WEEKLY REPORT

D E B T RESEARCH

The Bank Indonesia Policy Instrument

12 AUGUST - 16 AUGUST 2013

Country's FCLT Rating S&P Moody's Fitch Key Market Indicator as of 12-Aug-13 BI Rate JCI Index IDR Inflation(y-o-y) - Jul-13

BB+ Baa3 BBB-

6.50% 4,641 10,333 8.61%

Market Outstanding as of 02-Aug-13 Government Bond IDR 906.76tn Corporate Bond IDR 212.92tn

Domestic banks’ SUN holdings fell sharply by IDR59.93 trillion to IDR269.18 trillion in the period from July 22, 2013 to August 2, 2013. In the same period, BI’s holdings (including reverse repo) increased by IDR70.7 trillion to IDR97.55 trillion, with the composition of reverse repo amounting to 9.47%. Meanwhile, foreign investor holdings edged up IDR2.91 trillion to IDR287.35 trillion. Although BI’s holdings increased sharply, its nominal reverse repo only amounted to IDR10.2 trillion as of August 2, 2013, down IDR69.5 trillion from July 22, 2013 (down by 87.2%). SUN holdings held by foreign investors, BI and domestic banks since 2011 is about 75% of the total outstanding government securities on average with the remaining 25% held by pension funds, mutual funds, securities companies, insurance firms and others.

Kepemilikan bank domestik terhadap SUN turun Rp59,93 triliun menjadi Rp269,18 triliun dari tanggal 22 Juli 2013 hingga 2 Agustus 2013. Pada periode yang sama, kepemilikan BI (termasuk reverse repo) naik sebesar Rp70,7 triliun menjadi Rp97,55 triliun dengan komposisi reverse repo sebesar 9,47%. Sementara itu, kepemilikan investor asing naik tipis Rp2,91 triliun menjadi Rp287,35 triliun. Walaupun kepemilikan BI meningkat tajam, namun jumlah nominal Reverse Repo BI per tanggal 2 Agustus 2013 hanya sebesar Rp10,2 triliun, atau turun sebesar Rp69,5 triliun dari tanggal 22 Juli 2013 (mengalami penurunan sebesar 87,2%). Rata-rata bulanan total proporsi investor asing, BI dan bank domestik terhadap SUN sejak tahun 2011 sekitar 75% dari total outstanding SUN dan 25% sisanya dimiliki oleh pension funds, mutual funds, sekuritas, asuransi dan lainlain.

Foreign Investor, Domestic Banks & BI Holdings on SUN IDR 27.11tn IDR 2.52tn

110

320

105 100

300

95 280

90

260

85

240

80 02-Jan-13 09-Jan-13 16-Jan-13 23-Jan-13 31-Jan-13 07-Feb-13 14-Feb-13 21-Feb-13 28-Feb-13 07-Mar-13 15-Mar-13 22-Mar-13 01-Apr-13 08-Apr-13 15-Apr-13 22-Apr-13 29-Apr-13 06-May-13 14-May-13 21-May-13 28-May-13 04-Jun-13 13-Jun-13 21-Jun-13 28-Jun-13 05-Jul-13 12-Jul-13 19-Jul-13 26-Jul-13 02-Aug-13

Benchmark Yield as of 12-Aug-13 FR0066 (5 year) FR0063 (10 year) FR0064 (15 year) FR0065 (20 year) Source : Bloomberg, Mid YTM

340

IDR Trillion

Government Bond Indices as of 12-Aug-13 Price Index 127.41 Yield Index 7.74% Total Return 375.49

IDR Trillion

Previous Week Trading Volume Government Bond Corporate Bond

7.161% 7.576% 7.903% 8.059%

RevRep + BI (RHS)

Domestic Bank

Foreign

Source: Bloomberg, DMO Proportion of BI Ownership 100%

Calendar of Event 14-Aug-13 UK Unemployment Monthly Change (Survey : -15.0 K; Prior : -21.2 K)

80% 60% 40%

15-Aug-13 US Initial Jobless Claim (Survey : 335K; Prior : 333K)

0% 02-Jan-13 09-Jan-13 16-Jan-13 23-Jan-13 31-Jan-13 07-Feb-13 14-Feb-13 21-Feb-13 28-Feb-13 07-Mar-13 15-Mar-13 22-Mar-13 01-Apr-13 08-Apr-13 15-Apr-13 22-Apr-13 29-Apr-13 06-May-13 14-May-13 21-May-13 28-May-13 04-Jun-13 13-Jun-13 21-Jun-13 28-Jun-13 05-Jul-13 12-Jul-13 19-Jul-13 26-Jul-13 02-Aug-13

15-Aug-13 Bank Indonesia Refference Rate (Survey : NA; Prior : 6.5%)

20%

BI Ownership

RevRepo

Source: Bloomberg, DMO Analysts Rifki Rizal 3509888 ext 3404 [email protected] Amir A. Dalimunthe 3509888 ext.3405 [email protected]

Monthly Proportion of Foreign Investor, Domestic Banks & BI Holdings on SUN 100% 80% 60% 40% 20%

