Fixed Income Daily Report

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Fixed Income Daily Report

Analisa Perdagangan Obligasi (Kamis, 30/12)

Harga obligasi berdenominasi Rupiah bergerak sideways dengen kecenderungan melemah pada perdagangan hari terakhir pekan lalu. Yield SUN bertenor pendek masih melanjutkan penurunan, sementara yield SUN tenor menengah dan panjang sedikit meningkat. Yield SUN 10-tahun mengalami peningkatan ke level 6,37%. Nilai tukar Rupiah melemah ke level IDR14.270/USD di hari Kamis, dari posisi penutupan hari sebelumnya di level IDR14.256/USD.

Volume transaksi SBN secara outright tercatat sebesar IDR5,1 triliun di hari Kamis, lebih rendah dari volume transaksi hari sebelumnya yang sebesar IDR10,8 triliun. FR0061 dan FR0063 menjadi dua seri teraktif di pasar sekunder, dengan volume transaksi masing - masing sebesar IDR819,4 miliar dan IDR614,6 miliar. Sementara itu, volume transaksi obligasi korporasi secara outright tercatat sebesar IDR531,3 miliar di hari Kamis.

Perkiraan Pasar dan Rekomendasi (Senin, 3/1)

Selama sepekan terakhir, indikator pasar fixed income menunjukkan kondisi yang relatif sideways. Nilai tukar Rupiah sedikit melemah 0.51% ke level IDR14.270/USD dibandingkan penutupan pekan sebelumnya.

Yield US Treasury cenderung sideways dibandingkan minggu sebelumnya, di mana yield tenor 2-tahun, 5-tahun, 10-tahun, dan 30-tahun masing-masing ditutup di level 0.73% (+2bps), 1.26%(+1bps), 1.52%(+2bps), dan 1.90%(-1bps).

CDS 5-tahun Indonesia menutup akhir tahun 2021 di level 75bps setelah bergerak di kisaran 73-75bps selama minggu terakhir.

Range tersebut lebih rendah dibandingkan minggu sebelumnya di mana CDS 5-tahun bergerak di kisaran 76-78bps.

Yield SUN IDR bergerak mixed dibandingkan akhir minggu sebelumnya, di mana tenor 1-3-tahun cenderung bergerak turun sementara tenor menengah panjang sedikit meningkat. Data Bloomberg per Kamis 30 Desember 2021 menunjukkan posisi yield curve 1-tahun, 3-tahun, 5-tahun, 10-tahun masing-masing di level 3.61%(-4bps), 4.39%(-10bps), 5.09%(+2bps), dan 6.37%

(+5bps).

Pemerintah akan menyelenggarakan lelang pertama tahun ini pada Selasa, 4 Januari 2022 dengan target indikatif IDR25 triliun dan target maksimal IDR37.5 triliun. Sebelumnya, Pemerintah telah melaksanakan Penerbitan SUN melalui Private Placement dalam Rangka Pelaksanaan SKB III pada 29 Desember yang lalu, dengan jumlah total penerbitan sebesar IDR157 triliun.

Pasca libur Natal dan Tahun Baru, demand terhadap SBN

Daily Market Report

Bond Market Activity

Last Price (%) Most Active Government Bonds

FR0061 0.37 101.48 2.78 819.38

FR0063 1.37 102.60 3.65 614.63

FR0082 8.71 109.25 5.60 396.40

FR0087 9.13 100.95 6.36 244.31

PBS012 9.88 117.60 6.44 220.00

Most Active Corporate Bonds

BNGA03BCN1 0.96 103.45 3.80 100.0

CARE01XXMF 2.89 99.93 8.53 100.0

PNMP03BCN2 2.91 107.73 5.83 80.0

PPLN02CCN1 5.53 110.31 6.27 74.0

BMRI01CCN1 4.75 111.43 5.87 50.0

Indonesia Macroeconomic Data

Dec-21 Nov-21 Oct-21 Sep-21

CPI MoM (%) - 0.37 0.12 -0.04

CPI YoY (%) - 1.75 1.66 1.60

7-day RR (%) 3.50 3.50 3.50 3.50

Foreign Reserve (US$ Bn)

