A Good Month DEBT RESEARCH MONTHLY REPORT JANUARY 2014

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www.danareksa.com

A Good Month

Indonesia FCLT Rating S&P BB+ Moody’s Baa3 Fitch

BBB-Key Market Indicators as of 14 Jan 2014

BI Rate 7.50%

JCI 4,391

IDR 12,050

Inflation (YoY) Nov -13 8.38% Inflation (MoM) Nov-13 0.55% Domestic Bonds Outstanding as of 14 Jan 2013

Government Bonds IDR1,003.86 tn Corporate Bonds IDR220.27 tn Trading Volume in December 2013 Government Bonds IDR108.79 tn Corporate Bonds IDR11.08 tn Benchmark Yields as of 12 Dec 2013 FR0069 (5 year) 8.011% FR0070 (10 year) 8.617% FR0071 (15 year) 9.149% FR0068 (20 year) 9.115% 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 Rifki Rizal (62 21) 2955 5777 ext 3404 rifkir@danareksa.com

Pengurangan stimulus the Fed secara bertahap dimulai

Membaiknya kondisi perekonomian AS ditandai dengan penurunan unemployment rate sebesar 0,3% pada bulan November 2013 setelah sebelumnya menyentuh level 7,3% pada bulan Oktober 2013, mendorong keputusan The Federal Reserve untuk memulai pengurangan stimulus secara bertahap per 19 Desember 2013. Pengurangan sebesar US$10 miliar dari total US$85 miliar pada tahap pertama menyebabkan yield curve US Treasury 10 tahun meningkat hingga mencapai 3,04% pada akhir Desember 2013 dari sebelumnya berada di 2,8% pada awal Desember 2013.

Penerbitan sovereign bonds di Asia

Pada awal tahun 2014 terdapat 3 negara di Asia yang menerbitkan sovereign bonds dengan total penerbitan mencapai US$ 6,5 miliar. Pada 6 Januari 2014, Sri Lanka mengumumkan penerbitan 5-years notes senilai US$1 miliar. Sehari setelahnya Indonesia mengumumkan penerbitan sovereign bonds yang terbagi menjadi dua seri yaitu tenor 10 tahun dan 30 tahun masing-masing sebesar US$2 miliar per 7 Januari 2014. Terakhir pada tanggal 9 Januari 2014, sovereign bonds dengan tenor 10 tahun senilai US$1,5 miliar diterbitkan oleh Filipina. Potensi tren peningkatan yield US Treasury menjadi salah satu alasan sovereign bonds ketiga negara diterbitkan pada awal tahun 2014.

Bloomberg Ticker: DFMJ

The Fed begins to taper its bond-buying program

The continued improvement in the U.S. economy was reflected in the 0.3% decline in the unemployment rate in November 2013, after reaching 7.3% back in October 2013. This prompted the Federal Reserve to gradually lessen its stimulus beginning on December 19, 2013. The U.S. $ 10 billion reduction from the total U.S. $ 85 billion buyback in the first phase caused the yield curve of the 10-year U.S. Treasury to increase to 3.04% at the end of December 2013 from 2.8% at the beginning of December 2013.

Sovereign bonds issuance in Asia

In early 2014, three countries in Asia issued sovereign bonds with a total issuance reaching U.S. $ 6.5 billion. On January 6, 2014, Sri Lanka announced the issuance of US$1 billion of 5-year notes. A day after, Indonesia announced the issuance of sovereign bonds which were divided into two series: 10-year bonds and 30-year bonds, each amounting to US$ 2 billion. On January 9, 2014, the Philippines issued US$1.5 billion of 10-year sovereign bonds. The greater expectation of increases in U.S. Treasury yields was a key factor for the timing of the sovereign bond issuances in early 2014.

Exhibit 1. Asian Sovereign Bonds Issuance in 2014

Source : Bloomberg

Series Coupon Announcement Maturity Amount Moody’s Spread at

Date Date Outstanding Rating Issuance

(US$) (bps)

Sri Lanka 6.000% 6-Jan-14 14-Jan-19 1,000,000,000 B1 431 Indonesia 5.875% 7-Jan-14 15-Jan-24 2,000,000,000 Baa3 301 Indonesia 6.750% 7-Jan-14 15-Jan-34 2,000,000,000 Baa3 296 Philippine 4.200% 9-Jan-14 21-Jan-14 1,500,000,000 Baa3 123

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Lanka yang memiliki rating B1 (Moody’s) menerbitkan 5 years notes dengan coupon 6% atau 431bps diatas 5-years US Treasury. Selain itu, Indonesia dengan rating Baa3 (Moody’s) menerbitkan 2 seri sovereign bonds dengan coupon sebesar 5,875% untuk 10 tahun dan 6,75% untuk 30 tahun. Spread at issuance untuk sovereign bonds Indonesia dengan tenor 10 tahun adalah sebesar 301 bp di atas 10-years US Treasury dan untuk sovereign bonds dengan tenor 30 tahun adalah sebesar 296bps di atas 30-years US Treasury. Sementara itu, Filipina dengan rating yang sama dengan Indonesia, yaitu Baa3 (Moody’s), menerbitkan sovereign bonds 10 tahun dengan coupon sebesar 4,2% atau 123bp diatas 10-years US Treasury.

Trade balance surplus USD776,8 juta

Neraca perdagangan Indonesia pada bulan November 2013 mengalami surplus senilai USD0,78 miliar meningkat tajam dari bulan sebelumnya yaitu sebesar USD42,4 juta per Oktober 2013. Nilai ekspor mencapai USD15,93 miliar mengalami peningkatan sebesar 1,45%, sementara mengalami penurunan sebesar 2,4% dibandingkan periode yang sama tahun lalu. Nilai impor mengalami penurunan signifikan dibanding tahun lalu sebesar 10,55% dan sebesar 3,35% dibanding Oktober, mencapai USD15,15 miliar Impor barang konsumsi menurun sebesar 2,24% sementara impor barang modal mengalami penurunan signifikan sebesar 17,16%.

which has a rating of B1 (Moody’s), issued 5-year notes with a 6% coupon or 431bps over the 5-year U.S. Treasury. Indonesia, with a rating of Baa3 (Moody’s), issued two series of sovereign bonds with a coupon of 5.875% for the 10 year notes and 6.75% for the 30 year notes. The spread at issuance for the 10 year tenors was 301bps over the 10-year U.S. Treasury while the spread for the 30 year tenors was 296bps over the 30-year U.S. Treasury. Meanwhile, the Philippines – which has the same rating as Indonesia - issued 10-year sovereign bonds with a coupon of 4.2% or 123bps over the 10-year U.S. Treasury

Trade surplus of USD776.8 million in November 2013 In November 2013, the trade balance was in surplus at USD0.78 billion, up from just USD42.4 million in the previous month. Exports reached USD15.93 billion, or up 1.45%, although 2.4% lower year-on-year. Imports, meanwhile, were down 10.55% year-on-year and 3.35% lower month-on-month at USD 15.15 billion. Imports of consumption goods dipped 2.24% whereas imports of capital goods slumped 17.16%.

