At a Slow Pace
JUNE 2014
Indonesia FCLT Rating S&P BB+ Moody’s Baa3 FitchBBB-Key Market Indicators as of 10 Jun 2014
BI Rate 7.50%
JCI 4,946
IDR 11,815
Inflation (YoY) 7.32%
Inflation (MoM) 0.16%
Domestic Bonds Outstanding
Gov’t Bonds as of 9 May14 IDR 1,111 tn Corp Bonds as of Apr 14 IDR 211.58 tn
Trading Volume in May 2014
Government Bonds IDR 54.64 tn Corporate Bonds IDR 2.08 tn
Benchmark Yields as of 10 Jun 2014
FR0069 (5 year) 7.647% FR0070 (10 year) 7.998% FR0071 (15 year) 8.463% FR0068 (20 year) 8.631%
Source: Bloomberg Mid YTM
Analysts Amir A. Dalimunthe (62 21) 2955 5777 ext 3405 amirda@danareksa.com Ayesha Ardelia (62 21) 2955 5777 ext 3406 ayesha@danareksa.com
Monday Tuesday Wednesday Thursday Friday
9 22 May 2014 Calendar 13 14 5 6 7 8 23 16 19 20 21 BEXI01ACN3 : Matured ADMF02ACN3, ADMF02BCN3, ADMF02CCN3: New Issuance (IDR 1.5 trillion) 2 12 2215 26 28 22 1 22 27 2229 30 TUFI01ACN2, TU-FI01BCN2: New Issuance (IDR 0.6 trillion) BBIA01SB: New Issuance (IDR 1 trillion) OTMA07D : Matured BFIN01BCN1 : Matured MEDC02B, BDKI06A : Matured BEXI04C, INDF05, PNBN02C, APEX02B : Matured BCAF04D : Matured BCAF01ACN2 : Matured BTPN01ACN1 : Matured
Rp 4,65 triliun lebih rendah dari bulan sebelumnya sebesar Rp 5,02 triliun. Jumlah jatuh tempo tertinggi berasal dari sektor
Financial Companies sebesar Rp 1,83 triliun disusul oleh sektor Banks sebesar Rp 950 miliar. Total penerbitan obligasi pada Mei
2014 adalah sebesar Rp 3,09 triliun, lebih rendah dari bulan sebelumnya yaitu sebesar Rp 3,14 triliun. Penerbitan berasal dari dua sektor dengan jumlah penerbitan tertinggi berasal dari sektor Banks sebesar Rp 4 triliun, sedangkan sektor lainnya adalah Financial Companies sebesar Rp 211 miliar. Pada bulan Juni mendatang merupakan salah satu bulan dengan jatuh tempo tertinggi yaitu sebesar Rp 7,17 triliun.
reached IDR4.65 trillion, lower than the previous month of IDR 5.02 trillion. The biggest amount of maturing bonds came from Financial Company sector (IDR 1.83 trillion) and was followed by the Banking sector (IDR 950 billion). Meanwhile, the total of corporate bonds issuance in May 2014 was IDR 3,09 trillion, slightly lower than the previous month of IDR 3.14 trillion. The issuance came from only 2 sectors, Banks and Financial Companies. Banking sector contributed IDR 4 trillion of new bond issuance, while the Financial Companies issued IDR 211 billion. In June, the total amount of maturing corporate bonds will reach IDR 7.17 trillion.
Penerbitan obligasi pemerintah capai 60,86% target
Dalam empat kali kesempatan lelang obligasi pemerintah selama bulan Mei 2014, jumlah nominal SUN yang dimenangkan adalah sebesar Rp 16,85 triliun dan jumlah SBSN yang dimenangkan adalah sebesar Rp 1,61 triliun. FR0071 merupakan seri SBN dengan jumlah yang dimenangkan tertinggi dalam dua kali lelang sebesar Rp 7,75 triliun, disusul oleh FR0070 dalam satu kali lelang sebesar Rp 2,60 triliun. Sedangkan untuk seri SBSN, PBS005 dimenangkan sebesar Rp 0,84 triliun dan merupakan yang tertinggi, disusul oleh PBS003 sebesar Rp 0,39 triliun. Sampai dengan akhir bulan Mei 2014, total penerbitan obligasi pemerintah sudah mencapai Rp 224,85 triliun atau 60,86% realisasi dari total target penerbitan tahun 2014 sebesar Rp 369,44 triliun.
Government bonds issuance reached 60.86% of target
During the four government bonds auctions held in May 2014, the total amount of bid for SUN accepted by the government was IDR 16.85 trillion, as for the SBSN (Government Sharia Securities) was IDR 1.61 trillion. For the SUN issuance, FR0071 was the biggest contributor with the total amount of IDR 7.75 trillion covered by the government, followed by FR0070 at IDR 2.60 trillion. Meanwhile for SBSN, the total amount of PBS005 granted by the Government was IDR 0,84 trillion, followed by PBS003 at IDR 0,39 trillion. By the end of the month of May 2014, total government bonds’ issuance reached IDR 224.85 trillion or 60.86% of the total issuance target in 2014 (IDR 369.44 trillion, based on APBN 2014).
Exhibit 1. Maturing and Issuance of Corporate Bonds (IDR billion)
0 1000 2000 3000 4000 5000 6000
Matured Issued Matured Issued Matured Issued Matured Issued Matured Issued 2014-01 2014-02 2014-03 2014-04 2014-05
Others Property and Construction Banking Financial Company
Exhibit 2. IDR Government Bonds Auction in May 2014 (IDR trillion) 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00
<15y 5y - 15y 5y< <15y 5y - 15y 5y< <15y 5y - 15y 5y< <15y 5y - 15y 5y<
SBSN SBN SBSN SBN
6-May-14 12-May-14 20-May-14 26-May-14
Source : DMO
Kepemilikan asing bertambah
Kepemilikan asing terhadap obligasi pemerintah bertambah signifikan menjadi sebesar Rp 397,16 triliun per tanggal 30 Mei 2014 dari sebelumnya sebesar Rp 377 triliun per tanggal 31 April 2014. Secara proporsi terhadap outstanding obligasi, kepemilikan asing juga mengalami peningkatan per tanggal 30 Mei 2014 menjadi 35,72% dari 34,59% per tanggal 30 April 2014. Kepemilikan Bank Indonesia meningkat dari Rp 124,62 triliun menjadi Rp 125,19 triliun, sedangkan kepemilikan bank domestik mengalami penurunan tidak signifikan dari Rp 271,88 triliun menjadi Rp 268,89 triliun. Secara proporsi kepemilikan, Bank Indonesia sebesar 11,26% dan bank domestik sebesar 24,18% pada 30 Mei 2014.
