Positive Trade Balance
Indonesia FCLT Rating
S&P BB+
Moody’s Baa3
Fitch
BBB-Key Market Indicators as of 12 Dec 2013
BI Rate 7.50%
JCI 4,214
IDR 12,023
Inflation (YoY) Nov -13 8.37% Inflation (MoM) Nov-13 0.12%
Domestic Bonds Outstanding as of 12 Dec 2013
Government Bonds IDR1,006.84 tn Corporate Bonds IDR216.69 tn
Trading Volume in November 2013
Government Bonds IDR174.93 tn Corporate Bonds IDR10.14 tn
Benchmark Yields as of 12 Dec 2013
FR0066 (5 year) 8.043%
FR0063 (10 year) 8.604%
FR0064 (15 year) 9.093%
FR0065 (20 year) 9.165%
Source: Bloomberg Mid YTM
Analysts Amir A. Dalimunthe (62 21) 2955 5777 ext 3405 [email protected] Ayesha Ardelia (62 21) 2955 5777 ext 3406 [email protected] Rifki Rizal (62 21) 2955 5777 ext 3404
Trade balance mengalami surplus
Trade balance per Oktober 2013 surplus sebesar
US$42,4 juta, dari sebelumnya defisit US$657 juta pada bulan September. Ekspor mencapai US$15,72 miliar mengalami peningkatan sebesar 6,87% yang merupakan pertumbuhan
year on year positif pertama sejak April 2012.
Sementara itu impor mengalami peningkatan tidak signifikan sebesar 1,06% dibanding September, mencapai US$15,67 miliar. Impor barang konsumsi menurun sebesar 1,78% sementara impor barang modal mengalami penurunan signifikan sebesar 17,14%. Perbaikan pada trade balance diharapkan mendorong perbaikan current account defisit Indonesia.
Recording a trade surplus
The trade balance was in surplus at USD42.4 million in October 2013 compared to a deficit of USD657 million in the previous month. Exports reached USD15.72 billion, or up 6.87%, the first time that exports have posted year-on-year growth since April 2012. Imports, meanwhile, edged up 1.06% to USD15.67 billion. Imports of consumption goods dipped 1.78% whereas imports of capital goods slumped 17.14%. An improvement in the trade balance is hoped to trim the current account deficit going forward.
Exhibit 1. Trade Balance
-3000 -2500 -2000 -1500 -1000 -500 0 500 1000 1500 2000 -15% -10% -5% 0% 5% 10%
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13
Trade Balance Import (yoy growth) Export (yoy growth)
Source : Bloomberg
IDR tr
illion
Menjaga proporsi
Inflasi bulanan pada bulan Oktober maupun November 2013 relatif rendah yaitu masing-masing sebesar 0,09% dan 0,12% dengan inflasi tahunan pada bulan November sebesar 8,37%. Per 12 November 2013, Bank Indonesia kembali menaikkan BI rate sebesar 25 bps menjadi 7,5%. Kepemilikan asing terhadap obligasi pemerintah berangsur-angsur meningkat dari Rp318,80 triliun pada 19 November 2013 hingga mencapai titik tertinggi Rp326,08 triliun pada 25 November 2013. Secara proporsi terjadi peningkatan sebesar 0,33% menjadi 32,5% terhadap outstanding obligasi.
Maintaining their holdings
Month-on-month inflation was relatively low in October and November 2013 at 0.09% and 0.12%, respectively. On a year-on-year comparison, inflation reached 8.37% in November. On 12 November 2013, the BI rate was raised another 25 bps to 7.5%. Foreign holdings of government bonds edged up from IDR318.80 trillion as of 19 November 2013 to a high of IDR326.08 trillion as of 25 November 2013. Overall, the proportion of foreign holdings of government bonds to the overall bonds outstanding increased by 0.33% to 32.5%.
Secara umum, pertumbuhan penerbitan obligasi korporasi dipengaruhi oleh tingkat suku bunga. Pada tahun 2008, krisis finansial global menyebabkan kenaikan tajam FASBI Overnight
Rate dan yield obligasi Pemerintah. Naiknya yield SUN yang
merupakan benchmark obligasi korporasi menyebabkan naiknya required yield investor untuk berinvestasi di obligasi korporasi. Hasilnya, penerbitan obligasi korporasi mengalami penurunan di tahun 2008 dan terjadi penurunan outstanding obligasi korporasi.
Jatuh tempo didominasi obligasi multifinance dan bank
Pada tahun 2014, obligasi (dan sukuk) korporasi yang akan jatuh tempo diperkirakan akan mencapai Rp41 triliun. Dari jumlah tersebut, sebagian dari obligasi korporasi akan jatuh tempo di 1H14. Obligasi korporasi dari sektor multifinance (di luar PPGD dan SMFP) yang akan jatuh tempo mencapai Rp17,4 triliun atau hampir setengah dari jatuh tempo obligasi korporasi keseluruhan.
In general, the growth in the issuance of corporate bonds is sensitive to changes in the interest rate. In 2008, the global financial crisis triggered a sharp increase in the FASBI Overnight Rate and the Government bonds yield. With the increase in the SUN yield - which is the benchmark for corporate bond issuances - investors demanded higher yields to invest in corporate bonds. As a result, corporate bond issuances declined in 2008 and the total outstanding corporate bonds also declined from the beginning of the year as maturing bonds outpaced the new bonds issued.
The multifinance and banking sectors to dominate the maturing bonds in 2014
Maturing corporate bonds (and sukuk) will reach IDR41 trillion in 2014, half of them maturing in 1H14. Maturing corporate bonds from the multifinance sector (excluding PPGD and SMFP) will reach IDR17.4 trillion or almost half of the total maturing corporate bonds in 2014.
Exhibit 2. IDR corporate bonds issuance growth v.s. changes in interest rates
-58% 137% 32% 16% 53% -9% -100% -50% 0% 50% 100% 150% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 2008 2009 2010 2011 2012 2013
d(Avg. FASBI ON) d(Avg. BI Rate) d(Avg. YC10Y)
Corp Bond Gross Issuance YoY Growth (RHS)
Year to date total return mencapai negatif 11,76% dengan
obligasi pemerintah sebesar negatif 14,78%. Sementara itu obligasi korporasi masih mencatatkan YTD total return yang positif 3,04%. Dari sisi nilai tukar, Rupiah melemah terhadap US$ menjadi Rp11.965 per dolar AS pada 30 November 2013, dibandingkan Rp11.274 pada akhir bulan Oktober.
Kinerja mencatatkan return negatif
Pasar obligasi domestik menunjukkan kinerja yang menurun selama November 2013, mencatatkan return negatif 6,36% dibandingkan dengan return bulan sebelumnya sebesar positif 5,97%. Return dari capital gain sebesar negatif 7,16%, sedangkan return diperoleh dari pembayaran kupon sebesar 0,8%.
