The Government Bonds : Temporary Storm

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21 APRIL 2015

Indonesia FCLT Rating

S & P BB+

Moody's Baa3

Fitch

BBB-Key Market Indicators as of 20-Apr-15

BI Rate 7.50%

JCI Index 5,401

IDR 12,893

Inflation(y-o-y) - Mar-15 6.38%

Domestic Bonds Outstanding Gov't Bonds as of 20-Apr-15 Corp Bonds as of 08-Apr-15

Previous Week Trading Volume Government Bonds

Corporate Bonds

Benchmark Yield as of 20-Apr-15

FR0069 (5 year) 7.361%

FR0070 (10 year) 7.469%

FR0071 (15 year) 7.630%

FR0068 (20 year) 7.807%

Source : Bloomberg, Mid YTM

Government Bonds Indices as of 20-Apr-15

Price Index (Bloomberg : DGBIIDPR) 129.47

Yield Index (Bloomberg : DGBIIDYD) 7.57%

TR Index (Bloomberg : DGBIIDTR) 439.59

Calendar of Event 23-Apr-15

US Initital Jobless Claim (Survey : 289K; Prior : 294K)

24-Apr-15

Japan All Industrial Activity MoM (Survey : -1%; Prior : 1.9%)

30-Apr-15

China Manufacturing PMI (Survey : NA; Prior : 50.1)

Analysts Rifki Rizal 3509888 ext 3404 [email protected] Amir A. Dalimunthe 3509888 ext.3405 [email protected]

Please read important disclosure at the back of this report

IDR 2.44tn IDR 1,321.8tn IDR 229.4tn

IDR 61.62tn

The Government Bonds : Temporary Storm

Foreign Holdings Declined Amidst

Rupiah Strengthening

The government bonds yield index increased last week. The Danareksa Government Bonds Yield Index (DGBI) rose 20bps from 7.36% (10/4) to 7.56% at the end of the week (17/4), recording a loss of 1.18%. Strengthening of the rupiah was still not sufficient to increase investor participation in the bonds

market - especially in government

bonds. Although the rupiah ended the week by strengthening slightly relative to the US dollar (appreciating by 0.63%), foreign ownership in government bonds actually declined by IDR1.05 trillion last week.

Shortening of Durations

In the government bonds market,

investors tended to shorten the duration of their portfolios. This is reflected in the

bonds trading which has been

dominated by the short tenors (1- to 5-years) over the past several weeks. Total trading in short tenor IDR government bonds reached IDR39.9 trillion last week, or accounting for 64.8% of the total transactions, whilst in the previous week, the short tenor bonds also dominated trading on the secondary market with transactions reaching IDR32.5 trillion (61.4% of the total transactions). By comparison, total trading in long tenor bonds declined by IDR747 billion from IDR5.02 trillion to IDR4.27 trillion.

Weaker Demand

The bearish trend seen last week was also reflected in the significantly higher required yield that investors demanded at last week’s (14/4) SUN auction. The weighted average yield of winning bids was 10bps higher than the yield at the end of the previous day. Compared to

the previous auctions since the

beginning of the year, the average spread only reached 1bps below the closing yield level on the previous day. The pressure on bond yields is expected

to continue while rupiah remains

volatile, such that investors will retain a preference for instruments with shorter duration in an effort to minimize losses.

Kepemilikan Asing Turun Ditengah Penguatan Nilai Rupiah

Indeks yield obligasi Pemerintah mengalami

peningkatan selama sepekan terakhir.

Danareksa Government Bonds Yield Index (DGBI) meningkat sebesar 20bps dari 7.36% (10/4) menjadi 7.56% di akhir minggu (17/4), sekaligus mencatatkan loss sebesar 1,18%. Penguatan Rupiah selama minggu

lalu sepertinya masih belum mampu

mendorong investor asing untuk kembali berpartisipasi di pasar obligasi, terutama obligasi Pemerintah. Meskipun nilai tukar

Rupiah terhadap Dolar AS menutup

minggu dengan penguatan tipis sebesar 0.63%, namun kepemilikan investor asing turun Rp1,05 triliun selama minggu lalu. Memperpendek Durasi

Di pasar obligasi Pemerintah, investor masih cenderung memperpendek durasi portofolionya. Hal tersebut terlihat dari volume transaksi yang didominasi oleh obligasi tenor pendek (1- hingga 5-tahun) selama beberapa minggu terakhir. Total transaksi obligasi tenor pendek selama minggu lalu mencapai Rp39,9 triliun, atau 64.8% dari total transaksi keseluruhan,

sedangkan pada minggu sebelumnya,

obligasi tenor pendek juga mendominasi pasar sekunder dengan total transaksi sebesar Rp32.5 triliun, atau 61.4% dari total transaksi. Di sisi lain, transaksi untuk tenor panjang mengalami penurunan sebesar Rp747 miliar dari Rp5.02 triliun menjadi Rp4.27 triliun pada perdagangan minggu lalu.

