Supporting Growth Momentum

Analyst

Rifki Rizal

(62 21) 29 555 777 ext. 3404 rifkir@danareksa.com

Please read important disclosure at the back of this report

26 SEPTEMBER 2017

Supporting Growth Momentum

Indonesia’s Sovereign Rating

S & P BBB-Moody’s Baa3

Fitch

BBB-Key Market Indicator as of 25-Sep-17

BI 7-Day RR Rate 4.25% JCI 5,895

IDR 13.325

Inflation (y-o-y)-Aug-17 3.82% Domestic Bonds Outstanding

Gov’t Bonds as of 22-Sep-17 IDR 2,043.1 bn Corp Bonds as of 31-Aug-17 IDR 369.2 bn

Previous Week Trading Volume

Government Bonds IDR 54.32 tn Corporate Bonds IDR 4.39 tn

Benchmark Yield as of 25-Sep-17

FR0061 (5 year) 5.812% FR0059 (10 year) 6.262% FR0074 (15 year) 6.798% FR0072 (20 year) 7.114% Source : Bloomberg, Mid YTM

Government Bond Indices as of 25-Sep-17

Price Index (Bloomberg : DGBIIDPR) 136.62 Yield Index (Bloomberg : DGBIIDYD) 6.21% TR Index (Bloomberg : DGBIIDTR) 563.26

Calendar of Event

28-Sep-17

US Initial Jobless Claims SA (Survey : 270k; Prior : 259k) 29-Sep-17

Japan Unemployment rate SA (Survey : 2.8%; Prior : 2.8%) 29-Sep-17

UK GDP Chained GDP at Market Prices QoQ (Survey : 0.3%; Prior : 0.3%)

www.danareksa.com Bloomberg Ticker: DFMJ

Risiko global di bawah pengawasan: DPRK, China, dan Inggris

S&P menurunkan rating sovereign China pertama kali sejak 1999, dari AA- menjadi A+, dikarenakan adanya risiko melonjaknya hutang, dengan outlook

negative. Di lain pihak, Moody’s merevisi rating

UK dari Aa2 menjadi Aa1 dikarenakan sulitnya negosiasi Brexit dan melemahnya keuangan UK secara signifikan. Saat ini, pasar global juga melihat adanya peningkatan risiko geopolitics dari Pemerintah Korea Utara (DPRK)

BI menurunkan suku bunga acuan sebesar 25bps

Bank Indonesia menurunkan BI 7-Day Reverse

Repo Rate selama dua bulan berurutan. Setelah

menurunkan 7D RR sebesar 25bps pada 22 Agustus 2017 menjadi 4,5%, BI memutuskan untuk kembali menurunkan 7D RR di bulan September pada pertemuan Dewan Gubernur menjadi 4,25%. Penurunan suku bunga acuan masih sejalan dengan kondisi makroekonomi, dengan inflasi yang rendah di tahun 2017 (Inflasi CPI di bulan Agustus 2017: 2,53% ytd dan 3,82% yoy), neraca perdagangan yang terkendali (surplus kumulatif dari Januari hingga Agustus: USD9,11 miliar) dan Rupiah yang stabil serta kondisi ekonomi yang semakin membaik. Hal yang sama juga terjadi pada suku bunga deposito dan pinjaman yang mengalami penurunan menjadi 3,5% dan 5,00% secara berurutan, untuk mendukung pertumbuhan kredit (Juli 2017: 8,2% yoy). Di sisi global, pengumuman the Fed yang akan kembali menormalisasikan balance sheet di bulan Oktober, dengan mengurangi portofolio hingaa USD10 miliar per bulan dan akan terus bertambah setiap 3 bulan hingga sebesar USD50 miliar.

Aliran masuk asing yang signifikan

Yield index Danareksa untuk obligasi Pemerintah

menurun sebesar 6bps dari 6,35% menjadi 6,29% selama minggu lalu, sehingga menghasilkan 0,5%

return mingguan. Yield index kembali mengalami

penurunan dan berada di level 6,21% pada Senin, terendah sejak 2011. Di lain pihak, kepemilikan asing di obligasi Pemerintah meningkat menjadi Rp824 triliun di akhir minggu lalu. Per 22 September 2017, investor asing telah membeli Rp158 triliun obligasi Pemerintah yang dapat diperdagangkan sejak awal tahun atau 58,6% dari

net issuance, dibandingkan dengan Rp107,3 triliun net issuance di 2016

Global risk under supervision: DPRK, China, and the U.K.

