4 NOVEMBER - 8 NOVEMBER 2013
Country's FCLT Rating
S & P BB+
Moody's Baa3
Fitch
BBB-Key Market Indicator as of 01-Nov-13
BI Rate 7.25%
JCI Index 4,433
IDR 11,335
Inflation(y-o-y) - Oct-13 8.32% Market Outstanding as of 01-Nov-13
Government Bond Corporate Bond
Previous Week Trading Volume Government Bond
Corporate Bond
Government Bond Indices as of 01-Nov-13
Price Index 127.29
Yield Index 7.72%
Total Return 382.84
Benchmark Yield as of 01-Nov-13
FR0066 (5 year) 7.048%
FR0063 (10 year) 7.667%
FR0064 (15 year) 8.092%
FR0065 (20 year) 8.226%
Source : Bloomberg, Mid YTM
Calendar of Event 6-Nov-13 (Survey : 5.7%; Prior : 5.81%) 7-Nov-13 (Survey : 335K; Prior : 340K) 8-Nov-13
Germany Current Account EUR (Survey : 15B; Prior : 9.4B) Analysts Rifki Rizal 3509888 ext 3404 rifkir@danareksa.com Amir A. Dalimunthe 3509888 ext.3405 amirda@danareksa.com
Please read important disclosure at the back of this report
IDR 0.28tn IDR 942.86tn IDR 214.89tn
IDR 34.38tn
US Initial Jobless Claims Indonesia GDP YoY
(Yet Another) Trade Deficit Recorded
October’s inflation rate only reached 0.09%.This brought the year-on-year inflation rate up to 8.32%. The low inflation rate may create positive sentiment in the bonds market, although a number of other factors such as the weak rupiah and the trade deficit may cast a shadow over the market. The rupiah weakened throughout last week yet with lower volatility. On the trade front, Indonesia posted a trade deficit of USD657 million in September 2013.
Inflasi bulan Oktober hanya mencapai 0,09%, sedangkan inflasi tahunan sebesar 8,32%. Nilai inflasi yang rendah dapat menjadi sentimen postif di pasar obligasi, namun beberapa faktor lain seperti nilai rupiah dan trade balance masih menjadi hambatan di pasar obligasi. Nilai rupiah melemah secara konsisten sepanjang minggu lalu namun dengan tingkat volatilitas yang cenderung rendah, sedangkan trade balance untuk bulan September 2013 mengalami defisit sebesar USD657 juta.
MoM and YoY Inflation
Source: Bloomberg, Danareksa Estimate
Yield on Government Bond 10-year & BI Rate Source: Bloomberg
Rupiah & Monthly Trade Balance Source: Bloomberg 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 1-J a n-11 1-M a r-1 1 1-M a y-11 1-J u l-1 1 1-Sep-11 1-N o v-1 1 1-J a n-12 1-M a r-1 2 1-M a y-12 1-J u l-1 2 1-Sep-12 1-N o v-1 2 1-J a n-13 1-M a r-1 3 1-M a y-13 1-J u l-1 3 1-Sep-13
Inflation MoM Inflation YoY (RHS)
-1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 3-J a n-11 3-M a r-1 1 3-M a y-11 3-J u l-1 1 3-Sep-11 3-N o v-1 1 3-J a n-12 3-M a r-1 2 3-M a y-12 3-J u l-1 2 3-Sep-12 3-N o v-1 2 3-J a n-13 3-M a r-1 3 3-M a y-13 3-J u l-1 3 3-Sep-13
Spread (RHS) FR-10Y BI Rate
8,000 8,500 9,000 9,500 10,000 10,500 11,000 11,500 12,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 3-J a n-11 3-M a r-1 1 3-M a y-11 3-J u l-1 1 3-Sep-11 3-N o v-1 1 3-J a n-12 3-M a r-1 2 3-M a y-12 3-J u l-1 2 3-Sep-12 3-N o v-1 2 3-J a n-13 3-M a r-1 3 3-M a y-13 3-J u l-1 3 3-Sep-13 USD Million
Trade Balance IDR (RHS)
Nilai BI rate yang berada di 7,25% menjadi salah satu faktor meningkatnya yield. Yield obligasi meningkat setelah spread antara yield 10-tahun dengan BI rate bernilai negatif, atau yield 10-tahun berada di bawah BI rate. Dengan kata lain, selama BI rate berada di level 7,25%, yield obligasi 10-tahun akan bergerak di sekitar 7,25% - 7,75% akhir tahun. The unchanged BI rate at 7.25% was one
factor pushing up yields last week. Bond yields rose after the yield spread between the 10-year government bond and the BI rate became negative (i.e. the 10-year yield was below the BI rate). Thus, it seems likely that as long as the BI rate stands at 7.25%, then the 10year bond yield will move around 7.25% -7.75% at the end of year.
