9 - 13 DECEMBER 2013
Indonesia FCLT Rating
S & P BB+
Moody's Baa3
Fitch
BBB-Key Market Indicators as of 09-Dec-13
BI Rate 7.50%
JCI Index 4,214
IDR 11,974
Inflation(y-o-y) - Nov-13 8.37% Domestic Bonds Outstanding as of 09-Dec-13 Government Bonds
Corporate Bonds
Previous Week Trading Volume Government Bonds
Corporate Bonds
Benchmark Yield as of 09-Dec-13
FR0066 (5 year) 8.183%
FR0063 (10 year) 8.706%
FR0064 (15 year) 9.156%
FR0065 (20 year) 9.218%
Source : Bloomberg, Mid YTM
Government Bonds Indices as of 09-Dec-13 Price Index (Bloomberg : DGBIIDPR) 118.56 Yield Index (Bloomberg : DGBIIDYD) 8.80%
Total Return YTD 360.41
Calendar of Event 12-Dec-13
(Survey : 320K Prior : 298K) 12-Dec-13
Bank Indonesia Reference Rate (Survey : 7.5%; Prior : 7.5%) 16-Dec-13
(Survey : NA; Prior : 52.7K)
Analysts Rifki Rizal 3509888 ext 3404 rifkir@danareksa.com Amir A. Dalimunthe 3509888 ext.3405 amirda@danareksa.com
Please read important disclosure at the back of this report
IDR 2.24tn IDR 1002.3tn IDR 219.03tn
IDR 37.34tn
US Initial Jobless Claim
Germany Manufacturing PMI Markit Survey
BI Rate : Here to Stay
The weakening trend of the rupiah is the main reason why foreign and local investors are taking a cautious stance on the Indonesian bonds market. From the end of 2012 until December 6, 2013, the rupiah lost 22.17 % of its value, depreciating to IDR11,964 per US$ from IDR9,795 per US$. So far in 2013, the average rupiah/US$ exchange rate stands at IDR10,347 US$. This compares to an average rate of IDR8,772 per US$ in 2011 and IDR9,386 per US$ in 2012. To shore up the value of the rupiah, Bank Indonesia may use the reverse repo or the BI rate to reduce the money supply in circulation. This seems evident last week as the outstanding reverse repo showed a significant increase (up IDR27.1 trillion to IDR113.9 trillion) while domestic bank SUN holdings increased by IDR24.97 trillion to IDR381.3 trillion in the week up to 4 December. With BI using the reverse repo to support the rupiah, the BI rate can be expected to stay at 7.5% for the rest of theTren pelemahan Rupiah yang terus berlanjut masih menjadi fokus utama para investor asing ataupun lokal untuk berhati-hati dalam berinvestasi di pasar Obligasi. Dari akhir tahun 2012 hingga 6 Desember 2013, Rupiah telah mengalami depresiasi sebesar 22,17%, atau meningkat dari Rp9,795 per US$ menjadi Rp11.964 per US$. Selain itu, rata-rata nilai tukar Rupiah pada tahun 2013 mencapai Rp10.347 US$, sedangkan rata-rata untuk tahun 2011 dan 2012 masing-masing sebesar Rp8.772 per US$ dan Rp9.386 per US$. Bank Indonesia dapat menggunakan Reverse Repo atau BI rate untuk mengurangi jumlah uang yang beredar. Hal tersebut dapat dilihat dari peningkatan outstanding reverse repo yang signifikan selama minggu lalu yaitu sebesar Rp27,1 triliun dan meningkatnya kepemilikan domestik bank sebesar Rp24,97 triliun menjadi Rp381,3 triliun dari tanggal 29 November hingga 4 Desember 2013. BI memilih menggunakan Reverse Repo sebagai instrumen pengendalian Rupiah, oleh sebab itu BI rate diperkirakan tetap di 7,5% hingga akhir tahun .
