May15 Calendar Monday Tuesday Wednesday Thursday Friday TAFS02B; WSKT02A: Matured. AMRT01ACN2; AMRT01BCN2 New Issuance (IDR 0.

(1)

A Quiet Market

JUNE 2015

Indonesia FCLT Rating S&P BB+ Moody’s Baa3 Fitch

BBB-Key Market Indicators as of 10 Jun 2015

BI Rate 7.50%

JCI 4,934

IDR 13,315

Inflation (YoY) 7.15%

Inflation (MoM) 0.50%

Domestic Bonds Outstanding

Gov’t Bonds as of 9-Jun-15 IDR 1,229.1 tn Corp Bonds as of 9-Jun-15 IDR 232.1 tn

Trading Volume in Jun 2015

Government Bonds IDR 35.30 tn Corporate Bonds IDR 1.82 tn

Benchmark Yields as of 10 Jun 2015

FR0069 (5 year) 8.385%

FR0070 (10 year) 8.609%

FR0071 (15 year) 8.765%

FR0068 (20 year) 8.752%

Source: Bloomberg Mid YTM

Analysts Ayesha Ardelia (62 21) 2955 5777 ext 3406 ayesha@danareksa.com Rifki Rizal (62 21) 2955 5777 ext 3404 rifkir@danareksa.com Amir A. Dalimunthe (62 21) 2955 5777 ext 3405 amirda@danareksa.com

Please read important disclosure at the back of this

Monday Tuesday Wednesday Thursday Friday

21

Sources: IDX & Pefindo

May15 Calendar 12 13 4 5 22 15 18 19 20 11 28 29 25 18 27 8 7 6 26 221 22 14 PPGD02ACN3; PPGD02BCN3; PPGD02CCN3 New Issuance (IDR 2.9 tn) AMRT01ACN2; AMRT01BCN2 New Issuance (IDR 1.0 tn) MFIN02ACN1; MFIN02BCN1; MFIN02CCN1 New Issuance (IDR 0.5 tn) AMRT01ACN2; AMRT01BCN2 New Issuance (IDR 0.34 tn) SMBBSY01 New Issuance (IDR 0.5 tn) BCAF04E: Matured TAFS02B; WSKT02A: Matured BIIF01B: Matured BFIN01CCN1: Matured IMAT01B: Matured ASDF02BCN1: Matured MFIN01ACN2: Matured BEXI02ACN1: Matured Rating: BSMT idAA- idA+ Rating: BSMT Stable Negative Rating: BSMT idBBB- idBB+

(2)

1Q15 sebesar 4,71% sekaligus mencatatkan level terendah sejak tahun 2009. Sementara itu, inflasi berada dalam tren meningkat, mencapai 0,5% di bulan Mei 2015 dari 0,36% di bulan April 2015 setelah mencatatkan deflasi selama dua bulan berturut-turut di awal tahun. Inflasi tahunan di bulan Mei 2015 meningkat menjadi 7,15%. Tren peningkatan inflasi tersebut diperkirakan masih akan berlanjut untuk beberapa bulan ke depan menjelang Ramadhan dan Hari Raya Idul Fitri sehingga inflasi tahunan akan tetap berada di atas 7%. Rapat Dewan Gubernur (RDG) Bank Indonesia per tanggal 19 Mei 2015 memutuskan untuk mempertahankan BI rate sebesar 7,5% dengan suku bunga deposit facility 5,5% dan lending facility pada level 8,0%. Keputusan tersebut sejalan dengan stance kebijakan moneter yang cenderung ketat untuk menjaga agar inflasi berada dalam kisaran 4±1% pada tahun 2015 dan 2016. Sementara itu, untuk memelihara momentum pertumbuhan ekonomi, Bank Indonesia melonggarakan kebijakan makropudensial melalui revisi ketentuan GWM-LDR, ketentuan LTV untuk Kredit Kepemilikan Rumah (KPR), serta ketentuan pembayaran uang muka (down payment) untuk Kredit Kendaraan Bermotor (KKB).

Walaupun tingkat volatilitas Rupiah relatif stabil selama bulan Mei, namun nilai tukar Rupiah melemah dari Rp12.937 per dollar AS menjadi Rp13.224 per dollar AS atau terdepresiasi 2,22%. Nilai tukar Rupiah terhadap dolar AS berada diatas level Rp13.000 sejak awal tahun 2015 dan merupakan yang tertinggi sejak tahun 1998. Seiring dengan pelemahan Rupiah, Indeks Harga Saham Gabungan (IHSG) menunjukkan penurunan tajam ke level 5.216 per tanggal 29 Mei 2015 dan menghasilkan -0,2% ytd total return.

has continued to slow down since 2009, recording only 4.71% GDP growth in 1Q15. At the same time, inflation has trended higher. In May 2015, inflation climbed to 0.5% from 0.36% in April 2015. This comes after 2 months of deflation earlier in the year. Y-o-y inflation in May increased to 7.15%. The increasing trend in inflation is expected to continue over the next few months due to festive season (Ramadhan and Idul Fitri) with the y-o-y inflation remaining above 7%. Bank Indonesia’s Board of Governors meeting on May 19,2015 decided to keep the BI Rate at 7.5% with the deposit facility at 5.5% and the lending facility at 8.0%. This is in accordance with BI’s tight monetary policy stance which is aimed at keeping inflation at around 4±1% in 2015 and 2016. Meanwhile, in a bid to maintain the economic growth momentum, Bank Indonesia loosened its macroprudential policy concerning the renewal of the GWM-LDR provision, the Loan to Value (LTV) for mortgage loans and the minimum down payment for vehicle loans.

Even though Rupiah volatility was relatively low in May, the Rupiah exchange rate weakened from IDR12,937 per USD to IDR13,224 per USD or depreciation of 2.22%. The Rupiah/ USD exchange rate rose above the level of IDR13,000 earlier this year and this is its highest level since 1998. Inline with the Rupiah depreciation, the Jakarta Composite Index (JCI) recorded sharp declines to 5,216 as of May 29,2015 during the month, resulting in a -0.2% ytd total return.

Exhibit 1. Yield index, y-o-y Inflation, and BI Rate

3.75 4.25 4.75 5.25 5.75 6.25 6.75 7.25 7.75 8.25 8.75 6.75 7.25 7.75 8.25 8.75 9.25 D e c-13 Fe b -1 4 A p r-1 4 Ju n -1 4 A u g -1 4 O ct -1 4 D e c-14 Fe b -1 5 A p r-1 5

Yield Index BI Rate YoY Inflation Source: Bloomberg, Danareksa estimates

Exhibit 2. Rupiah Exchange Rate Against USD (USDIDR) volatility

12,800 12,900 13,000 13,100 13,200 13,300 13,400 9-Ju n -15 4-Ju n -15 29-M ay -15 26-M ay -15 21-M ay -15 18-M ay -15 12-M ay -15 7-M ay -15 4-M ay -15 28-A p r-15 23-A p r-15 20-A p r-15 15-A p r-15 10-A p r-15 7-A p r-15 1-A p r-15 27-M ar -15 24-M ar -15 19-M ar -15 16-M ar -15 Source: Bloomberg

(3)

Exhibit 3. Indonesian Government Bond’s Ownership 0 20 40 60 80 100 120 140 160 310 345 380 415 450 485 520 11-M ar -15 18-M ar -15 25-M ar -15 1-Ap r-15 9-Ap r-15 16-Ap r-15 23-Ap r-15 30-Ap r-15 8-M ay -15 18-M ay -15 25-M ay -15 1-Ju n-15

RR-BI BI Domestic Bank Foreign Investors

Source: MoF

Proporsi kepemilikan asing tetap

Danareksa Government Bonds Yield Index meningkat 35bps dalam satu bulan mencapai 8,17% per tanggal 29 Mei 2015, sementara proporsi kepemilikan asing bergerak mendatar sejak pertengahan Maret 2015. Data kepemilikan Surat Berharga Negara (SBN) menunjukkan proporsi kepemilikan asing pada akhir bulan April dan Mei 2015 berada di level yang sama 38,5%. Namun kepemilikan asing secara nominal telah mencatatkan kepemilikan tertinggi yaitu dari Rp 508,18 triliun di akhir bulan April 2015 menjadi Rp 514,49 triliun. Di sisi lain, kepemilikan bank domestik naik signifikan dari Rp356,85 triliun ke Rp370,09 triliun pada periode yang sama dan menambah proporsi dari 27,04% ke 27,62% dari total oustanding obligasi Pemerintah.

