Tight Monetary Policy
Country’s FCLT Rating
S&P BB+
Moody’s Baa3
Fitch
BBB-Key Market Indicators as of : 05 September 2013
BI Rate 7.00%
JCI 4,051
IDR 11,649
Inflation (y-o-y) Aug 8.79% Inflation (m-o-m) Aug 1.12%
Market Outstanding
Government Bond : IDR927.07 tn Corporate Bond : IDR214.28 tn
Trading Volume in August
Government Bond : IDR102.07 tn Corporate Bond : IDR5.89 tn
Benchmark Yield
FR0066 (5 year) 7.994% FR0063 (10 year) 8.715% FR0064 (15 year) 8.963% FR0065 (20 year) 9.165% 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 Perekonomian AS membaik
Seiring dengan perbaikan ekonomi AS, The Fed berencana untuk mengurangi stimulus pembelian obligasi bulanan. Neraca The Fed bertambah menjadi US$3,64 triliun selama setahun program pembelian aset Treasuries dan mortgage-backed securities. Pada 4 September 2013, The Fed menyatakan bahwa consumer spending meningkat secara moderat di berbagai negara bagian terutama pada sektor automobiles dan housing-related goods dari awal Juli sampai dengan akhir Agustus 2013. Tingkat pengangguran menurun menjadi 7.4%, terendah selama 4 tahun. Pengurangan dilakukan secara bertahap, dengan kemungkinan berkurang sekitar US$ 10 miliar setiap bulan dan diprediksi akan berhenti pada pertengahan 2014. Hal ini akan menyebabkan kenaikan pada borrowing costs, yield curve US Treasury 10 year sempat menyentuh 2,74% per 22 Agustus 2013, merupakan tertinggi selama 2 tahun belakangan.
BI rate naik
Untuk ketiga kalinya pada tahun 2013, Bank Indonesia mengambil kebijakan menaikkan suku bunga acuan (BI rate) sebesar 50 bps menjadi 7% dan FASBI overnight menjadi 5,25% pada 29 Agustus 2013 untuk meredam inflasi yang diperkirakan mencapai 8,79% pada akhir tahun. Sehari setelah kenaikan BI rate, kondisi pasar keuangan pada 30 Agustus 2013 membaik walau tidak signifikan ditandai dengan rebound pada IHSG dari sebelumnya 4.103,6 menjadi 4195,1, dan government bonds yield index turun sebesar 15bps. Namun kondisi ini bersifat sementara karena investor mulai menaikkan required yield. Dengan masih volatilenya pasar obligasi Pemerintah, permintaan terhadap obligasi bertenor pendek diperkirakan masih akan meningkat karena lebih tahan terhadap capital loss, terutama obligasi-obligasi SUN yang memiliki kupon tinggi. Ketika inflasi mereda dan depresiasi rupiah berhasil diatasi, diperkirakan indeks yield obligasi pemerintah akan kembali memasuki tren penurunan.
The US economy is improving
With the US economy gaining traction, the Fed plans to ease off its stimulus program. After carrying out the third round of Quantitative Easing (QE3) for almost a year, the Fed’s balance sheet has expanded to USD 3.64 trillion. On September 4th, 2013, the Fed released its Beige Book stating that consumer spending - especially on automobiles and home related goods - increased moderately from early July until late August 2013. The unemployment rate declined to 7.4% - its lowest level in 4 years. Going forward, the Fed is expected to taper its bond buying program by USD 10 billion a month, finally ending the program in mid-2014. The tapering of the Fed’s Quantitative Easing program might lead to higher borrowing costs. Meanwhile, yield curve on the 10 year US Treasury nudged 2.74% on 22nd August 2013, their highest level in 2 years.
BI rate increased
For the third time in 2013, BI raised its benchmark rate. In the latest move, BI hiked the BI rate by 50bps to 7% and the FASBI overnight rate to 5.25% on August 29th, 2013 in a bid to quell inflation which is predicted to reach 8.79% at the end of 2013. Following the BI rate increase, the financial markets showed a slight improvement on August 30th, 2013, with the JCI rebounding from 4,103.6 to 4,195.1 and the government bonds yield index falling 15 bps. However, this improvement was short-lived as investors soon began demanding higher yields. With the relatively high volatility in the government bonds market, demand for short tenor bonds is still expected to increase because they are less likely to record a capital loss, especially government bonds with high coupons. When inflation finally eases and the rupiah becomes more stable, the government bonds yield index can be expected to trend lower.
Rupiah melemah terhadap dollar AS
Pelemahan rupiah sebesar total 15,86% terjadi sejak awal tahun 2013 dengan nilai Rp 9.653 per US$ sampai dengan akhir Agustus 2013 senilai Rp 11.184 per US$. Volatilitas rupiah mengalami penurunan sejak pemerintah melakukan program lelang FX Swap pada Juli 2013, namun volatilitas kembali meningkat sejak tanggal 15 Agustus 2013 hingga akhir Agustus 2013. Volatilitas tertinggi terjadi pada Agustus 2013. Hal ini disebabkan neraca transaksi berjalan mengalami defisit selama tujuh triwulan. Defisit pada bulan Agustus adalah sebesar USD 2,1 miliar.
The rupiah weakened against the US dollar
The rupiah has weakened relative to the US dollar since early 2013 when it stood at IDR 9,653/USD, losing 15.86% of its value to stand at IDR 11,184/USD as of late August 2013. Rupiah volatility began to fall when the government started FX swap auctions in July 2013, yet volatility then increased from August 15th, 2013 until late August 2013. Volatility was at its highest in August 2013. Putting pressure on the currency was Indonesia’s widening current account deficit in the last seven quarters. The current account deficit reached USD 2,1 billion in August 2013.
