Transition to Lower Yields

(1)

Analyst Rifki Rizal

(62 21) 29 555 777 ext. 3404

12 APR 2016

Transition to Lower Yields

Indonesia’s Sovereign Rating

S & P BB+

Moody’s Baa3

Fitch

BBB-Key Market Indicator as of 11-Apr-16 BI Rate 6.75%

JCI 4,847

IDR 13.134

Inflation (y-o-y)-Mar-16 4.45% Domestic Bonds Outstanding

Gov’t Bonds as of 08-Apr-16 IDR 1,574.1 bn Corp Bonds as of 31-Mar-16 IDR 257.5 bn Previous Week Trading Volume

Government Bonds IDR 69.02 tn Corporate Bonds IDR 4.40 tn Benchmark Yield as of 11-Apr-16

FR0053 (5 year) 7.291% FR0056 (10 year) 7.528% FR0073 (15 year) 7.799% FR0072 (20 year) 7.858% Source : Bloomberg, Mid YTM

Government Bond Indices as of 11-Apr-16 Price Index (Bloomberg : DGBIIDPR) 128.67 Yield Index (Bloomberg : DGBIIDYD) 7.59% TR Index (Bloomberg : DGBIIDTR) 474.19

Calendar of Event 14-Apr-16

US Initial Jobless Claims SA (Survey : 270K; Prior : 267K) 15-Apr-16

China GDP Constant Price YoY (Survey : 6.7%; Prior : 6.8%) 21-Apr-16

Bank Indonesia Reference Interest Rate (Survey : 6.75%; Prior : 6.75%)

Demand Kuat dari Investor

Danareksa Government Bond Yield Index

mencatatkan penurunan sebesar 10bps selama sepekan terakhir dan menutup akhir minggu lalu di level 7,64% (terendah sejak Mei 2015). Per 8 April 2016, YTD total return telah mencapai 10,2%, lebih tinggi dibandingkan dengan total return di periode yang sama di tahun 2015 yaitu sebesar 6,65%. Tren bullish ini disebabkan oleh ekspektasi pasar terhadap rendahnya inflasi yang dapat memicu penurunan BI Rate. Meski BI Rate telah mengalami penurunan sebesar 75bps menjadi 6,75% selama kuartal I tahun 2016, namun BI Rate diprediksi masih dapat mengalami penurunan 25bps-50bps hingga akhir tahun.

Ekspektasi tersebut menimbulkan demand yang kuat dari investor asing maupun domestik. Per 8 April 2016, kepemilikan asing di obligasi IDR Pemerintah berada di level tertinggi secara nominal yaitu Rp613,9 triliun, naik Rp55,4 triliun dari akhir tahun 2015. Dari sisi domestik, demand terhadap obligasi Pemerintah timbul akibat Peraturan OJK No. 1/POJK.05/2016 mengenai Investasi Surat Berharga Negara bagi Lembaga Jasa Keuangan Non-Bank. Dalam peraturan tersebut beberapa embaga keuangan non-bank, seperti Dana Pensiun dan Asuransi, diwajibkan menempatkan investasi pada obligasi Pemerintah dengan porsi minimum 30% dari total dana investasi. Per 8 April 2016, total kepemilikan Dana Pensiun di obligasi Pemerintah sebesar Rp56,2 triliun, tumbuh 12,7% dari posisinya di akhir 2015, sedangkan pada periode yang sama di tahun 2015, kepemilikan Dana Pensiun hanya naik 3,45%. Hal yang sama terjadi pada kepemilikan asuransi di obligasi Pemerintah. Kepemilikan asuransi di obligasi Pemerintah naik 13% menjadi Rp193,9 triliun di akhir minggu lalu, sedangkan pada periode yang sama di tahun 2015, kepemilikan asuransi hanya tumbuh 3,8%.

Strong Demand from Investors

Danareksa Government Bond Yield Index declined by 10bps over the last week and closed the week at level 7.64% (the lowest level since May 2015). As of 8 April 2016, YTD total return reached 10.2%, higher than 6.65% of total return during the same period last year. This bullish trend was caused by market expectation towards low inflation, leading to trigger another BI Rate cut. Despite of BI Rate declining by 75bps to 6.75% in 1Q16; BI Rate is still expected to decline a further 25bps to 50bps until the end of 2016.

