing mencatatkan net sell sebesar IDR14,55 triliun menjadi IDR811,72 triliun (39.7% dari total outstanding) dari posisi tertinggi di bulan September. Jika dibandingkan dengan posisinya di akhir tahun 2016, kepemilikan asing selama tahun 2017 mengalami peningkatan sebesar IDR145,9 triliun (atau USD10,8 miliar). Di sisi lain, nilai tukar Rupiah terhadap Dollar mengalami pelemahan dari IDR13.472 per USD menjadi IDR13.518 per USD, atau melemah 0,35% sepanjang minggu lalu. Berbeda dengan investor asing, kepemilikan Bank domestik (tidak termasuk Reverse Repo BI) meningkat signifikan sebesar IDR18,3 triliun menjadi IDR447,8 triliun selama periode yang sama. Selain itu, kepemilikan asuransi dan dana pensiun masing-masing meningkat sebesar IDR1,4 triliun dan IDR708 miliar.

Batas baru

Pada minggu lalu Securities and Exchange Board

of India (SEBI) memutuskan untuk menaikkan

limit untuk Foreign Portfolio Investors (FPIs) di obligasi Pemerintah India menjadi INR250.000

crore (USD38,2 miliar) yang terdiri dari INR189.700 crore (USD29 miliar) untuk FPI secara umum

dan INR60.300 crore (USD9,2 miliar) untuk FPIs Jangka Panjang seperti Dana Pensiun, Asuransi dsb. Sebelumnya, total limit investasi untuk FPIs hanya mencapai INR242.000 crore (USD37 miliar), atau dengan kata lain ada tambahan limit sebesar INR8.000 crore atau sebesar USD1,2 miliar. (Exhibit 1).

Permintaan investor asing terhadap obligasi Pemerintah India meningkat signifikan tahun ini. Per 6 Oktober 2017, investor asing mencatatkan

net buy di pasar obligasi India sebesar INR134.749 crore (USD20,6 miliar) selama tahun 2017.

Sementara itu, FPIs mencatatkan net sell sebesar INR43.647 crore (USD6,7 miliar) di sepanjang tahun 2016.

Adjusting portfolios

The Government bonds market tended to move sideways last week. As a result, the 10-year yield benchmark (FR0059) ended the week at 6.49% or up slightly by 4bps compared to its level the previous week. The slightly higher yield might be a reflection of selling by foreign investors. Historically, the growth in foreign holdings tends to slow in the 4th quarter due to adjustments which foreign investors make in preparation for the following year.

Foreign holdings in Gov’t bonds declined

Foreign holdings of Government bonds declined. As of 6 October, the net selling of foreign investors amounted to IDR14.55 trillion. This reduced their holdings to IDR811.72 trillion (39.7% of the total outstanding) from its highest position in September. However, compared to the end of 2016, foreign holdings in 2017 grew by IDR145.9 trillion (or USD10.8 billion). Meanwhile, the IDR/ USD exchange rate weakened from IDR13,472 per USD to IDR13,518 per USD or 0.35% depreciation over the week.

By contrast to the decline in foreign holdings, domestic bank holdings (excluding Reverse Repo BI) increased significantly by IDR18.3 trillion to IDR447.8 trillion during the same period. Furthermore, insurance and pension fund holdings went up by IDR1.4 trillion and IDR708 billion, respectively.

New limit

Last week, the Securities and Exchange Board of India (SEBI) decided to increase its Foreign Portfolio Investments (FPIs) in the Government Bonds of India to INR250,000 crore (USD38.2 billion) consisting of INR189,700 crore (USD29 billion) of General FPI and INR60,300 crore (USD9.2 billion) of long-term FPI coming from Pension Funds, Insurance companies etc. Previously, the total investment limit for FPIs only reached INR242,000 crore (USD37 billion). In other words, there was an increase in the limit of INR8,000 crore (USD1.2 billion). (Exhibit 1).

Foreign investor demand for Indian government bonds has increased significantly this year. As of 6 October 2017, foreign net buying reached INR134,749 crore (USD20.6 billion) in the Indian bond market. In 2016, FPIs recorded net selling of INR43,647 crore (USD6.7 billion).