Exhibit 2. Trade Balance

-2,500 -2,000 -1,500 -1,000 -500 0 500 1,000 1,500 Ja n-12 Fe b-1 2 M ar -1 2 Ap r-12 Ma y-12 Ju n-1 2 Ju l-1 2 Au g-1 2 Se p-1 2 O ct -1 2 N ov -1 2 D ec-12 Ja n-13 Fe b-1 3 M ar -1 3 Ap r-13 Ma y-13 Ju n-1 3 Ju l-1 3 Au g-1 3 Se p-1 3 O ct -1 3 N ov -1 3 Source : Bloomberg US$ M illion

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3 Year to date total return mencapai negatif 10,14% dengan obligasi pemerintah sebesar negatif 13,18%. Sementara itu obligasi korporasi masih mencatatkan YTD total return yang positif 4,7%. Dari sisi nilai tukar, Rupiah melemah terhadap USD menjadi IDR12.171 per dolar AS pada 31 Desember 2013, dibandingkan IDR11.965 pada akhir bulan November. Kinerja mencatatkan return positif

Kinerja pasar obligasi domestik membaik selama Desember 2013, mencatatkan return 1,84% dibandingkan dengan return bulan sebelumnya sebesar negatif 6,36%. Return dari capital gain sebesar 1,1%, sedangkan return diperoleh dari pembayaran kupon sebesar 0,73%.

Penurunan indeks yield obligasi pemerintah

Indeks yield obligasi gabungan sebesar 8,75% pada akhir Desember 2013. Untuk obligasi Pemerintah, indeks yield gabungan sebesar 8,58%, sementara untuk obligasi korporasi sebesar 9,84%. Yield curve obligasi pemerintah di semua tenor mengalami penurunan dengan rata-rata sebesar 0,08%. The year-to-date total return was a negative 10.14%.

Government bonds posted a negative total year-to-date return of 13.18%, although corporate bonds still posted a positive YTD total return of 4.7%. On the currency front, the rupiah weakened relative to the US dollar to IDR12,171 per USD on 31 December 2013 from IDR11,965 per USD at the end of November.

Better monthly performance

The domestic bonds market posted better performance in December 2013, recording a return of 1.84% after posting a negative return of 6.36% in the previous month. The capital gain was 1.10% and the return from interest income was 0.73%.

The government bonds yield index declined

The composite bonds yield index reached 8.75% in late December 2013. For government bonds, the yield index reached 8.58%, while for corporate bonds the yield index reached 9.84%. The government bonds yield curve shifted down by 0.08% on average.

Exhibit 3. Changes in the yield curve

-0.15% -0.10% -0.05% 0.00% 0.05% 0.10% 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 panjang menghasilkan return lebih tinggi

Return obligasi bertenor panjang (obligasi dengan tenor lebih dari 3 tahun) melampaui obligasi bertenor pendek pada Desember 2013. Return dari masing-masing tenor sebesar negatif 1,62% untuk tenor pendek dan 1,93% untuk tenor panjang.

The long tenors outperformed

In December 2013, the total return on long tenor bonds (bonds maturing in more than 3 years) exceeded the total return 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 1.93%.

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total return positif

Obligasi pemerintah pada bulan Desember 2013 mencatatkan total return positif 1,88% setelah pada bulan sebelumnya mengalami loss sebesar 7%. Sementara obligasi korporasi sedikit lebih rendah yaitu sebesar 1,61% meningkat dari negatif 2,77% pada bulan sebelumnya. Capital gain obligasi Pemerintah sebesar 1,15% lebih tinggi daripada obligasi korporasi sebesar 0,85%. Akan tetapi, untuk return yang diperoleh dari pembayaran kupon pemerintah lebih rendah dari obligasi korporasi yaitu sebesar 0,73% dibandingkan 0,76%.

Obligasi korporasi sektor Property mencatatkan return tertinggi

Di antara obligasi korporasi, sektor Property merupakan sektor yang menghasilkan return sebesar 3,61%. Sedangkan sektor dengan loss yaitu sektor Telecommunication sebesar 0,6%. Kinerja terbaik diperoleh Obligasi Subordinasi Bank Victoria IV Tahun 2013 Dengan Tingkat Bunga Tetap Obligasi Subordinasi Bank Victoria IV Tahun 2013 Dengan Tingkat Bunga Tetap (BVIC03SB) memperoleh return 21,9%, dan merupakan obligasi dengan performa terbaik selama Desember 2013. Sedangkan obligasi dengan performa terendah dicatat oleh Obligasi Berkelanjutan I BCA Finance Dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri D (BCAF01DCN1), dengan return negatif 12,35%.

Rata-rata transaksi bulanan per Desember 2013 menurun Rata-rata total volume transaksi obligasi di pasar sekunder selama setahun terakhir mencapai Rp152,1 triliun pada akhir Desember 2013 atau menurun Rp2,68 triliun dari sebelumnya Rp154,78 triliun pada November 2013. Obligasi pemerintah tercatat sebesar Rp140,94 triliun menurun dari Rp143,81 triliun di bulan sebelumnya sedangkan di sisi perdagangan obligasi korporasi turun menjadi Rp11,16 triliun dari Rp11,17 triliun di bulan sebelumnya.

total returns

In December 2013, government bonds recorded a positive total return of 1.88% after posting a loss of 7% in the previous month. Meanwhile, the total return on corporate bonds was slightly lower at 1.61%, albeit better than the negative 2.77% return in the previous month. The capital gain for government bonds was 1.15%, exceeding the capital gain of 0.85% for corporate bonds. However, the return from coupon payments was lower for government bonds (0.73%) than it was for corporate bonds (0.76%).