Foreign Exchange Rate

31-Dec

(-1 day) (-1 week) (-1 month)

USD/IDR 14,263 14,270 14,197 14,420

EUR/USD 1.137 1.133 1.132 1.132

GBP/USD 1.353 1.350 1.339 1.324

AUD/USD 0.726 0.726 0.722 0.700

USD/JPY 115.080 115.080 114.380 112.800

USD/SGD 1.349 1.352 1.359 1.372

USD/THB 33.211 33.368 33.404 33.849

USD/MYR 4.167 4.177 4.196 4.231

USD/CNY 6.356 6.373 6.368 6.376

Government Auction Schedule Date

Benchmark Government Bond Yields 30-Dec-21 TTM

(Year)

Last Yield (%)

Volume (IDR bn)

11-Jan-22 SPNS 6-mo

PBS 2yr, 4yr, 13yr, 17yr, 25yr

4-Jan-22 SPN 3-mo, 12-mo

ON 5yr,10yr, 15yr, 20yr,30yr 145.90

Series Maturities

- 145.50 146.90

4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0

1/2021 6/2021 0/2021 5/2021 2/2021 7/2021 1/2021 6/2021 1/2021 6/2021 0/2021 5/2021 0/2021 5/2021 /9/2021 4/2021 /8/2021 3/2021 8/2021 23/2021 7/2021 22/2021 7/2021 22/2021

(%)

5.07 6.24 6.36 7.06

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Berita Pasar Surat Utang Indonesia

Lembaga pemeringkat PEFINDO menetapkan peringkat idA+ untuk rencana Obligasi Berkelanjutan III PT Bank Pembangunan Daerah Sulawesi Selatan & Sulawesi Barat (Bank Sulselbar) dengan jumlah sebesar-besarnya IDR3,0 triliun. Pada saat yang sama, PEFINDO menegaskan peringkat idA+ kepada Bank Sulselbar dan obligasi Bank Sulselbar yang beredar. Prospek untuk peringkat Perusahaan adalah stabil. Peringkat tersebut mencerminkan pasar captive Bank di Provinsi Sulawesi Selatan dan Sulawesi Barat, kualitas aset yang sangat kuat, dan permodalan Bank yang sangat kuat.

Namun, peringkat tersebut dibatasi oleh sumber pendanaan yang terkonsentrasi dari pemerintah daerah dan institusi, dan semakin ketatnya kompetisi di segmen kredit produktif. Peringkat tersebut dapat dinaikkan jika Bank Sulselbar mampu meningkatkan posisi usaha dan struktur pendanaan secara signifikan dan berkelanjutan, dengan tetap menjaga kinerja keuangan yang sangat kuat. Peringkat tersebut dapat diturunkan jika Perusahaan mengalami penurunan yang material pada kinerja keuangan. (Sumber : PEFINDO)

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Government Bonds Valuation Closing Price Data : January 03, 2022

Series Maturity Coupon Modified Duration Last Price YTM Yield Curve Price Model Valuation

