Better Times for Bond Investors

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16 SEPTEMBER - 20 SEPTEMBER 2013

Country's FCLT Rating

S & P BB+

Moody's Baa3

Fitch

BBB-Key Market Indicator as of 16-Sep-13

BI Rate 7.25%

JCI Index 4,522

IDR 11,380

Inflation(y-o-y) - Aug-13 8.79% Market Outstanding as of 16-Sep-13

Government Bond Corporate Bond

Previous Week Trading Volume Government Bond

Corporate Bond

Government Bond Indices as of 16-Sep-13

Price Index 123.76

Yield Index 8.17%

Total Return 368.66

Benchmark Yield as of 16-Sep-13

FR0066 (5 year) 7.536%

FR0063 (10 year) 7.964%

FR0064 (15 year) 8.426%

FR0065 (20 year) 8.528%

Source : Bloomberg, Mid YTM

Calendar of Event 19-Sep-13

US Initial Jobless Claim (Survey : 330K; Prior :292K) 19-Sep-13

Japan All Industrial Activity (Survey : 0.3%; Prior : -0.6%) 20-Sep-13

(Survey : NA; Prior : 7.25%)

Analysts Rifki Rizal 2955 5777 ext 3404 [email protected] Amir A. Dalimunthe 2955 5777 ext.3405 [email protected]

Please read important disclosure at the back of this report

IDR 1.26tn IDR 936.85tn IDR 214.27tn

IDR 36.95tn

Reserve Bank of India Repurchase Rate Policy Announcement

Better Times for Bond Investors

Based on SUN ownership as of 12

September 2013, investors are starting to become more optimistic on the rupiah. Foreign holdings of SUN rose IDR2.5 trillion from September 10 to September 13, while domestic bank SUN holdings climbed IDR7.48 trillion in the same period. In contrast to BI’s holdings, the SUN holdings of foreign investors and domestic banks tended to be volatile, while the holdings of insurance, mutual funds and pension funds were more stable.

In addition to the positive developments in the country, some positive sentiment has been created from global developments such as the US’s decision not to strike Syria and the withdrawal of Lawrence Summers’ candidacy to be the next chairman of the Federal Reserve. Over the last 2 days, the yield index fell 48bps. This was on the back of higher trading volumes. Total trading over 2 days reached IDR17.18 trillion. The downtrend in government bond yields is expected to continue if the stability in the exchange rate continues.

Berdasarkan data kepemilikan SUN per tanggal 12 September 2013, investor mulai optimis dengan kondisi volatilitas dan pergerakan nilai tukar Rupiah yang membaik. Kepemilikan asing tercatat mengalami kenaikan Rp2,5 triliun dari tanggal 10 September hingga 13 September, sedangkan kepemilikan bank domestik naik Rp7,48 triliun pada periode yang sama. Berbeda dengan kepemilikan BI, investor asing dan domestik bank yang bergerak cenderung volatile, kepemilikan insurance, mutual fund dan pension fund bergerak lebih stabil.

Selain sentimen positif dalam negeri, beberapa sentimen positif dari global seperti pembatalan penyerangan AS terhadap Syiria dan pengunduran diri Lawrence Summers dari calon ketua The Federal Reservse menyebabkan yield indeks turun 48bps selama 2 hari terakhir. Penurunan yield tersebut diikuti juga dengan volume perdagangan yang cukup tinggi. Total volume perdagangan 2 hari kemarin sebesar Rp17,18 triliun. Tren penurunan yield obligasi Pemerintah ini diperkirakan akan berlanjut jika kondisi nilai tukar dan volatilitas rupiah terus membaik.