3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 03 -J an -1 1 25 -J an -1 1 18 -F eb -1 1 14 -M ar -1 1 05 -A pr -1 1 28 -A pr -1 1 23 -M ay -1 1 15 -J un -1 1 08 -J ul -1 1 01 -A ug -1 1 24 -A ug -1 1 22 -S ep -1 1 14 -O ct -1 1 07 -N ov -1 1 29 -N ov -1 1 21 -D ec -1 1 13 -J an -1 2 07 -F eb -1 2 29 -F eb -1 2 22 -M ar -1 2 17 -A pr -1 2 09 -M ay -1 2 04 -J un -1 2 26 -J un -1 2 18 -J ul -1 2 09 -A ug -1 2 06 -S ep -1 2 28 -S ep -1 2 22 -O ct -1 2 14 -N ov -1 2 10 -D ec -1 2 07 -J an -1 3 30 -J an -1 3 21 -F eb -1 3 18 -M ar -1 3 10 -A pr -1 3 02 -M ay -1 3 27 -M ay -1 3 19 -J un -1 3 11 -J ul -1 3 02 -A ug -1 3 02 -S ep -1 3
BI Rate Inflation YoY
Source : Bloomberg
Exhibit 2. Rupiah Volatility
9,500 9,750 10,000 10,250 10,500 10,750 11,000 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 Ja n-13 Ja n-13 Ja n-13 Ja n-13 Fe b-13 Fe b-13 M ar -1 3 M ar -1 3 M ar -1 3 Ap r-13 Ap r-13 Ap r-13 M ay -1 3 M ay -1 3 M ay -1 3 M ay -1 3 Ju n-13 Ju n-13 Ju n-13 Ju l-1 3 Ju l-1 3 Ju l-1 3 Au g-13 Au g-13 Au g-13 IDR_1W-Vol IDRUSD
Source : Danareksa Estimate & Bloomberg
Kupon relatif menarik dari seri baru obligasi pemerintah Yield indeks pasar obligasi menyentuh level tertinggi 8,72% per tanggal 28 Agustus 2013, tertinggi sejak Maret 2011. Dengan tingkat kupon yang relatif lebih menarik, obligasi
Attractive coupons on new government bond series
The government bonds yield index reached 8.72% on August 28th, 2013, its highest level since March 2011. With a relatively attractive coupon rate, there was strong demand for the
Sentimen negatif di pasar obligasi domestik meningkat sejak akhir Mei 2013. Total return indeks obligasi Pemerintah dari akhir Mei hingga akhir Agustus turun sebesar -13,19% dengan yield curve obligasi pemerintah mengalami pergeseran ke atas. Kekhawatiran investor asing terhadap pasar obligasi domestik Indonesia akan volatilitas Rupiah akibat defisit perdagangan masih berlanjut. Beberapa indikator pasar menunjukkan tren menurun selama Agustus 2013. Sejalan dengan harga saham, IHSG turun dari 4.624,3 per 1 Agustus 2013 hingga mencapai titik terendah pada 27 Agustus 2013 sebesar 3.967,8. Demikian pula untuk Rupiah, mengalami depresiasi dari Rp 10.271 per US$ per 1 Agustus menjadi Rp 11.184 per US$ per 30 Agustus 2013.
Kinerja menurun tajam
Pasar obligasi domestik menunjukkan kinerja yang menurun selama Agustus 2013, mencatatkan return negatif 2,91% dibandingkan dengan return bulan sebelumnya sebesar negatif 2,89%. Return dari capital gain sebesar negatif 3,65%, sedangkan return diperoleh dari pembayaran kupon sebesar 0,75%.
Peningkatan indeks yield obligasi pemerintah
Indeks yield obligasi gabungan sebesar 8,71% pada akhir Agustus 2013. Untuk obligasi Pemerintah, indeks yield gabungan sebesar 8,54%, sementara untuk obligasi korporasi sebesar 9,52%. Untuk obligasi Pemerintah, yield curve mengalami peningkatan untuk semua tenor dengan rata-rata peningkatan yield sebesar 0,55%. Hal ini menyebabkan yield curve obligasi Pemerintah shift upwards.
Sentiment in the domestic bonds market has weakened since late May 2013. The total return index for government bonds declined by 13.19% from May until August with the government bonds yield curve shifting upwards. Foreign investor concerns stemmed from the rupiah volatility which reflected the widening current account deficit. Several market indicators weakened in August 2013. Reflecting the decline in stock prices, the Jakarta Composite Indices fell to 4,624.3 on August 1st, 2013 to reach its lowest level on August 27th, 2013 at 3,967.8. The rupiah was similarly depressed. It weakened from IDR 10,721 per US$ on August 1st, 2013 to IDR 11,184 per US$ on August 30th,2013.
Much weaker performance
The domestic bonds market showed poor performance in August 2013, recording a negative return of 2.91% after recording a negative return of 2.89% in the previous month. The capital loss was 3.65% while the return from coupon payments was 0.75%.
The government bonds yield index increased
The composite bonds yield index reached 8.71% in late August 2013. For government bonds, the yield index reached 8.54%, while for corporate bonds the yield index reached 9.52%. The government bonds yield curve increased for all tenors with an average increase of 0.55%. This caused the yield curve to shift upwards.
Exhibit 3. Yield Curve Change
0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 1 ye ar 2 ye ar 3 ye ar 4 ye ar 5 ye ar 6 ye ar 7 ye ar 8 ye ar 9 ye ar 10 y ea r 11 y ea r 12 y ea r 13 y ea r 14 y ea r 15 y ea r 16 y ea r 17 y ea r 18 y ea r 19 y ea r 20 y ea r 21 y ea r 22 y ea r 23 y ea r 24 y ea r 25 y ea r 26 y ea r 27 y ea r 28 y ea r 29 y ea r 30 y ea r 31 y ea r
Source : Danareksa Estimate
Return Obligasi tenor panjang turun signifikan
Return obligasi bertenor panjang (obligasi dengan tenor lebih dari 3 tahun) mengalami penurunan yang lebih besar dibandingkan dengan obligasi bertenor pendek pada Agustus 2013. Return dari masing-masing tenor sebesar negatif 0,39% untuk tenor pendek dan negatif 3,31% untuk tenor panjang.
Obligasi Pemerintah lebih sensitif terhadap pasar
Kondisi pasar memberikan dampak yang lebih signifikan terhadap obligasi Pemerintah dibanding obligasi korporasi tercermin dari return obligasi pemerintah sebesar negatif 3,47% dan obligasi korporasi sebesar negatif 0,42%. Capital loss obligasi Pemerintah sebesar 4,2% sedangkan obligasi korporasi sebesar 1,18%. Untuk return yang diperoleh dari pembayaran kupon korporasi lebih tinggi dari obligasi pemerintah yaitu sebesar 0,76% dan 0,74%.
Sektor Consumer Goods terbaik
Di antara obligasi korporasi, sektor Consumer Goods merupakan satu-satunya sektor yang menghasilkan return positif sebesar 1,25%. Sedangkan sektor dengan return terendah yaitu sektor Telekomunikasi sebesar negatif 1,24%.
Kinerja terbaik diperoleh Obligasi Subordinasi Bank Panin
Di antara seri obligasi korporasi yang outstanding, Obligasi Subordinasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 memperoleh return 7,1%, dan merupakan obligasi dengan performa terbaik selama Agustus 2013. Sedangkan untuk obligasi dengan performa terendah dicatat oleh FR0062, dengan return negatif 6,3%.