Rendahnya Demand

Tren bearish selama minggu lalu juga diperlihatkan oleh required yield investor pada lelang SUN (14/4) yang meningkat

cukup signifikan. Yield rata-rata yang

dimenangkan oleh Pemerintah lebih tinggi 10bps dibandingkan dengan penutupan yield sehari sebelumnya. Jika dibandingkan pada lelang-lelang sebelumnya sejak awal tahun 2015, rata-rata selisih yield lelang dan

level yield pada penutupan hari

sebelumnya hanya mencapai 1bps.

Tekanan peningkatan yield diperkirakan masih akan terjadi selama volatilitas nilai tukar tetap tinggi dan depresiasi nilai tukar

Rupiah masih berlanjut, yang

menyebabkan investor untuk

memperpendek durasi agar meminimalisasi tingkat kerugian.

Yield at Auction vs Yield at The End of Previous Day

Source: MoF, Bloomberg

0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 6.20 6.40 6.60 6.80 7.00 7.20 7.40 7.60 7.80

3-Feb-15 17-Mar-15 14-Apr-15 3-Feb-15 17-Mar-15 14-Apr-15

FR0069 FR0071

Weighted Average Yield Yield at The End of Previous Day

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MACROECONOMICS CONDITION

Yield Index CDS 5-Year (bps)

Gov't Bonds Ownership Rupiah closed at Rp12,168 per USD

Two Percent Loss in A Week

Danareksa Government Bonds Yield Index (DGBI) rose by 3bps over the last week. Yield index closed the last week at the level of 8.22% (12/12) after rising from the previous week at the level of 7.92% (5/12). Increase in yield casued performance of government bonds recorded a negative return (loss) by 2% during the week. In line with Government bonds yield index, Indonesia 5-year CDS and several emerging markets also inreased last week. Indonesia's 5-year CDS increased 29bps from 136bps to 165bps over the past week while Brazil's and Turkey's 5-year CDS increased by 47bps and 36bps, respectively.

Danareksa Government Bonds Yield Index (DGBI) mencatatkan terdapat peningkatan yield sebesar 3bps selama minggu lalu. Yield index menutup akhir minggu di level 8.22% (12/12) setelah naik dari minggu sebelumnya yang berada pada level 7.92% (5/12). Peningkatan yield tersebut berdampak pada performa obligasi Pemerintah yang mencatatkan return negatif (loss) sebesar 2% selama minggu lalu. Peningkatan yield indeks obligasi Pemerintah diikuti juga dengan peningkatan CDS 5-tahun yang signifikan dari beberapa Negara berkembang. CDS 5-tahun Indonesia meningkat sebesar 29bps dari 136bps menjadi 165bps selama sepekan terakhir sedangkan CDS 5-tahun Brazil dan Turkey masing-masing meningkat sebesar 47bps dan 36bps.

Source: Danareksa, Bloomberg Source: Bloomberg

Source: Ministry of Finance Source: Bloomberg

Corporate Bonds Trading by Tenor Corporate Bonds Trading by Sector

Source: IDX Process Data Source: IDX Process Data

0 25 50 75 100 125 150 350 370 390 410 430 450 470 490 510 530 8-De c-1 4 11-De c-14 16-De c-14 19-De c-14 24-De c-14 2- Jan-15 7- Jan-15 12- Jan-15 15- Jan-15 20- Jan-15 23- Jan-15 28- Jan-15 2-F e b -15 5-F e b -15 10-F e b -15 13-F e b -15 18-F e b -15 24-F e b -15 27-F e b -15 4- Mar-15 ID R trillion ID R trillion

RR-BI (RHS) BI (RHS) Domestic Bank Foreign Investors

12,050 12,150 12,250 12,350 12,450 12,550 12,650 12,750 12,850 12,950 9- Mar-15 4- Mar-15 27-F e b -15 24-F e b -15 18-F e b -15 13-F e b -15 10-F e b -15 5-F e b -15 2-F e b -15 28- Jan-15 23- Jan-15 20- Jan-15 15- Jan-15 12- Jan-15 7- Jan-15 2- Jan-15 24-De c-14 19-De c-14 16-De c-14 11-De c-14 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