RevRep + BI (RHS) Please read important disclosure at the back of this report www.danareksa.com

Source: Bloomberg, DMO

Domestic Bank

Foreign

02-Aug-13

28-Feb-11 31-Mar-11 30-Apr-11 31-May-11 30-Jun-11 31-Jul-11 31-Aug-11 30-Sep-11 31-Oct-11 30-Nov-11 31-Dec-11 31-Jan-12 29-Feb-12 31-Mar-12 30-Apr-12 31-May-12 30-Jun-12 31-Jul-12 31-Aug-12 30-Sep-12 31-Oct-12 30-Nov-12 31-Dec-12 31-Jan-13 28-Feb-13 31-Mar-13 30-Apr-13 31-May-13 30-Jun-13 31-Jul-13

0%

12 August - 16 August 2013

WEEKLY REPORT

MACROECONOMICS CONDITION

Higher than expected inflation in July 2013 The government bonds yield index as of 2 August 2013 stood at 7.74%, down by 19bps from the previous week. Year-on-Year inflation in July was 8.61%, and MoM inflation was 3.27%. Total outstanding SUN as of 2 August reached IDR924.03 trillion, with the largest proportion held by foreign investor after domestic bank SUN holdings dropped by IDR 56.29 trillion from the previous week. Domestic bank holdings reached IDR269.18 trillion, while foreign SUN holdings increased IDR1.6 trillion to IDR285.87 trillion. The Rupiah as of 2 August 2013 stood at IDR10,333 per US Dollar, up 42 pts from the previous week.

Yield indeks obligasi Pemerintah pada tanggal 2 Agustus sebesar 7,74%, turun 19bps dari minggu sebelumnya. Inflasi YoY Juli 2013 sebesar 8,61% dan 3,27% untuk MoM. Total outstanding SUN per tanggal 2 Agustus 2013 mecapai Rp924,03 triliun dengan proporsi terbesar dimiliki oleh investor asing setelah kepemilikan bank domestik turun hingga Rp56,29 triliun dari minggu sebelumnya. Kepemilikan bank domestik terhadap SUN mencapai Rp269,18 triliun, sedangkan kepemilikan investor asing naik Rp1,6 triliun menjadi Rp287,35 triliun. Rupiah pada tanggal 2 Agustus berada di level Rp10.333 per Dollar AS, naik 42 poin dari minggu sebelumnya.

Corporate bonds trading between 29 July to 2 August 2013 was dominated by bonds with tenors of less than 1 year with trading reaching IDR741.8 billion. Based on the bond rating, 37.25% of the total trading was dominated by bonds with AA+ ratings.

Volume perdagangan obligasi korporasi pada tanggal 29 Juli hingga 2 Agustus 2013 didominasi obligasi dengan tenor 4 tahun sebesar Rp764,9 miliar, sedangkan berdasarkan rating, didominasi obligasi dengan rating AA+ mencapai 35,31%.

Yield Index

CDS 5-Year (bps)

8.5%

9.0% 8.5% 8.0% 7.5% 7.0% 6.5% 6.0% 5.5% 5.0%

Indonesia

Domestic Bank Increased Their SUN Ownership

29-Jul-13

Turkey

305 295 285 275 10-May-13 15-May-13 20-May-13 23-May-13 28-May-13 31-May-13 5-Jun-13 11-Jun-13 14-Jun-13 19-Jun-13 24-Jun-13 27-Jun-13 2-Jul-13 5-Jul-13 10-Jul-13 15-Jul-13 18-Jul-13 23-Jul-13 26-Jul-13 31-Jul-13

265

BI (RHS)

Domestic Bank

Foreign Investors

14-May-13 17-May-13 22-May-13 27-May-13 30-May-13 4-Jun-13 10-Jun-13 13-Jun-13 18-Jun-13 21-Jun-13 26-Jun-13 1-Jul-13 4-Jul-13 9-Jul-13 12-Jul-13 17-Jul-13 22-Jul-13 25-Jul-13 30-Jul-13 2-Aug-13

315

10,350 10,300 10,250 10,200 10,150 10,100 10,050 10,000 9,950 9,900 9,850 9,800 9,750 9,700

IDR trillion

110 100 90 80 70 60 50 40 30 20

325

Source: Bloomberg

Source: Ministry of Finance Corporate Bonds Trading by Tenor

Corporate Bonds Trading by Sector AAA 25.95%

0.9 0.8

A1.23%

0.7 IDR trillion

2-Aug-13

23-Jul-13

17-Jul-13

5-Jul-13

1-Jul-13

25-Jun-13

19-Jun-13

7-Jun-13

13-Jun-13

11-Jul-13

Brazil

Rupiah closed at Rp10,333 per USD with Low Volatility

335

IDR trillion

Philipinnes

Source: Bloomberg

Source: Danareksa, Bloomberg

RR-BI (RHS)

31-May-13

Inflation Yield Index (LHS)