This expectation has built strong demand from both foreign and domestic investors. Foreign ownership in IDR Government bonds increased IDR55.9 trillion from the end of 2015 to IDR613.9 trillion as of 8 April 2016. This is the highest level in nominal terms. From a domestic view, arising demand for Government bonds was influenced by FSA Regulation No.1/POJK.05/2016 about Investing in Government Securities for Non-Bank Financial Institutions. The regulation stated that for some non-bank financial institutions, such as Pension Funds and Insurance, are obligated to invest in Government securities with a portion minimum 30% of its total investment funds. As of 8 April 2016, Pension Funds ownership in IDR Government bonds stood at IDR56.2 trillion, or grew 12.7% from the end of 2015. During the same period last year, Pension Funds ownership only increased 3.45%. In line with Pension Funds ownership, Insurance ownership in IDR Government bonds also significantly increased this year. Insurance ownership rose by 13% to IDR193.9 trillion at the end of last week, while during the same period last year, Insurance holdings only grew 3.8%.

10% 20% 30% 40% 50% 60%

Foreign ownership Insurance Pension Fund

(2)

2

Yield Curve yang Lebih Datar

Penurunan yield curve obligasi Pemerintah selama sepekan terakhir didominasi oleh tenor panjang (di atas 15-tahun) dengan rata penurunan sebesar 17bps. Sementara rata-rata penurunan untuk tenor pendek (kurang dari 5-tahun) dan tenor menengah (5- hingga 15-tahun) sebesar 4bps dan 11bps. Hal tersebut menyebabkan yield slope (selisih antara yield curve 10- dan 2-tahun) mengalami penurunan dari 63bps (1Apr16) menjadi 53bps (8Apr16), atau yield curve yang lebih flat. Hal ini sejalan dengan meningkatnya demand dari Asuransi dan Dana Pensiun yang memiliki appetite lebih tinggi terhadap obligasi tenor panjang.

Dengan adanya ekspektasi Bank Indonesia masih memiliki ruang untuk memangkas BI Rate di bulan ini, yield diperkirakan masih berada dalam tren penurunan. Namun saat ini pasar obligasi berada dalam proses rebalancing menuju tingkat

yield yang lebih rendah. Oleh karena itu, harga obligasi yang

relatif tinggi berpotensi menimbulkan volatilitas jangka pendek akibat mekanisme pasar.

Yield Curve Flattening

Declines in Government bonds yield curve was dominated by long-tenor bonds (above 15-yrs) with an average decline of 17bps. Meanwhile, short (below 5-yrs) and mid-tenor (5- to 15-yrs) bonds declined by 4bps and 11bps respectively, resulting in the yield slope (spread between yield curve 10-yrs and 2-yrs) declining from 63bps (1Apr16) to 53bps (8Apr16) or flattening the yield curve. This is in line with increasing demand from Insurance and Pension Funds that gave higher appetite for long-tenor bonds.

With expectation of Bank Indonesia still has room to cut BI Rate this month, the rally in Government bonds yield is expected to continue. Nonetheless, the IDR bonds market is in the middle of rebalancing process to lower yields, thus prompting short-term volatility due to market mechanism.

(3)