FR0061 15-May-22 7.000% 0.35 101.43 2.97% 2.76% 101.53 Cheap

FR0035 15-Jun-22 12.900% 0.44 104.45 2.70% 2.82% 104.47 Expensive

FR0043 15-Jul-22 10.250% 0.50 103.99 2.61% 2.89% 103.87 Expensive

FR0063 15-May-23 5.625% 1.30 102.61 3.63% 3.50% 102.80 Fair

FR0046 15-Jul-23 9.500% 1.38 108.50 3.73% 3.62% 108.69 Fair

FR0039 15-Aug-23 11.750% 1.44 112.25 3.84% 3.68% 112.54 Cheap

FR0070 15-Mar-24 8.375% 1.97 108.88 4.09% 4.07% 108.97 Fair

FR0077 15-May-24 8.125% 2.14 108.94 4.11% 4.17% 108.81 Fair

FR0044 15-Sep-24 10.000% 2.33 113.88 4.47% 4.37% 114.17 Fair

FR0081 15-Jun-25 6.500% 3.07 105.52 4.74% 4.77% 105.43 Fair

FR0040 15-Sep-25 11.000% 3.03 120.57 4.85% 4.90% 120.42 Fair

FR0084 15-Feb-26 7.250% 3.47 107.88 5.10% 5.08% 107.95 Fair

FR0086 15-Jun-26 5.500% 3.89 101.57 5.09% 5.22% 101.10 Expensive

FR0037 15-Sep-26 12.000% 3.64 127.55 5.29% 5.32% 127.46 Fair

FR0056 15-Sep-26 8.375% 3.84 112.99 5.22% 5.32% 112.57 Expensive

FR0090 15-Apr-27 5.125% 4.53 100.86 4.94% 5.52% 98.21 Expensive

FR0059 15-May-27 7.000% 4.43 107.38 5.39% 5.55% 106.66 Expensive

FR0042 15-Jul-27 10.250% 4.19 121.77 5.62% 5.60% 121.87 Fair

FR0047 15-Feb-28 10.000% 4.58 121.50 5.77% 5.77% 121.53 Fair

FR0064 15-May-28 6.125% 5.18 101.88 5.77% 5.83% 101.52 Fair

FR0071 15-Mar-29 9.000% 5.29 115.63 6.26% 6.03% 117.13 Cheap

FR0078 15-May-29 8.250% 5.53 111.65 6.25% 6.07% 112.82 Cheap

FR0052 15-Aug-30 10.500% 5.82 126.25 6.47% 6.29% 127.64 Cheap

FR0082 15-Sep-30 7.000% 6.36 103.82 6.42% 6.31% 104.58 Fair

FR0087 15-Feb-31 6.500% 6.65 100.94 6.36% 6.37% 100.89 Fair

FR0085 15-Apr-31 7.750% 6.58 108.93 6.45% 6.39% 109.38 Fair

FR0073 15-May-31 8.750% 6.51 115.43 6.52% 6.40% 116.33 Fair

FR0054 15-Jul-31 9.500% 6.32 120.27 6.60% 6.43% 121.66 Cheap

FR0091 15-Apr-32 6.375% 7.37 100.77 6.27% 6.52% 98.91 Expensive

FR0058 15-Jun-32 8.250% 7.13 111.95 6.64% 6.54% 112.80 Fair

FR0074 15-Aug-32 7.500% 7.16 106.02 6.70% 6.56% 107.12 Cheap

FR0065 15-May-33 6.625% 7.84 100.81 6.52% 6.63% 99.92 Expensive

FR0068 15-Mar-34 8.375% 7.68 112.32 6.87% 6.71% 113.71 Cheap

FR0080 15-Jun-35 7.500% 8.49 104.93 6.93% 6.80% 106.06 Fair

FR0072 15-May-36 8.250% 8.58 111.12 7.01% 6.86% 112.51 Cheap

FR0088 15-Jun-36 6.250% 9.39 100.15 6.23% 6.87% 94.37 Expensive

FR0045 15-May-37 9.750% 8.57 123.50 7.20% 6.92% 126.48 Cheap

FR0075 15-May-38 7.500% 9.41 104.42 7.04% 6.97% 105.09 Fair

FR0050 15-Jul-38 10.500% 8.54 131.00 7.25% 6.98% 134.21 Cheap

FR0079 15-Apr-39 8.375% 9.40 113.02 7.06% 7.01% 113.50 Fair

FR0083 15-Apr-40 7.500% 9.90 104.46 7.06% 7.05% 104.54 Fair

FR0057 15-May-41 9.500% 9.72 123.97 7.19% 7.09% 125.14 Fair

FR0062 15-Apr-42 6.375% 10.65 90.60 7.27% 7.12% 92.04 Cheap

FR0092 15-Jun-42 7.125% 10.77 102.61 6.89% 7.13% 99.98 Expensive

FR0067 15-Feb-44 8.750% 10.24 116.00 7.28% 7.17% 117.35 Fair

FR0076 15-May-48 7.375% 11.64 103.02 7.12% 7.27% 101.27 Expensive

FR0089 15-Aug-51 6.875% 12.32 100.89 6.80% 7.32% 94.66 Expensive

FR0090

FR0091

FR0088

FR0092

3.00 4.00 5.00 6.00 7.00 8.00

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Yield Curve

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4

Price (%) Yield (%) Price (%) Yield (%) Price (%) Yield (%)