Average Rupiah
Source: Bloomberg, Danareksa Estimate
Bank Indonesia (incl. RR) & Domestic Bank (excl. RR) Ownership Source: Bloomberg, Danareksa Estimate
Monthly Money Supply & Average Reverse Repo Outstanding
Source: Bloomberg, Danareksa Estimate 9,710 9,166 9,141 9,675 10,396 9,084 8,772 9,386 10,347 8,000 8,500 9,000 9,500 10,000 10,500 11,000 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 0 50 100 150 200 250 300 350 400 450 Dec -11 Ja n-12 Feb-12 Mar-12 Ap r-1 2 May-1 2 Ju n-12 Ju l-12 Au g-1 2 Sep -12 Oct-12 Nov-1 2 Dec -12 Ja n-13 Feb-13 Mar-13 Ap r-1 3 May-1 3 Ju n-13 Ju l-13 Au g-1 3 Sep -13 Oct-13 Nov-1 3 Dec -13 ID R Tr illio n
Bank Indonesia (incl. RR) Domestic Bank (excl. RR BI)
30 40 50 60 70 80 90 600 650 700 750 800 850 900 30-Nov-11 31-De c-11 31-Jan-12 29-Feb -12
31-Mar-12 30-Apr-12 31-May-12 30-Jun-12 31-Jul-12 31-Aug-12 30-Se
p -12 31 -Oct -1 2 30-Nov-12 31-De c-12 31-Jan-13 28-Feb -13
31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13 31-Aug-13 30-Se
p -13 31 -Oct -1 3 30-Nov-13 ID R Tr illio n ID R Tr illio n
MACROECONOMICS CONDITION
Yield Index CDS 5-Year (bps)
Gov't Bonds Ownership Rupiah closed at Rp11,964 per USD
Instrument of Tightening
The government bonds yield index rose 6bps from 8.72% to 8.78% at the end of last week. Meanwhile, Indonesia’s 5-year Credit default swaps (CDS) stood at 225bps as of 6 December, down 10 bps over the week, while Brazil’s 5-year CDS moved in line with Turkey’s 5-year CDS. Bank Indonesia’s holdings of government bonds dropped to IDR3.3 trillion as of December 4, 2013, while foreign holdings rose IDR1.72 trillion to IDR325.9 trillion from IDR324.2 trillion. The SUN holdings of domestic banks were recorded at IDR381.2 trillion. Based on this data, it appears that Bank Indonesia reduced money supply by making use of the reverse repo; or, in other words, BI is tightening.
Indeks yield obligasi Pemerintah meningkat 6bps dari 8,72% menjadi 8,78% pada akhir minggu lalu. Credit default swap (CDS) 5-tahun Indonesia per tanggal 6 Desember sebesar 225bps, turun 10 bps dari minggu sebelumnya. Sedangkan CDS 5-tahun Brazil bergerak beriringan dengan CDS 5-tahun Turki sejak akhir November 2013. Kepemilikan Bank Indonesia dalam obligasi Pemerintah per 4 Desember 2013 turun menjadi Rp3,3 triliun, sementara itu kepemilikan asing naik Rp1,72 triliun dari Rp324,2 triliun menjadi Rp325,9 triliun. Di sisi lain, kepemilikan domestik bank akhir minggu lalu mencapai Rp381,2 triliun. Berdasarkan data tersebut, terlihat bahwa BI menarik uang yang beredar dengan menggunakan Reverse Repo, atau dengan kata lain BI melakukan kebijakan pengetatan moneter.