Peningkatan signifikan indeks yield obligasi pemerintah
Indeks yield obligasi gabungan sebesar 8,90% pada akhir November 2013. Untuk obligasi Pemerintah, indeks yield gabungan sebesar 8,73%, sementara untuk obligasi korporasi sebesar 9,96%. Untuk obligasi Pemerintah, yield curve di semua tenor mengalami peningkatan dengan rata-rata sebesar 1,04%.
The year-to-date total return was a negative 11.76%. Government bonds posted a negative total year-to-date return of 14.78%, although corporate bonds still posted a positive YTD total return of 3.04%. On the currency front, the rupiah weakened relative to the US dollar to IDR11,965 per USD on 30 November 2013 from IDR11,274 per USD at the end of October.
Weaker monthly performance
The domestic bonds market posted weaker performance in November 2013, recording a negative return of 6.36% after posting a positive return of 5.97% in the previous month. The capital gain was a negative 7.16% and the return from interest income was 0.80%.
The government bonds yield index rose significantly
The composite bonds yield index reached 8.9% in late November 2013. For government bonds, the yield index reached 8.73%, while for corporate bonds the yield index reached 9.96%. The government bonds yield curve shifted up by 1.04% on average.
Exhibit 3. Changes in the yield curve
1.00% 1.05% 1.10% 1.15% 1.20% 1.25% 1.30% 1.35% 1.40% 1 ye ar 2 ye ar 3 ye ar 4 ye ar 5 ye ar 6 ye ar 7 ye ar 8 ye ar 9 ye ar 10 y ea r 11 y ea r 12 y ea r 13 y ea r 14 y ea r 15 y ea r 16 y ea r 17 y ea r 18 y ea r 19 y ea r 20 y ea r 21 y ea r 22 y ea r 23 y ea r 24 y ea r 25 y ea r 26 y ea r 27 y ea r 28 y ea r 29 y ea r 30 y ea r 31 y ea r
Source : Danareksa Estimate
Term to Maturity
Obligasi jangka pendek mengalami penurunan lebih rendah
Return obligasi bertenor panjang (obligasi dengan tenor
lebih dari 3 tahun) mengalami penurunan yang lebih besar dibandingkan dengan obligasi bertenor pendek pada November 2013. Return dari masing-masing tenor sebesar negatif 1,62% untuk tenor pendek dan negatif 7,04% untuk
The short tenors outperformed
In November 2013, the total return on medium tenor bonds (bonds maturing in more than 3 years) showed a greater decline than that on short tenor bonds. For the short tenors, the month-on-month total return was negative 1.62% while for the long tenors the month-on-month total return was
Obligasi Pemerintah turun lebih dalam
Melemahnya kondisi pasar memberikan dampak yang lebih signifikan terhadap obligasi Pemerintah dibanding obligasi korporasi tercermin dari loss obligasi pemerintah sebesar 7% dan obligasi korporasi sebesar 2,77%. Capital loss obligasi Pemerintah sebesar 7,81% lebih dalam daripada obligasi korporasi sebesar 3,52%. Akan tetapi, untuk return yang diperoleh dari pembayaran kupon pemerintah lebih tinggi dari obligasi korporasi yaitu sebesar 0,81% dan 0,75%.
Obligasi korporasi sektor Finance mencatatkan loss terkecil
Di antara obligasi korporasi, sektor Finance merupakan sektor yang menghasilkan loss terendah sebesar 1,88%. Sedangkan sektor dengan loss tertinggi yaitu sektor Telecommunication sebesar 5,24%.
Kinerja terbaik diperoleh Efek Beragun Aset Danareksa SMF II - KPR BTN Kelas A
Efek Beragun Aset Danareksa SMF II - KPR BTN Kelas A (DSMF02) memperoleh return 12,3%, dan merupakan obligasi dengan performa terbaik selama November 2013. Sedangkan obligasi dengan performa terendah dicatat oleh Obligasi I BW Plantation Tahun 2010 (BWPT01), dengan return negatif 28,96%.
Rata-rata transaksi bulanan per November 2013 meningkat
Rata-rata total volume transaksi obligasi di pasar sekunder selama setahun terakhir mencapai Rp154,78 triliun pada akhir November 2013 atau meningkat Rp2,83 triliun dari sebelumnya Rp151,95 triliun pada Oktober 2013. Obligasi pemerintah tercatat sebesar Rp143,81 triliun dari Rp140,67 triliun di bulan sebelumnya sedangkan di sisi perdagangan obligasi korporasi turun menjadi Rp11,17 triliun dari Rp11,28 triliun di bulan sebelumnya.
Government bonds posted a bigger capital loss
Amidst weaker market conditions, government bonds posted a larger loss than corporate bonds (a 7% loss for government bonds vis-à-vis a 2.77% loss for corporate bonds). The capital loss for government bonds was 7.81%, or far exceeding the capital loss of 3.52% for corporate bonds. The return from coupon payments was higher, however, for government bonds (0.81%) than it was for corporate bonds (0.75%).
The corporate bonds of Finance companies recorded the smallest losses
Of the corporate bonds, the bonds of Finance companies recorded the smallest loss at 1.88%. By comparison, the bonds of the Telecommunications companies recorded the largest losses (5.24%).
Danareksa SMF’s KIK EBA was the best performer
Danareksa SMF’s KIK EBA (DSMF02) gave a 12.3% MoM return, making it the best performing corporate bond in November 2013. In contrast, the worst performing bond was BW Plantation’s Bonds I/2010 (BWPT01) which gave a negative return of 28.96%.
Average monthly trading in the secondary market went up
Average monthly trading in the secondary market reached IDR154.78 trillion in November 2013 or up by IDR2.83 trillion from IDR151.95 trillion in October 2013. Trading in government bonds reached IDR143.81 trillion, or up from IDR140.67 trillion the previous month. Trading in corporate bonds reached IDR11.17 trillion, or up from IDR 11.28 trillion in the previous month.
ORI0010 dan FIFA11C teraktif diperdagangkan
Di antara seri obligasi pemerintah, ORI0010 merupakan obligasi pemerintah yang paling aktif diperdagangkan di pasar sekunder, dengan volume transaksi mencapai Rp31,8 triliun. Di posisi berikutnya ada FR0070, FR0071, dan FR0068 dengan volume masing-masing sebesar Rp26,98 triliun, Rp26,57 triliun, dan Rp17,97 triliun. Di antara obligasi korporasi, Obligasi Federal International Finance XI Tahun 2011 Seri C (FIFA11C) merupakan obligasi paling aktif diperdagangkan dengan volume transaksi mencapai Rp2,3 triliun disusul Obligasi Subordinasi Bank Panin III Tahun 2010 (PNBN04SB) dengan volume mencapai Rp544,4 miliar.
FIFA11C’s bond and ORI0010 were the most actively traded bonds
Among the government bonds, ORI0010 was the most actively traded bond in the secondary market with total trading of IDR31.8 trillion. Then came FR0070, FR0071, and FR0068 with total trading of IDR26.98 trillion, IDR26.57 trillion, and IDR17.97 trillion, respectively. Of the corporate bonds, FIFA’s Bond (FIFA11C) was the most actively traded with trading reaching IDR2.3 trillion. The second most actively traded corporate bond was Panin’s Bond (PNBN04SB) with total trading of IDR544.4 billion.