MACROECONOMICS CONDITION
Yield Index CDS 5-Year (bps)
Domestic Bank Increased Their SUN Ownership Rupiah closed at Rp11,335 per USD
The Rupiah Weakened
The Yield Index climbed 52bps last week to 7.72%, a two-week high. SUN holdings by both foreigners and Bank Indonesia were up over the week as of October 31. Foreign investors increased their holdings by IDR3.13 trillion to IDR318.1 trillion, while BI holdings stood at IDR48.25 trillion. By contrast, domestic bank holdings were down by IDR9.89 trillion to IDR322.35 trillion. On the currency front, the rupiah weakened 2.91% over the week to Rp11,335 per USD on lower volatility.
Total trading in corporate bonds reached Rp2.39 trillion last week and was dominated by bonds with tenors of less than 1 year amounting to 43.6% of the total trading.
Yield indeks naik 52bps sepanjang minggu lalu dan ditutup pada level 7,72%, tertinggi selama 2 pekan terakhir. Kepemilikan asing dan Bank Indonesia dalam SUN per tanggal 31 Oktober naik dari minggu sebelumnya. Investor asing menambah Rp3,13 triliun kepemilikannya menjadi Rp318,1 triliun, sedangkan kepemilkan BI mencapai Rp48,25 triliun. Sementara itu kepemilikan bank domestik turun Rp9,89 triliun menjadi Rp322,35 triliun. Rupiah melemah sepanjang minggu lalu dengan volatilitas yang rendah. Rupiah menutup minggu lalu dengan pelemahan 2,91% dari minggu sebelumnya menjadi Rp11.335 per US$.
Total volume perdagangan obligasi korporasi minggu lalu mencapai Rp2,39 triliun dengan obligasi bertenor kurang dari 1 tahun mendominasi 43,6% perdagangan minggu lalu.
Source: Danareksa, Bloomberg Source: Bloomberg
Source: Ministry of Finance Source: Bloomberg
Corporate Bonds Trading by Tenor Corporate Bonds Trading by Sector
Source: IDX Process Data Source: IDX Process Data
0 10 20 30 40 50 60 70 80 90 100 110 120 265 275 285 295 305 315 325 335 345 355 365 31-Jul-13
12-Aug-13 15-Aug-13 20-Aug-13 23-Aug-13 28-Aug-13 2-Sep-13 5-Sep-13 10-Se
p -13 13-Se p -13 18-Se p -13 23-Se p -13 26-Se p -13
1-Oct-13 4-Oct-13 9-Oct-13 16-Oct
-1 3 21 -Oct -1 3 24 -Oct -1 3 29 -Oct -1 3 ID R tr illio n ID R tr illio n
RR-BI (RHS) BI (RHS) Domestic Bank Foreign Investors
10,200 10,500 10,800 11,100 11,400 11,700 1-N o v-1 3 29 -Oct -1 3 24 -Oct -1 3 21 -Oct -1 3 16 -Oct -1 3 9-Oct-13 4-Oct-13 1-Oct-13 26-Se p -13 23-Se p -13 18-Se p -13 13-Se p -13 10-Se p -13 5-Sep-13 2-Sep-13 28-Aug-13 23-Aug-13 20-Aug-13 15-Aug-13 12-Aug-13 6.25% 6.50% 6.75% 7.00% 7.25% 7.50% 7.75% 8.00% 8.25% 8.50% 8.75% 9.00% 31-Jul-13
