Weekly Pricing Notes

Period 23 — 27 December 2019

Prior To Year End Closing,
Bond Market Successfully Makes Positive Movements

Weekly composite return index notes positive performance

The bond return indexes noted positive performance in the fourth week of December.
Indonesia Composite Bond Index (ICBI) increased by +0.50%wow to level 274.1847.
INDOBeXG-Total Return which increased by +0.51%wow to level 268.9170.
Meanwhile, INDOBeXC-Total Return performance managed to strengthen by +0.42%
wow to level 299.5733. On year to date basis, the three indexes noted positive return
each by +13.82%ytd (ICBI), +13.78%ytd (INDOBeXG-TR), and +14.05%ytd
(INDOBeXC-TR).

Picture 1. Bond market return indexes performance wow and ytd in 4th week of
December
0.8% 13.82% 13.78% 14.05%
14.00%
0.7%
12.00%
0.6%
0.50% 0.51%
10.00%
0.5%
0.42%
8.00%
0.4%

0.3% 6.00%

0.2% 4.00%

0.1% 2.00%

0.0% 0.00%
ICBI INDOBeXG (Government) INDOBeXC (Corporate)

wow ytd

Source: PHEI, processed

Market optimism towards an immediate signing of the first phase of trade agreement
between the US-China in January 2020 managed to support the market’s positive per-
formance throughout this week. However, the market was more driven by the trading
factor as reflected from the drop of market transaction activities amid its positive per-
formance. This condition was an impact from the Christmas holiday and prior to 2020
New Year holiday. The bond market was also busier with transactions between Bank
Indonesia and Banking as reflected from the dominating net buy and net sell between
the two institutions.

Picture 2. Composite bond index (ICBI) movements throughout December

280.0000

277.0000

274.0000
Analysts :

Roby Rushandie 271.0000

roby.rushandie@phei.co.id
ext. 2120 268.0000

Lili Indarli 265.0000

lili.indarli@phei.co.id
10-Dec-19
11-Dec-19
12-Dec-19
13-Dec-19
14-Dec-19
15-Dec-19
16-Dec-19
17-Dec-19
18-Dec-19
19-Dec-19
20-Dec-19
21-Dec-19
22-Dec-19
23-Dec-19
24-Dec-19
25-Dec-19
26-Dec-19
27-Dec-19
1-Dec-19
2-Dec-19
3-Dec-19
4-Dec-19
5-Dec-19
6-Dec-19
7-Dec-19
8-Dec-19
9-Dec-19

ext. 2123

Source: PHEI, processed

Please find the disclaimer at the end of this report

PHEI Weekly Pricing Notes
Period 23 — 27 December 2019
SBN market highlighted by transactions between Bank Indonesia and
Banks

Throughout this week (December 23-26 period), the SBN market was mainly highlighted
by the transactions between Bank Indonesia and banking institution. Bank Indonesia
was observed to increase its SBN ownership by IDR37.87tn. This was balanced by the
net sell transaction by banking which amounted IDR47.42tn. This transaction was esti-
mated to be driven mainly by market operation between Bank Indonesia and Banks.
Meanwhile, foreign investors booked a very low net buy which was by IDR537bn. In
addition, net buy was also performed by retail investor which was only by IDR178bn.
Picture 3. Investors’ ownership profile on SBN

Others, 6.04%
Retail investor,
2.95% Retail Investors 0.178
Bank, 22.78%
Pension Fund, Local Institutional Investors* -2.87
9.33%

Others -0.81

Foreign Investor 0.537

Bank Indonesia,
7.66%
Bank -47.42

Mutual Fund,
4.74% Bank Indonesia 37.87

Foreign investor,
Insurance, -60 -45 -30 -15 0 15 30 45
38.68%
7.82%
IDR Trillion

Source: DJPPR period 23-26 December, PHEI processed

Market outlook and sentiments in first week January 2020

First week of 2020, domestic bond market performance potentially moves sideways.
The factor from minimum continued moving sentiments will be the main cause for the
limited market movements. In addition, the impact from New Year holiday will still
drive the drop of market transaction activities. Therefore, trading factor is estimated to
mainly move the market.