Exhibit 4. Trading Volume
50,000 100,000 150,000 200,000 250,000
Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Avg Monthly Transaction for Corporate Bonds : IDR11,169.88 trillion
Avg Monthly Transaction for Governemnt Bonds : IDR143,614.75 trillion
Source : IDX process data & Danareksa Estimate
IDR tr
No. Bond ID Bond Name Issued Listed Maturity Coupon Rating Amount Date Date Date Rate (%) (IDRbn) 1 BNGA01ACN2 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II 20-Nov-13 21-Nov-13 20-Nov-15 8.75% idAAA/ 285
Tahun 2013 dengan Tingkat Bunga Tetap Seri A AAA(idn)
2 BNGA01BCN2 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II 20-Nov-13 21-Nov-13 20-Nov-16 8.15% idAAA/ 315
Tahun 2013 dengan Tingkat Bunga Tetap Seri A AAA(idn)
3 BNGA01CCN2 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II 20-Nov-13 21-Nov-13 20-Nov-18 9.75% idAAA/ 850
Tahun 2013 dengan Tingkat Bunga Tetap Seri A AAA(idn)
4 ASDF02ACN2 Obligasi Berkelanjutan II Astra Sedaya Finance 26-Nov-13 27-Nov-13 6-Dec-14 8.75% idAA+/ 545
dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A AAA(idn)
5 ASDF02BCN2 Obligasi Berkelanjutan II Astra Sedaya Finance 26-Nov-13 27-Nov-13 26-Nov-16 9.50% idAA+/ 870
dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A AAA(idn)
6 ASDF02CCN2 Obligasi Berkelanjutan II Astra Sedaya Finance 26-Nov-13 27-Nov-13 26-Nov-17 9.75% idAA+/ 385
dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A AAA(idn)
Total Issuance Nov 2013 3,250
New Issuance of Corporate Bonds in Nov 2013
Source: IDX
Maturity of Corporate Bonds in Nov 2013
No. Bond ID Bond Name Maturity Coupon Rating Amount
Date Rate (%) (IDR bn) 1 CFIN03B Obligasi Clipan Finance Indonesia III Tahun 2011 Seri B 08-Nov-13 9.75 idA+ 123
Total Nov 2013 123
Source: IDX
Maturity of Corporate Bonds in Dec 2013
No. Bond ID Bond Name Maturity Coupon Rating Amount
Date Rate (%) (IDR bn) 1 ADMF01ACN1 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 16-Dec-13 7.75 idAA+ 325
Tahap I Tahun 2011 Seri A
2 SMFP01BCN1 Obligasi Berkelanjutan I SMF Tahap I Tahun 2011 21-Dec-13 8.23 AA(idn) 80 Berjaminan Seri B
3 VRNA01ACN1 Obligasi Berkelanjutan I Verena Multi Finance Tahap I 21-Dec-13 7.25 idA 50 Tahun 2012 Seri A
4 BTPN03A Obligasi Bank BTPN III Tahun 2010 Seri A 22-Dec-13 8.75 AA-(idn) 400
Total Dec 2013 855
Transaction Activitiy in Nov 2013 for All Corporate Bonds with Maturity of Less than 3 Year and Total Volume of more than IDR10 billion
No Bond ID Bond Maturity Rating Coupon Last Last Last Vol Freq
Name Date Trade Price YTM (IDRbn)
Maturity < 3 years
1 ADMF02BCN2 Obligasi Berkelanjutan II Adira Finance Tahap II 24-Oct-16 idAA+ 10.50 22-Nov-13 100.00 10.50 310.00 4 Tahun 2013 Seri B
2 FIFA01CCN1 Obligasi Berkelanjutan I Federal International Finance 20-Apr-15 idAA+ 7.65 27-Nov-13 95.75 10.97 300.40 36 dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C
3 TAFS03B Toyota Astra Financial Serv ices III Tahun 2013 Seri B 17-May-16 AAA(Idn) 7.60 29-Nov-13 96.82 9.05 137.00 8 4 BDMN02B Obligasi II Bank Danamon Tahun 2010 Seri B 9-Dec-15 idAA+ 9.00 29-Nov-13 99.00 9.55 94.00 19 5 SMFP02ACN1 Obligasi Berkelanjutan II Sarana Multigriya Finansial 27-Dec-15 idAA 7.30 29-Nov-13 100.08 7.26 90.00 2
Tahap I Tahun 2012 Dengan Tingkat Bunga Tetap Seri A
6 ASDF01BCN1 Obligasi Berkelanjutan I Astra Sedaya Finance Dengan 21-Feb-15 idAA+ 8.00 29-Nov-13 98.04 9.71 88.30 18 Tingkat Bunga Teteap Tahap I Tahun 2012 Seri B
7 BWPT01 Obligasi I BW Plantation Tahun 2010 16-Nov-15 idA 10.68 27-Nov-13 71.00 30.86 80.50 20 8 BEXI01BCN3 Obligasi Berkelanjutan Indonesia Eximbank I 23-May-16 idAAA 6.40 14-Nov-13 94.77 8.73 70.00 3
Dengan Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B
9 DILD01A Obligasi PT Intiland Development Tahun 2013 Seri A 9-Jul-16 idA 9.75 11-Nov-13 100.00 9.75 60.00 5 10 TRAC02C Obligasi Serasi Autoraya II Tahun 2011 Seri C 5-Jul-15 idA+ 10.20 27-Nov-13 100.02 10.18 50.00 2 11 ADMF01BCN3 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 27-Sep-15 idAA+ 7.75 18-Nov-13 95.18 10.64 50.00 9
dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri B
12 PNBN05 Obligasi Bank Panin IV Tahun 2010 9-Nov-15 idAA/AA(idn) 9.00 28-Nov-13 99.90 9.05 50.00 5 13 IMFI01BCN2 Obligasi Berkelanjutan I Indomobil Finance dengan 8-May-16 idA 8.25 18-Nov-13 96.00 10.10 50.00 1
Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B
14 BCAF01SB Obligasi Subordinasi BCA Finance I Tahun 2010 23-Mar-15 idAA 11.20 20-Nov-13 99.90 11.27 48.00 4 15 NISP01CCN1 Obligasi Berkelanjutan I OCBC NISP Tahap I Tahun 2013 19-Feb-16 idAAA 7.40 22-Nov-13 97.40 8.69 47.00 11
Dengan Tingkat Bunga Tetap Seri C