APPENDICES

Appendix 1. Government Bonds Trading 4 Apr - 8 Apr 2016

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

Data Done (IDR bn) Class Duration

Price

8-Apr-16 SPN03160503 3-May-16 - 4-Apr-16 FR0030 15-May-16 10.75 8-Apr-16 SPN03160602 2-Jun-16 - 6-Apr-16 PBS008 15-Jun-16 7.00 8-Apr-16 SPN12160708 8-Jul-16 - 6-Apr-16 SPNS13072016 13-Jul-16 - 7-Apr-16 SPN12160805 5-Aug-16 - 7-Apr-16 SPN12160902 2-Sep-16 - 8-Apr-16 SPNS09092016 9-Sep-16 - 8-Apr-16 FR0055 15-Sep-16 7.38 8-Apr-16 ORI010 15-Oct-16 8.50 7-Apr-16 VR0023 25-Oct-16 4.81 5-Apr-16 SPN12161202 2-Dec-16 - 4-Apr-16 SPN12170106 6-Jan-17 - 8-Apr-16 SR006 5-Mar-17 8.75 8-Apr-16 FR0060 15-Apr-17 6.25 8-Apr-16 FR0028 15-Jul-17 10.00 8-Apr-16 ORI011 15-Oct-17 8.50 8-Apr-16 PBS009 25-Jan-18 7.75 8-Apr-16 SR007 11-Mar-18 8.25 8-Apr-16 FR0066 15-May-18 5.25 8-Apr-16 FR0048 15-Sep-18 9.00 8-Apr-16 ORI012 15-Oct-18 9.00 8-Apr-16 SR008 10-Mar-19 8.30 8-Apr-16 FR0069 15-Apr-19 7.88 7-Apr-16 VR0030 25-Dec-19 3.75 8-Apr-16 VR0031 25-Jul-20 4.81 7-Apr-16 PBS006 15-Sep-20 8.25 6-Apr-16 FR0031 15-Nov-20 11.00 8-Apr-16 FR0034 15-Jun-21 12.80 8-Apr-16 FR0053 15-Jul-21 8.25 8-Apr-16 FR0061 15-May-22 5.19 7-Apr-16 FR0035 15-Jun-22 12.90 8-Apr-16 FR0043 15-Jul-22 10.25 7-Apr-16 FR0063 15-May-23 5.63 6-Apr-16 FR0046 15-Jul-23 9.50 8-Apr-16 PBS011 15-Aug-23 8.75 5-Apr-16 FR0039 15-Aug-23 11.75 8-Apr-16 FR0070 15-Mar-24 8.38 6-Apr-16 FR0044 15-Sep-24 10.00 7-Apr-16 FR0040 15-Sep-25 11.00 8-Apr-16 FR0056 15-Sep-26 8.38 8-Apr-16 FR0059 15-May-27 7.00 8-Apr-16 FR0042 15-Jul-27 10.25 8-Apr-16 FR0047 15-Feb-28 10.00 8-Apr-16 FR0064 15-May-28 6.13 8-Apr-16 FR0071 15-Mar-29 9.00 7-Apr-16 FR0052 15-Aug-30 10.50 8-Apr-16 FR0073 15-May-31 8.75 8-Apr-16 FR0054 15-Jul-31 9.50 0.06 99.73 1.00 153.00 0.27 < 1yr - 0.09 100.63 3.00 294.00 4.90 < 1yr 0.11 0.14 99.30 1.00 21.49 0.70 < 1yr - 0.18 100.21 1.00 2.00 5.77 < 1yr 0.19 0.24 98.79 6.00 454.92 1.23 < 