Fixed Income Daily Report

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Fixed Income Daily Report

Analisa Perdagangan Obligasi (Selasa, 21/12)

Harga obligasi berdenominasi Rupiah melanjutkan penguatannya pada perdagangan kemarin. Sebagian besar tenor SUN mengalami penurunan yield pada kisaran 1 - 4 bp di sepanjang kurva, dimana yield SUN bertenor 10 tahun turun 1 bp ke level 6,38%. Yield obligasi Pemerintah berdenominasi USD mengalami kenaikan, dimana yield INDON-31 dan INDON-51 masing – masing naik ke level 2,17% (+1 bp) dan 3,11% (+1 bp). Nilai tukar Rupiah menguat tipis ke level IDR14.304/USD kemarin, dari posisi penutupan di hari Senin di level IDR14.402/USD.

Volume transaksi SBN secara outright tercatat sebesar IDR16,3 triliun kemarin, menurun dari volume transaksi di hari Senin yang sebesar IDR19,5 triliun. FR0086 dan SPN12220106 menjadi dua seri teraktif di pasar sekunder, dengan volume transaksi masing - masing sebesar IDR3,3 triliun dan IDR1,3 triliun.

Sementara itu, volume transaksi obligasi korporasi secara outright tercatat sebesar IDR2,5 triliun kemarin.

Perkiraan Pasar dan Rekomendasi (Rabu, 22/12)

Yield di pasar surat utang Indonesia berpotensi turun dalam waktu dekat seiring meredanya tekanan eksternal. Optimisme investor meningkat seiring langkah lanjutan pemerintah US dalam menangani virus corona varian omicron. Presiden AS, Joe Biden, menyatakan bahwa AS akan mendistribusikan 500 juta alat tes COVID-19 secara gratis untuk test dari rumah, serta penempatan darurat dokter dan perawat bagi wilayah yang terkena dampak parah COVID-19. Joe Biden juga menyatakan bahwa pemberlakuan lockdown seperti bulan Maret 2020 lalu tidak akan kembali diterapkan saat ada lonjakan varian omicron kali ini. Sementara di sisi lain, potensi negosiasi lanjutan antara Biden dan Manchin terkait program anggaran belanja sosial dan iklim senilai USD2 triliun juga menjadi sentimen positif bagi pasar. Beberapa hal ini cenderung meningkatkan optimisme investor setelah sentimen negatif yang datang dari varian omicron dalam beberapa hari terakhir. Meredanya tekanan eksternal mendorong investor untuk masuk pada aset – aset yang lebih berisiko dan mengurangi permintaan pada aset – aset yang lebih aman, yang tercermin dari penguatan bursa saham AS semalam (Dow Jones +1,60%; S&P 500 +1,78%; Nasdaq +2,40%), yang juga diikuti oleh kenaikan yield obligasi Pemerintah AS bertenor 10 tahun dan 30 tahun masing – masing ke level 1,47%

(+4 bp) dan 1,87% (+2 bp). Meredanya tekanan eksternal diperkirakan akan membuka peluang penurunan yield di pasar surat utang Indonesia pada perdagangan hari ini. Potensi penurunan yield juga akan didukung oleh stabilnya pergerakan nilai tukar Rupiah serta masih tingginya likuiditas investor saat ini.

Sering potensi penurunan yield yang cukup terbuka dalam waktu dekat, maka SUN bertenor menengah dan panjang seperti seri

Daily Market Report

Bond Market Activity

Last Price (%) Most Active Government Bonds

FR0086 4.31 101.35 5.15 3259.19

SPN12220106 0.04 99.82 4.70 1300.00

FR0065 11.40 102.00 6.37 903.40

FR0091 10.32 100.55 6.30 830.65

FR0087 9.15 100.80 6.38 800.95

Most Active Corporate Bonds

PNMP04ACN1 0.99 100.00 3.75 612.0

CARE01XXMF 2.91 100.01 8.49 600.0

CASA01XXMF 2.90 100.01 8.50 600.0

TBIG05CN2 0.99 100.00 3.60 390.0

BACA01SB 0.06 100.00 11.72 56.0

Indonesia Macroeconomic Data

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

CPI MoM (%) - 0.37 0.12 -0.04

CPI YoY (%) - 1.75 1.66 1.60

7-day RR (%) 3.50 3.50 3.50 3.50

Foreign Reserve (US$ Bn)