Stable foreign holdings of Government bonds

The Danareksa Government Bonds Yield index increased 35bps m-o-m to 8.17% as of May 29, 2015. Foreign holdings of Government bonds have been stable since mid-March 2015. The latest data shows that foreign holdings in IDR Government bonds remained at 38.5% in April and May 2015. However, in nominal terms, foreign holdings in IDR Government bonds climbed to a high of IDR514.49 trillion from IDR508.18 trillion at the end of April. Domestic banks, meanwhile, increased their holdings from IDR356.85 trillion to IDR370.09 trillion. As a result, their holdings increased from 27.04% to 27.62% of the total IDR Government bonds outstanding.

IDR T

rillion

IDR T

rillion

Return obligasi Pemerintah mengalami penurunan

Return bulanan obligasi Pemerintah terus menunjukkan penurunan hingga mencapai angka negatif 2,01% di bulan Mei 2015, setelah mencatatkan negatif 1,68% di bulan sebelumnya. Hal tersebut menyebabkan return YTD obligasi Pemerintah menurun dari 4,30% ke 2,46% dalam sebulan. Peningkatan yield curve sebagian besar terjadi pada obligasi jangka menengah (7-10 tahun) dengan selisih mendekati 0,4%.

The return on IDR Government bonds declined

The m-o-m return on IDR Goverment bonds declined further. In May 2015 the return was a negative 2.01%, or greater than the negative return of 1.68% in the previous month. As a result, the YTD return on IDR Government bonds declined from 4.30% to 2.46% in the same period. The change in the yield curve was mostly seen in the medium tenor bonds (7-10 years) with nearly a 0.4% difference.

(4)

Volume Perdagangan Rendah

Volume perdagangan pada bulan April dan Mei relatif lebih rendah dibandingkan dengan rata-rata volume perdagangan di 3 bulan pertama di tahun 2015 sebesar Rp305,71 triliun untuk obligasi Pemerintah dan Rp13,57 triliun untuk obligasi korporasi. Volume perdagangan obligasi Pemerintah di bulan Mei sebesar Rp226,46 triliun, meningkat 5% dibandingkan bulan sebelumnya. Sedangkan volume perdagangan obligasi korporasi di bulan Mei sebesar Rp11,23 triliun, turun 6% dibandingkan bulan April. Dengan demikian, secara rata-rata volume perdagangan bulanan pada periode Juni 2014 – Mei 2015 untuk obligasi Pemerintah dan obligasi korporasi secara berurutan sebesar Rp243,93 triliun dan Rp11,79 triliun. Seri obligasi Pemerintah yang paling aktif diperdagangkan adalah FR0070 dengan total transaksi selama bulan Mei sebesar Rp62,42 triliun, disusul oleh FR0071, FR0068, dan FR0069 secara berurutan sebesar Rp32,49 triliun, Rp32,24 triliun, dan Rp25,34 triliun. Sementara itu, obligasi korporasi yang paling aktif diperdagangkan adalah Obligasi Berkelanjutan WOM Finance I Tahap III Tahun 2015 Seri B sebesar Rp1,08 triliun.

Obligasi Subordinasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 memberikan return paling tinggi

Total return obligasi korporasi tertinggi sebesar 11,85% diberikan oleh Obligasi Subordinasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 yang memiliki kupon sebesar 9,40%, dengan total interest return sebesar 0,70% dan total price return sebesar 11,14%. Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 yang memiliki kupon 9,90% menempati posisi kedua dengan total return sebesar 7,57%, disusul oleh Obligasi Subordinasi III Bank OCBC NISP Tahun 2010 yang memiliki kupon sebesar 11,35% dengan total return sebesar 5,95%.

Low trading volume

The trading volume in the months of April and May was lower than the average trading volume in the first 3 months of 2015 at IDR305.71 trillion for Government bonds and IDR13.57 trillion for corporate bonds. Government bonds trading volume reached IDR226.46 trillion in May, or up 5% from the previous month. Meanwhile, in the same period, corporate bonds trading volume reached IDR11.23 trillion, or down by 6%. Therefore, the average monthly trading volume from June 2014-May 2015 for Government bonds and corporate bonds reached IDR243.93 trillion and IDR11.79 trillion, respectively. The most actively traded Government bond was FR0070, with trading in this bond reaching IDR62.42 trillion, followed by FR0071, FR 0068, and FR0069 resepectively at IDR32.49 trillion, IDR32.24 trillion, and IDR25.34 trillion. Among corporate bonds, the most actively traded bond was WOM Finance Continous Bonds I Phase III Year 2015 Series B with trading reaching IDR1.08 trillion.

The Subordinated Shelf Registered Bonds of Panin Bank I Phase I Year 2012 gave the highest return

The Subordinated Shelf Registered Bonds of Panin Bank I Phase I Year 2012- which have a coupon of 9.40% - gave the highest return for corporate bonds at 11.85%. The interest return was 0.70% and the price return was 11.14%. JAPFA Shelf Registered Bonds I Phase I Year 2012, which carry a coupon of 9.90%, was in second place - providing a return of 7,57%, followed by the Subordinated Bonds III of OCBC NISP Bank Year 2010 which carry a 11.35% coupon and gave a 5.95% return.

Exhibit 4. Changes in the yield curve

0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35% 0.40% 0.45% 1 ye ar 3 ye ar 5 ye ar 7 ye ar 9 ye ar 11 y ea r 13 y ea r 15 y ea r 17 y ea r 19 y ea r 21 y ea r 23 y ea r 25 y ea r 27 y ea r 29 y ea r 31 y ea r

Source : Danareksa Estimate

Exhibit 5. Average Monthly Trading

50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 Ju n -1 4 Ju l-14 A u g -1 4 Se p -1 4 O ct -1 4 N ov -1 4 D ec-14 Ja n -1 5 Fe b -1 5 M ar -1 5 Ap r-15 Ma y-15

Avg Monthly Transaction for Corporate Bonds : IDR11,790.22 trillion

Avg Monthly Transaction for Governemnt Bonds : IDR243,929.67 trillion

(5)

Bond Market Review

Maturity of Corporate Bonds in May 2015

No. Bond ID Bond Name Maturity Coupon Rating Amount

Date Rate (%) (IDR bn)

1 BTPN02B Obligasi Bank BTPN II Tahun 2010 Seri B 19-May-10 10.60 AA-(idn) 585 2 TUFI06D Obligasi Mandiri Tunas Finance VI Tahun 2011 Seri D 20-May-11 10.70 idA+ 150 3 ADMF05D Obligsai Adira Dinamika Multi Finance V Tahun 2011 Seri D 30-May-11 10.00 idAA+ 1161 4 ADMF01CCN2 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 05-May-12 7.75 idAA+ 864