1yr - 0.25 98.69 1.00 4.00 1.33 < 1yr - 0.31 98.37 1.00 17.35 1.66 < 1yr - 0.39 97.78 1.00 60.00 2.27 < 1yr - 0.41 97.83 1.00 100.00 2.22 < 1yr - 0.43 100.60 2.00 310.00 5.93 < 1yr 0.42 0.51 100.80 3.00 282.19 8.43 < 1yr - 0.54 99.30 1.00 200.00 4.84 < 1yr 0.53 0.64 96.18 1.00 360.00 3.97 < 1yr - 0.73 95.33 1.00 300.00 4.90 < 1yr - 0.90 101.00 15.00 1,827.20 8.66 < 1yr - 1.01 99.64 4.00 1,125.37 6.62 1yr - 5yr 0.94 1.26 104.00 2.00 22.75 6.64 1yr - 5yr 1.16 1.51 103.80 3.00 157.47 8.19 1yr - 5yr - 1.79 100.50 5.00 921.90 7.44 1yr - 5yr 1.63 1.91 100.50 25.00 1,827.72 8.21 1yr - 5yr - 2.09 96.50 1.00 932.11 7.07 1yr - 5yr 1.91 2.43 103.50 1.00 156.06 7.40 1yr - 5yr 2.15 2.51 103.20 32.00 1,071.71 8.72 1yr - 5yr - 2.91 101.94 731.00 14,858.78 8.14 1yr - 5yr - 3.01 102.90 10.00 2,616.65 6.80 1yr - 5yr 2.57 3.70 100.02 2.00 1,994.00 3.75 1yr - 5yr 3.45 4.29 100.02 1.00 1,282.00 4.81 1yr - 5yr 3.82 4.43 102.70 1.00 22.08 7.52 1yr - 5yr 3.66 4.59 113.50 2.00 61.55 7.48 1yr - 5yr 3.53 5.18 122.38 1.00 60.31 7.50 5yr - 10yr 3.81 5.26 104.00 30.00 5,163.66 7.32 5yr - 10yr 4.17 6.09 97.50 1.00 60.80 7.52 5yr - 10yr 4.94 6.18 125.85 4.00 80.00 7.58 5yr - 10yr 4.35 6.26 113.00 1.00 53.17 7.60 5yr - 10yr 4.60 7.09 88.80 3.00 131.35 7.70 5yr - 10yr 5.51 7.26 110.25 2.00 62.20 7.63 5yr - 10yr 5.21 7.34 104.70 6.00 20.00 7.89 5yr - 10yr 5.35 7.34 122.55 1.00 5.00 7.68 5yr - 10yr 5.10 7.93 104.70 32.00 7,587.92 7.57 5yr - 10yr 5.76 8.43 114.07 12.00 390.58 7.70 5yr - 10yr 5.82 9.43 121.65 1.00 49.90 7.73 5yr - 10yr 6.16 10.43 106.05 42.00 5,385.69 7.53 > 10yr 6.96 11.09 97.50 9.00 574.57 7.33 > 10yr 7.37 11.26 118.00 1.00 752.85 7.82 > 10yr 6.89 11.84 115.75 4.00 128.70 7.92 > 10yr 7.17 12.09 85.70 2.00 32.44 7.99 > 10yr 7.86 12.93 110.50 49.00 3,102.81 7.70 > 10yr 7.81 14.34 122.05 2.00 801.51 7.90 > 10yr 7.93 15.09 108.55 25.00 1,923.80 7.78 > 10yr 8.32 15.26 111.00 14.00 846.49 8.22 > 10yr 8.20