Foreign Exchange Rate

21-Dec

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

USD/IDR 14,304 14,402 14,325 14,258

EUR/USD 1.128 1.128 1.126 1.125

GBP/USD 1.327 1.321 1.323 1.338

AUD/USD 0.715 0.711 0.710 0.723

USD/JPY 114.100 113.610 113.700 115.140

USD/SGD 1.364 1.367 1.370 1.365

USD/THB 33.688 33.599 33.419 33.127

USD/MYR 4.209 4.226 4.232 4.199

USD/CNY 6.372 6.376 6.367 6.392

Government Auction Schedule Date

Benchmark Government Bond Yields 21-Dec-21 TTM

(Year)

Last Yield (%)

Volume (IDR bn)

2-Nov-21 SPNS 6-mo

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

26-Oct-21 SPN 3-mo, 9-mo

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

Series Maturities

- 145.50 146.90

4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0

1/2021 6/2021 0/2021 5/2021 2/2021 7/2021 1/2021 6/2021 1/2021 6/2021 0/2021 5/2021 0/2021 5/2021 /9/2021 4/2021 /8/2021 3/2021 8/2021 23/2021 7/2021 22/2021 7/2021

(%)

5.15 6.26 6.38 7.05

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Berita Pasar Surat Utang Indonesia

Lembaga pemeringkat PEFINDO menegaskan peringkat idAAA untuk peringkat Obligasi Berkelanjutan III Tahap III Tahun 2019 Seri A Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara (PPLN) senilai IDR369,0 miliar dan peringkat idAAA(sy) untuk peringkat Sukuk Ijarah Berkelanjutan III Tahap III Tahun 2019 Seri A senilai IDR263,0 miliar yang akan jatuh tempo pada tanggal 19 Februari 2022. Perusahaan akan menggunakan kas internal untuk membayar obligasi dan sukuk ijarah yang akan jatuh tempo. Per 30 September 2021, posisi kas dan setara kas PPLN tercatat IDR40,5 triliun. Efek utang dengan peringkat idAAA merupakan peringkat tertinggi yang diberikan oleh PEFINDO. Kemampuan obligor untuk memenuhi kewajiban keuangan jangka panjang atas efek utang tersebut, relatif dibanding obligor Indonesia lainnya, adalah superior. PPLN adalah perusahaan milik negara yang menghasilkan, mentransmisikan, dan mendistribusikan listrik ke seluruh Indonesia. Perusahaan adalah satu-satunya perusahaan listrik yang terintegrasi dengan total kapasitas terpasang sebesar 45.616 Mega Watt (MW) (termasuk sewa) pada akhir tahun 2020.