Mutual Fund, Insurance & Pension Fund Ownership on SUN Source: Bloomberg, Ministry of Finance

Foreign, Domestic Bank & BI Ownership on SUN

60 70 80 90 100 110 120 190 210 230 250 270 290 310 330 2-J a n-13

11-Jan-13 22-Jan-13 1-Feb-13 12-Feb

-13 21-Feb -13 4-M a r-1 3

14-Mar-13 25-Mar-13 4-A

p r-1 3 15-Apr-13 24-Apr-13 3-M a y-13 15-May-13 24-May-13 4-J u n-1 3 18-Jun-13 27-Jun-13 8-J u l-1 3 17-Jul-13 26-Jul-13

13-Aug-13 22-Aug-13 2-Sep-13 11-Se

p

-13

IDR Trillion

BI (incl. Revrep) Foreign Domestic Bank

Source: Ministry of Finance

-0.4% -0.3% -0.2% -0.1% 0.0% 0.1% 0.2% 0.3% 0.4%

16-May-13 21-May-13 24-May-13 29-May-13 3-J

u n-1 3 7-J u n-1 3

12-Jun-13 17-Jun-13 20-Jun-13 25-Jun-13 28-Jun-13 3-J

u l-1 3 8-J u l-1 3

11-Jul-13 16-Jul-13 19-Jul-13 24-Jul-13 29-Jul-13 1-A

u

g

-13

13-Aug-13 16-Aug-13 21-Aug-13 26-Aug-13 29-Aug-13 3-Sep-13 6-Sep-13 11-Se

p

-13

16-Se

p

-13

Yield Index Daily Change

Source: Danareksa Estimates, Bloomberg

0 50 100 150 200 250 2-J a n-13

10-Jan-13 18-Jan-13 29-Jan-13 6-Feb-13 14-Feb

-13 22-Feb -13 4-M a r-1 3

13-Mar-13 21-Mar-13 1-A

p r-1 3 9-A p r-1 3 17-Apr-13 25-Apr-13 3-M a y-13

14-May-13 22-May-13 30-May-13 10-Jun-13 20-Jun-13 28-Jun-13

8-J

u

l-1

3

16-Jul-13 24-Jul-13 1-A

u

g

-13

16-Aug-13 26-Aug-13 3-Sep-13 11-Se

p

-13

IDR Trillion

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MACROECONOMICS CONDITION

Yield Index CDS 5-Year (bps)

Domestic Bank Increased Their SUN Ownership Rupiah closed at Rp11,232 per USD

The Biggest Decline in Yields since February 2012

The government bonds yield index dropped last week to 8.44%, down 32bps from the previous week. This is the biggest week-on-week decline since February 2012. Indonesia's 5-year CDS was down 30bps from the previous week to 250bps. On September 12, Bank Indonesia raised the BI Rate by 25bps to 7.25% as inflation expectations are still high. After this, the yield index fell 48bps in two days as of 13 September 2013. Rupiah volatility declined last week although it was still relatively high. Last week the rupiah closed at IDR11,232 per US dolar, down 56points from the previous week.

Total corporate bonds trading amounted to IDR1.25 trillion last week with bonds of less than 1 year maturity dominating the trading with trading volume of IDR415 billion.

Yield indeks obligasi Pemerintah turun sepanjang minggu lalu dan menutup akhir minggu pada level 8,49%, atau turun 31bps dari minggu sebelumnya. Penurunan terbesar sejak Februari 2012. Penurunan yield obligasi Pemerintah diikuti dengan CDS 5-tahun yang turun 29bps dari minggu sebelumnya. Per tanggal 12 September Bank Indonesia menetapkan BI Rate sebesar 25bps menjadi 7,25% karena ekspektasi inflasi yang masih tinggi. Setelah BI rate naik, yield indeks turun 16bps pada tanggal 13 September. Volatilitas Rupiah minggu lalu turun walaupun masih relatif tinggi. Minggu lalu Rupiah ditutup di level Rp11.232 per USD, turun 56poin dari minggu sebelumnya.

Total trading obligasi korporasi minggu lalu sebesar Rp1,25 triliun dengan obligasi bertenor kurang dari 1 tahun mendominasi perdagangan dengan volume sebesar Rp415 miliar.

