Fixed Income Daily Report

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Fixed Income Daily Report

Analisa Perdagangan Obligasi (Jumat, 14/1)

Harga obligasi berdenominasi Rupiah melanjutkan penguatannya pada perdagangan hari terakhir pekan lalu. Yield SUN Benchmark 5-tahun (FR0090) mengalami penurunan ke level 5.18%(-2bps) sementara yield SUN Benchmark 10-tahun (FR0091) tercatat di level 6,37% (-1bps). Dibandingkan minggu sebelumnya, FR0090 dan FR0091 mencatatkan penurunan masing-masing 4bps dan 7bps. Sedangkan untuk SBN berdenominasi USD, yield INDON-26 meningkat ke level 1,91%(+2bps) sementara yield INDON-31 dan INDON-51 masing – masing meningkat ke level 2,49% (+3bps) dan 3,47%(+6bps). Nilai tukar Rupiah melemah tipis ke level IDR14.296/USD di hari Jumat, dari posisi penutupan hari Kamis di level IDR14.295/USD.

Volume transaksi SBN secara outright tercatat sebesar IDR22,7 triliun di hari Jumat, menurun dari volume transaksi hari sebelumnya yang sebesar IDR25,3triliun. FR0056 dan FR0086 menjadi dua seri teraktif di pasar sekunder, dengan volume transaksi masing - masing sebesar IDR2,3 triliun dan IDR2,0 triliun. Sementara itu, volume transaksi obligasi korporasi secara outright tercatat sebesar IDR227,9 miliar di hari Jumat.

Perkiraan Pasar dan Rekomendasi (Senin, 17/1)

Yield US Treasury yield tercatat kembali meningkat pada hari terakhir minggu lalu. Yield UST 2-tahun, 5-tahun, 10-tahun, dan 30-tahun tercatat masing-masing meningkat ke level 0,97%

(+9bps), 1,56%(+8bps), 1,79%(+8bps), dan 2,12%(+7bps).

Sementara jika dibandingkan dengan akhir minggu sebelumnya, yield UST tenor 2-tahun, 5-tahun, 10-tahun, dan 30-tahun masing-masing meningkat 11bps, 6bps, 3bps, dan 1bps.

Bursa saham AS bergerak mixed pada perdagangan di hari Jumat pekan lalu, dimana Dow Jones Industrial Average ditutup turun 0,56%, sementara S&P500 dan NASDAQ Composite Index mengalami kenaikan masing-masing sebesar 0,08% dan 0,59%.

CDS 5-tahun Indonesia naik 3 bps dibandingkan hari sebelumnya ke level 84bps. Level tersebut lebih tinggi dibandingkan penutupan minggu sebelumnya di 78bps. Sepanjang pekan lalu, range pergerakan CDS 5-tahun Indonesia berada pada kisaran 78bps-84bps, lebih tinggi daripada pekan sebelumnya.

Nilai tukar Rupiah terhadap Dolar AS ditutup pada level IDR14.296/USD, menguat 0.4% dibandingkan akhir minggu sebelumnya. Sepanjang pekan lalu, pergerakan nilai tukar Rupiah terpantau stabil, dengan kisaran IDR14.296 – IDR14.324/USD.

Dengan mempertimbangkan kondisi pasar saat ini serta valuasi

Daily Market Report

Bond Market Activity

Last Price (%) Most Active Government Bonds

FR0056 4.67 112.46 5.31 2289.84

FR0086 4.25 100.88 5.26 2018.04

FR0061 0.33 101.28 2.97 1777.44

FR0064 6.33 101.40 5.85 1627.09

PBS011 1.58 107.66 3.70 1517.75

Most Active Corporate Bonds

SMFP06BCN1 4.48 101.75 5.95 100.0

TPIA03ACN4 4.79 98.35 7.61 35.0

BBRI02DCN2 5.24 111.00 6.31 28.0

PTPP02ACN2 0.86 101.35 6.62 25.0

IIFF01BCN1 0.92 103.79 3.54 20.0

Indonesia Macroeconomic Data

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

CPI MoM (%) 0.57 0.37 0.12 -0.04

CPI YoY (%) 1.87 1.75 1.66 1.60

7-day RR (%) 3.50 3.50 3.50 3.50

Foreign Reserve (US$ Bn)