12-Aug-13 15-Aug-13 20-Aug-13 23-Aug-13 28-Aug-13 2-Sep-13 5-Sep-13 10-Se
p -13 13-Se p -13 18-Se p -13 23-Se p -13 26-Se p -13
1-Oct-13 4-Oct-13 9-Oct-13 16-Oct
-1 3 21 -Oct -1 3 24 -Oct -1 3 29 -Oct -1 3 1-N o v-1 3
Yield Index (LHS) BI Rate
Inflation Inflation Forecast
75 100 125 150 175 200 225 250 275 300 1-N o v-1 3 28 -Oct -1 3 22 -Oct -1 3 16 -Oct -1 3 8-Oct-13 2-Oct-13 26-Se p -13 20-Se p -13 16-Se p -13 10-Se p -13 4-Sep-13 29-Aug-13 23-Aug-13 19-Aug-13 13-Aug-13 31-Jul-13 25-Jul-13 19-Jul-13 15-Jul-13
Indonesia Philipinnes Brazil Turkey
0 0.2 0.4 0.6 0.8 1 1.2 0 1 2 3 4 5 6 7 ID R tr illio n Term to Maturity Financial Company 43.75% Banking 29.73% Telecommuni cation
8.08% Mining Oil & Natural Gas 6.96% Advertising, Printing & Media 3.26% Others 8.23%
GOVERNMENT BONDS REVIEW
Yield Curve Comparison Yield Curve Change
Daily Trade Volume Govt Bonds Benchmark Series Yield
Indonesia’s risk premium increased last week. Meanwhile, the total government bonds trading fell DR35.74 trillion to IDR34.38 trillion last week. For corporate bonds, the trading was down by IDR365 billion over the week. Some 45.74% of the total trading in government bonds was in medium tenors with the remaining 54.26% in short and long tenors. Although last week's trading was dominated by medium tenors, the biggest upward shift in the yield curve was for medium tenors (by an average of 57bps), while the yield curve for the short and long tenors shifted up by 27bps and 44bps, respectively.
Higher Bonds Yields
Tren penurunan yield obligasi Pemerintah tertahan, menyebabkan risk premium Indonesia meningkat selama minggu lalu. Selain itu, volume perdagangan obligasi Pemerintah minggu lalu turun Rp35,74 triliun menjadi Rp34,38 triliun. Volume perdagangan obligasi korporasi juga turun Rp365 miliar dari minggu sebelumnya. Sebanyak 45,74% dari perdagangan obligasi Pemerintah berasal dari tenor menengah, sedangkan 54,26% sisanya berasal dari tenor pendek dan panjang. Walaupun perdagangan didominasi tenor menengah, peningkatan yield curve terbesar justru terjadi untuk tenor sedang dengan rata-rata peningkatan sebesar 57bps, sedangkan tenor pendek dan panjang mengalami peningkatan masing-masing sebesar 27bps dan 44bps.
Source: Bloomberg Source: IDX processed data
Source: www.ustreas.gov, Danareksa Estimate Source: Danareksa Estimate
Spread Indon 10 year Over UST 10 year Spread SUN 10 year over Indon 10 year
Source: Bloomberg, Danareksa Estimate