Source: Danareksa, Bloomberg Source: Bloomberg

Source: Ministry of Finance Source: Bloomberg

Corporate Bonds Trading by Tenor Corporate Bonds Trading by Sector

Source: IDX Processed Data Source: IDX Processed 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

17-Jun-13 20-Jun-13 25-Jun-13 28-Jun-13 3-J

u l-1 3 8-J u l-1 3

u

g

-13

p -13 ID R tr illio n ID R tr illio n

RR-BI (RHS) BI (RHS) Domestic Bank Foreign Investors

9,700 10,000 10,300 10,600 10,900 11,200 11,500 11,800 16-Se p -13 11-Se p -13 6-Sep-13 3-Sep-13 29-Aug-13 26-Aug-13 21-Aug-13 16-Aug-13 13-Aug-13 1-A u g -13 29-Jul-13 24-Jul-13 19-Jul-13 16-Jul-13 11-Jul-13 8-J u l-1 3 3-J u l-1 3 28-Jun-13 25-Jun-13 20-Jun-13 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0%

17-Jun-13 20-Jun-13 25-Jun-13 28-Jun-13 3-J

u l-1 3 8-J u l-1 3

u

g

-13

p

-13

16-Se

p

-13

Yield Index (LHS) BI Rate

Inflation Inflation Forecast

75 125 175 225 275 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 9-J u l-1 3 3-J u l-1 3 27-Jun-13 21-Jun-13 17-Jun-13 11-Jun-13 4-J u n-1 3 29-May-13

Indonesia Philipinnes Brazil Turkey

0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0 1 2 3 4 5 6 7 9 ID R tr illio n Term to Maturity A 13.15% A-11.48% A+ 4.20% AA 9.98% AA-10.91% AA+ 45.13% AAA 2.10% BBB 0.91% BBB+ 2.14%

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GOVERNMENT BONDS REVIEW

Yield Curve Comparison Yield Curve Change

Daily Trade Volume Govt Bonds Benchmark Series Yield

Demand for IDR government bonds increased last week. This is evident in the downward shift of the yield curve for all tenors last week with an average decline of 24bps. In addition, the increase in last week's trading which reached 65.6% of the previous week’s trading shows that SUN remain attractive for investors. Total trading in government bonds reached IDR36.96 trillion last week, up IDR14.64 trillion over the previous week, with an average transaction size of IDR18.17 billion. The total trading in corporate bonds rose by IDR102 billion last week with an average transaction size of IDR7.56 billion.

Trade Volume Surged

Permintaan Investor terhadap obligasi Pemerintah meningkat, hal tersebut dapat dilihat dari perubahan yield curve minggu lalu yang tertekan untuk semua tenor dengan rata-rata penurunan sebesar 24bps. Selain itu, naiknya volume perdagangan yang mencapai 65,6% dari minggu sebelumnya menjadi bukti lain bahwa SUN masih menarik bagi investor. Total volume perdagangan obligasi Pemerintah minggu lalu sebesar Rp36,96 triliun, naik Rp14,64 triliun dari minggu sebelumnya, dengan rata-rata volume setiap transaksi sebesar Rp18,17 miliar. Sedangkan total volume perdagangan untuk obligasi korporasi pada minggu lalu naik sebesar Rp102 miliar dengan rata-rata volume setiap transaksi sebesar Rp7,56 miliar.

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% 16-Se p -13 27-Aug-13 31-Jul-13 11-Jul-13 21-Jun-13 31-May-13 13-May-13 22-Apr-13 2-A p r-1 3 11-Mar-13 19-Feb -13 30-Jan-13 9-J a n-13 14-De c-12 26-Nov-12 2-N o v-1 2 12 -Oct -1 2 24-Se p -12 FR0066 - 5Y FR0063 - 10Y FR0064 - 15Y FR0065 - 20Y 0 2 4 6 8 10 12 16-Se p -13 13-Se p -13 12-Se p -13 11-Se p -13 10-Se p -13 9-Sep-13 6-Sep-13 5-Sep-13 4-Sep-13 3-Sep-13 ID R tr illio n

Govt Short Govt Med Govt Long Corp

1.71% 2.90% 3.25% 3.59% 3.84% 5.19% 6.50% 6.95% 7.15% 7.29% 7.77% 8.22% 8.49% 8.64% 8.76% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 5 10 15 20 25 30 Term to Maturity

UST YC GoI USD Yield Curve GoI IDR Yield Curve

-0.35% -0.30% -0.25% -0.20% -0.15% -0.10% -0.05% 0.00% 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% 7-Sep-12 _25-Se p -12 13 -Oct -1 2 31 -Oct -1 2