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Government Bonds Valuation

Closing Price Data : December 21, 2021

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

FR0061 15-May-22 7.000% 0.39 101.47 3.22% 3.16% 101.51 Fair

FR0035 15-Jun-22 12.900% 0.47 104.54 3.24% 3.17% 104.63 Fair

FR0043 15-Jul-22 10.250% 0.53 104.04 3.01% 3.19% 103.93 Fair

FR0063 15-May-23 5.625% 1.33 102.56 3.73% 3.57% 102.78 Fair

FR0046 15-Jul-23 9.500% 1.41 108.63 3.77% 3.67% 108.80 Fair

FR0039 15-Aug-23 11.750% 1.47 113.25 3.41% 3.72% 112.73 Expensive

FR0070 15-Mar-24 8.375% 2.00 108.75 4.21% 4.08% 109.08 Fair

FR0077 15-May-24 8.125% 2.17 108.91 4.18% 4.18% 108.92 Fair

FR0044 15-Sep-24 10.000% 2.36 114.01 4.48% 4.38% 114.32 Fair

FR0081 15-Jun-25 6.500% 3.10 105.14 4.88% 4.79% 105.42 Fair

FR0040 15-Sep-25 11.000% 3.06 120.61 4.88% 4.92% 120.50 Fair

FR0084 15-Feb-26 7.250% 3.50 107.76 5.15% 5.11% 107.90 Fair

FR0086 15-Jun-26 5.500% 3.93 101.30 5.16% 5.25% 100.98 Fair

FR0037 15-Sep-26 12.000% 3.67 127.38 5.37% 5.35% 127.46 Fair

FR0056 15-Sep-26 8.375% 3.87 112.90 5.25% 5.35% 112.48 Fair

FR0090 15-Apr-27 5.125% 4.56 100.71 4.97% 5.56% 98.01 Expensive

FR0059 15-May-27 7.000% 4.46 107.04 5.47% 5.59% 106.50 Expensive

FR0042 15-Jul-27 10.250% 4.22 121.90 5.61% 5.64% 121.75 Fair

FR0047 15-Feb-28 10.000% 4.61 120.98 5.88% 5.81% 121.37 Fair

FR0064 15-May-28 6.125% 5.21 101.16 5.90% 5.88% 101.29 Fair

FR0071 15-Mar-29 9.000% 5.32 115.58 6.28% 6.07% 116.92 Cheap

FR0078 15-May-29 8.250% 5.57 111.51 6.28% 6.11% 112.60 Cheap

FR0052 15-Aug-30 10.500% 5.87 127.60 6.31% 6.33% 127.46 Fair

FR0082 15-Sep-30 7.000% 6.39 103.71 6.44% 6.34% 104.37 Cheap

FR0087 15-Feb-31 6.500% 6.68 100.78 6.38% 6.40% 100.68 Fair

FR0085 15-Apr-31 7.750% 6.62 108.89 6.46% 6.42% 109.19 Fair

FR0073 15-May-31 8.750% 6.54 114.94 6.59% 6.43% 116.15 Cheap

FR0054 15-Jul-31 9.500% 6.36 121.13 6.50% 6.45% 121.49 Fair

FR0091 15-Apr-32 6.375% 7.40 100.49 6.31% 6.54% 98.75 Expensive

FR0058 15-Jun-32 8.250% 7.16 112.03 6.64% 6.56% 112.66 Cheap

FR0074 15-Aug-32 7.500% 7.20 106.22 6.67% 6.58% 106.97 Cheap

FR0065 15-May-33 6.625% 7.87 100.31 6.59% 6.65% 99.80 Fair

FR0068 15-Mar-34 8.375% 7.71 111.96 6.91% 6.72% 113.64 Cheap

FR0080 15-Jun-35 7.500% 8.52 104.78 6.95% 6.81% 106.03 Cheap

FR0072 15-May-36 8.250% 8.61 110.95 7.03% 6.86% 112.54 Cheap

FR0088 15-Jun-36 6.250% 9.42 99.91 6.26% 6.87% 94.37 Expensive

FR0045 15-May-37 9.750% 8.59 123.13 7.23% 6.92% 126.56 Cheap

FR0075 15-May-38 7.500% 9.43 104.19 7.06% 6.96% 105.18 Cheap

FR0050 15-Jul-38 10.500% 8.61 132.09 7.16% 6.97% 134.34 Cheap

FR0079 15-Apr-39 8.375% 9.43 112.89 7.07% 7.00% 113.64 Cheap

FR0083 15-Apr-40 7.500% 9.93 104.52 7.06% 7.04% 104.69 Fair

FR0057 15-May-41 9.500% 9.77 124.54 7.14% 7.08% 125.36 Cheap

FR0062 15-Apr-42 6.375% 10.68 90.50 7.28% 7.10% 92.22 Cheap

FR0092 15-Jun-42 7.125% 10.81 102.69 6.88% 7.11% 100.19 Expensive

FR0067 15-Feb-44 8.750% 10.34 117.45 7.17% 7.15% 117.63 Fair

FR0076 15-May-48 7.375% 11.66 102.88 7.13% 7.24% 101.61 Expensive

FR0089 15-Aug-51 6.875% 12.36 100.97 6.80% 7.28% 95.03 Expensive

3.00 4.00 5.00 6.00 7.00 8.00

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Yield Curve YTM

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4

Price (%) Yield (%) Price (%) Yield (%) Price (%) Yield (%)