Yield Index BI Rate YoY Inflation

75 100 125 150 175 200 225 250 9- Mar-15 3- Mar-15 25-F e b -15 18-F e b -15 12-F e b -15 6-F e b -15 2-F e b -15 27- Jan-15 21- Jan-15 15- Jan-15 9- Jan-15 5- Jan-15 24-De c-14 18-De c-14 12-De c-14 8-De c-1 4 2-De c-1 4 26-N o v-14 20-N o v-14

Indonesia Philipinnes Brazil Turkey

Banking 43.8% Financial Company 25.7% Property & Construction 9.4% Mining Oil & Natural Gas 7.7% Consumer Goods 4.2% Others 9.3% 0 100 200 300 400 500 600 700 800 0 1 2 3 4 5 6 ID R B illion Term to Maturity

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GOVERNMENT BONDS REVIEW

Yield Curve Comparison as of 15 October 2014 Yield Curve Change from 5 to 12 December 2014 Daily Trading Volume

Gov't Bonds Benchmark Series Yield

Risk premium (both of sovereign and currecny) has increased significantly. Sovereign risk premium was at the level of 200bps by the end of last week, at the same time recorded the highest level since mid-October, and the currency risk premium was at 406bps. Despite investors demanded higher yields, but the trade volume both of Government and corporate bonds increased over the last week. Total trade volume of Government bonds reached IDR64.38 trillion, or advanced by IDR17.27 trillion from the previous week. Meanwhile, the total volume of corporate bond transactions increased by IDR988 billion from IDR3.58 trillion to IDR4.55 trillion.

Higher Risk Premium

Risiko premium (sovereign maupun currency risk premium) mengalami peningkatan yang signifikan. Sovereign risk premium berada di level 200bps pada akhir minggu lalu, sekaligus mencatatkan level tertinggi sejak pertengahan Oktober, sedangkan currency risk premium berada di level 406bps. Walaupun tingkat risiko meningkat, namun volume transaksi obligasi Pemerintah maupun korporasi mengalami peningkatan selama minggu lalu. Total volume transaksi obligasi Pemerintah minggu lalu sebesar IDR64.38 triliun, naik IDR17.27 triliun dari total transaksi minggu sebelumnya. Sementara itu, total volume transaksi obligasi korporasi meningkat IDR988 miliar dari IDR3.58 triliun menjadi IDR4.55 triliun.

Source: Bloomberg Source: IDX processed data

Source: www.ustreas.gov, Danareksa Estimate Source: Danareksa Estimate

Spread INDON 10 year Over UST 10 year Spread IDR Gov't Bond 10 year over INDON 10 year

Source: Bloomberg, Danareksa Estimate

6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 9- Mar-15 16-F e b -15 27- Jan-15 7- Jan-15 12-De c-14 24-N o v-14 4-N o v-14 15-O ct-14 25-Se p -14 5-Sep -14 18-A u g -1 4 22-Ju l-14 1-Ju l-14 11-Ju n-14 20-May -14 28-A p r-14 4-A p r-1 4 14- Mar-1 4 #N/A #N/A #N/A #N/A 0 5 10 15 20 25 9- Mar-15 6- Mar-15 5- Mar-15 4- Mar-15 3- Mar-15 2- Mar-15 27-F e b -15 26-F e b -15 25-F e b -15 24-F e b -15 ID R trillion

Govt Short Govt Med Govt Long Corp

1.66% 2.20% 2.39% 2.58% 2.80% 2.89% 3.97% 4.47% 4.72% 4.96% 7.20% 7.56% 7.78% 7.90% 8.01% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 5 10 15 20 25 30 Term to Maturity

UST YC GoI USD Yield Curve GoI IDR Yield Curve

0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Term to Maturity Source: US Treasury, Bloomberg, Danareksa Estimate

2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 3.5% 4.5% 5.5% 6.5% 7.5% 8.5% 9.5% 27-F e b -14 17- Mar-1 4 4-A p r-1 4 22-A p r-14 10-May -14 28-May -14 15-Ju n-14 3-Ju l-14 21-Ju l-14 8-A u g-14 26-A u g -1 4 13-Se p -14 1-O ct-14 19-O ct-14 6-N o v-14 24-N o v-14 12-De c-14 30-De c-14 17- Jan-15 4-F e b -15 22-F e b -15

Currency Risk Premium 10Y (LHS) INDON 10Y SUN 10Y

1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 27-F e b -14 19- Mar-1 4 8-A p r-1 4 28-A p r-14 18-May -14 7-Ju n -1 4 27-Ju n-14 17-Ju l-14 6-A u g-14 26-A u g -1 4 15-Se p -14 5-O ct-14 25-O ct-14 14-N o v-14 4-De c-1 4 24-De c-14 13- Jan-15 2-F e b -15 22-F e b -15