18-Nov-12 6-Dec-12 24-De

c-12

11-Jan-13 29-Jan-13 16-Feb

-13

6-M

a

r-1

3

24-Mar-13 11-Apr-13 29-Apr-13 _17-May-13 4-J

u

n-1

3

22-Jun-13 10-Jul-13 28-Jul-13 _15-Aug-13 2-Sep-13

Currency Risk Premium 10Y (LHS) INDON 10Y SUN 10Y

0.9% 1.4% 1.9% 2.4% 2.9% 3.4% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7-Sep-12 _27-Se p -12 17 -Oct -1 2 6-N o v-1 2 26-Nov-12 16-De c-12 5-J a n-13 25-Jan-13 14-Feb -13 6-M a r-1 3 26-Mar-13 15-Apr-13 5-M a y-13 25-May-13 14-Jun-13 4-J u l-1 3 24-Jul-13 13-Aug-13 2-Sep-13

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10-Sep-13 15-Sep-13 11.45 0.01 100.08 1.00 11.44 < 1yr

12-Sep-13 15-Sep-13 9.00 0.01 100.00 1.00 8.62 < 1yr

13-Sep-13 7-Oct-13 - 0.06 99.78 1.00 0.22 < 1yr

13-Sep-13 15-Oct-13 9.00 0.08 100.41 1.00 4.15 < 1yr

13-Sep-13 17-Oct-13 - 0.08 99.67 2.00 0.33 < 1yr

13-Sep-13 31-Oct-13 - 0.12 99.52 2.00 0.48 < 1yr

10-Sep-13 13-Nov-13 - 0.16 99.00 1.00 1.01 < 1yr

13-Sep-13 11-Dec-13 - 0.23 98.96 3.00 1.05 < 1yr

13-Sep-13 15-Dec-13 14.28 0.24 102.38 1.00 4.65 < 1yr

13-Sep-13 10-Jan-14 - 0.31 98.07 1.00 1.97 < 1yr

13-Sep-13 24-Jan-14 - 0.35 98.43 1.00 1.59 < 1yr

13-Sep-13 23-Feb-14 8.15 0.43 100.40 15.00 8.12 < 1yr

12-Sep-13 4-Mar-14 - 0.46 97.09 1.00 3.00 < 1yr

13-Sep-13 14-Mar-14 - 0.49 96.74 1.00 3.37 < 1yr

13-Sep-13 10-Apr-14 - 0.56 96.75 3.00 3.36 < 1yr

13-Sep-13 7-May-14 - 0.64 96.20 2.00 3.95 < 1yr

11-Sep-13 15-May-14 11.25 0.66 102.50 1.00 7.36 < 1yr

12-Sep-13 3-Jul-14 - 0.79 95.57 3.00 4.63 < 1yr

12-Sep-13 15-Oct-14 11.00 1.08 104.00 4.00 7.11 1yr - 5yr

13-Sep-13 15-Oct-14 7.95 1.08 100.10 12.00 7.94 1yr - 5yr

12-Sep-13 25-Dec-14 3.75 1.27 98.80 1.00 3.80 1yr - 5yr

12-Sep-13 25-Apr-15 4.81 1.61 98.60 2.00 4.88 1yr - 5yr

13-Sep-13 15-Jun-15 9.50 1.74 103.05 4.00 7.60 1yr - 5yr

13-Sep-13 21-Sep-15 6.25 2.01 95.25 2.00 6.56 1yr - 5yr

13-Sep-13 15-Oct-15 6.25 2.08 95.75 8.00 6.53 1yr - 5yr

13-Sep-13 27-Feb-16 6.00 2.44 95.50 2.00 6.28 1yr - 5yr

13-Sep-13 15-May-16 10.75 2.66 107.67 3.00 7.52 1yr - 5yr

13-Sep-13 15-Sep-16 7.38 2.99 98.50 2.00 7.95 1yr - 5yr

13-Sep-13 25-Oct-16 4.81 3.11 98.30 2.00 4.89 1yr - 5yr

13-Sep-13 15-Apr-17 6.25 3.58 95.25 1.00 7.79 1yr - 5yr

13-Sep-13 15-Jul-17 10.00 3.83 106.50 2.00 7.99 1yr - 5yr

10-Sep-13 25-Sep-17 5.19 4.02 98.20 1.00 3.82 1yr - 5yr

12-Sep-13 15-Feb-18 4.50 4.41 82.00 2.00 9.59 1yr - 5yr

13-Sep-13 15-May-18 5.25 4.66 90.25 4.00 7.78 1yr - 5yr

13-Sep-13 15-Sep-18 9.00 4.99 104.25 1.00 7.95 1yr - 5yr

11-Sep-13 15-Sep-19 11.50 5.99 114.25 1.00 8.43 5yr - 10yr

13-Sep-13 15-Nov-20 11.00 7.16 114.50 3.00 8.27 5yr - 10yr

13-Sep-13 15-Jun-21 12.80 7.74 125.10 7.00 8.33 5yr - 10yr

13-Sep-13 15-Jul-21 8.25 7.83 97.00 3.00 8.78 5yr - 10yr

13-Sep-13 15-May-22 7.00 8.66 92.35 3.00 8.25 5yr - 10yr