Foreign Exchange Rate

14-Jan

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

USD/IDR 14,296 14,295 14,351 14,355

EUR/USD 1.142 1.141 1.133 1.128

GBP/USD 1.368 1.368 1.358 1.321

AUD/USD 0.721 0.721 0.717 0.711

USD/JPY 114.160 114.190 115.200 113.610

USD/SGD 1.348 1.348 1.356 1.367

USD/THB 33.194 33.206 33.638 33.599

USD/MYR 4.178 4.176 4.208 4.220

USD/CNY 6.353 6.360 6.378 6.375

Government Auction Schedule Date

Benchmark Government Bond Yields 14-Jan-22 TTM

(Year)

Last Yield (%)

Volume (IDR bn)

25-Jan-22 SPNS 6-mo

PBS 2yr, 4yr, 7yr, 13yr, 25yr

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

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

Series Maturities

144.90 145.50 146.90

4.5 5.0 5.5 6.0 6.5 7.0 7.5

8/2/2021 9/2/2021 10/2/2021 11/2/2021 12/2/2021 1/2/2022

(%)

5.18 6.37 6.38 7.02

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Berita Pasar Surat Utang Indonesia

PT Lontar Papyrus Pulp & Paper Industry menawarkan kupon hingga 9,75% untuk penerbitan Obligasi Berkelanjutan I Lontar Papyrus Pulp & Paper Industry Tahap I Tahun 2021 senilai total IDR1,5 triliun. Obligasi tersebut akan diterbitkan dalam tiga seri, yaitu Seri A dengan tenor 370 hari dan kupon sebesar 6,25% diterbitkan sebanyak IDR200,0 miliar, Seri B dengan tenor 3 tahun dan kupon sebesar 9,25% diterbitkan sebanyak IDR895,48 miliar, dan Seri C dengan tenor 5 tahun dan kupon sebesar 9,75% diterbitkan sebesar IDR404,52 miliar. Penerbitan tersebut merupakan bagian dari penawaran Obligasi Berkelanjutan I dengan target penerbitan sebesar IDR6,0 triliun. Lembaga pemeringkat PEFINDO telah menetapkan peringkat idA pada obligasi tersebut. Masa penawaran umum akan dilaksanakan hingga tanggal 20 Januari 2022, sementara distribusi elektronik dan pencatatan di BEI akan dilakukan masing-masing pada tanggal 26 dan 27 Januari 2022.

(Sumber : KSEI)

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Government Bonds Valuation Closing Price Data : January 14, 2022