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 10 20 30 40 50 60 70 80 90 100 110 120 265 285 305 325 345 365 385 9-Sep-13 12-Se p -13 17-Se p -13 20-Se p -13 25-Se p -13 30-Se p -13
3-Oct-13 8-Oct-13 11-Oct
-1 3 18 -Oct -1 3 23 -Oct -1 3 28 -Oct -1 3 31 -Oct -1 3 6-N o v-1 3
11-Nov-13 14-Nov-13 19-Nov-13 22-Nov-13 27-Nov-13 2-Dec-13
ID R tr illio n ID R tr illio n
RR-BI (RHS) BI (RHS) Domestic Bank Foreign Investors
10,650 10,750 10,850 10,950 11,050 11,150 11,250 11,350 11,450 11,550 11,650 11,750 11,850 11,950 12,050 9-Dec-13 4-Dec-13 29-Nov-13 26-Nov-13 21-Nov-13 18-Nov-13 13-Nov-13 8-N o v-1 3 4-N o v-1 3 30 -Oct -1 3 25 -Oct -1 3 22 -Oct -1 3 17 -Oct -1 3 10 -Oct -1 3 7-Oct-13 2-Oct-13 27-Se p -13 24-Se p -13 19-Se p -13 16-Se p -13 6.75% 7.00% 7.25% 7.50% 7.75% 8.00% 8.25% 8.50% 8.75% 9.00% 11-Se p -13 16-Se p -13 19-Se p -13 24-Se p -13 27-Se p -13
2-Oct-13 7-Oct-13 10-Oct
-1 3 17 -Oct -1 3 22 -Oct -1 3 25 -Oct -1 3 30 -Oct -1 3 4-N o v-1 3 8-N o v-1 3
13-Nov-13 18-Nov-13 21-Nov-13 26-Nov-13 29-Nov-13 4-Dec-13 9-Dec-13
Yield Index (LHS) BI Rate
Inflation Inflation Forecast
75 100 125 150 175 200 225 250 275 300 9-Dec-13 3-Dec-13 27-Nov-13 21-Nov-13 15-Nov-13 11-Nov-13 4-N o v-1 3 29 -Oct -1 3 23 -Oct -1 3 17 -Oct -1 3 9-Oct-13 3-Oct-13 27-Se p -13 23-Se p -13 17-Se p -13 11-Se p -13 5-Sep-13 30-Aug-13 26-Aug-13
Indonesia Philipinnes Brazil Turkey
0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0 1 2 3 4 5 6 7 ID R tr illio n Term to Maturity Financial Company 37.66% Property & Construction 26.13% Infrastructure 19.92% Banking8.72%
Mining Oil & Natural Gas
3.08% Others
GOVERNMENT BONDS REVIEW
Yield Curve Comparison as of 29November 2013 Yield Curve Change from 29 November to 6 December 2013 Daily Trading Volume
Gov't Bonds Benchmark Series Yield
The uptrend in government bond yields eased for both mid and long tenors (this is reflected in the fact that the change in the yield curve was greater for short tenors than it was for either mid or long tenors). Note that the average yield increase for short tenors was 0.21%, whereas for medium and long tenors the figures were 0.026% and 0.008%, respectively. Last week’s total trading in government bonds reached IDR37.36 trillion, up by IDR61.8 billion from the previous week. Total trading in corporate bonds, by comparison, reached IDR2.24 trillion, up from IDR708 billion the previous week. Last week’s government bonds trading was dominated by trading in long tenors (40.58%), while the trading in corporate bonds was dominated by 2-year tenors (amounting to Rp716 billion).
Greater pressure on short tenor