Dengan Tingkat Bunga Tetap Tahap II Tahun 2012 Seri C

5 BCAF01CCN1 Obligasi Berkelanjutan I BCA Finance Dengan Tingkat Bunga 10-May-12 7.60 idAA+/AA+(idn) 250 Tetap Tahap I Tahun 2012 Seri C

6 IMFI01BCN1 Obligasi Berkelanjutan I Indomobil Finance Dengan Tingkat 14-May-12 8.00 idA 463 Bunga Tetap Tahap I Tahun 2012 Seri B

7 WEHA01 Obligasi Panorama Transportasi I Tahun 2012 21-May-12 12.25 idBBB+ 150 Dengan Tingkat Bunga Tetap

8 IMFI01ACN4 Obligasi Berkelanjutan I Indomobil Finance Indonesia 23-Apr-14 10.25 idA 151 Tahap IV Tahun 2014 dengan Tingkat Bunga Tetap Seri A

9 ADMF02ACN3 Obligasi Berkelanjutan II Adira Finance Tahap III Tahun 2014 Seri A 16-May-14 9.60 idAA+ 687

Total May 2015 4,461

Source: IDX

No. Bond ID Bond Name Issued Listed Maturity Coupon Rating Amount

Date Date Date Rate (%) (IDRbn)

1 PPGD02ACN3 Obligasi Berkelanjutan II Pegadaian Tahap III 7-May-15 8-May-15 17-May-16 8.50% idAA+ 400 Tahun 2015 Seri A

2 PPGD02BCN3 Obligasi Berkelanjutan II Pegadaian Tahap III 7-May-15 8-May-15 7-May-18 9.25% idAA+ 1,300 Tahun 2015 Seri B

3 PPGD02CCN3 Obligasi Berkelanjutan II Pegadaian Tahap III 7-May-15 8-May-15 7-May-20 9.50% idAA+ 1,200 Tahun 2015 Seri C

4 AMRT01ACN2 Obligasi Berkelanjutan I Sumber Alfaria Trijaya 8-May-15 11-May-15 8-May-18 9.70% AA-(idn) 600 Tahap II Tahun 2015 Dengan Tingkat Bunga Tetap Seri A

5 AMRT01BCN2 Obligasi Berkelanjutan I Sumber Alfaria Trijaya 8-May-15 11-May-15 8-May-20 10.00% AA-(idn) 400 Tahap II Tahun 2015 Dengan Tingkat Bunga Tetap Seri B

6 MFIN02ACN1 Obligasi Berkelanjutan II Mandala Multifinance 8-May-15 11-May-15 18-May-16 10.50% idA 232 Tahap I Tahun 2015 Seri A

7 MFIN02BCN1 Obligasi Berkelanjutan II Mandala Multifinance 8-May-15 11-May-15 8-May-17 11.00% idA 143 Tahap I Tahun 2015 Seri A

8 MFIN02ACN1 Obligasi Berkelanjutan II Mandala Multifinance 8-May-15 11-May-15 8-May-18 11.50% idA 125 Tahap I Tahun 2015 Seri A

9 PANR01CN2 Obligasi Berkelanjutan I Panorama Sentrawisata 12-May-15 13-May-15 12-May-18 11.00% idA- 340 Tahap II Tahun 2015

10 SMBBSY01 Sukuk Mudharabah Bank BNI Syariah I Tahun 2015 27-May-15 27-May-15 26-May-18 Mengambang idAA+(sy) 500

Total Issuance May 2015 5,240

New Issuance of Corporate Bonds in May 2015

(6)

Maturity of Corporate Bonds in June 2015

Source: IDX

No. Bond ID Bond Name Maturity Coupon Rating Amount

Date Rate (%) (IDR bn)

1 SIKTPNI01 Sukuk Ijarah Titan Petrokimia Nusantara I Tahun 2010 02-Jun-15 12.35 A+(idn) 200 2 TPNI01 Obligasi Titan Petrokimia Nusantara I Tahun 2010 02-Jun-15 12.35 A+(idn) 73 3 IMFI04C Obligasi Indomobil Finance Indonesia IV Tahun 2011 Seri C 09-Jun-15 10.65 idA 525 4 BCAF04E Obligasi BCA Finance IV Tahun 2011 Seri E 22-Jun-15 9.00 idAA+ 100 5 TAFS02B Obligasi Toyota Astra Financial Services II Tahun 2012 05-Jun-15 7.50 AAA(idn)/idAA 911

Dengan Tingkat Bunga Tetap Seri B

6 WSKT02A Obligasi II Waskita Karya Tahun 2012 Seri A 05-Jun-15 8.75 idA- 75 7 BIIF01B Obligasi I BII Finance Tahun 2012 Seri B 07-Jun-15 7.90 AA+ (idn) 381 8 BFIN01CCN1 Obligasi Berkelanjutan I BFI Finance Indonesia Tahap I Tahun 2012 Seri C 12-Jun-15 8.50 A(idn) 270 9 IMAT01B Obligasi Indomobil Wahana Trada I Tahun 2012 Seri B 19-Jun-15 8.40 idA 147 10 ASDF02BCN1 Obligasi Berkelanjutan II Astra Sedaya Finance Dengan 27-Jun-15 7.25 idAA+ 100

Tingkat Bungan Tetap Tahap I Tahun 2013 Seri B

11 MFIN01ACN2 Obligasi Berkelanjutan I Mandala Multifinance Tahap II Tahun 2014 Seri A 13-Jun-15 11.00 idA 147 12 BEXI02ACN1 Obligasi Berkelanjutan Indonesia Eximbank II Tahap I Tahun 2014 Seri A 15-Jun-15 8.25 idAAA 803

Total Jun 2015 3,732

Rating Change of Corporate Bonds

Source: Pefindo

No. Bond ID Date Change Previous Change to Reason of rating change

1 BBMI 11-May-15 idAA- idA+ The ratings downgrade is mainly driven by BBMI’s weakening asset quality Sukuk 11-May-15 idA+(sy) idA(sy) and profitability indicators. The ratings reflect BBMI’s strong support from Subordinated its major shareholders and strong market position in sharia banking

industry.

2 WEHA 20-May-15 Credit Watch Negative The rating reflect the Company’s favorable fleet profile, the group’s with Negative integration which provides added assurance of continuity in operations Implication and the Company’s stable EBITDA margin. However, the ratings are constrained by its aggressive financial leverage and moderate cash flow protection measures, risk of fleet unemployment and the lack of fleet additions that could limit future growth.

3 MAPI 26-May-15 stable Negative The negative outlok was assigned to anticipate weaker than projected capital structure resulting from lowering profitability margins. Its gross margin declined to 45.1% in 1Q15 which was continuous declining trend since 2014 at 46.3% from above 49% in previous years.

4 IMAT 27-May-15 idBBB- idBB+ The rating downgrade was driven by its lower tha projected sales volume during the 1Q15, in line with the current sluggish demand from the four wheels automotive industry and our expectation that its debt to EBITDA ratio and its cash flow protection measures will remain very weak over the next 12 months.

.