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

FR0061 15-May-22 7.000% 0.32 101.25 3.05% 2.96% 101.33 Fair

FR0035 15-Jun-22 12.900% 0.41 104.00 2.91% 3.00% 104.09 Expensive

FR0043 15-Jul-22 10.250% 0.49 103.45 3.12% 3.04% 103.57 Fair

FR0063 15-May-23 5.625% 1.27 102.74 3.48% 3.57% 102.66 Expensive

FR0046 15-Jul-23 9.500% 1.41 108.28 3.74% 3.68% 108.43 Fair

FR0039 15-Aug-23 11.750% 1.41 112.32 3.63% 3.74% 112.21 Expensive

FR0070 15-Mar-24 8.375% 1.94 108.39 4.25% 4.14% 108.69 Fair

FR0077 15-May-24 8.125% 2.10 108.31 4.32% 4.25% 108.52 Fair

FR0044 15-Sep-24 10.000% 2.30 113.70 4.47% 4.46% 113.78 Fair

FR0081 15-Jun-25 6.500% 3.03 105.04 4.87% 4.88% 105.04 Fair

FR0040 15-Sep-25 11.000% 3.00 120.07 4.93% 5.00% 119.86 Expensive

FR0084 15-Feb-26 7.250% 3.44 107.61 5.16% 5.20% 107.47 Fair

FR0086 15-Jun-26 5.500% 3.86 101.05 5.22% 5.33% 100.65 Expensive

FR0037 15-Sep-26 12.000% 3.61 126.70 5.43% 5.43% 126.76 Fair

FR0056 15-Sep-26 8.375% 3.80 112.59 5.29% 5.43% 111.99 Expensive

FR0090 15-Apr-27 5.125% 4.49 99.71 5.19% 5.63% 97.72 Expensive

FR0059 15-May-27 7.000% 4.40 106.45 5.58% 5.66% 106.11 Fair

FR0042 15-Jul-27 10.250% 4.33 121.13 5.71% 5.71% 121.20 Fair

FR0047 15-Feb-28 10.000% 4.54 120.30 5.97% 5.87% 120.88 Fair

FR0064 15-May-28 6.125% 5.14 101.25 5.88% 5.93% 101.01 Fair

FR0071 15-Mar-29 9.000% 5.26 115.11 6.34% 6.11% 116.56 Cheap

FR0078 15-May-29 8.250% 5.50 111.17 6.32% 6.14% 112.29 Cheap

FR0052 15-Aug-30 10.500% 5.78 125.64 6.54% 6.35% 127.17 Cheap

FR0082 15-Sep-30 7.000% 6.32 103.13 6.52% 6.36% 104.22 Cheap

FR0087 15-Feb-31 6.500% 6.60 100.23 6.47% 6.41% 100.59 Fair

FR0085 15-Apr-31 7.750% 6.54 108.38 6.53% 6.43% 109.07 Fair

FR0073 15-May-31 8.750% 6.47 114.85 6.59% 6.44% 115.99 Cheap

FR0054 15-Jul-31 9.500% 6.53 120.03 6.62% 6.46% 121.32 Cheap

FR0091 15-Apr-32 6.375% 7.32 99.98 6.38% 6.54% 98.74 Expensive

FR0058 15-Jun-32 8.250% 7.08 111.10 6.75% 6.56% 112.61 Cheap

FR0074 15-Aug-32 7.500% 7.13 105.99 6.70% 6.58% 106.96 Fair

FR0065 15-May-33 6.625% 7.80 100.08 6.61% 6.64% 99.86 Fair

FR0068 15-Mar-34 8.375% 7.65 112.08 6.89% 6.71% 113.72 Cheap

FR0080 15-Jun-35 7.500% 8.46 105.20 6.90% 6.79% 106.21 Fair

FR0072 15-May-36 8.250% 8.55 111.06 7.01% 6.84% 112.76 Cheap

FR0088 15-Jun-36 6.250% 9.34 99.47 6.31% 6.84% 94.62 Expensive

FR0045 15-May-37 9.750% 8.59 125.23 7.03% 6.89% 126.85 Cheap

FR0093 15-Jul-37 6.375% 9.75 99.91 6.38% 6.89% 95.11 Expensive

FR0075 15-May-38 7.500% 9.37 104.29 7.05% 6.93% 105.53 Fair

FR0050 15-Jul-38 10.500% 8.86 131.18 7.23% 6.93% 134.72 Cheap

FR0079 15-Apr-39 8.375% 9.37 112.86 7.07% 6.96% 114.04 Fair

FR0083 15-Apr-40 7.500% 9.87 104.51 7.06% 7.00% 105.13 Fair

FR0057 15-May-41 9.500% 9.68 123.88 7.19% 7.03% 125.90 Cheap

FR0062 15-Apr-42 6.375% 10.99 97.73 6.58% 7.05% 92.73 Expensive

FR0092 15-Jun-42 7.125% 10.66 101.00 7.03% 7.06% 100.71 Fair

FR0067 15-Feb-44 8.750% 10.25 116.78 7.22% 7.10% 118.29 Fair

FR0076 15-May-48 7.375% 11.60 102.92 7.13% 7.17% 102.34 Fair

FR0089 15-Aug-51 6.875% 12.26 100.49 6.84% 7.22% 95.81 Expensive

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 3.750 25-Apr-22 0.27 100.90 0.39 100.94 0.25 101.02 0.23