The corporate bonds of Property companies recorded the highest return

Of the corporate bonds, the bonds of Property sector companies recorded the highest return at 3.61%. By comparison, the bonds of the Telecommunications companies were the only sector to post a loss (0.6%).

Bank Victoria’s bonds (BVIC03SB) was the best performer Bank Victoria’s bonds (BVIC03SB) gave a 21.9% MoM return, making it the best performing corporate bond in December 2013. In contrast, the worst performing bond was BCA Finance’s bonds (BCAF01DCN1) which gave a negative return of 12.35%.

Lower average monthly trading in the secondary market Average monthly trading in the secondary market reached IDR152.1 trillion in December 2013 or down by IDR2.68 trillion from IDR154.78 trillion in November 2013. Trading in government bonds reached IDR140.94 trillion, or down from IDR143.81 trillion the previous month. Trading in corporate bonds reached IDR11.16 trillion, or down from IDR 11.17 trillion in the previous month.

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5 FR0065 dan PNBN01SBCN1 teraktif diperdagangkan Di antara seri obligasi pemerintah, FR0065 merupakan obligasi pemerintah yang paling aktif diperdagangkan di pasar sekunder, dengan volume transaksi mencapai Rp12,6 triliun. Di posisi berikutnya ada FR0063, FR0068, dan ORI0010 dengan volume masing-masing sebesar Rp12,01 triliun, Rp9,04 triliun, dan Rp8,26 triliun. Di antara obligasi korporasi, Obligasi Subordinasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 (PNBN01SBCN1) merupakan obligasi paling aktif diperdagangkan dengan volume transaksi mencapai Rp427 miliar disusul Obligasi Berkelanjutan I SAN Finance Dengan Tingkat Bunga Tetap Tahap I Tahun 2013 Seri B (SANF01BCN1) dengan volume mencapai Rp395 miliar.

PNBN01SBCN1’s bond and FR0065 were the most actively traded bonds

Among the government bonds, FR0065 was the most actively traded bond in the secondary market with total trading of IDR12.6 trillion. Then came FR0063, FR0068, and ORI0010 with total trading of IDR12 trillion, IDR9.04 trillion, and IDR8.26 trillion, respectively. Of the corporate bonds, Panin’s Bond (PNBN01SBCN1) was the most actively traded with trading reaching IDR427 billion. The second most actively traded corporate bond was SAN Finance’s Bond (SANF01BCN1) with total trading of IDR395 billion.

Exhibit 4. Average monthly trading

50,000 100,000 150,000 200,000 250,000

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Avg Monthly Transaction for Corporate Bonds : IDR11,103.97 trillion

Avg Monthly Transaction for Governemnt Bonds : IDR138,598.17 trillion

Source : IDX process data & Danareksa Estimate

IDR tr

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No. Bond ID Bond Name Issued Listed Maturity Coupon Rating Amount Date Date Date Rate (%) (IDRbn)