13-Sep-13 15-Jul-22 10.25 8.83 108.00 1.00 8.92 5yr - 10yr

13-Sep-13 15-May-23 5.63 9.66 83.50 8.00 8.12 5yr - 10yr

10-Sep-13 15-Jul-23 9.50 9.83 103.74 2.00 8.92 5yr - 10yr

13-Sep-13 15-Mar-24 8.38 10.49 100.95 85.00 8.24 > 10yr

13-Sep-13 15-Sep-24 10.00 10.99 108.45 2.00 8.79 > 10yr

13-Sep-13 15-Sep-25 11.00 11.99 114.50 3.00 9.00 > 10yr

13-Sep-13 15-Sep-26 8.38 12.99 98.00 9.00 8.63 > 10yr

13-Sep-13 15-May-27 7.00 13.66 86.45 4.00 8.71 > 10yr

12-Sep-13 15-Jul-27 10.25 13.83 108.60 2.00 9.14 > 10yr

13-Sep-13 15-Feb-28 10.00 14.41 108.44 5.00 8.95 > 10yr

13-Sep-13 15-May-28 6.13 14.66 79.00 27.00 8.68 > 10yr

13-Sep-13 15-Mar-29 9.00 15.49 103.20 57.00 8.62 > 10yr

13-Sep-13 15-Aug-30 10.50 16.91 115.75 1.00 8.70 > 10yr

13-Sep-13 15-Jul-31 9.50 17.83 96.80 9.00 9.88 > 10yr

13-Sep-13 15-Jun-32 8.25 18.74 81.25 48.00 10.56 > 10yr

13-Sep-13 15-May-33 6.63 19.66 81.25 32.00 8.62 > 10yr

13-Sep-13 15-Mar-34 8.38 20.49 95.23 107.00 8.88 > 10yr

13-Sep-13 15-Feb-37 6.10 23.41 71.95 3.00 8.99 > 10yr

13-Sep-13 15-Jul-38 10.50 24.83 110.00 1.00 9.45 > 10yr

12-Sep-13 15-May-41 9.50 27.66 100.00 1.00 9.50 > 10yr

13-Sep-13 15-Apr-42 6.38 28.58 76.80 6.00 8.56 > 10yr

FR0051 SPN03131211

Maturity Coupon Tenor Vol (IDR

Bn) 33.78 SPNS17102013 SPN03131031 SPN12131113 SPN12140703 FR0066 FR0053 FR0061 FR0043 FR0063 FR0046 Yield 195.00 170.92 64.00 Bonds ORI005 FR0049 SPN12131007 IFR0004 FR0020 SPNS10012014 SPNS24012014 SR003 SPNS04032014 SPN12140314 SPN12140410 SPN03130807 FR0070 FR0044 FR0040 FR0056 FR0059 FR0026 ORI008 VR0019 VR0020 FR0027 SR004 ORI009 SR005 FR0030 FR0055 VR0023 FR0060 FR0028 VR0025 PBS001 FR0048 FR0036 FR0031 FR0034 23.41 24.83 PBS004 FR0050 30.00 0.49 FR0062 26.90 28.58 FR0057 0.50 27.66 17.83 18.74 19.66 20.49 FR0054 FR0058 FR0065 FR0068 69.28 1,150.40 2,421.77 8,716.09 14.41 14.66 15.49 16.91 FR0047 FR0064 FR0071 FR0052 111.71 4,254.46 1,906.95 119.40 11.99 12.99 13.66 13.83 FR0042 74.63 214.39 136.78 133.10 9.66 9.83 10.49 10.99 651.38 10.00 7,078.04 124.56 7.74 7.83 8.66 8.83 156.87 176.50 1,089.55 31.93 4.66 4.99 5.99 7.16 1,464.06 3.01 0.68 64.89 3.58 3.83 4.02 4.41 33.41 16.44 70.00 5.51 2.44 2.66 2.99 3.11 241.44 225.80 185.98 320.00 1.61 1.74 2.01 2.08 1,425.00 491.80 205.99 116.93 0.79 1.08 1.08 1.27 208.48 300.85 76.09 200.00 0.49 0.56 0.64 0.66 106.00 206.00 187.46 1.41 300.00 0.01 Tenor Class 0.31 0.35 0.43 0.46 49.80 372.22 267.23 200.00 0.12 0.16 0.23 0.24 147.79 235.67 18.55 58.72 0.06 0.08 0.08 Last Trade Date Modified Duration 0.01 Last Done Price Freq

APPENDICES

Appendix 1. Government Bonds Trading 9 September - 13 September 2013

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12-Sep-13 10-Oct-13 13.00 0.06 idAA 100.15 6.00 12.98