4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 1-N o v-1 3 10 -Oct -1 3 20-Se p -13 2-Sep-13 13-Aug-13 17-Jul-13 27-Jun-13 7-J u n-1 3 17-May-13 26-Apr-13 8-A p r-1 3 18-Mar-13 25-Feb -13 5-Feb-13 15-Jan-13 20-De c-12 30-Nov-12 8-N o v-1 2 FR0066 - 5Y FR0063 - 10Y FR0064 - 15Y FR0065 - 20Y 0 5 10 15 20 25 30 1-N o v-1 3 31 -Oct -1 3 30 -Oct -1 3 29 -Oct -1 3 28 -Oct -1 3 25 -Oct -1 3 24 -Oct -1 3 23 -Oct -1 3 22 -Oct -1 3 21 -Oct -1 3 ID R tr illio n
Govt Short Govt Med Govt Long Corp
1.31% 2.57% 2.95% 3.33% 3.63% 3.53% 4.99% 5.53% 5.77% 5.96% 7.27% 7.84% 8.12% 8.26% 8.38% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 0 5 10 15 20 25 30 Term to Maturity
UST YC GoI USD Yield Curve GoI IDR Yield Curve
0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Term to Maturity
Source: US Treasury, Bloomberg, Danareksa Estimate
1.5% 2.0% 2.5% 3.0% 3.5% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 23 -Oct -1 2
10-Nov-12 28-Nov-12 16-De
c-12
3-J
a
n-13
21-Jan-13 8-Feb-13 26-Feb
-13 16-Mar-13 3-A p r-1 3 21-Apr-13 9-M a y-13 27-May-13 14-Jun-13 2-J u l-1 3 20-Jul-13 7-A u g -13 25-Aug-13 12-Se p -13 30-Se p -13 18 -Oct -1 3
Currency Risk Premium 10Y (LHS) INDON 10Y SUN 10Y
0.9% 1.4% 1.8% 2.3% 2.7% 3.2% 3.6% 1.1% 1.6% 2.1% 2.6% 3.1% 3.6% 4.1% 4.6% 5.1% 5.6% 6.1% 6.6% 23 -Oct -1 2
12-Nov-12 2-Dec-12 22-De
c-12
11-Jan-13 31-Jan-13 20-Feb
-13
12-Mar-13 1-A
p
r-1
3
21-Apr-13 11-May-13 31-May-13 20-Jun-13 10-Jul-13 30-Jul-13 19-Aug-13 8-Sep-13 28-Se
p -13 18 -Oct -1 3
29-Oct-13 13-Nov-13 - 0.03 99.84 2.00 0.16 < 1yr
31-Oct-13 11-Dec-13 - 0.10 99.69 1.00 0.31 < 1yr
1-Nov-13 15-Dec-13 14.28 0.11 101.09 1.00 4.93 < 1yr
31-Oct-13 10-Jan-14 - 0.18 99.05 2.00 0.96 < 1yr
1-Nov-13 24-Jan-14 - 0.22 98.84 3.00 1.18 < 1yr
28-Oct-13 17-Feb-14 - 0.29 98.37 2.00 1.66 < 1yr
1-Nov-13 23-Feb-14 8.15 0.30 100.90 5.00 8.08 < 1yr
29-Oct-13 7-May-14 - 0.51 97.03 2.00 3.06 < 1yr
1-Nov-13 15-May-14 11.25 0.53 102.95 1.00 5.60 < 1yr
28-Oct-13 3-Jul-14 - 0.66 96.27 3.00 3.88 < 1yr
1-Nov-13 31-Jul-14 - 0.74 95.75 2.00 4.44 < 1yr
30-Oct-13 9-Oct-14 - 0.93 95.03 2.00 5.23 < 1yr
1-Nov-13 15-Oct-14 7.95 0.95 98.25 10.00 8.09 < 1yr
1-Nov-13 15-Oct-14 11.00 0.95 104.00 4.00 6.59 < 1yr
31-Oct-13 25-Dec-14 3.75 1.14 99.57 3.00 3.77 1yr - 5yr
1-Nov-13 15-Jun-15 9.50 1.61 104.75 21.00 6.36 1yr - 5yr
1-Nov-13 15-Aug-15 11.80 1.78 100.00 1.00 11.77 1yr - 5yr
1-Nov-13 21-Sep-15 6.25 1.88 97.25 6.00 6.43 1yr - 5yr
1-Nov-13 15-Oct-15 6.25 1.95 97.25 3.00 6.43 1yr - 5yr
1-Nov-13 27-Feb-16 6.00 2.31 97.40 11.00 6.16 1yr - 5yr