27-May-13

BI Rate Inflation Forecast

75 22-Apr-13

8-May-13 14-May-13 17-May-13 22-May-13 27-May-13 30-May-13 4-Jun-13 10-Jun-13 13-Jun-13 18-Jun-13 21-Jun-13 26-Jun-13 1-Jul-13 4-Jul-13 9-Jul-13 12-Jul-13 17-Jul-13 22-Jul-13 25-Jul-13 30-Jul-13 2-Aug-13

5.5%

125

21-May-13

6.0%

175

8-May-13

6.5%

15-May-13

7.0%

225

2-May-13

7.5%

26-Apr-13

8.0%

275

0.6

A+ 7.30%

0.5 AA35.31%

0.4 0.3

AA+ 5.97% BBB 0.52%

0.2 0.1 0 0

1

2

3

4

5

6

7

AA 11.13%

8

A 12.37%

BBB+ 0.23%

Term to Maturity Source: IDX Process Data

Source: IDX Process Data 2

12 August - 16 August 2013

WEEKLY REPORT

GOVERNMENT BONDS REVIEW

The Benchmark Series Yields Declined After Announcement of Inflation Yields on benchmark series as of 2 August declined from the previous week. The yield on FR0066 fell 3bps to 7.2%, while the FR0063 and FR0064 yields declined by 30bps and 25bps respectively. The yield on the benchmark 20-year series, FR0065, dropped by 31bps to 8.06%. Total trading in government bonds between 29 July to 2 August 2013 amounted to IDR27.1 trillion, or down by IDR676.2 billion from the previous week, while total trading in corporate bonds fell IDR202.2 billion to IDR2.53 trillion. Government bonds trading was dominated by medium tenors amounting to IDR12.53 trillion, while trading in the short and long tenors reached IDR9.87 trillion and IDR4.72 trillion, respectively. The downward shift in the yield curve occurred for all tenors with the largest decline in bonds with tenors of less than 1 year.

Yield seri benchmark per tanggal 2 Agustus 2013 mengalami penurunan dari minggu sebelumnya. Yield FR0066 turun 3bps menjadi 7,2%, sedangkan FR0063 dan FR0064 mengalami penurunan masing-masing sebesar 30bps dan 25bps. Yield seri benchmark 20 tahun, FR0065, turun 31bps menjadi 8,06%. Total volume perdagangan obligasi Pemerintah antara tanggal 29 Juli hingga 2 Agustus sebesar Rp27,1 triliun, atau turun Rp676,2 miliar dari minggu sebelumnya. Total perdagangan obligasi korporasi turun Rp202,2 miliar menjadi Rp2,53 triliun. Volume perdagangan obligasi Pemerintah didominasi oleh tenor menengah sebesar Rp12,53 triliun, sedangkan untuk tenor pendek dan panjang sebesar Rp9,87 triliun dan Rp4,72 triliun. Penurunan yield curve terjadi pada semua tenor dan penurunan terbesar dimiliki oleh obligasi dengan tenor kurang dari 1 tahun.

Spread Indon 10 year Over UST 10 year

Spread SUN 10 year over Indon 10 year

2.9%

5.5% 4.6%

2.4%

3.5%

8.5% 7.5%

3.0% 6.5%

3.7% 2.5%

1.9%

5.5%

2.8% 1.4%

1.9%

1.5%

Risk Premium 10Y (LHS)

UST 10Y

2.5% 27-Jul-12 14-Aug-12 1-Sep-12 19-Sep-12 7-Oct-12 25-Oct-12 12-Nov-12 30-Nov-12 18-Dec-12 5-Jan-13 23-Jan-13 10-Feb-13 28-Feb-13 18-Mar-13 5-Apr-13 23-Apr-13 11-May-13 29-May-13 16-Jun-13 4-Jul-13 22-Jul-13

1.0%

3.5%

27-Jul-12 16-Aug-12 5-Sep-12 25-Sep-12 15-Oct-12 4-Nov-12 24-Nov-12 14-Dec-12 3-Jan-13 23-Jan-13 12-Feb-13 4-Mar-13 24-Mar-13 13-Apr-13 3-May-13 23-May-13 12-Jun-13 2-Jul-13 22-Jul-13

0.9%

4.5% 2.0%

Currency Risk Premium 10Y (LHS)

INDON 10Y

INDON 10Y

SUN 10Y

Source: Bloomberg, Danareksa Estimate

Source: US Treasury, Bloomberg, Danareksa Estimate Govt Bonds Benchmark Series Yield