Picture 4. Calendar of economic data release for first week of January

2 Jan 3 Jan
USA: USA:
• FOMC Minutes • ISM Manufacturing
PMI
China:
• Caixin Manufacturing
PMI

Indonesia:
• Inflation for Dec

Source: Econoday, processed

www.phei.co.id 2
Period 23 — 27 December 2019
Domestic bond yield curve bullish, short tenor notes biggest drop

The PHEI-IGSYC (PHEI-Indonesia Government Securities Yield Curve) this week formed
bullish pattern with average yield of all tenors (1-30year) decreased by -2.60bps wow.
The biggest average yield drop was noted by short tenor (<5year) which was by -
11.83bps wow. Average yield drop was followed by the middle tenor (5-7year) and long
tenor (>7year) each by -8.08bps wow and -0.27bps wow.

Picture 5. PHEI-IGSYC (PHEI-Indonesia Government Securities Yield Curve) movements noted average yield drops especial-
ly for short to middle tenors

Yield (%) Change Tenor Yield (%) Change

Early Year Last Month Last Week Close Tenor
Close Last Week (Year) Close Last Week
10 (Year) bps % bps %
27-Dec-19 20-Dec-19 27-Dec-19 20-Dec-19
0.1 4.5218 4.4790 +4.28 +0.96 16 7.7062 7.7205 -1.43 -0.18
1 5.4149 5.5414 -12.64 -2.28 17 7.7407 7.7441 -0.34 -0.04
2 5.9390 6.0810 -14.20 -2.34 18 7.7682 7.7620 +0.62 +0.08
Yield to maturity (%)

8 3 6.2386 6.3529 -11.43 -1.80 19 7.7900 7.7755 +1.45 +0.19

4 6.4416 6.5322 -9.05 -1.39 20 7.8072 7.7856 +2.17 +0.28
5 6.6069 6.6871 -8.01 -1.20 21 7.8206 7.7930 +2.76 +0.35
6 6.7581 6.8377 -7.95 -1.16 22 7.8311 7.7985 +3.26 +0.42
7 6.9021 6.9849 -8.28 -1.19 23 7.8391 7.8025 +3.66 +0.47
6
8 7.0388 7.1243 -8.55 -1.20 24 7.8453 7.8054 +3.99 +0.51
9 7.1659 7.2510 -8.51 -1.17 25 7.8501 7.8075 +4.25 +0.54
10 7.2813 7.3623 -8.09 -1.10 26 7.8537 7.8091 +4.46 +0.57
11 7.3836 7.4569 -7.33 -0.98 27 7.8564 7.8102 +4.63 +0.59
4 12 7.4724 7.5354 -6.30 -0.84 28 7.8585 7.8110 +4.76 +0.61
0 5 10 15 20 25 30 13 7.5480 7.5990 -5.11 -0.67 29 7.8601 7.8115 +4.86 +0.62
Maturity (Year) 14 7.6113 7.6498 -3.85 -0.50 30 7.8613 7.8119 +4.94 +0.63
15 7.6636 7.6896 -2.61 -0.34

Source: PHEI

In line with the government bonds, the PHEI-ICBYC (PHEI-Indonesia Corporate Bonds
Yield Curve) also formed bullish pattern. Average yield of all tenors (1-10year) de-
creased by -9.67bps wow. The biggest average yield drop was noted by short tenor
(<5year) which was by -11.99bps wow. Meanwhile, middle tenor (5-7year) and long
tenor (>7year) groups noted average yield drops each by -7.99bps wow and -8.26bps
wow. While based on rating group, each rating group noted average yield drops each by
-9.62bps wow (AAA), -9.61bps wow (AA), -9.67bps wow (A), and -9.79bps wow (BBB).