28-Oct-13 25-Mar-16 3.75 2.39 98.20 1.00 3.82 1yr - 5yr
29-Oct-13 15-May-16 10.75 2.53 110.00 1.00 6.43 1yr - 5yr
1-Nov-13 15-Sep-16 7.38 2.86 102.00 4.00 6.59 1yr - 5yr
1-Nov-13 15-Apr-17 6.25 3.45 98.00 1.00 6.91 1yr - 5yr
1-Nov-13 15-Jul-17 10.00 3.70 109.75 2.00 6.96 1yr - 5yr
31-Oct-13 25-Jan-18 4.81 4.23 97.15 1.00 4.95 1yr - 5yr
1-Nov-13 15-May-18 5.25 4.53 93.00 20.00 7.08 1yr - 5yr
30-Oct-13 15-Sep-18 9.00 4.86 108.50 3.00 6.91 1yr - 5yr
1-Nov-13 15-Apr-19 7.88 5.45 103.75 2.00 7.03 5yr - 10yr
1-Nov-13 15-Sep-19 11.50 5.86 119.80 4.00 7.29 5yr - 10yr
31-Oct-13 25-Jul-20 4.81 6.73 99.10 1.00 4.85 5yr - 10yr
30-Oct-13 15-Sep-20 5.19 6.86 106.19 1.00 -0.87 5yr - 10yr
1-Nov-13 15-Nov-20 11.00 7.03 119.45 4.00 7.40 5yr - 10yr
1-Nov-13 15-Jun-21 12.80 7.61 130.95 2.00 7.41 5yr - 10yr
1-Nov-13 15-Jul-21 8.25 7.70 102.50 4.00 7.81 5yr - 10yr
1-Nov-13 15-May-22 7.00 8.53 94.04 7.00 7.97 5yr - 10yr
30-Oct-13 15-Jun-22 12.90 8.61 135.75 1.00 7.25 5yr - 10yr
1-Nov-13 15-Jul-22 10.25 8.70 120.50 5.00 7.05 5yr - 10yr
1-Nov-13 15-May-23 5.63 9.53 86.75 19.00 7.60 5yr - 10yr
1-Nov-13 15-Jul-23 9.50 9.70 111.50 3.00 7.79 5yr - 10yr
30-Oct-13 15-Aug-23 11.75 9.78 129.50 2.00 7.45 5yr - 10yr
1-Nov-13 15-Mar-24 8.38 10.36 107.00 25.00 7.39 > 10yr
1-Nov-13 15-Sep-24 10.00 10.86 115.50 6.00 7.85 > 10yr
1-Nov-13 15-Sep-25 11.00 11.86 122.00 6.00 8.08 > 10yr
1-Nov-13 15-Sep-26 8.38 12.86 101.50 4.00 8.18 > 10yr
1-Nov-13 15-May-27 7.00 13.53 92.00 8.00 7.98 > 10yr
29-Oct-13 15-Jul-27 10.25 13.70 123.00 2.00 7.53 > 10yr
1-Nov-13 15-Feb-28 10.00 14.28 115.70 3.00 8.12 > 10yr
1-Nov-13 15-May-28 6.13 14.53 83.25 7.00 8.11 > 10yr
1-Nov-13 15-Mar-29 9.00 15.36 107.15 23.00 8.17 > 10yr
29-Oct-13 15-Mar-30 10.25 16.36 123.30 2.00 7.72 > 10yr
1-Nov-13 15-Aug-30 10.50 16.78 121.00 3.00 8.18 > 10yr
1-Nov-13 15-Jul-31 9.50 17.70 110.50 7.00 8.35 > 10yr
IFR0001 SPN03130807
Maturity Coupon Tenor Vol (IDR
Bn) 261.00 SPNS24012014 SPN12140217 SR003 1,111.65 SR004 FR0034 FR0063 FR0046 FR0039 FR0070 FR0044 Yield 75.04 37.50 35.48 Bonds SPN12131113 SPN03131211 FR0020 SPNS10012014 FR0051 SPN12140703 SPN12140731 SPN12141009 ORI008 FR0026 VR0019 FR0027 FR0040 FR0056 FR0059 FR0042 FR0047 ORI009 SR005 VR0022 FR0030 FR0055 FR0060 FR0028 VR0026 FR0066 FR0048 FR0069 FR0036 VR0031 PBS006 FR0031 FR0053 FR0061 FR0035 FR0043 15.36 16.36 16.78 17.70 FR0071 IFR0006 FR0052 FR0054 1,567.01 2.00 98.37 1,291.73 13.53 13.70 14.28 14.53 FR0064 251.68 10.00 20.75 1,258.81 10.36 10.86 11.86 12.86 4,511.52 250.40 296.10 104.46 8.70 9.53 