INDO-22 3.700 8-Jan-22 0.01 100.23 -16.66 100.28 -16.66 100.21 -3.75

INDO-22 3.750 25-Apr-22 0.31 101.05 0.33 101.10 0.22 101.12 0.31

INDO-23 2.950 11-Jan-23 1.02 102.23 0.75 102.28 0.71 102.29 0.72

INDO-23 3.375 15-Apr-23 1.28 103.22 0.84 103.23 0.84 103.30 0.81

INDO-23 5.375 17-Oct-23 1.79 107.93 0.89 107.98 0.87 107.86 0.97

INDO-24 5.875 15-Jan-24 2.03 109.72 1.02 109.80 1.00 109.84 1.01

INDO-24 4.450 11-Feb-24 2.11 107.04 1.06 107.06 1.05 107.16 1.03

INDO-25 4.125 15-Jan-25 3.04 107.62 1.54 107.64 1.54 107.98 1.44

INDO-26 4.750 8-Jan-26 4.02 111.82 1.69 111.85 1.68 111.88 1.69

INDO-27 4.350 8-Jan-27 5.02 111.49 1.93 111.57 1.92 111.61 1.92

INDO-27 3.850 18-Jul-27 5.54 109.64 2.00 109.68 2.00 109.78 1.98

INDO-28 3.500 11-Jan-28 6.02 108.13 2.06 108.12 2.06 108.10 2.07

INDO-28 4.100 24-Apr-28 6.31 111.67 2.11 111.64 2.12 111.63 2.13

INDO-29 4.750 11-Feb-29 7.11 116.55 2.22 116.58 2.22 116.61 2.22

INDO-29 3.400 18-Sep-29 7.71 108.15 2.24 108.11 2.25 108.11 2.25

INDO-30 2.850 14-Feb-30 8.12 104.39 2.25 104.38 2.26 104.38 2.26

INDO-30 3.850 15-Oct-30 8.79 112.63 2.26 112.60 2.26 112.52 2.27

INDO-31 1.850 12-Mar-31 9.19 97.57 2.14 97.51 2.15 97.33 2.17

INDO-37 6.625 17-Feb-37 15.13 139.80 3.27 139.65 3.28 139.86 3.27

INDO-38 7.750 17-Jan-38 16.05 152.44 3.46 152.31 3.47 152.70 3.45

INDO-42 5.250 17-Jan-42 20.05 125.64 3.46 125.52 3.47 125.90 3.45

INDO-43 4.625 15-Apr-43 21.29 117.85 3.44 117.67 3.45 117.93 3.43

INDO-45 5.125 15-Jan-45 23.05 124.44 3.56 124.32 3.57 124.69 3.55

INDO-47 5.250 8-Jan-47 25.03 128.44 3.53 128.31 3.54 128.71 3.52

INDO-47 4.750 18-Jul-47 25.55 121.08 3.50 120.97 3.50 121.30 3.48

INDO-48 4.350 11-Jan-48 26.04 114.79 3.48 114.74 3.48 115.35 3.45

INDO-49 5.350 11-Feb-49 27.13 131.29 3.54 131.20 3.55 131.18 3.55

INDO-49 3.700 30-Oct-49 27.84 105.94 3.37 105.83 3.38 105.93 3.37

INDO-50 4.200 15-Oct-50 28.80 114.35 3.41 114.16 3.42 114.23 3.42

INDO-51 3.050 12-Mar-51 29.21 98.79 3.11 98.78 3.11 98.84 3.11

INDO-70 4.450 15-Apr-70 48.31 118.82 3.62 118.73 3.63 118.75 3.63

INDO-71 3.350 12-Mar-71 49.22 97.09 3.47 96.98 3.48 97.41 3.46

INDOIS-22 4.000 11-Jan-22 0.02 100.09 -0.72 100.10 -0.58 100.17 -0.15

INDOIS-22 3.400 29-Mar-22 0.23 100.81 -0.02 100.78 0.15 100.86 0.01

INDOIS-22 3.300 21-Nov-22 0.88 102.46 0.50 102.43 0.54 102.47 0.54

INDOIS-23 3.750 1-Mar-23 1.16 103.58 0.64 103.54 0.68 103.60 0.67

INDOIS-24 3.900 20-Aug-24 2.63 107.23 1.10 107.27 1.09 107.28 1.10