(4)

4

APPENDICES

Appendix 3. Corporate Bonds Trading 4 Apr - 8 Apr 2016

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

Data Done (IDR bn) Duration

Price

6-Apr-16 WOMF01ACN3 12-Apr-16 9.25 - AA(idn) 100.10 1.00 0.50 9.24 0.02 4-Apr-16 PPGD02ACN3 17-May-16 8.50 0.10 idAA+ 100.00 1.00 12.00 8.50 0.12 8-Apr-16 MFIN02ACN1 18-May-16 10.50 0.10 idA 100.23 1.00 7.00 10.48 0.11 4-Apr-16 ISAT01ACN2 14-Jun-16 8.55 0.17 AAA(idn) 100.00 1.00 5.00 8.55 0.19 4-Apr-16 BIIF02A 19-Jun-16 7.75 0.19 AA+(idn) 99.91 4.00 50.00 7.76 0.20 7-Apr-16 TAFS01ACN2 21-Jun-16 8.50 0.19 idAA+ 100.30 1.00 5.00 8.47 0.20 8-Apr-16 PPLN08C 21-Jun-16 13.60 0.19 idAAA 100.38 1.00 1.20 13.55 0.20 7-Apr-16 APLN01B 25-Aug-16 11.00 0.37 idA 101.00 4.00 40.00 10.89 0.37 5-Apr-16 FIFA02ACN2 21-Sep-16 - 0.44 idAAA 100.42 2.00 20.00 - - 4-Apr-16 BEXI02ACN6 26-Sep-16 8.40 0.46 idAAA 100.38 3.00 15.00 8.37 0.46 5-Apr-16 FAST01 6-Oct-16 9.50 0.48 idAA 100.71 2.00 6.00 9.43 0.47 5-Apr-16 IMFI02ACN2 16-Nov-16 10.25 0.59 idA 100.71 2.00 4.00 10.18 0.58 7-Apr-16 ASDF02BCN2 26-Nov-16 9.50 0.62 idAAA 101.01 1.00 30.00 9.41 0.60 8-Apr-16 SIKISAT04B 8-Dec-16 11.75 0.66 AAA(idn) 102.72 2.00 1.20 11.44 0.63 8-Apr-16 ISAT07B 8-Dec-16 11.75 0.66 idAAA 101.51 2.00 1.40 11.58 0.63 8-Apr-16 BMRI01 11-Dec-16 11.85 0.66 idAAA 102.30 1.00 2.00 11.58 0.64 5-Apr-16 SIEXCL01ACN1 12-Dec-16 8.75 0.67 BB+(idn) 100.00 2.00 6.00 8.75 0.66 6-Apr-16 ADMF01CCN1 16-Dec-16 9.00 0.68 idAAA 100.00 1.00 2.00 9.00 0.66 8-Apr-16 BNLI01BCN1 24-Dec-16 10.50 0.70 idAAA 101.43 1.00 1.00 10.35 0.67 5-Apr-16 SMFP03CN3 3-Jan-17 9.25 0.73 idAA+ 100.98 2.00 10.00 9.16 0.71 6-Apr-16 PPLN11A 12-Jan-17 11.95 0.75 idAAA 102.90 4.00 20.00 11.61 0.70 5-Apr-16 TAFS01BCN1 13-Feb-17 10.50 0.84 idAA+ 102.20 2.00 25.00 10.27 0.80 8-Apr-16 ASDF01CCN1 21-Feb-17 8.60 0.86 idAAA 100.25 1.00 3.05 8.58 0.82 4-Apr-16 BEXI02ACN7 1-Mar-17 8.50 0.89 idAAA 100.70 2.00 10.00 8.44 0.86 6-Apr-16 ADMF03ACN3 12-Mar-17 8.75 0.92 idAAA 100.78 1.00 9.00 8.68 0.88 6-Apr-16 FIFA01BCN3 14-Mar-17 10.50 0.92 AAA(idn) 101.50 3.00 2.00 10.34 0.88 7-Apr-16 SMFP03ACN4 21-Mar-17 8.60 0.94 idAA+ 100.54 1.00 45.00 8.55 0.91 6-Apr-16 IMFI02ACN3 26-Mar-17 9.60 0.96 idA 100.40 1.00 0.50 9.56 0.92 5-Apr-16 CTRR01A 2-Apr-17 11.40 0.97 A(idn) 101.50 2.00 10.00 11.23 0.92 6-Apr-16 ASDF02BCN3 4-Apr-17 10.50 0.98 idAAA 102.40 3.00 62.00 10.25 0.93 8-Apr-16 IMFI01BCN4 22-Apr-17 11.25 1.03 idA 101.00 1.00 0.20 10.22 0.95 7-Apr-16 SMKMYOR02 9-May-17 9.50 1.08 idAAA 99.40 1.00 1.00 - - 5-Apr-16 ADMF02BCN3 14-May-17 10.50 1.09 idAAA 102.12 2.00 4.00 8.47 1.03 8-Apr-16 TUFI01ACN2 23-May-17 10.70 1.11 idAA 102.80 1.00 12.00 8.07 1.04 6-Apr-16 ISAT05B 29-May-17 10.65 1.13 idAAA 102.60 4.00 12.00 8.25 1.07 8-Apr-16 INDF06 31-May-17 7.25 1.14 idAA+ 99.00 1.00 2.30 8.17 1.08 7-Apr-16 WOMF01BCN1 25-Jun-17 11.00 1.20 AA(idn) 103.10 5.00 50.00 8.29 1.13 8-Apr-16 BNGA01SB 8-Jul-17 11.30 1.24 AA(idn) 100.94 3.00 30.50 10.49 1.15 8-Apr-16 PPLN09A 10-Jul-17 10.40 1.24 idAAA 102.75 1.00 5.00 8.07 1.14 8-Apr-16 ADMF01CCN3 27-Sep-17 8.75 1.46 idAAA 98.00 1.00 1.00 10.23 1.36 4-Apr-16 SSIA01B 6-Nov-17 9.30 1.57 idA 99.60 1.00 1.50 9.57 1.44 8-Apr-16 PNBN04SB 9-Nov-17 10.50 1.58 idAA- 100.04 3.00 20.00 10.47 1.42 8-Apr-16 SSMM01B 30-Nov-17 9.60 1.63 idA 99.60 1.00 17.00 9.86 1.49 6-Apr-16 SIISAT01ACN1 12-Dec-17 10.00 1.67 idAAA 101.98 2.00 6.00 8.72 1.53 8-Apr-16 ISAT01ACN1 12-Dec-17 10.00 1.67 idAAA 99.75 3.00 13.30 10.16 1.52