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13-Apr-15 25-Apr-15 4.81 0.01 100.00 1.00 4.81 < 1yr

14-Apr-15 1-May-15 - 0.03 99.80 1.00 0.20 < 1yr

14-Apr-15 4-May-15 - 0.04 99.75 1.00 0.25 < 1yr

16-Apr-15 4-Jun-15 - 0.12 99.27 1.00 0.74 < 1yr

16-Apr-15 11-Jun-15 - 0.14 99.28 1.00 0.72 < 1yr

17-Apr-15 15-Jun-15 9.50 0.15 100.58 1.00 5.72 < 1yr

17-Apr-15 1-Jul-15 - 0.19 99.06 2.00 0.95 < 1yr

17-Apr-15 10-Jul-15 - 0.22 98.95 1.00 1.07 < 1yr

16-Apr-15 14-Jul-15 - 0.23 98.69 1.00 1.33 < 1yr

15-Apr-15 15-Aug-15 11.80 0.32 101.51 2.00 7.08 < 1yr

16-Apr-15 21-Sep-15 6.25 0.42 99.50 6.00 6.28 < 1yr

17-Apr-15 15-Oct-15 6.25 0.48 98.75 8.00 6.33 < 1yr

15-Apr-15 7-Jan-16 - 0.71 96.01 4.00 4.15 < 1yr

17-Apr-15 27-Feb-16 6.00 0.85 98.20 3.00 6.11 < 1yr

13-Apr-15 25-Mar-16 3.75 0.93 99.00 1.00 3.79 < 1yr

13-Apr-15 1-Apr-16 - 0.94 94.53 6.00 5.79 < 1yr

16-Apr-15 15-May-16 10.75 1.07 104.44 1.00 6.42 1yr - 5yr

16-Apr-15 15-Jun-16 7.00 1.15 99.80 1.00 7.17 1yr - 5yr

17-Apr-15 15-Sep-16 7.38 1.40 100.76 1.00 6.79 1yr - 5yr

17-Apr-15 15-Oct-16 8.50 1.48 102.05 15.00 8.33 1yr - 5yr

15-Apr-15 25-Oct-16 4.81 1.51 98.50 1.00 4.88 1yr - 5yr

17-Apr-15 5-Mar-17 8.75 1.87 102.75 7.00 8.52 1yr - 5yr

16-Apr-15 15-Apr-17 6.25 1.98 98.00 5.00 7.34 1yr - 5yr

17-Apr-15 15-Jul-17 10.00 2.23 105.30 2.00 7.38 1yr - 5yr

17-Apr-15 15-Oct-17 8.50 2.48 101.65 10.00 8.36 1yr - 5yr

17-Apr-15 11-Mar-18 8.25 2.89 101.20 644.00 8.15 1yr - 5yr

17-Apr-15 15-May-18 5.25 3.07 94.75 8.00 7.18 1yr - 5yr

15-Apr-15 15-Jul-18 15.00 3.23 122.55 1.00 7.10 1yr - 5yr

15-Apr-15 15-Aug-18 11.60 3.32 113.05 1.00 7.13 1yr - 5yr

15-Apr-15 15-Sep-18 9.00 3.40 105.60 1.00 7.12 1yr - 5yr

17-Apr-15 15-Apr-19 7.88 3.98 101.90 17.00 7.32 1yr - 5yr

15-Apr-15 25-Aug-19 5.19 4.34 100.02 3.00 3.75 1yr - 5yr

17-Apr-15 15-Sep-19 11.50 4.40 115.00 2.00 7.44 1yr - 5yr

16-Apr-15 15-Sep-20 8.25 5.40 104.00 5.00 7.34 5yr - 10yr

17-Apr-15 15-Nov-20 11.00 5.57 116.20 2.00 7.40 5yr - 10yr

16-Apr-15 15-Jun-21 12.80 6.15 126.25 2.00 7.41 5yr - 10yr

17-Apr-15 15-Jul-21 8.25 6.23 104.75 1.00 7.29 5yr - 10yr

17-Apr-15 15-May-22 7.00 7.07 98.35 2.00 7.30 5yr - 10yr

15-Apr-15 15-Jul-22 10.25 7.23 116.75 1.00 7.24 5yr - 10yr

17-Apr-15 15-May-23 5.63 8.07 89.35 3.00 7.40 5yr - 10yr

17-Apr-15 15-Jul-23 9.50 8.23 112.05 1.00 7.51 5yr - 10yr

17-Apr-15 15-Mar-24 8.38 8.90 106.55 73.00 7.36 5yr - 10yr

16-Apr-15 15-Sep-24 10.00 9.40 116.20 5.00 7.56 5yr - 10yr

15-Apr-15 15-Jan-25 10.25 9.73 115.01 2.00 8.00 5yr - 10yr

16-Apr-15 15-Sep-25 11.00 10.40 124.75 2.00 7.53 > 10yr