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Calendar Year INR crores

Equity Debt Total

January (1,177) (2,319) (3,496) February 9,902 5,960 15,862 March 30,906 25,355 56,261 April 2,394 20,364 22,758 May 7,711 19,155 26,866 June 3,617 25,685 29,302 July 5,161 18,867 24,028 August (12,770) 15,447 2,677 September (11,392) 1,349 (10,043) October ** (551) 4,886 4,335 Total - 2017 33,801 134,749 168,550 **as of 6 Oct 17

Exhibit 3. Monthly FPI net investment 2017

Source: Securities and Exchange Board of India

Exhibit 2. Foreign ownership in IDR tradable Goverenment bonds (IDR trillion)

Source: MoF 686 692 723 746 756 771 776 785 819 808* 578 588 606 626 622 644 659 668 685 676 656 666

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: Securities and Exchange Board of India

Type of Instrument Upper Cap Revised Upper Cap Changes as of 4 Jul 17 as of 3 Oct 17

in INR cr in USD bn* in INR cr in USD bn* in INR cr in USD bn*

Government Debt - General 187,700 28.7 189,700 29.0 2,000 0.3 Government Debt - Long Term 54,300 8.3 60,300 9.2 6,000 0.9 State Development Loans - General 28,500 4.4 30,000 4.6 1,500 0.2 State Development Loans - Long Term 4,600 0.7 9,300 1.4 4,700 0.7

