19 MAY 2015
Indonesia FCLT Rating
S & P BB+
Moody's Baa3
Fitch
BBB-Key Market Indicators as of 18-May-15
BI Rate 7.50%
JCI Index 5,238
IDR 13,139
Inflation(y-o-y) - Jan-15 6.96%
Domestic Bonds Outstanding Gov't Bonds as of 15-May-15 Corp Bonds as of 12-May-15 Previous Week Trading Volume Government Bonds
Corporate Bonds
Benchmark Yield as of 18-May-15
FR0069 (5 year) 7.614%
FR0070 (10 year) 7.965%
FR0071 (15 year) 8.154%
FR0068 (20 year) 8.265%
Source : Bloomberg, Mid YTM
Government Bonds Indices as of 18-May-15 Breakdown of Holding of Debt Securities
Price Index (Bloomberg : DGBIIDPR) 125.42
Yield Index (Bloomberg : DGBIIDYD) 8.02%
TR Index (Bloomberg : DGBIIDTR) 428.80
Calendar of Event 21-May-15
US Initital Jobless Claim (Survey : 270K; Prior : 264K) 26-May-15
Indonesia Money Supply M2 YoY (Survey : NA; Prior : 16%; Revised : 16.3%) 28-May-15
Italy Consumer Confidence Indicator (Survey : NA; Prior : 108.2)
Source: www.ecb.europa.eu 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 3.14tn IDR 1,330.4tn IDR 233.2tn IDR 61.41tn
A Good Start
QE Policy PackageIn early March 2015, the European Central Bank (ECB) started to buy public sector securities in the Eurozone as part of its Quantitative Easing policy (QE). In
addition, the ECB plans to spend €60
billion every month on its
bond-purchasing program until September 2016. Before the Eurozone’s QE, QE was successfully undertaken in the United States and the United Kingdom to boost
economic growth. Nevertheless, the
effectiveness of European QE needs to be examined further given the structural differences between the Eurozone and the US or the UK.
The Top Priority
Up until the end of April, ECB had bought €95.06 billion of public sector securities
from the Eurozone. The bonds of
Germany, France and Italy accounted for
most of the bonds purchased. €22.2
billion of German bonds were purchased by the ECB, or 23.37% of the total, with an average tenor of 7.9-years. At the same time, purchases of French and Italian bonds were in 2nd and 3rd place with
total purchases reaching €17.4 billion
(18.28%) and €15.2 billion (12.02%),
respectively. Meanwhile, only 53 million of Malta bonds were purchased or 0.06% of the total.
Paket Kebijakan QE
Pada awal Maret 2015, European Central Bank (ECB) memulai pembelian efek yang diterbitkan oleh sektor publik di zona Eropa sebagai bagian dari kebijakan Quantitative Easing (QE). Selain itu, ECB berencana akan
membelanjakan€60 miliar setiap bulannya
untuk program pembelian obligasi ini hingga September 2016. Sebelum Eropa, QE juga sempat berhasil diterapkan oleh
Amerika Serikat dan Inggris untuk
mendorong pertumbuhan ekonomi
mereka. Namun, efektifitas QE di zona Eropa masih perlu dicermati mengingat perbedaan struktur antara Eropa dengan AS atau Inggris.
Proritas Utama
Hingga akhir April, ECB telah melakukan
pembelian efek sebesar€95,06 miliar yang
berasal dari beberapa negara Eropa.
Jerman, Perancis dan Italia adalah tiga
negara dengan porsi terbesar dalam
kebijakan pembelian obligasi ini. Obligasi Jerman yang telah dibeli ECB mencapai
€22.2 miliar, atau 23.37% dari total
pembelian oleh ECB, dengan rata-rata tenor sebesar 7,9 tahun. Di sisi lain, Perancis dan Italia berada di posisi 2 dan 3 dengan total
pembelian masing-masing sebesar €17,4
miliar (18,28%) dan€15,2 miliar (12,02%).