17-Apr-15 15-Sep-26 8.38 11.40 105.00 1.00 7.71 > 10yr

17-Apr-15 15-May-27 7.00 12.07 94.75 2.00 7.67 > 10yr

16-Apr-15 15-Jul-27 10.25 12.23 121.00 1.00 7.58 > 10yr

16-Apr-15 15-Feb-28 10.00 12.82 119.50 1.00 7.59 > 10yr

17-Apr-15 15-May-28 6.13 13.07 86.00 1.00 7.86 > 10yr

17-Apr-15 15-Mar-29 9.00 13.90 112.54 24.00 7.53 > 10yr

17-Apr-15 15-Mar-30 10.25 14.90 121.34 2.00 7.80 > 10yr

17-Apr-15 15-Aug-30 10.50 15.32 124.35 2.00 7.75 > 10yr

17-Apr-15 15-Jul-31 9.50 16.23 115.00 1.00 7.85 > 10yr

17-Apr-15 15-Jun-32 8.25 17.15 103.00 25.00 7.93 > 10yr

17-Apr-15 15-May-33 6.63 18.07 89.19 7.00 7.75 > 10yr

17-Apr-15 15-Mar-34 8.38 18.90 106.85 81.00 7.68 > 10yr

17-Apr-15 15-Feb-36 10.00 20.82 120.77 3.00 7.94 > 10yr

15-Apr-15 15-Feb-37 6.10 21.82 78.76 1.00 8.21 > 10yr

14-Apr-15 15-May-37 9.75 22.07 119.60 2.00 7.86 > 10yr

Last Trade Date Modified Duration 0.16 -150.00 754.67 540.50 251.59 -0.03 -1.08 1.31 -1.45 450.00 75.00 960.64 350.00 Freq Tenor Class 0.33 -0.47 -2.00 28.28 128.11 -0.93 -0.98 16.74 2.58 2.75 18,843.03 1,522.31 3.54 3.00 -1.84 1.95 -671.42 112.00 418.36 741.26 -2.71 4.31 4.10 4.34 4.77 506.17 198.96 243.51 86.35 2.90 3.38 3.88 3.48 30.00 5,480.36 4,960.00 55.51 6.26 6.27 6.24 6.58 8,240.40 8.61 10.00 16.59 5.33 5.15 6.11 5.70 126.95 21.22 93.54 19.87 7.33 7.69 7.28 7.57 FR0047 32.20 193.87 1.00 46.00 8.26 8.17 8.20 8.24 FR0064 FR0071 IFR0006 FR0052 50.99 8,175.09 38.00 9.37 8.58 8.98 9.66 9.65 FR0054 FR0058 FR0065 FR0068 3.18 366.40 140.91 3,537.90 9.56 10.57 IFR0010 PBS004 42.00 1.11 FR0045 3.80 9.68 IFR0007 FR0040 FR0056 FR0059 FR0042 FR0055 ORI010 VR0023 SR006 FR0060 FR0028 ORI011 SR007 FR0066 FR0032 FR0038 FR0048 FR0069 VR0029 FR0036 FR0031 FR0034 FR0053 FR0061 PBS008 PBS006 FR0043 FR0063 FR0046 FR0070 FR0044 Yield 28.36 0.98 5.00 Bonds VR0020 SPN12150501 SPN03150504 SPN03150604 SPNS14072015 IFR0001 SR004 ORI009 SPN12160107 SR005 VR0022 SPN12160401 FR0030 SPN12150710

Maturity Coupon Tenor Vol (IDR

Bn) 100.00 SPN12150611 FR0027 SPN03150701 28.10 1,323.35 138.00 Last Done Price 860.00 200.00

APPENDICES

Appendix 1. Government Bonds Trading 13 - 17 April 2015

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13-Apr-15 15-May-41 9.50 26.07 118.00 1.00 7.86 > 10yr

17-Apr-15 15-Apr-42 6.38 26.98 80.25 2.00 8.20 > 10yr

17-Apr-15 15-Feb-44 8.75 28.82 107.15 1.00 8.10 > 10yr

10.34 FR0057 0.60 Tenor Class Modified Duration Last Done

Price Freq Yield

Last Trade

Date Bonds Maturity Coupon Tenor

Vol (IDR Bn)

FR0062 6.50 11.27

FR0067 171.51 10.82

APPENDICES

Appendix 1. Government Bonds Trading 13 - 17 April 2015 (Cont'd)