Daily Trade Volume

FR0066 - 5Y

FR0063 - 10Y

9.0%

FR0064 - 15Y

FR0065 - 20Y

8.5%

Govt Short

Govt Med

Govt Long

Corp

8.0% 7.0% 6.5% 6.0% 5.5% 5.0%

Source: Bloomberg

9%

7.80%

8.07%

8.33%

8.21%

5.70%

6%

6.18%

5.97%

5.11%

2.63%

3%

0

2

4

6

2-Aug-13

1-Aug-13

31-Jul-13

8 10 12 14 16 18 20 22 24 26 28 30

-0.10% -0.15%

3.80%

4%

0.00% -0.05%

7%

3.01%

3.69%

3.39%

-0.20% -0.25% -0.30%

1.36%

2%

30-Jul-13

Yield Curve Change

7.33%

5%

29-Jul-13

Source: IDX processed data Yield Curve Comparison

8%

26-Jul-13

25-Jul-13

24-Jul-13

23-Jul-13

22-Jul-13

15-Jul-13

2-Aug-13

4-Jun-13

25-Jun-13

15-May-13

4-Apr-13

24-Apr-13

14-Mar-13

1-Feb-13

21-Feb-13

11-Jan-13

18-Dec-12

6-Nov-12

28-Nov-12

16-Oct-12

26-Sep-12

6-Sep-12

13-Aug-12

4.5%

IDR trillion

7.5%

10 9 8 7 6 5 4 3 2 1 0

-0.35%

1%

-0.40%

0% 0

5 UST YC

10

15 20 Term to Maturity

GoI USD Yield Curve

Source: www.ustreas.gov, Danareksa Estimate

25

30

-0.45% -0.50% Term to Maturity

GoI IDR Yield Curve

Source: Danareksa Estimate 3

12 August - 16 August 2013

WEEKLY REPORT

APPENDICES Appendix 1. Government Bonds Trading 29 July - 2 August 2013 Last Trade Date 1-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 30-Jul-13 2-Aug-13 29-Jul-13 31-Jul-13 1-Aug-13 2-Aug-13 2-Aug-13 29-Jul-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 1-Aug-13 2-Aug-13 30-Jul-13 30-Jul-13 31-Jul-13 2-Aug-13 1-Aug-13 2-Aug-13 30-Jul-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 31-Jul-13 2-Aug-13 2-Aug-13 2-Aug-13 30-Jul-13 2-Aug-13 2-Aug-13 1-Aug-13 29-Jul-13 2-Aug-13 1-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 2-Aug-13 1-Aug-13 30-Jul-13 2-Aug-13

Bonds SPN12130812 ORI007 SPNS06092013 SPN12130912 FR0049 ORI005 SPN03131031 FR0020 SPNS26122013 SR003 SPN12140314 FR0051 SPN12140703 FR0026 ORI008 VR0019 VR0020 FR0027 SR004 ORI009 SR005 FR0030 FR0055 VR0023 FR0060 FR0028 VR0026 PBS001 FR0066 FR0048 FR0036 VR0031 FR0031 FR0034 FR0053 FR0061 FR0035 FR0043 FR0063 FR0044 FR0040 FR0037 FR0056 FR0059 FR0042 FR0047 FR0064 FR0052 FR0054 FR0058 FR0065 FR0068 FR0045 FR0057 FR0062

Maturity Coupon 12-Aug-13 15-Aug-13 6-Sep-13 12-Sep-13 15-Sep-13 15-Sep-13 31-Oct-13 15-Dec-13 26-Dec-13 23-Feb-14 14-Mar-14 15-May-14 3-Jul-14 15-Oct-14 15-Oct-14 25-Dec-14 25-Apr-15 15-Jun-15 21-Sep-15 15-Oct-15 27-Feb-16 15-May-16 15-Sep-16 25-Oct-16 15-Apr-17 15-Jul-17 25-Jan-18 15-Feb-18 15-May-18 15-Sep-18 15-Sep-19 25-Jul-20 15-Nov-20 15-Jun-21 15-Jul-21 15-May-22 15-Jun-22 15-Jul-22 15-May-23 15-Sep-24 15-Sep-25 15-Sep-26 15-Sep-26 15-May-27 15-Jul-27 15-Feb-28 15-May-28 15-Aug-30 15-Jul-31 15-Jun-32 15-May-33 15-Mar-34 15-May-37 15-May-41 15-Apr-42

7.95 9 11.45 14.275 8.15 11.25 11 7.95 3.75 4.81038 9.5 6.25 6.25 6 10.75 7.375 4.81038 6.25 10 4.81038 4.5 5.25 9 11.5 5.19 11 12.8 8.25 7 12.9 10.25 5.625 10 11 12 8.375 7 10.25 10 6.125 10.5 9.5 8.25 6.625 8.375 9.75 9.5 6.375

Tenor 0.00 0.01 0.06 0.08 0.09 0.09 0.22 0.34 0.37 0.53 0.59 0.76 0.89 1.17 1.17 1.37 1.70 1.84 2.11 2.17 2.54 2.76 3.09 3.20 3.67 3.92 4.45 4.51 4.76 5.09 6.09 6.95 7.26 7.84 7.92 8.76 8.84 8.92 9.76 11.09 12.09 13.09 13.09 13.76 13.92 14.51 14.76 17.01 17.92 18.84 19.76 20.59 23.76 27.76 28.67