Sementara itu, Malta berada di posisi terakhir dengan jumlah pembelian hanya
mencapai €53 juta atau 0,06% dari total
pembelian ECB.
Weaker Currency
This policy triggered weakening of the Euro exchange rate because the ECB has increased the economy with a huge amount of liquidity every month. The Euro/US Dollar exchange rate (USDEUR)
weakened 12.73% from€0.8227 per USD
to €0.9318 per USD in 3M15. A weaker
currency is expected to improve product competitiveness and boost economic growth as well. YoY Inflation in Europe in
April was recorded at -0.1%, or
unchanged from last month. This
compares to inflation in January and February of -0.5% and -0.3%, respectively.
Pelemahan Nilai Tukar
Kebijakan ini memicu melemahnya nilai tukar dikarenakan ECB menambah likuiditas yang cukup besar setiap bulannya. Selama kuartal pertama tahun 2015, nilai tukar Euro terhadap Dollar AS (USDEUR) melemah
hingga 12,73% dari €0,8227 per USD
menjadi€0,9318 per USD. Pelemahan nilai
tukar ini diharapkan dapat meningkatkan daya saing produk sekaligus mendorong
pertumbuhan ekonomi. Tingkat inflasi
tahunan Eropa di bulan April tercatat sebesar -0,1%, atau tidak berubah dari bulan sebelumnya. Hal tersebut masih lebih baik jika dibandingkan dengan deflasi pada bulan Januari dan Februari 2015 yang mencapai angka -0,5% dan -0,3%.
as of March as of April as of March as of April
Total 47,356 95,056 8.56 8.25 Germany 11,063 22,211 8.12 7.90 France 8,752 17,376 8.22 7.84 Italy 7,604 15,189 9.07 8.41 Supranationals 5,680 11,427 7.26 8.05 Spain 5,444 10,914 11.66 9.73 Netherlands 2,486 5,014 6.71 6.97 Belgium 1,527 3,056 8.80 9.10 Austria 1,215 2,419 7.79 7.99 Portugal 1,073 2,157 10.96 10.77 Finland 774 1,559 7.26 7.15 Ireland 721 1,455 9.43 9.14 Slovakia 506 1,028 9.49 9.26 Slovenia 209 428 6.33 7.92 Luxembourg 183 388 7.01 6.88 Latvia 75 252 6.43 5.93 Lithuania 39 122 6.46 5.22 Malta 5 58 10.37 8.47
Total Purchasing (EUR Million) Weighted Average Tenor Country of
Source: Bloomberg
Source: Bloomberg, Danareksa Estimates Source: Bloomberg
Source: Bloomberg Source: Bloomberg
Yield Slope and Economic Growth
Besides weakening the Euro exchange rate, QE is also expected to affect the yield slope (or the spread between the 10- and 2-year government bond yield curve in several European countries. In Exhibit 2, Germany’s yield slope has significantly increased since mid-April. Germany’s slope rose 48bps from 34bps on 20 April to 82bps on 11 May. Historically, an increase in the yield slope indicates an improving economic outlook. France and Italy also experienced an increased yield slope. The yield slope in France increased by 52bps from 0.54% to 1.06% in the same period. Meanwhile, the Italian yield slope has been in a rising trend since the beginning of March 2015.
Besides the yield slope, European GDP growth also improved. GDP growth in Europe was recorded at 0.4% in the first quarter of the year, or up 0.1% from 4Q14’s growth of only 0.3%. Despite improvements in some indicators, it is still too early to tell that European QE has succeeded.