Foreign holdings increase
Foreign holdings of government bonds increase significantly to IDR 397.16 trillion as of May 30, 2014 from IDR 377 trillion as of April 31,2014. In proportion to bonds outstanding, foreign holdings also rise to 35.72% as of May 30,2014 from 34.59% as of April 30, 2014. Bank Indonesia increased its holdings from IDR 124.62 trillon to IDR 125.19 trillion, while domestic banks declined slightly from IDR 271.88 trillion to IDR 268.89 trillion. In term of proportion to the total outstanding, Bank Indonesia was at 11.26% and domestic bank was at 24.18% as of May 30,2014.
Exhibit 3. Foreign and domestic bank ownership of IDR Government Bonds (IDR trillion)
300 320 340 360 380 400 420 8-Ja n-1 4 15-Ja n-14 22-Ja n-14 29-Ja n-14 5-Fe b-14 12-Fe b-14 19-Fe b-14 26-Fe b-14 5-M ar -14 12-M ar -14 19-M ar -14 26-M ar -14 2-Ap r-14 9-Ap r-14 16-Ap r-14 23-Ap r-14 30-Ap r-14 7-M ay -14 M ay -14 M ay -14 M ay -14
Kinerja pasar sedikit menurun
Pasar obligasi domestic, seperti digambarkan oleh Danareksa
Composite Bond Index, menunjukkan penurunan kinerja selama
Mei 2014, mencatatkan return positif 0,33% dibandingkan dengan return bulan April sebesar positif 0,91%. Return dari
capital gain sebesar negatif 0,38%, sedangkan return diperoleh
dari pembayaran kupon sebesar positif 0,71%.
Return Obligasi tenor pendek lebih tinggi
Return obligasi bertenor pendek (obligasi dengan tenor
kurang dari 3 tahun) lebih tinggi dibandingkan dengan obligasi bertenor panjang pada Mei 2014. Return dari masing-masing tenor sebesar positif 0,70% untuk tenor pendek dan positif 0,28% untuk tenor panjang.
Performa obligasi korporasi lebih baik
Obligasi korporasi memberikan kinerja lebih baik dari obligasi Pemerintah tercermin dari return obligasi pemerintah sebesar positif 0,27% dan obligasi korporasi sebesar positif 0,68%.
Capital loss obligasi Pemerintah sebesar 0,42% sedangkan
obligasi korporasi sebesar 0,12%. Untuk return yang diperoleh dari pembayaran kupon, obligasi korporasi lebih tinggi dari obligasi pemerintah yaitu sebesar 0,80% v.s. 0,69%.
Perdagangan sekunder obligasi menurun
Melanjutkan penurunan pada bulan sebelumnya, total volume transaksi obligasi di pasar sekunder mencapai Rp181,41 triliun selama Mei 2014. Perdagangan obligasi pemerintah tercatat sebesar Rp171,67 triliun, turun dari Rp194,33 triliun di bulan sebelumnya. Perdagangan obligasi korporasi turun menjadi Rp 9,75 triliun dari Rp10,36 triliun di bulan sebelumnya.
Weaker market performance
The domestic bonds market, as reflected by Danareksa Composite Bond Index, showed a weaker performance in May 2014, with a positive return of 0.33% after recording a positive return of 0.91% in the previous month. The capital gain was negative 0.38% while the return from coupon payments was 0.71%.
Higher return from short tenor bonds
Returns on bonds with tenors less than 3 years were greater than the returns on long tenor bonds in May 2014. For the short tenors, the return was positive 0.70% while the long tenors gave a positive return of 0.28%.
Corporate bonds performed slightly better
Corporate bonds showed better performance than government bonds. For government bonds, the return reached 0.27% while for corporate bonds the return was 0.68%. The capital loss for government bonds was 0.42% while corporate bonds recorded slightly better performance with only 0.12% of capital loss. The return from coupon payments on corporate bonds was also higher than that of the government bonds, recorded at 0.80% v.s. 0.69%.
Less active trading in the secondary market
Continuing the previous month decline, the total trading in the secondary market during May 2014, slumped to IDR181.41 trillion. Government bonds trading was recorded at IDR171.67 trillion, or down from IDR 194.33 trillion in the previous month. Corporate bonds trading, meanwhile, fell to IDR 9.75 trillion from IDR10.36 trillion in the previous month.