S&P downgraded its sovereign rating on China for the first time since 1999, from AA- to A+, citing the risks from soaring debt, with a negative outlook. Elsewhere, Moody’s downgraded its ratings on the U.K. to Aa2 from Aa1 in view of the complexity of the Brexit negotiations and the UK’s significantly weaker public finances. The rising geopolitical tensions in the Democratic People’s Republic of Korea are another concern for the global market.

BI cuts its benchmark rate by 25bps

Bank Indonesia lowered its benchmark BI 7-day Reverse Repo Rate by 25bps for the second straight month. As a result, the BI 7-day Reverse Repo Rate now stands at 4.25%. The cuts in the benchmark rate have been made possible given the current economic conditions: 1) the low inflation in 2017 (the CPI in August 2017 stood at 2.53% ytd and 3.82% yoy), 2) the manageable trade balance (a cumulative surplus from January to August: USD9.11 billion), and 3) the stable rupiah and improving economic conditions. Similarly, the deposits and lending rate facility were reduced to 3.50% and 5.00%, respectively, to support credit growth (In July 2017 credit growth reached 8.2% yoy). On the global front, the Fed said that it would start balance sheet normalization in October, unloading up to USD10 billion a month and increasing this amount every 3 months until USD50 billion.

Significant foreign inflows

The Danareksa Government Bonds Yield Index declined by 6bps from 6.35% to 6.29% last week, resulting in a 0.5% weekly return. The yield index continued to decline to 6.21% on Monday, its lowest level since 2011. Foreign holdings of Government bonds increased to IDR824 trillion at the end of last week. As of 22 September 2017, foreign investors had bought IDR158 trillion of IDR tradable Government bonds since the beginning of the year, or accounting for 58.6% of net issuances. This compares to purchases of IDR107.3 trillion of IDR tradable Government bonds in 2016.