Total 275,100 42.1 289,300 44.3 14,200 2.2

*as of 6 Oct 17

USD INR Bloomberg : 65.3725

**as of 6 Oct 17

2016 2017

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APPENDICES

Appendix 1. Government Bonds Trading 02 - 06 Oct 2017

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

Data Done (IDR bn) Class Duration

Price

6-Oct-17 SPN12171012 12-Oct-17 - 6-Oct-17 ORI011 15-Oct-17 8.50 6-Oct-17 SPN03171026 26-Oct-17 - 4-Oct-17 SPN12171109 9-Nov-17 - 4-Oct-17 SPN03171123 23-Nov-17 - 5-Oct-17 SPN12171207 7-Dec-17 - 6-Oct-17 SPN03171221 21-Dec-17 - 5-Oct-17 SPN12180104 4-Jan-18 - 5-Oct-17 PBS009 25-Jan-18 7.75 5-Oct-17 SPN12180201 1-Feb-18 - 6-Oct-17 SR007 11-Mar-18 8.25 5-Oct-17 SPNS13032018 13-Mar-18 - 5-Oct-17 SPN12180412 12-Apr-18 - 3-Oct-17 SPN12180511 11-May-18 - 6-Oct-17 FR0066 15-May-18 5.25 2-Oct-17 SPN12180607 7-Jun-18 - 3-Oct-17 SPN12180712 12-Jul-18 - 4-Oct-17 VR0027 25-Jul-18 4.81 3-Oct-17 SPN12180809 9-Aug-18 - 5-Oct-17 SPN12180906 6-Sep-18 - 6-Oct-17 FR0048 15-Sep-18 9.00 6-Oct-17 ORI012 15-Oct-18 9.00 6-Oct-17 SR008 10-Mar-19 8.30 6-Oct-17 FR0069 15-Apr-19 7.88 6-Oct-17 PBS013 15-May-19 6.25 5-Oct-17 FR0036 15-Sep-19 11.50 6-Oct-17 ORI013 15-Oct-19 6.60 6-Oct-17 SR009 10-Mar-20 6.90 4-Oct-17 PBS006 15-Sep-20 8.25 6-Oct-17 FR0031 15-Nov-20 11.00 5-Oct-17 PBS014 15-May-21 6.50 6-Oct-17 FR0034 15-Jun-21 5.19 6-Oct-17 FR0053 15-Jul-21 8.25 6-Oct-17 FR0061 15-May-22 7.00 5-Oct-17 FR0035 15-Jun-22 12.90 6-Oct-17 FR0063 15-May-23 5.63 4-Oct-17 FR0046 15-Jul-23 9.50 6-Oct-17 PBS011 15-Aug-23 8.75 6-Oct-17 FR0070 15-Mar-24 8.38 4-Oct-17 FR0044 15-Sep-24 10.00 3-Oct-17 FR0040 15-Sep-25 11.00 6-Oct-17 FR0056 15-Sep-26 8.38 6-Oct-17 FR0059 15-May-27 7.00 5-Oct-17 FR0042 15-Jul-27 10.25 6-Oct-17 FR0047 15-Feb-28 10.00 6-Oct-17 FR0064 15-May-28 6.13 6-Oct-17 FR0071 15-Mar-29 9.00 5-Oct-17 FR0052 15-Aug-30 10.50 6-Oct-17 FR0073 15-May-31 8.75 4-Oct-17 FR0054 15-Jul-31 9.50 6-Oct-17 PBS012 15-Nov-31 8.88 6-Oct-17 FR0058 15-Jun-32 8.25 0.01 99.93 3.00 200.00 0.07 < 1yr - 0.01 100.00 37.00 346.38 8.50 < 1yr - 0.04 99.83 2.00 915.16 0.17 < 1yr - 0.08 99.35 1.00 20.00 0.66 < 1yr - 0.12 99.38 2.00 120.00 0.62 < 1yr - 0.16 99.31 2.00 120.00 0.70 < 1yr - 0.20 99.13 3.00 980.46 0.88 < 1yr - 0.23 98.88 3.00 1,258.92 1.13 < 1yr - 0.29 100.83 1.00 1,420.00 4.91 < 1yr 0.30 0.31 98.61 3.00 2,703.00 1.41 < 1yr - 0.42 100.70 4.00 434.53 8.19 < 1yr - 0.43 98.12 1.00 1.63 1.91 < 1yr - 0.51 97.63 1.00 1,600.00 2.42 < 1yr - 0.59 97.14 3.00 447.20 2.94 < 1yr - 0.60 100.05 4.00 166.77 5.16 < 1yr 0.58 0.66 96.93 2.00 500.00 3.16 < 1yr - 0.76 96.47 2.00 70.00 3.66 < 1yr - 0.79 98.76 2.00 400.00 4.87 < 1yr 0.78 0.83 96.06 1.00 160.00 4.11 < 1yr - 0.91 95.48 1.00 50.00 4.73 < 1yr - 0.93 103.65 1.00 451.30 4.98 < 1yr 0.90 1.01 103.25 16.00 66.45 8.72 1yr - 5yr - 1.42 103.25 12.00 389.47 8.04 1yr - 5yr - 1.51 103.10 6.00 3,735.75 5.72 1yr - 5yr 1.38 1.60 100.60 2.00 1,447.91 5.85 1yr - 5yr 1.48 1.93 110.00 1.00 74.20 5.97 1yr - 5yr 1.74 2.01 100.50 35.00 196.31 6.57 1yr - 5yr - 2.42 102.10 18.00 526.19 6.76 1yr - 5yr - 2.93 105.98 2.00 553.00 6.00 1yr - 5yr 2.60 3.10 113.50 4.00 405.54 6.16 1yr - 5yr 2.57 3.60 100.85 3.00 272.93 6.23 1yr - 5yr 3.10 3.68 121.60 1.00 122.47 6.16 1yr - 5yr 3.25 3.76 106.85 33.00 3,031.20 6.18 1yr - 5yr 3.18 4.60 103.35 31.00 6,063.85 6.15 1yr - 5yr 3.81 4.68 126.60 1.00 60.80 6.27 1yr - 5yr 3.57 5.60 96.15 6.00 225.88 6.45 5yr - 10yr 4.61 5.76 113.65 1.00 410.00 6.62 5yr - 10yr 4.44 5.85 110.46 3.00 767.49 6.57 5yr - 10yr 4.57 6.43 109.75 38.00 2,237.81 6.50 5yr - 10yr 4.99 6.93 119.50 2.00 175.20 6.47 5yr - 10yr 5.15 7.93 128.25 2.00 1.40 6.41 5yr - 10yr 5.61 8.93 111.50 14.00 2,247.51 6.65 5yr - 10yr 6.38 9.60 103.30 58.00 5,940.91 6.53 5yr - 10yr 6.79 9.76 126.30 1.00 50.00 6.56 5yr - 10yr 6.47 10.35 121.75 1.00 250.50 7.01 > 10yr 6.73 10.60 95.60 2.00 424.28 6.71 > 10yr 7.44 11.43 119.00 5.00 2,015.91 6.61 > 10yr 7.46 12.85 128.75 2.00 86.08 7.06 > 10yr 7.65 13.60 114.70 13.00 2,088.32 7.05 > 10yr 8.05 13.76 121.30 2.00 198.50 7.06 > 10yr 8.08 14.10 113.55 5.00 157.32 7.32 > 10yr 8.13 14.68 109.50 10.00 245.89 7.19 > 10yr 8.54