Yield Slope dan Economic Growth
Selain mempengaruhi nilai tukar Euro, QE juga diperkirakan mempengaruhi yield slope, atau selisih antara yield curve obligasi Pemerintah bertenor 10-dan 2-tahun, di beberapa negara Eropa. Pada Exhibit 2, terlihat a10-danya peningkatan yield slope Jerman yang cukup signifikan sejak pertengahan April. Yield slope Jerman naik 48bps dari 34bps pada tanggal 20 April menjadi 82bps pada tanggal 11 Mei. Secara historis, peningkatan yield slope merupakan indikator akan membaiknya prospek perekonomian ke depan. Selain Jerman, Perancis dan Italia juga mengalami hal yang sama. Yield slope Perancis meningkat 52bps dari 0,54% menjadi 1,06% selama periode yang sama. Sementara itu, yield slope italia telah berada dalam tren meningkat sejak awal Maret 2015.
Selain yield slope, pertumbuhan GDP Eropa juga mengalami perbaikan. Pertumbuhan GDP Eropa selama kuartal I 2015 tercatat sebesar 0,4%, atau naik 0,1% dari kuartal IV 2014 yang hanya mencapai 0,3%. Walaupun beberapa indikator memperlihatkan perbaikan, namun perlu observasi lebih lanjut untuk menyatakan bahwa QE Eropa telah berhasil.
-0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 31-De c-14 7- Jan-15 14- Jan-15 21- Jan-15 28- Jan-15 4-F e b -15 11-F e b -15 18-F e b -15 25-F e b -15 4- Mar-15 11- Mar-1 5 18- Mar-1 5 25- Mar-1 5 1-A p r-1 5 8-A p r-1 5 15-A p r-15 22-A p r-15 29-A p r-15 6-May -1 5
Yield Slope German 2Y German 10Y
-0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
31-Dec-14 31-Mar-15 11-May-15
Germany Yield Slope Germany Yield Curve
France Yield Slope Italy Yield Slope
-0.3 -0.1 0.1 0.3 0.5 0.7 0.9 1.1 31-De c-14 7- Jan-15 14- Jan-15 21- Jan-15 28- Jan-15 4-F e b -15 11-F e b -15 18-F e b -15 25-F e b -15 4- Mar-15 11- Mar-1 5 18- Mar-1 5 25- Mar-1 5 1-A p r-1 5 8-A p r-1 5 15-A p r-15 22-A p r-15 29-A p r-15 6-May -1 5
Yield Slope France 2Y France 10Y
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 31-De c-14 7- Jan-15 14- Jan-15 21- Jan-15 28- Jan-15 4-F e b -15 11-F e b -15 18-F e b -15 25-F e b -15 4- Mar-15 11- Mar-1 5 18- Mar-1 5 25- Mar-1 5 1-A p r-1 5 8-A p r-1 5 15-A p r-15 22-A p r-15 29-A p r-15 6-May -1 5
Yield Slope Italy 2Y Italy 10Y
0.82
0.84
0.86
0.88
0.9
0.92
0.94
0.96
31
-De
c-1
4
7-Ja
n-1
5
14
-J
an-1
5
21
-J
an-1
5
28
-J
an-1
5