16 SIMP01 Obligasi Salim Ivomas Pratama I Tahun 2009 1-Dec-14 idAA 11.65 29-Nov-13 102.98 8.53 33.00 5 17 AIRJ01C Obligasi TPJ I Tahun 2008 Seri C 13-Mar-15 A(idn) 13.25 13-Nov-13 105.04 9.18 30.00 3 18 PPGD11A Perum Pegadaian XI Tahun 2006 Seri A 23-May-16 idAA+ 13.10 20-Nov-13 108.50 9.26 30.00 6 19 TLKM02A Obligasi II Telkom Tahun 2010 Seri A 6-Jul-15 idAAA 9.60 29-Nov-13 101.00 8.92 29.00 5 20 TAFS02B Obligasi Toyota Astra Financial Services II Tahun 2012 5-Jun-15 AAA(idn)/idAA 7.50 21-Nov-13 98.54 8.52 21.90 6
Dengan Tingkat Bunga Tetap Seri B
21 PPKT02 Obligasi Pupuk Kaltim II Tahun 2009 4-Dec-14 idAA 10.75 29-Nov-13 101.24 9.45 21.00 9 22 SIKMAPI01B Sukuk Ijarah Mitra Adiperkasa I Tahun 2009 Seri B 16-Dec-14 idA+(sy) 13.00 29-Nov-13 103.59 9.36 20.00 4 23 ADMF01CCN2 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 4-May-15 idAA+ 7.75 11-Nov-13 98.77 8.64 20.00 2
Dengan Tingkat Bunga Tetap Tahap II Tahun 2012 Seri C
24 IMFI04C Indomobil Finance Indonesia IV Tahun 2011 Seri C 9-Jun-15 idA 10.65 22-Nov-13 102.53 8.88 20.00 4 25 SANF01BCN1 Obligasi Berkelanjutan I SAN Finance Dengan 25-Sep-16 idAA-/AA(idn) 9.75 27-Nov-13 100.20 9.67 20.00 4
Tingkat Bunga Tetap Tahap I Tahun 2013 Seri B
26 BNII01ACN1 Obligasi Berkelanjutan I Bank BII Tahap I 2011 Seri A 6-Dec-14 idAA+/AAA(idn) 7.75 27-Nov-13 99.00 8.78 16.00 5 27 NISP01BCN1 Obligasi Berkelanjutan I OCBC NISP Tahap I Tahun 2013 19-Feb-15 idAAA 6.90 13-Nov-13 98.00 8.58 15.00 3
Dengan Tingkat Bunga Tetap Seri B
28 ISAT07A Obligasi Indosat VI Tahun 2009 Seri A 8-Dec-14 idAA+ 11.25 8-Nov-13 103.25 8.08 13.40 3 29 BTPN01ACN3 Obligasi Berkelanjutan I Bank BTPN Dengan 5-Mar-16 AA-(idn) 7.65 25-Nov-13 95.50 9.88 12.00 4
Tingkat Bunga Tetap Tahap III Tahun 2013 Seri A
30 WOMF05D Obligasi V WOM Finance Tahun 2011 Seri D 4-Mar-15 AA(idn) 11.00 22-Nov-13 102.30 9.08 11.90 2 31 ADMF01BCN1 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 16-Dec-14 idAA+ 8.00 29-Nov-13 98.39 9.63 11.05 4
Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri B
32 ADMF05D Adira Dinamika Multi Finance V Tahun 2011 Seri D 27-May-15 idAA+ 10.00 11-Nov-13 101.11 9.22 10.00 2
Transaction Activitiy in Nov 2013 for All Corporate Bonds with Maturity 3 - 5 Year and Total Volume of more than IDR10 billion
No Bond ID Bond Maturity Rating Coupon Last Last Last Vol Freq
Name Date Trade Price YTM (IDRbn)
Maturity > 3 < 5 yrs
1 PNBN04SB Obligasi Subordinasi Bank Panin III Tahun 2010 9-Nov-17 idAA-/A+(idn) 10.50 27-Nov-13 99.90 10.53 554.40 23 2 SIAGII02 Sukuk Ijarah Aneka Gas Industri II Tahun 2012 18-Dec-17 A-(idn) 9.90 29-Nov-13 80.00 16.80 384.50 27 3 BNGA01BCN1 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I 30-Oct-17 idAAA/ 7.75 14-Nov-13 92.55 10.05 220.10 17
Tahun 2012 Dengan Tingkat Bunga Tetap Seri B AAA(idn)
4 JSMR01CCN1S Obligasi Berkelanjutan I Jasa Marga Tahap I 27-Sep-18 idAA 8.90 28-Nov-13 100.02 8.89 170.00 5 Tahun 2013 Seri S Seri C
5 JPFA01CN1 Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 12-Jan-17 idA/A+(idn) 9.90 11-Nov-13 99.60 10.05 145.00 13 6 MEDC01CN2 Obligasi Berkelanjutan I Medco Energi Internasional 15-Mar-18 idAA- 8.85 22-Nov-13 99.00 9.13 144.20 5
Tahap II Tahun 2013
7 APLN01CN1 Obligasi Berkelanjutan I Agung Podomoro Land 27-Jun-18 idA 9.25 22-Nov-13 93.50 11.07 134.00 17 Tahap I Tahun 2013
8 SMFP02BCN1 Obligasi Berkelanjutan II Sarana Multigriya Finansial 27-Dec-17 idAA 7.50 28-Nov-13 93.20 9.53 80.00 8 Tahap I Tahun 2012 Dengan Tingkat Bunga Tetap Seri B
9 BMTR01B Obligasi Global Mediacom I Tahun 2012 Seri B 12-Jul-17 idA+ 10.50 15-Nov-13 103.01 9.52 73.80 5 10 SIAISA01 Sukuk Ijarah TPS Food I Tahun 2013 5-Apr-18 idA-(sy) 10.25 29-Nov-13 101.04 9.95 65.00 8 11 ADMF01CCN1 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 16-Dec-16 idAA+ 9.00 21-Nov-13 100.00 9.00 61.10 10
Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri C
12 INDF06 Obligasi Indofood Sukses Makmur VI Tahun 2012 31-May-17 idAA+ 7.25 13-Nov-13 94.73 9.00 60.00 5 Dengan Tingkat Bunga Tetap
13 SSIA01B Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 6-Nov-17 idA 9.30 13-Nov-13 100.04 9.29 45.00 6 14 BEXI05D Obligasi Indonesia Eximbank I Tahun 2010 Seri D 8-Jul-17 idAAA 10.00 11-Nov-13 103.40 8.90 40.00 2 15 SISSMM01 Sukuk Ijarah Sumberdaya Sewatama I Tahun 2012 30-Nov-17 idA(sy) 9.60 28-Nov-13 101.10 9.27 39.50 9 16 SMKMYOR02 Sukuk Mudharabah II Mayora Indah Tahun 2012 9-May-17 idAA-(sy) - 21-Nov-13 95.50 1.33 37.50 7 17 JPFA01CN2 Obligasi Berkelanjutan I JAPFA Tahap II Tahun 2012 1-Feb-17 idA/A+(idn) 9.90 7-Nov-13 109.52 6.61 36.00 3 18 ADMF02DCN1 Obligasi Berkelanjutan II Adira Finance Tahap I 1-Mar-18 idAA+ 8.90 6-Nov-13 100.02 8.89 30.00 2