1 PPLN01ACN2 Obligasi Berkelanjutan I PLN Tahap II 10-Dec-13 11-Dec-13 10-Dec-18 9.00% idAAA 593

Tahun 2013 Seri A

2 PPLN01BCN2 Obligasi Berkelanjutan I PLN Tahap II 10-Dec-13 11-Dec-13 10-Dec-23 9.60% idAAA 651

Tahun 2013 Seri A

3 SIPPLN01ACN2 Sukuk Ijarah Berkelanjutan I PLN Tahap II 10-Dec-13 11-Dec-13 10-Dec-18 9.00% idAAA(sy) 321

Tahun 2013 Seri A

4 SIPPLN01BCN2 Sukuk Ijarah Berkelanjutan I PLN Tahap II 10-Dec-13 11-Dec-13 10-Dec-23 9.60% idAAA(sy) 108

Tahun 2013 Seri B

5 SMRA01CN1 Obligasi Berkelanjutan I Summarecon 11-Dec-13 12-Dec-13 11-Dec-18 10.85% idA+ 450

Agung Tahap I Tahun 2013

6 SISMRA01CN1 Sukuk Ijarah Berkelanjutan I Summarecon 11-Dec-13 12-Dec-13 11-Dec-18 9.20% idA+(sy) 150

Agung Tahap I Tahun 2013

7 IMFI01ACN3 Obligasi Berkelamjutan I Indomobil Finance 11-Dec-13 12-Dec-13 21-Dec-14 9.25% idA 51

Dengan Tingkat Bunga Tetap III Tahun 2013 Seri A

8 IMFI01BCN3 Obligasi Berkelamjutan I Indomobil Finance 11-Dec-13 12-Dec-13 11-Dec-16 10.75% idA 73

Dengan Tingkat Bunga Tetap III Tahun 2013 Seri B

9 IMFI01CCN3 Obligasi Berkelamjutan I Indomobil Finance 11-Dec-13 12-Dec-13 11-Dec-17 11.00% idA 86

Dengan Tingkat Bunga Tetap III Tahun 2013 Seri B

10 TBIG01ACN1 Obligasi Berkelanjutan I Tiwer Bersama 12-Dec-13 13-Dec-13 22-Dec-14 9.00% AA-(idn) 550

Infrastructure Tahap I Tahun 2013 Seri A

11 TBIG01BCN1 Obligasi Berkelanjutan I Tiwer Bersama 12-Dec-13 13-Dec-13 12-Dec-16 10.00% AA-(idn) 190

Infrastructure Tahap I Tahun 2013 Seri B

12 DBTN04A1 Efek Berguna Aset Danareksa BTN 04 - 20-Dec-13 23-Dec-13 27-Sep-17 8.90% idAAA 403

KPR Kelas A Seri A1

13 DBTN04A2 Efek Berguna Aset Danareksa BTN 04 - 20-Dec-13 23-Dec-13 27-Dec-19 9.50% idAAA 525

KPR Kelas A Seri A2

14 BNLI01ACN1 Obligasi Berkelanjutan I Bank Permata 24-Dec-13 27-Dec-13 3-Jan-15 10.00% idAA+ 696

Tahap I Tahun 2013 Seri A

15 BNLI01BCN1 Obligasi Berkelanjutan I Bank Permata 24-Dec-13 27-Dec-13 24-Dec-16 10.50% idAA+ 672

Tahap I Tahun 2013 Seri B

16 BNLI02SBCN1 Obligasi Subordinasi Berkelanjutan II 24-Dec-13 27-Dec-13 24-Dec-20 12.00% idAA 860

Bank Permata Tahap I Tahun 2013

17 VRNA01ACN2 Obligasi Berkelanjutan I Verena Multi Finance 24-Dec-13 27-Dec-13 24-Dec-16 11.84% idA 113

Tahap II Tahun 2013 Seri A

18 VRNA01BCN2 Obligasi Berkelanjutan I Verena Multi Finance 24-Dec-13 27-Dec-13 24-Dec-17 12.15% idA 40

Tahap II Tahun 2013 Seri B

Total Issuance Dec 2013 6,532

New Issuance of Corporate Bonds in Dec 2013

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Maturity of Corporate Bonds in Dec 2013

No. Bond ID Bond Name Maturity Coupon Rating Amount

Date Rate (%) (IDR bn)

1 SDRA01A Obligasi Bank Saudara I Tahun 2011 Dengan Tingkat 01-Dec-13 11.25 idBBB+ 75

Bunga Tetap Seri A

2 CNAF01A Obligasi I CIMB Niaga Auto Finance Tahun 2012 Seri A 02-Dec-13 7.00 AA+ (idn) 152

3 BEXI01ACN2 Obligasi Berkelanjutan Indonesia Eximbank I 07-Dec-13 6.25 idAAA 1,434

Dengan Tingkat Bunga Tetap Tahap II Tahun 2012 Seri A

4 BDMN02A Obligasi II Bank Danamon Tahun 2010 Seri A 09-Dec-13 8.75 idAA+ 1,879

5 ADMF01ACN1 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 16-Dec-13 7.75 idAA+ 325

Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri A

6 SMFP01BCN1 Obligasi Berkelanjutan I SMF Tahap I Tahun 2011 21-Dec-13 8.23 AA(idn) 80

Berjaminan Seri B

7 VRNA01ACN1 Obligasi Berkelanjutan I Verena Multi Finance 21-Dec-13 7.25 idA 50

Tahap I Tahun 2012 Seri A

8 BTPN03A Obligasi Bank BTPN III Tahun 2010 Seri A 22-Dec-13 8.75 AA-(idn) 400

Total Dec 2013 4,395

Source: IDX

Maturity of Corporate Bonds in Jan 2014

No. Bond ID Bond Name Maturity Coupon Rating Amount

Date Rate (%) (IDR bn)

1 PPLN10A Obligasi PLN X Tahun 2009 Seri A 9-Jan-14 14.75 idAA+ 1,015

2 SIKPPLN02A Sukuk Ijarah PLN III Tahun 2009 Seri A 9-Jan-14 14.75 idAA+ 293

3 DNRK05A Obligasi V Danareksa Tahun 2010 Seri A 11-Jan-14 9.4 idA 125

4 BIMF01A Obligasi I Bima Multi Finance Tahun 2013 Seri A 14-Jan-14 10.65 [idr]BBB 35

5 SANF02B Obligasi SAN Finance II Tahun 2012 Seri B 20-Jan-14 7.7 idAA- /AA(idn) 140

6 SANF01C Obligasi SAN Finance I Tahun 2011 Seri C 25-Jan-14 9.3 idAA- 394

Total Jan 2014 2,002

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Transaction Activitiy in Dec 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 BTPN03B Obligasi Bank BTPN III Tahun 2010 Seri B 22-Dec-15 AA-(idn) 9.20 17-Dec-13 99.13 9.68 266.00 9 2 BTPN01ACN3 Obligasi Berkelanjutan I Bank BTPN Dengan 5-Mar-16 AA-(idn) 7.65 24-Dec-13 100.00 7.65 146.50 15

Tingkat Bunga Tetap Tahap III Tahun 2013 Seri A

3 ADMF05D Adira Dinamika Multi Finance V Tahun 2011 Seri D 27-May-15 idAA+ 10.00 17-Dec-13 99.13 10.65 121.00 5 4 IMFI01BCN2 Obligasi Berkelanjutan I Indomobil Finance 8-May-16 idA 8.25 16-Dec-13 96.21 10.05 119.40 9

Dengan Tingkat Bunga Tetap Tahap II Tahun 2013 Seri B

5 BWPT01 Obligasi I BW Plantation Tahun 2010 16-Nov-15 idA 10.68 30-Dec-13 101.82 9.60 109.50 6

6 BIMF01B Obligasi I Bima Multi Finance Tahun 2013 Seri B 9-Jan-16 (Idr)BBB 11.65 24-Dec-13 83.67 21.76 98.00 14 7 TRAC02C Obligasi Serasi Autoraya II Tahun 2011 Seri C 5-Jul-15 idA+ 10.20 17-Dec-13 99.13 10.81 80.00 4 8 ADMF01BCN3 Obligasi Berkelanjutan I Adira Dinamika Multi Finance 27-Sep-15 idAA+ 7.75 24-Dec-13 94.30 11.37 70.00 5

Dengan Tingkat Bunga Tetap Tahap III Tahun 2012 Seri B

9 BNII01ACN2 Obligasi Berkelanjutan I Bank BII Tahap II 2012 Seri A 31-Oct-15 idAA+/AAA(idn) 7.60 20-Dec-13 97.12 9.30 70.00 4 10 SANF02C Obligasi SAN Finance II Tahun 2012 Seri C 20-Jan-15 AA(idn); idAA- 8.40 13-Dec-13 99.00 9.36 58.50 10 11 ASDF01BCN3 Obligasi Berkelanjutan I Astra Sedaya Finance 22-Feb-16 idAA+ 7.75 24-Dec-13 101.95 6.77 51.40 6