Picture 6. PHEI-ICBYC (PHEI-Indonesia Corporate Bonds Yield Curve) movements formed bullish patterns for each tenor
group with the short tenor noted the biggest average yield drop

AAA AA A BBB
IGS AAA 27-Dec-19 AA 27-Dec-19 A 27-Dec-19 BBB 27-Dec-19 Tenor
(Year) Spread to AAA Chg Spread to AA Chg Spread to A Chg Spread to BBB Chg
15 IGB (bps) (bps) IGB (bps) (bps) IGB (bps) (bps) IGB (bps) (bps)
1 94.81 -12.30 146.94 -12.66 269.27 -12.49 467.93 -12.65
Yield to maturity (%)

12 2 102.31 -14.39 149.56 -14.00 278.51 -14.35 473.54 -16.17

3 105.36 -11.86 152.99 -11.35 285.34 -11.61 509.78 -11.41
9 4 107.68 -9.38 159.54 -9.20 293.38 -9.13 549.15 -8.86
5 110.17 -8.01 167.50 -8.20 303.35 -7.97 579.59 -8.13
6 6 112.79 -7.63 174.87 -7.98 314.80 -7.84 599.85 -8.06
7 115.23 -7.78 180.44 -8.07 326.94 -8.16 611.75 -8.11
3 8 117.26 -8.10 183.79 -8.20 339.02 -8.48 617.56 -8.16
0 1 2 3 4 5 6 7 8 9 10
9 118.74 -8.34 185.06 -8.25 350.47 -8.51 619.27 -8.17
Maturity (Year)
10 119.68 -8.42 184.66 -8.17 360.91 -8.17 618.39 -8.17

Source: PHEI

www.phei.co.id 3
PHEI Weekly Pricing Notes
Period 23 — 27 December 2019

Picture 7. In line with the domestic SBN performance, government USD denominated global bond noted bullish pattern on the
yield curve with average yield of all tenors (1-30year) decreased by -1.77bps wow, the biggest average yield drop was noted by
the short tenor group (<5year) by -4.10bps wow, while average yield of middle tenor (5-7year) and long tenor (>7year) noted
average yield drops by -1.62bps wow and -1.38bps wow

Global Bond Yield (%) Change Global Bond Yield (%) Change
Early Year Last Month Last Week Close Tenor Tenor
Close Last Week Close Last Week
(Year) bps % (Year) bps %
8 27-Dec-19 20-Dec-19 27-Dec-19 20-Dec-19
0.1 1.5243 1.6631 -13.88 -8.35 16 3.6164 3.6314 -1.49 -0.41
1 1.9507 2.0287 -7.80 -3.85 17 3.6649 3.6791 -1.42 -0.39
2 2.1924 2.2348 -4.25 -1.90 18 3.7054 3.7190 -1.36 -0.37
6
Yield to maturity (%)

3 2.3316 2.3569 -2.53 -1.07 19 3.7391 3.7521 -1.30 -0.35

4 2.4367 2.4548 -1.81 -0.74 20 3.7667 3.7793 -1.25 -0.33
5 2.5383 2.5542 -1.59 -0.62 21 3.7894 3.8015 -1.21 -0.32
4 6 2.6468 2.6627 -1.60 -0.60 22 3.8078 3.8195 -1.17 -0.31
7 2.7629 2.7796 -1.68 -0.60 23 3.8226 3.8341 -1.14 -0.30
8 2.8832 2.9008 -1.76 -0.61 24 3.8346 3.8458 -1.12 -0.29
9 3.0032 3.0213 -1.81 -0.60 25 3.8442 3.8551 -1.09 -0.28
2
10 3.1189 3.1372 -1.83 -0.58 26 3.8518 3.8626 -1.08 -0.28
11 3.2271 3.2453 -1.81 -0.56 27 3.8579 3.8685 -1.06 -0.27
12 3.3260 3.3437 -1.77 -0.53 28 3.8627 3.8732 -1.05 -0.27
0 13 3.4143 3.4314 -1.71 -0.50 29 3.8665 3.8769 -1.04 -0.27
0 5 10 15 20 25 30 14 3.4919 3.5083 -1.64 -0.47 30 3.8695 3.8798 -1.03 -0.27
Maturity (Year) 15 3.5591 3.5747 -1.57 -0.44