(5)

APPENDICES

Appendix 4. Corporate Bonds Trading 4 Apr - 8 Apr 2016 (Cont’d)

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

Data Done (IDR bn) Duration

Price

5-Apr-16 BSBR01SB 13-Jan-18 10.90 1.75 idA- 103.30 1.00 5.00 8.87 1.57 6-Apr-16 NISP01CCN2 10-Feb-18 9.80 1.83 idAAA 101.92 2.00 50.00 8.66 1.65 6-Apr-16 ADMF02DCN1 1-Mar-18 8.90 1.89 idAAA 100.08 1.00 30.00 8.85 1.72 8-Apr-16 MEDC01CN2 15-Mar-18 8.50 1.93 idAA- 93.50 9.00 77.36 12.32 1.74 6-Apr-16 ADHISM1CN2 15-Mar-18 8.10 1.93 idA 96.62 2.00 2.00 - - 8-Apr-16 BBIA01B 1-Apr-18 9.40 1.97 AAA(idn) 101.60 1.00 9.00 8.51 1.79 8-Apr-16 AISA01 5-Apr-18 10.25 1.98 idA- 96.50 1.00 10.85 12.26 1.77 8-Apr-16 IMFI02BCN1 24-Apr-18 10.00 2.03 idA 101.00 5.00 21.15 9.45 1.80 6-Apr-16 AMRT01ACN2 8-May-18 9.70 2.07 AA-(idn) 100.55 5.00 80.00 9.40 1.84 7-Apr-16 MFIN02CCN1 8-May-18 11.50 2.07 idA 100.00 2.00 10.00 11.49 1.80 7-Apr-16 ISAT01BCN2 4-Jun-18 9.25 2.14 idAAA 99.95 1.00 5.00 9.27 1.92 8-Apr-16 BSDE01CN2 5-Jun-18 8.38 2.15 idAA- 97.02 5.00 46.00 9.92 1.93 8-Apr-16 APLN01CN1 27-Jun-18 9.25 2.21 idA 96.00 4.00 1.00 11.31 1.97 5-Apr-16 ADMF03ACN1 30-Jun-18 9.50 2.22 idAAA 100.90 4.00 40.00 9.05 1.99 7-Apr-16 GIAA01CN1 5-Jul-18 9.25 2.23 BBB+(idn) 99.53 2.00 8.00 9.48 2.00 6-Apr-16 DILD01B 9-Jul-18 10.00 2.24 idA 98.70 1.00 10.00 10.65 1.95 5-Apr-16 FIFA02BCN2 11-Sep-18 9.25 2.41 idAAA 101.25 8.00 80.00 8.67 2.15 6-Apr-16 BEXI02BCN6 16-Sep-18 9.20 2.43 idAAA 100.00 2.00 38.79 9.20 2.16 6-Apr-16 WSKT01ACN2 16-Oct-18 10.40 2.51 idA 100.00 1.00 28.00 10.40 2.15 6-Apr-16 SIEXCL01BCN1 2-Dec-18 10.25 2.64 BB+(idn) 100.00 1.00 47.00 10.25 2.28 6-Apr-16 ISAT01ACN3 8-Dec-18 10.00 2.66 idAAA 100.19 2.00 224.00 9.92 2.30 7-Apr-16 SMRA01CN1 11-Dec-18 10.85 2.66 idA+ 102.55 4.00 16.00 9.75 2.29 4-Apr-16 SMFP03BCN4 11-Mar-19 9.13 2.91 idAA+ 102.00 1.00 0.20 8.35 2.55 7-Apr-16 IMFI02BCN3 16-Mar-19 10.50 2.93 idA 101.00 7.00 2.90 10.10 2.49 6-Apr-16 FIFA02BCN3 5-Apr-19 9.15 2.98 idAAA 100.00 2.00 60.00 9.15 2.60 5-Apr-16 MYOR04 9-May-19 8.50 3.08 idAA- 96.76 2.00 4.00 9.72 2.65 7-Apr-16 BNLI01SBCN1 15-Jun-19 8.90 3.18 idAA+ 93.57 2.00 10.00 11.33 2.70 6-Apr-16 TAXI01 24-Jun-19 12.50 3.20 idA 87.00 1.00 1.00 17.90 2.53 8-Apr-16 ISAT08A 27-Jun-19 8.63 3.21 idAAA 97.65 1.00 14.00 9.48 2.77 4-Apr-16 BSLT05 8-Oct-19 11.90 3.49 idA- 105.55 4.00 20.00 10.01 2.79 4-Apr-16 BEXI02CCN3 16-Oct-19 9.75 3.51 