Perdagangan sekunder obligasi pemerintah sepi
Total volume transaksi obligasi di pasar sekunder mencapai Rp107,96 triliun selama Agustus 2013. Perdagangan obligasi pemerintah tercatat sebesar Rp102,07 triliun, turun dari Rp144,14 triliun di bulan sebelumnya. Perdagangan obligasi korporasi turun menjadi Rp5,89 triliun dari Rp12,93 triliun di bulan sebelumnya.
Prices of long tenor bonds down significantly
The prices of bonds with tenors more than 3 years fell more than the prices of short tenor bonds in August 2013. For the short tenors the return was negative 0.39% while the long tenors gave a negative return of 3.31%.
Government bonds worst hit
Government bonds were worse hit than corporate bonds. For government bonds, the negative return reached 3.47% while for corporate bonds the negative return was 0.42%. The capital loss for government bonds was 4.2% while corporate bonds gave a capital loss of 1.18%. The return from coupon payments on corporate bonds was higher than that on government bonds at 0.76% and 0.74%, respectively.
Consumer Goods was the best performing sector
Of the corporate bonds, the Consumer Goods bonds were the only bonds to give a positive return: the return reached 1.25%. In contrast, the worst performance was in the Telecommunications sector where the return was a negative 1.24%.
Panin’s Bond was the best performer
Panin’s Bond I/2012 gave a return of 7.1%, making it the best performing corporate bond in August 2013. In contrast, the worst performing bond was FR0062 with a negative return of 6.3%.
Sluggish secondary market trading
Total trading in the secondary market reached IDR 107.96 trillion in August 2013. Government bonds trading was recorded at IDR 102.07 trillion, or down from IDR 144.14 trillion the previous month. Corporate bonds trading fell to IDR 5.89 trillion from IDR 12.93 trillion in the previous month.
Obligasi FIFA teraktif diperdagangkan
Di antara seri obligasi pemerintah, FR0063 merupakan obligasi pemerintah yang paling aktif diperdagangkan di pasar sekunder, dengan volume transaksi mencapai Rp16,16 triliun. Di posisi berikutnya adalah FR0065 dan FR0064 dengan volume masing-masing sebesar Rp8,68 triliun dan Rp8,11 triliun. Di antara obligasi korporasi, Obligasi Berkelanjutan I Federal International Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B merupakan obligasi paling aktif diperdagangkan dengan volume transaksi mencapai Rp833 miliar. Di posisi berikutnya adalah Obligasi II Bank Danamon Tahun 2010 Seri A dengan volume mencapai Rp382,84 miliar.
FIFA’s bond was the most actively traded corporate bond
Among the government bonds, FR0063 was the most actively traded bond in the secondary market with total trading of IDR16.16 trillion. Then came FR0065 and FR0064 with total trading of IDR 8.68 trillion and IDR 8.11 trillion, respectively. Of the corporate bonds, FIFA’s Continuing Bonds I with Fixed Coupon Rate II/2013 series B was the most actively traded with trading reaching IDR 833 billion. The second most actively traded corporate bond was Danamon’s Bond II/2010 series A with total trading of IDR 382.84 billion.
Exhibit 4. Trading Volume (IDR bn)
20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000
Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Avg Monthly Transaction for Corporate Bonds : IDR11.07 trillion
Avg Monthly Transaction for Governemnt Bonds : IDR138.96 trillion
Maturity of Corporate Bonds in Sep 2013
No. Bond ID Bond Name Maturity Coupon Rating Amount
Date Rate (%) (IDR bn)
1 ASDF11E Obligasi Astra Sedaya Finance XI Tahun 2010 Seri E 18-Sep-13 10.75 idAA+ 69
Total Sep 2013 69
Source: IDX
Rating Change of Corporate Bonds
Source: Pefindo
No. Bond ID Date Change Previous Change to Reason of rating change
1 SDRA 2-Aug-13 positive stable The revised outlook reflects the prolonged process and uncertain timeline of the proposed acquisition plan of 27% shares by Woori Bank Korea (rated A-/Stable by S&P) and 6% shares by PT Bank Woori Indonesia, which is 95.2% owned by Woori Bank Korea.
2 BWPT 2-Aug-13 idA- idBBB+ The downgrade is mainly driven by the Company’s additional debt, which was significantly higher than projected and resulted in weaker cash flow protection, accompanied by higher cost structure in the near to medium term.
3 ADMF 15-Aug-13 positive stable Due to the expiration of the share purchase agreement between Temasek subsidiary Fullerton Financial Holdings Pte. Ltd., and DBS Group over the previously-planned acquisition of BDMN’s shares by DBS Group.
4 BDMN 15-Aug-13 positive stable Due to the expiration of the share purchase agreement between Temasek subsidiary Fullerton Financial Holdings Pte. Ltd., and DBS Group over the previously-planned acquisition of BDMN’s shares by DBS Group.