Tahun 2013 Seri A
19 MEDC03 Obligasi Medco Energi Internasional III Tahun 2012 19-Jun-17 idAA- 8.75 28-Nov-13 100.00 8.75 22.53 7 Dengan Tingkat Bunga Tetap
20 BMRI01 Obligasi Subordinasi Bank Mandiri I Tahun 2009 11-Dec-16 idAA+ 11.85 11-Nov-13 107.40 9.07 20.00 2 21 ROTI01CN1 Obligasi Berkelanjutan I ROTI Tahap I Tahun 2013 11-Jun-18 idAA- 8.00 11-Nov-13 97.69 8.61 20.00 2 22 DILD01B Obligasi PT Intiland Development Tahun 2013 Seri B 9-Jul-18 idA 10.00 6-Nov-13 100.02 9.99 20.00 2 23 ADHI01ACN2 Obligasi Berkelanjutan I ADHI Tahap II Tahun 2013 Seri A 15-Mar-18 idA 8.10 25-Nov-13 93.15 10.08 17.30 8 24 PPLN09A Obligasi PLN IX Tahun 2007 Seri A 10-Jul-17 idAA+ 10.40 12-Nov-13 103.70 9.20 12.00 4 25 GIAA01CN1 Obligasi Berkelanjutan I Garuda Indonesia 5-Jul-18 A(idn) 9.25 6-Nov-13 100.02 9.24 10.00 2
Tahap I Tahun 2013
Transaction Activitiy in Nov 2013 for All Corporate Bonds with Maturity more than 5 Year and Total Volume of more than IDR10 billion
Source: PLTO IDX
No Bond ID Bond Maturity Rating Coupon Last Last Last Vol Freq
Name Date Trade Price YTM (IDRbn)
Maturity > 5 yrs
1 BBTN01CN2 Obligasi Berkelanjutan I Bank BTN Tahap II Tahun 2013 27-Mar-23 idAA/AA(idn) 7.90 20-Nov-13 87.95 9.89 285.00 45 2 PNBN01SBCN1Obligasi Subordinasi Berkelanjutan I 20-Dec-19 idAA- 9.40 21-Nov-13 92.98 11.00 230.00 10
Bank Panin Tahap I Tahun 2012
3 BNII01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank BII 31-Oct-19 idAA/AA(idn) 9.25 25-Nov-13 92.25 11.05 146.00 14 Tahap II Tahun 2012
4 ADHI01BCN2 Obligasi Berkelanjutan I ADHI Tahap II Tahun 2013 Seri B 15-Mar-20 idA 8.50 15-Nov-13 93.20 9.96 122.00 28 5 ANTM01ACN1 Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri A 14-Dec-18 idAA 8.38 29-Nov-13 93.40 10.06 90.00 12 6 DSMF02 Efek Beragun Aset Danareksa SMF II - KPR BTN Kelas A 10-Dec-19 idAAA 11.00 7-Nov-13 120.02 6.94 80.00 4 7 MYOR04 Obligasi IV Mayora Indah Tahun 2012 Dengan 9-May-19 idAA- 8.50 22-Nov-13 98.29 8.90 22.00 3
Tingkat Bunga Tetap
8 SIKPPLN03B Sukuk Ijarah PLN IV Tahun 2010 Seri B 12-Jan-20 idAA+(sy) 12.55 29-Nov-13 112.00 9.91 15.00 6 9 PPGD01DCN2 Obligasi Berkelanjutan I Perum Pegadaian Tahap II 14-Feb-19 idAA+ 7.75 26-Nov-13 90.80 10.04 14.00 7
Selected Multifinance Companies (3Q2013)
1 PT BFI Finance (BFIN) A+ 1,233 3Q13 8,121 4,848 3,273 495 169 40 136
3Q12 6,447 3,725 2,723 400 156 94 124
Growth 25.95% 30.15% 20.21% 23.73% 7.85% -57.47% 8.98%
2 PT Adira Dinamika AA+ 11,330 3Q13 29,237 23,670 5,567 2,079 638 882 478
Multifinance (ADMF) 3Q12 22,948 18,213 4,734 1,719 480 787 359
Growth 27.41% 29.96% 17.59% 20.96% 33.05% 12.11% 33.21%
3 PT Clipan Finance (CFIN) A+ 629 3Q13 5,876 3,199 2,678 261 137 156 105
3Q12 5,091 2,719 2,372 221 111 134 85
Growth 15.42% 17.64% 12.87% 18.33% 23.23% 16.31% 24.44%
Profitability Solvability
No. Company Name Year Operating Net ROAA ROAE Cost to Profit Debt to Debt to Net Margin (%) Interest (%) (%) Income Margin Equity Asset Gearing
Margin (%) Ratio (%) (%)
1 PT BFI Finance (BFIN) 3Q13 39.41 17.67 7.21 17.51 59.54 27.38 141.43 57.01 128.59
3Q12 41.38 16.19 8.35 19.19 48.42 31.09 130.07 54.93 123.91
2 PT Adira Dinamika 3Q13 38.59 - 5.92 30.01 42.30 23.00 382.13 72.76 368.19 Multifinance (ADMF) 3Q12 34.26 - 8.21 33.14 52.16 20.88 347.06 71.60 312.23
3 PT Clipan Finance (CFIN) 3Q13 73.32 10.71 6.81 14.78 18.18 40.41 114.15 52.02 109.82
3Q12 74.55 11.61 7.17 16.32 18.59 38.42 109.52 51.04 100.28
No. Company Name Current Outstanding Year
Rating Bond
(IDR bn)
Key Financial
Total Total Total Total Operating Net Interest Net Income Assets Liability Equity Revenue Income Income
(IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn)
Ayesha Ardelia (Ext. 3406)
Selected Banking Companies (3Q2012) No. Company Name Current Outstanding Year
Rating Bond
(IDR bn)
Key Financial
Net Interest
Total Assets Total Liability Total Equity Revenue Income Net Income (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) 1 PT Bank Tabungan AA- 5,385 3Q13 66,204 56,655 9,549 1,944 1,834 610
Pensiun Nasional (BTPN) 3Q12 56,483 49,288 7,196 1,664 1,591 521
Growth 17.21% 14.95% 32.70% 16.85% 15.31% 17.09%
2 PT Bank Panin (PNBN) AA- 8,415 3Q13 153,177 133,764 19,413 2,055 1,517 595 3Q12 141,478 123,745 17,734 2,022 1,384 522
Growth 8.27% 8.10% 9.47% 1.65% 9.62% 13.85%
3 PT Bank BII (BNII) idAA+/ 7,000 3Q13 129,680 117,725 11,955 2,216 1,530 418
AAA(idn) 3Q12 105,507 96,616 8,891 1,890 1,369 330
Growth 22.91% 21.85% 34.46% 17.24% 11.71% 26.44%
4 PT Bank Permata (BNLI) idAA+ 4,750 3Q13 154,523 140,802 13,721 1,712 1,402 504 3Q12 114,774 104,568 10,206 1,517 1,269 381