Exhibit 4. Changes in the yield curve
0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 1 ye a r 2 ye a r 3 ye a r 4 ye a r 5 ye a r 6 ye a r 7 ye a r 8 ye a r 9 ye a r 10 y e ar 11 y e ar 12 y e ar 13 y e ar 14 y e ar 15 y e ar 16 y e ar 17 y e ar 18 y e ar 19 y e ar 20 y e ar 21 y e ar 22 y e ar 23 y e ar 24 y e ar 25 y e ar 26 y e ar 27 y e ar 28 y e ar 29 y e ar 30 y e ar 31 y e ar
Source : Danareksa Estimate
Exhibit 5. Average monthly trading
50,000 100,000 150,000 200,000 250,000 300,000 Ju n -1 3 Ju l-1 3 A u g -1 3 S e p -1 3 O c t-1 3 N ov -1 3 D e c-1 3 Ja n -1 4 F e b -1 4 M ar -1 4 Ap r-1 4 Ma y-1 4
Avg Monthly Transaction for Corporate Bonds : IDR10,406.83 billion Avg Monthly Transaction for Governemnt Bonds : IDR163,751.38 billion
Bond Market Review
No. Bond ID Bond Name Issued Listed Maturity Coupon Rating Amount
Date Date Date Rate (%) (IDRbn) 1 ADMF02ACN3 Obligasi Berkelanjutan II Adira Finance Tahap III 14-May-14 16-May-14 24-May-15 9.60% idAA+ 687
Tahun 2014 Seri A
2 ADMF02BCN3 Obligasi Berkelanjutan II Adira Finance Tahap III 14-May-14 16-May-14 14-May-17 10.50% idAA+ 363 Tahun 2014 Seri B
3 ADMF02CCN3 Obligasi Berkelanjutan II Adira Finance Tahap III 14-May-14 16-May-14 14-May-19 10.75% idAA+ 450 Tahun 2014 Seri C
4 TUFI01ACN2 Obligasi Berkelanjutan I Mandiri Tunas Finance 23-May-14 26-May-14 23-May-17 10.70% idAA 425 Tingkat Bunga 10,70% Tahap II 2014 Seri A
5 TUFI01BCN2 Obligasi Berkelanjutan I Mandiri Tunas Finance 23-May-14 26-May-14 23-May-18 10.85% idAA 175 Tingkat Bunga 10,70% Tahap II 2014 Seri B
6 BBIA01SB Obligasi Subordinasi I Bank UOB Indonesia 2014 28-May-14 30-May-14 28-May-21 11.35% AA(idn) 1000
Total Issuance May 2014 3,100
New Issuance of Corporate Bonds in May 2014
Source: IDX
Maturity of Corporate Bonds in May 2014
Source: IDX
No. Bond ID Bond Name Maturity Coupon Rating Amount
Date Rate (%) (IDR bn)
1 ISAT05A Indosat V Tahun 2007 Seri A 29-May-14 10.2% idAA+ 1,230 2 SIKISAT02 Sukuk Ijarah Indosat II Tahun 2007 29-May-14 10.2% idAA+(sy) 400 3 BLTA04C Obligasi Berlian Laju Tanker IV Tahun 2009 Seri C 28-May-14 16.25% idA- 190 4 SIKBLTA02B Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri B 28-May-14 16.2% idA-(sy) 55 5 BBTN13C Obligasi XIII Bank BTN Tahun 2009 Seri C 29-May-14 12.25% idAA 900 6 BSSB01A Obligasi Bank Sulselbar I Tahun 2011 Seri A 12-May-14 9.5% idA 50 7 TUFI06C Obligasi Mandiri Tunas Finance VI Tahun 2011 Seri C 19-May-14 10% idA+ 350 8 ADMF05C Obligsai Adira Dinamika Multi Finance V Tahun 2011 Seri C 27-May-14 9.6% idAA+ 567 9 ADMF01BCN2 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 04-May-14 7.5% idAA+ 200
Dengan Tingkat Bunga Tetap Tahap II Tahun 2012 Seri B
10 BCAF01BCN1 Obligasi Berkelanjutan I BCA Finance Dengan Tingkat 09-May-14 Fixed: 7.35% idAA+/AA+(idn) 200 Bunga Tetap Tahap I Tahun 2012 Seri B
11 IMFI01ACN2 Obligasi Berkelanjutan I Indomobil Finance dengan 18-May-14 Fixed: 7.00% idA 109 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri A
12 TAFS03A Obligasi Toyota Astra Financial Serv ices III Tahun 2013 Seri A 27-May-14 Fixed: 6.60% AAA(Idn) 400
Maturity of Corporate Bonds in Jun 2014
No. Bond ID Bond Name Maturity Coupon Rating Amount
Date Rate (%) (IDR bn)
1 BEXI01ACN3 Obligasi Berkelanjutan Indonesia Eximbank I Dengan 02-Jun-14 6.15 idAAA 1920 Tingkat Bunga Tetap Tahap III Tahun 2013 Seri A
2 OTMA07D Obligasi Oto Multiartha VII Tahun 2010 Seri D 08-Jun-14 10.37 idAA 200 3 BFIN01BCN1 Obligasi Berkelanjutan I BFI Finance Indonesia Tahap I 12-Jun-14 8.00 A(idn) 110
Tahun 2012 Seri B
4 MEDC02B Obligasi Medco Energi International II Tahun 2009 Seri B 17-Jun-14 14.25 idAA- 986.5 5 BDKI06A Obligais VI Bank DKI Tahun 2011 Seri A 17-Jun-14 9.25 idA+ 125 6 BEXI04C Obligasi Bank Ekspor Indonesia IV Tahun 2009 Seri C 18-Jun-14 12.00 idAAA 607 7 INDF05 Obligasi Indofood Sukses Makmur V Tahun 2009 18-Jun-14 13.00 idAA+ 1610 8 PNBN02C Bank Panin II Tahun 2007 Seri C 19-Jun-14 11.00 idAA 200 9 APEX02B Obligasi Apexindo Pratama Duta II Tahun 2009 Seri B 19-Jun-14 15.00 idA 300 10 BCAF04D Obligasi BCA Finance IV Tahun 2011 Seri D 22-Jun-14 8.90 idAA+ 200 11 BCAF01ACN2 Obligasi Berkelanjutan I BCA Finance Dengan Tingkat 24-Jun-14 6.50 idAA+/AAA(idn) 750