Tren peningkatan yield obligasi melambat untuk tenor panjang, hal tersebut tercermin dari perubahan yield curve yang tertekan lebih dalam untuk tenor pendek. Rata-rata peningkatan untuk tenor pendek sebesar 0,21%, sedangkan untuk tenor menengah dan panjang masing-masing sebesar 0,026% dan 0,008%. Total perdagangan obligasi Pemerintah minggu lalu mencapai Rp37,36 triliun, naik Rp61,8 miliar dari minggu sebelumnya yang mencapai Rp37,28 triliun. Sementara itu, total perdagangan obligasi koporasi minggu lalu sebesar Rp2,24 triliun, naik Rp708 miliar dari minggu lalu. Perdagangan obligasi Pemerintah minggu lalu didominasi oleh tenor panjang sebesar 40,58%, sedangkan perdagangan obligasi korporasi didominasi oleh tenor 2-tahun sebesar Rp716 miliar.
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
4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 9-Dec-13 19-Nov-13 29 -Oct -1 3 7-Oct-13 17-Se p -13 28-Aug-13 1-A u g -13 12-Jul-13 24-Jun-13 3-J u n-1 3 14-May-13 23-Apr-13 3-A p r-1 3 13-Mar-13 20-Feb -13 31-Jan-13 10-Jan-13 17-De c-12 FR0066 - 5Y FR0063 - 10Y FR0064 - 15Y FR0065 - 20Y 0 2 4 6 8 10 12 14 9-Dec-13 6-Dec-13 5-Dec-13 4-Dec-13 3-Dec-13 2-Dec-13 29-Nov-13 28-Nov-13 27-Nov-13 26-Nov-13 ID R tr illio n
Govt Short Govt Med Govt Long Corp
1.50% 2.86% 3.24% 3.61% 3.88% 4.19% 5.74% 6.29% 6.55% 6.74% 8.28% 8.84% 9.13% 9.27% 9.39% 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% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 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
1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 30-Nov-12 18-De c-12 5-J a n-13 23-Jan-13 10-Feb -13 28-Feb -13 18-Mar-13 5-A p r-1 3
23-Apr-13 11-May-13 29-May-13 16-Jun-13
4-J u l-1 3 22-Jul-13 9-A u g -13 27-Aug-13 14-Se p -13 2-Oct-13 20-Oct -1 3 7-N o v-1 3 25-Nov-13
Currency Risk Premium 10Y (LHS) INDON 10Y SUN 10Y 0.9% 1.4% 1.8% 2.3% 2.7% 3.2% 3.6% 1.1% 1.6% 2.1% 2.6% 3.1% 3.6% 4.1% 4.6% 5.1% 5.6% 6.1% 6.6% 30-Nov-12 20-De c-12 9-J a n-13 29-Jan-13 18-Feb -13
10-Mar-13 30-Mar-13 19-Apr-13 9-M
a y-13 29-May-13 18-Jun-13 8-J u l-1 3
28-Jul-13 17-Aug-13 6-Sep-13
26-Se p -13 16 -Oct -1 3 5-N o v-1 3 25-Nov-13
5-Dec-13 11-Dec-13 - 0.00 99.96 1.00 0.04 < 1yr
5-Dec-13 15-Dec-13 14.28 0.01 100.15 2.00 8.39 < 1yr
5-Dec-13 9-Jan-14 - 0.08 99.45 1.00 0.55 < 1yr
4-Dec-13 24-Jan-14 - 0.12 99.39 4.00 0.62 < 1yr
4-Dec-13 17-Feb-14 - 0.19 99.00 1.00 1.01 < 1yr
5-Dec-13 23-Feb-14 8.15 0.20 100.05 4.00 8.15 < 1yr
5-Dec-13 4-Mar-14 - 0.23 98.44 2.00 1.58 < 1yr
5-Dec-13 14-Mar-14 - 0.26 98.21 1.00 1.82 < 1yr
3-Dec-13 7-May-14 - 0.41 97.77 1.00 2.28 < 1yr
5-Dec-13 15-May-14 11.25 0.43 102.00 1.00 6.58 < 1yr
3-Dec-13 27-May-14 - 0.46 97.20 1.00 2.88 < 1yr
5-Dec-13 3-Jul-14 - 0.56 96.66 1.00 3.45 < 1yr
3-Dec-13 31-Jul-14 - 0.64 96.10 1.00 4.06 < 1yr
5-Dec-13 9-Oct-14 - 0.83 94.66 1.00 5.64 < 1yr