Dengan Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B

12 BCAF01CCN1 Obligasi Berkelanjutan I BCA Finance Dengan 9-May-15 idAA+/AA+(idn) 7.60 18-Dec-13 98.11 9.06 50.20 3 Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C

13 SSIA01A Obligasi Surya Semesta Internusa I Tahun 2012 Seri A 6-Nov-15 idA 8.30 30-Dec-13 100.00 8.30 50.00 6 14 BCAF01SB Obligasi Subordinasi BCA Finance I Tahun 2010 23-Mar-15 idAA 11.20 20-Dec-13 102.01 9.49 48.00 4 15 WOMF05D Obligasi V WOM Finance Tahun 2011 Seri D 4-Mar-15 AA(idn) 11.00 18-Dec-13 101.75 9.45 40.34 8 16 FIFA01CCN1 Obligasi Berkelanjutan I Federal International Finance 20-Apr-15 idAA+ 7.65 5-Dec-13 95.20 11.47 32.00 8

Dengan Tingkat Bunga Tetap Tahap I Tahun 2012 Seri C

17 ADMF02CCN1 Obligasi Berkelanjutan II Adira Finance Tahap I 1-Mar-16 idAA+ 7.85 24-Dec-13 102.01 6.85 32.00 2 Tahun 2013 Seri A

18 BMTR01A Obligasi Global Mediacom I Tahun 2012 Seri A 12-Jul-15 idA+ 9.75 13-Dec-13 102.01 8.38 26.00 2 19 ASDF01BCN1 Obligasi Berkelanjutan I Astra Sedaya Finance 21-Feb-15 idAA+ 8.00 17-Dec-13 98.05 9.77 24.80 6

Dengan Tingkat Bunga Teteap Tahap I Tahun 2012 Seri B

20 PPGD01BCN2 Obligasi Berkelanjutan I Perum Pegadaian Tahap II 14-Feb-15 idAA+ 7.25 20-Dec-13 97.85 9.24 20.00 2 Tahun 2012 Seri B

21 TRAC03C Obligasi Serasi Autoraya III Tahun 2012 Seri C 5-Jul-15 idA+ 8.30 16-Dec-13 95.76 11.31 20.00 4 22 BTPN01ACN2 Obligasi Berkelanjutan I Bank BTPN Dengan 3-Aug-15 AA-(idn) 7.75 12-Dec-13 100.02 7.73 20.00 2

Tingkat Bunga Tetap Tahap II Tahun 2012 Seri A

23 ASDF12D Obligasi Astra Sedaya Finance XII Tahun 2011 Seri D 25-Feb-15 idAA 10.00 20-Dec-13 97.55 12.25 16.00 8 24 WEHA01 Obligasi Panorama Transportasi I Tahun 2012 16-May-15 idBBB+ 12.25 30-Dec-13 100.04 12.21 12.00 3

Dengan Tingkat Bunga Tetap

25 SMSM02C Obligasi Selamat Sempurna II Tahun 2010 Seri C 8-Jul-15 idAA- 10.80 24-Dec-13 95.00 14.48 11.00 11 26 IMFI01BCN1 Obligasi Berkelanjutan I Indomobil Finance Dengan 11-May-15 idA 8.00 27-Dec-13 97.02 10.35 10.00 2

Tingkat Bunga Tetap Tahap I Tahun 2012 Seri B

27 SIKTPNI01 Sukuk Ijarah Titan Petrokimia Nusantara I Tahun 2010 2-Jun-15 A+(idn) 12.35 30-Dec-13 107.00 7.13 10.00 2

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Transaction Activitiy in Dec 2013 for All Corporate Bonds with Maturity 3 - 5 Year and Total Volume of more than IDR10 billion

Maturity > 3 < 5 yrs

1 SSIA01B Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 6-Nov-17 idA 9.30 10-Dec-13 116.05 4.77 285.00 14 2 JPFA01CN1 Obligasi Berkelanjutan I JAPFA Tahap I Tahun 2012 12-Jan-17 idA/A+(idn) 9.90 17-Dec-13 99.14 10.23 211.00 12 3 PNBN04SB Obligasi Subordinasi Bank Panin III Tahun 2010 9-Nov-17 idAA-/A+(idn) 10.50 30-Dec-13 100.36 10.38 173.80 10 4 PTPP01CN1 Obligasi Berkelanjutan I PP Tahap I Tahun 2013 19-Mar-18 idA- 8.38 30-Dec-13 90.02 11.39 132.00 29 5 WSKT02B Obligasi II Waskita Karya Tahun 2012 Seri B 5-Jun-17 idA- 9.75 12-Dec-13 98.75 10.18 128.00 30 6 BCAF01CCN2 Obligasi Berkelanjutan I BCA Finance Dengan 14-Jun-17 idAA+/AAA(idn) 7.60 11-Dec-13 92.36 10.22 120.00 6

Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C

7 IMAT01C Obligasi Indomobil Wahana Trada I Tahun 2012 Seri C 19-Jun-17 idA 8.75 17-Dec-13 99.14 9.04 120.00 8 8 JPFA01CN2 Obligasi Berkelanjutan I JAPFA Tahap II Tahun 2012 1-Feb-17 idA/A+(idn) 9.90 17-Dec-13 99.14 10.22 100.00 4

9 APLN02 Obligasi II Agung Podomoro Tahun 2012 15-Aug-17 idA 9.38 3-Dec-13 114.00 5.19 99.00 3

10 IMFI01CCN2 Obligasi Berkelanjutan I Indomobil Finance dengan 8-May-17 idA 8.50 16-Dec-13 95.02 10.25 80.00 14 Tingkat Bunga Tetap Tahap II Tahun 2013 Seri C

11 SIAGII02 Sukuk Ijarah Aneka Gas Industri II Tahun 2012 18-Dec-17 A-(idn) 9.90 23-Dec-13 98.50 10.36 79.50 21 12 PPGD12A Obligasi XII Perum Pegadaian Tahun 2007 Seri A 4-Sep-17 idAA+ 10.03 17-Dec-13 99.32 10.25 69.00 17 13 BNGA01BCN1 Obligasi Berkelanjutan I Bank CIMB Niaga Tahap I 30-Oct-17 idAAA/AAA(idn) 7.75 11-Dec-13 91.47 10.45 60.00 6

