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Analysts Amir A. Dalimunthe (62 21) 29 555 777 ext. 3405 amirda@danareksa.com Rifki Rizal (62 21) 29 555 777 ext. 3404 rifkir@danareksa.com

Please read important disclosure at the back of this report

8 APRIL 2014

The Two Side of a Coin

Indonesia FCLT Rating

S & P BB+ Moody’s Baa3

Fitch

BBB-Key Market Indicator as of 07-Apr-14 BI Rate 7.50%

JCI 4,921

IDR 11.305

Inflation (y-o-y)-Mar-14 7.75% Domestic Bonds Outstanding

Gov’t Bonds as of 02-Apr-14 IDR 1,072.3 bn Corp Bonds as of Mar-14 IDR 219.29 bn Previous Week Trading Volume

Government Bonds IDR 42.51 tn Corporate Bonds IDR 2.25 tn

Benchmark Yield as of 07-Apr-14 FR0069 (5 year) 7.592% FR0070 (10 year) 7.822% FR0071 (15 year) 8.204% FR0068 (20 year) 8.392% Source : Bloomberg, Mid YTM

Government Bond Indices as of 07-Apr-14 Price Index (Bloomberg : DGBIIDPR) 125.20 Yield Index (Bloomberg : DGBIIDYD) 7.98% TR Index (Bloomberg : DGBIIDTR) 390.91 Calendar of Event

9-Apr-14

Germany Current Account EUR (Survey : 18.0B; Prior : 16.2B) 10-Apr-14

US Initial Jobless Claim (Survey : 320K; Prior : 326K) 10-Apr-14

China Imports& Exports Trade Balance Value (Survey : $1.8%; Prior : $-22.99B)

Obligasi Pemerintah berdenominasi USD (INDON) yang masih outstanding tercatat sebesar USD33,99 miliar dengan rata-rata tenor dan kupon masing-masing sebesar 12,18 tahun dan 6,34%. Sementara itu, yield INDON 10-tahun per 4 April 2014 berada di level 5,019%, atau meningkat 15bps dari minggu sebelumnya. Peningkatan yield selama minggu lalu juga diikuti dengan meningkatnya Credit Default Swap Indonesia dari 250bps pada 28 Maret menjadi 256bps di akhir minggu.

There are still USD33.99 billion of outstanding Indonesia USD Government bonds (INDON) with a weighted average maturity of 12.18 years and coupon of 6.34%. As of April 4, 2014, the yield on INDON 10Y stood at 5.019%, or up 15bps from the previous week. The slightly higher yield was accompanied by an increase in Indonesia’s Credit Default Swap from 250bps on March 28, 2014 to 256bps at the end of the week.

Source : Bloomberg 0 200 400 600 800 1000 1200 1400 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Ja n -0 6 Ap r-06 Ju l-06 O ct -0 6 Ja n -0 7 Ap r-07 Ju l-07 O ct -0 7 Ja n -0 8 Ap r-08 Ju l-08 O ct -0 8 Ja n -0 9 Ap r-09 Ju l-09 O ct -0 9 Ja n -1 0 Ap r-10 Ju l-10 O ct -1 0 Ja n -1 1 Ap r-11 Ju l-11 O ct -1 1 Ja n -1 2 Ap r-12 Ju l-12 O ct -1 2 Ja n -1 3 Ap r-13 Ju l-13 O ct -1 3 Ja n -1 4 Ap r-14

INDON 10Y CDS 10Y (LHS)

Risiko yang lebih rendah dari 4Q13

Selain CDS, yield spread INDON terhadap US Treasury dengan tenor yang sepadan juga mampu menggambarkan required yield investor untuk obligasi INDON. Spread tersebut mencerminkan Sovereign Risk Premium, atau premi resiko yang diminta investor untuk memegang INDON dibandingkan dengan instrumen UST yang merupakan safe haven bagi investor global. Sepanjang minggu lalu, sovereign risk premium 10 -tahun mengalami peningkatan 11bps menjadi 221bps di akhir minggu. Sementara itu, rata-rata sovereign risk selama 1Q14 sebesar 238bps, atau mengalami penurunan 4bps dari rata-rata di 4Q13 yang mencapai 242bps.