6-Dec-13 15-Oct-14 7.95 0.85 99.25 7.00 8.01 < 1yr
6-Dec-13 15-Oct-14 11.00 0.85 102.55 3.00 7.84 < 1yr
6-Dec-13 25-Apr-15 4.81 1.38 98.50 1.00 4.88 1yr - 5yr
6-Dec-13 15-Jun-15 9.50 1.51 102.85 1.00 7.48 1yr - 5yr
4-Dec-13 15-Aug-15 11.80 1.68 105.53 2.00 8.23 1yr - 5yr
6-Dec-13 21-Sep-15 6.25 1.78 95.25 7.00 6.56 1yr - 5yr
6-Dec-13 15-Oct-15 6.25 1.85 95.70 8.00 6.53 1yr - 5yr
2-Dec-13 25-Nov-15 3.75 1.96 98.75 1.00 3.80 1yr - 5yr
6-Dec-13 27-Feb-16 6.00 2.21 94.75 8.00 6.33 1yr - 5yr
6-Dec-13 15-May-16 10.75 2.43 106.05 1.00 7.97 1yr - 5yr
6-Dec-13 15-Sep-16 7.38 2.76 98.07 2.00 8.16 1yr - 5yr
6-Dec-13 15-Oct-16 8.50 2.85 99.90 39.00 8.51 1yr - 5yr
5-Dec-13 25-Oct-16 4.81 2.88 98.20 1.00 4.90 1yr - 5yr
2-Dec-13 15-Apr-17 6.25 3.35 95.10 1.00 7.93 1yr - 5yr
6-Dec-13 15-Jul-17 10.00 3.60 105.88 1.00 8.08 1yr - 5yr
6-Dec-13 15-May-18 5.25 4.43 88.90 3.00 8.29 1yr - 5yr
3-Dec-13 15-Jul-18 15.00 4.60 126.20 1.00 8.08 1yr - 5yr
2-Dec-13 15-Aug-18 5.19 4.68 111.00 1.00 9.02 1yr - 5yr
3-Dec-13 15-Aug-18 11.60 4.68 113.00 1.00 8.20 1yr - 5yr
3-Dec-13 15-Sep-18 9.00 4.76 103.00 1.00 8.22 1yr - 5yr
6-Dec-13 15-Apr-19 7.88 5.35 98.00 32.00 8.34 5yr - 10yr
3-Dec-13 15-Sep-19 11.50 5.76 113.90 1.00 8.41 5yr - 10yr
5-Dec-13 15-Nov-20 11.00 6.93 112.80 3.00 8.52 5yr - 10yr
6-Dec-13 15-Jun-21 12.80 7.51 123.00 3.00 8.59 5yr - 10yr
6-Dec-13 15-Jul-21 8.25 7.60 97.50 5.00 8.70 5yr - 10yr
6-Dec-13 15-May-22 7.00 8.43 89.50 3.00 8.79 5yr - 10yr
5-Dec-13 15-Jun-22 12.90 8.51 124.50 1.00 8.76 5yr - 10yr
6-Dec-13 15-Jul-22 10.25 8.60 108.50 1.00 8.82 5yr - 10yr
6-Dec-13 15-May-23 5.63 9.43 80.00 10.00 8.78 5yr - 10yr
2-Dec-13 15-Jul-23 9.50 9.60 105.00 1.00 8.72 5yr - 10yr
6-Dec-13 15-Mar-24 8.38 10.26 97.80 5.00 8.70 > 10yr
6-Dec-13 15-Sep-24 10.00 10.76 107.70 2.00 8.87 > 10yr
6-Dec-13 15-Sep-25 11.00 11.76 113.50 2.00 9.10 > 10yr
5-Dec-13 15-Sep-26 8.38 12.76 94.30 4.00 9.14 > 10yr
6-Dec-13 15-May-27 7.00 13.43 82.75 3.00 9.27 > 10yr
6-Dec-13 15-Jul-27 10.25 13.60 108.25 1.00 9.17 > 10yr
6-Dec-13 15-Feb-28 10.00 14.18 105.25 2.00 9.32 > 10yr
6-Dec-13 15-May-28 6.13 14.43 75.75 9.00 9.19 > 10yr
6-Dec-13 15-Mar-29 9.00 15.26 98.00 27.00 9.24 > 10yr
5-Dec-13 15-Aug-30 10.50 16.68 111.00 5.00 9.20 > 10yr
6-Dec-13 15-Jul-31 9.50 17.60 101.85 1.00 9.28 > 10yr
6-Dec-13 15-Jun-32 8.25 18.51 99.97 23.00 8.25 > 10yr
6-Dec-13 15-May-33 6.63 19.43 74.85 15.00 9.48 > 10yr
6-Dec-13 15-Mar-34 8.38 20.26 93.35 38.00 9.10 > 10yr
5-Dec-13 15-May-37 9.75 23.43 105.00 1.00 9.22 > 10yr
5-Dec-13 15-Jul-38 10.50 24.60 110.75 7.00 9.37 > 10yr