Last Done Price 99.49 100.06 99.44 99.49 100.40 99.30 98.81 102.95 97.85 99.30 95.96 103.03 94.83 104.45 98.80 99.01 99.05 104.05 98.10 99.15 96.30 109.25 100.49 99.00 97.00 108.50 97.15 82.00 92.20 106.25 118.85 99.05 113.71 130.88 104.00 96.25 132.80 114.55 87.00 113.71 122.50 130.50 100.70 92.00 117.25 114.15 85.00 122.10 112.25 103.50 85.75 102.00 113.00 119.00 82.00

Freq 1.00 2.00 1.00 2.00 5.00 2.00 1.00 1.00 1.00 3.00 1.00 2.00 1.00 4.00 7.00 1.00 1.00 8.00 9.00 8.00 4.00 1.00 4.00 1.00 1.00 1.00 2.00 1.00 27.00 1.00 1.00 2.00 3.00 3.00 3.00 2.00 1.00 1.00 72.00 2.00 2.00 3.00 2.00 8.00 1.00 1.00 7.00 5.00 4.00 22.00 44.00 27.00 1.00 1.00 1.00

Vol (IDR Bn) 10.00 383.82 33.90 431.47 600.10 0.27 79.81 100.00 0.51 47.68 19.00 20.00 378.47 18.13 593.83 100.00 1,795.00 705.68 438.90 187.78 160.61 77.00 64.48 90.00 221.70 0.10 6.00 0.75 3,298.74 10.00 26.35 6.00 137.99 107.50 181.85 271.14 5.00 7.00 9,738.88 12.75 56.48 13.00 39.19 321.61 4.00 10.00 1,591.59 55.01 270.85 863.39 3,299.31 201.58 2.00 5.00 18.78

Yield 0.51 7.95 0.57 0.51 5.45 11.53 1.20 5.99 2.20 8.21 4.21 7.21 5.45 7.05 8.05 3.79 4.86 7.14 6.37 6.30 6.23 7.03 7.19 4.86 7.18 7.48 4.95 9.47 7.20 7.50 7.59 4.86 8.44 7.53 7.57 7.59 7.72 7.95 7.52 8.10 8.06 8.17 8.28 7.96 8.16 8.31 7.86 8.09 8.19 7.89 8.08 8.17 8.47 7.81 7.98

Tenor Class < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr < 1yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 1yr - 5yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr 5yr - 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr > 10yr

Modified Duration 0.00 0.01 0.06 0.08 0.09 0.09 0.22 0.34 0.37 0.53 0.59 0.76 0.89 1.17 1.17 1.37 1.70 1.84 2.11 2.17 2.54 2.76 3.09 3.20 3.67 3.92 4.45 4.51 4.76 5.09 6.09 6.95 7.26 7.84 7.92 8.76 8.84 8.92 9.76 11.09 12.09 13.09 13.09 13.76 13.92 14.51 14.76 17.01 17.92 18.84 19.76 20.59 23.76 27.76 28.67

Source: Danareksa, BEI

4

12 August - 16 August 2013

WEEKLY REPORT

APPENDICES Appendix 2. Corporate Bonds Trading 29 July - 2 August 2013 Last Trade Date 1-Aug-13 30-Jul-13 30-Jul-13 31-Jul-13 30-Jul-13 2-Aug-13 2-Aug-13 30-Jul-13 30-Jul-13 30-Jul-13 1-Aug-13 1-Aug-13 31-Jul-13 1-Aug-13 1-Aug-13 30-Jul-13 1-Aug-13 1-Aug-13 1-Aug-13 1-Aug-13 31-Jul-13 30-Jul-13 31-Jul-13 30-Jul-13 1-Aug-13 30-Jul-13 1-Aug-13 29-Jul-13 1-Aug-13 1-Aug-13 31-Jul-13 30-Jul-13 29-Jul-13 1-Aug-13 31-Jul-13 31-Jul-13 2-Aug-13 31-Jul-13 29-Jul-13 1-Aug-13 30-Jul-13 31-Jul-13 1-Aug-13 1-Aug-13 2-Aug-13 31-Jul-13 31-Jul-13 31-Jul-13 1-Aug-13 1-Aug-13 30-Jul-13 31-Jul-13 1-Aug-13 31-Jul-13 30-Jul-13 29-Jul-13 31-Jul-13 30-Jul-13 29-Jul-13 2-Aug-13

Bonds ASDF11E JMPD11PXBFTW JMPD01JM10ZB ASDF01ACN2 SOFN04C CFIN03B BDMN02A SMFP01BCN1 BIMF01A SANF02B SANF01C BJBR07A ASDF12C NISP01ACN1 ASDF01ACN3 WOMF05C ADMF02ACN1 VRNA01C SMFP02ACN2 FIFA01ACN2 FIFA01BCN1 SMFP01ACN2 FIFA11C BCAF01BCN1 IMFI01ACN2 TAFS03A ISAT05A SIKISAT02 BBTN13C BEXI01ACN3 MEDC02B BEXI04C PNBN02C PPGD13A1 TRAC03B TAFS01C ASDF02ACN1 SOFN04D PPKT02 BNII01ACN1 BBRI02 SANF02C NISP01BCN1 ASDF01BCN1 ASDF12D IMFI01BCN1 TAFS02B IMAT01B TRAC02C TLKM02A ADMF01BCN3 BWPT01 CNAF01B BDMN02B BTPN03B MDLN02A BSBR06 NISP01CCN1 BTPN01ACN3 FIFA01BCN2