Source: PHEI

Positive government sukuk performance accompanied by drop in transaction activities

Government sukuk performance this week moved positively as reflected from the Indonesia Government Sukuk Index-Clean
Price (IGSIX-CP) which noted an increase by +0.4265points wow to level 114.7581 from level 114.3316 at the closing session
at the end of last week. Index rise was driven by the government sukuk prices which majority strengthened. Average price for all
series increased by +23.08bps wow. IFR group series noted the highest average price strengthening which was by +25.56bps
wow. Meanwhile, PBS and SR group series noted average price strengthening each by +23.92bps wow and +13.86bps wow.

This week, total sukuk trading volume was noted by IDR4.06tn or decreased from last week which was by IDR7.64tn. PBS group
series dominated the sukuk trading transaction volume which total volume by IDR3.52tn or covering 86.75% from total sukuk
trading volume. Meanwhile, trading volume of SR group series was noted by IDR538bn (13.25% from total volume. Throughout
last week, there were no transactions for IFR series.

Picture 8. Percentage of sukuk trading volume (left), and weekly price changes of government sukuk series (right)
Sukuk Prices
Time To
No Changes
Series Maturity 20-Dec-19 27-Dec-19
Bps Wow
(Year)
1 IFR0006 10.22 119.9492 120.5787 62.95
2 IFR0007 5.06 114.8691 115.2065 33.74
3 IFR0008 0.22 100.8954 100.8246 -7.08
4 IFR0010 16.15 120.7747 120.9010 12.63
5 PBS002 2.05 98.2703 98.5614 29.10
6 PBS003 7.06 92.4886 92.9582 46.96
7 PBS004 17.15 81.9636 81.9921 2.85
SR 8 PBS005 23.32 88.7915 88.4285 -36.30
9 PBS006 0.72 101.9876 102.0176 3.00
13.25% 10 PBS007 20.73 112.3116 112.0176 -29.40
11 PBS011 3.64 106.7746 107.0795 30.49
PBS 12 PBS012 11.89 108.5395 109.0733 53.38
86.75% 13 PBS014 1.38 100.4633 100.6546 19.13
14 PBS015 27.57 100.2463 99.7119 -53.44
15 PBS016 0.22 100.3405 100.3175 -2.29
16 PBS017 5.81 95.1314 95.5208 38.94
17 PBS018 8.39 100.2856 100.8398 55.42
18 PBS019 3.72 104.9736 105.2822 30.86
19 PBS020 7.81 106.6425 107.1780 53.56
20 PBS021 6.89 106.5406 107.0053 46.47
21 PBS022 14.31 106.1180 106.4338 31.58
22 PBS023 10.39 106.3159 106.9032 58.74
23 PBS024 12.39 104.6349 105.1239 48.89
24 PBS025 13.39 103.7623 104.1649 40.26
25 PBS026 4.81 99.4897 99.8311 34.14
26 SR009 0.20 100.3429 100.3647 2.18
27 SR010 1.20 99.8486 100.0371 18.85
28 SR011 2.20 103.7231 103.9286 20.55

Source: PLTE IDX

www.phei.co.id 4
PHEI Weekly Pricing Notes
Period 23 — 27 December 2019
Bond trading activities decrease

Bond trading activities this week decreased as an impact from the Christmas and
upcoming 2020 New Year holidays. Daily average trading volume dropped by -23.86%
wow from IDR16.43tn/day to IDR11.77tn/day. Meanwhile, daily average trading fre-
quency decreased by -13.44%wow from 884 transactions/day to 765 transactions/day.

SUN transaction activities noted a drop in daily average trading volume which was by
-35.57%wow from IDR15.18tn/day to IDR9.78tn/day. Daily average trading frequency of
SUN decreased by -65.54%wow from 1,372 transactions/day to 473 transactions/day.