Last Trade Date Modified Duration 0.20 0.23 0.26 0.41 153.45 137.26 279.90 100.00 0.12 0.19 0.08 0.00 0.01 1.51 1.68 1.78 1.85 183.29 2.00 81.28 160.98 Freq Tenor Class 0.43 0.46 0.56 0.64 30.03 230.00 20.00 0.83 0.85 0.85 1.38 63.70 3.35 3.60 2,645.51 115.00 12.00 25.90 1.96 2.21 2.43 2.76 120.00 83.16 15.00 115.08 2.85 2.88 4.76 5.35 5.76 6.93 1.00 1,468.02 28.30 54.01 4.43 4.60 4.68 4.68 1,569.25 75.00 6.00 2.00 8.60 9.43 9.60 10.26 50.50 3,736.85 25.00 3,328.92 7.51 7.60 8.43 8.51 241.79 435.27 107.37 40.00 10.76 11.76 12.76 13.43 FR0059 270.85 316.54 113.01 44.08 13.60 14.18 14.43 15.26 FR0042 FR0047 FR0064 FR0071 432.20 143.00 1,901.58 2,681.75 16.68 17.60 18.51 19.43 FR0052 FR0054 FR0058 FR0065 308.71 441.15 1,943.76 2,368.10 20.26 23.43 FR0068 FR0045 7,004.16 203.00 FR0050 150.00 24.60 FR0046 FR0070 FR0044 FR0040 FR0056 IFR0001 SR004 ORI009 VR0021 SR005 FR0030 FR0055 ORI010 VR0023 FR0060 FR0028 FR0066 FR0032 IFR0002 FR0038 FR0069 FR0036 FR0031 FR0034 FR0027 FR0048 FR0053 FR0061 FR0035 FR0043 FR0063 Yield 45.25 512.60 132.30 Bonds SPN03131211 FR0020 SPN03140109 SPNS24012014 SPN03130807 FR0051 SPNS27052014 SPN12140703 SPN12140731 SPN12141009 ORI008 FR0026 VR0020 SPN12140314
Maturity Coupon Tenor Vol (IDR
Bn) 300.00 SPN12140217 SR003 SPNS04032014 200.00 240.00 1,652.00 Last Done Price 136.09 11.24
APPENDICES
Appendix 1. Government Bonds Trading 2 December - 6 December 2013
6-Dec-13 15-Apr-42 6.38 28.35 76.25 3.00 8.63 > 10yr
3-Dec-13 15-Apr-43 6.75 29.35 74.32 2.00 9.32 > 10yr
28.35 FR0062 5.56 Tenor Class Modified Duration Last Done
Price Freq Yield
Last Trade
Date Bonds Maturity Coupon Tenor
Vol (IDR Bn)
PBS005 50.00 29.35
APPENDICES
Appendix 1. Government Bonds Trading 2 December - 6 December 2013 (Cont'd)
3-Dec-13 16-Dec-13 7.75 0.02 idAA+ 100.04 1.50 6.64
6-Dec-13 14-Jan-14 10.65 0.09 [Idr]BBB 99.00 17.00 19.98
3-Dec-13 20-Jan-14 7.70 0.11 idAA- 99.60 5.00 10.71
6-Dec-13 25-Jan-14 9.30 0.13 idA 100.20 0.20 7.73
5-Dec-13 1-Mar-14 6.40 0.23 idAAA/AAA(idn) 99.20 40.00 9.82
6-Dec-13 4-Mar-14 6.75 0.23 idAA+ 99.22 55.00 10.00
2-Dec-13 18-Mar-14 11.25 0.27 id A 100.35 5.00 10.01
6-Dec-13 31-Mar-14 6.80 0.31 idAA 99.53 0.20 8.30
6-Dec-13 14-Apr-14 6.75 0.34 idAA+/AAA(idn) 99.77 20.20 7.40
5-Dec-13 20-Apr-14 7.35 0.36 idAA+ 99.48 0.30 8.77
4-Dec-13 26-Apr-14 9.60 0.38 idAA 99.33 2.00 11.34
6-Dec-13 18-May-14 7.00 0.44 idA 99.16 0.20 8.91
4-Dec-13 27-May-14 9.60 0.46 idAA+ 100.50 3.90 8.52
2-Dec-13 27-May-14 6.60 0.46 AAA(idn) 99.30 1.10 8.08
4-Dec-13 29-May-14 10.20 0.47 idAA+(sy) 99.53 4.00 11.20
4-Dec-13 29-May-14 10.20 0.47 idAA+ 100.33 4.00 9.49
6-Dec-13 8-Jun-14 10.37 0.49 idAA- 100.99 0.20 8.34
4-Dec-13 17-Jun-14 14.25 0.52 AA- 102.50 4.00 9.40
4-Dec-13 18-Jun-14 13.00 0.52 AA 101.29 4.00 10.49
4-Dec-13 24-Jun-14 6.50 0.54 idAA+/AAA(idn) 98.18 30.00 9.90
6-Dec-13 5-Jul-14 7.75 0.57 idA+ 98.84 0.20 9.82