4-Fe
b-1
5
11
-Fe
b
-1
5
18
-Fe
b
-1
5
25
-Fe
b
-1
5
4-Mar
-1
5
11
-Ma
r-1
5
18
-Ma
r-1
5
25
-Ma
r-1
5
1-Ap
r-15
8-Ap
r-15
15
-Ap
r-15
22
-Ap
r-15
29
-Ap
r-15
6-
May-15
13
-Ma
y
-15
15-May-15 11-Jun-15 - 0.06 99.67 4.00 0.33 < 1yr
15-May-15 15-Jun-15 9.50 0.07 100.20 3.00 6.87 < 1yr
15-May-15 1-Jul-15 - 0.12 99.28 2.00 0.72 < 1yr
12-May-15 14-Jul-15 - 0.15 99.09 1.00 0.91 < 1yr
15-May-15 6-Aug-15 - 0.21 98.84 1.00 1.17 < 1yr
15-May-15 3-Sep-15 - 0.29 98.48 1.00 1.54 < 1yr
15-May-15 21-Sep-15 6.25 0.34 94.00 2.00 6.65 < 1yr
15-May-15 1-Oct-15 - 0.37 97.85 3.00 2.20 < 1yr
15-May-15 15-Oct-15 6.25 0.41 98.40 9.00 6.35 < 1yr
15-May-15 5-Nov-15 - 0.46 97.27 1.00 2.81 < 1yr
15-May-15 7-Jan-16 - 0.63 96.52 1.00 3.60 < 1yr
15-May-15 27-Feb-16 6.00 0.77 99.22 6.00 6.05 < 1yr
15-May-15 4-Mar-16 - 0.79 95.45 1.00 4.77 < 1yr
12-May-15 25-Mar-16 3.75 0.85 99.05 1.00 3.79 < 1yr
12-May-15 15-May-16 10.75 0.99 103.11 3.00 7.49 < 1yr
15-May-15 15-Jun-16 7.00 1.07 99.80 1.00 7.19 1yr - 5yr
13-May-15 15-Sep-16 7.38 1.32 100.20 2.00 7.20 1yr - 5yr
15-May-15 15-Oct-16 8.50 1.41 101.00 18.00 8.42 1yr - 5yr
15-May-15 5-Mar-17 8.75 1.79 101.55 20.00 8.62 1yr - 5yr
12-May-15 15-Apr-17 6.25 1.91 97.02 1.00 7.94 1yr - 5yr
15-May-15 15-Jul-17 10.00 2.16 104.75 3.00 7.57 1yr - 5yr
15-May-15 15-Oct-17 8.50 2.41 100.00 21.00 8.50 1yr - 5yr
15-May-15 11-Mar-18 8.25 2.81 99.00 53.00 8.33 1yr - 5yr
15-May-15 15-May-18 5.25 2.99 93.85 6.00 7.58 1yr - 5yr
15-May-15 15-Aug-18 11.60 3.24 111.11 2.00 7.67 1yr - 5yr
15-May-15 15-Apr-19 7.88 3.91 100.87 101.00 7.61 1yr - 5yr
15-May-15 15-Sep-19 11.50 4.32 113.80 1.00 7.69 1yr - 5yr
15-May-15 15-Nov-20 11.00 5.49 114.25 4.00 7.77 5yr - 10yr
15-May-15 15-Jun-21 12.80 6.07 123.10 4.00 7.94 5yr - 10yr
15-May-15 15-Jul-21 8.25 6.16 101.30 7.00 7.98 5yr - 10yr
15-May-15 15-May-22 7.00 6.99 95.26 4.00 7.89 5yr - 10yr
15-May-15 15-Jun-22 5.19 7.07 126.50 1.00 7.94 5yr - 10yr
15-May-15 15-Jul-22 10.25 7.16 112.50 2.00 7.93 5yr - 10yr
15-May-15 15-May-23 5.63 7.99 86.60 3.00 7.92 5yr - 10yr
15-May-15 15-Jul-23 9.50 8.16 108.10 2.00 8.12 5yr - 10yr
15-May-15 15-Mar-24 8.38 8.82 102.90 60.00 7.91 5yr - 10yr
15-May-15 15-Sep-24 10.00 9.32 112.00 7.00 8.14 5yr - 10yr
15-May-15 15-Sep-25 11.00 10.32 119.75 4.00 8.13 > 10yr
12-May-15 15-Sep-26 8.38 11.32 102.00 2.00 8.10 > 10yr