11-Sep-13 12-Oct-13 9.10 0.07 idAA 99.03 10.20 0.98

11-Sep-13 22-Oct-13 6.65 0.10 idAA+ 99.90 30.00 7.49

10-Sep-13 29-Oct-13 9.00 0.12 idAA 100.13 30.00 7.93

11-Sep-13 8-Nov-13 9.75 0.14 idA+ 101.19 8.00 2.15

11-Sep-13 7-Dec-13 6.25 0.22 idAAA 99.75 10.00 7.31

13-Sep-13 9-Dec-13 8.75 0.23 idAA+ 100.15 101.94 8.10

12-Sep-13 14-Jan-14 10.65 0.33 [Idr]BBB 99.70 9.00 11.54

9-Sep-13 25-Jan-14 9.30 0.36 idA 100.00 0.50 9.28

9-Sep-13 1-Mar-14 7.50 0.46 A+(idn) 99.00 0.50 9.66

11-Sep-13 1-Mar-14 6.40 0.46 idAAA/AAA(idn) 98.75 12.50 9.13

12-Sep-13 11-Mar-14 6.85 0.48 idAA+ 98.95 20.00 9.03

11-Sep-13 14-Apr-14 6.75 0.58 idAA+/AAA(idn) 99.08 40.00 8.36

13-Sep-13 20-Apr-14 7.35 0.59 idAA+ 98.50 6.00 9.94

9-Sep-13 4-May-14 7.50 0.63 idAA+ 99.00 0.50 9.09

13-Sep-13 27-May-14 9.60 0.69 idAA+ 101.69 44.00 7.11

13-Sep-13 29-May-14 12.25 0.70 AA- 102.45 12.00 8.64

13-Sep-13 9-Jun-14 10.15 0.73 idA 100.67 53.90 9.20

11-Sep-13 17-Jun-14 14.25 0.75 AA- 102.50 10.00 10.80

11-Sep-13 1-Jul-14 11.68 0.79 AA+ 102.40 10.00 8.55

11-Sep-13 12-Oct-14 7.50 1.07 idAA+ 99.08 66.00 8.39

11-Sep-13 29-Oct-14 9.25 1.12 idAA 100.68 30.00 8.61

13-Sep-13 8-Nov-14 10.25 1.14 idA+ 99.75 33.50 10.48

9-Sep-13 11-Nov-14 12.25 1.15 idAA+ 102.25 6.00 10.18

13-Sep-13 8-Dec-14 11.25 1.23 AA+ 103.77 10.00 8.02

12-Sep-13 20-Jan-15 8.40 1.34 idAA- 100.00 0.20 8.40

11-Sep-13 21-Feb-15 8.00 1.43 idAA+ 97.91 1.00 9.57

9-Sep-13 9-Apr-15 12.00 1.56 idA- 104.00 38.00 9.25

11-Sep-13 9-Apr-15 10.80 1.56 idAA+ 101.25 20.00 9.93

11-Sep-13 25-Apr-15 7.35 1.61 AA(idn) 95.50 0.20 10.40

12-Sep-13 9-May-15 7.60 1.64 idAA+/AA+(idn) 98.80 35.00 8.38

12-Sep-13 11-May-15 8.00 1.65 idA 98.34 10.00 9.08