3-Dec-13 7-Jul-14 6.75 0.58 idAA+ 98.95 1.00 8.57
2-Dec-13 6-Oct-14 11.50 0.82 AA- 91.50 91.47 22.82
4-Dec-13 12-Oct-14 7.50 0.84 idAA+ 98.50 116.00 9.34
6-Dec-13 29-Oct-14 9.25 0.89 idAA 99.90 20.20 9.36
2-Dec-13 3-Nov-14 9.15 0.90 idAA+ 99.35 5.00 9.89
5-Dec-13 8-Nov-14 10.25 0.91 idA+ 101.08 6.00 9.02
6-Dec-13 11-Nov-14 12.25 0.92 idAA+ 102.47 58.00 9.44
5-Dec-13 1-Dec-14 11.65 0.98 AA- 102.50 9.50 8.98
2-Dec-13 1-Dec-14 11.65 0.98 AA- 103.00 3.00 8.48
5-Dec-13 4-Dec-14 10.75 0.98 AA- 101.60 9.00 9.05
6-Dec-13 6-Dec-14 8.75 0.99 idAA+/AAA(idn) 100.00 37.00 8.75
3-Dec-13 8-Dec-14 11.25 0.99 AA+ 101.63 10.00 9.54
2-Dec-13 16-Dec-14 8.00 1.02 idAA+ 98.37 2.00 9.67
2-Dec-13 16-Dec-14 13.00 1.02 A+ 103.57 6.00 9.35
2-Dec-13 20-Dec-14 7.00 1.03 idAAA 97.52 2.00 9.51
5-Dec-13 20-Jan-15 8.40 1.11 idAA- 98.48 46.30 9.84
2-Dec-13 21-Feb-15 8.00 1.20 idAA+ 98.02 4.80 9.74
5-Dec-13 20-Apr-15 7.65 1.36 idAA+ 95.20 32.00 11.47
4-Dec-13 9-May-15 7.60 1.41 idAA+/AA+(idn) 99.28 50.00 8.13
4-Dec-13 19-May-15 10.70 1.44 idA+ 98.53 2.00 11.81
6-Dec-13 5-Jun-15 7.50 1.49 idAA/AAA(idn) 96.77 2.90 9.84
5-Dec-13 7-Jun-15 7.90 1.49 AA+(idn) 95.60 2.00 11.11
4-Dec-13 8-Jul-15 10.80 1.58 idAA- 100.00 2.00 10.79
5-Dec-13 8-Jul-15 9.70 1.58 idAA+(sy) 100.60 4.60 9.29
5-Dec-13 6-Nov-15 8.30 1.91 idA 100.05 42.00 8.27
5-Dec-13 16-Nov-15 10.68 1.93 idA 87.25 4.00 18.62
2-Dec-13 22-Dec-15 9.20 2.03 AA-(idn) 98.62 6.00 9.95
4-Dec-13 9-Jan-16 8.20 2.08 idA 94.00 3.00 11.45
4-Dec-13 9-Jan-16 11.65 2.08 [Idr]BBB 98.53 20.00 12.45
6-Dec-13 9-May-16 7.70 2.41 idAA+/AA+(idn) 86.50 1.00 14.39
6-Dec-13 23-May-16 13.10 2.45 idAA+ 108.95 35.00 9.01
4-Dec-13 5-Jun-16 7.75 2.49 idAA 94.78 60.00 10.14
5-Dec-13 14-Jun-16 7.50 2.51 idAA+/AAA(idn) 95.35 100.00 9.59
4-Dec-13 17-Jun-16 9.90 2.52 idA+ 95.00 5.00 12.22
5-Dec-13 21-Jun-16 13.60 2.53 idAA+ 107.65 68.00 10.15
3-Dec-13 25-Aug-16 11.00 2.71 idA 105.00 114.00 8.91
4-Dec-13 27-Sep-16 8.70 2.80 idAA 98.21 300.00 9.43
4-Dec-13 6-Dec-16 8.75 2.99 AAA(idn) 97.00 4.00 9.92
0.04
ADMF01ACN1 2.00
0.23 0.10
Rating Last Done
Price Yield Modified Duration Vol (IDR Bn) 0.24 0.13 0.13 0.28 0.31 ASDF01ACN3 8.00 VRNA01C 2.00 SMFP02ACN2 1.00 0.35 0.36 0.38 0.44 FIFA01ACN2 1.00 FIFA01BCN1 1.00 FIFA11C 2.00 IMFI01ACN2 1.00 0.46 0.47 0.47 0.47 ADMF05C 1.00 TAFS03A 1.00 SIKISAT02 4.00 ISAT05A 2.00 0.48 0.50 0.50 0.53 OTMA07D 1.00 MEDC02B 2.00 INDF05 2.00 BCAF01ACN2 3.00 0.55 0.57 0.76 0.81 TRAC03B 1.00 ASDF02ACN1 1.00 PNBN04 5.00 ASDF01BCN2 3.00 0.84 0.86 0.87 0.87 ADMF04E 1.00 ADMF02ACN2 1.00 CFIN03C 4.00 PPLN07 7.00 0.93 0.94 0.94 0.95 SIKSIMP01 2.00 SIMP01 1.00 PPKT02 2.00 ASDF02ACN2 1.00 0.93 0.97 0.94 0.98 ISAT07A 2.00 ADMF01BCN1 2.00 SIKMAPI01B 2.00 BEXI01ACN1 2.00 1.05 1.14 1.27 1.33 SANF02C 5.00 ASDF01BCN1 2.00 FIFA01CCN1 6.00 BCAF01CCN1 1.00 1.32 1.39 1.37 1.42 TUFI06D 2.00 TAFS02B 1.00 BIIF01B 2.00 SMSM02C 2.00 1.44 1.75 1.68 1.82 SIKPPLN04A 2.00 SSIA01A 5.00 BWPT01 2.00 BTPN03B 2.00 1.86 1.80 2.13 2.10 DNRK01ACN1 1.00 BIMF01B 2.00 BCAF01DCN1 1.00 PPGD11A 4.00 2.15 2.10 2.35 2.43 2.55 2.19 2.22 NISP01ACN1 5.00 TUFI01ACN1 1.00