Transaction Activitiy in Aug 2013 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion
No Bond ID Bond Maturity Rating Coupon Last Last Last Vol Freq
Name Date Trade Price YTM (IDRbn)
Maturity < 3 years
1 FIFA01BCN2 Obligasi Berkelanjutan I Federal International Finance 04-Apr-16 idAA+/AAA(idn) 7.75 27-Aug-13 100.09 7.71 833.00 17 Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B
2 CFIN03C Obligasi Clipan Finance Indonesia III Tahun 2011 Seri C 08-Nov-14 idA+ 10.25 30-Aug-13 100.24 10.03 238.00 17 3 BEXI01BCN3 Obligasi Berkelanjutan Indonesia Eximbank I Dengan
Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B 23-May-16 idAAA 6.40 21-Aug-13 96.00 8.03 190.00 8 4 BTPN02B Obligasi Bank BTPN II Tahun 2010 Seri B 18-May-15 AA-(idn) 10.60 28-Aug-13 102.00 9.33 171.00 7 5 BIIF02A Obligasi II BII Finance Tahun 2013 Dengan Tingkat
Bunga Tetap Seri A 19-Jun-16 AA+ (idn) 7.75 15-Aug-13 100.02 7.74 160.00 2 6 TRAC02C Obligasi Serasi Autoraya II Tahun 2011 Seri C 05-Jul-15 idA+ 10.20 16-Aug-13 101.95 9.06 137.00 9 7 BSLT04 Obligasi Bank Sulut IV Tahun 2010 09-Apr-15 idA- 12.00 30-Aug-13 103.10 9.89 105.00 8 8 IMFI01BCN2 Obligasi Berkelanjutan I Indomobil Finance dengan
Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B 08-May-16 idA 8.25 28-Aug-13 96.48 9.75 105.00 14 9 BWPT01 Obligasi I BW Plantation Tahun 2010 16-Nov-15 idA 10.68 28-Aug-13 101.00 10.16 87.00 11 10 TAFS03B Toyota Astra Financial Serv ices III Tahun 2013 Seri B
11 ASDF01BCN3 Obligasi Berkelanjutan I Astra Sedaya Finance Dengan 17-May-16 AAA(Idn) 7.60 30-Aug-13 96.00 9.28 82.00 8 Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B 22-Feb-16 idAA+ 7.75 27-Aug-13 100.17 7.68 75.00 12 12 BNII01ACN1 Obligasi Berkelanjutan I Bank BII Tahap I
Tahun 2011 Seri A 06-Dec-14 idAA+/AAA(idn) 7.75 28-Aug-13 98.27 9.21 54.55 9 13 ASDF01BCN2 Obligasi Berkelanjutan I Astra Sedaya Finance Dengan
Tingkat Bunga Tetap Tahap II Tahun 2012 Seri B 12-Oct-14 idAA+ 7.50 27-Aug-13 98.98 8.46 50.00 2 14 NISP01BCN1 Obligasi Berkelanjutan I OCBC NISP Tahap I Tahun
2013 Dengan Tingkat Bunga Tetap Seri B 19-Feb-15 idAAA 6.90 01-Aug-13 100.03 6.88 50.00 1 15 SMFP02ACN1 Obligasi Berkelanjutan II Sarana Multigriya Finansial
Tahap I Tahun 2012 Dengan Tingkat Bunga Tetap Seri A 27-Dec-15 idAA 7.30 30-Aug-13 100.00 7.30 45.00 1 16 BCAF01SB Obligasi Subordinasi BCA Finance I Tahun 2010 23-Mar-15 idAA 11.20 14-Aug-13 99.75 11.37 44.00 2 17 TLKM02A Obligasi II Telkom Tahun 2010 Seri A 06-Jul-15 idAAA 9.60 23-Aug-13 101.50 8.72 41.40 8 18 BFIN01BCN2 Obligasi Berkelanjutan I BFI Finance Indonesia
Tahap II Tahun 2013 Seri B 19-Feb-15 A+(idn) 8.50 28-Aug-13 99.99 8.51 40.00 5 19 IMFI01BCN1 Obligasi Berkelanjutan I Indomobil Finance
Dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri B 11-May-15 idA 8.00 29-Aug-13 98.03 9.26 32.00 4 20 BSSB01B Obligasi Bank Sulselbar I Tahun 2011 Seri B 12-May-16 idA 10.40 29-Aug-13 102.30 9.42 32.00 6 21 BTPN01B Obligasi Bank BTPN I Tahun 2009 Seri B 07-Oct-14 AA-(idn) 12.00 27-Aug-13 103.85 8.33 30.00 11 22 ADMF01BCN1 Obligasi Berkelanjutan I Adira Dinamika Multi Finance
Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri B 16-Dec-14 idAA+ 8.00 30-Aug-13 98.82 8.98 26.20 7 23 BSBR06 Obligasi VI Bank Nagari Tahun 2010 13-Jan-16 idA 9.88 27-Aug-13 100.00 9.87 20.00 1 24 BTPN01ACN3 Obligasi Berkelanjutan I Bank BTPN Dengan
Tingkat Bunga Tetap Tahap III Tahun 2013 Seri A 05-Mar-16 AA-(idn) 7.65 29-Aug-13 100.70 7.34 19.00 1 25 ASDF01BCN1 Obligasi Berkelanjutan I Astra Sedaya Finance
Dengan Tingkat Bunga Teteap Tahap I Tahun 2012 Seri B 21-Feb-15 idAA+ 8.00 22-Aug-13 98.10 9.37 18.48 8 26 PPKT02 Obligasi Pupuk Kaltim II Tahun 2009 04-Dec-14 idAA 10.75 29-Aug-13 102.90 8.31 15.00 5 27 BSMT03 Obligasi III Bank Sumut Tahun 2011 05-Jul-16 idA+ 10.13 27-Aug-13 100.00 10.12 15.00 1 28 ADMF04E Adira Dinamika Multi Finance IV Tahun 2010 Seri E 29-Oct-14 idAA 9.25 28-Aug-13 100.00 9.24 12.00 4 29 BBRK01 Obligasi I Bank Riau Kepri Tahun 2011 08-Jul-16 A(idn) 10.40 27-Aug-13 100.00 10.40 12.00 1 30 BCAF01CCN1 Obligasi Berkelanjutan I BCA Finance Dengan
Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C 09-May-15 idAA+/AA+(idn) 7.60 15-Aug-13 97.50 9.18 10.52 2
Transaction Activitiy in Aug 2013 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion
No Bond ID Bond Maturity Rating Coupon Last Last Last Vol Freq
Name Date Trade Price YTM (IDRbn)