(7)

Bond Market Review

Transaction Activitiy in May 2015 for All Corporate Bonds with Maturity of Less than 3 Years and Total Volume of more than IDR10 billion (1/2)

No Bond ID Bond Maturity Rating Coupon Last Last Last Vol Freq Name Date (%) Trade Price YTM (IDRbn)

Maturity < 3 years

1 WOMF01BCN3Obligasi Berkelanjutan I WOMF Finance Tahap III 2-Apr-18 AA(idn) 10.25 29-May-15 100.95 9.86 1,082.02 54.00 Tahun 2015 Seri B

2 FIFA02BCN1 Obligasi Berkelanjutan II Federal International Finance 24-Apr-18 idAAA 9.25 22-May-15 100.00 9.25 679.00 12.00 Dengan Tingkat Bunga Tetap Tahap I Tahun 2015 Seri B

3 PANR01CN2 Obligasi Berkelanjutan I Panorama Sentrawisata 12-May-18 idA- 11.00 13-May-15 99.85 11.06 316.00 1.00 Tahap II Tahun 2013 Dengan Tingkat Bunga Tetap

4 NISP01CCN2 Obligasi Berkelanjutan I OCBC NISP Tahap II Tahun 2015 10-Feb-18 idAAA 9.80 29-May-15 100.50 9.59 214.70 23.00 Dengan Tingkat Bunga Tetap Seri C

5 SMRA01CN3 Obligasi Berkelanjutan I Summarecon Agung Tahap III 22-Apr-18 idA+ 10.50 22-May-15 99.85 10.56 213.00 20.00 Tahun 2015 Dengan Tingkat Bunga Tetap

6 ADMF01CCN1 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 16-Dec-16 idAA+ 9.00 28-May-15 99.85 9.10 162.20 18.00 Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri C

7 BNII01SB Obligasi Subordinasi I Bank BII Tahun 2011 19-May-18 idAA 10.75 27-May-15 102.52 9.76 161.00 14.00 8 BBIA01B Obligasi I Bank UOB Indonesia Tahun 2015 Seri B 1-Apr-18 AAA(Idn) 9.40 28-May-15 100.80 9.07 141.00 12.00 9 BBTN12 Bank BTN XII Tahun 2006 19-Sep-16 idAA 12.75 29-May-15 102.56 10.62 116.00 7.00 10 APLN02 Obligasi II Agung Podomoro Tahun 2012 15-Aug-17 idA 9.38 25-May-15 96.60 11.12 113.00 18.00 11 WOMF01BCN2Obligasi Berkelanjutan I WOM Finance Tahap II 5-Dec-17 AA(idn) 11.25 28-May-15 102.70 10.02 104.00 15.00

Tahun 2014 Seri B

12 AISA01 Obligasi TPS Food I Tahun 2013 5-Apr-18 idA- 10.25 29-May-15 98.65 10.80 93.00 14.00 13 BEXI04D Obligasi Bank Ekspor Indonesia IV Tahun 2009 Seri D 18-Jun-16 idAAA 12.75 27-May-15 102.47 10.25 87.00 5.00 14 MEDC01CN2 Obligasi Berkelanjutan I Medco Energi Internasional 15-Mar-18 idAA- 8.85 27-May-15 94.00 11.38 79.34 21.00

Tahap II Tahun 2013

15 NISP01BCN2 Obligasi Berkelanjutan I OCBC NISP Tahap II Tahun 2015 10-Feb-17 idAAA 9.40 25-May-15 100.00 9.40 75.00 9.00 Dengan Tingkat Bunga Tetap Seri B

16 SMAR01ACN1 Obligasi Berkelanjutan I SMART Tahap I Tahun 2012 Seri A 3-Jul-17 idAA- 9.00 28-May-15 97.00 10.61 74.00 9.00 17 BFIN02CCN2 Obligasi Berkelanjutan II BFI Finance Indonesia 19-Mar-18 A+(idn) 10.88 29-May-15 100.00 10.87 73.00 5.00

Tahap II Tahun 2015 Seri C

18 AMRT01ACN2 Obligasi Berkelanjutan I Sumber Alfaria Trijaya Tahap II 8-May-18 AA-(idn) 9.70 20-May-15 100.50 9.50 72.00 121.00 Tahun 2015 Dengan Tingkat Bunga Tetap Seri A

19 ADMF02BCN2 Obligasi Berkelanjutan Ii Adira Finance Tahap II 24-Oct-16 idAA+ 10.50 22-May-15 101.85 9.09 71.50 5.00 Tahun 2013 Seri A

20 ISAT01ACN1 Obligasi Berkelanjutan I Indosat Tahap I Tahun 2014 Seri A 12-Dec-17 idAAA 10.00 29-May-15 101.40 9.37 55.40 14.00 21 ADHISM1CN2 Sukuk Mudharabah Berkelanjutan I ADHI Tahap II 2013 15-Mar-18 idA(sy) 0.63 26-May-15 95.40 2.33 55.00 15.00 22 BNII01BCN1 Obligasi Berkelanjutan I Bank BII Tahap I Tahun 2011 Seri A 6-Dec-16 idAA+/AAA(idn) 8.75 28-May-15 100.04 8.72 52.50 6.00 23 JMPD12Q Jasa Marga XII Seri Q Tahun 2006 6-Jul-16 idAA 13.50 25-May-15 103.40 10.22 48.00 6.00 24 ADMF02BCN3 Obligasi Berkelanjutan II Adira Finance Tahap III 14-May-17 idAA+ 10.50 29-May-15 102.43 9.13 48.00 3.00

Tahun 2014 Seri B

25 BNGA01SB Obligasi Subordinasi I Bank CIMB Niaga Tahun 2010 8-Jul-17 AA(idn) 11.30 21-May-15 103.25 9.59 41.30 12.00 26 AKRA01A Obligasi I AKR Corporindo Tahun 2012 Seri A 21-Dec-17 idAA- 8.40 5-May-15 95.23 10.50 40.00 4.00 27 SISMRA01CN3Sukuk Ijarah Berkelanjutan I Summarecon Agung 22-Apr-18 idA+(sy) 10.50 22-May-15 99.85 10.56 40.00 3.00

Tahap III Tahun 2015

28 IMFI01CCN2 Obligasi Berkelanjutan I Indomobil Finance dengan 8-May-17 idA 8.50 26-May-15 98.50 9.35 38.00 8.00 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C

29 PNBN04SB Obligasi Subordinasi Bank Panin III Tahun 2010 9-Nov-17 idAA-/A+(idn) 10.50 26-May-15 100.98 10.04 37.95 27.00 30 PPLN08A PLN VIII Tahun 2006 Seri A 21-Jun-16 idAA+ 13.60 28-May-15 105.40 8.24 36.00 10.00 31 ADMF02BCN4 Obligasi Berkelanjutan II Adira Finance Tahap IV 12-Nov-17 idAAA 10.50 29-May-15 102.74 9.24 35.00 1.00

Tahun 2014 Seri B

32 PPGD02BCN3 Obligasi Berkelanjutan II Pegadaian Tahap III 7-May-18 idAA+ 9.25 27-May-15 100.30 9.13 35.00 3.00 Tahun 2015 Seri B

33 MFIN02CCN1 Obligasi Berkelanjutan II Mandala Multifinance Tahap I 8-May-18 idA 11.50 29-May-15 102.00 10.70 32.96 29.00 Tahun 2015 Seri C

34 MEDC03 Obligasi Medco Energi Internasional III Tahun 2012 19-Jun-17 idAA- 8.75 29-May-15 97.25 10.25 32.70 9.00 Dengan Tingkat Bunga Tetap

35 TBLA02 Obligasi II Tunas Baru Lampung Tahun 2012 5-Jul-17 idA 10.50 29-May-15 75.10 26.29 30.00 2.00 Dengan Tingkat Bunga Tetap

(8)

Transaction Activitiy in May 2015 for All Corporate Bonds with Maturity of Less than 3 Years and Total Volume of more than IDR10 billion (1/4)

Maturity < 3 years

36 MFIN02BCN1 Obligasi Berkelanjutan II Mandala Multifinance 8-May-17 idA 11.00 29-May-15 102.00 9.85 28.09 67.00 Tahap I Tahun 2015 Seri B