9.70 9.78 619.97 2,145.27 107.15 31.00 7.61 7.70 8.53 8.61 90.00 737.65 2,986.72 760.00 5.86 6.73 6.86 7.03 220.21 7.00 18.00 442.70 4.23 4.53 4.86 5.45 620.79 1,195.17 35.40 859.33 2.53 2.86 3.45 3.70 11.00 49.51 257.07 41.50 1.88 1.95 2.31 2.39 29.20 14.14 284.22 110.00 0.95 1.14 1.61 1.78 274.68 503.69 1,997.09 1.00 0.10 Tenor Class 0.66 0.74 0.93 0.95 47.15 680.00 291.00 1,468.95 0.29 0.30 0.51 0.53 11.55 39.30 249.90 222.00 0.11 0.18 0.22 Last Trade Date Modified Duration 0.03 Last Done Price Freq
APPENDICES
Appendix 1. Government Bonds Trading 28 Oktober - 1 November 2013
1-Nov-13 15-Jun-32 8.25 18.61 100.00 19.00 8.25 > 10yr
1-Nov-13 15-May-33 6.63 19.53 84.30 28.00 8.26 > 10yr
1-Nov-13 15-Mar-34 8.38 20.36 101.02 111.00 8.27 > 10yr
30-Oct-13 15-May-37 9.75 23.53 121.40 1.00 7.76 > 10yr
1-Nov-13 15-Jul-38 10.50 24.70 123.50 1.00 8.25 > 10yr
1-Nov-13 15-May-41 9.50 27.53 113.26 12.00 8.27 > 10yr
1-Nov-13 15-Apr-42 6.38 28.45 76.50 3.00 8.60 > 10yr
1-Nov-13 15-Apr-43 6.75 29.45 85.40 2.00 8.05 > 10yr
1-Nov-13FR0067 15-Feb-44 8.75 30.28 105.50 1.00 40.00 8.25 > 10yr 30.28
Last Trade
Date Bonds Maturity Coupon Tenor
Vol (IDR Bn) Tenor Class Modified Duration Last Done
Price Freq Yield
24.70 27.53 29.45 FR0050 FR0057 PBS005 78.00 53.68 317.16 FR0062 78.36 28.45 18.61 19.53 20.36 23.53 FR0058 FR0065 FR0068 FR0045 493.94 1,170.92 3,490.78 20.00
APPENDICES
Appendix 1. Government Bonds Trading 28 Oktober - 1 November (Cont'd)
28-Oct-13 9-Dec-13 8.75 0.10 idAA+ 99.90 9.50 9.51
1-Nov-13 14-Jan-14 10.65 0.19 [Idr]BBB 95.00 14.00 37.18
30-Oct-13 9-Feb-14 9.20 0.26 idAA- 100.45 1.80 7.54
1-Nov-13 25-Feb-14 9.70 0.31 idAA 100.48 4.00 8.13
29-Oct-13 1-Mar-14 6.40 0.33 idAAA/AAA(idn) 99.83 20.00 6.90
29-Oct-13 1-Mar-14 7.50 0.33 A+(idn) 99.50 0.50 8.99
31-Oct-13 11-Mar-14 6.85 0.35 idAA+ 99.25 20.00 8.96
1-Nov-13 11-Mar-14 6.85 0.35 idAA+(sy) 99.27 40.00
-31-Oct-13 14-Apr-14 6.75 0.44 idAA+/AAA(idn) 100.00 10.00 6.75
1-Nov-13 20-Apr-14 7.35 0.46 idAA+ 99.70 98.50 8.01
1-Nov-13 25-Apr-14 7.10 0.48 AA(idn) 99.12 29.00 8.99
29-Oct-13 26-Apr-14 9.60 0.48 idAA 99.68 3.70 10.27
1-Nov-13 4-May-14 7.50 0.50 idAA+ 99.00 16.00 9.54
29-Oct-13 18-May-14 7.00 0.54 idA 98.95 10.00 8.96
29-Oct-13 19-May-14 10.00 0.54 idA+ 100.65 0.50 8.78
1-Nov-13 27-May-14 6.60 0.56 AAA(idn) 99.00 90.00 8.41
29-Oct-13 27-May-14 9.60 0.56 idAA+ 100.60 5.00 8.52
30-Oct-13 29-May-14 10.20 0.57 idAA+ 101.40 8.40 7.71
30-Oct-13 29-May-14 12.25 0.57 AA- 102.00 4.00 8.67
30-Oct-13 2-Jun-14 6.15 0.58 idAAA 99.41 135.00 7.17