Growth 34.63% 34.65% 34.44% 12.90% 10.52% 32.20%
5 PT Bank CIMB idAAA/ 6,480 3Q13 218,225 193,368 24,857 3,545 2,596 1,078
Niaga (BNGA) AAA(idn) 3Q12 190,622 169,252 21,370 3,169 2,481 1,118
Growth 14.48% 14.25% 16.31% 11.86% 4.64% -3.56%
6 PT Bank Mayapada idBBB+ 850 3Q13 21,168 19,080 2,088 273 263 111
Internasional Tbk (MAYA) 3Q12 14,737 12,875 1,862 205 197 93
Growth 43.64% 48.19% 12.15% 33.33% 33.07% 18.69%
No. Company Name Year Profitability (%) Leverage (%) Asset Quality Coverage (%) Operating Net Profit ROAA ROAE Debt to Debt to Net NPL (IDR NPL to LDR Equity Margin Interest Margin Equity Aseet Gearing bn) T.Loans to Asset
Margin (%) (%)
1 PT Bank Tabungan 3Q13 39.72 12.88 31.37 3.79 27.76 14.64 2.11 (155.78) 282,388 0.62 93.30 6.93 Pensiun Nasional (BTPN) 3Q12 39.33 12.98 31.31 3.77 30.43 78.03 9.94 (138.94) 242,124 0.65 87.09 7.85 2 PT Bank Panin (PNBN) 3Q13 42.09 4.50 28.95 1.54 1.54 72.49 9.19 (51.31) 1,499,448 1.34 95.90 7.89 3Q12 37.33 4.64 25.84 1.73 1.73 115.19 14.44 (50.57) 1,417,937 1.50 94.13 7.98 3 PT Bank BII (BNII) 3Q13 32.67 5.55 18.84 1.18 13.50 121.07 11.16 (49.80) 1,474,017 1.61 94.99 10.85 3Q12 23.65 5.88 17.47 1.05 12.67 134.84 11.36 (69.46) 1,471,568 1.94 95.05 11.87 4 PT Bank Permata (BNLI) 3Q13 33.27 4.44 29.44 1.19 13.35 69.38 6.16 (66.56) 1,306,845 1.11 95.30 11.26 3Q12 31.81 5.10 25.14 1.24 13.49 57.28 5.09 (57.10) - - 104.69 11.25 5 PT Bank CIMB 3Q13 41.51 5.57 30.41 2.12 18.86 80.89 9.21 (54.23) 3,510,631 2.25 95.62 8.78 Niaga (BNGA) 3Q12 47.80 5.99 35.28 2.23 20.06 74.42 8.34 (69.20) 3,271,154 2.35 95.28 8.92 6 PT Bank Mayapada 3Q13 48.42 6.04 40.60 1.86 16.87 32.93 3.25 (117.04) 149,849 0.94 87.76 10.14 Internasional Tbk (MAYA) 3Q12 54.09 6.12 45.61 2.68 20.92 0.17 0.02 (129.37) 199,954 1.90 82.71 7.92
Property & Construction (2Q2013) No. Company Name Current Outstanding Year
Rating Bond (IDR bn)
Key Financial
Total Assets Total Liability Total Equity Revenue EBITDA Net Income (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn)
1 PT Agung Podomoro idA 3,600 3Q13 19,289 12,479 6,810 1,054 259 150
Land Tbk (APLN) 3Q12 14,532 8,506 6,026 1,199 416 245
Growth 32.7% 46.7% 13.0% -12.1% -37.8% -38.8%
2 PT Surya Semesta idA 700 3Q13 5,612 3,198 2,414 1,001 220 104
Internusa (SSIA) 3Q12 3,964 2,218 1,745 892 233 179
Growth 41.6% 44.2% 38.3% 12.2% -5.3% -41.8%
3 PT Jasa Marga (Persero) - 3Q13 29,316 18,933 10,383 2,315 619 262
(JSMR) idAA 3Q12 23,032 13,611 9,420 2,320 661 378
Growth 27.3% 39.1% 10.2% -0.2% -6.5% -30.8%
No. Company Name Year Profitability (%) Liquidity (x) Leverage (%) Coverage (x) Operating Net ROAA ROAE Current Quick Debt to Debt to Net Interest Debt to Margin Income Ratio Ratio Equity Asset Gearing Coverage EBITDA Margin
1 PT Agung Podomoro 3Q13 27.75 15.74 5.55 16.44 1.41 0.84 80.06 30.17 35.12 (2.48) 3.34 Land Tbk (APLN) 3Q12 16.42 18.24 6.88 15.40 2.08 1.24 61.41 28.42 29.95 2.45 3.02 2 PT Surya Semesta 3Q13 18.89 14.63 15.53 41.21 1.92 1.28 58.99 24.38 (19.17) 6.63 1.34 Internusa (SSIA) 3Q12 21.42 16.88 15.80 40.92 1.59 0.92 33.83 14.23 (37.35) 15.10 0.73 3 PT Jasa Marga (Persero) 3Q13 28.43 18.62 5.97 17.18 0.65 0.62 115.72 44.23 76.51 2.97 3.68 (JSMR) 3Q12 34.52 28.51 6.45 17.39 1.14 1.05 101.36 41.40 55.08 2.30 3.41
Sources: Bloomberg
Oil & Gas (2Q2013) No. Company Name Current Outstanding Year
Rating Bond
(IDR bn)
Key Financial
Total Assets Total Liability Total Equity Revenue EBITDA Net Income (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) 1 PT Aneka Tambang (ANTM) idAA 3,000 2Q13 20,160 7,403 12,756 2,786 420 (89)
2Q12 15,609 5,292 10,318 2,028 196 97
Growth 29.2% 39.9% 23.6% 37.4% 113.9% -191.8%
2 PT AKR Corporindo (AKRA) idAA 1,500 2Q13 12,055 7,088 4,967 5,178 254 193
2Q12 9,572 5,587 3,985 5,575 289 137
Growth 25.9% 26.9% 24.7% -7.1% -12.1% 40.9%
No. Company Name Year Profitability (%) Liquidity (x) Leverage (%) Coverage (x) Operating Net ROAA ROAE Current Quick Debt to Debt to Net Interest Debt to Margin Income Ratio Ratio Equity Asset Gearing Coverage EBITDA
Margin 1 PT Aneka Tambang 2Q13 (1.54) (3.19) 16.16 25.06 2.46 1.58 38.90 24.61 13.80 (0.54) 2.61 (ANTM) 2Q12 2.44 4.77 9.87 13.67 4.86 3.47 31.24 20.65 (19.38) 0.80 1.78 2 PT AKR Corporindo 2Q13 3.74 3.73 6.50 17.13 1.42 1.05 64.80 26.70 34.12 6.14 3.04 (AKRA) 2Q12 4.22 2.46 16.26 38.21 1.25 0.95 55.91 23.28 11.39 10.23 2.10 Consumer Goods (2Q2013) No. Company Name Current Outstanding Year
Rating Bond
(IDR bn)
Key Financial
Total Assets Total Liability Total Equity Revenue EBITDA Net Income (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn) (IDR bn)