INDO-23 2.950 11-Jan-23 0.98 102.10 0.79 102.08 0.82 102.12 0.82

INDO-23 3.375 15-Apr-23 1.24 103.06 0.89 103.08 0.88 103.15 0.86

INDO-23 5.375 17-Oct-23 1.75 107.56 0.99 107.55 1.01 107.70 0.97

INDO-24 5.875 15-Jan-24 1.99 109.31 1.13 109.28 1.15 109.40 1.13

INDO-24 4.450 11-Feb-24 2.07 106.60 1.20 106.59 1.21 106.75 1.16

INDO-25 4.125 15-Jan-25 3.00 107.25 1.63 107.28 1.62 107.42 1.59

INDO-26 4.750 8-Jan-26 3.98 110.82 1.91 110.88 1.89 111.12 1.85

INDO-27 4.350 8-Jan-27 4.98 109.99 2.22 110.10 2.19 110.66 2.09

INDO-27 3.850 18-Jul-27 5.50 108.40 2.22 108.52 2.20 108.86 2.14

INDO-28 3.500 11-Jan-28 5.99 106.33 2.36 106.50 2.33 106.90 2.26

INDO-28 4.100 24-Apr-28 6.27 110.06 2.36 110.25 2.33 110.61 2.28

INDO-29 4.750 11-Feb-29 7.07 114.37 2.52 114.64 2.48 114.76 2.47

INDO-29 3.400 18-Sep-29 7.67 105.76 2.57 105.92 2.55 106.35 2.49

INDO-30 2.850 14-Feb-30 8.08 101.88 2.59 102.10 2.56 102.63 2.49

INDO-30 3.850 15-Oct-30 8.75 109.73 2.60 109.93 2.57 110.32 2.53

INDO-31 1.850 12-Mar-31 9.15 94.80 2.49 95.03 2.46 95.81 2.36

INDO-37 6.625 17-Feb-37 15.10 134.12 3.66 134.91 3.60 135.71 3.55

INDO-38 7.750 17-Jan-38 16.01 146.71 3.82 147.76 3.75 148.33 3.72

INDO-42 5.250 17-Jan-42 20.01 119.98 3.81 120.86 3.76 121.60 3.71

INDO-43 4.625 15-Apr-43 21.25 111.64 3.82 112.57 3.76 113.56 3.70

INDO-45 5.125 15-Jan-45 23.01 118.30 3.91 119.50 3.84 120.09 3.81

INDO-47 5.250 8-Jan-47 24.99 121.78 3.88 122.72 3.83 123.57 3.78

INDO-47 4.750 18-Jul-47 25.52 114.96 3.83 115.94 3.77 116.58 3.74

INDO-48 4.350 11-Jan-48 26.00 108.64 3.82 109.64 3.77 110.29 3.73

INDO-49 5.350 11-Feb-49 27.09 124.40 3.89 125.62 3.82 126.58 3.77

INDO-49 3.700 30-Oct-49 27.80 99.71 3.72 100.76 3.66 101.54 3.61

INDO-50 4.200 15-Oct-50 28.76 108.25 3.73 109.34 3.67 110.22 3.63

INDO-51 3.050 12-Mar-51 29.17 92.36 3.47 93.39 3.41 94.15 3.37

INDO-70 4.450 15-Apr-70 48.27 111.11 3.93 112.78 3.86 113.75 3.82

INDO-71 3.350 12-Mar-71 49.18 90.10 3.80 91.47 3.73 92.05 3.70

INDOIS-22 4.000 11-Jan-22 -0.02 100.00 3.93 100.00 3.93 100.00 3.93

INDOIS-22 3.400 29-Mar-22 0.19 100.61 0.24 100.58 0.45 100.64 0.45

INDOIS-22 3.300 21-Nov-22 0.84 102.12 0.76 102.11 0.79 102.13 0.81

INDOIS-23 3.750 1-Mar-23 1.12 103.13 0.93 103.14 0.93 103.16 0.96

INDOIS-24 3.900 20-Aug-24 2.59 106.34 1.40 106.44 1.36 106.78 1.25

INDOIS-24 4.350 10-Sep-24 2.65 107.31 1.52 107.40 1.49 107.64 1.42

INDOIS-25 4.325 28-May-25 3.36 108.47 1.72 108.50 1.71 108.85 1.62

INDOIS-25 2.300 23-Jun-25 3.43 101.85 1.74 101.88 1.73 102.31 1.61