30-Oct-13 8-Jun-14 10.37 0.59 idAA- 100.90 2.00 8.81
29-Oct-13 19-Jun-14 11.00 0.63 idAA 101.35 9.00 8.80
31-Oct-13 24-Jun-14 6.50 0.64 idAA+/AAA(idn) 99.85 180.00 6.73
30-Oct-13 1-Jul-14 11.68 0.66 AA+ 102.50 16.00 7.81
1-Nov-13 5-Jul-14 7.75 0.67 idA+ 99.30 44.00 8.82
1-Nov-13 6-Oct-14 11.50 0.92 AA- 102.88 164.00 8.24
31-Oct-13 28-Oct-14 9.75 0.98 idAA- 102.00 78.00 7.64
30-Oct-13 29-Oct-14 9.25 0.99 idAA 100.30 30.00 8.93
31-Oct-13 3-Nov-14 9.15 1.00 idAA+ 100.20 191.00 8.94
28-Oct-13 1-Dec-14 11.65 1.08 AA- 103.75 10.00 8.03
31-Oct-13 6-Dec-14 7.75 1.09 AAA(idn) 99.05 15.00 8.66
1-Nov-13 8-Dec-14 11.25 1.09 AA+ 104.15 23.00 7.29
1-Nov-13 16-Dec-14 8.00 1.12 idAA+ 98.80 1.10 9.13
28-Oct-13 20-Jan-15 8.40 1.21 idAA- 101.75 2.28 6.90
28-Oct-13 19-Feb-15 6.90 1.29 idAAA/AAA(idn) 99.93 50.00 6.95
1-Nov-13 21-Feb-15 8.00 1.30 idAA+ 98.10 7.00 9.56
29-Oct-13 4-Mar-15 11.00 1.33 AA(idn) 101.25 8.00 9.99
29-Oct-13 23-Mar-15 11.20 1.39 AA(idn) 100.00 10.00 11.19
31-Oct-13 20-Apr-15 7.65 1.46 idAA+ 99.00 20.00 8.38
31-Oct-13 5-Jun-15 7.50 1.59 idAA/AAA(idn) 99.00 20.00 8.17
30-Oct-13 8-Jul-15 9.60 1.68 idAAA 102.10 20.00 8.25
29-Oct-13 16-Nov-15 10.68 2.03 idA 102.00 7.00 9.59
30-Oct-13 22-Nov-15 8.10 2.05 AA+ (idn) 96.50 2.00 10.00
31-Oct-13 9-Dec-15 9.00 2.10 idAA+ 100.82 20.00 8.57
1-Nov-13 17-May-16 7.60 2.54 AAA(idn) 95.75 80.00 9.50
31-Oct-13 23-May-16 6.40 2.55 idAAA 96.50 203.00 7.92
1-Nov-13 6-Dec-16 8.75 3.09 AAA(idn) 100.05 1.00 8.73
30-Oct-13 8-Dec-16 11.75 3.09 AA+ 108.90 3.00 8.46
29-Oct-13 23-Dec-16 8.30 3.14 idAAA 95.50 0.20 9.98
28-Oct-13 12-Jan-17 9.90 3.19 idA 101.51 1.00 9.35
30-Oct-13 21-Feb-17 8.60 3.30 idAA+ 100.50 20.40 8.42
29-Oct-13 25-Apr-17 7.55 3.48 AA(idn) 99.25 0.10 7.80
30-Oct-13 31-May-17 7.25 3.58 idAA+ 97.00 0.40 8.22
1-Nov-13 5-Jun-17 9.75 3.59 idA- 100.00 1.00 9.75
1-Nov-13 19-Jun-17 8.75 3.63 idAA- 99.00 0.21 9.07
31-Oct-13 3-Jul-17 0.00 3.66 idA(sy) 100.00 4.00
-31-Oct-13 12-Jul-17 10.50 3.69 idA+ 97.05 78.00 11.49
29-Oct-13 15-Aug-17 9.38 3.78 idA 99.50 25.00 9.53
29-Oct-13 30-Oct-17 7.75 3.99 IdAAA/AAA(idn) 93.45 10.00 9.75
30-Oct-13 9-Nov-17 10.50 4.01 idAA-/A+(idn) 100.50 9.00 10.35
Bonds Maturity APLN02 5.00 BNGA01BCN1 2.00 WSKT02B 1.00 MEDC03 1.00 ADHISM1CN1 2.00 BMTR01B 15.00 BIMF01A 1.00 BJBR07A 1.00 ASDF12C 1.00 NISP01ACN1 1.00 INDF06 1.00
Coupon Tenor Freq