1 PT TPS Food (AISA) idA- 600 2Q13 4,358 2,186 2,172 929 182 69
2Q12 3,698 1,738 1,960 709 129 63
Growth 17.8% 25.8% 10.8% 31.1% 41.3% 9.5%
2 PT Mayora Indah (MYOR) idAA- 250 2Q13 8,676 5,048 3,628 3,110 419 231
2Q12 7,800 5,134 2,665 2,875 358 197
Growth 11.2% -1.7% 36.1% 8.2% 17.1% 17.3%
No. Company Name Year Profitability (%) Liquidity (x) Leverage (%) Coverage (x) Operating Net ROAA ROAE Current Quick Debt to Debt to Net Interest Debt to Margin Income Ratio Ratio Equity Asset Gearing Coverage EBITDA
Margin
1 PT TPS Food (AISA) 2Q13 17.02 7.38 5.84 13.33 1.98 0.73 79.02 39.38 74.89 3.98 2.95 2Q12 15.63 8.84 6.64 16.61 1.77 1.07 79.89 42.34 56.48 2.74 3.45
Appendix 1. Winners and Losers in Nov 2013
TEN BEST
Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Return Efek Beragun Aset Danareksa SMF II - KPR BTN Kelas A 11.00% 10-Dec-19 180,565,964,267 idAAA 0.6% 11.7% 12.3% Obligasi Global Mediacom I Tahun 2012 Seri B 10.50% 12-Jul-17 1,000,000,000,000 idA+ 0.8% 5.4% 6.2% Obligasi Medco Energi Internasional III Tahun 2012 8.75% 19-Jun-17 1,500,000,000,000 idAA- 0.7% 5.5% 6.1% Dengan Tingkat Bunga Tetap
Obligasi Berkelanjutan I Bank BTPN dengan 8.25% 3-Aug-17 725,000,000,000 AA-(idn) 0.6% 5.3% 5.8% Tingkat Bunga Tetap Tahap II Tahun 2012 Seri B
Obligasi Berkelanjutan I JAPFA Tahap II Tahun 2012 9.90% 1-Feb-17 250,000,000,000 idA/A+(idn) 0.6% 4.5% 5.1% Obligasi Berkelanjutan I ADHI Tahap II 2013 Seri A 8.10% 15-Mar-18 125,000,000,000 idA 0.7% 1.5% 2.2% Obligasi Berkelanjutan I Jasa Marga Tahap I 8.90% 27-Sep-18 1,000,000,000,000 idAA 0.7% 1.1% 1.7% Obligasi V WOM Finance Tahun 2011 Seri D 11.00% 4-Mar-15 620,000,000,000 AA(idn) 0.8% 0.9% 1.7% Tahun 2013 Seri S Seri C
Obligasi Salim Ivomas Pratama I Tahun 2009 11.65% 1-Dec-14 452,000,000,000 idAA 0.9% 0.5% 1.3% Obligasi PLN IX Tahun 2007 Seri A 10.40% 10-Jul-17 1,500,000,000,000 idAA+ 0.8% -0.1% 0.7%
TEN WORST
Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Return
Obligasi I BW Plantation Tahun 2010 10.68% 16-Nov-15 700,000,000,000 idA 1.45% -30.41% -28.96% Obligasi I AKR Corporindo Tahun 2012 Seri B 8.75% 21-Dec-19 877,000,000,000 idAA- 0.83% -15.29% -14.47% Obligasi Indosat VIII Tahun 2012 Seri B 8.88% 27-Jun-22 1,500,000,000,000 idAA+ 0.81% -12.83% -12.02%
FR0062 6.38% 15-Apr-42 12,000,000,000,000 - 0.66% -11.62% -10.96%
Obligasi Berkelanjutan I Agung Podomoro 9.25% 27-Jun-18 1,200,000,000,000 idA 0.77% -11.56% -10.78% Land Tahap I Tahun 2013
FR0067 8.75% 15-Feb-44 3,750,000,000,000 - 0.83% -11.19% -10.36%
FR0057 9.50% 15-May-41 13,550,000,000,000 - 1.03% -11.16% -10.13%
FR0065 6.63% 15-May-33 47,850,000,000,000 - 0.94% -10.60% -9.65%
FR0064 6.13% 15-May-28 27,950,000,000,000 - 0.88% -10.51% -9.63%
Obligasi Subordinasi Berkelanjutan I Bank BII 9.25% 31-Oct-19 1,000,000,000,000 idAA/AA(idn) 0.73% -10.09% -9.36% Tahap II Tahun 2012
Appendix 2. Total Return Bond Index
MoM (%) YoY (%) YTD (%)
Sep-13 Oct-13 Nov-13 Sep-13 Oct-13 Nov-13 2011 2012 2013
Composite 1.34 5.97 -6.36 -6.57 -2.85 -11.20 20.89 12.20 -11.07
Governments 1.37 6.63 -7.00 -9.24 -5.08 -14.05 22.00 12.52 -14.06
Corporates 1.19 2.34 -2.77 6.07 6.80 2.60 15.07 10.81 3.55
Finance 1.49 1.98 -1.88 7.05 8.25 4.80 9.59 10.10 4.24
Banking 1.56 2.91 -2.78 7.74 7.90 3.66 14.57 12.04 3.87
Consumer Goods Industry -0.75 2.93 -2.32 4.22 6.06 2.84 13.24 9.05 2.90
Telecommunication 2.41 1.31 -5.24 5.92 6.43 -0.87 16.41 9.41 3.60
Appendix 3. Danareksa Bond Index - Nov 2013 Overview
Return Total Return per Periode
Total* Price Interest Last Last Year to Last Last
3mo 6mo Date 12mo 24mo
Broad Market Index (full maturity range)
Composit (6.36) (7.16) 0.80 0.56 (11.08) (11.76) (11.20) 2.86
Government (7.00) (7.81) 0.81 0.53 (13.05) (14.78) (14.05) (0.15)
Corporate (2.77) (3.52) 0.75 0.68 (1.39) 3.04 2.60 17.13
Finance (1.88) (2.56) 0.68 1.55 0.55 4.31 4.80 16.62
Banking (2.78) (3.55) 0.76 1.60 (1.04) 3.91 3.66 20.35
Consumer Goods Industry (2.32) (3.03) 0.71 (0.21) (0.37) 3.45 2.84 13.77 Telecommunication (5.24) (6.04) 0.79 (1.69) (4.69) (0.55) (0.87) 13.34 Infrastructure, Utilities & Transportation (2.08) (2.92) 0.84 0.10 (1.07) 4.47 0.49 16.83
Property (3.77) (4.52) 0.75 0.22 (2.02) 3.24 2.85 16.68
AAA …A (2.75) (3.50) 0.75 0.78 (1.28) 3.30 2.83 17.37
A-…BBB+ (3.14) (3.97) 0.83 (1.22) (3.63) (5.56) (4.11) 9.03
SOE (3.50) (4.28) 0.78 0.71 (2.76) 2.73 1.20 17.17
Short-term Market Index (1 to 3 yrs)
Composit (1.62) (2.36) 0.74 1.73 0.09 22.16 3.01 11.04
Government (1.57) (2.32) 0.75 1.97 (1.48) 17.38 0.93 7.39
Corporate (1.70) (2.43) 0.72 1.39 1.60 27.07 4.85 15.29
Finance (1.48) (2.13) 0.65 1.58 1.99 26.79 5.88 17.23
Banking (1.23) (1.95) 0.72 2.70 3.09 30.27 7.26 17.68