INDOIS-24 4.350 10-Sep-24 2.69 108.44 1.15 108.40 1.17 108.22 1.24

INDOIS-25 4.325 28-May-25 3.40 109.70 1.39 109.69 1.40 109.66 1.42

INDOIS-25 2.300 23-Jun-25 3.47 102.96 1.42 102.90 1.44 102.78 1.48

INDOIS-26 4.550 29-Mar-26 4.24 112.30 1.54 112.25 1.55 112.25 1.56

INDOIS-27 4.150 29-Mar-27 5.24 110.93 1.95 110.96 1.94 110.91 1.96

INDOIS-28 4.400 1-Mar-28 6.16 113.13 2.12 113.17 2.11 112.97 2.15

INDOIS-29 4.450 20-Feb-29 7.14 114.33 2.26 114.25 2.27 114.31 2.27

INDOIS-30 2.800 23-Jun-30 8.47 103.31 2.37 103.26 2.37 103.33 2.37

INDOIS-50 3.800 23-Jun-50 28.49 105.08 3.52 105.00 3.52 105.19 3.51

PERTIJ-22 4.875 3-May-22 0.33 101.44 0.51 101.31 0.94 101.36 0.95

PERTIJ-23 4.300 20-May-23 1.38 104.13 1.26 104.15 1.26 104.09 1.33

PERTIJ-29 3.650 30-Jul-29 7.58 106.46 2.70 106.14 2.75 106.25 2.73

PERTIJ-30 3.100 21-Jan-30 8.05 102.29 2.78 102.11 2.81 102.20 2.79

PERTIJ-30 3.100 27-Aug-30 8.65 102.12 2.82 102.10 2.83 102.20 2.81

PERTIJ-42 6.000 3-May-42 20.34 122.88 4.30 122.87 4.30 122.35 4.34

PERTIJ-50 4.175 21-Jan-50 28.07 103.96 3.94 103.87 3.95 102.68 4.02

PERTIJ-60 4.150 25-Feb-60 38.17 101.10 4.09 100.35 4.13 100.39 4.13

PLNIJ-27 4.125 15-May-27 5.36 106.70 2.77 106.78 2.76 106.86 2.75

PLNIJ-28 5.450 21-May-28 6.38 114.73 2.90 113.94 3.03 114.08 3.01

PLNIJ-29 5.375 25-Jan-29 7.07 114.67 3.05 114.80 3.03 114.93 3.02

PLNIJ-29 3.875 17-Jul-29 7.54 105.99 2.98 105.54 3.05 105.71 3.02

PLNIJ-30 3.375 5-Feb-30 8.10 102.35 3.05 102.34 3.05 102.13 3.08

PLNIJ-30 3.000 30-Jun-30 8.49 99.45 3.08 98.89 3.15 98.99 3.14

PLNIJ-37 7.875 29-Jun-37 15.50 140.78 4.25 140.75 4.26 140.36 4.29

PLNIJ-42 5.250 24-Oct-42 20.82 112.98 4.30 112.72 4.32 112.22 4.35

PLNIJ-47 5.250 15-May-47 25.38 111.96 4.46 112.16 4.45 111.90 4.46

PLNIJ-49 4.875 17-Jul-49 27.55 107.49 4.40 107.20 4.42 106.81 4.44

PLNIJ-50 4.000 30-Jun-50 28.51 97.27 4.16 97.51 4.15 97.04 4.18

INALUM-25 4.750 15-May-25 3.36 106.60 2.68 106.53 2.71 106.54 2.71

INALUM-30 5.450 15-May-30 8.37 114.46 3.44 114.78 3.40 114.47 3.45

PGASIJ-24 5.125 16-May-24 2.37 108.25 1.56 108.08 1.63 108.18 1.61

HAKAIJ-30 3.750 11-May-30 8.36 106.67 2.85 106.72 2.84 106.83 2.83

BBRIIJ-23 4.625 20-Jul-23 1.54 105.39 1.10 105.39 1.10 105.45 1.09

BBRIIJ-24 3.950 28-Mar-24 2.23 105.55 1.42 105.64 1.38 105.69 1.37

BBTNIJ-25 4.200 23-Jan-25 3.06 102.11 3.47 102.11 3.47 102.14 3.46

BMRIIJ-24 3.750 11-Apr-24 2.27 104.30 1.82 104.30 1.82 104.33 1.81