2

APPENDICES

Appendix 1. Government Bonds Trading 18 - 22 Sep 2017

Last Trade Bonds Maturity Coupon Tenor Last Freq Vol Yield Tenor Modified

Data Done (IDR bn) Class Duration

Price

22-Sep-17 FR0075 15-May-38 7.50 79.36 103.90 203.00 4,923.25 7.13 > 10yr - 22-Sep-17 ORI011 15-Oct-17 8.50 0.05 99.90 4.00 39.77 8.51 < 1yr - 22-Sep-17 SPN03171123 23-Nov-17 - 0.16 99.33 1.00 9.50 0.68 < 1yr - 22-Sep-17 SPN03171221 21-Dec-17 - 0.24 99.01 1.00 100.00 1.00 < 1yr - 20-Sep-17 PBS009 25-Jan-18 7.75 0.33 101.08 1.00 132.75 4.53 < 1yr 0.34 22-Sep-17 SPN12180201 1-Feb-18 - 0.35 98.45 4.00 659.82 1.58 < 1yr - 19-Sep-17 PBS001 15-Feb-18 4.50 0.39 99.20 1.00 0.26 6.50 < 1yr 0.39 22-Sep-17 SR007 11-Mar-18 8.25 0.46 101.45 8.00 272.33 8.13 < 1yr - 20-Sep-17 SPN12180412 12-Apr-18 - 0.54 97.46 1.00 19.32 2.60 < 1yr - 19-Sep-17 FR0066 15-May-18 5.25 0.64 100.10 1.00 110.40 5.08 < 1yr 0.63 22-Sep-17 SPN12180607 7-Jun-18 - 0.70 96.80 2.00 2,582.65 3.31 < 1yr - 22-Sep-17 SPN12180712 12-Jul-18 - 0.79 96.16 2.00 362.00 4.00 < 1yr - 22-Sep-17 SPN12180809 9-Aug-18 - 0.87 95.72 2.00 166.00 4.47 < 1yr - 20-Sep-17 SPN12180906 6-Sep-18 - 0.94 95.32 5.00 555.87 4.90 < 1yr - 22-Sep-17 ORI012 15-Oct-18 9.00 1.05 102.75 28.00 327.01 8.76 1yr - 5yr - 22-Sep-17 SR008 10-Mar-19 8.30 1.46 102.90 20.00 847.57 8.07 1yr - 5yr - 22-Sep-17 FR0069 15-Apr-19 7.88 1.55 103.31 14.00 1,583.64 5.63 1yr - 5yr 1.41 22-Sep-17 PBS013 15-May-19 6.25 1.64 100.45 2.00 37.64 5.95 1yr - 5yr 1.51 22-Sep-17 ORI013 15-Oct-19 6.60 2.05 100.10 90.00 1,364.16 6.59 1yr - 5yr - 22-Sep-17 SR009 10-Mar-20 6.90 2.46 101.25 53.00 602.95 6.81 1yr - 5yr - 20-Sep-17 PBS006 15-Sep-20 8.25 2.97 105.78 2.00 235.81 6.10 1yr - 5yr 2.63 22-Sep-17 FR0031 15-Nov-20 11.00 3.14 114.60 10.00 110.36 5.85 1yr - 5yr 2.61 18-Sep-17 PBS014 15-May-21 6.50 3.64 100.55 1.00 100.00 6.33 1yr - 5yr 3.15 22-Sep-17 FR0034 15-Jun-21 12.80 3.72 122.60 4.00 212.50 5.95 1yr - 5yr 2.98 22-Sep-17 FR0053 15-Jul-21 8.25 3.80 107.70 24.00 2,815.64 5.96 1yr - 5yr 3.23 22-Sep-17 FR0061 15-May-22 7.00 4.64 104.26 74.00 8,287.96 5.93 1yr - 5yr 3.85 22-Sep-17 FR0043 