AAA(idn) 102.24 1.00 14.00 9.00 2.91 7-Apr-16 BNII01SBCN2 31-Oct-19 9.25 3.55 AA(idn) 99.75 4.00 24.00 9.33 2.96 5-Apr-16 ADMF02CCN4 12-Nov-19 10.75 3.58 idAAA 103.10 2.00 24.00 9.72 2.93 5-Apr-16 ISAT01BCN1 12-Dec-19 10.30 3.67 idAAA 102.53 2.00 10.00 9.48 3.03 8-Apr-16 BNLI01SBCN2 19-Dec-19 9.40 3.69 idAA+ 102.40 17.00 149.00 8.63 3.09 5-Apr-16 PNBN01SBCN1 20-Dec-19 9.40 3.69 idAA- 99.50 2.00 1.20 9.56 3.09 8-Apr-16 AKRA01B 21-Dec-19 8.75 3.69 idAA- 94.00 1.00 0.24 10.73 3.09 6-Apr-16 BEXI02CCN5 13-Mar-20 9.50 3.92 idAAA 101.45 1.00 10.00 9.06 3.24 8-Apr-16 IMFI02CCN3 16-Mar-20 10.65 3.93 idA 101.00 1.00 10.00 10.34 3.17 8-Apr-16 AMRT01BCN2 8-May-20 10.00 4.07 AA-(idn) 100.30 1.00 100.00 9.91 3.27 6-Apr-16 BNGA02SB 23-Dec-20 10.85 4.70 AA(idn) 103.60 1.00 0.50 9.88 3.67 6-Apr-16 BNLI02SBCN1 24-Dec-20 12.00 4.70 idAA+ 109.10 1.00 0.50 9.58 3.62 4-Apr-16 BBRI01CCN2 4-Feb-21 9.60 4.81 idAAA 101.96 2.00 60.00 9.09 3.79 8-Apr-16 BEXI02CCN7 19-Feb-21 9.60 4.85 idAAA 102.00 6.00 60.00 9.08 3.82 6-Apr-16 ISAT01CCN1 12-Dec-21 10.50 5.67 idAAA 104.35 4.00 20.00 9.50 4.25 7-Apr-16 ANTM01BCN1 14-Dec-21 9.05 5.67 idA 100.75 1.00 91.00 8.88 4.39 8-Apr-16 ISAT01DCN1 12-Dec-24 10.70 8.67 idAAA 103.50 3.00 15.00 10.09 5.63 7-Apr-16 ISAT01DCN3 8-Dec-25 11.20 9.66 idAAA 100.00 2.00 9.30 11.20 5.81

(6)

6

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 employees 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 thereof.

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

The information contained in this report is not be taken as any recommendation made by P.T. Danareksa Sekuritas or any other person 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 regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.

FIXED INCOME TEAM

Director of Debt Capital Market Budi Susanto

budisusanto@danareksa.com ext. 3200

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 Breisga Nawangsidi

breisga.nawangsidi@danareksa.com ext. 3217

Debt Sales & Brokerage Debt Trading & Investment

Setyo H. Purnomo Romi Mulyadi

setyohp@danareksa.com ext. 3226 romi@danareksa.com ext. 3213

Rina Rimawati D Indra Figrachanda

rina@danareksa.com ext. 3223 indraf@danareksa.com ext. 3214

Putrika Mayadipta

putrikam@danareksa.com ext. 3215

Hernita Dwi Ariesandhy

hernitada@danareksa.com ext. 3216 Citra Isramij P.

citra.isramij@danareksa.com ext. 3228 Khalid Abdurrahman