Lower Risk than in 4Q13

Besides the CDS, the yield spread on INDON over the US Treasury with a similar tenor also gives an indication of the required investor yield for INDON. This spread is a measure of the Sovereign Risk Premium that is demanded by investors to hold INDON rather than UST instruments which are the acknowledged safe haven for global investors. Last week, the 10-year sovereign risk premium increased by 11bps to 221bps at the end of the week. In 1Q14, the average 10-year sovereign risk premium reached 238bps, or down 4bps from 242bps in 4Q13.

Exhibit 1. Yield on INDON 10Y & CDS 10Y

Bps 0 200 400 600 800 1000 1200 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Ja n -0 6 Ap r-06 Ju l-06 O ct -0 6 Ja n -0 7 Ap r-07 Ju l-07 O ct -0 7 Ja n -0 8 Ap r-08 Ju l-08 O ct -0 8 Ja n -0 9 Ap r-09 Ju l-09 O ct -0 9 Ja n -1 0 Ap r-10 Ju l-10 O ct -1 0 Ja n -1 1 Ap r-11 Ju l-11 O ct -1 1 Ja n -1 2 Ap r-12 Ju l-12 O ct -1 2 Ja n -1 3 Ap r-13 Ju l-13 O ct -1 3 Ja n -1 4 Ap r-14

Sovereign Risk (RHS) INDON 10Y UST 10Y

Exhibit 2. Yield on INDON 10Y, US Treasury 10Y & Sovereign Risk Premium 10Y

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sovereign risk premium 10-tahun masing-masing tercatat sebesar 224bps dan 181bps. Kemudian pada masa krisis global di tahun 2008 – 2009, rata-rata CDS meningkat menjadi 392bps sedangkan sovereign risk premium juga mengalami peningkatan 240bps menjadi 441bps. Resiko kembali turun di periode 2010 hingga 1Q14, sehingga baik rata-rata CDS ataupun sovereign risk mengalami penurunan masing-masing menjadi 238bps dan 189bps.

10-year sovereign risk premium stood at 224bps and 181bps, respectively. Then, during the global crisis in 2008 - 2009, the average CDS increased to 392bps while the sovereign risk premium surged 240bps to 441bps. In the period from 2010 to 1Q14 risk abated, with the average year CDS and 10-year sovereign risk premium falling to 238bps and 189bps, respectively.

Source : Bloomberg, Danareksa Estimates

0 200 400 600 800 1000 1200 1400 Ja n -0 6 Ap r-06 Ju l-06 O ct -0 6 Ja n -0 7 Ap r-07 Ju l-07 O ct -0 7 Ja n -0 8 Ap r-08 Ju l-08 O ct -0 8 Ja n -0 9 Ap r-09 Ju l-09 O ct -0 9 Ja n -1 0 Ap r-10 Ju l-10 O ct -1 0 Ja n -1 1 Ap r-11 Ju l-11 O ct -1 1 Ja n -1 2 Ap r-12 Ju l-12 O ct -1 2 Ja n -1 3 Ap r-13 Ju l-13 O ct -1 3 Ja n -1 4 Ap r-14

CDS 10Y Sovereign Risk Premium 10Y

Exhibit 3. Credit Default Swap 10Y & Sovereign Risk Premium

Credit default swap dan sovereign risk premium saling terkait karena merefleksikan risk premium yang diminta investor. Seperti dapat dilihat pada Apendiks 3, nilai CDS 10-tahun cenderung berada lebih tinggi 25 hingga 75 bps di atas sovereign risk premium 10-tahun, namun dalam kondisi krisis (3Q08 – 4Q09) nilai CDS cenderung sama bahkan lebih rendah dari sovereign risk premium.

The credit default swap and sovereign risk premium are closely related since they provide an indication of the risk premium that investors demand. As can be seen in Appendix 3, the 10-year CDS tends to be about 25 to 75 bps higher than the 10-year sovereign risk premium, but during times of crisis, like in the period from 3Q08 to 4Q09, the CDS tends to be around the same value or even lower than the sovereign risk premium.