15-Jul-22 10.25 4.80 116.81 1.00 64.36 6.16 1yr - 5yr 3.81 22-Sep-17 FR0063 15-May-23 5.63 5.64 97.31 2.00 5.10 6.19 5yr - 10yr 4.66 22-Sep-17 PBS011 15-Aug-23 8.75 5.89 110.00 2.00 223.45 6.67 5yr - 10yr 4.60 22-Sep-17 FR0070 15-Mar-24 8.38 6.47 110.85 14.00 1,040.78 6.31 5yr - 10yr 5.04 20-Sep-17 FR0044 15-Sep-24 10.00 6.97 119.35 3.00 472.14 6.51 5yr - 10yr 5.19 22-Sep-17 FR0040 15-Sep-25 5.19 7.97 128.35 2.00 538.69 6.41 5yr - 10yr 6.36 22-Sep-17 FR0056 15-Sep-26 8.38 8.97 113.00 66.00 3,559.67 6.45 5yr - 10yr 6.44 22-Sep-17 FR0037 15-Sep-26 12.00 8.97 133.00 1.00 7.00 6.99 5yr - 10yr 5.97 22-Sep-17 FR0059 15-May-27 7.00 9.64 104.60 135.00 9,118.09 6.35 5yr - 10yr 6.85 22-Sep-17 FR0042 15-Jul-27 10.25 9.80 125.76 2.00 17.20 6.63 5yr - 10yr 6.49 18-Sep-17 FR0047 15-Feb-28 10.00 10.39 124.30 3.00 38.50 6.72 > 10yr 6.83 22-Sep-17 FR0064 15-May-28 6.13 10.64 96.30 9.00 253.93 6.61 > 10yr 7.50 22-Sep-17 FR0071 15-Mar-29 9.00 11.47 117.32 19.00 621.21 6.80 > 10yr 7.46 22-Sep-17 FR0052 15-Aug-30 10.50 12.89 129.50 1.00 42.60 6.99 > 10yr 7.70 22-Sep-17 FR0073 15-May-31 8.75 13.64 114.89 12.00 237.04 7.03 > 10yr 8.10 22-Sep-17 FR0054 15-Jul-31 9.50 13.80 121.20 6.00 98.13 7.07 > 10yr 8.11 22-Sep-17 PBS012 15-Nov-31 8.88 14.14 113.10 8.00 252.40 7.37 > 10yr 8.15 22-Sep-17 FR0058 15-Jun-32 8.25 14.72 109.25 10.00 149.06 7.22 > 10yr 8.57 22-Sep-17 FR0074 15-Aug-32 7.50 14.89 106.05 60.00 2,811.66 6.84 > 10yr 9.01 22-Sep-17 FR0065 15-May-33 6.63 15.64 96.11 21.00 306.52 7.04 > 10yr 9.29 22-Sep-17 FR0068 15-Mar-34 8.38 16.47 111.60 66.00 2,078.11 7.16 > 10yr 9.27 22-Sep-17 FR0072 15-May-36 8.25 18.64 109.50 100.00 4,455.30 7.31 > 10yr 9.60 22-Sep-17 PBS004 15-Feb-37 6.10 19.39 86.00 6.00 75.00 7.48 > 10yr 10.52 22-Sep-17 FR0045 15-May-37 9.75 19.64 125.50 2.00 8.00 7.29 > 10yr 9.53 20-Sep-17 FR0057 15-May-41 9.50 23.64 130.88 2.00 10.00 6.84 > 10yr 10.69 22-Sep-17 FR0062 15-Apr-42 6.38 24.55 85.50 8.00 745.29 7.70 > 10yr 11.00 22-Sep-17 FR0067 15-Feb-44 8.75 26.39 112.00 7.00 126.00 7.68 > 10yr 10.91 22-Sep-17 FR0076 15-May-48 7.38 30.64 103.80 169.00 512.61 7.07 > 10yr 12.08