Sources: Danareksa Estimates, BEI

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Appendix 2. Government Bonds Trading 02 - 06 Oct 2017 (cont’d)

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

Data Done (IDR bn) Class Duration

Price

6-Oct-17 FR0074 15-Aug-32 7.50 14.85 104.25 38.00 7,069.48 7.03 > 10yr 8.92 6-Oct-17 FR0065 15-May-33 6.63 15.60 94.90 30.00 283.51 7.17 > 10yr 9.21 6-Oct-17 FR0068 15-Mar-34 8.38 16.43 110.00 28.00 2,787.92 7.32 > 10yr 9.18 6-Oct-17 FR0072 15-May-36 8.25 18.60 109.50 55.00 7,169.79 7.31 > 10yr 9.56 3-Oct-17 FR0045 15-May-37 9.75 19.60 124.88 1.00 2.75 7.34 > 10yr 9.48 6-Oct-17 FR0075 15-May-38 7.50 20.60 104.00 202.00 8,312.34 7.13 > 10yr 10.32 6-Oct-17 FR0050 15-Jul-38 10.50 20.76 133.60 1.00 32.41 7.32 > 10yr 9.73 6-Oct-17 FR0057 15-May-41 9.50 23.60 125.50 1.00 2.32 7.23 > 10yr 10.40 6-Oct-17 FR0062 15-Apr-42 6.38 24.51 91.40 2.00 172.61 7.12 > 10yr 11.39 6-Oct-17 FR0067 15-Feb-44 8.75 26.35 115.25 12.00 208.88 7.42 > 10yr 11.07 6-Oct-17 FR0076 15-May-48 7.38 30.60 101.85 22.00 451.47 7.22 > 10yr 11.89