Coupon Tenor Freq
Last Trade Date 1.00 PPLN08A 2.00 APLN01B 3.00 BIMF01A 2.00 SANF02B 1.00 SANF01C 1.00 Bonds Maturity JSMR01BCN1S 2.00 BNII01BCN1 2.00 BCAF01BCN2 2.00 BDKI06B
APPENDICES
Appendix 2. Corporate Bonds Trading 2 December - 6 December 2013
5-Dec-13 16-Dec-16 9.00 3.02 idAA+ 100.38 0.50 8.85
4-Dec-13 23-Dec-16 8.30 3.04 idAAA 96.38 4.00 9.68
2-Dec-13 21-Feb-17 8.60 3.20 idAA+ 97.02 1.00 9.69
4-Dec-13 25-Apr-17 7.55 3.38 AA(idn) 92.45 0.12 10.21
4-Dec-13 5-Jun-17 9.75 3.49 idA- 97.50 50.00 10.61
4-Dec-13 14-Jun-17 7.60 3.51 idAA+/AAA(idn) 92.82 60.00 10.04
2-Dec-13 4-Jul-17 9.25 3.57 idA+ 97.44 1.30 10.11
2-Dec-13 8-Jul-17 11.30 3.58 AA(idn) 104.21 1.00 9.89
3-Dec-13 15-Aug-17 9.38 3.68 idA 114.00 99.00 5.19
4-Dec-13 30-Oct-17 7.75 3.89 IdAAA/AAA(idn) 91.76 30.00 10.34
6-Dec-13 6-Nov-17 9.30 3.91 idA 113.05 228.00 5.57
4-Dec-13 9-Nov-17 10.50 3.91 idAA-/A+(idn) 99.90 0.80 10.53
4-Dec-13 30-Nov-17 9.60 3.97 idA(sy) 100.59 15.00 9.42
4-Dec-13 18-Dec-17 9.90 4.02 A-(idn) 88.93 15.00 13.50
5-Dec-13 15-Mar-18 8.10 4.26 idA 90.00 0.30 11.07
2-Dec-13 5-Apr-18 10.25 4.32 idA-(sy) 101.02 2.00 9.96
6-Dec-13 5-Apr-18 10.25 4.32 idA- 100.28 40.00 10.17
6-Dec-13 27-Jun-18 9.25 4.55 idA 99.88 50.00 9.28
3-Dec-13 5-Jul-18 12.00 4.57 idBBB 100.01 94.00 12.00
4-Dec-13 5-Jul-18 8.90 4.57 idA+ 92.00 5.00 11.15
4-Dec-13 11-Jul-18 10.50 4.59 idAA+ 100.33 2.00 10.47
4-Dec-13 14-Dec-18 8.38 5.01 idAA 92.75 50.00 10.24
3-Dec-13 20-Dec-18 8.50 5.03 idAAA 94.29 4.00 9.95
3-Dec-13 20-Dec-19 9.40 6.03 idAA- 100.08 6.00 9.38
4-Dec-13 23-Dec-20 10.85 7.04 AA(idn) 104.00 0.80 10.05
BNGA01SB 1.00 3.30 3.16 3.16 Yield Modified Duration 2.85 2.98 BSDE01BCN1 1.00 2.58 2.61 2.76 2.91 2.97 WSKT02B 2.00 BCAF01CCN2 1.00 ADMF01CCN1 1.00 BNGA01B 1.00 ASDF01CCN1 1.00 SMFP01CCN2 2.00 2.90 3.27 3.42 3.95 APLN02 3.00 BNGA01BCN1 1.00 SSIA01B 3.00 PNBN04SB 2.00 3.45 3.28 3.15 SISSMM01 1.00 SIAGII02 2.00 ADHI01ACN2 1.00 SIAISA01 2.00 3.42 3.62 3.41 3.62 AISA01 2.00 APLN01CN1 4.00 BCAP01CN1 2.00 PTPNX01 1.00 4.49 3.56 3.93 PPGD10BXBVTW 2.00 ANTM01ACN1 3.00 BEXI01CCN1 1.00 PNBN01SBCN1 2.00 4.84 BNGA02SB 1.00 Last Trade
Date Bonds Maturity Coupon Tenor Freq
Vol (IDR Bn)
Rating Last Done
Price
APPENDICES
Source: Danareksa, BEI
Debt Research (62 21) 2955 5777
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