INDO-22 3.700 8-Jan-22 0.05 100.25 -2.30 100.25 -2.30 100.29 -0.99

INDO-22 3.750 25-Apr-22 0.34 101.13 0.41 101.10 0.54 101.27 0.21

INDO-23 2.950 11-Jan-23 1.05 102.41 0.65 102.40 0.66 102.45 0.65

INDO-23 3.375 15-Apr-23 1.31 103.24 0.88 103.40 0.77 103.47 0.75

INDO-23 5.375 17-Oct-23 1.82 107.80 1.03 107.88 0.99 108.12 0.90

INDO-24 5.875 15-Jan-24 2.07 109.80 1.06 109.82 1.05 109.91 1.05

INDO-24 4.450 11-Feb-24 2.14 107.26 1.00 107.23 1.02 107.22 1.05

INDO-25 4.125 15-Jan-25 3.07 108.02 1.44 108.06 1.43 108.04 1.45

INDO-26 4.750 8-Jan-26 4.05 111.94 1.68 111.99 1.67 111.95 1.69

INDO-27 4.350 8-Jan-27 5.05 111.67 1.91 111.69 1.91 111.66 1.92

INDO-27 3.850 18-Jul-27 5.57 109.87 1.97 109.86 1.97 109.84 1.98

INDO-28 3.500 11-Jan-28 6.06 108.11 2.07 108.13 2.06 108.05 2.08

INDO-28 4.100 24-Apr-28 6.34 111.68 2.12 111.73 2.11 111.59 2.14

INDO-29 4.750 11-Feb-29 7.15 116.65 2.21 116.70 2.21 116.52 2.24

INDO-29 3.400 18-Sep-29 7.75 108.14 2.25 108.20 2.24 107.95 2.28

INDO-30 2.850 14-Feb-30 8.15 104.41 2.25 104.47 2.25 104.30 2.27

INDO-30 3.850 15-Oct-30 8.82 112.54 2.27 112.55 2.27 112.34 2.30

INDO-31 1.850 12-Mar-31 9.22 97.34 2.17 97.40 2.16 97.26 2.18

INDO-37 6.625 17-Feb-37 15.17 139.99 3.26 140.05 3.26 139.86 3.27

INDO-38 7.750 17-Jan-38 16.08 152.72 3.45 152.92 3.44 152.73 3.45

INDO-42 5.250 17-Jan-42 20.08 126.02 3.44 126.17 3.43 126.05 3.44

INDO-43 4.625 15-Apr-43 21.33 118.03 3.43 118.24 3.41 117.98 3.43

INDO-45 5.125 15-Jan-45 23.08 124.82 3.54 124.92 3.54 124.82 3.54

INDO-47 5.250 8-Jan-47 25.06 128.78 3.51 128.88 3.51 128.92 3.51

INDO-47 4.750 18-Jul-47 25.59 121.30 3.48 121.42 3.48 121.37 3.48

INDO-48 4.350 11-Jan-48 26.07 115.42 3.45 115.57 3.44 115.59 3.44

INDO-49 5.350 11-Feb-49 27.16 131.29 3.55 131.40 3.54 131.29 3.55

INDO-49 3.700 30-Oct-49 27.87 106.01 3.37 106.13 3.36 106.04 3.36

INDO-50 4.200 15-Oct-50 28.83 114.36 3.41 114.46 3.41 114.36 3.41

INDO-51 3.050 12-Mar-51 29.24 98.95 3.11 99.08 3.10 99.04 3.10

INDO-70 4.450 15-Apr-70 48.35 118.88 3.62 119.04 3.61 118.94 3.62

INDO-71 3.350 12-Mar-71 49.25 97.56 3.45 97.69 3.45 97.93 3.44

INDOIS-22 4.000 11-Jan-22 0.05 100.21 -0.03 100.22 0.03 100.28 0.06

INDOIS-22 3.400 29-Mar-22 0.27 100.81 0.35 100.88 0.15 100.84 0.46

INDOIS-22 3.300 21-Nov-22 0.92 102.50 0.55 102.50 0.55 102.55 0.54

INDOIS-23 3.750 1-Mar-23 1.19 103.63 0.68 103.59 0.72 103.64 0.72

INDOIS-24 3.900 20-Aug-24 2.66 107.28 1.12 107.25 1.13 107.23 1.15

INDOIS-24 4.350 10-Sep-24 2.72 108.44 1.18 108.44 1.18 108.44 1.20

INDOIS-25 4.325 28-May-25 3.43 109.69 1.42 109.69 1.42 109.67 1.44