12-Sep-13 16-May-15 12.25 1.66 idBBB+ 100.00 12.00 12.24

13-Sep-13 27-May-15 10.00 1.69 idAA+ 100.10 4.00 9.93

10-Sep-13 1-Mar-16 7.85 2.46 idAA+(sy) 97.10 4.00

-12-Sep-13 8-May-16 8.25 2.64 idA 94.50 15.00 10.65

9-Sep-13 14-Jun-16 7.50 2.74 idAA+/AAA(idn) 96.52 80.00 8.93

10-Sep-13 27-Jun-16 7.75 2.78 idAA+ 99.85 3.40 7.81

12-Sep-13 3-Jul-16 10.75 2.79 idBBB 99.35 2.50 11.02

13-Sep-13 25-Aug-16 11.00 2.94 idA 102.86 1.60 9.87

11-Sep-13 6-Dec-16 8.75 3.22 AAA(idn) 97.78 4.00 9.56

11-Sep-13 11-Dec-16 11.85 3.23 AA+ 102.00 6.00 11.11

12-Sep-13 16-Dec-16 9.00 3.25 idAA+ 100.00 8.00 9.00

12-Sep-13 21-Feb-17 8.60 3.43 idAA+ 95.50 2.50 10.16

11-Sep-13 25-Apr-17 7.55 3.61 AA(idn) 92.78 0.12 9.95

9-Sep-13 9-May-17 9.50 3.64 idAA-(sy) 100.81 1.00

-11-Sep-13 5-Jun-17 9.75 3.72 idA- 98.80 8.00 10.14

11-Sep-13 30-Jun-17 11.35 3.79 AA(idn) 103.25 28.00 10.30

9-Sep-13 3-Jul-17 9.35 3.79 idA 100.00 15.00 9.35

9-Sep-13 4-Jul-17 9.25 3.80 idA+ 97.00 5.00 10.21

13-Sep-13 8-Jul-17 11.30 3.81 AA(idn) 103.15 6.50 10.29

12-Sep-13 3-Aug-17 8.25 3.88 AA-(idn) 98.35 0.15 8.75

12-Sep-13 15-Aug-17 9.38 3.91 idA 102.00 0.02 8.77

12-Sep-13 4-Sep-17 10.03 3.96 idAA+ 103.85 2.00 8.87

10-Sep-13 9-Nov-17 10.50 4.14 idAA-/A+(idn) 99.82 75.28 10.55

12-Sep-13 30-Nov-17 9.60 4.20 idA 99.68 30.00 9.69

13-Sep-13 30-Nov-17 9.60 4.20 idA(sy) 99.41 18.00 9.77

12-Sep-13 18-Dec-17 9.90 4.25 A-(idn) 79.25 88.00 16.81

13-Sep-13 1-Mar-18 8.90 4.46 idAA+ 96.12 1.60 9.99

13-Sep-13 15-Mar-18 8.10 4.49 idA 100.00 0.10 8.10

Bonds Maturity SIAGII02 2.00 ADMF02DCN1 2.00 PPGD12A 1.00 PNBN04SB 2.00 SSMM01B 3.00 SISSMM01 4.00 JMPD01JM10ZB 1.00 ASDF01ACN2 1.00 ADMF04D 2.00 CFIN03B 2.00 APLN02 1.00