Maturity Coupon 18-Sep-13 10-Oct-13 12-Oct-13 22-Oct-13 28-Oct-13 8-Nov-13 9-Dec-13 21-Dec-13 14-Jan-14 20-Jan-14 25-Jan-14 9-Feb-14 25-Feb-14 1-Mar-14 4-Mar-14 4-Mar-14 11-Mar-14 18-Mar-14 31-Mar-14 14-Apr-14 20-Apr-14 25-Apr-14 26-Apr-14 9-May-14 18-May-14 27-May-14 29-May-14 29-May-14 29-May-14 2-Jun-14 17-Jun-14 18-Jun-14 19-Jun-14 1-Jul-14 5-Jul-14 7-Jul-14 7-Jul-14 28-Oct-14 4-Dec-14 6-Dec-14 22-Dec-14 20-Jan-15 19-Feb-15 21-Feb-15 25-Feb-15 11-May-15 5-Jun-15 19-Jun-15 5-Jul-15 6-Jul-15 27-Sep-15 16-Nov-15 22-Nov-15 9-Dec-15 22-Dec-15 27-Dec-15 13-Jan-16 19-Feb-16 5-Mar-16 4-Apr-16

10.75 13.00 9.10 6.65 9.50 9.75 8.75 8.23 10.65 7.70 9.30 9.20 9.70 6.40 6.75 10.30 6.85 11.25 6.80 6.75 7.35 7.10 9.60 7.35 7.00 6.60 10.20 10.20 12.25 6.15 14.25 12.00 11.00 11.68 7.75 9.50 6.75 9.75 10.75 7.75 10.95 8.40 6.90 8.00 10.00 8.00 7.50 8.40 10.20 9.60 7.75 10.68 8.10 9.00 9.20 10.75 9.88 7.40 7.65 7.75

Tenor

Rating

0.10 0.16 0.16 0.19 0.21 0.24 0.32 0.36 0.42 0.44 0.45 0.49 0.53 0.55 0.56 0.56 0.58 0.60 0.63 0.67 0.69 0.70 0.70 0.74 0.76 0.79 0.79 0.79 0.79 0.80 0.84 0.85 0.85 0.88 0.89 0.90 0.90 1.21 1.31 1.31 1.36 1.44 1.52 1.52 1.53 1.74 1.81 1.85 1.89 1.90 2.12 2.26 2.28 2.32 2.36 2.37 2.42 2.52 2.56 2.64

idAAidAA idAA idAA+ idAAidA+ idAA+ AA(idn) [Idr]BBB idAAidA idAAidAA idAAA/AAA(idn) idAA+ AA(idn) idAA+ id A idAA idAA+/AAA(idn) idAA+ AA(idn) idAA idAA+/AA+(idn) idA AAA(idn) idAA+ idAA+(sy) AAidAAA AAAAA idAA AA+ idA+ idAAidAA+ idAAAAAAA(idn) AA+ idAAidAAA/AAA(idn) idAA+ idAA idA idAA/AAA(idn) idA idA+ idAAA idAA+ idA AA+ (idn) idAA+ AA-(idn) idAidA idAAA/AAA(idn) AA-(idn) idAA+/AAA(idn)

Last Done Price 100.45 101.25 98.50 99.63 100.31 100.03 100.75 100.15 99.66 99.99 100.31 100.25 100.79 99.57 99.36 101.25 99.25 102.40 99.23 99.94 99.33 99.36 100.95 99.36 99.25 99.00 101.50 101.50 104.00 99.78 104.86 103.55 102.53 103.25 99.55 101.05 98.90 101.56 104.06 98.95 102.10 98.25 100.03 99.85 101.90 98.00 97.15 99.03 102.03 101.50 100.00 99.00 99.00 99.50 100.02 100.00 101.00 97.25 100.55 100.18

Freq 1.00 3.00 2.00 1.00 1.00 2.00 1.00 3.00 2.00 1.00 1.00 1.00 5.00 1.00 1.00 3.00 1.00 1.00 1.00 1.00 1.00 1.00 4.00 1.00 1.00 1.00 1.00 4.00 1.00 1.00 2.00 1.00 3.00 1.00 2.00 1.00 1.00 2.00 2.00 4.00 1.00 1.00 1.00 1.00 2.00 2.00 2.00 2.00 5.00 1.00 1.00 2.00 2.00 1.00 2.00 1.00 2.00 1.00 1.00 2.00

Vol (IDR Bn) 9.00 8.00 56.00 3.00 4.73 10.00 30.00 12.00 9.00 1.00 0.70 1.80 21.00 20.00 0.10 11.20 0.10 2.00 1.10 0.10 2.00 13.00 31.20 1.00 0.10 30.00 11.90 8.00 4.00 100.00 31.00 20.00 16.00 12.00 36.00 7.00 2.00 48.00 20.00 11.00 1.00 50.00 100.00 4.00 4.00 2.00 14.00 2.00 132.00 10.00 0.20 2.00 4.10 3.00 38.00 5.00 40.00 0.10 19.00 30.00