In the meantime, corporate bond transaction activities noted a rise in transaction

volume which was by +59.17%wow from IDR1.25tn/day to IDR1.99tn/day. While the
daily average trading frequency of corporate bonds dropped by -8.57%wow from 146
transactions/day to 134 transactions/day.

The most active series was noted by FR0076 (TTM: 28.40year) with total trading
frequency of 266 transactions and volume by IDR754bn. Meanwhile, FR0077 series
(TTM: 4.39year) was traded with the biggest volume which was by IDR3.77tn and
frequency of 53 transactions. The most active corporate bond this week was noted by
Sukuk Ijarah TPS Food II Year 2016 (SIAISA02) bond series with frequency of 20
transactions. SIAISA02 sukuk series was also traded with the biggest trading volume
which was by IDR287bn.

Picture 9. Daily average transactions of government and corporate bonds

IDR Billion/day Vol Corp Bond Vol Govt Bond
20,000

Ave 16-20 Dec 19 = 16,431

16,000
Ave Nov'19 = 14,442

12,000 Ave 23-27 Dec'19 = 11,772

8,000

4,000

0
16-Dec 17-Dec 18-Dec

Transaction/day
Freq Corp Bond Freq Govt Bond
1,800

Ave 16-20 Dec '19 = 1,518

1,200

Ave Nov 19 = 862

600 Ave 23-27 Dec'19 = 606

0
16-Dec 17-Dec 18-Dec

Source: PLTE IDX

www.phei.co.id 5
 Weekly Pricing Notes
Period 23 —27 December 2019
Table 1. PHEI Government Bond Fair Price
27-Dec-19 20-Dec-19 Chg (bps)
Series TTM
Fair Price YTM (%) Fair Price YTM (%) Fair Price YTM