Maturity > 3 < 5 yrs
1 PNBN04SB Obligasi Subordinasi Bank Panin III Tahun 2010 09-Nov-17 idAA-/ A+(idn) 10.50 26-Aug-13 98.50 10.95 224.32 33.00 2 SIAGII02 Sukuk Ijarah Aneka Gas Industri II Tahun 2012 18-Dec-17 A-(idn) 9.90 28-Aug-13 94.75 11.46 159.00 13.00 3 APLN02 Obligasi II Agung Podomoro Tahun 2012 15-Aug-17 idA 9.38 28-Aug-13 99.45 9.54 137.56 56.00 4 MEDC01CN2 Obligasi Berkelanjutan I Medco Energi Internasional 15-Mar-18 idAA- 8.85 29-Aug-13 97.52 9.53 126.50 9.00
Tahap II Tahun 2013
5 BNII01SB Obligasi Subordinasi I Bank BII Tahun 2011 19-May-18 idAA 10.75 29-Aug-13 102.25 10.14 88.00 20.00 6 SMFP02BCN1 Obligasi Berkelanjutan II Sarana Multigriya Finansial 27-Dec-17 idAA 7.50 19-Aug-13 97.03 8.32 60.00 2.00
Tahap I Tahun 2012 Dengan Tingkat Bunga Tetap Seri B
7 SSIA01B Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 06-Nov-17 idA 9.30 29-Aug-13 98.33 9.79 52.00 9.00 8 BLAM03 Obligasi III Bank Lampung Tahun 2012 09-Oct-17 idA-/A(idn) 9.45 27-Aug-13 100.00 9.45 30.00 1.00 9 BNLI02SB Obligasi Subordinasi II Bank Permata Tahun 2011 28-Jun-18 idAA- 11.00 28-Aug-13 100.79 10.79 30.00 12.00 10 SIAISA01 Sukuk Ijarah TPS Food I Tahun 2013 05-Apr-18 idA-(sy) 10.25 28-Aug-13 99.50 10.39 25.60 7.00 11 INDF06 Obligasi Indofood Sukses Makmur VI Tahun 2012 31-May-17 idAA+ 7.25 23-Aug-13 100.90 6.98 23.70 12.00
Dengan Tingkat Bunga Tetap
12 MEDC03 Obligasi Medco Energi Internasional III Tahun 2012 19-Jun-17 idAA- 8.75 23-Aug-13 99.75 8.83 23.05 9.00 Dengan Tingkat Bunga Tetap
13 ADHI01ACN2 Obligasi Berkelanjutan I ADHI Tahap II Tahun 2013 Seri A 15-Mar-18 idA 8.10 16-Aug-13 96.75 8.97 20.10 3.00 14 BNGA01SB Obligasi Subordinasi I Bank CIMB Niaga Tahun 2010 08-Jul-17 AA(idn) 11.30 28-Aug-13 100.50 11.14 17.20 7.00 15 JPFA01CN1 Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 12-Jan-17 idA/A+(idn) 9.90 22-Aug-13 98.29 10.50 17.00 5.00 16 APLN01CN1 Obligasi Berkelanjutan I Agung Podomoro Land 27-Jun-18 idA 9.25 30-Aug-13 100.90 9.02 16.00 5.00
Tahap I Tahun 2013
17 SMKMYOR02 Sukuk Mudharabah II Mayora Indah Tahun 2012 09-May-17 idAA-(sy) 0.00 27-Aug-13 101.15 -0.31 15.00 8.00 18 BSDE01CN2 Obligasi Berkelanjutan I Bumi Serpong Damai 05-Jun-18 idAA- 8.38 30-Aug-13 95.65 9.52 15.00 4.00
Tahap II Tahun 2013
19 BMLK01C Obligasi I Bank Maluku Tahun 2011 Seri C 13-Jan-17 A-(idn) 10.70 22-Aug-13 104.15 9.26 12.00 5.00 20 SIKPPLN01 Sukuk Ijarah PLN II Tahun 2007 10-Jul-17 idAA+(sy) 10.40 26-Aug-13 103.55 9.30 12.00 9.00 Source: PLTO IDX
Transaction Activitiy in Aug 2013 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion
No Bond ID Bond Maturity Rating Coupon Last Last Last Vol Freq
Name Date Trade Price YTM (IDRbn)
Maturity > 5 yrs
1 BNLI01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank Permata 19-Dec-19 idAA- 9.40 30-Aug-13 100.00 9.40 275.00 41.00 Tahap II Tahun 2012
2 PNBN01SBCN1Obligasi Subordinasi Berkelanjutan I 20-Dec-19 idAA- 9.40 30-Aug-13 100.00 9.40 44.30 17.00 Bank Panin Tahap I Tahun 2012
3 MYOR04 Obligasi IV Mayora Indah Tahun 2012 09-May-19 idAA- 8.50 29-Aug-13 96.25 9.36 42.00 7.00 Dengan Tingkat Bunga Tetap
4 BNII01SBCN1 Obligasi Subordinasi Berkelanjutan I 06-Dec-18 idAA/AA-(idn) 10.00 28-Aug-13 97.95 10.51 38.00 8.00 Bank BII Tahap I Tahun 2011
5 BBMISMSB1CN2 Sukuk Subordinasi Mudharabah Berkelanjutan I 28-Mar-23 idA 9.60 30-Aug-13 97.45 10.02 35.00 13.00 Tahap II Bank Muamalat Tahun 2013
Property & Construction and Oil & Gas (2Q2013) No. Company Name Current Outstanding Year
Rating Bond (IDR bn)
Key Financial
Total Assets Total Liability Total Equity Revenue EBITDA Net Income (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) 1. PT Agung idA 3,600 2Q13 17,820 11,106 6,714 1,285 403 202 PodomoroLand Tbk (APLN) 2Q12 11,770 6,323 5,447 1,179 221 215
Growth 51.4% 75.6% 23.3% 9.0% 82.9% -5.9%
2. PT Surya Semesta idA 700 2Q13 5,543 3,253 2,291 1,243 255 182
Internusa (SSIA) 2Q12 3,696 2,141 1,555 884 201 149
Growth 50.0% 51.9% 47.3% 40.6% 26.8% 21.8%
3. PT Jasa Marga idAA - 2Q13 26,137 16,148 9,989 2,358 798 439
(Persero) (JSMR) 2Q12 22,030 13,032 8,998 1,805 813 514
Growth 18.6% 23.9% 11.0% 30.7% -1.8% -14.7%
4. PT Aneka Tambang idAA 3,000 2Q13 20,160 7,403 12,756 2,786 420 (89)
(ANTM) 2Q12 15,609 5,292 10,318 2,028 196 97
Growth 29.2% 39.9% 23.6% 37.4% 113.9% -191.8%
5. PT AKR Corporindo idAA 1,500 2Q13 12,055 7,088 4,967 5,178 254 193
(AKRA) 2Q12 9,572 5,587 3,985 5,575 289 137