15-May-15 15-May-27 7.00 11.99 89.60 3.00 8.39 > 10yr
15-May-15 15-Jul-27 10.25 12.16 116.00 1.00 8.15 > 10yr
15-May-15 15-May-28 6.13 12.99 84.00 2.00 8.14 > 10yr
15-May-15 15-Mar-29 9.00 13.82 109.75 44.00 7.83 > 10yr
15-May-15 15-Aug-30 10.50 15.24 116.50 2.00 8.54 > 10yr
15-May-15 15-Jul-31 9.50 16.16 108.00 5.00 8.57 > 10yr
15-May-15 15-Jun-32 8.25 17.07 104.00 31.00 7.82 > 10yr
15-May-15 15-May-33 6.63 17.99 83.50 8.00 8.42 > 10yr
15-May-15 15-Mar-34 8.38 18.82 104.00 96.00 7.96 > 10yr
13-May-15 15-Jul-38 10.50 23.16 118.00 1.00 8.68 > 10yr
13-May-15 15-Apr-42 6.38 26.91 76.50 4.00 8.64 > 10yr
15-May-15 15-Feb-44 8.75 28.74 101.60 1.00 8.60 > 10yr
Last Trade Date Modified Duration -0.39 10.18 315.27 1.18 150.00 -0.08 -1.77 1.88 115.47 1,502.26 420.00 444.39 Freq Tenor Class -1.00 116.80 12.35 0.85 0.90 1.00 1.24 200.00 4.20 4.23 6,440.69 338.55 615.45 210.30 -2.70 2.66 299.48 2,687.93 117.61 35.88 3.30 3.40 6.18 5.57 6.13 6.12 240.60 30.52 20,277.11 572.92 4.65 5.40 5.55 5.02 408.43 99.29 136.11 103.20 8.41 8.02 7.93 8.25 35.06 12,691.78 11.32 321.50 6.42 7.19 7.75 7.08 62.25 4.90 285.17 27.00 8.95 9.65 9.46 9.34 FR0050 392.13 387.43 10,169.01 0.10 10.87 10.36 FR0062 FR0067 13.28 36.00 FR0052 FR0054 FR0058 FR0065 FR0068 SR006 FR0060 FR0028 ORI011 SR007 FR0066 FR0038 FR0069 FR0036 FR0031 FR0034 FR0053 FR0061 FR0035 FR0043 FR0046 FR0070 FR0044 FR0040 ORI010 FR0063 FR0056 FR0059 FR0042 FR0064 FR0071 Yield 405.20 143.48 10.02 Bonds SPN12150611 FR0027 SPN03150701 SPNS14072015 ORI009 SPN12151105 SPN12160107 SR005 SPN03150604 VR0022 FR0030 PBS008 FR0055 SPN12151001
Maturity Coupon Tenor Vol (IDR
Bn) 88.90 SPN12150710 SPN12150903 SR004 7.27 100.00 165.41 Last Done Price 95.00 56.35
APPENDICES
Appendix 1. Government Bonds Trading 11 - 15 May 2015
15-May-15 24-May-15 9.60 0.01 idAAA 100.02 117.70 9.60
12-May-15 13-Jun-15 11.00 0.07 idA 100.14 1.60 10.98
12-May-15 15-Jun-15 8.25 0.07 idAAA 100.05 86.00 8.25
13-May-15 27-Sep-15 7.75 0.36 idAAA 99.82 7.50 7.76
15-May-15 16-Nov-15 10.68 0.49 idBBB+ 99.00 43.00 10.78
13-May-15 22-Nov-15 9.60 0.51 idAAA 100.00 4.50 9.60
15-May-15 30-Nov-15 8.60 0.53 idA 99.00 10.00 8.69
15-May-15 15-Dec-15 10.25 0.57 AA(idn) 100.93 15.40 10.16
13-May-15 29-Dec-15 9.80 0.61 idA 100.00 4.50 9.80