FR0031* 0.89 104.8216 5.3325 104.8049 5.4660 +1.67 -13.35

FR0034 1.47 109.8528 5.7008 109.7464 5.8559 +10.64 -15.52

FR0035 2.47 115.3602 6.0974 115.1369 6.2327 +22.33 -13.53

FR0037 6.72 127.2545 6.8629 126.7914 6.9475 +46.32 -8.46

FR0039 3.64 117.1857 6.3741 116.9062 6.4751 +27.96 -10.10

FR0040 5.72 120.0350 6.7171 119.6592 6.7991 +37.58 -8.19

FR0042 7.55 117.5323 7.1984 117.5237 7.2046 +0.86 -0.62

FR0043 2.55 109.6105 6.1215 109.3450 6.2542 +26.55 -13.27

FR0044 4.72 113.7308 6.5632 113.4106 6.6479 +32.03 -8.47

FR0045 17.39 118.3555 7.8016 118.1705 7.8201 +18.50 -1.84

FR0046 3.55 109.8449 6.3575 109.5466 6.4605 +29.83 -10.30

FR0047 8.14 116.4625 7.2800 116.8056 7.2329 -34.31 +4.71

FR0050 18.56 125.6177 7.8535 125.5270 7.8621 +9.07 -0.87

FR0052 10.64 122.9625 7.3485 122.3349 7.4266 +62.76 -7.81

FR0053 1.55 103.6665 5.7427 103.4721 5.8981 +19.43 -15.53

FR0054 11.56 115.8180 7.4346 115.2471 7.5039 +57.09 -6.93

FR0056 6.72 107.2500 7.0003 107.0500 7.0394 +20.00 -3.91

FR0057 21.40 115.5500 7.9719 115.4950 7.9774 +5.50 -0.55

FR0058 12.48 105.3703 7.5761 104.6614 7.6632 +70.88 -8.70

FR0059 7.39 99.7000 7.0509 99.4000 7.1039 +30.00 -5.30

FR0061 2.38 102.0236 6.0714 101.7321 6.2095 +29.16 -13.81

FR0062 22.32 83.1133 8.0102 83.1508 8.0055 -3.75 +0.47

FR0063 3.38 98.1446 6.2390 97.7721 6.3610 +37.25 -12.20

FR0064 8.39 93.9717 7.0895 93.4336 7.1777 +53.81 -8.82

FR0065 13.39 92.4757 7.5254 91.7142 7.6214 +76.15 -9.60

FR0067 24.15 107.7038 8.0215 107.6075 8.0301 +9.62 -0.86

FR0068 14.22 107.2083 7.5378 106.7500 7.5891 +45.83 -5.13

FR0070 4.22 106.8798 6.4799 106.5643 6.5700 +31.55 -9.02

FR0071 9.22 112.0079 7.1926 111.3000 7.2941 +70.79 -10.15

FR0072 16.39 104.8599 7.7207 105.1250 7.6935 -26.51 +2.73

FR0073 11.39 110.6529 7.3508 109.9750 7.4358 +67.79 -8.50

FR0074 12.64 99.4307 7.5691 98.6855 7.6622 +74.52 -9.31

FR0075 18.39 99.2505 7.5749 98.5751 7.6444 +67.54 -6.94

FR0076 28.40 96.9106 7.6419 95.7920 7.7424 +111.86 -10.05

FR0077 4.39 106.6750 6.3539 106.1250 6.5006 +55.00 -14.68

FR0078 9.39 107.9000 7.0816 107.5716 7.1296 +32.84 -4.80

FR0079 19.31 107.0500 7.6674 106.0000 7.7683 +105.00 -10.09

FR0080 15.48 100.0250 7.4968 99.4985 7.5553 +52.65 -5.85

FR0081 5.47 100.6250 6.3622 100.0750 6.4832 +55.00 -12.11

FR0082 10.73 99.2248 7.1025 98.7500 7.1668 +47.48 -6.43

FR0083 20.32 99.6025 7.5369 99.1060 7.5854 +49.65 -4.85

ORI014* 0.80 100.1611 5.6435 100.0456 5.7928 +11.55 -14.92

ORI015 1.80 103.7471 6.0487 103.4906 6.2163 +25.65 -16.77

ORI016 2.80 101.0956 6.3717 100.8810 6.4574 +21.46 -8.56

Source: PHEI * Series with less than 1 year maturity

6
 Weekly Pricing Notes
Period 23 —27 December 2019

Table 2. PHEI Corporate Bond Yield

AAA AA A BBB
Tenor
(year)
27-Dec-19 20-Dec-19 Chg (bps) 27-Dec-19 20-Dec-19 Chg (bps) 27-Dec-19 20-Dec-19 Chg (bps) 27-Dec-19 20-Dec-19 Chg (bps)

1 6.3630 6.4860 -12.29 6.8843 7.0109 -12.66 8.1076 8.2325 -12.49 10.0942 10.2207 -12.64

2 6.9621 7.1060 -14.39 7.4346 7.5746 -14.00 8.7241 8.8676 -14.35 10.6744 10.8361 -16.17

3 7.2923 7.4109 -11.87 7.7685 7.8820 -11.35 9.0920 9.2081 -11.61 11.3365 11.4506 -11.41

4 7.5184 7.6122 -9.38 8.0371 8.1291 -9.21 9.3754 9.4667 -9.13 11.9332 12.0218 -8.86

5 7.7087 7.7888 -8.02 8.2820 8.3640 -8.21 9.6404 9.7201 -7.97 12.4029 12.4842 -8.13

6 7.8860 7.9623 -7.63 8.5068 8.5866 -7.98 9.9061 9.9845 -7.84 12.7566 12.8372 -8.05

7 8.0544 8.1322 -7.78 8.7065 8.7872 -8.08 10.1715 10.2531 -8.16 13.0196 13.1007 -8.11

8 8.2113 8.2923 -8.09 8.8767 8.9587 -8.21 10.4290 10.5138 -8.48 13.2144 13.2960 -8.16

9 8.3533 8.4367 -8.34 9.0165 9.0990 -8.25 10.6706 10.7557 -8.51 13.3586 13.4403 -8.17

10 8.4781 8.5623 -8.41 9.1279 9.2096 -8.17 10.8904 10.9721 -8.17 13.4652 13.5469 -8.17