Bunga Tetap Tahap II Tahun 2013 Seri A
12 BTPN01ACN1 Obligasi Berkelanjutan I Bank BTPN dengan Tingkat Bunga 28-Jun-14 9.25 AA-(idn) 165 Tetap Tahap I Tahun 2011 Seri A
Total Jun 2014 7,174
Bond Market Review
Transaction Activitiy in May 2014 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 FIFA01BCN3 Obligasi Berkelanjutan I Federal International Finance 14-Mar-17 idAA+/AAA(idn) 36.00 23-May-14 100.35 35.76 244.00 36.00 Dengan Tingkat Bungan Tetap Tahap III Tahun 2014 Seri B
2 BNGA01B Obligasi I Bank CIMB Niaga Tahun 2011 Dengan 23-Dec-16 idAAA 1.00 2-May-14 96.94 2.20 202.50 1.00 Tingkat Bunga Tetap Seri B
3 BNII01BCN1 Obligasi Berkelanjutan I Bank BII Tahap I 2011 Seri A 6-Dec-16 idAA+/AAA(idn) 11.00 23-May-14 99.15 11.39 202.00 11.00 4 TAFS02B Obligasi Toyota Astra Financial Services II Tahun 2012 5-Jun-15 AAA(idn)/idAA 7.00 19-May-14 99.15 7.85 198.00 7.00
Dengan Tingkat Bunga Tetap Seri B
5 BIIF02A Obligasi II BII Finance Tahun 2013 Dengan 19-Jun-16 AA+ (idn) 9.00 19-May-14 95.70 11.34 144.00 9.00 Tingkat Bunga Tetap Seri A
6 FIFA01BCN2 Obligasi Berkelanjutan I Federal International Finance 4-Apr-16 idAA+/AAA(idn) 15.00 22-May-14 97.50 16.57 140.00 15.00 Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B
7 VRNA01ACN2 Obligasi Berkelanjutan I Verena Multi Finance 24-Dec-16 idA 118.00 12-May-14 102.00 114.40 124.89 118.00 Tahap II Tahun 2013 Seri A
8 BDMN02B Obligasi II Bank Danamon Tahun 2010 Seri B 9-Dec-15 idAA+ 6.00 22-May-14 100.25 5.83 114.00 6.00 9 JPFA01CN1 Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 12-Jan-17 idA/A+(idn) 3.00 7-May-14 101.55 2.40 102.00 3.00 10 BNII01ACN2 Obligasi Berkelanjutan I Bank BII Tahap II 2012 Seri A 31-Oct-15 idAA+/AAA(idn) 8.00 26-May-14 98.43 9.18 80.55 8.00 11 ADMF01BCN3 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 27-Sep-15 idAA+ 12.00 22-May-14 97.70 13.89 77.00 12.00
dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri B
12 BNGA01ACN2 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap II 20-Nov-15 idAAA/AAA(idn) 7.00 5-May-14 99.54 7.32 72.80 7.00 Tahun 2013 dengan Tingkat Bunga Tetap Seri A
13 BCAF01BCN2 Obligasi Berkelanjutan I BCA Finance Dengan 14-Jun-16 idAA+/AAA(idn) 7.00 30-May-14 97.50 8.34 69.20 7.00 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B
14 BTPN01BCN1 Obligasi Berkelanjutan I Bank BTPN dengan 28-Jun-16 AA-(idn) 6.00 21-May-14 99.95 6.02 60.00 6.00 Tingkat Bunga Tetap Tahap I Tahun 2011 Seri B
15 BMRI01 Obligasi Subordinasi Bank Mandiri I Tahun 2009 11-Dec-16 idAA+ 14.00 28-May-14 104.35 11.98 60.00 14.00 16 BCAF01BCN3 Obligasi Berkelanjutan I BCA Finance Dengan Tingkat 27-Mar-17 idAAA 7.00 12-May-14 100.90 6.65 58.00 7.00
Bunga Tetap Tahap III Tahun 2014 Seri B
17 ASDF01BCN3 Obligasi Berkelanjutan I Astra Sedaya Finance 22-Feb-16 idAA+ 8.00 26-May-14 95.66 10.77 57.70 8.00 Dengan Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B
18 ADMF02CCN1 Obligasi Berkelanjutan II Adira Finance 1-Mar-16 idAA+ 2.00 23-May-14 96.88 3.83 56.00 2.00 Tahap I 2013 Seri A
19 SMKMYOR02 Sukuk Mudharabah II Mayora Indah Tahun 2012 9-May-17 idAA-(sy) 16.00 26-May-14 96.10 17.72 52.00 16.00 20 TAFS03B Obligasi Toyota Astra Financial Serv ices III 2013 Seri B 17-May-16 AAA(Idn) 7.00 28-May-14 97.35 8.47 50.20 7.00 21 ISAT07B Obligasi Indosat VI Tahun 2009 Seri B 8-Dec-16 idAA+ 10.00 22-May-14 105.33 7.67 47.00 10.00 22 IMFI01CCN1 Obligasi Berkelanjutan I Indomobil Finance 11-May-16 idA 22.00 30-May-14 98.00 23.29 45.10 22.00
Dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C