Last Trade Date 3.08 2.96 3.31 3.18 PNBN04SB 2.00 2.70 2.71 2.81 3.04 BNGA01B 1.00 JPFA01CN1 1.00 ASDF01CCN1 1.00 SMFP01CCN2 1.00 3.05 -3.00 3.10 2.24 2.30 2.65 2.57 TAFS03B 4.00 BEXI01BCN3 1.00 BNII01BCN1 1.00 ISAT07B 3.00 1.54 1.79 1.84 1.88 BEXI05C 2.00 BWPT01 2.00 CNAF01B 1.00 BDMN02B 2.00 1.22 1.27 1.37 1.47 WOMF05D 2.00 BCAF01SB 1.00 FIFA01CCN1 1.00 TAFS02B 1.00 1.05 1.16 1.22 1.20 ADMF01BCN1 1.00 SANF02C 2.00 NISP01BCN1 1.00 ASDF01BCN1 1.00 0.93 1.00 1.03 1.02 ADMF02ACN2 1.00 SIKSIMP01 2.00 BNII01ACN1 3.00 ISAT07A 1.00 0.65 0.87 0.94 0.94 TRAC03B 3.00 PNBN04 3.00 SOFN04D 1.00 ADMF04E 2.00 0.57 0.61 0.62 0.64 OTMA07D 2.00 PNBN02C 3.00 BCAF01ACN2 1.00 PPGD13A1 1.00 0.55 0.55 0.55 0.57 ADMF05C 1.00 ISAT05A 1.00 BBTN13C 1.00 BEXI01ACN3 2.00 0.48 0.53 0.53 0.55 ADMF01BCN2 4.00 IMFI01ACN2 2.00 TUFI06C 1.00 TAFS03A 2.00 0.44 0.46 0.47 0.47 FIFA01ACN2 1.00 FIFA01BCN1 1.00 SMFP01ACN2 3.00 FIFA11C 1.00 0.33 0.26 0.30 0.35 -BFIN01ACN2 1.00 ADMF02ACN1 2.00 SMADMF01ACN1 2.00 0.11 BDMN02A 2.00 0.33 0.19
Rating Last Done
Price Yield Modified Duration Vol (IDR Bn)
APPENDICES
Appendix 2. Corporate Bonds Trading 28 Oktober - 1 November 2013
30-Oct-13 9-Nov-17 10.50 4.01 idAA-/A+(idn) 100.50 9.00 10.35
1-Nov-13 18-Dec-17 9.90 4.12 A-(idn) 87.50 86.50 13.93
31-Oct-13 15-Mar-18 8.10 4.36 idA 91.25 0.30 10.63
28-Oct-13 5-Apr-18 10.25 4.42 idA- 103.87 3.00 9.18
1-Nov-13 5-Apr-18 10.25 4.42 idA-(sy) 102.06 50.00 9.67
1-Nov-13 28-Jun-18 9.10 4.65 idA- 100.00 1.00 9.10
28-Oct-13 5-Jul-18 12.00 4.67 idBBB 97.14 3.00 12.82
28-Oct-13 27-Sep-18 8.90 4.90 idAA 100.00 50.00 8.90
30-Oct-13 24-Oct-18 11.00 4.97 idAA+ 100.00 35.00 11.00
28-Oct-13 6-Dec-18 10.00 5.09 AA-(idn) 101.13 3.00 9.71
28-Oct-13 19-Dec-19 9.40 6.13 idAA- 103.30 2.00 8.70
31-Oct-13 20-Dec-19 9.40 6.13 idAA- 100.00 14.00 9.40
29-Oct-13 27-Jun-20 10.50 6.65 idBBB+ 88.00 19.00 13.24
29-Oct-13 5-Jul-20 11.00 6.67 idBBB+ 99.00 2.00 11.21
29-Oct-13 14-Dec-21 9.05 8.11 idAA 100.30 80.00 9.00
31-Oct-13 27-Jun-22 8.88 8.65 idAA+ 97.45 159.00 9.31
30-Oct-13 8-Jul-22 10.40 8.68 idAA+(sy) 100.00 0.20 10.40
Vol (IDR Bn)
Rating Last Done
Price Last Trade
Date Bonds Maturity Coupon Tenor Freq
ISAT08B 1.00 5.64 SIKPPLN04B 1.00 ADMF02CCN2 1.00 BNII01SBCN1 1.00 BNLI01SBCN2 1.00 PNBN01SBCN1 5.00 5.65 4.54 4.64 BVIC03SB 2.00 MAYA03SB 4.00 ANTM01BCN1 13.00 3.92 3.92 5.90 3.73 BCAP01CN1 1.00 3.18 3.23 3.55 3.53 3.49 SIAISA01 2.00 PTHK01B 1.00 PNBN04SB 2.00 SIAGII02 1.00 ADHI01ACN2 1.00 AISA01 1.00 JSMR01CCN1S 1.00 4.62 4.57 3.79 Yield Modified Duration 3.51
APPENDICES
Source: Danareksa, BEI
Debt Research (62 21) 2955 5777
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