Consumer Goods Industry 0.18 (0.64) 0.82 1.85 1.14 19.69 3.50 10.41
Telecommunication (0.52) (1.30) 0.79 2.31 0.58 27.68 3.95 14.69
Infrastructure, Utilities & Transportation (1.47) (2.54) 1.06 (1.33) (1.60) 23.56 1.16 7.40
Property (1.10) (1.91) 0.81 (0.15) (1.42) 42.71 3.70 19.11
AAA …A (1.72) (2.44) 0.72 1.40 1.61 26.38 5.31 15.66
A-…BBB+ (1.72) (2.01) 0.29 1.03 0.72 (0.11) (24.19) (13.84)
SOE (1.61) (2.42) 0.81 1.78 0.23 25.99 3.50 12.50
Mid-term Market Index (more than 3 yrs)
Composit (7.04) (7.85) 0.81 0.44 (12.49) 17.62 (13.00) 2.42
Government (7.52) (8.34) 0.81 0.42 (13.89) 15.24 (15.12) 0.05
Corporate (3.32) (4.08) 0.76 0.38 (2.80) 34.11 1.56 18.59
Finance (2.79) (3.52) 0.73 1.62 (3.03) 21.36 1.91 14.77
Banking (3.42) (4.20) 0.78 1.09 (2.59) 33.48 2.34 20.61
Consumer Goods Industry (2.62) (3.32) 0.70 (0.37) (0.44) 36.01 3.20 16.56 Telecommunication (6.51) (7.30) 0.80 (2.75) (5.94) 28.22 (1.58) 14.24 Infrastructure, Utilities & Transportation (2.20) (3.00) 0.80 0.73 (0.59) 36.76 1.16 20.20
Property (4.37) (5.11) 0.74 0.18 (2.10) 21.47 2.85 15.07
AAA …A (3.31) (4.07) 0.76 0.51 (2.69) 34.26 1.63 18.69
A-…BBB+ (3.46) (4.28) 0.82 (1.55) (4.20) 30.82 1.35 13.26
Appendix 4. Key Characteristics of Domestic Bonds
Total Weighted Average Average Average Average Market Weight Weight
Return Average Coupon Modified Term Convexity Value in Sub in Broad (base year: Dec-04=100) Index YTM (%) Duration (IDR bn) Index Market
All Maturity Market Index
Composite 270.33 8.90 9.41 3.40 5.08 15.72 816,402 100.00 100.00
Government 259.64 8.73 9.42 6.04 11.38 38.16 693,733 84.97 84.97
Corporate 303.16 9.96 9.40 2.64 3.27 9.26 122,669 15.03 15.03
Finance 284.25 9.51 8.57 2.04 2.36 5.58 26,197 21.36 3.21
Banking 267.30 9.95 9.59 2.85 3.62 10.56 48,319 39.39 5.92
Consumer Goods Industry 294.20 9.57 9.37 2.88 3.50 10.32 6,002 4.89 0.74 Telecommunication 285.19 10.15 10.08 2.94 3.87 11.92 9,590 7.82 1.17 Infrastructure, Utilities & 329.54 10.36 11.09 3.10 4.00 11.81 9,987 8.14 1.22 Transportation
Property 318.50 10.27 9.24 3.01 3.70 10.89 8,800 7.17 1.08
AAA …A 301.16 9.90 9.29 2.60 3.20 9.06 116,869 95.27 14.32
A-…BBB+ 270.14 11.29 10.43 3.03 3.93 11.22 5,800 4.73 0.71
SOE 316.54 9.79 9.82 3.00 3.85 11.76 35,966 29.32 4.41
Short-term Market Index (1 to 3 yrs)
Composit 248.56 8.36 9.34 1.61 1.80 3.55 102,174 100.00 100.00
Government 218.23 7.49 9.98 1.44 1.63 3.76 60,802 59.51 59.51
Corporate 301.31 7.49 9.29 1.62 1.82 3.53 41,373 40.49 40.49
Finance 313.44 9.30 8.36 1.61 1.78 3.49 18,084 43.71 17.70
Banking 286.54 9.67 9.25 1.71 1.93 3.83 14,041 33.94 13.74
Consumer Goods Industry 235.98 8.96 10.58 1.68 1.93 4.28 652.00 1.58 0.64 Telecommunication 325.47 8.99 10.55 1.21 1.33 2.19 2,025 4.89 1.98 Infrastructure, Utilities & 245.53 13.62 13.43 1.61 1.93 3.68 1,703.10 4.12 1.67 Transportation
Property 281.68 10.70 9.95 2.03 2.34 4.89 1,621.00 3.92 1.59
AAA …A 291.06 9.79 9.18 1.63 1.83 3.57 40,583 98.09 39.72
A-…BBB+ 226.58 11.29 11.67 1.44 1.63 2.75 790 1.91 0.77
SOE 263.47 10.36 9.90 1.67 1.90 3.74 8,979 21.70 8.79
Mid-term Market Index (more than 3yrs)
Composit 273.97 8.98 9.45 4.53 7.17 23.44 714,228 100.00 100.00
Government 264.32 8.86 9.35 6.66 12.70 42.81 632,931 88.62 88.62 Corporate 316.44 10.03 9.50 3.53 4.54 14.26 81,297 11.38 11.38
Finance 274.34 10.00 9.07 3.05 3.73 10.48 8,113 9.98 1.14
Banking 254.20 10.07 9.83 3.69 4.85 15.48 34,278 42.16 4.80 Consumer Goods Industry 282.67 9.64 8.97 3.28 4.02 12.33 5,350 6.58 0.75 Telecommunication 281.39 10.48 9.85 3.81 5.15 16.79 7,565 9.31 1.06 Infrastructure, Utilities & 343.29 9.79 10.43 3.52 4.59 14.14 8,284 10.19 1.16 Transportation
RESEARCH TEAM
Debt Research (62 21) 350 9888
Fax No. (62 21) 350 1709
Head of Debt Research
Yudistira Slamet
[email protected] ext. 3400
Credit Analysts Production & Database Management
Amir A. Dalimunthe Eka Nuraini
[email protected] ext. 3405 [email protected] ext. 3407
Ayesha Ardelia Market Analyst
[email protected] ext. 3406 Rifki Rizal
[email protected] ext. 3404 Melissa Hartono
[email protected] ext. 3402
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Fax No. (62 21) 3501724/25
Head of Debt Capital Market
Budi Susanto
[email protected] ext. 3200
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Rina Rimawati D Romi Mulyadi
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Setyo H. Purnomo
Putrika Mayadipta [email protected] ext. 3226
[email protected] ext. 3215
Ariningtyas W. Agustina
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Hernita Dwi Ariesandhy
PT Danareksa Sekuritas
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