23 SMKBSSB01 Sukuk Mudharabah Bank Sulselbar I Tahun 2011 12-May-16 idA 4.00 20-May-14 100.00 4.00 44.00 4.00 24 SIKTPNI01 Sukuk Ijarah Titan Petrokimia Nusantara I Tahun 2010 2-Jun-15 A+(idn) 2.00 20-May-14 100.00 2.00 42.00 2.00 25 BTPN01ACN3 Obligasi Berkelanjutan I Bank BTPN Dengan 5-Mar-16 AA-(idn) 2.00 13-May-14 100.02 1.99 42.00 2.00
Tingkat Bunga Tetap Tahap III Tahun 2013 Seri A
Transaction Activitiy in May 2014 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
26 PRTL01 Obligasi Protelindo I Tahun 2014 28-Feb-17 AA-(idn) 8.00 12-May-14 100.00 8.00 30.40 8.00 27 BIMF01B Obligasi I Bima Multi Finance Tahun 2013 Seri B 9-Jan-16 (Idr)BBB 4.00 19-May-14 84.21 15.04 24.00 4.00 28 SIKISAT04B Sukuk Ijarah Indosat IV Tahun 2009 Seri B 8-Dec-16 idAA+(sy) 7.00 14-May-14 105.10 4.87 24.00 7.00 29 ASDF01CCN1 Obligasi Berkelanjutan I Astra Sedaya Finance 21-Feb-17 idAA+ 12.00 23-May-14 95.00 14.23 22.30 12.00
Dengan Tingkat Bunga Teteap Tahap I Tahun 2012 Seri C
30 IMAT01B Obligasi Indomobil Wahana Trada I Tahun 2012 Seri B 19-Jun-15 idA 4.00 22-May-14 98.50 5.44 20.00 4.00 31 PPLN12A Obligasi PLN XII Tahun 2010 Seri A 8-Jul-15 idAA+ 4.00 12-May-14 100.80 3.29 20.00 4.00 32 FAST01 Obligasi Fast Food Indonesia I Tahun 2011 6-Oct-16 idAA 4.00 28-May-14 100.07 3.97 20.00 4.00
dengan Tingkat Bunga Tetap
33 BJBR07B Obligasi VII Bank Jabar Banten Tahun 2011 Seri B 9-Feb-16 idAA- 7.00 26-May-14 101.08 6.32 18.00 7.00 34 PPLN08C Syariah Ijarah PLN I Tahun 2006 21-Jun-16 idAA+(sy) 2.00 7-May-14 105.00 -0.35 16.00 2.00 35 BEXI01BCN3 Obligasi Berkelanjutan Indonesia Eximbank I 23-May-16 idAAA 1.00 20-May-14 95.94 3.09 15.00 1.00
Dengan Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B
36 TBIG01BCN1 Obligasi Berkelanjutan I Tiwer Bersama Infrastructure 12-Dec-16 AA-(idn) 3.00 28-May-14 100.05 2.98 15.00 3.00 Tahap I Tahun 2013 Seri B
37 TUFI01ACN1 Obligasi Berkelanjutan I Mandiri Tunas Finance 5-Jun-16 idAA 3.00 8-May-14 97.50 4.26 14.00 3.00 Tahap I Tahun 2013 Seri A
38 BWPT01 Obligasi I BW Plantation Tahun 2010 16-Nov-15 idA 3.00 5-May-14 86.08 13.20 12.00 3.00
Bond Market Review
Transaction Activitiy in May 2014 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 AKRA01A Obligasi I AKR Corporindo Tahun 2012 Seri A 21-Dec-17 idAA- 39.00 30-May-14 107.00 35.43 432.00 39.00 2 SSIA01B Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 6-Nov-17 idA 26.00 21-May-14 100.45 25.79 338.00 26.00 3 BMTR01B Obligasi Global Mediacom I Tahun 2012 Seri B 12-Jul-17 idA+ 14.00 23-May-14 96.50 15.42 197.00 14.00 4 BNGA01BCN1 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I 30-Oct-17 idAAA/AAA(idn) 22.00 23-May-14 98.35 22.69 194.30 22.00
Tahun 2012 Dengan Tingkat Bunga Tetap Seri B
5 APLN02 Obligasi II Agung Podomoro Tahun 2012 15-Aug-17 idA 25.00 28-May-14 98.20 25.83 191.71 25.00 6 ANTM01ACN1 Obligasi Berkelanjutan I Antam Tahap I 2011 Seri A 14-Dec-18 idAA 5.00 21-May-14 100.00 5.00 188.00 5.00 7 PNBN04SB Obligasi Subordinasi Bank Panin III Tahun 2010 9-Nov-17 idAA-/A+(idn) 26.00 19-May-14 98.00 26.89 154.00 26.00 8 BSDE01CN2 Obligasi Berkelanjutan I Bumi Serpong Damai 5-Jun-18 idAA- 14.00 7-May-14 100.00 14.00 150.00 14.00
Tahap II Tahun 2013
9 MEDC03 Obligasi Medco Energi Internasional III Tahun 2012 19-Jun-17 idAA- 7.00 21-May-14 97.07 8.08 140.00 7.00 Dengan Tingkat Bunga Tetap
10 BNII01SB Obligasi Subordinasi I Bank BII Tahun 2011 19-May-18 idAA 15.00 26-May-14 98.75 15.42 84.00 15.00 11 SIAGII02 Sukuk Ijarah Aneka Gas Industri II Tahun 2012 18-Dec-17 A-(idn) 14.00 30-May-14 91.00 17.45 73.50 14.00 12 AGII02 Obligasi Aneka Gas Industri II Tahun 2012 18-Dec-17 A-(idn) 2.00 7-May-14 100.00 2.00 70.00 2.00 13 JSMR01CCN1S Obligasi Berkelanjutan I Jasa Marga Tahap I 27-Sep-18 idAA 6.00 26-May-14 97.65 6.63 70.00 6.00
Tahun 2013 Seri S Seri C
14 MAPI01BCN1 Obligasi Berkelanjutan I Mitra Adiperkasa Tahap I 12-Dec-17 idAA- 11.00 21-May-14 95.00 12.77 68.00 11.00 Tahun 2012 Dengan Tingkat Bunga Tetap Seri B