Growth 25.9% 26.9% 24.7% -7.1% -12.1% 40.9%
No. Company Name Year Profitability (%) Liquidity (x) Leverage (%) Coverage (x) Operating Net ROAA ROAE Current Quick Debt to Debt to Net Interest Debt to Margin Income Ratio Ratio Equity Asset Gearing Coverage EBITDA
Margin 1. PT Agung Podomoro 2Q13 27.75 15.74 5.55 16.44 1.41 0.84 80.06 30.17 35.12 -2.48 3.34 Land Tbk (APLN) 2Q12 16.42 18.24 6.88 15.40 2.08 1.24 61.41 28.42 29.95 2.45 3.02 2. PT Surya Semesta 2Q13 18.89 14.63 15.53 41.21 1.92 1.28 58.99 24.38 -19.17 6.63 1.34 Internusa (SSIA) 2Q12 21.42 16.88 15.80 40.92 1.59 0.92 33.83 14.23 -37.35 15.10 0.73 3. PT Jasa Marga 2Q13 28.43 18.62 5.97 17.18 0.65 0.62 115.72 44.23 76.51 2.97 3.68 (Persero) (JSMR) 2Q12 34.52 28.51 6.45 17.39 1.14 1.05 101.36 41.40 55.08 2.30 3.41 4. PT Aneka Tambang 2Q13 (1.54) (3.19) 16.16 25.06 2.46 1.58 38.90 24.61 13.80 (0.54) 2.61 (ANTM) 2Q12 2.44 4.77 9.87 13.67 4.86 3.47 31.24 20.65 (19.38) 0.80 1.78 5. PT AKR Corporindo 2Q13 3.74 3.73 6.50 17.13 1.42 1.05 64.80 26.70 34.12 6.14 3.04 (AKRA) 2Q12 4.22 2.46 16.26 38.21 1.25 0.95 55.91 23.28 11.39 10.23 2.10 Sources: Bloomberg & Danareksa
Selected Multifinance Companies (2Q2013)
1. PT Clipan Finance idA+ 752 2Q13 5,402.0 2,829.7 2,572.3 235.8 131.4 145.7 99.7
(CFIN) 2Q12 5,319.5 3,031.8 2,287.7 226.0 108.1 128.8 84.2
Growth 1.5% -6.7% 12.4% 4.3% 21.5% 13.1% 18.4%
2. PT Adira Dinamika idAA+ 10,277 2Q13 27,639.7 22,518.7 5,121.0 1,993.0 564.8 880.9 423.0 Multifinance (ADMF) 2Q12 20,697.8 16,317.5 4,380.3 1,661.5 518.1 731.2 388.5 Growth 33.5% 38.0% 16.9% 20.0% 9.0% 20.5% 8.9%
Profitability Solvability
No. Company Name Year Operating Net ROAA (%) ROAE (%) Cost to Profit Debt to Debt to Net Margin (%) Interest Income Margin Equity Asset Gearing
Margin (%) Ratio (%) (%)
1. PT Clipan Finance (CFIN) 2Q13 74.8 10.7 6.6 14.5 19.6 42.3 102.0 48.6 98.3
2Q12 72.1 11.6 7.0 16.2 19.0 37.3 124.7 53.6 105.9
No. Company Name Current Outstanding Year Rating Bond
(IDR bn)
Key Financial
Total Total Total Total Operating Net Interest Net Income Assets Liability Equity Revenue Income Income
(IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) Consumer Goods (2Q2013)
No. Company Name Current Outstanding Year Rating Bond
(IDR bn)
Key Financial
Total Assets Total Liability Total Equity Revenue EBITDA Net Income (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) 1. PT TPS Food (AISA) idA- 600 2Q13 4,358 2,186 2,172 929 182 69 2Q12 3,698 1,738 1,960 709 129 63
Growth 17.8% 25.8% 10.8% 31.1% 41.3% 9.5%
2. PT Mayora Indah (MYOR) idAA- 250 2Q13 8,676 5,048 3,628 3,110 419 231 2Q12 7,800 5,134 2,665 2,875 358 197
Growth 11.2% -1.7% 36.1% 8.2% 17.1% 17.3%
No. Company Name Year Profitability (%) Liquidity (x) Leverage (%) Coverage (x) Operating Net ROAA ROAE Current Quick Debt to Debt to Net Interest Debt to Margin Income Ratio Ratio Equity Asset Gearing Coverage EBITDA
Margin
1. PT TPS Food 2Q13 17.02 7.38 5.84 13.33 1.98 0.73 79.02 39.38 74.89 3.98 2.95 2Q12 15.63 8.84 6.64 16.61 1.77 1.07 79.89 42.34 56.48 2.74 3.45 2. PT Mayora Indah 2Q13 10.67 7.44 10.26 27.51 2.86 1.91 84.41 35.29 53.39 6.06 1.86 2Q12 10.15 6.85 10.42 27.58 2.27 1.30 143.98 49.20 113.15 5.17 3.15
Selected Banking Companies (2Q2013) No. Company Name Current Outstanding Year
Rating Bond (IDR bn)
Key Financial
Net Interest
Total Assets Total Liability Total Equity Revenue Income Net Income (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) 1. PT Bank Tabungan AA- 5,385 2Q13 63,881 54,957 8,924 1,882 1,777 605 Pensiun Nasional (BTPN) 2Q12 52,006 45,331 6,674 1,539 1,458 482
Growth 22.8% 21.2% 33.7% 22.3% 21.9% 25.5%
2. PT Bank Panin (PNBN) AA- 8,415 2Q13 152,711 133,889 18,822 1,890 1,462 580 2Q12 135,794 118,691 17,103 1,881 1,292 542
Growth 12.5% 12.8% 10.1% 0.5% 13.1% 7.1%
3. PT Bank BII idAA+/ 7,000 2Q13 121,335 111,294 10,041 1,927 1,429 372 (BNII) AAA(idn) 2Q12 101,991 93,455 8,536 1,838 1,340 325
Growth 19.0% 19.1% 17.6% 4.8% 6.7% 14.4%
4. PT Bank Permata (BNLI) idAA+ 4,750 2Q13 144,342 131,112 13,230 1,584 1,261 462 2Q12 110,579 100,757 9,822 1,488 1,210 380
Growth 30.5% 30.1% 34.7% 6.4% 4.2% 21.5%
5. PT Bank CIMB Niaga idAAA/ 6,480 2Q13 202,197 178,061 24,136 3,270 2,485 1,080 (BNGA) AAA(idn) 2Q12 179,425 159,236 20,188 3,182 2,482 1,047
Growth 12.7% 11.8% 19.6% 2.7% 0.1% 3.1%
6. PT Bank Mayapada idBBB+ 850 2Q13 19,450 17,470 1,979 258 245 105 Internasional Tbk (MAYA) 2Q12 13,889 12,039 1,851 193 179 72