Source : Bloomberg, Danareksa Estimates 0 200 400 600 800 1000 1200 1400 0 200 400 600 800 1000 1200

Exhibit 3. Scatterplot Credit Default Swap 10Y vs Sovereign Risk Premium 10Y

CDS 10Y So ver eign R isk P remium 10Y

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APPENDICES

Source : Bloomberg, Danareksa Estimates

0 50 100 150 200 250 300 350 400 450 500 14 9 20 1 25 4 30 6 35 8 41 0 46 2 51 4 56 6 61 8 67 0 72 2 77 4 82 6 87 8 93 0 98 3 1, 03 5 1, 08 7 1, 13 9 1, 19 1 1, 24 3 M ore

Exhibit 1. Histogram of Credit Default Swap 10Y in 2006 - 1Q14

Bps

Source : Bloomberg, Danareksa Estimates, www.treasury.gov 0 50 100 150 200 250 300 350 400 79 126 173 221 268 315 363 410 457 505 552 599 647 694 741 789 836 883 931 978 1, 025 1, 072 More

Exhibit 2. Histogram of Sovereign Risk Premium 10Y in 2006 - 1Q14

Bps

Source : Bloomberg, Danareksa Estimates, www.treasury.gov 0 50 100 150 200 250 300 350 400 -278 -257 -236 -215 -194 -173 -152 -131 -111 -90 -69 -48 -27 -6 15 36 57 78 99 120 141 162 Mor e

Exhibit 3. Histogram of Spread CDS 10Y over Sovereign Risk Premium 10Y

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Appendix 4. Government Bonds Trading 01 - 04 April 2014