15 PNBN01CN1 Obligasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 20-Dec-17 idAA 12.00 28-May-14 94.90 13.83 64.00 12.00 16 PPLN01ACN2 Obligasi Berkelanjutan I PLN Tahap II Tahun 2013 Seri A 10-Dec-18 idAAA 6.00 7-May-14 99.25 6.19 60.00 6.00 17 MYOR04 Obligasi IV Mayora Indah Tahun 2012 9-May-19 idAA- 18.00 28-May-14 92.35 20.49 50.00 18.00
Dengan Tingkat Bunga Tetap
18 BTPN01BCN3 Obligasi Berkelanjutan I Bank BTPN Dengan 5-Mar-18 AA-(idn) 4.00 13-May-14 95.50 5.31 40.00 4.00 Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B
19 BEXI01CCN1 Obligasi Berkelanjutan Indonesia Eximbank I 20-Dec-18 idAAA 1.00 2-May-14 94.51 2.25 38.00 1.00 Dengan Tingkat Bunga Tetap I Tahun 2011 Seri C
20 JMPD13R Jasa Marga XIII Seri R Tahun 2007 21-Jun-17 idAA 1.00 2-May-14 99.69 1.10 30.00 1.00 21 BSBR01SB Obligasi Subordinasi I Bank Nagari Tahun 2010 13-Jan-18 idA- 2.00 7-May-14 100.00 2.00 30.00 2.00 22 APLN01CN1 Obligasi Berkelanjutan I Agung Podomoro 27-Jun-18 idA 47.00 23-May-14 98.00 48.05 21.29 47.00
Land Tahap I Tahun 2013
23 BBKP01SBCN1 Obligasi Subordinasi Berkelanjutan I Bank Bukopin 6-Mar-19 idA 9.00 21-May-14 94.98 10.34 21.00 9.00 Tahap I Tahun 2012
24 BNII01BCN2 Obligasi Berkelanjutan I Bank BII Tahap II 2012 Seri B 31-Oct-17 idAA+/AAA(idn) 10.00 22-May-14 95.35 11.66 19.00 10.00 25 SISMRA01CN1 Sukuk Ijarah Berkelanjutan I Summarecon 11-Dec-18 idA+(sy) 8.00 26-May-14 103.04 7.21 18.00 8.00
Agung Tahap I Tahun 2013
26 ADMF01CCN3 Obligasi Berkelanjutan I Adira Dinamika Multi 27-Sep-17 idAA+ 14.00 26-May-14 96.00 15.55 16.70 14.00 Finance dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri C
27 SISSMM01 Sukuk Ijarah Sumberdaya Sewatama I Tahun 2012 30-Nov-17 idA(sy) 5.00 7-May-14 97.00 5.94 15.00 5.00 28 BNLI02SB Obligasi Subordinasi II Bank Permata Tahun 2011 28-Jun-18 idAA- 6.00 19-May-14 105.02 4.65 14.70 6.00 29 BTPN01BCN2 Obligasi Berkelanjutan I Bank BTPN dengan Tingkat 3-Aug-17 AA-(idn) 6.00 23-May-14 95.40 7.64 12.00 6.00
Bunga Tetap Tahap II Tahun 2012 Seri B
30 PTPP01CN1 Obligasi Berkelanjutan I PP Tahap I Tahun 2013 19-Mar-18 idA- 3.00 21-May-14 100.00 3.00 12.00 3.00 31 TBLA02 Obligasi II Tunas Baru Lampung Tahun 2012 5-Jul-17 idA 12.00 12-May-14 95.65 13.72 10.60 12.00
Dengan Tingkat Bunga Tetap
Transaction Activitiy in May 2014 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) 8.00 21-May-14 83.99 10.83 320.00 8.00 2 PNBN01SBCN1Obligasi Subordinasi Berkelanjutan I Bank Panin 20-Dec-19 idAA- 32.00 20-May-14 93.30 34.73 269.30 32.00
Tahap I Tahun 2012
3 AKRA01B Obligasi I AKR Corporindo Tahun 2012 Seri B 21-Dec-19 idAA- 8.00 30-May-14 97.00 8.69 108.00 8.00 4 BNLI01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank Permata 19-Dec-19 idAA- 29.00 26-May-14 92.63 31.85 87.00 29.00
Tahap II Tahun 2012
5 BBMISMSB1CN2Sukuk Subordinasi Mudharabah Berkelanjutan I 28-Mar-23 idA 12.00 19-May-14 76.71 17.16 57.00 12.00 Tahap II Bank Muamalat Tahun 2013
6 BBMISMSB1CN1Sukuk Subordinasi Mudharabah Berkelanjutan I 29-Jun-22 idA(sy) 2.00 20-May-14 86.60 3.94 50.00 2.00 Tahap I Bank Muamalat Tahun 2012
7 BVIC02SB Obligasi Subordinasi Bank Victoria II Tahun 2012 27-Jun-19 idBBB 1.00 8-May-14 100.00 1.00 45.00 1.00 Dengan Tingkat Bunga Tetap
8 BSBR02SB Obligasi Subordinasi II Bank Nagari Tahun 2012 26-Jun-19 idA- 11.00 28-May-14 96.53 11.92 37.00 11.00 9 BBTN15 Obligasi XV Bank BTN Tahun 2011 28-Jun-21 idAA 8.00 14-May-14 99.20 8.15 24.00 8.00 10 PPLN08B PLN VIII Tahun 2006 Seri B 21-Jun-21 idAA+ 4.00 14-May-14 118.80 1.23 20.00 4.00 11 ISAT08A Obligasi Indosat VIII Tahun 2012 Seri A 27-Jun-19 idAA+ 6.00 23-May-14 95.40 7.08 10.00 6.00 12 ANTM01BCN1 Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri B 14-Dec-21 idAA 2.00 19-May-14 95.87 2.60 10.00 2.00 13 SIKBLTA02B Sukuk Ijarah Berlian Laju Tanker II Tahun 2009 Seri B 31-Mar-23 idA-(sy) 2.00 14-May-14 11.00 34.12 10.00 2.00
Appendix 1. Winners and Losers in May 2014
TEN BEST
Bonds Current Maturity Total Outstanding Rating Interest Price Total
Coupon Date (IDR mn) Return Return Return