Yield 7.18 12.84 1.52 8.31 8.20 9.63 6.57 7.82 11.41 7.71 8.63 8.70 8.25 7.15 7.86 8.13 8.11 7.31 8.00 6.84 8.32 8.00 8.26 8.20 7.98 7.86 8.30 8.31 7.21 6.42 8.45 7.81 8.02 7.95 8.25 8.31 7.99 8.41 7.55 8.58 9.32 9.69 6.88 8.10 8.68 9.23 9.19 8.96 9.04 8.74 7.75 11.17 8.58 9.24 9.19 10.75 9.41 8.61 7.41 7.67

Modified Duration 0.13 0.19 0.20 0.22 0.24 0.25 0.34 0.38 0.44 0.46 0.47 0.49 0.54 0.56 0.57 0.56 0.59 0.60 0.64 0.68 0.69 0.71 0.70 0.73 0.76 0.79 0.78 0.78 0.77 0.80 0.81 0.83 0.83 0.86 0.88 0.88 0.89 1.16 1.23 1.25 1.27 1.36 1.44 1.43 1.41 1.61 1.68 1.71 1.73 1.74 1.96 1.96 2.05 2.07 2.11 2.08 2.15 2.26 2.31 2.38

Source: Danareksa, BEI

5

12 August - 16 August 2013

WEEKLY REPORT

APPENDICES Appendix 2. Corporate Bonds Trading 29 July - 2 August 2013 (cont'd) Last Trade Date 2-Aug-13 2-Aug-13 1-Aug-13 31-Jul-13 1-Aug-13 1-Aug-13 31-Jul-13 31-Jul-13 1-Aug-13 31-Jul-13 2-Aug-13 30-Jul-13 29-Jul-13 1-Aug-13 1-Aug-13 1-Aug-13 2-Aug-13 31-Jul-13 29-Jul-13 30-Jul-13 2-Aug-13 30-Jul-13 2-Aug-13 2-Aug-13 29-Jul-13 31-Jul-13 30-Jul-13 29-Jul-13 30-Jul-13 30-Jul-13 30-Jul-13 31-Jul-13 31-Jul-13 1-Aug-13 31-Jul-13 31-Jul-13 30-Jul-13 31-Jul-13 29-Jul-13 29-Jul-13 29-Jul-13 1-Aug-13 1-Aug-13 31-Jul-13 31-Jul-13 2-Aug-13 2-Aug-13 30-Jul-13

Bonds FIFA01BCN2 IMFI01BCN2 IMFI01CCN1 SMKBSSB01 TAFS03B BEXI01BCN3 DILD01A APLN01B ISAT07B BMRI01 BNGA01B JPFA01CN1 JPFA01CN2 ASDF01CCN1 INDF06 IMAT01C MEDC03 NISP03SB PPGD13B BSDE01BCN1 BNGA01SB BTPN01BCN2 APLN02 SSIA01B PNBN04SB SSMM01B SIAGII02 AGII02 BTPN01BCN3 MEDC01CN2 ADHI01ACN2 SIAISA01 BNII01SB BSDE01CN2 ROTI01CN1 BNLI02SB BTPN02BCN1 BCAP01CN1 PPGD01DCN2 BBKP01SBCN1 BNII01SBCN2 BNLI01SBCN2 PNBN01SBCN1 BVIC03SB MAYA03SB BNGA02SB ISAT08B BBMISMSB1CN2

Maturity Coupon 4-Apr-16 8-May-16 11-May-16 12-May-16 17-May-16 23-May-16 9-Jul-16 25-Aug-16 8-Dec-16 11-Dec-16 23-Dec-16 12-Jan-17 1-Feb-17 21-Feb-17 31-May-17 19-Jun-17 19-Jun-17 30-Jun-17 1-Jul-17 4-Jul-17 8-Jul-17 3-Aug-17 15-Aug-17 6-Nov-17 9-Nov-17 30-Nov-17 18-Dec-17 18-Dec-17 5-Mar-18 15-Mar-18 15-Mar-18 5-Apr-18 19-May-18 5-Jun-18 11-Jun-18 28-Jun-18 4-Jul-18 5-Jul-18 14-Feb-19 6-Mar-19 31-Oct-19 19-Dec-19 20-Dec-19 27-Jun-20 5-Jul-20 23-Dec-20 27-Jun-22 28-Mar-23

7.75 8.25 8.25 72.50 7.60 6.40 9.75 11.00 11.75 11.85 8.30 9.90 9.90 8.60 7.25 8.75 8.75 11.35 12.65 9.25 11.30 8.25 9.38 9.30 10.50 9.60 9.90 9.80 8.25 8.85 8.10 10.25 10.75 8.38 8.00 11.00 8.25 12.00 7.75 9.25 9.25 9.40 9.40 10.50 11.00 10.85 8.88 15.79