Tahun 2012 Dengan Tingkat Bunga Tetap Seri B

14 AISA01 Obligasi TPS Food I Tahun 2013 5-Apr-18 idA- 10.25 9-Dec-13 100.50 10.10 42.00 8

15 SMAR01ACN1 Obligasi Berkelanjutan I SMART Tahap I Tahun 2012 Seri A 3-Jul-17 idAA- 9.00 16-Dec-13 95.05 10.69 30.00 8 16 ASDF01CCN1 Obligasi Berkelanjutan I Astra Sedaya Finance 21-Feb-17 idAA+ 8.60 27-Dec-13 98.00 9.34 25.87 12

Dengan Tingkat Bunga Teteap Tahap I Tahun 2012 Seri C

17 INDF06 Obligasi Indofood Sukses Makmur VI Tahun 2012 31-May-17 idAA+ 7.25 19-Dec-13 100.52 7.08 25.00 1 Dengan Tingkat Bunga Tetap

18 PNMP01 Obligasi I PNM Tahun 2012 12-Oct-17 idA 9.10 17-Dec-13 93.74 11.13 21.00 7

19 SISSMM01 Sukuk Ijarah Sumberdaya Sewatama I Tahun 2012 30-Nov-17 idA(sy) 9.60 4-Dec-13 100.59 9.42 15.00 3

20 ISAT05B Indosat V Tahun 2007 Seri B 29-May-17 idAA+ 10.65 18-Dec-13 97.88 11.40 12.00 4

21 SSMM01B Obligasi Sumberdaya Sewatama I Tahun 2012 Seri B 30-Nov-17 idA 9.60 11-Dec-13 97.35 10.42 11.00 2

22 JMPD13R Jasa Marga XIII Seri R Tahun 2007 21-Jun-17 idAA 10.25 18-Dec-13 100.02 10.24 10.00 2

23 SMMF02 Obligasi Sinar Mas Multifinance II Tahun 2013 10-Apr-18 (idr)A- 10.75 20-Dec-13 103.00 9.88 10.00 1 Dengan Tingkat Bunga Tetap

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Transaction Activitiy in Dec 2013 for All Corporate Bonds with Maturity more than 5 Year and Total Volume of more than IDR10 billion

Source: PLTO IDX

Maturity > 5 yrs

1 PNBN01SBCN1Obligasi Subordinasi Berkelanjutan I 20-Dec-19 idAA- 9.40 30-Dec-13 100.00 9.40 427.10 13

Bank Panin Tahap I Tahun 2012

2 APOL02B Obligasi APOL II Tahun 2008 Seri B 30-Jun-21 idD 12.50 24-Dec-13 100.00 12.50 150.00 4

3 BNLI01SBCN1 Obligasi Subordinasi Berkelanjutan I 15-Jun-19 idAA- 8.90 23-Dec-13 95.92 9.87 100.00 4

Bank Permata Tahap I Tahun 2012

4 MAYA03SB Obligasi Subordinasi Bank Mayapada III Tahun 2013 5-Jul-20 idBBB+ 11.00 10-Dec-13 100.00 11.00 100.00 2 5 PPLN01BCN1 Obligasi Berkelanjutan I PLN Tahap I Tahunu 2013 Seri B 5-Jul-23 idAAA 8.25 11-Dec-13 100.00 8.25 50.00 1 6 BVIC03SB Obligasi Subordinasi Bank Victoria IV Tahun 2013 27-Jun-20 idBBB+ 10.50 30-Dec-13 100.00 10.50 44.00 3

7 BNLI01SBCN2 Obligasi Subordinasi Berkelanjutan I 19-Dec-19 idAA- 9.40 30-Dec-13 94.09 10.75 35.00 2

Bank Permata Tahap II Tahun 2012

8 PPLN01BCN2 Obligasi Berkelanjutan I PLN Tahap II Tahun 2013 Seri B 10-Dec-23 idAAA 9.60 11-Dec-13 100.00 9.60 33.00 1 9 BSDE01CCN1 Obligasi Berkelanjutan I Bumi Serpong Damai 4-Jul-19 idA+ 9.50 23-Dec-13 96.28 10.39 32.00 4

Tahap I Tahun 2012 Seri C

10 ISAT08A Obligasi Indosat VIII Tahun 2012 Seri A 27-Jun-19 idAA+ 8.63 17-Dec-13 90.50 10.94 21.20 7

11 ANTM01BCN1 Obligasi Berkelanjutan I Antam Tahap I Tahun 2011 Seri B 14-Dec-21 idAA 9.05 12-Dec-13 93.10 10.33 20.00 4

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11

Selected Multifinance Companies (3Q2013)

1 PT BFI Finance (BFIN) A+(idn) 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 idAA+ 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) idA+ 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) Sources: Bloomberg

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Selected Banking Companies (3Q2013)

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-(idn) 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) idAA/ 8,415 3Q13 153,177 133,764 19,413 2,055 1,517 595

AA(idn) 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

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13

Property & Construction (3Q2013)

Rating Bond

(IDR bn)

Key Financial

Total Assets Total Liability Total Equity Revenue EBITDA Net Income

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) idAA 5,600 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

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Oil & Gas (2Q2013)

Rating Bond

(IDR bn)

Key Financial

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%

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)

Rating Bond

(IDR bn)

Key Financial

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%

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15

Telecommunication (3Q2013)

Rating Bond

(IDR bn)

Key Financial

1 PT Indosat Tbk (ISAT) idAA+ 7,120 3Q13 54,373 36,845 17,527 6,091 2,655 (1,535)

3Q12 52,268 31,787 20,481 6,132 2,768 1,760

Growth 4.0% 15.9% -14.4% -0.7% -4.1% -187.2%

Margin

1 PT Indosat Tbk (ISAT) 3Q13 5.75 (25.20) (5.66) (16.35) 0.50 0.38 126.90 40.91 113.72 0.64 2.05 3Q12 7.00 28.71 2.86 7.64 0.72 0.62 112.29 44.00 91.06 0.86 2.32

Sources: Bloomberg

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17 Appendix 1. Winners and Losers in Dec 2013