Obligasi Subordinasi Bank Victoria II Tahun 2012 11.00% 27-Jun-19 300,000,000,000 BBB 0.89% 8.17% 9.06% Dengan Tingkat Bunga Tetap
Obligasi Berkelanjutan I Bumi Serpong Damai 8.38% 5-Jun-18 1,750,000,000,000 AA- 0.64% 7.46% 8.10% Tahap II Tahun 2013
Obligasi Subordinasi I Bank CIMB Niaga Tahun 2010 11.30% 8-Jul-17 1,380,000,000,000 AA 0.92% 6.78% 7.70% Obligasi Berkelanjutan I Bank BII Tahap II 7.60% 31-Oct-15 980,000,000,000 AA+ 0.69% 6.99% 7.68% Tahun 2012 Seri A
Obligasi Subordinasi Bank Saudara I Tahun 2012 12.63% 29-Nov-19 200,000,000,000 BBB 1.03% 4.13% 5.16% dengan Tingkat Bunga Tetap
Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri A 8.38% 14-Dec-18 900,000,000,000 AA 0.68% 3.98% 4.65% Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I 7.75% 30-Oct-17 1,400,000,000,000 AAA 0.68% 3.36% 4.04% Tahun 2012 Dengan Tingkat Bunga Tetap Seri B
Obligasi Berkelanjutan I Bank BTPN Dengan Tingkat 7.65% 5-Mar-16 350,000,000,000 AA- 0.61% 2.88% 3.49% Bunga Tetap Tahap III Tahun 2013 Seri A
Obligasi VII Bank Jabar Banten Tahun 2011 Seri C 10.40% 9-Feb-18 1,123,000,000,000 AA- 0.79% 2.46% 3.25% PLN VIII Tahun 2006 Seri A 13.60% 21-Jun-16 1,335,100,000,000 AA+ 1.03% 2.05% 3.08%
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-15 700,000,000,000.00 A 1.15% -12.95% -11.80% Obligasi I AKR Corporindo Tahun 2012 Seri A 8.40% 21-Dec-17 623,000,000,000.00 AA- 0.66% -9.08% -8.42% Obligasi Indomobil Wahana Trada I Tahun 2012 Seri C 8.75% 19-Jun-17 181,000,000,000.00 A 0.79% -6.73% -5.95% Obligasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 8.15% 20-Dec-17 1,000,000,000,000.00 AA 0.72% -5.42% -4.70% Obligasi Berkelanjutan I BCA Finance Dengan 7.60% 14-Jun-17 200,000,000,000.00 AA+ 0.68% -5.36% -4.68% Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C
Obligasi Berkelanjutan I Mitra Adiperkasa Tahap I 8.45% 12-Dec-17 447,000,000,000.00 AA- 0.75% -5.36% -4.61% Tahun 2012 Dengan Tingkat Bunga Tetap Seri B
Obligasi Subordinasi Berkelanjutan I Bank Bukopin 9.25% 6-Mar-19 1,500,000,000,000.00 A 0.83% -5.20% -4.37% Tahap I Tahun 2012
Obligasi Global Mediacom I Tahun 2012 Seri B 10.50% 12-Jul-17 1,000,000,000,000.00 A+ 0.88% -4.70% -3.82% Obligasi Berkelanjutan I ROTI Tahap I Tahun 2013 8.00% 11-Jun-18 500,000,000,000.00 AA- 0.77% -3.65% -2.88% Obligasi Subordinasi Berkelanjutan I Bank Permata 9.40% 19-Dec-19 1,800,000,000,000.00 AA- 0.85% -3.64% -2.80% Tahap II Tahun 2012
Source: Danareksa Estimates
Appendix 2. Total Return Bond Index
MoM (%) YoY (%) YTD (%)
Mar-14 Apr-14 May-14 Mar-14 Apr-14 May-14 2012 2013 2014
Composite 3.12 0.91 0.33 -5.70 -5.79 -3.70 12.20 -10.14 5.99
Governments 3.47 0.89 0.27 -7.95 -8.08 -5.61 12.52 -13.18 6.26
Corporates 0.90 1.00 0.68 4.14 4.23 4.52 10.81 4.70 3.61
Finance 0.80 0.33 0.57 6.45 5.35 5.34 10.10 5.17 3.32
Banking 1.32 1.33 0.86 3.75 4.16 4.89 12.04 5.52 3.48
Consumer Goods Industry 0.80 0.00 1.17 5.63 3.05 3.70 9.05 6.58 -0.14 Telecommunication -0.43 1.63 0.77 -0.86 -1.79 -0.28 9.41 -1.15 4.46 Infrastructure, Utilities & Transportation 1.71 -0.43 0.33 4.33 5.20 5.13 10.07 6.85 3.56 Property and Construction 2.13 2.03 2.14 3.36 4.55 6.13 13.16 6.97 2.34 Corporate upper A- 0.91 0.98 0.65 4.28 4.18 4.45 10.75 4.84 3.58
Appendix 3. Danareksa Bond Index - May 2014 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 0.33 (0.38) 0.71 4.40 8.29 (4.45) (3.70) 5.81 Government 0.27 (0.42) 0.69 4.68 8.55 (7.50) (5.61) 3.47 Corporate 0.68 (0.12) 0.80 2.60 5.99 9.21 4.52 14.43 Finance 0.57 (0.16) 0.73 1.70 4.76 9.28 5.34 14.62 Banking 0.86 0.06 0.81 3.54 5.99 10.13 4.89 16.28 Consumer Goods Industry 1.17 0.41 0.77 1.98 4.08 7.68 3.70 10.75 Telecommunication 0.77 (0.06) 0.83 1.98 4.63 4.05 (0.28) 8.23 Infrastructure, Utilities & Transportation 0.33 (0.56) 0.89 1.61 6.26 11.01 5.13 15.03 Property 2.14 1.36 0.78 6.44 8.31 11.82 6.13 19.88 AAA …A 0.65 (0.15) 0.79 2.55 5.81 9.30 4.45 14.45 A-…BBB+ 1.60 0.76 0.84 3.94 10.16 4.04 6.16 11.74 SOE 0.55 (0.28) 0.83 4.46 5.17 8.04 2.26 12.38