37 SIAISA01 Sukuk Ijarah TPS Food I Tahun 2013 5-Apr-18 idA-(sy) 10.25 15-May-15 99.81 10.32 27.40 6.00 38 ADMF01CCN3 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 27-Sep-17 idAA+ 8.75 22-May-15 99.35 9.06 26.70 7.00

dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri C

39 BDKI06B Obligais VI Bank DKI Tahun 2011 Seri B 17-Jun-16 idA+ 9.90 6-May-15 100.95 8.99 25.00 5.00 40 PNBN01CN1 Obligasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 20-Dec-17 idAA 8.15 6-May-15 97.45 9.25 25.00 5.00 41 PPGD13B Obligasi XIII Perum Pegadaian Tahun 2009 Seri B 1-Jul-17 idAA+ 12.65 21-May-15 104.54 10.23 21.00 2.00 42 BMRI01 Obligasi Subordinasi Bank Mandiri I Tahun 2009 11-Dec-16 idAA+ 11.85 4-May-15 103.90 9.20 20.00 4.00 43 PIHC01A Obligasi I Pupuk Indonesia Tahun 2014 Seri A 8-Jul-17 AAA(idn) 9.63 28-May-15 100.90 9.15 20.00 2.00 44 PPLN09A Obligasi PLN IX Tahun 2007 Seri A 10-Jul-17 idAA+ 10.40 12-May-15 102.50 9.11 20.00 6.00 45 PPGD12A Obligasi XII Perum Pegadaian Tahun 2007 Seri A 4-Sep-17 idAA+ 10.03 25-May-15 100.00 10.02 20.00 3.00 46 BCAF02CCN1 Obligasi Berkelanjutan II BCA Finance Dengan Tingkat 20-Mar-18 idAAA 9.00 29-May-15 100.00 9.00 20.00 2.00

Bunga Tetap Tahap I Tahun 2015 Seri C

47 SMBBSY01 Sukuk Mudharabah Bank BNI Syariah I Tahun 2015 26-May-18 idAA+(sy) - 29-May-15 100.00 - 20.00 1.00 48 ASDF02BCN2 Obligasi Berkelanjutan II Astra Sedaya Finance dengan 26-Nov-16 idAA+/AAA(idn) 9.50 27-May-15 100.17 9.38 18.65 5.00

Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A

49 JPFA01CN2 Obligasi Berkelanjutan I JAPFA Tahap II Tahun 2012 1-Feb-17 idA/A+(idn) 9.90 12-May-15 98.62 10.79 15.00 5.00 50 ASDF02BCN4 Obligasi Berkelanjutan II Astra Sedaya Finance Dengan 29-Oct-17 AAA(Idn) 10.50 29-May-15 102.10 9.51 13.05 17.00

Tingkat Bunga Tetap Tahap IV Tahun 2014 Seri B

51 SSIA01B Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 6-Nov-17 idA 9.30 26-May-15 97.90 10.28 13.00 5.00 52 JPFA01CN1 Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 12-Jan-17 idA/A+(idn) 9.90 12-May-15 99.26 10.38 12.00 7.00 53 SMII01A Obligasi I Sarana Multi Infrastruktur Tahun 2014 Seri A 11-Jun-17 idAA+ 9.60 12-May-15 100.00 9.60 12.00 2.00 54 ADMF02DCN1 Obligasi Berkelanjutan II Adira Finance Tahap I 2013 Seri A 1-Mar-18 idAA+ 8.90 22-May-15 98.35 9.58 12.00 5.00 55 BCAF02BCN1 Obligasi Berkelanjutan II BCA Finance Dengan Tingkat 20-Mar-17 idAAA 8.50 15-May-15 99.66 8.70 10.00 1.00

Bunga Tetap Tahap I Tahun 2015 Seri B

56 BCAF01CCN2 Obligasi Berkelanjutan I BCA Finance Dengan Tingkat 14-Jun-17 idAA+/AAA(idn) 7.60 19-May-15 96.45 9.51 10.00 2.00 Bunga Tetap Tahap II Tahun 2013 Seri C

57 AMRT01CN1 Obligasi Berkelanjutan I Sumber Alfaria Trijaya 26-Jun-17 AA-(idn) 10.50 4-May-15 101.50 9.71 10.00 5.00 Tahap I Tahun 2014

58 BTPN01BCN3 Obligasi Berkelanjutan I Bank BTPN Dengan Tingkat 5-Mar-18 AA-(idn) 8.25 4-May-15 97.20 9.38 10.00 2.00 Bunga Tetap Tahap III Tahun 2013 Seri B

(9)

Bond Market Review

Transaction Activitiy in May 2015 for All Corporate Bonds with Maturity 3 - 5 Years and Total Volume of more than IDR10 billion (1/2)

Maturity > 3 < 5 yrs

1 BNII01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank BII 31-Oct-19 idAA/AA(idn) 9.25 27-May-15 100.00 9.25 214.00 3.00 2 SDRA01SB Obligasi Subordinasi Bank Saudara I Tahun 2012 29-Nov-19 idBBB 12.63 29-May-15 100.50 12.48 156.00 17.00

dengan Tingkat Bunga Tetap

3 JSMR01CN2T Obligasi Berkelanjutan I Jasa Marga Tahap II Tahun 2014 19-Sep-19 idAA 9.85 22-May-15 101.70 9.37 125.00 17.00 Seri T Dengan Tingkat Bunga Tetap

4 LTLS01CN1 Obligasi Berkelanjutan I Lautan Luas Tahap I Tahun 2013 19-Jun-18 idA- 9.75 15-May-15 93.95 12.12 110.00 11.00 5 BNLI01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank Permata 19-Dec-19 idAA- 9.40 28-May-15 96.60 10.34 88.00 14.00

Tahap II Tahun 2012

6 BNLI02SB Obligasi Subordinasi II Bank Permata Tahun 2011 28-Jun-18 idAA- 11.00 29-May-15 104.40 9.34 85.00 4.00 7 INDF07 Obligasi Indofood Sukses Makmur VII Tahun 2014 13-Jun-19 idAA+ 10.13 29-May-15 101.35 9.72 79.50 6.00

Dengan Tingkat Bunga Tetap

8 APLN01CN1 Obligasi Berkelanjutan I Agung Podomoro Land 27-Jun-18 idA 9.25 21-May-15 98.40 9.85 78.00 12.00 Tahap I Tahun 2013

9 PNBN01SBCN1Obligasi Subordinasi Berkelanjutan I Bank Panin 20-Dec-19 idAA- 9.40 29-May-15 100.03 9.39 69.00 31.00 Tahap I Tahun 2012

10 APLN01CN3 Obligasi Berkelanjutan I Agung Podomoro Land 19-Dec-19 idA 12.50 20-May-15 103.70 11.45 65.00 13.00 Tahap III Tahun 2014 Dengan Tingkat Bunga Tetap

11 BVIC03SB Obligasi Subordinasi Bank Victoria IV Tahun 2013 27-Jun-20 idBBB+ 10.50 29-May-15 94.05 12.08 60.00 12.00 Dengan Tingkat Bunga Tetap

12 PPGD02CCN3 Obligasi Berkelanjutan II Pegadaian Tahap III 7-May-20 idAA+ 9.50 25-May-15 100.00 9.50 58.00 2.00 Tahun 2015 Seri C

13 SISMRA01CN2Sukuk Ijarah Berkelnajutan I Summarecon 10-Oct-19 idA+(sy) 11.50 26-May-15 104.00 10.35 52.00 14.00 Agung Tahap II Tahun 2014

14 BTPN02BCN1 Obligasi Berkelanjutan II Bank BTPN Dengan 4-Jul-18 AA-(idn) 8.25 8-May-15 96.90 9.39 50.00 7.00 Tingkat Bunga Tetap Tahap I Tahunu 2013 Seri B