13-May-15 20-Feb-16 9.00 0.75 idAAA 100.00 1.00 9.00
13-May-15 22-Feb-16 7.75 0.76 idAA+ 98.38 8.50 7.88
11-May-15 1-Mar-16 7.85 0.78 idAA+ 99.30 3.00 7.91
12-May-15 23-Mar-16 8.25 0.84 idAAA 100.35 0.50 8.22
13-May-15 29-Mar-16 9.88 0.86 A+(idn) 99.88 5.00 9.89
13-May-15 11-Apr-16 8.60 0.89 AAA(Idn) 100.25 36.20 8.58
15-May-15 4-May-16 8.50 0.96 idAAA 100.40 65.00 8.47
15-May-15 8-May-16 8.25 0.97 idA 99.00 20.00 8.33
12-May-15 17-May-16 8.50 0.99 idAA+ 100.20 7.00 8.48
13-May-15 17-May-16 7.60 0.99 AAA(idn) 99.10 58.00 7.67
13-May-15 18-May-16 10.50 1.00 idA 100.02 6.00 10.50
15-May-15 23-May-16 6.40 1.01 idAAA 98.25 176.00 8.20
13-May-15 23-May-16 13.10 1.01 idAA+ 102.47 4.50 10.53
15-May-15 14-Jun-16 7.50 1.07 idAAA 99.30 2.00 8.18
13-May-15 18-Jun-16 12.75 1.08 idAAA 102.42 4.80 10.38
13-May-15 6-Jul-16 13.50 1.13 idAA 102.99 4.50 10.69
15-May-15 25-Aug-16 11.00 1.27 idA 100.80 0.90 10.32
13-May-15 19-Sep-16 12.75 1.33 idAA 102.41 4.80 10.80
13-May-15 6-Dec-16 8.75 1.55 AAA(idn) 100.05 32.50 8.71
15-May-15 16-Dec-16 9.00 1.58 idAAA 99.90 69.40 9.06
12-May-15 12-Jan-17 9.90 1.65 idA 99.26 11.00 10.38
12-May-15 1-Feb-17 9.90 1.70 A+(idn) 98.62 15.00 10.79
15-May-15 10-Feb-17 9.40 1.73 idAAA 100.50 2.00 9.08
15-May-15 20-Mar-17 8.50 1.84 idAAA 99.66 10.00 8.70
12-May-15 22-Apr-17 11.25 1.93 idA 101.00 0.35 10.67
12-May-15 8-May-17 8.50 1.97 idA 97.50 16.00 9.90
15-May-15 8-May-17 11.00 1.97 idA 102.00 3.80 9.87
12-May-15 11-Jun-17 9.60 2.06 idAA+ 100.00 12.00 9.60
12-May-15 8-Jul-17 11.30 2.14 AA(idn) 102.23 10.00 10.13
12-May-15 10-Jul-17 10.40 2.14 idAA+ 102.50 12.00 9.11
13-May-15 3-Aug-17 8.25 2.21 AA-(idn) 96.50 2.30 10.02
11-May-15 15-Aug-17 9.38 2.24 idA 99.90 24.00 9.42
15-May-15 29-Oct-17 10.50 2.44 AAA(Idn) 101.00 0.50 10.03
13-May-15 9-Nov-17 10.50 2.47 idAA-/A+(idn) 101.15 20.85 9.97
15-May-15 12-Dec-17 8.45 2.56 idAA- 96.90 3.50 9.82
13-May-15 12-Dec-17 10.00 2.56 idAAA 103.00 4.80 8.69
15-May-15 16-Dec-17 10.50 2.58 AA(idn) 102.00 1.00 9.61
13-May-15 19-Dec-17 10.50 2.58 idA 101.55 5.90 9.81
12-May-15 10-Feb-18 9.80 2.73 idAAA 100.73 20.00 9.49
12-May-15 1-Mar-18 8.90 2.78 idAAA 98.00 6.00 9.72
12-May-15 15-Mar-18 8.10 2.82 idA(sy) 95.25 15.00
-13-May-15 15-Mar-18 8.50 2.82 idAA- 97.50 0.80 9.51
11-May-15 19-Mar-18 8.38 2.83 idA 95.00 1.00 10.42