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

Data Done (IDR bn) Class Duration

Price

3-Apr-14 SPN03140408 8-Apr-14 - - 99.95 3 167.27 0.05 < 1yr -

3-Apr-14 SPN12140410 10-Apr-14 - 0.01 99.96 4 77.67 0.04 < 1yr 0.01

4-Apr-14 SPN12140703 3-Jul-14 - 0.24 98.58 3 1,386.20 1.44 < 1yr 0.24

1-Apr-14 SPNS29072014 29-Jul-14 - 0.31 98.13 1 16.00 1.91 < 1yr 0.31

3-Apr-14 SPN12140731 31-Jul-14 - 0.31 98.15 1 650.00 1.88 < 1yr 0.31

4-Apr-14 SPN12140911 11-Sep-14 - 0.43 97.66 1 872.00 2.39 < 1yr 0.43

4-Apr-14 SPN12141009 9-Oct-14 - 0.50 97.01 1 6.53 3.08 < 1yr 0.50

4-Apr-14 FR0026 15-Oct-14 11.00 0.52 102.50 1 66.00 6.13 < 1yr 0.52

4-Apr-14 ORI008 15-Oct-14 7.95 0.52 100.20 4 708.11 7.93 < 1yr 0.52

3-Apr-14 VR0019 25-Dec-14 3.75 0.71 99.25 1 240.00 3.78 < 1yr 0.71

1-Apr-14 SPN03140506 6-Feb-15 - 0.83 94.97 1 103.00 5.30 < 1yr 0.83

3-Apr-14 FR0027 15-Jun-15 9.50 1.19 103.11 3 888.34 6.74 1yr - 5yr 1.19

2-Apr-14 IFR0001 15-Aug-15 11.80 1.35 104.95 4 28.00 7.91 1yr - 5yr 1.35

4-Apr-14 SR004 21-Sep-15 6.25 1.45 98.50 1 142.38 6.35 1yr - 5yr 1.45

4-Apr-14 ORI009 15-Oct-15 6.25 1.52 97.75 1 57.08 6.39 1yr - 5yr 1.52

3-Apr-14 SR005 27-Feb-16 6.00 1.89 97.25 6 109.51 6.17 1yr - 5yr 1.89

4-Apr-14 VR0022 25-Mar-16 3.75 1.96 98.23 1 200.00 3.82 1yr - 5yr 1.96

3-Apr-14 FR0030 15-May-16 10.75 2.10 107.16 2 324.84 7.04 1yr - 5yr 2.10

3-Apr-14 FR0055 15-Sep-16 7.38 2.44 100.40 3 62.90 7.19 1yr - 5yr 2.44

4-Apr-14 ORI010 15-Oct-16 8.50 2.52 102.00 3 703.85 8.33 1yr - 5yr 2.52

4-Apr-14 VR0023 25-Oct-16 4.81 2.55 98.25 1 160.00 4.90 1yr - 5yr 2.55

4-Apr-14 SR006 5-Mar-17 - 2.91 101.85 48 4,522.50 - 1yr - 5yr 2.91

4-Apr-14 FR0060 15-Apr-17 6.25 3.02 97.50 1 2,249.52 7.18 1yr - 5yr 3.02

4-Apr-14 FR0028 15-Jul-17 10.00 3.27 107.95 1 627.09 7.23 1yr - 5yr 3.27

2-Apr-14 PBS001 15-Feb-18 4.50 3.85 88.40 2 10.00 8.04 1yr - 5yr 3.85

3-Apr-14 FR0066 15-May-18 5.25 4.10 92.25 6 723.06 7.47 1yr - 5yr 4.10

1-Apr-14 FR0048 15-Sep-18 9.00 4.44 105.25 2 10.60 7.59 1yr - 5yr 4.44

4-Apr-14 FR0069 15-Apr-19 7.88 5.02 101.20 8 8,142.62 7.58 5yr - 10yr 5.02

3-Apr-14 FR0036 15-Sep-19 11.50 5.44 117.00 1 15.05 7.63 5yr - 10yr 5.44

4-Apr-14 VR0031 25-Jul-20 4.81 6.30 101.90 1 50.00 4.72 5yr - 10yr 6.30

4-Apr-14 FR0031 15-Nov-20 11.00 6.60 116.75 1 35.26 7.72 5yr - 10yr 6.60

3-Apr-14 FR0034 15-Jun-21 5.19 7.19 126.90 4 39.70 7.84 5yr - 10yr 7.19

3-Apr-14 FR0053 15-Jul-21 8.25 7.27 102.40 4 27.10 7.81 5yr - 10yr 7.27

3-Apr-14 FR0061 15-May-22 7.00 8.10 94.90 7 106.98 7.86 5yr - 10yr 8.10

3-Apr-14 FR0043 15-Jul-22 10.25 8.27 113.50 1 35.00 7.99 5yr - 10yr 8.27

4-Apr-14 FR0063 15-May-23 5.63 9.10 85.68 7 829.02 7.85 5yr - 10yr 9.10

1-Apr-14 FR0046 15-Jul-23 9.50 9.27 108.25 1 1.00 8.21 5yr - 10yr 9.27

4-Apr-14 FR0070 15-Mar-24 8.38 9.94 104.00 15 8,555.50 7.79 5yr - 10yr 9.94

2-Apr-14 FR0044 15-Sep-24 10.00 10.44 113.75 1 11.32 8.03 > 10yr 10.44

2-Apr-14 FR0040 15-Sep-25 11.00 11.44 120.25 2 105.43 8.23 > 10yr 11.44

3-Apr-14 FR0056 15-Sep-26 8.38 12.44 99.60 2 16.56 8.43 > 10yr 12.44

3-Apr-14 FR0059 15-May-27 7.00 13.10 88.75 4 75.95 8.43 > 10yr 13.10

2-Apr-14 FR0042 15-Jul-27 10.25 13.27 114.93 11 163.80 8.36 > 10yr 13.27

2-Apr-14 FR0047 15-Feb-28 10.00 13.85 112.00 1 55.00 8.51 > 10yr 13.85

2-Apr-14 FR0064 15-May-28 6.13 14.10 82.75 4 158.22 8.21 > 10yr 14.10

4-Apr-14 FR0071 15-Mar-29 9.00 14.94 106.00 9 2,044.74 8.29 > 10yr 14.94

3-Apr-14 IFR0006 15-Mar-30 10.25 15.94 113.90 2 33.58 8.63 > 10yr 15.94

Sumber: Danareksa, BEI

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APPENDICES

Appendix 5. Government Bonds Trading 01 - 04 April 2014 (cont’d)