Growth 40.0% 45.1% 7.0% 33.8% 37.0% 46.3%
No. Company Name Year Profitability (%) Leverage (%) Asset Quality Coverage (%) Operating Net Profit ROAA ROAE Debt to Debt to Net NPL (IDR NPL to LDR Equity Margin Interest Margin Equity Aseet Gearing bn) T.Loans to Asset
Margin (%) (%)
1. PT Bank Tabungan 2Q13 40.40 13.24 32.14 3.86 28.66 18.42 2.57 -159.56 282.81 0.64 92.25 7.16 Pensiun Nasional (BTPN) 2Q12 38.91 13.19 31.30 3.77 30.25 65.31 8.38 -133.75 254.29 0.74 85.87 7.79 2. PT Bank Panin (PNBN) 2Q13 42.06 4.46 30.71 1.52 13.34 125.77 15.50 -39.52 1,409.56 1.34 97.61 8.11 2Q12 40.65 4.65 28.83 1.77 15.49 132.66 16.71 -15.73 2,670.73 3.01 95.73 7.94 3. PT Bank BII (BNII) 2Q13 27.21 5.58 19.28 1.16 14.22 142.99 11.83 -77.17 1,102.47 1.30 93.39 12.08 2Q12 23.65 5.68 17.68 0.96 11.22 141.36 11.83 -56.23 1,548.84 1.88 107.74 11.95 4. PT Bank Permata (BNLI) 2Q13 34.70 4.53 29.17 1.16 12.79 59.65 5.47 -102.49 1,295.56 1.20 92.58 10.91 2Q12 32.73 4.96 25.55 1.19 12.72 66.83 5.94 -83.30 1,416.78 1.76 101.32 11.26 5. PT Bank CIMB Niaga 2Q13 44.74 5.86 33.02 2.30 19.85 80.99 9.67 -34.87 3,300.01 2.18 100.92 8.38 (BNGA) 2Q12 45.45 5.95 32.91 2.17 19.58 74.68 8.40 -38.98 3,402.01 2.47 100.11 8.89 6. PT Bank Mayapada 2Q13 49.30 6.07 40.72 1.89 16.48 36.80 37.50 -141.69 157.39 1.06 85.88 9.83 Internasional Tbk (MAYA) 2Q12 42.06 6.19 37.25 2.55 18.62 22.36 29.80 -116.26 207.59 2.11 82.75 7.51
Appendix 1. Winners and Losers in Aug 2013
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 idAA- 0.72% 6.37% 7.09% Tahap I Tahun 2012
Obligasi Indofood Sukses Makmur VI Tahun 2012 7.25% 31-May-17 2,000 idAA+ 0.56% 5.20% 5.76% Dengan Tingkat Bunga Tetap
Obligasi Subordinasi Berkelanjutan I Bank BII 9.25% 31-Oct-19 1,000 idAA/AA(idn) 0.80% 4.74% 5.54% Tahap II Tahun 2012
Obligasi Subordinasi Bank Mandiri I Tahun 2009 11.85% 11-Dec-16 3,500 idAA+ 0.85% 4.05% 4.90% Obligasi Berkelanjutan II Sarana Multigriya Finansial 7.30% 27-Dec-15 320 idAA 0.58% 4.22% 4.80% Tahap I Tahun 2012 Dengan Tingkat Bunga Tetap Seri A
Obligasi I BW Plantation Tahun 2010 10.68% 16-Nov-15 700 idA 0.80% 2.08% 2.89% Obligasi Subordinasi Berkelanjutan I Bank Bukopin 9.25% 6-Mar-19 1,500 idA 0.74% 1.89% 2.63% Tahap I Tahun 2012
Obligasi SAN Finance II Tahun 2012 Seri C 8.40% 20-Jan-15 807 AA(idn); idAA- 0.68% 1.54% 2.22% Obligasi Berkelanjutan I Astra Sedaya Finance Dengan
Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B 7.75% 22-Feb-16 1,120 idAA+ 0.60% 1.48% 2.08% Obligasi Berkelanjutan I BFI Finance Indonesia 8.50% 19-Feb-15 370 A+(idn) 0.66% 1.06% 1.72% Tahap II Tahun 2013 Seri B
TEN WORST
Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Retur
FR0062 6.38% 15-Apr-42 12,000 - 0.82% -7.12% -6.30%
FR0050 10.50% 15-Jul-38 15,686 - 0.73% -6.98% -6.26%
FR0057 9.50% 15-May-41 13,550 - 0.81% -6.58% -5.78%
Obligasi Indosat VIII Tahun 2012 Seri B 8.88% 27-Jun-22 1,500 idAA+ 0.76% -6.22% -5.45% Dengan Tingkat Bunga Tetap Seri B
Obligasi I Bank CIMB Niaga Tahun 2011 8.30% 23-Dec-16 1,320 idAAA 0.72% -6.03% -5.31%
FR0054 9.50% 15-Jul-31 27,096 - 0.71% -5.73% -5.02%
FR0045 9.75% 15-May-37 6,400 - 0.79% -5.54% -4.75%
FR0058 8.25% 15-Jun-32 37,820 - 0.71% -5.38% -4.67%
FR0059 7.00% 15-May-27 21,175 - 0.70% -5.27% -4.57%
FR0064 6.13% 15-May-28 27,950 - 0.66% -5.08% -4.41%
Appendix 2. Total Return Bond Index
MoM (%) YoY (%) YTD (%)
Jun-13 Jul-13 Aug-13 Jun-13 Jul-13 Aug-13 2011 2012 2013
Composite -6.20 -2.89 -2.91 0.78 -5.18 -6.01 20.89 12.20 -0.33
Governments -7.07 -3.59 -3.47 -0.73 -7.54 -8.53 22.00 12.52 -0.88
Corporates -2.10 0.47 -0.42 7.15 6.01 5.60 15.07 10.81 1.83
Finance -1.68 1.19 -0.47 6.68 7.10 6.51 9.59 10.10 0.43
Banking -2.67 0.46 -0.38 8.64 6.42 6.35 14.57 12.04 2.55
Consumer Goods Industry -1.24 -0.16 1.25 5.22 4.20 5.62 13.24 9.05 2.01 Telecommunication -2.74 0.94 -1.24 5.50 6.05 4.77 16.41 9.41 1.90 Infrastructure, Utilities & Transportation -0.51 0.41 -1.07 6.58 6.14 5.89 15.80 10.07 2.88
Appendix 3. Danareksa Bond Index - Aug 2013 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)
Composite -0.39 -1.15 0.76 -1.63 -0.74 20.06 3.98 11.85
Government -0.34 -1.13 0.79 -3.38 -2.86 15.12 1.57 8.09
Corporate -0.44 -1.18 0.74 0.18 1.45 25.30 6.36 16.01
Finance -0.36 -1.04 0.68 0.37 2.25 24.77 7.17 17.61
Banking -0.91 -1.67 0.75 0.38 1.21 26.85 7.84 18.71
Consumer Goods Industry 1.01 0.13 0.88 -0.51 0.54 17.52 3.51 11.94