15 SMII01B Obligasi I Sarana Multi Infrastruktur Tahun 2014 Seri B 11-Jun-19 idAA+ 10.00 25-May-15 100.00 10.00 45.00 4.00 16 JSMR01CCN1SObligasi Berkelanjutan I Jasa Marga Tahap I 27-Sep-18 idAA 8.90 6-May-15 99.25 9.16 40.00 6.00

Tahun 2013 Seri S Seri C

17 TAXI01 Obligasi I Express Trasindo Utama Tahun 2014 24-Jun-19 idA 12.50 28-May-15 103.50 11.41 34.59 32.00 18 PIHC01B Obligasi I Pupuk Indonesia Tahun 2014 Seri B 8-Jul-19 AAA(idn) 9.95 27-May-15 100.00 9.95 33.00 2.00 19 AKRA01B Obligasi I AKR Corporindo Tahun 2012 Seri B 21-Dec-19 idAA- 8.75 27-May-15 93.50 10.56 31.73 18.00 20 MAPI01BCN2 Obligasi Berkelanjutan I Mitra Adiperkasa Tahap II 20-Feb-19 idAA- 11.50 27-May-15 106.90 9.29 27.00 10.00

Tahun 2014 Dengan Tingkat Bunga Tetap Seri B

21 SMRA01CN2 Obligasi Berkelanjutan I Summarecon Agung Tahap II 10-Oct-19 idA+ 11.50 27-May-15 103.55 10.47 27.00 5.00 Tahun 2014 dengan Tingkat Bunga Tetap

22 TLKM02B Obligasi II Telkom Tahun 2010 Seri B 6-Jul-20 idAAA 10.20 21-May-15 103.33 9.37 25.00 5.00 23 BNLI01SBCN1 Obligasi Subordinasi Berkelanjutan I 15-Jun-19 idAA- 8.90 29-May-15 95.90 10.15 24.00 8.00

Bank Permata Tahap I Tahun 2012

24 PPGD13C Obligasi XIII Perum Pegadaian Tahun 2009 Seri C 1-Jul-19 idAA+ 12.88 27-May-15 108.12 10.41 24.00 1.00 25 PPNX01 Obligasi I PTPN X Tahun 2013 5-Jul-18 idA+ 8.90 6-May-15 90.65 12.52 20.00 4.00 26 PPLN01ACN2 Obligasi Berkelanjutan I PLN Tahap II Tahun 2013 Seri A 10-Dec-18 idAAA 9.00 5-May-15 98.00 9.66 20.00 2.00 27 AMRT01BCN2 Obligasi Berkelanjutan I Sumber Alfaria Trijaya Tahap II 8-May-20 AA-(idn) 10.00 8-May-15 100.00 10.00 20.00 1.00

Tahun 2015 Dengan Tingkat Bunga Tetap Seri B

28 PTHK01B Obligasi I Hutama Karya Tahun 2013 Seri B 28-Jun-18 idA- 9.10 26-May-15 96.44 10.46 18.00 9.00 29 ISAT01BCN1 Obligasi Berkelanjutan I Indosat Tahap I 2014 Seri B 12-Dec-19 idAAA 10.30 28-May-15 97.00 11.15 16.10 2.00 30 BBKP01SBCN1Obligasi Subordinasi Berkelanjutan I Bank Bukopin 6-Mar-19 idA 9.25 6-May-15 95.63 10.65 14.00 4.00

Tahap I Tahun 2012

31 SMRA01CN1 Obligasi Berkelanjutan I Summarecon Agung 11-Dec-18 idA+ 10.85 12-May-15 101.13 10.46 12.00 5.00 Tahap I Tahun 2013

32 BSDE01CCN1 Obligasi Berkelanjutan I Bumi Serpong Damai Tahap I 4-Jul-19 idA+ 9.50 29-May-15 100.00 9.50 11.00 1.00 33 BSDE01CN2 Obligasi Berkelanjutan I Bumi Serpong Damai Tahap II 5-Jun-18 idAA- 8.38 6-May-15 94.64 10.43 10.00 3.00

Tahun 2013

(10)

Transaction Activitiy in May 2015 for All Corporate Bonds with Maturity more than 5 Years and Total Volume of more than IDR10 billion

Source: PLTO IDX

Maturity > 5 yrs

1 BBMISMSB1CN1Sukuk Subordinasi Mudharabah Berkelanjutan I 29-Jun-22 idA(sy) - 27-May-15 100.00 - 580.00 2.00 Tahap I Bank Muamalat Tahun 2012

2 BBMISMSB1CN2Sukuk Subordinasi Mudharabah Berkelanjutan I 28-Mar-23 idA 9.60 26-May-15 80.62 13.66 233.00 15.00 Tahap II Bank Muamalat Tahun 2013

3 BACA01SB Obligasi Berkelanjutan Bank Capital I Tahun 2014 13-Jan-22 idBBB- 12.00 27-May-15 99.40 12.13 100.00 8.00 Dengan Tingkat Bunga Tetap

4 ANTM01BCN1 Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri B 14-Dec-21 idAA 9.05 25-May-15 94.36 10.24 88.00 9.00 5 SIPPLN01BCN2Sukuk Ijarah Berkelanjutan I PLN Tahap II 2013 Seri B 10-Dec-23 idAAA(sy) 9.60 15-May-15 100.75 9.47 30.00 8.00 6 MAYA04SB Obligasi Subordinasi Bank Mayapada IV Tahun 2014 17-Dec-21 idBBB 12.50 25-May-15 100.00 12.50 20.20 2.00 7 SIKPPLN04B Sukuk Ijarah PLN V Tahun 2010 Seri B 8-Jul-22 idAA+(sy) 10.40 13-May-15 104.75 9.48 19.15 8.00 8 BNLI02SBCN2 Obligasi Subordinasi Berkelanjutan II 24-Oct-21 idAA 11.75 4-May-15 107.35 10.18 10.00 1.00

Bank Permata Tahap II Tahun 2014

(11)

(12)

Appendix 1. Winners and Losers in May 2015

TEN BEST

Bonds Current Maturity Total Outstanding Rating Interest Price Total

Coupon Date (IDR mn) Return Return Return

Obligasi Subordinasi Berkelanjutan I Bank Panin 9.40% 20-Dec-19 2,000,000,000,000 AA- 0.70% 11.14% 11.85% Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 9.90% 12-Jan-17 1,250,000,000,000 A+ 0.82% 6.76% 7.57% Obligasi Subordinasi III Bank OCBC NISP Tahun 2010 11.35% 30-Jun-17 880,000,000,000 AA 0.83% 5.12% 5.95% Obligasi Subordinasi II Bank Permata Tahun 2011 11.00% 28-Jun-18 1,750,000,000,000 AA- 0.84% 3.47% 4.31% Obligasi Berkelanjutan I Summarecon Agung Tahap II 11.50% 10-Oct-19 800,000,000,000 A+ 0.90% 3.19% 4.08% Tahun 2014 dengan Tingkat Bunga Tetap

Obligasi Berkelanjutan I Bumi Serpong Damai Tahap I 9.50% 4-Jul-19 436,000,000,000 A+ 0.76% 3.04% 3.81% Tahun 2012 Seri C

Obligasi Berkelanjutan I WOM Finance Tahap II 11.25% 5-Dec-17 500,000,000,000 AA 0.85% 2.65% 3.50% Tahun 2014 Seri B

Obligasi PLN IX Tahun 2007 Seri A 10.40% 10-Jul-17 1,500,000,000,000 AA+ 0.82% 1.97% 2.79% Obligasi Subordinasi Bank Mayapada III Tahun 2013 11.00% 5-Jul-20 700,000,000,000 BBB+ 0.88% 1.78% 2.66% Obligasi Subordinasi Bank Mayapada IV Tahun 2014 12.50% 17-Dec-21 255,800,000,000 BBB 0.99% 1.54% 2.53%