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Appendix 3. Corporate Bonds Trading 18 - 22 Sep 2017

Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified

Data Done (IDR bn) Duration

Price

20-Sep-17 BEXI03ACN3 2-Dec-17 7.15 0.18 idAAA 100.20 1.00 25.00 7.14 0.20 20-Sep-17 PNBN01CN1 20-Dec-17 8.15 0.23 idAA 100.52 1.00 20.00 8.11 0.25 22-Sep-17 SMFP02BCN1 27-Dec-17 7.50 0.25 idAAA 100.10 4.00 56.00 7.49 0.25 19-Sep-17 NISP01CCN2 10-Feb-18 9.80 0.37 idAAA 101.48 2.00 50.00 9.66 0.38 22-Sep-17 SMFP03ACN7 12-Mar-18 7.50 0.46 idAAA 100.65 1.00 27.00 7.45 0.46 20-Sep-17 MEDC01CN2 15-Mar-18 8.50 0.47 idAA- 100.48 2.00 1.07 8.46 0.47 20-Sep-17 PTPP01CN1 19-Mar-18 8.38 0.48 idA 100.30 2.00 8.52 8.35 0.48 19-Sep-17 SMADMF02ACN3 1-Apr-18 7.50 0.51 idAAA 100.37 2.00 3.00 7.47 0.51 20-Sep-17 ADMF03ACN5 1-Apr-18 7.50 0.51 idAAA 100.52 1.00 15.00 7.46 0.51 22-Sep-17 WOMF01BCN3 2-Apr-18 10.25 0.52 AA(idn) 102.05 1.00 55.00 10.04 0.50 22-Sep-17 AISA01 5-Apr-18 10.25 0.53 idA- 101.75 5.00 92.00 10.07 0.50 22-Sep-17 SIAISA01 5-Apr-18 10.25 0.53 idA- 101.32 2.00 4.00 10.12 0.50 22-Sep-17 BRAP01 8-Apr-18 11.50 0.53 idBBB+ 101.80 2.00 10.00 11.30 0.51 18-Sep-17 SISMRA01CN3 22-Apr-18 10.50 0.57 idA+ 101.47 2.00 1.60 10.35 0.56 18-Sep-17 FIFA02BCN1 24-Apr-18 9.25 0.58 idAAA 101.85 3.00 90.00 9.08 0.57 20-Sep-17 FIFA03ACN1 6-May-18 7.35 0.61 idAAA 100.50 2.00 0.52 7.31 0.60 19-Sep-17 PPGD02BCN3 7-May-18 9.25 0.61 idAA+ 101.84 2.00 24.00 9.08 0.60 22-Sep-17 BDKI02SB 17-Jun-18 11.00 0.73 idA+ 102.70 1.00 56.00 10.71 0.70 19-Sep-17 APLN01CN1 27-Jun-18 9.25 0.75 idA 100.52 2.00 3.00 9.20 0.72 18-Sep-17 BPFI01BCN1 28-Jun-18 11.00 0.76 idBBB 99.75 4.00 12.00 11.03 0.72 22-Sep-17 BNLI02SB 28-Jun-18 11.00 0.76 idAA+ 103.05 6.00 25.00 10.67 0.71 20-Sep-17 ADMF03ACN1 30-Jun-18 9.50 0.76 idAAA 102.40 3.00 63.00 9.28 0.73 19-Sep-17 TELE01ACN3 2-Jul-18 9.00 0.77 idA 100.50 2.00 3.00 8.96 0.74 18-Sep-17 ADMF03BCN2 25-Aug-18 9.50 0.91 idAAA 102.68 1.00 1.00 9.25 0.88 20-Sep-17 WOMF02ACN2 1-Sep-18 7.80 0.93 AA(idn) 100.36 2.00 0.52 7.77 0.90 22-Sep-17 BEXI02BCN6 16-Sep-18 9.20 0.97 idAAA 102.70 1.00 16.60 8.96 0.93 18-Sep-17 ADMF02CCN2 24-Oct-18 11.00 1.08 idAAA 104.65 6.00 30.00 6.57 1.02 20-Sep-17 SMRA01CN1 11-Dec-18 10.85 1.21 idA+ 103.25 4.00 58.00 8.04 1.14 20-Sep-17 TUFI02ACN1 18-Dec-18 10.20 1.23 idAA 103.50 4.00 47.80 7.23 1.16 22-Sep-17 WOMF01BCN4 22-Dec-18 10.80 1.24 AA(idn) 96.50 1.00 0.05 13.90 1.14 20-Sep-17 BIIF01ACN2 13-Apr-19 9.10 1.55 AA+(idn) 102.03 1.00 10.00 7.70 1.43 19-Sep-17 MYOR04 9-May-19 8.50 1.62 idAA- 101.25 4.00 16.00 7.68 1.51 20-Sep-17 NISP02CCN1 12-May-19 8.25 1.63 idAAA 101.80 4.00 60.00 7.08 1.52 22-Sep-17 BBRI01BCN3 25-May-19 8.20 1.66 idAAA 102.55 3.00 14.00 6.58 1.55 18-Sep-17 TAFS02BCN1 1-Jun-19 8.40 1.68 idAA+ 101.80 1.00 8.50 7.27 1.57 22-Sep-17 BEXI03BCN1 8-Jun-19 8.20 1.70 idAAA 102.95 4.00 3.05 6.37 1.59 22-Sep-17 SMBNII01CN2 10-Jun-19 8.25 1.71 idAAA 101.32 2.00 5.00 - - 22-Sep-17 TAXI01 24-Jun-19 12.50 1.74 idBB+ 32.85 7.00 72.00 94.35 1.08 19-Sep-17 WOMF02BCN1 24-Jun-19 9.50 1.74 AA(idn) 98.00 1.00 0.10 10.76 1.56 20-Sep-17 ISAT08A 27-Jun-19 8.63 1.75 idAAA 102.30 5.00 26.00 7.23 1.60 19-Sep-17 DILD02A 29-Jun-19 10.75 1.76 idA 102.51 2.00 20.00 9.20 1.57 18-Sep-17 ISAT01BCN4 2-Sep-19 8.00 1.93 idAAA 101.10 1.00 4.00 7.39 1.79 18-Sep-17 BNII01SBCN2 31-Oct-19 9.25 2.10 AA(idn) 102.82 2.00 2.00 7.79 1.89 20-Sep-17 BIIF01ACN3 3-Nov-19 8.30 2.10 AA+(idn) 101.16 1.00 55.00 7.70 1.91 20-Sep-17 IMFI02CCN2 6-Nov-19 11.00 2.11 idA 105.63 5.00 25.00 8.09 1.87 18-Sep-17 SMII01ACN1 18-Nov-19 7.85 2.14 idAA+ 101.59 1.00 15.00 7.05 1.97 20-Sep-17 BEXI03BCN4 23-Feb-20 8.40 2.41 idAAA 102.42 1.00 50.00 7.30 2.17 20-Sep-17 SMFP03BCN7 2-Mar-20 8.40 2.43 idAAA 102.21 1.00 25.00 7.40 2.19 20-Sep-17 ROTI01CN2 18-Mar-20 10.00 2.48 idAA- 104.40 2.00 2.00 8.04 2.20