INDOIS-25 2.300 23-Jun-25 3.50 102.94 1.44 102.94 1.44 102.92 1.45

INDOIS-26 4.550 29-Mar-26 4.27 112.32 1.55 112.30 1.56 112.24 1.59

INDOIS-27 4.150 29-Mar-27 5.27 110.95 1.95 110.93 1.96 110.95 1.96

INDOIS-28 4.400 1-Mar-28 6.19 113.06 2.14 113.08 2.13 113.06 2.14

INDOIS-29 4.450 20-Feb-29 7.17 114.38 2.26 114.38 2.26 114.35 2.27

INDOIS-30 2.800 23-Jun-30 8.51 103.33 2.37 103.28 2.37 103.25 2.38

INDOIS-50 3.800 23-Jun-50 28.52 105.14 3.51 105.09 3.52 104.89 3.53

PERTIJ-22 4.875 3-May-22 0.36 101.41 0.95 101.42 0.95 101.46 1.01

PERTIJ-23 4.300 20-May-23 1.41 104.17 1.30 104.18 1.30 104.25 1.29

PERTIJ-29 3.650 30-Jul-29 7.61 106.26 2.73 106.07 2.76 105.98 2.77

PERTIJ-30 3.100 21-Jan-30 8.09 102.15 2.80 101.93 2.83 101.87 2.84

PERTIJ-30 3.100 27-Aug-30 8.68 101.72 2.88 101.84 2.86 102.22 2.81

PERTIJ-42 6.000 3-May-42 20.38 122.87 4.30 121.95 4.36 122.93 4.30

PERTIJ-50 4.175 21-Jan-50 28.10 102.45 4.03 102.29 4.04 102.82 4.01

PERTIJ-60 4.150 25-Feb-60 38.20 100.06 4.15 99.81 4.16 101.33 4.08

PLNIJ-27 4.125 15-May-27 5.40 106.69 2.78 106.76 2.77 106.84 2.76

PLNIJ-28 5.450 21-May-28 6.42 114.23 2.99 114.53 2.95 114.69 2.93

PLNIJ-29 5.375 25-Jan-29 7.10 114.31 3.11 114.69 3.06 114.89 3.03

PLNIJ-29 3.875 17-Jul-29 7.57 105.85 3.01 106.25 2.95 105.70 3.03

PLNIJ-30 3.375 5-Feb-30 8.13 101.62 3.15 102.03 3.09 102.27 3.06

PLNIJ-30 3.000 30-Jun-30 8.53 99.12 3.12 99.52 3.06 99.44 3.08

PLNIJ-37 7.875 29-Jun-37 15.53 140.63 4.27 140.61 4.27 140.91 4.25

PLNIJ-42 5.250 24-Oct-42 20.85 111.46 4.40 111.80 4.38 112.32 4.35

PLNIJ-47 5.250 15-May-47 25.41 110.75 4.53 111.36 4.50 111.85 4.47

PLNIJ-49 4.875 17-Jul-49 27.59 107.08 4.43 106.34 4.47 106.85 4.44

PLNIJ-50 4.000 30-Jun-50 28.54 95.77 4.26 96.37 4.22 97.27 4.16

INALUM-25 4.750 15-May-25 3.40 106.76 2.65 106.91 2.61 106.79 2.66

INALUM-30 5.450 15-May-30 8.40 114.37 3.46 114.81 3.41 114.48 3.45

PGASIJ-24 5.125 16-May-24 2.40 108.23 1.61 108.39 1.55 108.42 1.56

HAKAIJ-30 3.750 11-May-30 8.39 106.82 2.83 106.81 2.83 106.84 2.83

BBRIIJ-23 4.625 20-Jul-23 1.58 105.55 1.06 105.60 1.03 105.42 1.19

BBRIIJ-24 3.950 28-Mar-24 2.27 105.79 1.34 105.88 1.31 105.61 1.44

BBTNIJ-25 4.200 23-Jan-25 3.09 102.24 3.43 102.29 3.41 102.28 3.42

BMRIIJ-24 3.750 11-Apr-24 2.30 104.42 1.78 104.50 1.75 104.48 1.77

BMRIIJ-25 4.750 13-May-25 3.39 108.79 2.05 108.96 2.00 109.10 1.98

PELINDOII-25 4.250 5-May-25 3.37 107.45 1.95 107.93 1.81 107.69 1.90

Indonesia USD Denominated Bonds

Maturity 21-Dec-21 Previous Day Previous Week

Bonds Coupon TTM (Year)