Tenor

Rating

2.64 2.74 2.74 2.75 2.76 2.78 2.91 3.03 3.32 3.33 3.36 3.41 3.47 3.52 3.80 3.85 3.85 3.88 3.88 3.89 3.90 3.97 4.01 4.23 4.24 4.30 4.35 4.35 4.56 4.59 4.59 4.64 4.77 4.81 4.83 4.88 4.89 4.89 5.50 5.56 6.22 6.35 6.35 6.87 6.89 7.36 8.87 9.63

idAA+/AAA(idn) idA idA idA AAA(idn) idAAA idA idA AA+ AA+ idAAA idA A+(idn) idAA+ idAA+ idA idAAAA(idn) AA+ idA+ AA(idn) AA-(idn) idA idA idAA-/A+(idn) idA A-(idn) A-(idn) AA-(idn) idAAidA idA-(sy) idAA idAAidAAidAAAA-(idn) idBBB idAA+ idA idAA/AA(idn) idAAidAAidBBB+ idBBB+ AA(idn) idAA+ idA(sy)

Last Done Price 100.18 100.05 96.90 101.85 99.90 99.78 100.00 105.51 107.00 103.00 101.00 99.55 100.00 98.80 95.45 97.60 100.00 103.50 113.06 98.00 107.50 99.95 99.58 99.35 100.25 99.70 94.61 99.00 100.02 98.75 94.75 99.28 103.30 95.42 100.50 104.66 99.99 100.00 94.06 96.00 96.45 99.25 97.75 100.00 100.00 107.00 98.25 101.63

Freq 2.00 1.00 1.00 2.00 2.00 1.00 3.00 1.00 1.00 1.00 1.00 3.00 2.00 2.00 1.00 1.00 3.00 5.00 2.00 1.00 1.00 2.00 2.00 2.00 2.00 2.00 2.00 1.00 2.00 1.00 1.00 2.00 5.00 2.00 3.00 2.00 2.00 1.00 1.00 1.00 2.00 3.00 1.00 1.00 1.00 1.00 1.00 1.00

Vol (IDR Bn) 30.00 25.00 0.11 3.00 208.00 140.00 110.00 0.10 1.00 0.10 1.40 20.00 4.00 24.10 0.40 0.05 3.17 20.00 10.00 2.00 8.00 26.00 67.55 33.00 2.00 2.00 20.00 4.00 200.00 5.00 0.10 2.00 17.00 5.00 37.30 20.00 346.00 4.00 2.00 2.00 30.00 4.00 8.50 5.00 0.70 32.10 0.45 0.30

Yield 7.67 8.23 9.53 7.64 6.49 9.75 8.92 9.29 10.77 7.96 10.05 9.90 9.00 8.66 9.49 8.75 10.25 8.68 9.87 9.01 8.26 9.50 9.49 10.43 9.68 11.48 10.08 8.24 9.18 9.51 10.44 9.88 9.57 7.87 9.79 8.25 12.00 9.13 10.19 10.02 9.56 9.88 10.50 11.00 9.52 9.16 15.54

Modified Duration 2.38 2.41 2.40 2.46 2.52 2.51 2.55 2.73 2.71 2.91 2.88 2.86 2.98 3.25 3.22 3.23 3.12 3.11 3.23 3.17 3.32 3.26 3.40 3.34 3.45 3.44 3.49 3.75 3.71 3.75 3.65 3.66 3.86 3.96 3.76 3.99 3.65 4.35 4.24 4.56 4.70 4.69 4.82 4.77 5.08 6.03 4.88

Source: Danareksa, BEI

6

12 August - 16 August 2013

WEEKLY REPORT

RESEARCH TEAM

Debt Research Fax No.

Head of Debt Research Yudistira Slamet [email protected]

Credit Analysts Amir A. Dalimunthe [email protected] Ayesha Ardelia [email protected]

(62 21) 2955 5777 (62 21) 350 1709

ext. 3400

Market Analyst Rifki Rizal [email protected]

ext. 3404

ext. 3405

Production & Database Management Eka Nuraini [email protected]

ext. 3407

ext. 3406

Debt Capital Market Division

Debt Capital Market Div. Fax No.

Head of Debt Capital Market Budi Susanto [email protected]

Debt Sales & Brokerage Rina Rimawati D [email protected] Agung Suprihanto [email protected]

(62 21) 2955 5777 (62 21) 350 1724 / 25

ext. 3200

62 21) 3501088 ext. 3223

ext. 3212

Putrika Mayadipta [email protected]

ext. 3215

Ariningtyas W. Agustina [email protected]

ext. 3224

Hernita Dwi Ariesandhy [email protected]

ext. 3216

Debt Trading & Investment Romi Mulyadi [email protected]

ext. 3213

Product & Retail Setyo H. Purnomo [email protected]

ext. 3226

DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of P.T. Danareksa Sekuritas and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of P.T. Danareksa Sekuritas, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action , suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither P.T. Danareksa Sekuritas, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by P.T. Danareksa Sekuritas or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice

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