Sources: Danareksa Estimates, BEI

APPENDICES

Appendix 4. Corporate Bonds Trading 18 - 22 Sep 2017 (cont’d)

Last Trade Bonds Maturity Coupon Tenor Rating Last Freq Vol Yield Modified

Data Done (IDR bn) Duration

Price

20-Sep-17 BBRI02BCN2 11-Apr-20 8.10 2.54 idAAA 101.86 2.00 20.00 7.29 2.26 19-Sep-17 ISAT02BCN1 31-May-20 8.15 2.68 idAAA 100.05 3.00 19.60 8.13 2.39 20-Sep-17 TUFI03ACN2 6-Jun-20 8.50 2.69 idAA 101.69 1.00 40.00 7.80 2.40 22-Sep-17 SIAGII01ACN1 6-Jun-20 9.90 2.69 A-(idn) 101.00 1.00 31.00 9.47 2.34 19-Sep-17 MEDC02BCN5 14-Jun-20 10.80 2.72 idAA- 100.80 4.00 43.00 10.46 2.34 22-Sep-17 AKRA01ACN1 7-Jul-20 8.50 2.78 idAA- 100.31 4.00 1,338.00 8.37 2.42 20-Sep-17 PNMP02ACN1 12-Jul-20 8.75 2.79 idA 100.10 6.00 268.20 8.71 2.43 22-Sep-17 ADMF03BCN6 14-Jul-20 8.10 2.80 idAAA 102.76 4.00 7.30 7.01 2.47 20-Sep-17 BNGA02BCN2 23-Aug-20 7.70 2.91 idAAA 100.02 2.00 100.00 7.69 2.58 22-Sep-17 BMTR01CN2 19-Sep-20 11.00 2.98 AA-(idn) 100.00 9.00 164.00 11.00 2.52 22-Sep-17 SIBMTR01CN2 19-Sep-20 11.00 2.98 idA+ 100.05 2.00 71.00 10.98 2.52 19-Sep-17 TBIG02CN3 19-Sep-20 8.40 2.98 idA+ 100.00 5.00 290.00 8.40 2.63 22-Sep-17 SMRA02CN1 16-Dec-20 11.25 3.22 idA+ 105.01 2.00 14.00 9.43 2.70 20-Sep-17 BEXI03CCN1 8-Jun-21 8.70 3.70 idAAA 106.35 1.00 1.40 6.75 3.17 20-Sep-17 BSDE02ACN1 16-Jun-21 9.00 3.72 idAA- 101.95 5.00 40.00 8.39 3.15 20-Sep-17 SIAISA02 19-Jul-21 10.50 3.81 idA- 103.22 2.00 18.00 9.49 3.09 20-Sep-17 BNGA02CCN1 3-Nov-21 8.25 4.10 idAAA 101.70 1.00 1.50 7.76 3.44 19-Sep-17 INDF08 26-May-22 8.70 4.67 idAA+ 104.28 1.00 2.00 7.60 3.82 18-Sep-17 BBTN01CN1 5-Jun-22 7.90 4.69 idAA+ 100.85 1.00 4.00 7.68 3.90 20-Sep-17 MEDC02CCN5 14-Jun-22 11.30 4.72 idAA- 103.75 1.00 1.00 10.29 3.65 20-Sep-17 BMRI01ACN2 15-Jun-22 8.00 4.72 idAAA 102.28 4.00 40.00 7.42 3.92 20-Sep-17 SMGR01CN1 20-Jun-22 8.60 4.73 idAA+ 102.92 6.00 144.00 7.86 3.89 20-Sep-17 BLAM04 7-Jul-22 9.60 4.78 idA- 100.10 2.00 20.00 9.57 3.74 22-Sep-17 BMTR01ACN1 7-Jul-22 11.50 4.78 idA+ 101.25 10.00 47.01 11.16 3.57 19-Sep-17 PPLN02ACN1 11-Jul-22 7.70 