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Indonesia Government Bonds Yield Indonesia & US Treasury Yield Comparison

Maturities (Year) 21-Dec (-1 day) (-1 week) (-1 month) Global Bonds 21-Dec

1 3.70 3.71 3.74 3.18 21-Dec (-1 day) (-1 week) (- 1 month)

2 4.19 4.20 4.06 4.03 Fed Fund Rate & US Bond Yield

3 4.46 4.52 4.48 4.07 Fed Fund Rate 0.25 0.25 0.25 0.25

4 5.15 5.15 5.14 4.78 2-Year 0.67 0.63 0.66 0.62

5 5.15 5.16 5.14 4.87 5-Year 1.22 1.17 1.24 1.34

6 5.86 5.90 5.81 5.57 10-Year 1.47 1.43 1.44 1.67

7 6.28 6.28 6.18 5.67 30-Year 1.87 1.85 1.83 2.03

8 6.20 6.20 6.20 6.07 10-Year Government Bond Yield (LCY)

9 6.42 6.45 6.33 6.21 Germany -0.31 -0.37 -0.37 -0.22

10 6.38 6.39 6.37 6.04 UK 0.87 0.77 0.72 1.00

15 6.26 6.27 6.27 6.22 France 0.06 -0.02 -0.02 0.14

20 7.05 7.06 7.09 6.75 Italy 1.01 0.93 0.93 1.06

30 6.80 6.80 6.79 6.79 Greece 1.27 1.22 1.30 1.30

Spain 0.44 0.36 0.33 0.51

CDS, VIX Index, IDMA Index Japan 0.05 0.04 0.05 0.07

21-Dec (-1 day) (-1 week) (-1 month) China 2.85 2.98 2.88 2.91

5-year Indo CDS 78.11 78.85 77.84 78.14 Malaysia 3.55 3.54 3.57 3.57

VIX Index 21.04 22.87 21.89 19.38 Thailand 1.88 1.87 1.96 1.96

IDMA Index 99.11 99.05 99.35 100.13 Singapore 1.55 1.53 1.63 1.81

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)

21-Dec (-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 December 16, 2021 (IDR Trillion)

Holders Dec-19 Dec-20 Mar-21 Jun-21 Jul-21 Sep-21 Oct-21 Nov-21 3-Dec-21 10-Dec-21 15-Dec-21 16-Dec-21 Banks 581.37 1375.57 1573.13 1391.98 1368.45 1502.91 1554.03 1592.08 1595.81 1589.01 1598.13 1597.04 Bank Indonesia 262.49 454.36 442.68 677.95 689.52 663.15 604.23 585.53 639.89 644.60 640.94 640.94

Mutual Fund 130.86 161.33 163.10 135.40 136.21 146.25 148.01 152.79 153.67 156.16 155.88 155.77

Insurance & Pension Fund 471.67 542.82 585.19 610.06 625.30 595.18 653.06 645.43 645.84 648.13 649.59 650.29 Foreign Investor 1061.86 973.91 951.41 977.31 965.78 961.78 949.27 918.45 909.50 899.43 894.31 894.99

Individual 81.18 131.24 189.33 192.21 198.88 220.37 225.12 226.80 227.49 228.47 223.76 223.37

Others 163.32 231.54 250.75 297.71 303.01 370.82 335.36 347.80 351.76 358.18 360.37 360.57

Total 2,752.74 3,870.76 4,155.60 4,282.62 4,287.16 4,460.46 4,469.08 4,468.88 4,523.98 4,523.98 4,522.98 4,522.98

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

Holders Dec-19 Dec-20 Mar-21 Jun-21 Jul-21 Sep-21 Oct-21 Nov-21 3-Dec-21 10-Dec-21 15-Dec-21 16-Dec-21

Banks 94.59 794.20 197.57 16.41 -7.11 127.35 178.47 216.51 220.24 213.44 222.57 221.48

Bank Indonesia 14.54 191.87 -11.68 223.59 235.16 208.78 149.87 131.17 185.53 190.24 186.58 186.58

Mutual Fund 12.24 30.46 1.77 -25.92 -25.12 -15.08 -13.32 -8.54 -7.65 -5.17 -5.45 -5.55

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DEBT RESEARCH TEAM

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

E-mail : [email protected]

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