INDOIS-26 4.550 29-Mar-26 4.20 110.96 1.82 110.94 1.83 111.32 1.75

INDOIS-27 4.150 29-Mar-27 5.20 109.00 2.30 109.14 2.28 109.94 2.13

INDOIS-28 4.400 1-Mar-28 6.12 111.06 2.44 111.05 2.45 111.81 2.32

INDOIS-29 4.450 20-Feb-29 7.10 112.13 2.57 112.22 2.55 112.95 2.45

INDOIS-30 2.800 23-Jun-30 8.44 101.43 2.61 101.66 2.58 102.00 2.54

INDOIS-50 3.800 23-Jun-50 28.45 99.69 3.82 100.25 3.79 101.71 3.70

PERTIJ-22 4.875 3-May-22 0.29 101.12 0.99 101.13 0.99 101.36 0.50

PERTIJ-23 4.300 20-May-23 1.34 103.68 1.51 103.78 1.44 104.00 1.32

PERTIJ-29 3.650 30-Jul-29 7.54 104.05 3.04 104.92 2.92 104.99 2.91

PERTIJ-30 3.100 21-Jan-30 8.02 99.80 3.13 100.66 3.01 100.88 2.98

PERTIJ-30 3.100 27-Aug-30 8.61 99.78 3.13 100.67 3.01 101.23 2.94

PERTIJ-42 6.000 3-May-42 20.30 116.19 4.75 118.40 4.60 119.47 4.52

PERTIJ-50 4.175 21-Jan-50 28.03 97.79 4.31 100.33 4.16 99.98 4.18

PERTIJ-60 4.150 25-Feb-60 38.13 94.26 4.47 96.41 4.34 96.92 4.32

PLNIJ-27 4.125 15-May-27 5.33 104.44 3.21 105.37 3.02 105.96 2.91

PLNIJ-28 5.450 21-May-28 6.35 111.70 3.38 112.67 3.23 113.22 3.14

PLNIJ-29 5.375 25-Jan-29 7.03 111.14 3.57 112.22 3.40 113.35 3.24

PLNIJ-29 3.875 17-Jul-29 7.50 101.73 3.61 102.80 3.45 104.13 3.25

PLNIJ-30 3.375 5-Feb-30 8.06 98.13 3.65 99.20 3.49 100.52 3.30

PLNIJ-30 3.000 30-Jun-30 8.45 95.21 3.67 96.41 3.50 97.83 3.30

PLNIJ-37 7.875 29-Jun-37 15.46 135.40 4.64 137.23 4.50 137.72 4.47

PLNIJ-42 5.250 24-Oct-42 20.78 105.41 4.83 107.88 4.65 108.90 4.58

PLNIJ-47 5.250 15-May-47 25.34 104.82 4.92 107.38 4.75 108.08 4.70

PLNIJ-49 4.875 17-Jul-49 27.52 100.04 4.87 102.42 4.72 103.20 4.67

PLNIJ-50 4.000 30-Jun-50 28.47 90.52 4.60 92.88 4.44 93.93 4.38

INALUM-25 4.750 15-May-25 3.33 105.86 2.89 106.10 2.82 106.18 2.80

INALUM-30 5.450 15-May-30 8.33 112.00 3.76 112.84 3.65 113.57 3.56

PGASIJ-24 5.125 16-May-24 2.33 107.09 1.99 107.42 1.85 107.79 1.72

HAKAIJ-30 3.750 11-May-30 8.32 105.47 3.00 105.61 2.98 106.31 2.89

BBRIIJ-23 4.625 20-Jul-23 1.50 104.81 1.38 104.89 1.33 105.04 1.28

BBRIIJ-24 3.950 28-Mar-24 2.19 104.65 1.78 104.90 1.66 105.15 1.57

BBTNIJ-25 4.200 23-Jan-25 3.02 101.71 3.60 101.94 3.52 101.92 3.53

BMRIIJ-24 3.750 11-Apr-24 2.23 103.95 1.93 104.24 1.80 104.30 1.79

BMRIIJ-25 4.750 13-May-25 3.32 108.19 2.18 108.63 2.05 108.33 2.15

PELINDOII-25 4.250 5-May-25 3.30 105.95 2.36 106.33 2.25 106.28 2.27

Indonesia USD Denominated Bonds

Maturity 14-Jan-22 Previous Day Previous Week

Bonds Coupon TTM (Year)