Short-term Market Index (1 to 3 yrs)
Composit 0.70 (0.03) 0.73 3.00 5.42 28.78 5.51 12.49 Government 0.56 (0.11) 0.68 2.17 4.73 22.94 3.18 9.08 Corporate 0.84 0.05 0.78 3.93 6.04 34.75 7.73 15.88 Finance 0.61 (0.11) 0.72 1.63 4.76 32.82 6.84 15.86 Banking 1.14 0.37 0.77 6.75 5.15 36.97 8.40 17.45 Consumer Goods Industry 2.16 1.33 0.83 4.98 3.93 27.08 7.58 12.35 Telecommunication 1.46 0.60 0.85 4.25 6.17 35.55 6.78 14.07 Infrastructure, Utilities & Transportation 1.37 0.44 0.93 2.44 15.57 42.80 13.73 20.66 Property 0.81 (0.02) 0.83 2.63 6.43 51.89 4.92 16.95 AAA …A 0.84 0.06 0.78 3.90 5.95 33.90 7.65 16.21 A-…BBB+ 0.84 (0.04) 0.88 7.16 13.11 12.99 13.93 (7.79) SOE 0.72 (0.14) 0.86 8.34 7.36 35.27 7.61 15.29
Mid-term Market Index (more than 3 yrs)
Composit 0.28 (0.42) 0.70 4.60 8.65 27.79 (4.92) 5.10 Government 0.25 (0.44) 0.69 4.89 8.87 25.46 (6.26) 3.37 Corporate 0.57 (0.24) 0.81 1.68 6.07 42.24 3.10 13.82 Finance 0.29 (0.45) 0.75 2.08 4.60 26.94 1.43 10.91 Banking 0.68 (0.15) 0.83 1.75 6.74 42.47 3.98 15.93 Consumer Goods Industry 0.83 0.08 0.74 0.52 1.99 38.71 1.54 9.61 Telecommunication 0.28 (0.53) 0.82 0.55 4.23 33.65 (1.96) 7.56 Infrastructure, Utilities & Transportation (0.12) (0.98) 0.87 1.22 3.72 41.85 3.10 14.23 Property 2.47 1.70 0.76 7.25 8.87 32.25 6.58 19.84 AAA …A 0.50 (0.30) 0.80 1.57 5.83 42.10 2.98 13.64 A-…BBB+ 1.71 0.87 0.84 3.58 9.96 43.85 5.34 16.97 SOE 0.46 (0.36) 0.81 2.55 4.61 40.77 0.91 11.78
Appendix
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 292.75 8.38 9.43 3.29 4.80 14.98 908,235 100.00 100.00 Government 281.83 8.16 9.34 6.23 11.41 40.40 782,142 86.12 86.12 Corporate 321.32 9.89 9.45 2.55 3.14 8.62 126,093 13.88 13.88 Finance 297.79 9.83 8.82 2.14 2.48 6.01 22,330 17.71 2.46 Banking 283.32 9.87 9.67 2.58 3.20 8.74 46,289 36.71 5.10 Consumer Goods Industry 306.22 10.17 9.46 2.80 3.38 9.27 6,565 5.21 0.72 Telecommunication 298.39 9.96 9.90 3.05 3.96 12.12 9,570 7.59 1.05 Infrastructure, Utilities & Transportation 350.17 10.00 10.55 2.91 3.81 11.05 15,721 12.47 1.73 Property 344.97 9.71 9.55 2.83 3.50 9.96 10,772 8.54 1.19 AAA …A 318.65 9.88 9.37 2.52 3.09 8.48 121,677 96.50 13.40 A-…BBB+ 297.58 10.28 10.38 2.91 3.70 10.22 4,416 3.50 0.49 SOE 332.90 9.71 9.64 2.95 3.75 11.17 41,921 33.25 4.62
Short-term Market Index (1 to 3 yrs)
Composit 262.03 8.13 9.32 1.74 1.97 4.11 109,608 100.00 100.00 Government 228.56 6.98 8.47 1.83 2.04 5.06 56,711 51.74 51.74 Corporate 319.51 6.98 9.36 1.73 1.97 4.06 52,897 48.26 48.26 Finance 328.36 9.84 8.81 1.87 2.12 4.57 19,224 36.34 17.54 Banking 301.28 9.16 9.29 1.59 1.79 3.43 18,515 35.00 16.89 Consumer Goods Industry 250.55 9.53 10.40 2.31 2.71 6.22 1,715 3.24 1.56 Telecommunication 345.53 9.41 10.63 2.00 2.34 5.25 3,975 7.51 3.63 Infrastructure, Utilities & Transportation 283.76 9.30 10.86 1.77 2.03 4.23 4,709 8.90 4.30 Property 299.80 10.01 9.53 1.75 1.98 3.96 2,116 4.00 1.93 AAA …A 308.38 9.58 9.37 1.74 1.98 4.08 52,387 99.04 47.79 A-…BBB+ 256.30 8.87 9.25 1.57 1.75 3.47 510 0.96 0.47 SOE 282.86 9.23 10.06 1.79 2.04 4.25 15,240 28.81 13.90
Mid-term Market Index (more than 3yrs)
Composit 297.67 8.41 9.51 4.46 6.93 23.18 798,627 100.00 100.00 Government 287.75 8.26 9.43 6.72 12.45 44.33 725,431 90.83 90.83 Corporate 335.64 10.13 9.54 3.42 4.37 13.42 73,196 9.17 9.17 Finance 286.95 9.77 8.83 3.09 3.76 11.14 3,106 4.24 0.39 Banking 271.33 10.38 10.00 3.45 4.45 13.39 27,774 37.94 3.48 Consumer Goods Industry 288.28 10.41 8.90 3.09 3.78 11.09 4,850 6.63 0.61 Telecommunication 293.29 10.38 9.18 4.10 5.59 18.98 5,595 7.64 0.70 Infrastructure, Utilities & Transportation 356.07 10.32 10.30 3.80 5.19 16.36 11,012 15.04 1.38 Property 302.98 9.64 9.56 3.34 4.21 12.76 8,656 11.83 1.08 AAA …A 325.04 10.11 9.37 3.43 4.39 13.60 69,290 94.66 8.68 A-…BBB+ 396.63 10.48 10.72 3.31 4.28 12.24 3,906 5.34 0.49 SOE 354.29 9.99 9.38 3.67 4.80 15.43 26,681 36.45 3.34
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