Coupon Tenor Freq

Last Trade Date 3.24 3.26 3.62 3.67 ADHI01ACN2 1.00 3.13 3.12 3.03 3.26 ADHI01ACN1 1.00 BSDE01BCN1 1.00 BNGA01SB 6.00 BTPN01BCN2 1.00 3.31 3.42 3.42 3.19 3.07 -3.09 3.01 SMFP01CCN2 2.00 SMKMYOR02 1.00 WSKT02B 4.00 NISP03SB 8.00 2.78 2.68 2.74 2.91 BNII01BCN1 2.00 BMRI01 6.00 ADMF01CCN1 1.00 ASDF01CCN1 2.00 2.42 2.45 2.35 2.49 BCAF01BCN2 4.00 ASDF02CCN1 1.00 BPFI01C 1.00 APLN01B 2.00 1.48 1.54 -2.32 WEHA01 2.00 ADMF05D 2.00 SMADMF01CCN1 3.00 IMFI01BCN2 3.00 1.41 1.49 1.53 1.53 ISAT06B 1.00 SMFP01BCN2 1.00 BCAF01CCN1 1.00 IMFI01BCN1 2.00 1.15 1.25 1.34 1.41 ISAT07A 2.00 SANF02C 2.00 ASDF01BCN1 1.00 BSLT04 2.00 1.02 1.06 1.06 1.07 ASDF01BCN2 2.00 ADMF04E 3.00 CFIN03C 3.00 PPLN07 2.00 0.67 0.70 0.70 0.75 BBTN13C 1.00 IMFI04B 1.00 MEDC02B 1.00 PPGD13A1 1.00 0.57 0.57 0.62 0.68 FIFA01ACN2 3.00 FIFA01BCN1 2.00 ADMF01BCN2 1.00 ADMF05C 2.00 0.36 0.46 0.46 0.48 SANF01C 1.00 BFIN01ACN2 1.00 NISP01ACN1 2.00 ADMF02ACN1 3.00 0.23 0.11 0.13 0.23 0.32 BEXI01ACN2 1.00 BDMN02A 2.00 BIMF01A 2.00 0.08 JMPD11PXBFTW 3.00 0.16 0.09

Rating Last Done

Price Yield Modified Duration Vol (IDR Bn)

APPENDICES

Appendix 2. Corporate Bonds Trading 9 September - 13 September 2013

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13-Sep-13 15-Mar-18 8.10 4.49 idA 100.00 0.10 8.10

11-Sep-13 5-Apr-18 10.25 4.55 idA-(sy) 101.03 11.00 9.96

11-Sep-13 19-May-18 10.75 4.67 idAA 105.50 3.00 9.29

9-Sep-13 5-Jun-18 8.38 4.72 idAA- 96.00 15.00 9.43

11-Sep-13 11-Jun-18 8.00 4.73 idAA- 100.00 0.10 8.00

9-Sep-13 27-Jun-18 9.25 4.78 idA 99.82 10.00 9.30

11-Sep-13 6-Mar-19 9.25 5.47 idA 96.00 12.00 10.21

11-Sep-13 19-Dec-19 9.40 6.26 idAA- 95.15 14.00 10.46

12-Sep-13 12-Jan-20 12.55 6.32 idAA+ 114.50 40.00 9.48

13-Sep-13 11-Jun-20 10.25 6.73 idAA- 99.63 10.00 10.33

12-Sep-13 27-Jun-20 10.50 6.78 idBBB+ 97.60 15.00 11.01

12-Sep-13 14-Dec-21 9.05 8.24 idAA 94.85 12.00 9.97

11-Sep-13 27-Jun-22 8.88 8.78 idAA+ 94.85 28.00 9.75

13-Sep-13 29-Jun-22 0.00 8.78 idA+ 92.35 6.00

-Vol (IDR Bn)

Rating Last Done

Price Last Trade

Date Bonds Maturity Coupon Tenor Freq

PPLN11B 8.00 BBTN14 2.00 BVIC03SB 1.00 ANTM01BCN1 6.00 5.86 -ISAT08B 7.00 BBMISMSB1CN1 2.00 4.54 4.82 3.77 BBKP01SBCN1 6.00 3.67 3.55 3.67 3.85 4.22 ROTI01CN1 1.00 APLN01CN1 2.00 ADHI01ACN2 1.00 SIAISA01 2.00 BNII01SB 1.00 BSDE01CN2 1.00 BNLI01SBCN2 4.00 4.68 5.56 4.41 Yield Modified Duration 3.92

APPENDICES

Source: Danareksa, BEI

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