4.79 idAAA 102.35 9.00 8.60 7.12 3.95 20-Sep-17 BBNI01CN1 11-Jul-22 8.00 4.79 idAAA 100.50 8.00 14.90 7.87 3.90 20-Sep-17 BBTN03BCN1 13-Jul-22 8.50 4.80 idAA+ 105.06 3.00 11.30 7.24 3.89 20-Sep-17 BEXI03BCN5 15-Aug-22 7.90 4.89 idAAA 100.02 2.00 100.00 7.89 4.00 20-Sep-17 BNGA02CCN2 23-Aug-22 8.15 4.91 idAAA 100.02 2.00 50.00 8.14 4.00 20-Sep-17 BBRI02BCN3 24-Aug-22 8.00 4.91 idAAA 100.02 2.00 50.00 7.99 4.02 19-Sep-17 ISAT01CCN3 8-Dec-22 10.60 5.20 idAAA 110.01 2.00 10.00 8.22 4.04 18-Sep-17 BACA02SB 15-Jan-23 12.00 5.30 idBBB- 99.50 4.00 12.00 12.13 3.81 18-Sep-17 BBTN01CN2 27-Mar-23 7.90 5.50 idAA+ 101.22 1.00 0.50 7.63 4.38 20-Sep-17 BBMISMSB1CN2 28-Mar-23 9.60 5.51 idA(sy) 90.17 2.00 2.00 - - 20-Sep-17 PPLN01BCN2 10-Dec-23 9.60 6.21 idAAA 111.85 1.00 0.70 7.22 4.75 18-Sep-17 KEHA01SB 21-Dec-23 9.95 6.24 AA(idn) 105.74 2.00 1.40 8.75 4.57 19-Sep-17 BEXI03DCN4 23-Feb-24 9.20 6.41 idAAA 100.27 2.00 17.00 9.14 4.78 20-Sep-17 BBRI02CCN3 24-Aug-24 8.25 6.91 idAAA 103.00 4.00 90.00 7.69 5.24 19-Sep-17 ISAT01DCN3 8-Dec-25 11.20 8.20 idAAA 115.01 2.00 10.00 8.63 5.54 22-Sep-17 BBRI02DCN2 11-Apr-27 8.80 9.54 idAAA 103.05 1.00 30.00 8.33 6.37 20-Sep-17 SIISAT02DCN1 31-May-27 9.25 9.68 idAAA 104.80 4.00 40.00 8.52 6.42 19-Sep-17 PTHK01CN2 6-Jun-27 8.07 9.69 idA- 100.35 3.00 6.00 8.02 6.68

Sources: Danareksa Estimates, BEI

5

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Director of Debt Capital Market

Budi Susanto

budisusanto@danareksa.com ext. 3200

DEBT RESEARCH TEAM Telp No. +62-21-29555777 Fax No. +62-21-3501709

Head of Debt Research (ad interim) Market Analyst

Amir A. Dalimunthe Rifki Rizal

amirda@danareksa.com ext. 3405 rifkir@danareksa.com ext. 3404

Credit Analysts Production & Database Management

Ayesha Ardelia Eka Nuraini

ayesha@danareksa.com ext. 3406 ekan@danareksa.com ext. 3407

Arif Sentanu arif.sentanu@danareksa.com ext. 3402 Laras Nerpatari Suilyas

laras.nerpatari@danareksa.com ext. 3403

DEBT CAPITAL MARKET TEAM Telp No. +62-21-29555777

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