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14-Apr-15 18-Apr-15 10.50 0.01 idA 100.00 6.00 10.50

15-Apr-15 4-May-15 7.75 0.04 idAAA 99.93 4.00 7.76

16-Apr-15 18-May-15 10.60 0.08 AA+(idn) 100.22 20.00 10.58

15-Apr-15 24-May-15 9.60 0.09 idAAA 100.20 10.00 9.58

16-Apr-15 27-May-15 10.00 0.10 idAAA 100.15 6.00 9.99

16-Apr-15 5-Jun-15 7.50 0.12 idAA+/AAA(idn) 99.95 12.00 7.50

15-Apr-15 13-Jun-15 11.00 0.14 idA 100.18 40.00 10.98

14-Apr-15 5-Jul-15 8.30 0.21 idA+ 99.99 1.20 8.30

17-Apr-15 6-Jul-15 9.60 0.21 idAAA 100.45 11.90 9.56

14-Apr-15 31-Oct-15 7.60 0.53 idAAA/AAA(idn) 99.50 2.00 7.64

16-Apr-15 9-Nov-15 9.00 0.55 idAA 100.10 20.00 8.99

14-Apr-15 16-Nov-15 10.68 0.57 idBBB+ 98.30 6.00 10.86

16-Apr-15 20-Nov-15 8.75 0.58 idAAA 100.30 4.00 8.72

13-Apr-15 22-Nov-15 9.60 0.59 idAAA(sy) 100.12 12.00 9.59

14-Apr-15 30-Nov-15 8.60 0.61 idA 98.79 0.20 8.71

17-Apr-15 9-Dec-15 9.00 0.63 idAAA 100.45 8.00 8.96

14-Apr-15 29-Dec-15 9.60 0.69 idAA+ 100.54 30.00 9.55

16-Apr-15 19-Feb-16 7.40 0.83 idAAA/AAA(idn) 99.30 50.00 7.45

17-Apr-15 20-Feb-16 9.00 0.83 idAAA/AAA(idn) 100.36 59.90 8.97

15-Apr-15 1-Mar-16 7.85 0.86 idAAA 99.50 14.00 7.89

14-Apr-15 1-Mar-16 7.85 0.86 idAAA(sy) 99.54 3.00 7.89

17-Apr-15 23-Mar-16 8.25 0.92 idAAA 100.04 62.50 8.25

13-Apr-15 30-Mar-16 8.25 0.94 idAAA 100.23 15.00 8.23

15-Apr-15 4-Apr-16 7.75 0.95 idAAA/AAA(idn) 99.40 20.00 7.80

17-Apr-15 11-Apr-16 8.60 0.97 AAA(Idn) 99.92 202.00 8.61

16-Apr-15 12-Apr-16 9.25 0.98 AA(idn) 100.02 84.00 9.25

16-Apr-15 8-May-16 8.25 1.05 idA 98.95 14.00 9.30

16-Apr-15 9-May-16 7.70 1.05 idAAA 99.27 6.90 8.42

14-Apr-15 17-May-16 7.60 1.07 AAA(idn) 98.50 4.00 9.05

14-Apr-15 5-Jun-16 7.75 1.12 idAA 99.00 4.00 8.67

15-Apr-15 7-Jun-16 8.00 1.13 AA+(idn) 99.00 6.00 8.92

16-Apr-15 14-Jun-16 7.50 1.15 idAAA 99.05 4.00 8.36

17-Apr-15 19-Jun-16 7.75 1.16 AA+(idn) 98.80 60.00 8.84

13-Apr-15 25-Aug-16 11.00 1.34 idA 101.60 3.30 9.73

17-Apr-15 24-Oct-16 10.50 1.51 idAAA 102.40 13.30 8.79

14-Apr-15 8-Dec-16 11.75 1.63 idAAA 104.45 3.00 8.82

17-Apr-15 11-Dec-16 11.85 1.64 idAAA 104.00 44.00 9.20

17-Apr-15 12-Dec-16 10.00 1.64 AA-(idn) 102.10 18.00 8.62

13-Apr-15 1-Feb-17 9.90 1.78 idA+ 99.00 8.00 10.51

15-Apr-15 21-Feb-17 8.60 1.83 idAAA 99.10 5.00 9.13

15-Apr-15 14-Mar-17 10.50 1.90 idAAA/AAA(idn) 101.50 1.00 9.63

15-Apr-15 20-Mar-17 8.50 1.91 idAAA 99.40 40.00 8.84

15-Apr-15 14-May-17 10.50 2.06 idAAA 102.50 20.00 9.16