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Indonesia Government Bonds Yield Indonesia & US Treasury Yield Comparison

Maturities (Year) 14-Jan (-1 day) (-1 week) (-1 month) Global Bonds 14-Jan

1 3.47 3.53 3.63 3.73 14-Jan (-1 day) (-1 week) (- 1 month)

2 4.27 4.27 4.21 4.16 Fed Fund Rate & US Bond Yield

3 4.87 4.89 4.93 4.52 Fed Fund Rate 0.25 0.25 0.25 0.25

4 5.16 5.16 5.14 5.14 2-Year 0.97 0.90 0.86 0.64

5 5.18 5.20 5.22 5.18 5-Year 1.56 1.47 1.50 1.18

6 5.88 5.90 5.91 5.89 10-Year 1.79 1.71 1.76 1.40

7 6.32 6.33 6.32 6.29 30-Year 2.12 2.05 2.12 1.81

8 6.55 6.57 6.20 6.20 10-Year Government Bond Yield (LCY)

9 6.46 6.48 6.53 6.47 Germany -0.05 -0.09 -0.05 -0.38

10 6.37 6.38 6.44 6.41 UK 1.15 1.10 1.18 0.76

15 6.38 6.39 6.24 6.27 France 0.33 0.29 0.29 -0.03

20 7.02 7.04 6.97 7.08 Italy 1.27 1.22 1.31 0.89

30 6.84 6.84 6.83 6.80 Greece 1.51 1.51 1.52 1.19

Spain 0.64 0.59 0.65 0.33

CDS, VIX Index, IDMA Index Japan 0.14 0.13 0.14 0.04

14-Jan (-1 day) (-1 week) (-1 month) China 2.79 2.91 2.82 2.89

5-year Indo CDS 84.07 80.73 79.87 76.22 Malaysia 3.64 3.64 3.67 3.55

VIX Index 19.19 20.31 18.76 21.57 Thailand 2.08 2.07 2.02 1.89

IDMA Index 98.89 98.83 98.85 99.00 Singapore 1.76 1.78 1.78 1.57

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)

14-Jan (-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 January 13, 2022 (IDR Trillion)

Holders Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 5-Jan-22 6-Jan-22 7-Jan-22 10-Jan-22 11-Jan-22 12-Jan-22 13-Jan-22 Banks 1375.57 1573.13 1391.98 1502.91 1591.12 1621.64 1632.48 1641.69 1645.72 1646.38 1652.87 1659.59 Bank Indonesia 454.36 442.68 677.95 663.15 801.46 766.02 765.99 757.74 757.74 757.74 748.34 748.43

Mutual Fund 161.33 163.10 135.40 146.25 157.93 157.85 157.89 157.91 157.43 156.16 156.23 156.21

Insurance & Pension Fund 542.82 585.19 610.06 595.18 655.24 655.63 663.34 663.43 663.77 664.81 665.19 665.78 Foreign Investor 973.91 951.41 977.31 961.78 891.34 895.76 896.67 893.68 889.35 888.00 889.05 891.39

Individual 131.24 189.33 192.21 220.37 221.41 221.47 221.15 222.46 222.83 223.64 223.99 224.10

Others 231.54 250.75 297.71 370.82 360.47 360.61 360.40 361.02 361.08 361.19 361.26 362.44

Total 3,870.76 4,155.60 4,282.62 4,460.46 4,678.98 4,678.98 4,697.93 4,697.93 4,697.92 4,697.93 4,696.93 4,707.93

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

Holders Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 5-Jan-22 6-Jan-22 7-Jan-22 10-Jan-22 11-Jan-22 12-Jan-22 13-Jan-22

Banks 794.20 197.57 16.41 127.35 215.55 246.07 256.92 266.13 270.15 270.82 277.31 284.02

Bank Indonesia 191.87 -11.68 223.59 208.78 347.10 311.66 311.63 303.38 303.38 303.38 293.98 294.07

Mutual Fund 30.46 1.77 -25.92 -15.08 -3.39 -3.47 -3.44 -3.41 -3.89 -5.16 -5.09 -5.12

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DEBT RESEARCH TEAM

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

E-mail : [email protected]

Amir A. Dalimunthe ext. 2098 [email protected] Head of Fixed Income Research 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