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

Data Done (IDR bn) Class Duration

Price

2-Apr-14 FR0052 15-Aug-30 10.50 16.35 118.34 2 0.12 8.41 > 10yr 16.35

4-Apr-14 FR0054 15-Jul-31 9.50 17.27 109.50 1 93.60 8.44 > 10yr 17.27

4-Apr-14 FR0058 15-Jun-32 8.25 18.19 99.00 6 1,040.53 8.36 > 10yr 18.19

4-Apr-14 FR0065 15-May-33 6.63 19.10 81.50 4 276.90 8.61 > 10yr 19.10

4-Apr-14 FR0068 15-Mar-34 8.38 19.94 99.95 19 5,357.35 8.38 > 10yr 19.94

2-Apr-14 PBS004 15-Feb-37 6.10 22.85 74.25 1 0.24 8.71 > 10yr 22.85

3-Apr-14 FR0045 15-May-37 9.75 23.10 112.45 1 37.00 8.51 > 10yr 23.10

2-Apr-14 FR0050 15-Jul-38 10.50 24.27 119.50 1 8.65 8.58 > 10yr 24.27

3-Apr-14 FR0057 15-May-41 9.50 27.10 109.00 1 8.39 8.63 > 10yr 27.10

3-Apr-14 FR0062 15-Apr-42 6.38 28.02 75.00 2 72.29 8.79 > 10yr 28.02

2-Apr-14 FR0067 15-Feb-44 8.75 29.85 101.00 1 3.40 8.65 > 10yr 29.85

Sumber: Danareksa, BEI

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Appendix 6. Corporate Bonds Trading 01 - 04 April 2014