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APPENDICES

Appendix 3. Corporate Bonds Trading 02 - 06 Oct 2017

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

Data Done (IDR bn) Duration

Price

2-Oct-17 ASDF03ACN2 28-Oct-17 7.25 0.05 idAAA 100.05 2.00 40.00 7.25 0.07 4-Oct-17 ASDF02BCN4 29-Oct-17 10.50 0.05 idAAA 100.28 1.00 30.00 10.47 0.07 3-Oct-17 BNGA01BCN1 30-Oct-17 7.75 0.06 idAAA 100.10 1.00 28.00 7.74 0.07 5-Oct-17 MDLN02B 27-Dec-17 11.00 0.21 idA 100.90 2.00 2.00 10.90 0.22 3-Oct-17 NISP01CCN2 10-Feb-18 9.80 0.33 idAAA 101.25 5.00 5.00 9.68 0.34 6-Oct-17 TAFS02ACN2 24-Feb-18 7.65 0.37 idAA+ 100.55 1.00 36.00 7.61 0.37 5-Oct-17 BFIN03ACN2 12-Mar-18 8.00 0.42 A+(idn) 100.02 2.00 88.00 8.00 0.42 3-Oct-17 ASDF03ACN3 13-Mar-18 7.40 0.43 idAAA 100.02 2.00 20.00 7.40 0.43 3-Oct-17 ADHI01ACN2 15-Mar-18 8.10 0.43 idA 100.00 1.00 0.50 8.10 0.44 5-Oct-17 MEDC01CN2 15-Mar-18 8.50 0.43 idAA- 100.73 3.00 2.25 8.44 0.43 4-Oct-17 PTPP01CN1 19-Mar-18 8.38 0.44 idA 101.00 5.00 10.00 8.29 0.44 3-Oct-17 BBIA01B 1-Apr-18 9.40 0.48 AAA(idn) 101.49 2.00 25.00 9.26 0.48 6-Oct-17 WOMF01BCN3 2-Apr-18 10.25 0.48 AA(idn) 101.68 2.00 52.00 10.08 0.47 4-Oct-17 IMFI02ACN4 3-Apr-18 8.00 0.48 idA 100.57 2.00 40.00 7.95 0.48 6-Oct-17 AISA01 5-Apr-18 10.25 0.49 idA- 100.73 10.00 159.00 10.18 0.48 6-Oct-17 SANF02ACN2 10-Apr-18 8.00 0.50 AA(idn) 100.02 2.00 16.00 8.00 0.49 6-Oct-17 BBRI02ACN2 16-Apr-18 7.20 0.52 idAAA 100.50 1.00 30.00 7.16 0.51 6-Oct-17 FIFA02BCN1 24-Apr-18 9.25 0.54 idAAA 101.61 1.00 61.00 9.10 0.52 6-Oct-17 FIFA03ACN1 6-May-18 7.35 0.57 idAAA 100.55 6.00 29.50 7.31 0.56 3-Oct-17 SIEXCL01ACN2 8-May-18 7.25 0.58 AAA(idn) 100.48 2.00 20.00 7.22 0.57 5-Oct-17 BSDE01CN2 5-Jun-18 8.38 0.65 idAA- 100.71 2.00 2.00 8.32 0.64 3-Oct-17 ISAT02ACN1 10-Jun-18 7.00 0.67 idAAA 100.33 2.00 20.00 6.98 0.66 6-Oct-17 APLN01CN1 27-Jun-18 9.25 0.71 idA 100.00 2.00 20.30 9.25 0.69 5-Oct-17 BNLI02SB 28-Jun-18 11.00 0.72 idAA+ 102.78 2.00 2.00 10.70 0.69 2-Oct-17 PTHK01B 28-Jun-18 9.10 0.72 idA- 76.83 1.00 2.00 11.84 0.70 2-Oct-17 BPFI01BCN1 28-Jun-18 11.00 0.72 idBBB 100.50 1.00 10.00 10.95 0.70 4-Oct-17 ADMF03ACN1 30-Jun-18 9.50 0.72 idAAA 102.23 2.00 126.00 9.29 0.71 5-Oct-17 SMFP04ACN1 30-Jun-18 7.00 0.72 idAA+ 100.62 1.00 56.00 6.96 0.71 2-Oct-17 ASDF02BCN5 2-Jul-18 9.25 0.73 idAAA 100.02 2.00 1.09 9.25 0.72 5-Oct-17 BSMT01SB 5-Jul-18 11.35 0.74 idA 102.75 7.00 143.00 11.05 0.71 3-Oct-17 SMFP03BCN1 7-Jul-18 9.25 0.74 idAA+ 101.85 1.00 10.00 9.08 0.71 4-Oct-17 ADMF03BCN2 25-Aug-18 9.50 0.88 idAAA 102.99 1.00 1.00 9.22 0.84 5-Oct-17 NISP02ACN2 2-Sep-18 6.75 0.89 idAAA 100.57 2.00 230.00 6.71 0.87 5-Oct-17 BNGA02ACN2 3-Sep-18 6.75 0.90 idAAA 100.52 2.00 80.00 6.71 0.87 4-Oct-17 ADMF02CCN2 24-Oct-18 11.00 1.04 idAAA 103.70 16.00 160.00 7.32 0.97 3-Oct-17 TAFS01BCN3 6-Nov-18 9.50 1.07 idAA+ 103.31 7.00 64.00 6.34 1.02 2-Oct-17 BNGA01CCN2 20-Nov-18 9.75 1.11 idAAA 103.60 1.00 2.00 6.43 1.06 6-Oct-17 BNII01SBCN1 6-Dec-18 10.00 1.16 AA(idn) 102.20 1.00 1.00 8.00 1.09 2-Oct-17 SMRA01CN1 11-Dec-18 10.85 1.17 idA+ 103.30 4.00 8.00 7.92 1.11 2-Oct-17 ANTM01ACN1 14-Dec-18 8.38 1.18 idA 76.47 1.00 2.00 32.87 1.05 4-Oct-17 BEXI01CCN1 20-Dec-18 8.50 1.19 idAAA 102.62 2.00 60.00 6.24 1.14 6-Oct-17 WOMF01BCN4 22-Dec-18 10.80 1.20 AA(idn) 103.45 5.00 65.00 7.79 1.13 6-Oct-17 BBRI01BCN2 4-Feb-19 9.25 1.32 idAAA 103.60 2.00 5.14 6.40 1.23 6-Oct-17 IMFI02BCN3 16-Mar-19 10.50 1.43 idA 105.00 3.00 2.30 6.83 1.33 6-Oct-17 FIFA02BCN3 5-Apr-19 9.15 1.49 idAAA 101.02 2.00 23.00 8.42 1.39 5-Oct-17 MYOR04 9-May-19 8.50 1.58 idAA- 101.00 3.00 15.00 7.82 1.46 5-Oct-17 ASDF03BCN1 11-May-19 8.50 1.59 idAAA 102.90 2.00 5.65 6.57 1.47 5-Oct-17 TUFI02ACN2 1-Jun-19 8.95 1.64 idAA 102.60 5.00 83.40 7.27 1.52 4-Oct-17 BEXI03BCN1 8-Jun-19 8.20 1.66 idAAA 103.35 1.00 22.50 6.08 1.55 5-Oct-17 SANF02BCN1 9-Jun-19 9.00 1.66 AA(idn) 101.92 2.00 6.60 7.77 1.54