14-Apr-15 29-May-17 10.65 2.11 idAA+ 102.75 20.00 9.21

14-Apr-15 31-May-17 7.25 2.11 idAA+ 96.20 70.00 9.23

14-Apr-15 19-Jun-17 8.75 2.16 idAA- 97.50 0.10 10.04

13-Apr-15 21-Jun-17 10.25 2.17 idAA 102.25 5.00 9.10

17-Apr-15 26-Jun-17 10.50 2.18 AA-(idn) 101.50 5.00 9.73

13-Apr-15 8-Jul-17 11.30 2.21 idAAA 101.00 0.20 10.79

17-Apr-15 8-Jul-17 8.24 2.21 idAAA(sy)/AAA(idn) 101.82 14.00

-14-Apr-15 15-Aug-17 9.38 2.32 idA 98.00 1.80 10.35

14-Apr-15 27-Sep-17 8.75 2.43 idAAA 98.60 2.00 9.39

17-Apr-15 6-Nov-17 9.30 2.54 idA 98.15 15.00 10.13

16-Apr-15 9-Nov-17 10.50 2.55 idAA- 101.55 26.80 9.81

16-Apr-15 12-Nov-17 10.50 2.56 idAAA 102.30 105.00 9.48

14-Apr-15 5-Dec-17 11.25 2.62 AA(idn) 102.00 42.00 10.37

13-Apr-15 16-Dec-17 10.00 2.65 idAA+ 101.77 10.00 9.24

14-Apr-15 18-Dec-17 9.90 2.66 A-(idn) 96.95 96.00 11.23

15-Apr-15 19-Dec-17 10.50 2.66 idA 101.30 15.00 9.94

13-Apr-15 21-Dec-17 8.40 2.67 idAA- 96.95 4.00 9.70

0.01

STTP01ACN1 3.00

0.11 0.05 Rating Last Done

Price Yield Modified Duration Vol (IDR Bn) 0.13 0.09 0.11 0.16 0.22 TAFS02B 1.00 MFIN01ACN2 2.00 TRAC03C 1.00 0.21 0.52 0.54 0.55 TLKM02A 2.00 BNII01ACN2 1.00 PNBN05 1.00 BWPT01 3.00 0.57 0.58 0.60 0.61 BNGA01ACN2 1.00 ADMFSM1ACN2 2.00 SSMM01A 2.00 BDMN02B 4.00 0.67 0.80 0.79 0.83 SMFP02ACN5 3.00 NISP01CCN1 3.00 NISP01ACN2 2.00 ADMF02CCN1 2.00 0.84 0.89 0.92 0.92 SMADMF01CCN1 2.00 BEXI02ACN5 5.00 BCAF02ACN1 4.00 FIFA01BCN2 1.00 0.93 0.93 0.99 1.00 BBIA01A 3.00 WOMF01ACN3 4.00 IMFI01BCN2 1.00 BCAF01DCN1 1.00 1.02 1.07 1.07 1.09 TAFS03B 1.00 TUFI01ACN1 1.00 BIIF01C 1.00 BCAF01BCN2 1.00 1.10 1.24 1.36 1.48 BIIF02A 5.00 APLN01B 1.00 ADMF02BCN2 2.00 ISAT07B 2.00 1.48 1.50 1.60 1.67 BMRI01 5.00 TBIG01BCN1 1.00 JPFA01CN2 4.00 ASDF01CCN1 2.00 1.70 1.75 1.83 1.87 FIFA01BCN3 1.00 BCAF02BCN1 4.00 ADMF02BCN3 2.00 ISAT05B 2.00 1.95 1.94 1.93 INDF06 5.00 MEDC03 1.00 JMPD13R 1.00 AMRT01CN1 4.00 1.95 -2.04 2.17 BNGA01SB 2.00 SMBNII01CN1 2.00 APLN02 4.00 ADMF01CCN3 2.00 2.20 2.24 2.31 2.30 2.30 2.36 AKRA01A 1.00 2.20 2.19 ADMF05D 2.00 SSIA01B 3.00

Coupon Tenor Freq

Last Trade

Date Bonds Maturity

SIAGII02 7.00 PNMP01BCN1 3.00 PNBN04SB 3.00 ADMF02BCN4 1.00 WOMF01BCN2 1.00 SMFP02BCN5 1.00 ADMF01CCN2 4.00 BTPN02B 2.00 ADMF02ACN3 1.00 1.93

APPENDICES

Appendix 2. Corporate Bonds Trading 13 - 17 April 2015

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13-Apr-15 21-Dec-17 8.40 2.67 idAA- 96.95 4.00 9.70