BMRIIJ-25 4.750 13-May-25 3.36 109.00 1.97 108.95 1.99 108.68 2.07

PELINDOII-25 4.250 5-May-25 3.34 107.29 1.98 107.32 1.98 107.33 1.98

Indonesia USD Denominated Bonds

Maturity 31-Dec-21 Previous Day Previous Week

Bonds Coupon TTM (Year)

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Indonesia Government Bonds Yield Indonesia & US Treasury Yield Comparison

Maturities (Year) 31-Dec (-1 day) (-1 week) (-1 month) Global Bonds 31-Dec

1 3.63 3.63 3.65 3.08 31-Dec (-1 day) (-1 week) (- 1 month)

2 4.07 4.09 4.10 4.03 Fed Fund Rate & US Bond Yield

3 4.47 4.42 4.50 4.07 Fed Fund Rate 0.25 0.25 0.25 0.25

4 5.09 5.10 5.13 4.81 2-Year 0.73 0.73 0.69 0.59

5 5.07 5.07 5.07 4.89 5-Year 1.26 1.27 1.24 1.13

6 5.78 5.78 5.76 5.57 10-Year 1.51 1.51 1.49 1.35

7 6.25 6.25 6.24 5.89 30-Year 1.90 1.92 1.91 1.68

8 6.20 6.20 6.20 6.17 10-Year Government Bond Yield (LCY)

9 6.42 6.40 6.38 6.45 Germany -0.18 -0.18 -0.25 -0.39

10 6.36 6.35 6.32 6.24 UK 0.97 0.98 0.92 0.75

15 6.24 6.22 6.25 6.27 France 0.20 0.19 0.12 -0.03

20 7.06 7.06 7.03 6.93 Italy 1.17 1.17 1.11 0.91

30 6.80 6.79 6.81 6.82 Greece 1.32 1.32 1.32 1.19

Spain 0.56 0.56 0.51 0.35

CDS, VIX Index, IDMA Index Japan 0.07 0.07 0.06 0.05

31-Dec (-1 day) (-1 week) (-1 month) China 2.77 2.92 2.82 2.90

5-year Indo CDS 75.30 75.19 73.32 86.81 Malaysia 3.59 3.60 3.56 3.52

VIX Index 17.22 17.33 17.96 30.67 Thailand 1.89 1.89 1.94 1.90

IDMA Index 99.28 99.31 99.37 99.20 Singapore 1.64 1.64 1.59 1.68

2.00 3.00 4.00 5.00 6.00 7.00 8.00

1 2 3 4 5 6 7 8 9 10 15 20 30

( Yield %)

Maturities (Year)

31-Dec (-1 day) (-1 week) (-1 month)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0

3.0 4.0 5.0 6.0 7.0 8.0 9.0

(%)

10-year Indo Gov't Yield Yield Spread 10-year UST Yield (RHS)

Government Securities Ownership As of December 30, 2021 (IDR Trillion)

Holders Dec-19 Dec-20 Mar-21 Jun-21 Jul-21 Sep-21 Oct-21 Nov-21 10-Dec-21 17-Dec-21 24-Dec-21 30-Dec-21 Banks 581.37 1375.57 1573.13 1391.98 1368.45 1502.91 1554.03 1592.08 1589.01 1603.45 1588.52 1587.56

Bank Indonesia 262.49 454.36 442.68 677.95 689.52 663.15 604.23 585.53 644.60 636.05 646.59 646.46

Mutual Fund 130.86 161.33 163.10 135.40 136.21 146.25 148.01 152.79 156.16 155.68 158.57 157.92

Insurance & Pension Fund 471.67 542.82 585.19 610.06 625.30 595.18 653.06 645.43 648.13 650.77 653.16 655.21 Foreign Investor 1061.86 973.91 951.41 977.31 965.78 961.78 949.27 918.45 899.43 894.46 893.47 892.98