Telecommunication 0.18 -0.63 0.81 -1.70 0.90 24.79 4.86 10.33
Infrastructure, Utilities & Transportation 0.15 -0.74 0.89 -0.27 1.12 25.22 2.78 12.12
Property -0.53 -1.39 0.86 -1.60 -0.05 42.46 7.57 21.50
AAA …A -0.44 -1.17 0.73 0.18 1.88 24.60 6.76 16.37
A-…BBB+ -0.44 -1.33 0.89 -0.30 -26.67 -1.13 -20.64 -13.00
SOE -0.65 -1.45 0.80 -1.52 0.25 23.79 4.57 11.10
Short-term Market Index (1 to 3 yrs)
Composite -0.39 -1.15 0.76 -1.63 -0.74 20.06 3.98 11.85
Government -0.34 -1.13 0.79 -3.38 -2.86 15.12 1.57 8.09
Corporate -0.44 -1.18 0.74 0.18 1.45 25.30 6.36 16.01
Finance -0.36 -1.04 0.68 0.37 2.25 24.77 7.17 17.61
Banking -0.91 -1.67 0.75 0.38 1.21 26.85 7.84 18.71
Consumer Goods Industry 1.01 0.13 0.88 -0.51 0.54 17.52 3.51 11.94
Telecommunication 0.18 -0.63 0.81 -1.70 0.90 24.79 4.86 10.33
Infrastructure, Utilities & Transportation 0.15 -0.74 0.89 -0.27 1.12 25.22 2.78 12.12
Property -0.53 -1.39 0.86 -1.60 -0.05 42.46 7.57 21.50
AAA …A -0.44 -1.17 0.73 0.18 1.88 24.60 6.76 16.37
A-…BBB+ -0.44 -1.33 0.89 -0.30 -26.67 -1.13 -20.64 -13.00
SOE -0.65 -1.45 0.80 -1.52 0.25 23.79 4.57 11.10
Long-term Market Index (more than 3 yrs)
Composite -0.39 -1.15 0.76 -1.63 -0.74 20.06 3.98 11.85
Government -0.34 -1.13 0.79 -3.38 -2.86 15.12 1.57 8.09
Corporate -0.44 -1.18 0.74 0.18 1.45 25.30 6.36 16.01
Finance -0.36 -1.04 0.68 0.37 2.25 24.77 7.17 17.61
Banking -0.91 -1.67 0.75 0.38 1.21 26.85 7.84 18.71
Consumer Goods Industry 1.01 0.13 0.88 -0.51 0.54 17.52 3.51 11.94
Telecommunication 0.18 -0.63 0.81 -1.70 0.90 24.79 4.86 10.33
Infrastructure, Utilities & Transportation 0.15 -0.74 0.89 -0.27 1.12 25.22 2.78 12.12
Property -0.53 -1.39 0.86 -1.60 -0.05 42.46 7.57 21.50
AAA …A -0.44 -1.17 0.73 0.18 1.88 24.60 6.76 16.37
A-…BBB+ -0.44 -1.33 0.89 -0.30 -26.67 -1.13 -20.64 -13.00
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 244.29 8.39 9.26 1.70 1.91 3.93 95,393 100.00 100.00
Government 214.02 7.56 10.63 1.39 1.58 3.70 45,902 48.12 48.12
Corporate 297.10 7.56 9.20 1.71 1.93 3.94 49,491 51.88 51.88
Finance 308.45 9.08 8.47 1.67 1.85 3.73 22,989 46.45 24.10
Banking 279.01 9.45 9.37 1.80 2.04 4.32 16,429 33.20 17.22
Consumer Goods Industry 231.70 8.28 11.65 1.13 1.25 2.14 452 0.91 0.47 Telecommunication 318.10 9.14 10.43 1.40 1.56 2.85 1,705 3.45 1.79 Infrastructure, Utilities & 248.83 9.18 10.95 1.52 1.71 3.25 2,732 5.52 2.86 Transportation
Property 281.17 9.83 10.50 2.32 2.72 6.25 1,471 2.97 1.54
AAA …A 286.97 9.25 9.11 1.72 1.93 3.95 48,701 98.40 51.05
A-…BBB+ 224.28 10.77 11.67 1.65 1.88 3.46 790 1.60 0.83
SOE 258.86 9.40 9.56 1.61 1.80 3.54 11,389 23.01 11.94
Short-term Market Index (1 to 3 yrs)
Composite 272.68 8.74 9.49 4.48 6.79 22.97 664,573 100.00 100.00
Government 263.22 8.62 9.42 6.51 12.09 42.24 575,831 86.65 86.65
Corporate 315.32 9.66 9.51 3.77 4.92 16.21 88,742 13.35 13.35
Finance 269.82 9.75 9.02 3.24 3.97 11.79 8,497 9.57 1.28
Banking 251.49 9.80 9.89 3.94 5.26 17.56 37,155 41.87 5.59
Consumer Goods Industry 284.22 9.24 9.23 3.30 4.07 12.45 6,550 7.38 0.99 Telecommunication 289.33 9.49 9.85 4.01 5.39 18.38 7,565 8.52 1.14 Infrastructure, Utilities & 341.19 9.54 10.08 4.35 6.04 21.36 10,018 11.29 1.51 Transportation
Property 276.72 9.71 9.10 3.70 4.71 15.37 7,873 8.87 1.18
AAA …A 305.61 9.64 9.37 3.79 4.93 16.44 83,142 93.69 12.51
A-…BBB+ 366.24 10.13 10.33 3.68 4.87 14.88 5,600 6.31 0.84
SOE 336.97 9.40 9.77 4.15 5.62 19.75 33,946 38.25 5.11
Mid-term Market Index (more than 3yrs)
Composite 272.68 8.74 9.49 4.48 6.79 22.97 664,573 100.00 100.00
Government 263.22 8.62 9.42 6.51 12.09 42.24 575,831 86.65 86.65
Corporate 315.32 9.66 9.51 3.77 4.92 16.21 88,742 13.35 13.35
Finance 269.82 9.75 9.02 3.24 3.97 11.79 8,497 9.57 1.28
Banking 251.49 9.80 9.89 3.94 5.26 17.56 37,155 41.87 5.59
Consumer Goods Industry 284.22 9.24 9.23 3.30 4.07 12.45 6,550 7.38 0.99 Telecommunication 289.33 9.49 9.85 4.01 5.39 18.38 7,565 8.52 1.14 Infrastructure, Utilities & 341.19 9.54 10.08 4.35 6.04 21.36 10,018 11.29 1.51 Transportation
Property 276.72 9.71 9.10 3.70 4.71 15.37 7,873 8.87 1.18
AAA …A 305.61 9.64 9.37 3.79 4.93 16.44 83,142 93.69 12.51
A-…BBB+ 366.24 10.13 10.33 3.68 4.87 14.88 5,600 6.31 0.84
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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.
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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)