16-Apr-15 10-Feb-18 9.80 2.80 idAAA 101.20 28.60 9.31

15-Apr-15 15-Mar-18 8.10 2.90 idA(sy) 95.50 19.00

-17-Apr-15 15-Mar-18 8.50 2.90 idAA- 97.75 1.50 9.39

17-Apr-15 20-Mar-18 9.00 2.91 idAAA 100.22 5.00 8.91

17-Apr-15 1-Apr-18 9.40 2.94 AAA(Idn) 101.02 31.00 9.00

17-Apr-15 2-Apr-18 10.25 2.95 AA(idn) 102.00 22.42 9.47

17-Apr-15 5-Apr-18 10.25 2.96 idA-(sy) 100.23 18.00 10.16

15-Apr-15 8-Apr-18 11.50 2.96 idBBB+ 100.01 6.00 11.49

16-Apr-15 19-May-18 10.75 3.08 idAA+ 102.50 149.00 9.80

17-Apr-15 27-Jun-18 9.25 3.18 idA 98.40 12.00 9.84

16-Apr-15 28-Jun-18 11.00 3.19 idAA+ 103.25 26.00 9.80

17-Apr-15 5-Jul-18 8.90 3.21 idBBB+ 94.25 32.00 11.05

14-Apr-15 6-Dec-18 10.00 3.63 idAA+ 100.60 12.00 9.80

15-Apr-15 11-Dec-18 10.85 3.64 idA+(sy) 102.65 12.00 9.97

14-Apr-15 20-Dec-18 8.50 3.66 idAAA 97.36 8.00 9.35

15-Apr-15 9-May-19 8.50 4.05 idAA- 95.27 0.20 9.93

15-Apr-15 15-Jun-19 8.90 4.15 idAA+ 96.30 6.00 9.99

17-Apr-15 24-Jun-19 12.50 4.18 idA 102.45 80.25 11.75

15-Apr-15 27-Jun-19 8.63 4.18 idAAA 91.00 2.45 11.35

17-Apr-15 27-Jun-19 8.63 4.18 idAAA(sy) 96.51 15.00 9.65

14-Apr-15 8-Oct-19 11.90 4.46 idA- 105.25 6.00 10.42

17-Apr-15 10-Oct-19 11.50 4.47 idA+(sy) 104.28 14.00

-15-Apr-15 19-Dec-19 12.50 4.66 idA 104.68 146.00 11.20

13-Apr-15 20-Dec-19 9.40 4.66 idAA- 98.30 30.00 9.86

14-Apr-15 21-Dec-19 8.75 4.67 idAA- 94.78 28.00 10.16

17-Apr-15 1-Apr-20 9.60 4.94 AAA(Idn) 100.02 70.70 9.59

16-Apr-15 23-Dec-20 10.85 5.67 AA(idn) 99.30 3.50 11.02

17-Apr-15 30-Jun-21 12.50 6.19 idD 100.00 27.00 12.50

15-Apr-15 14-Dec-21 9.05 6.65 idA 95.33 60.00 10.02

14-Apr-15 17-Dec-21 12.50 6.66 idBBB+ 100.00 8.00 12.50

14-Apr-15 13-Jan-22 12.00 6.73 idBBB- 100.00 180.00 12.00

SIAISA01 2.00 2.72 2.67 2.49 Yield Modified Duration 2.53 2.55 WOMF01BCN3 18.00 2.36 2.40 -2.53 2.52 BCAF02CCN1 1.00 BBIA01B 1.00 AKRA01A 1.00 NISP01CCN2 1.00 ADHISM1CN2 1.00 MEDC01CN2 5.00 2.52 2.57 3.10 -BRAP01 2.00 BNII01SB 22.00 APLN01CN1 3.00 BNLI02SB 6.00 2.97 2.73 3.00 PPNX01 4.00 BNII01SBCN1 4.00 SISMRA01CN1 2.00 3.33 3.40 MYOR04 1.00 BNLI01SBCN1 1.00 TAXI01 5.00 ISAT08A 1.00 SIISAT05 2.00 BSLT05 6.00 SISMRA01CN2 2.00 APLN01CN3 7.00 BEXI01CCN1 2.00 PNBN01SBCN1 6.00 AKRA01B 2.00 BBIA01C 2.00 BNGA02SB 1.00 3.51 APOL02B 1.00 ANTM01BCN1 4.00 MAYA04SB 4.00 BACA01SB 4.00 3.89 4.17 Last Trade

Date Bonds Maturity Coupon Tenor Freq

Vol (IDR Bn) Rating Last Done

Price 4.44 4.58 4.25 4.87 3.72 3.75 3.45 3.47 3.21 3.42

APPENDICES

Appendix 2. Corporate Bonds Trading 13 - 17 April 2015 (Cont'd)

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