Individual 81.18 131.24 189.33 192.21 198.88 220.37 225.12 226.80 228.47 221.87 221.53 221.38

Others 163.32 231.54 250.75 297.71 303.01 370.82 335.36 347.80 358.18 360.70 361.15 360.46

Total 2,752.74 3,870.76 4,155.60 4,282.62 4,287.16 4,460.46 4,469.08 4,468.88 4,523.98 4,522.98 4,522.98 4,521.98

Year-to-date Investors' Net Buy/Sell In Government Securities (IDR Trillion)

Holders Dec-19 Dec-20 Mar-21 Jun-21 Jul-21 Sep-21 Oct-21 Nov-21 10-Dec-21 17-Dec-21 24-Dec-21 30-Dec-21

Banks 94.59 794.20 197.57 16.41 -7.11 127.35 178.47 216.51 213.44 227.89 212.95 211.99

Bank Indonesia 14.54 191.87 -11.68 223.59 235.16 208.78 149.87 131.17 190.24 181.69 192.23 192.10

Mutual Fund 12.24 30.46 1.77 -25.92 -25.12 -15.08 -13.32 -8.54 -5.17 -5.65 -2.76 -3.40

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DEBT RESEARCH TEAM

Research Division : +62 21 25543946 Fax No : +62 21 57935828

E-mail : [email protected]

Ahmad Hapiz ext. 3987 [email protected] Fixed Income Analyst

DEBT CAPITAL MARKET TEAM

Fixed Income Division : +62 21 25543946 Fax No : +62 21 57936934 E-mail : [email protected]

Anung R. Hascaryo ext. 3902 [email protected] Head of Debt Capital Market Meili Anggraini ext. 3989 [email protected] Fixed Income Sales Nur Amalia ext. 3911 [email protected] Fixed Income Sales Sentiaji Nugroho ext. 3952 [email protected] Fixed Income Sales Prama Dithya N. ext. 2114 [email protected] Fixed Income Sales Shendy Aditya H. ext. 2020 [email protected] Fixed Income Sales Mega Purwhanisa ext. 3974 [email protected] Fixed Income Sales

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MAIN OFFICE - JAKARTA PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia

Phone: (62-21) 25543946 (Hunting) Fax: (62-21) 57935831 e-mail: [email protected] (General)

Website: http://www.bnisekuritas.co.id

DISCLAIMER

This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.

Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini

JAKARTA - Mangga Dua Pertokoan Mangga Dua Blok E4 No. 7

Jl. Mangga Dua Raya, Jakarta Utara Phone: (62-21) 6123804-5,62203890

Fax: (62-21) 6123806 e-mail: [email protected]

JAKARTA - Puri Indah

Komplek Ruko Sentra Niaga Puri Indah Blok T1 No.11-12 Kembangan Selatan Jakarta 11610

Phone: (62-21) 58357464 Fax: (62-21) 58357465 e-mail: [email protected]

JAKARTA - Central Park Central Park, APL Tower Podomoro City

Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan Phone: (62-21) 29034215

Fax: (62-21) 29034216 email: [email protected]

JAKARTA – Wisma Bumiputera Wisma Bumiputera Lt. 6 Jl. Jend. Sudirman Kav. 75 Jakarta 12910

BANDUNG Jl. Perintis Kemerdekaan 3

Bandung - 40117 Phone: (62-22) 4213375

YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032

SOLO

Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525

SURABAYA

Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912

MALANG Jl. Buring No. 58, Malang Phone: (62-341) 321214,321213,321430

Fax: (62-341) 356876 e-mail: [email protected]

DENPASAR

Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2 Jl. Diponegoro No. 100, Denpasar - Bali

Phone: (62-361) 264376, 2753389 Fax: (62-361) 229170 e-mail: [email protected]

MEDAN

Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616

PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969

PEKANBARU

Jl. Riau No. 124, BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698

Fax: (62-761) 856279 e-mail: [email protected]

MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado

ACEH

Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh

Phone: (62-651) 31109 Fax: (62-651) 31107

BANJARMASIN Gd. Bank BNI Antasari Lt. 2

Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin Phone: (62-511) 3253735