12-May-15 1-Apr-18 9.40 2.87 AAA(Idn) 100.74 5.00 9.10
15-May-15 2-Apr-18 10.25 2.87 AA(idn) 101.00 540.12 9.84
15-May-15 5-Apr-18 10.25 2.88 idA-(sy) 99.81 6.00 10.32
12-May-15 24-Apr-18 9.25 2.93 idAAA 100.00 472.50 9.25
15-May-15 8-May-18 9.70 2.97 AA-(idn) 100.50 60.10 9.50
15-May-15 8-May-18 11.50 2.97 idA 102.00 2.40 10.71
13-May-15 12-May-18 11.00 2.98 idA- 99.85 316.00 11.06
12-May-15 11-Jun-18 8.00 3.06 idAA- 92.25 0.10 11.00
0.02
ADMF02ACN3 1.00
0.47 0.08 Rating Last Done
Price Yield Modified Duration Vol (IDR Bn) 0.50 0.09 0.36 0.51 0.55 ADMF02ACN4 1.00 SSMM01A 1.00 WOMF01ACN2 2.00 0.60 0.72 0.73 0.76 PNMP01ACN1 1.00 NISP01ACN2 1.00 ASDF01BCN3 1.00 ADMF02CCN1 1.00 0.82 0.82 0.86 0.92 BEXI02ACN5 1.00 BFIN02ACN2 1.00 BBIA01A 3.00 FIFA02ACN1 5.00 0.93 0.94 0.95 0.93 IMFI01BCN2 4.00 PPGD02ACN3 1.00 TAFS03B 2.00 MFIN02ACN1 2.00 0.96 0.93 1.01 1.00 BEXI01BCN3 5.00 PPGD11A 1.00 BCAF01BCN2 1.00 BEXI04D 1.00 1.04 1.15 1.21 1.42 JMPD12Q 1.00 APLN01B 1.00 BBTN12 1.00 BNII01BCN1 1.00 1.44 1.51 1.55 1.58 ADMF01CCN1 5.00 JPFA01CN1 5.00 JPFA01CN2 5.00 NISP01BCN2 1.00 1.67 1.72 1.80 1.76 BCAF02BCN1 1.00 IMFI01BCN4 3.00 IMFI01CCN2 2.00 MFIN02BCN1 16.00 1.84 1.88 1.91 1.99 SMII01A 1.00 BNGA01SB 2.00 PPLN09A 1.00 BTPN01BCN2 1.00 1.97 2.13 2.17 2.25 APLN02 3.00 ASDF02BCN4 2.00 PNBN04SB 4.00 MAPI01BCN1 1.00 2.21 2.22 2.38 ISAT01ACN1 1.00 SANF01CN2 1.00 PNMP01BCN1 2.00 NISP01CCN2 4.00 2.41 -2.45 2.46 ADMF02DCN1 1.00 ADHISM1CN2 4.00 MEDC01CN2 1.00 PTPP01CN1 1.00 2.45 2.54 2.56 2.50 2.52 2.63 ROTI01CN1 1.00 2.48 2.44 BWPT01 1.00 BBIA01B 1.00
Coupon Tenor Freq
Last Trade
DateBonds Maturity
MFIN02CCN1 4.00 PANR01CN2 1.00 WOMF01BCN3 3.00 SIAISA01 2.00 FIFA02BCN1 3.00 AMRT01ACN2 9.00 MFIN01ACN2 2.00 BEXI02ACN1 4.00 ADMF01BCN3 1.00 2.23 Appendix 2. Corporate Bonds Trading 11 - 15 May 2015
12-May-15 11-Jun-18 8.00 3.06 idAA- 92.25 0.10 11.00
15-May-15 19-Jun-18 9.75 3.08 idA- 93.95 110.00 12.12
11-May-15 27-Jun-18 9.25 3.11 idA 98.40 24.00 9.85
12-May-15 11-Dec-18 10.85 3.56 idA+ 101.13 12.00 10.47
12-May-15 11-Jun-19 10.00 4.06 idAA+ 99.75 20.00 10.07
15-May-15 13-Jun-19 10.13 4.07 idAA+ 102.00 5.00 9.53
15-May-15 24-Jun-19 12.50 4.10 idA 103.00 14.85 11.57
12-May-15 31-Oct-19 9.25 4.45 idAA/AA(idn) 95.25 4.00 10.60
13-May-15 29-Nov-19 12.63 4.53 idBBB 103.50 6.00 11.62