Source: PHEI

Table 3. Most Active Government Bonds 23—27 Dec 2019 Period Table 4. Most Active Corporate Bonds 23—27 Dec 2019 Period

Series TTM (year) Vol (RpBillion) Frequency Fair Price YTM (%) Series TTM (year) Vol (RpBillion) Frequency Fair Price YTM (%)
FR0076 28.40 754 266 96.9106 7.6419 SIAISA02 1.58 287 20 N/A N/A
FR0075 18.39 261 170 99.2505 7.5749 WSBP01CN2 2.84 75 14 99.7080 9.8663
FR0082 10.73 2,771 124 99.2248 7.1025 WSKT03BCN2 3.16 35 10 99.5500 8.4120
FR0083 20.32 247 92 99.6025 7.5369 PPLN03ACN4 4.60 180 8 101.3080 7.6584
FR0080 15.48 388 68 100.0250 7.4968 ISAT02ECN2 7.87 5 8 103.2066 8.0940
ORI016 2.80 39 64 101.0956 6.3717 IIFF01ACN1 1.01 260 7 100.0333 6.7152
ORI015 1.80 77 57 103.7471 6.0487 SMFP05BCN2 4.67 175 7 99.7746 8.1574
FR0077 4.39 3,767 53 106.6750 6.3539
BBRI02CCN3 4.66 64 7 102.2976 7.6578
FR0065 13.39 625 53 92.4757 7.5254
ASDF04ACN2 0.16 229 6 100.3968 5.4007
FR0081 5.47 1,326 49 100.6250 6.3622
SIAGII01ACN1 0.44 20 6 100.9748 7.6248

Source: PLTE (IDX) at 17:00WIB, PHEI Source: PLTE (IDX) at 17:00WIB, PHEI

Table 5. PHEI-Government Bond Benchmark Series Table 7. Indonesia (PHEI) Key Rates
27-Dec-19 20-Dec-19 WoW Chg (bps) Key Rate 27-Dec (%) 20-Dec (%) Chg (bps)
Benchmark Coupon
Maturity
Series (%) BI rate 5.0000 5.0000 0.00
Fair Price YTM (%) Fair Price YTM (%) Fair Price YTM
SBI 12M 5.7505 5.7505 0.00
FR0077 15-May-24 8.1250 106.6750 6.3539 106.1250 6.5006 +55.00 -14.68
JIBOR 1W 5.0808 5.0485 3.23
FR0078 15-May-29 8.2500 107.9000 7.0816 107.5716 7.1296 +32.84 -4.80
JIBOR 1M 5.4462 5.4242 2.20
FR0068 15-May-34 8.3750 107.2083 7.5378 106.7500 7.5891 +45.83 -5.13
JIBOR 3M 5.5077 5.5000 0.77
FR0079 15-Apr-39 8.3750 107.0500 7.6674 106.0000 7.7683 +105.00 -10.09
JIBOR 6M 5.6631 5.6640 -0.10
Source: PHEI JIBOR 1Y 5.8615 5.8633 -0.17

TD 1M 5.6839 5.7282 -4.43

Table 6. Indonesia Bond Indexes - Government (INDOBeXG)
TD 3M 5.8553 5.8412 1.41
Index 27-Dec (%) 20-Dec (%) Chg Chg (%)

INDOBeXG-Clean Price 114.7581 114.3316 +0.4265 +0.37 TD 6M 5.8257 5.8614 -3.57

INDOBeXG-Gross Price 116.6001 116.0064 +0.5937 +0.51 TD 1Y 5.7577 5.7162 4.15

INDOBeXG-Total Return 268.9170 267.5477 +1.3693 +0.51 TD 2Y 5.2700 5.2707 -0.07

INDOBeXG-Effective Yield 6.9742 7.0550 -0.0808 -1.14 Source: Bloomberg, BI,

INDOBeXG-Gross Yield 7.2589 7.3233 -0.0644 -0.88

Source: PHEI

7
 Weekly Pricing Notes
Period 23 —27 December 2019

Picture 10. Government Bond Maturity Profile as of 27 Decem- Picture 11. Corporate Bond Maturity Profile as of 27 De-
ber 2019 cember 2019
(Rp Trilliun) (Rp Triliun)