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

Data Done (IDR bn) Duration

Price

2-Apr-14 FIFA01BCN1 20-Apr-14 7.35 0.03 idAA+ 100.05 2 9.00 6.25 0.05

2-Apr-14 ADMF01BCN2 4-May-14 7.50 0.07 idAA+ 100.07 2 9.00 6.64 0.09

4-Apr-14 IMFI01ACN2 18-May-14 7.00 0.11 idA 99.67 1 7.00 9.62 0.12

3-Apr-14 ADMF05C 27-May-14 9.60 0.14 idAA+ 100.00 2 6.00 9.51 0.15

1-Apr-14 TAFS03A 27-May-14 6.60 0.14 AAA(idn) 99.80 1 3.00 7.84 0.15

1-Apr-14 ISAT05A 29-May-14 10.20 0.14 idAA+ 100.45 1 5.00 7.31 0.16

3-Apr-14 BTPN01ACN1 28-Jun-14 9.25 0.22 AA-(idn) 100.55 1 5.00 6.85 0.23

3-Apr-14 TRAC03B 5-Jul-14 7.75 0.24 idA+ 100.43 2 6.00 6.04 0.25

2-Apr-14 APLN01A 25-Aug-14 10.00 0.38 idA 100.00 7 5.00 9.98 0.38

3-Apr-14 ADMF04E 29-Oct-14 9.25 0.56 idAA 100.08 1 4.70 9.10 0.54

3-Apr-14 CFIN03C 8-Nov-14 10.25 0.58 idA+ 100.00 3 3.00 10.24 0.56

3-Apr-14 SIMP01 1-Dec-14 11.65 0.65 AA- 101.02 2 2.00 10.02 0.62

3-Apr-14 ADMF01BCN1 16-Dec-14 8.00 0.69 idAA+ 96.50 1 1.00 13.30 0.67

3-Apr-14 SIKMAPI01B 16-Dec-14 13.00 0.69 A+ 102.60 2 4.00 9.12 0.66

1-Apr-14 BBRI02 22-Dec-14 10.95 0.71 AA+ 101.18 1 0.20 9.24 0.69

3-Apr-14 TBIG01ACN1 22-Dec-14 9.00 0.71 AA-(idn) 101.05 1 1.00 7.48 0.69

3-Apr-14 BNGA01A 23-Dec-14 7.38 0.71 idAAA 99.32 4 30.00 8.35 0.69

3-Apr-14 SANF02C 20-Jan-15 8.40 0.78 idAA- 99.53 1 2.00 9.01 0.75

1-Apr-14 BFIN01BCN2 19-Feb-15 8.50 0.86 A+(idn) 98.78 4 4.00 9.95 0.83

3-Apr-14 ASDF01BCN1 21-Feb-15 8.00 0.87 idAA+ 98.98 1 32.10 9.21 0.83

3-Apr-14 ASDF12D 25-Feb-15 10.00 0.88 idAA 100.98 1 1.00 8.84 0.84

3-Apr-14 AIRJ01C 13-Mar-15 13.25 0.93 A(idn) 104.04 1 30.00 8.73 0.88

1-Apr-14 FIFA01ACN3 24-Mar-15 9.60 0.96 idAA+ 100.50 1 50.00 9.06 0.93

3-Apr-14 BCAF01ACN3 7-Apr-15 9.00 1.00 idAAA 100.50 13 61.20 8.48 0.94

1-Apr-14 ISAT06B 9-Apr-15 10.80 1.00 idAA+ 100.00 1 30.00 10.80 0.93

1-Apr-14 BCAF01CCN1 9-May-15 7.60 1.09 idAA+/AA+(idn) 98.85 2 4.00 8.70 1.04

2-Apr-14 TUFI06D 19-May-15 10.70 1.11 idA+ 101.50 5 50.00 9.28 1.04

4-Apr-14 BIIF01B 7-Jun-15 7.90 1.16 AA+(idn) 101.85 1 1.00 6.25 1.11

1-Apr-14 IMFI04C 9-Jun-15 10.65 1.17 idA 100.00 4 40.00 10.64 1.10

3-Apr-14 BCAF04E 22-Jun-15 9.00 1.21 idAA+ 100.20 1 0.50 8.82 1.14

3-Apr-14 PPLN12A 8-Jul-15 9.70 1.25 idAA+ 100.48 1 8.00 9.29 1.15

1-Apr-14 BTPN01ACN2 3-Aug-15 7.75 1.32 AA-(idn) 97.96 2 4.00 9.38 1.24

1-Apr-14 BNGA01ACN2 20-Nov-15 8.75 1.62 idAAA 98.25 1 0.10 9.92 1.49

3-Apr-14 BTPN03B 22-Dec-15 9.20 1.71 AA-(idn) 99.80 1 0.80 9.33 1.57

1-Apr-14 BJBR07B 9-Feb-16 10.20 1.84 idAA- 100.00 1 50.00 10.20 1.65

1-Apr-14 NISP01CCN1 19-Feb-16 7.40 1.86 idAAA/AAA(idn) 96.40 1 2.00 9.51 1.72

3-Apr-14 ADMF02CCN1 1-Mar-16 7.85 1.90 idAA+ 95.87 1 28.00 10.25 1.73

1-Apr-14 IMFI01CCN1 11-May-16 8.25 2.09 idA 100.00 1 75.00 8.25 1.90

3-Apr-14 BIIF02A 19-Jun-16 7.75 2.20 AA+ (idn) 95.00 2 20.00 10.31 1.99

1-Apr-14 JMPD12Q 6-Jul-16 13.50 2.24 idAA 100.00 1 5.00 13.50 1.86

4-Apr-14 APLN01B 25-Aug-16 11.00 2.38 idA 101.85 1 2.00 10.12 2.06

1-Apr-14 BBTN12 19-Sep-16 12.75 2.45 idAA 100.00 1 10.00 12.75 2.08

3-Apr-14 ASDF02BCN2 26-Nov-16 9.50 2.63 idAA+/AAA(idn) 100.04 1 32.00 9.48 2.30

3-Apr-14 BNII01BCN1 6-Dec-16 8.75 2.66 AAA(idn) 99.50 1 10.00 8.96 2.35

3-Apr-14 JPFA01CN1 12-Jan-17 9.90 2.76 idA 101.35 4 5.40 9.34 2.36

3-Apr-14 TAFS01BCN1 13-Feb-17 10.50 2.85 AAA(idn) 100.68 4 63.00 10.22 2.41

4-Apr-14 BFIN02CCN1 7-Mar-17 11.50 2.91 idA+ 100.10 3 11.00 11.46 2.43

3-Apr-14 FIFA01BCN3 14-Mar-17 10.50 2.93 idAA+ 100.00 2 65.00 10.50 2.49

3-Apr-14 BCAF01BCN3 27-Mar-17 10.00 2.97 idAAA 100.30 2 90.00 9.88 2.55

2-Apr-14 CTRR01A 2-Apr-17 11.40 2.98 A(idn) 100.50 5 34.00 11.20 2.51

Sumber: Danareksa, BEI

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APPENDICES

Appendix 7. Corporate Bonds Trading 01 - 04 April 2014 (cont’d)