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Appendix 4. Corporate Bonds Trading 02 - 06 Oct 2017 (cont’d)

Price

5-Oct-17 WSKT02CN1 10-Jun-19 9.25 1.67 idA 103.00 2.00 4.00 7.33 1.54 3-Oct-17 BNLI01SBCN1 15-Jun-19 8.90 1.68 idAA+ 101.37 2.00 10.00 8.03 1.56 2-Oct-17 TAXI01 24-Jun-19 12.50 1.71 idA 70.00 3.00 290.00 36.69 1.41 2-Oct-17 WOMF02BCN1 24-Jun-19 9.50 1.71 AA(idn) 103.00 1.00 0.20 7.63 1.58 2-Oct-17 ISAT08A 27-Jun-19 8.63 1.71 idAAA 101.80 2.00 20.00 7.51 1.60 4-Oct-17 BVIC02SB 27-Jun-19 11.00 1.71 idBBB+ 102.00 7.00 21.00 9.73 1.56 6-Oct-17 DILD02A 29-Jun-19 10.75 1.72 idA 100.00 2.00 138.00 10.75 1.56 2-Oct-17 SMAR01BCN1 3-Jul-19 9.25 1.73 AA(idn) 102.65 8.00 91.00 7.62 1.57 6-Oct-17 IIFF01A 19-Jul-19 8.25 1.78 idAAA 102.05 2.00 30.50 7.02 1.62 4-Oct-17 ADMF03BCN4 26-Jul-19 8.75 1.79 idAAA 102.27 1.00 8.00 7.40 1.64 3-Oct-17 BEXI03BCN2 25-Aug-19 7.95 1.88 idAAA 101.40 1.00 20.00 7.15 1.73 5-Oct-17 FIFA02BCN4 27-Sep-19 7.95 1.96 idAAA 100.50 1.00 2.00 7.67 1.81 6-Oct-17 IMFI02CCN2 6-Nov-19 11.00 2.07 idA 107.36 1.00 42.10 7.16 1.83 5-Oct-17 SMII01ACN1 18-Nov-19 7.85 2.11 idAA+ 102.40 2.00 200.00 6.62 1.92 3-Oct-17 BEXI03BCN3 22-Nov-19 7.85 2.12 idAAA 102.25 1.00 45.00 6.71 1.94 4-Oct-17 SIISAT01BCN1 12-Dec-19 10.30 2.17 idAAA 105.75 4.00 20.00 7.43 1.95 2-Oct-17 ISAT01BCN1 12-Dec-19 10.30 2.17 idAAA 106.20 1.00 20.00 7.22 1.95 6-Oct-17 PNBN01SBCN1 20-Dec-19 9.40 2.19 idAA- 102.05 5.00 10.00 8.37 1.97 3-Oct-17 AKRA01B 21-Dec-19 8.75 2.20 idAA- 101.37 2.00 60.00 8.07 1.99 3-Oct-17 PPLN11B 12-Jan-20 12.55 2.26 idAAA 111.10 5.00 10.00 7.21 1.94 3-Oct-17 BEXI03BCN4 23-Feb-20 8.40 2.37 idAAA 103.05 3.00 70.00 7.00 2.14 2-Oct-17 BEXI02CCN5 13-Mar-20 9.50 2.43 idAAA 103.85 1.00 2.00 7.76 2.17 6-Oct-17 ADHI01BCN2 15-Mar-20 8.50 2.43 idA 101.00 9.00 36.00 8.04 2.18 3-Oct-17 ADMF03BCN5 22-Mar-20 8.60 2.45 idAAA 102.41 3.00 90.00 7.52 2.21 4-Oct-17 MEDC02ACN4 30-Mar-20 10.80 2.47 idAA- 100.02 4.00 14.00 10.79 2.15 5-Oct-17 