TEN WORST

Bonds Current Maturity Total Outstanding Rating Interest Price Total

Coupon Date (IDR mn) Return Return Return

Obligasi Indosat VIII Tahun 2012 Seri A 8.63% 27-Jun-19 1,200,000,000,000 AA+ 0.75% -5.18% -4.43% Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri B 9.05% 14-Dec-21 2,100,000,000,000 AA 0.78% -4.99% -4.21% Obligasi Berkelanjutan I Agung Podomoro Land 12.25% 6-Jun-19 750,000,000,000 A 1.02% -4.91% -3.89% Tahap II Tahun 2014 dengan Tingkat Bunga Tetap

Obligasi Berkelanjutan I Bank BTPN dengan Tingkat 8.25% 3-Aug-17 725,000,000,000 AA- 0.73% -4.57% -3.84% Bunga Tetap Tahap II Tahun 2012 Seri B

Obligasi Subordinasi Berkelanjutan I Bank Bukopin 9.25% 6-Mar-19 1,500,000,000,000 A 0.80% -4.62% -3.82% Tahap I Tahun 2012

Obligasi Berkelanjutan I Indosat Tahap I 2014 Seri B 10.30% 12-Dec-19 750,000,000,000 AAA 0.87% -4.68% -3.82% Obligasi Berkelanjutan I Medco Energi Internasional 8.85% 15-Mar-18 1,500,000,000,000 AA- 0.77% -4.36% -3.60% Tahap II Tahun 2013

Obligasi Berkelanjutan I Bank BTN Tahap I Tahun 2012 7.90% 5-Jun-22 2,000,000,000,000 AA 0.76% -4.17% -3.41% Obligasi Berkelanjutan I PP Tahap I Tahun 2013 8.38% 19-Mar-18 700,000,000,000 A- 0.71% -4.06% -3.34% Obligasi Subordinasi Bank Victoria IV Tahun 2013 10.50% 27-Jun-20 300,000,000,000 BBB+ 0.89% -4.01% -3.11% Dengan Tingkat Bunga Tetap

Source: Danareksa Estimates

Appendix 2. Total Return Bond Index

MoM (%) YoY (%) YTD (%)

Mar-15 Apr-15 May-15 Mar-15 Apr-15 May-15 2013 2014 2015

Composite -2.10 -1.12 -1.56 13.54 11.26 9.17 20.89 12.20 -10.14 Governments -2.46 -1.39 -1.81 13.86 11.29 8.97 22.00 12.52 -13.18 Corporates 0.14 0.75 0.31 11.13 10.86 10.45 15.07 10.81 4.70 Finance 0.33 0.91 0.32 10.47 11.11 10.84 9.59 10.10 5.17 Banking 0.11 0.65 0.57 11.36 10.62 10.30 14.57 12.04 5.52 Consumer Goods Industry 0.01 -0.29 1.59 8.17 7.86 8.30 13.24 9.05 6.58 Telecommunication -0.02 0.17 -1.24 11.90 10.29 8.09 16.41 9.41 -1.15 Infrastructure, Utilities & Transportation -0.30 0.10 0.94 10.24 10.82 11.50 15.80 10.07 6.85 Property and Construction 0.07 1.94 -0.11 13.67 13.56 11.06 22.05 13.16 6.97 Corporate upper A- 0.11 0.76 0.32 11.09 10.84 10.48 14.83 10.75 4.84 Corporate below A- up to BBB- 1.14 0.70 0.05 12.47 11.54 9.84 19.10 12.80 -1.67 SOE -0.53 0.67 -0.21 12.19 10.68 9.84 17.72 9.95 3.16

(13)

Appendix 3. Danareksa Bond Index - May 2015 Overview

Return Total Return per Periode

Total* Price Interest Last Last Year to Last Last

3mo 6mo Date 12mo 24mo

Broad Market Index (full maturity range)

Composit (1.56) (2.26) 0.70 (4.70) 2.28 2.78 9.17 5.13 Government (1.81) (2.50) 0.69 (5.56) 1.92 2.53 8.97 2.85 Corporate 0.31 (0.48) 0.79 1.21 4.76 4.51 10.45 15.44 Finance 0.32 (0.43) 0.75 1.57 5.07 4.55 10.84 16.76 Banking 0.57 (0.21) 0.78 1.35 4.35 4.18 10.30 15.70 Consumer Goods Industry 1.59 0.85 0.74 1.31 4.25 4.08 8.30 12.31 Telecommunication (1.24) (2.07) 0.83 (1.09) 0.69 3.19 8.09 7.79 Infrastructure, Utilities & Transportation 0.94 0.09 0.85 0.74 6.11 5.44 11.50 17.21 Property (0.11) (0.91) 0.80 1.90 4.76 5.55 11.06 17.86 AAA …A 0.32 (0.46) 0.78 1.19 4.77 4.47 10.48 15.40 A-…BBB+ 0.05 (0.78) 0.82 1.89 4.46 5.67 9.84 16.60 SOE (0.21) (0.99) 0.78 (0.08) 4.35 4.26 9.84 12.32

Short-term Market Index (1 to 3 yrs)

Composit 0.26 (0.42) 0.69 1.03 4.20 3.66 8.61 14.60 Government (0.02) (0.60) 0.57 0.02 3.13 2.80 6.87 10.27 Corporate 0.50 (0.28) 0.78 1.74 4.97 4.28 9.88 18.37 Finance 0.34 (0.41) 0.75 1.77 5.45 4.92 11.17 18.78 Banking 0.67 (0.10) 0.78 1.93 5.30 4.32 9.22 18.39 Consumer Goods Industry 2.61 1.89 0.71 1.34 1.25 4.31 5.50 13.50 Telecommunication (0.40) (1.26) 0.86 0.88 2.74 3.19 5.91 13.09 Infrastructure, Utilities & Transportation 1.01 0.11 0.90 1.50 4.60 4.04 10.49 25.65 Property (0.52) (1.31) 0.78 1.35 4.79 3.32 10.66 16.11 AAA …A 0.54 (0.24) 0.78 1.74 4.95 4.25 9.86 18.27 A-…BBB+ 0.54 (1.14) 1.68 2.43 6.09 6.30 11.68 27.24 SOE 0.32 (0.50) 0.82 1.12 4.23 3.52 9.57 17.91

Mid-term Market Index (more than 3 yrs)

Composit (1.82) (2.52) 0.70 (5.38) 2.12 2.77 9.39 4.01 Government (1.93) (2.63) 0.70 (5.82) 1.92 2.59 9.20 2.37 Corporate 0.05 (0.75) 0.79 0.69 4.58 4.93 11.29 14.74 Finance (0.42) (1.23) 0.81 (0.50) (1.22) (1.77) 4.97 6.47 Banking 0.48 (0.31) 0.79 0.91 3.52 4.31 11.54 15.98 Consumer Goods Industry 0.43 (0.34) 0.77 1.43 4.81 4.05 11.91 13.64 Telecommunication (1.88) (2.69) 0.81 (2.11) (1.22) 4.26 9.45 7.30 Infrastructure, Utilities & Transportation 0.76 0.01 0.74 0.24 7.38 6.62 12.40 15.89 Property 0.22 (0.60) 0.82 2.69 5.28 7.52 12.16 19.54 AAA …A 0.02 (0.77) 0.79 0.67 4.63 4.90 11.41 14.74 A-…BBB+ 0.87 (0.03) 0.90 1.75 3.98 5.60 9.32 15.16 SOE (0.75) (1.49) 0.75 (0.90) 4.34 4.89 10.20 11.21

* Total return = price return + interest return Source: Danareksa Estimates

Appendix

(14)