TEN BEST

Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Return

Obligasi Subordinasi Bank Victoria IV Tahun 2013 10.50% 27-Jun-20 300,000,000,000 idBBB+ 0.6% 21.3% 21.9%

Obligasi II Agung Podomoro Tahun 2012 9.38% 15-Aug-17 1,200,000,000,000 idA 0.8% 19.7% 20.5%

Obligasi Surya Semesta Internusa I Tahun 2012 Seri B 9.30% 6-Nov-17 550,000,000,000 idA 0.7% 18.1% 18.8%

PLN VIII Tahun 2006 Seri A 13.60% 21-Jun-16 1,335,100,000,000 idAA+ 0.9% 11.5% 12.4%

Obligasi Subordinasi Bank Mayapada III Tahun 2013 11.00% 5-Jul-20 700,000,000,000 idBBB+ 0.9% 8.8% 9.6%

Obligasi Berkelanjutan I MNC Kapital Indonesia 12.00% 5-Jul-18 225,000,000,000 idBBB 0.9% 8.1% 9.0%

Tahap I Tahun 2013 Dengan Tingkat Bunga Tetap

Obligasi Subordinasi Berkelanjutan I Bank Panin 9.40% 20-Dec-19 2,000,000,000,000 idAA- 0.7% 8.2% 8.9%

Tahap I Tahun 2012

Obligasi II Modernlend Realty Tahun 2012 10.75% 27-Dec-15 250,000,000,000 idA- 0.8% 7.4% 8.2%

Dengan Tingkat Bunga Tetap Seri A

Obligasi I Bank CIMB Niaga Tahun 2011 8.30% 23-Dec-16 1,320,000,000,000 idAAA 0.7% 6.4% 7.1%

Dengan Tingkat Bunga Tetap Seri B

Obligasi Berkelanjutan I Astra Sedaya Finance Dengan 7.75% 22-Feb-16 1,120,000,000,000 idAA+ 0.7% 5.8% 6.4%

Tingkat Bunga Tetap Tahap III Tahun 2013 Seri B

TEN WORST

Bonds Current Maturity Total Outstanding Rating Interest Price Total Coupon Date (IDR mn) Return Return Return

Obligasi Berkelanjutan I BCA Finance Dengan 7.70% 09-May-16 600,000,000,000 idAA+/ 0.73% -13.07% -12.35%

Tingkat Bunga Tetap Tahap I Tahun 2012 Seri D AA+(idn)

Obligasi Berkelanjutan Indonesia Eximbank I 8.50% 20-Dec-18 2,805,000,000,000 idAAA 0.82% -7.59% -6.77%

Dengan Tingkat Bunga Tetap I Tahun 2011 Seri C

Obligasi Berkelanjutan I JAPFA Tahap II Tahun 2012 9.90% 01-Feb-17 250,000,000,000 idA/ A+(idn) 0.84% -7.29% -6.45%

Obligasi Medco Energi Internasional III Tahun 2012 8.75% 19-Jun-17 1,500,000,000,000 idAA- 0.85% -6.40% -5.55%

Obligasi Berkelanjutan I Bumi Serpong Damai 8.38% 05-Jun-18 1,750,000,000,000 idAA- 0.85% -6.32% -5.47%

Tahap II Tahun 2013

Obligasi Berkelanjutan I ADHI Tahap II 2013 Seri A 8.10% 15-Mar-18 125,000,000,000 idA 0.82% -4.39% -3.57%

Indosat V Tahun 2007 Seri B 10.65% 29-May-17 1,370,000,000,000 idAA+ 0.90% -4.13% -3.23%

Obligasi XII Perum Pegadaian Tahun 2007 Seri A 10.03% 04-Sep-17 370,000,000,000 idAA+ 0.91% -4.01% -3.11%

Obligasi Indosat VIII Tahun 2012 Seri B 8.88% 27-Jun-22 1,500,000,000,000 idAA+ 0.95% -3.83% -2.88%

Obligasi Berkelanjutan I SMART Tahap I 2012 Seri A 9.00% 03-Jul-17 900,000,000,000 idAA- 0.83% -3.63% -2.81%

Appendix 2. Total Return Bond Index

MoM (%) YoY (%) YTD (%)

Oct-13 Nov-13 Dec-13 Oct-13 Nov-13 Dec-13 2011 2012 2013

Composite 5.97 -6.36 1.84 -2.85 -11.20 -10.14 20.89 12.20 -10.14

Governments 6.63 -7.00 1.88 -5.08 -14.05 -13.18 22.00 12.52 -13.18

Corporates 2.34 -2.77 1.61 6.80 2.60 4.70 15.07 10.81 4.70

Finance 1.98 -1.88 0.83 8.25 4.80 5.17 9.59 10.10 5.17

Banking 2.91 -2.78 1.55 7.90 3.66 5.52 14.57 12.04 5.52

Consumer Goods Industry 2.93 -2.32 3.02 6.06 2.84 6.58 13.24 9.05 6.58

Telecommunication 1.31 -5.24 -0.60 6.43 -0.87 -1.15 16.41 9.41 -1.15

Infrastructure, Utilities & Transportation 1.38 -2.08 2.27 4.71 0.49 6.85 15.80 10.07 6.85

Property and Construction 2.26 -3.77 3.61 8.76 2.85 6.97 22.05 13.16 6.97

Corporate upper A- 2.41 -2.75 1.49 7.01 2.83 4.84 14.83 10.75 4.84

Corporate below A- up to BBB- 0.78 -3.14 4.12 0.34 -4.11 -1.67 19.10 12.80 -1.67

SOE 2.48 -3.50 0.42 6.39 1.20 3.16 17.72 9.95 3.16

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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 1.84 1.10 0.73 1.05 (3.45) (10.14) (10.14) 0.82

Government 1.88 1.15 0.73 1.03 (4.68) (13.18) (13.18) (2.31)

Corporate 1.61 0.85 0.76 1.10 2.35 4.70 4.70 16.02

Finance 0.83 0.06 0.76 0.89 3.11 5.17 5.17 15.80

Banking 1.55 0.75 0.80 1.59 3.25 5.52 5.52 18.23

Consumer Goods Industry 3.02 3.04 (0.02) 3.58 3.93 6.58 6.58 16.23

Telecommunication (0.60) (1.47) 0.87 (4.58) (2.59) (1.15) (1.15) 8.16

Infrastructure, Utilities & Transportation 2.27 1.54 0.73 1.53 1.70 6.85 6.85 17.60