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

Data Done (IDR bn) Duration

Price

4-Apr-14 ASDF02BCN3 4-Apr-17 10.50 2.99 AAA(Idn) 99.85 1 10.00 10.56 2.54

1-Apr-14 SMFP01CCN2 25-Apr-17 7.55 3.05 AA(idn) 87.50 1 0.30 12.52 2.62

3-Apr-14 INDF06 31-May-17 7.25 3.15 idAA+ 94.02 3 15.00 9.46 2.75

1-Apr-14 JMPD13R 21-Jun-17 10.25 3.20 idAA 100.00 1 50.00 10.25 2.71

3-Apr-14 ADHISM1CN1 3-Jul-17 - 3.24 idA(sy) 98.19 4 6.60 - -

1-Apr-14 PPLN09A 10-Jul-17 10.40 3.26 idAA+ 100.00 1 20.00 10.40 2.68

1-Apr-14 SIKPPLN01 10-Jul-17 10.40 3.26 idAA+(sy) 100.00 2 14.00 10.40 2.68

2-Apr-14 BNGA01BCN1 30-Oct-17 7.75 3.56 IdAAA/AAA(idn) 94.75 4 122.00 9.50 3.03

3-Apr-14 SSIA01B 6-Nov-17 9.30 3.58 idA 99.14 3 165.00 9.58 2.98

3-Apr-14 PNBN04SB 9-Nov-17 10.50 3.59 idAA-/A+(idn) 96.97 4 9.00 11.54 2.90

3-Apr-14 PNBN04SB 9-Nov-17 10.50 3.59 idAA-/A+(idn) 96.97 4 9.00 11.54 2.90

1-Apr-14 PJAA02B 27-Dec-17 8.40 3.72 idAA- 94.78 2 20.00 10.09 3.15

1-Apr-14 BSBR01SB 13-Jan-18 10.90 3.76 idA- 97.71 6 20.00 11.66 2.98

1-Apr-14 BJBR07C 9-Feb-18 10.40 3.84 idAA- 100.00 1 50.00 10.40 3.10

4-Apr-14 ADHISM1CN2 15-Mar-18 8.10 3.94 idA(sy) 91.80 2 3.00 - -

1-Apr-14 PTPP01CN1 19-Mar-18 8.38 3.95 idA- 95.50 7 15.00 9.76 3.31

3-Apr-14 SIAISA01 5-Apr-18 10.25 3.99 idA-(sy) 101.60 10 14.00 9.76 3.18

2-Apr-14 AISA01 5-Apr-18 10.25 3.99 idA- 97.50 3 27.00 11.03 3.16

3-Apr-14 APLN01CN1 27-Jun-18 9.25 4.22 idA 95.75 7 15.05 10.51 3.44

3-Apr-14 BNLI02SB 28-Jun-18 11.00 4.22 idAA- 104.54 4 4.70 9.68 3.38

1-Apr-14 GIAA01CN1 5-Jul-18 9.25 4.24 A(idn) 100.00 1 150.00 9.25 3.41

3-Apr-14 BNII01SBCN1 6-Dec-18 10.00 4.66 AA-(idn) 97.80 4 15.00 10.60 3.65

2-Apr-14 PPLN01ACN2 10-Dec-18 9.00 4.67 idAAA 99.05 4 24.00 9.25 3.76

2-Apr-14 SMRA01CN1 11-Dec-18 10.85 4.68 idA+ 101.20 1 2.00 10.52 3.63

3-Apr-14 SISMRA01CN1 11-Dec-18 10.85 4.68 idA+(sy) 101.84 5 15.00 10.35 3.63

4-Apr-14 CTRR01B 2-Apr-19 12.40 4.98 A(idn) 102.00 8 23.83 11.86 3.70

3-Apr-14 BNLI01SBCN1 15-Jun-19 8.90 5.19 idAA- 95.74 2 2.00 9.96 4.07

4-Apr-14 ISAT08A 27-Jun-19 8.63 5.22 idAA+ 95.25 1 4.52 9.80 4.13

3-Apr-14 PNBN01SBCN1 20-Dec-19 9.40 5.70 idAA- 100.02 5 30.60 9.39 4.37

1-Apr-14 SMFP02CCN1 27-Dec-19 8.00 5.72 idAA 88.14 1 10.00 10.80 4.45

1-Apr-14 PPLN11B 12-Jan-20 12.55 5.76 idAA+ 100.00 1 330.00 12.55 3.96

1-Apr-14 BBTN14 11-Jun-20 10.25 6.18 idAA- 100.00 1 100.00 10.25 4.52

1-Apr-14 PTHK01C 28-Jun-20 9.50 6.22 idA- 100.00 1 20.00 9.50 4.66

3-Apr-14 SIPPLN01CN1 5-Jul-20 8.00 6.24 idAAA 95.30 5 20.00 8.99 4.74

1-Apr-14 PPLN09B 10-Jul-22 12.25 8.26 idAA+ 100.00 1 6.00 12.25 5.02

Sumber: Danareksa, BEI

(8)

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