107.84
105.42
254.74
223.21
221.09

86.36
202.17
186.31
184.16

146.94
140.99

55.11
139.64
137.05

130.68

42.88
98.98

95.02
93.13
91.34

84.08
83.20

18.18
57.18

15.65

14.13
28.19
26.70

26.40
26.12

17.24

4.12
15.19
14.83
14.48

3.27
13.69

2.83
2.37

2.36
1.69

1.50
1.27

0.82
0.67
0.59
-

-
-

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2038

2039

2045
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
Source: DJPPR Ministry of Finance Source: KSEI

Picture 12. SUN benchmark series yield movements up to 27 Picture 13. CDS Spread in several countries up to 26 Decem-
December 2019 ber 2019

Yield to maturity Bps

(%) FR0077 FR0078 FR0068 FR0079 240
9.00

200

8.00 160

120

7.00 80

40

6.00 0
May-19
Apr-19
Mar-19

Dec-19
Jun-19

Aug-19

Oct-19
Jul-19

Nov-19
Feb-19

Sep-19

26-Aug-19
26-Feb-19

26-Apr-19
26-Dec-18

26-Jun-19

26-Oct-19

26-Dec-19
Indonesia China Korea Brazil Germany USA

Source: PHEI Source: Thomson Reuters

Picture 14. SUN secondary trading transaction volume Picture 15. SUN secondary trading transaction volume based
based on tenor 23-27 Dec 2019 period on type 23-27 Dec 2019 period

75.49%
(Rptriliun)

13.59

10.68

7.85

11.27% 10.96%

1.67% 0.61% 0.00% 0.00%

Short (1-4yr) Medium (5-7yr) Long (8-30yr)
FR SPN PBS SR ORI VR IFR

Source: PLTE (IDX) Source: PLTE (IDX)

8
 Weekly Pricing Notes
Period 23 —27 December 2019

OPERATIONS DIVISION

Ifan Mohamad Ihsan

Head of Operational Division
ifan.ihsan@phei.co.id
ext. 2100

RESEARCH AND MARKET SECURITIES VALUATION MARKETING AND SERVICE EDUCATIONAL SERVICE
INFORMATION DEPARTMENT DEVELOPMENT DEPARTMENT DEPARTMENT
DEPARTMENT

Roby Rushandie Revi Winarni Sigit Pamungkas Riska Novalita

Head of Department Pricing Specialist Head of Department Head of Department
roby.rushandie@phei.co.id revi.winarni@phei.co.id sigit.pamungkas@phei.co.id riska.novalita@ibpa.co.id
ext. 2120 ext. 2111 ext. 2130 ext. 2140

Lili Indarli Dwi Oktaviyanti Lisa Rusvita Fitria Sukmawaty

Analyst Pricing Specialist Account Manager Account Manager
lili.indarli@phei.co.id dwi.oktaviyanti@phei.co.id lisa.rusvita@phei.co.id fitria.sukmawaty@ibpa.co.id
ext. 2123 ext. 2112 ext. 2131 ext. 2141

Nicodimus Kristiantoro Hera Khairulillah

Ayu Ajeng Jayanti
Analyst Account Manager
nicodimus.kristiantoro@phei.co.id Pricing Specialist
ayu.ajeng@phei.co.id hera.khairulillah@phei.co.id
ext. 2124 ext. 2132
ext. 2113

Edy Siswanto
Data Specialist
edy.siswanto@phei.co.id
ext. 2122

PT. PENILAI HARGA EFEK INDONESIA

INDONESIA SECURITIES PRICING CORPORATION

Gedung Bursa Efek Indonesia, Tower 2 Lantai Dasar

Jl. Jend. Sudirman Kavling 52-53

Jakarta, 12190

Indonesia

Ph. +62.21.515.5620
Fax +62.21.515.5026

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