Property 3.61 2.80 0.81 1.96 3.65 6.97 6.97 21.05

AAA …A 1.49 0.74 0.76 1.08 2.34 4.84 4.84 16.12

A-…BBB+ 4.12 3.28 0.83 1.63 2.62 (1.67) (1.67) 10.91

SOE 0.42 (0.43) 0.85 (0.69) (0.47) 3.16 3.16 13.42

Short-term Market Index (1 to 3 yrs)

Composit 1.22 0.43 0.79 1.47 3.66 23.64 3.95 11.51

Government 0.69 (0.10) 0.79 1.26 1.82 18.19 0.91 7.17

Corporate 1.93 1.13 0.79 1.72 5.65 29.52 7.05 16.86

Finance 0.52 (0.23) 0.76 0.90 4.12 27.45 5.82 16.37

Banking 1.33 0.54 0.79 1.78 7.93 32.00 8.06 18.45

Consumer Goods Industry - - - 0.61 2.88 19.69 5.21 9.66

Telecommunication 0.84 (0.02) 0.86 0.72 4.03 28.75 6.19 13.43

Infrastructure, Utilities & Transportation 9.91 8.99 0.92 7.97 8.30 35.81 17.64 25.17

Property 1.16 0.29 0.87 (0.07) 1.62 44.36 4.80 18.93

AAA …A 1.89 1.10 0.79 1.71 5.62 28.77 7.49 17.24

A-…BBB+ 1.89 4.91 (3.02) 4.39 8.70 5.71 (19.77) (10.70)

SOE 2.11 1.24 0.87 1.39 3.84 28.65 7.56 16.07

Mid-term Market Index (more than 3 yrs)

Composit 1.93 1.21 0.72 1.05 (4.37) 19.89 (11.93) (0.25)

Government 1.99 1.27 0.72 1.03 (5.17) 17.54 (14.18) (2.58)

Corporate 1.41 0.67 0.74 0.84 0.68 36.01 3.58 15.64

Finance 1.80 1.01 0.79 1.25 0.65 23.55 3.49 13.62

Banking 1.70 0.89 0.81 1.59 1.45 35.74 4.56 17.58

Consumer Goods Industry 3.02 3.04 (0.02) 3.56 3.78 40.12 6.63 17.08

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19 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 275.30 8.75 9.33 3.50 5.25 16.49 815,563 100.00 100.00

Government 264.51 8.58 9.42 6.01 11.29 38.50 697,733 85.55 85.55

Corporate 308.04 9.84 9.30 2.72 3.37 9.64 117,830 14.45 14.45

Finance 286.60 9.92 8.79 1.96 2.27 5.27 23,638 20.06 2.90

Banking 271.44 9.82 9.29 2.97 3.75 11.18 47,435 40.26 5.82

Consumer Goods Industry 303.10 8.64 8.97 3.22 3.93 11.97 5,350 4.54 0.66

Telecommunication 283.48 10.67 9.94 3.14 4.14 12.73 8,890 7.54 1.09

Infrastructure, Utilities & 337.03 9.93 10.84 3.27 4.25 13.19 8,669 7.36 1.06

Transportation

Property 330.01 9.12 9.28 3.07 3.75 10.89 8,765 7.44 1.07

AAA …A 305.65 9.80 9.21 2.67 3.30 9.41 112,540 95.51 13.80

A-…BBB+ 281.26 10.72 10.25 3.22 4.13 12.00 5,290 4.49 0.65

SOE 317.88 9.93 9.73 3.16 4.07 12.70 37,378 31.72 4.58

Short-term Market Index (1 to 3 yrs)

Composit 251.58 8.40 9.33 1.66 1.86 3.68 105,965 100.00 100.00

Government 219.73 7.50 9.98 1.37 1.54 3.48 60,802 57.38 57.38

Corporate 307.12 7.50 9.28 1.68 1.89 3.69 45,164 42.62 42.62

Finance 315.08 9.96 8.72 1.57 1.75 3.33 18,042 39.95 17.03

Banking 290.34 9.58 9.10 1.86 2.10 4.31 18,870 41.78 17.81

Consumer Goods Industry 235.98 - - - -

Infrastructure, Utilities & 269.86 9.75 13.43 1.60 1.84 3.14 1,703.10 3.77 1.61

Transportation

Property 284.94 10.51 9.95 1.97 2.25 4.74 1,621.00 3.59 1.53

AAA …A 296.57 9.76 9.21 1.68 1.89 3.72 44,764 99.11 42.24

A-…BBB+ 239.78 11.28 11.50 1.50 1.68 2.76 400 0.89 0.38

SOE 269.02 9.72 10.31 1.81 2.08 4.17 12,779 28.30 12.06

Mid-term Market Index (more than 3yrs)

Composit 279.25 8.81 9.33 4.68 7.42 24.68 709,598 100.00 100.00

Government 269.57 8.69 9.35 6.64 12.61 43.24 636,931 89.76 89.76

Corporate 320.92 9.88 9.32 3.67 4.71 15.01 72,667 10.24 10.24

Finance 279.28 9.77 8.97 3.06 3.71 10.68 5,596 7.70 0.79

Banking 258.51 9.98 9.46 4.02 5.31 17.72 28,565 39.31 4.03

Consumer Goods Industry 291.21 8.64 8.97 3.22 3.93 11.97 5,350 7.36 0.75

Infrastructure, Utilities & 344.68 9.98 10.11 3.75 4.94 16.06 6,966 9.59 0.98

Transportation

Property 289.90 8.83 9.01 3.51 4.35 13.35 7,144.00 9.83 1.01

AAA …A 310.90 9.83 9.21 3.68 4.73 15.20 67,777 93.27 9.55

A-…BBB+ 375.05 10.67 10.00 3.56 4.61 13.85 4,890 6.73 0.69

SOE 337.14 10.04 9.38 3.99 5.28 17.88 24,599 33.85 3.47

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