Appendix 4. Key Characteristics of Domestic Bonds

Total Weighted Average Average Average Average Market Weight Weight Return Average Coupon Modified Term Convexity Value in Sub in Broad (base year: Dec-04=100) Index YTM (%) Duration (IDR bn) Index Market

All Maturity Market Index

Composite 319.59 8.37 9.75 3.14 4.54 14.15 1,066,254 100.00 100.00 Government 307.12 8.18 9.29 6.09 10.93 39.53 939,361 88.10 88.10 Corporate 354.89 9.94 9.86 2.40 2.95 7.81 126,893 11.90 11.90 Finance 330.08 9.57 9.65 1.81 2.07 4.45 20,721 16.33 1.94 Banking 312.50 9.83 9.98 2.73 3.44 9.73 54,793 43.18 5.14 Consumer Goods Industry 331.65 10.06 9.27 2.35 2.81 7.32 8,050 6.34 0.75 Telecommunication 322.53 10.58 10.13 3.26 4.47 13.92 6,730 5.30 0.63 Infrastructure, Utilities & 390.42 9.38 10.60 1.96 2.29 5.47 9,719 7.66 0.91 Transportation

Property 383.12 10.53 9.94 2.44 2.97 7.73 13,106 10.33 1.23 AAA …A 352.04 9.90 9.82 2.41 2.95 7.86 121,542 95.78 11.40 A-…BBB+ 326.85 10.86 10.29 2.29 2.88 7.32 5,351 4.22 0.50 SOE 365.66 9.71 9.55 2.54 3.11 8.90 40,826 32.17 3.83

Short-term Market Index (1 to 3 yrs)

Composit 284.59 8.70 9.63 1.74 1.97 4.09 132,966 100.00 100.00 Government 244.26 7.61 7.22 1.86 2.07 5.10 59,472 44.73 44.73 Corporate 351.07 7.61 9.73 1.73 1.97 4.05 73,494 55.27 55.27 Finance 365.04 9.55 9.62 1.71 1.94 3.97 20,235 27.53 15.22 Banking 329.06 9.49 9.70 1.78 2.02 4.16 26,317 35.81 19.79 Consumer Goods Industry 264.34 10.02 9.36 1.68 1.90 3.82 4,300 5.85 3.23 Telecommunication 365.97 9.83 10.80 1.77 2.02 4.08 2,920 3.97 2.20 Infrastructure, Utilities & 313.53 9.33 11.11 1.55 1.75 3.45 7,126 9.70 5.36 Transportation

Mid-term Market Index (more than 3yrs)

Composit 325.63 8.32 9.88 4.63 7.29 24.87 933,288 100.00 100.00 Government 314.22 8.22 9.54 6.59 11.98 43.59 879,889 94.28 94.28 Corporate 373.54 10.31 10.08 3.48 4.54 13.90 53,399 5.72 5.72 Finance 301.23 10.40 10.25 3.40 4.28 12.37 486 0.91 0.05 Banking 302.65 10.16 10.27 3.69 4.87 15.31 28,476 53.33 3.05 Consumer Goods Industry 322.63 10.11 9.16 3.19 3.95 11.69 3,750 7.02 0.40 Telecommunication 321.01 11.20 9.63 4.39 6.31 21.30 3,810 7.13 0.41 Infrastructure, Utilities & 400.21 9.49 9.25 3.05 3.72 10.88 2,593 4.86 0.28 Transportation

(15)

DEBT RESEARCH TEAM

Telp No. +62-21-29555777

Fax No. +62-21-3501709

Head of Debt Research

Yudistira Slamet

yudistiras@danareksa.com ext. 3400

Credit Analyst Market Analyst

Amir A. Dalimunthe Rifki Rizal

amirda@danareksa.com ext. 3405 rifkir@danareksa.com ext. 3404

Ayesha Ardelia

ayesha@danareksa.com ext. 3406

Production & Database Management

Melissa Hartono Eka Nuraini

melissah@danareksa.com ext. 3402 ekan@danareksa.com ext. 3407

DEBT CAPITAL MARKET TEAM

Telp No. +62-21-29555777

Fax No. +62-21-3501724/25

Head of Debt Capital Market

Budi Susanto

budisusanto@danareksa.com ext. 3200

Debt Sales & Brokerage Debt Trading & Investment

Rina Rimawati D Romi Mulyadi

rina@danareksa.com ext. 3223 romi@danareksa.com ext. 3213

Breisga Nawangsidi Indra Figrachanda

breisga.nawangsidi@danareksa.com ext. 3217 indraf@danareksa.com ext. 3214

Putrika Mayadipta putrikam@danareksa.com ext. 3215 Ariningtyas W. Agustina ariningtyasw@danareksa.com ext. 3224

Hernita Dwi Ariesandhy

hernitada@danareksa.com ext. 3216

Product & Retail

Tia Aprianti Setyo H. Purnomo

(16)

PT Danareksa Sekuritas

1st-3rd Fl, Danareksa Building Jl. Merdeka Selatan No. 14

Jakarta, INDONESIA

Tel : (62-21) 3509888 Fax : 62 21 3501709 DISCLAIMER

The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective em-ployees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue hereof.

This document does not constitute, nor is it calculated to invite, an offer or invitation to subscribe for or purchase any securities or financial instruments and neither this document nor anything contained herein shall form the basis for or be relied upon in connection with any contract or commitment whatsoever.

To the extent that any securities or financial instruments or issues are discussed in this report, please note that P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents may from time to time make markets in such securities or financial instruments, hold share options, rights and/or warrants in respect thereof and may, as principal or agent, buy or sell such securities or financial instruments.

No action has been or will be taken in any country or jurisdiction that would permit a public offering of any investments referred to in this document, or possession or distribution of this document, or any other offering or publicity material relating to any company or investment mentioned in this document, in any country or jurisdiction where action for that purpose is required.

We have no responsibility to update this report in respect of events and circumstances occurring after the date of this report.

We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, actions, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents accepts liability for any errors, omissions or mis-statements, negligent or otherwise, in this report and any liability in respect of this report or any inaccuracy herein or omission herefrom which might otherwise arise is hereby expressly disclaimed.

Accordingly, none of P.T Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on any statement or omission in any information contained in this report.

The information contained in this report is not to be taken as any recommendation made by P.T. Danareksa Sekuritas and/or its affiliated companies and/or their employees and/or agents to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regard to the specific person who may receive this report. In considering any investment you should make your own independent assessment and seek your own professional financial and legal advice.

U.S. Distribution: This report is only intended for distribution in the United States to “major U.S. institutional investors” as defined by Rule 15a-6 under the Securities Exchange Act of 1934 and may not be reproduced, transmitted and/or distributed, directly or indirectly, to any other person in the United States.

Hong Kong Distribution: This document has not been registered as a prospectus with the Registrar of Companies in Hong Kong and may not be issued or passed on in Hong Kong to any persons other than to a person whose ordinary business is to buy and sell shares or debentures.

UK Distribution : This document has not been approved as an investment advertisement in the United Kingdom pursuant to Section 57 of the Financial Services Act 1986 and may not be issued or passed on in the United Kingdom except to a person who is of a kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemption) Order 1996 or is a person to whom the document may otherwise lawfully be issued or passed on. At your request, this report is being provided to you as a potential investor who is a person of a kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisement) (Exemption) Order 1995 despite our pointing out to you that this report should not be relied upon by you. Accordingly any degree of reliance placed on this report in your decision to make any investment will be at your own risk.

Japanese Distribution: This report is not intended to serve as a solicitation in connection with any offering or secondary distribution of securities under the Securities and Exchange Law, nor does it contain any ‘investment judgment’ under the Investments Advisory Business Law.