TUFI03ACN2 6-Jun-20 8.50 2.66 idAA 102.16 4.00 72.00 7.60 2.36 2-Oct-17 SIAGII01ACN1 6-Jun-20 9.90 2.66 A-(idn) 101.25 1.00 2.00 9.36 2.32 3-Oct-17 BVIC03SB 27-Jun-20 10.50 2.71 idBBB+ 101.35 4.00 8.00 9.93 2.35 3-Oct-17 MDLN01BCN1 7-Jul-20 12.50 2.74 idA 105.25 7.00 65.00 10.29 2.26 5-Oct-17 IMFI03BCN1 7-Jul-20 8.60 2.74 idA 103.10 3.00 2.10 7.35 2.39 4-Oct-17 AKRA01ACN1 7-Jul-20 8.50 2.74 idAA- 100.05 3.00 30.00 8.48 2.39 6-Oct-17 PNMP02ACN1 12-Jul-20 8.75 2.76 idA 100.40 1.00 59.10 8.59 2.39 2-Oct-17 PIHC01ACN1 12-Jul-20 7.90 2.76 AAA(idn) 101.15 1.00 30.00 7.44 2.43 5-Oct-17 BBTN03ACN1 13-Jul-20 8.30 2.76 idAA 102.50 1.00 60.00 7.30 2.42 5-Oct-17 ADMF03BCN6 14-Jul-20 8.10 2.76 idAAA 103.21 2.00 0.40 6.82 2.43 5-Oct-17 BEXI03ACN5 15-Aug-20 7.60 2.85 idAAA 101.30 3.00 14.00 7.09 2.53 6-Oct-17 WOMF02BCN2 22-Aug-20 8.90 2.87 AA(idn) 101.45 4.00 208.00 8.33 2.49 5-Oct-17 NISP02CCN2 22-Aug-20 7.70 2.87 idAAA 100.70 1.00 5.00 7.43 2.54 5-Oct-17 BNGA02BCN2 23-Aug-20 7.70 2.87 idAAA 101.20 1.00 5.00 7.23 2.55 2-Oct-17 BBRI02ACN3 24-Aug-20 7.60 2.87 idAAA 101.80 4.00 2.50 6.91 2.56 2-Oct-17 ADMF03CCN2 25-Aug-20 10.25 2.88 idAAA 106.50 1.00 0.50 7.72 2.48 3-Oct-17 WSKT01BCN2 16-Oct-20 11.10 3.02 idA 106.20 2.00 10.00 8.75 2.52 3-Oct-17 SMRA02CN1 16-Dec-20 11.25 3.18 idA+ 109.00 4.00 20.00 8.03 2.69 2-Oct-17 BBRI01CCN3 25-May-21 8.70 3.63 idAAA 105.20 1.00 0.52 7.07 3.10 2-Oct-17 TUFI02BCN2 1-Jun-21 9.25 3.64 idAA 104.00 2.00 5.10 7.98 3.08 5-Oct-17 APOL02B 30-Jun-21 12.50 3.72 - 100.00 2.00 50.00 12.50 2.94 3-Oct-17 PPRO01B 1-Jul-21 9.90 3.73 idA- 98.02 2.00 2.00 10.55 3.08 2-Oct-17 TBIG02CN1 1-Jul-21 9.25 3.73 AA-(idn) 103.10 1.00 0.28 8.28 3.15 6-Oct-17 SIAISA02 19-Jul-21 10.50 3.78 idA- 100.00 2.00 72.00 10.50 3.02 2-Oct-17 IIFF01B 19-Jul-21 8.70 3.78 idAAA 103.25 1.00 23.00 7.70 3.17 3-Oct-17 TELE01CCN2 14-Oct-21 10.65 4.01 idA 100.95 3.00 12.00 10.36 3.18 5-Oct-17 PNBN02CN2 27-Oct-21 8.75 4.05 idAA 102.50 1.00 78.00 8.02 3.35