13-May-15 19-Dec-19 12.50 4.58 idA 104.70 10.00 11.18
13-May-15 20-Dec-19 9.40 4.59 idAA- 93.87 33.00 11.12
13-May-15 21-Dec-19 8.75 4.59 idAA- 95.75 2.25 9.91
15-May-15 27-Jun-20 10.50 5.11 idBBB+ 93.90 45.00 12.11
15-May-15 5-Jun-22 7.90 7.04 idAA/AA(idn) 85.80 2.00 10.80
12-May-15 27-Jun-22 8.88 7.11 idAAA 91.50 0.10 10.59
12-May-15 29-Jun-22 0.00 7.11 idA(sy) 100.00 290.00
-13-May-15 8-Jul-22 10.40 7.14 idAAA(sy) 104.75 18.00 9.48
11-May-15 28-Mar-23 9.60 7.86 idA(sy) 80.00 120.00
-15-May-15 10-Dec-23 9.60 8.56 idAAA(sy) 100.75 30.00 9.47
BNII01SBCN2 2.00 3.60 3.68 3.37 Yield Modified Duration 3.26 3.26 TAXI01 3.00 2.63 2.57 2.65 2.89 3.14 SMII01B 2.00 INDF07 1.00 ROTI01CN1 1.00 LTLS01CN1 11.00 APLN01CN1 3.00 SMRA01CN1 5.00 3.58 3.44 -SDRA01SB 1.00 APLN01CN3 2.00 PNBN01SBCN1 13.00 AKRA01B 2.00 5.07 3.81 5.09 BVIC03SB 5.00 BBTN01CN1 2.00 ISAT08B 1.00 -SIKPPLN04B 1.00 BBMISMSB1CN2 4.00 SIPPLN01BCN2 1.00 BBMISMSB1CN1 1.00 Last Trade
DateBonds Maturity Coupon Tenor Freq
Vol (IDR Bn) Rating Last Done
Price
5.71 5.02
APPENDICES
Source: Danareksa, BEI
Debt Research (62 21) 2955 5777
Fax No. (62 21) 350 1709
Head of Debt Research Market Analyst
Yudistira Slamet Rifki Rizal
yudistiras@danareksa.com rifkir@danareksa.com
Credit Analysts Production & Database Management
Amir A. Dalimunthe Eka Nuraini
amirda@danareksa.com ekan@danareksa.com
Ayesha Ardelia ayesha@danareksa.com Melissa Hartono melissah@danareksa.com
Debt Capital Market Div. (62 21) 2955 5777
Fax No. (62 21) 350 1724 / 25
Head of Debt Capital Market Budi Susanto
budisusanto@danareksa.com
Debt Sales & Brokerage (62 21) 3501088 Debt Trading & Investment
Breisga Nawangsidi Romi Mulyadi
breisga.nawangsidi@danareksa.com romi@danareksa.com
Rina Rimawati D Indra Figrachanda
rina@danareksa.com indraf@danareksa.com
Putrika Mayadipta Product & Retail
putrikam@danareksa.com Setyo H. Purnomo
setyohp@danareksa.com Ariningtyas W. Agustina
ariningtyasw@danareksa.com Hernita Dwi Ariesandhy hernitada@danareksa.com Tia Aprianti tia.aprianti@danareksa.com ext. 3214 ext. 3224 DISCLAIMER ext. 3200 ext. 3217 ext. 3213 ext. 3223 ext. 3226 ext. 3216 ext. 3215 ext. 3400 ext. 3405 ext. 3407 ext. 3402
Debt Capital Market Division RESEARCH TEAM
ext. 3406
ext. 3404
ext. 3225
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