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APPENDICES

Appendix 5. Corporate Bonds Trading 02 - 06 Oct 2017 (cont’d)

Price

5-Oct-17 ANTM01BCN1 14-Dec-21 9.05 4.18 idA 101.35 8.00 24.00 8.66 3.45 5-Oct-17 ADMF03CCN5 22-Mar-22 8.90 4.45 idAAA 100.02 1.00 4.00 8.89 3.64 6-Oct-17 BBTN01CN1 5-Jun-22 7.90 4.65 idAA 100.75 6.00 6.00 7.71 3.85 6-Oct-17 MEDC02CCN5 14-Jun-22 11.30 4.68 idAA- 104.00 2.00 14.00 10.21 3.61 5-Oct-17 LTLS02CN1 21-Jun-22 10.50 4.70 idA- 101.75 1.00 36.00 10.03 3.68 5-Oct-17 ADHI02CN1 22-Jun-22 9.25 4.70 idA 100.02 2.00 80.00 9.24 3.77 6-Oct-17 BLAM04 7-Jul-22 9.60 4.74 idA- 102.13 3.00 42.00 9.04 3.71 6-Oct-17 BMTR01ACN1 7-Jul-22 11.50 4.74 idA+ 99.42 6.00 91.00 11.66 3.52 5-Oct-17 PPLN12B 8-Jul-22 10.40 4.74 idAAA 113.25 3.00 3.00 7.09 3.73 6-Oct-17 BBNI01CN1 11-Jul-22 8.00 4.75 idAAA 105.00 1.00 1.70 6.76 3.89 5-Oct-17 BMTP01B 11-Jul-22 8.75 4.75 AA(idn) 100.02 2.00 22.00 8.74 3.79 5-Oct-17 BNII02ACN1 11-Jul-22 8.00 4.75 idAAA 101.90 1.00 30.00 7.52 3.87 4-Oct-17 PNMP02BCN1 12-Jul-22 9.25 4.76 idA 100.02 4.00 120.00 9.25 3.74 5-Oct-17 ADMF03CCN6 14-Jul-22 8.40 4.76 idAAA 100.02 2.00 8.00 8.39 3.83 5-Oct-17 BBRI02BCN3 24-Aug-22 8.00 4.87 idAAA 103.90 2.00 3.65 7.05 4.00 6-Oct-17 BACA02SB 15-Jan-23 12.00 5.26 idBBB- 100.00 4.00 88.00 12.00 3.77 2-Oct-17 SIBMTR01BCN1 7-Jul-23 11.75 5.74 idA+ 104.95 1.00 10.00 10.59 4.09 5-Oct-17 PNBN02SBCN2 17-Mar-24 10.25 6.44 idAA 99.00 1.00 0.10 10.46 4.64

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