Fixed Income Daily Notes

August 16, 2018

Fixed Income Daily Notes
8.50

(-1 day)
6.83
7.22
7.36
7.56
7.83
7.95
8.02
8.05
8.11
8.03
8.39
8.44
8.54

(-1 week)

6.55
7.10
7.30
7.50
7.59
7.78
7.87
7.82
7.83
7.71
8.08
8.11
8.49

(-1 month)
6.77
7.21
7.35
7.39
7.47

7.45
7.74
7.72
7.67
7.49
7.84
8.00
8.35

7.50
Yield (%)

Indonesia Government Bonds Yield
Maturities (Year)
15-Aug
01
6.85
02
7.24
03

7.36
04
7.57
05
7.82
06
7.90
07
8.01
08
8.08
09
8.08
10
8.01
15
8.37
20
8.41
30

8.49
Source: Bloomberg

6.50

5.50

4.50

01

02

03

04

05

06


07

08

09

10

15

20

30

Maturities (Year)
15-Aug

(-1 day)


(-1 week)

(-1 month)

Global Market Update


At Wednesday, August 15, US 10-year
treasury yield move downward to 2.86% after
higher tension of global trade because
retaliation policy of Turkey toward US import
goods. Majority of global benchmark bond
yield also moved downward, indicated by
10-years UK gilt and German Bund that fell to
1.22% and 0.30% .



Yield 10-years US Treasury note pada hari Rabu,
15 Agustus 2018 ditutup turun ke level 2,86%

akibat meningkatnya tensi perang dagang global
setelah adanya aksi balasan dari Turki terkait
pengenaan impor dari AS. Dari pasar obligasi
global, yield acuan global mayoritas ditutup
mengalami penurunan, terlihat dari yield 10 tahun
UK Gilt dan German Bund yang ditutup turun ke
level 1,22% dan 0,30%.

Domestic Market Update


BI, at the Governor Council Meeting (RDG),
decided that they hiked 7-DRR 25 bps to
5.50%. They hiked 7-DRR in order to
anticipate capital outflow, that was caused by
Turkey crises. They also implemented rate
hiking to narrow current account deficit
(CAD), that reached 3% GDP in 2nd quarter.
BI governor, Perry Warjiyo, stated that BI
were focusing on stabilizing Rupiah and

narrowing CAD.



Pada hari Rabu, 15 Agustus 2018, Rapat Dewan
Gubernur (RDG) Bank Indonesia (BI) memutuskan
menaikkan 7-days Repo Rate (7-DRR) sebanyak 25
bps ke level 5,50%. BI menaikan tingkat suku
bunga dengan alasan untuk mengantisipasi arus
dana keluar akibat penularan krisis Lira Turki.
Tidak hanya untuk mengantisipasi krisis, kenaikan
ini juga disebabkan oleh usaha BI untuk
memperkecil Current Account Deficit (CAD), yang
pada Kuartal-II melebar hingga 3% PDB. Gubernur
BI, Perry Warjiyo, menyatakan bahwa fokus BI
saat ini ialah stabilisasi Rupiah serta memperkecil
CAD.




Today, Government bond prices on the
secondary market are likely to strengthen
moderately because of lower tension of
Turkey crises. Rupiah will be ranging from
IDR 14,572 - 14,628 and yield of 10 year
benchmark bond (FR0064) will be ranging
from 7.83% - 8.03%%.



Hari ini, pergerakan harga SBN secara umum di
pasar sekunder diprediksi cenderung menguat
terbatas akibat mulai meredanya krisis Lira Turki.
Nilai tukar rupiah terhadap Dollar AS diprediksi
bergerak pada kisaran Rp 14.572 - 14.628.
Sedangkan yield benchmark 10 tahun (FR0064)
pada perdagangan hari ini diperkirakan bergerak
di rentang 7,83% - 8,03%.

August 16, 2018


Last Price

Last Yield

90.85
87.85
93.06
97.40
91.60
98.45
102.75
93.75
106.05
100.75

7.67
7.94
8.35
5.47

7.78
7.48
7.18
8.00
8.13
6.68

Volume
(IDR bn)
6150
4998
1602
1579
1375
1354
1212
1188
1009
759

Chg (bps)
46.72
2.16
-19.06
-8.75
-429.34
-151.86
-57.71
-137.51
-113.77
-195.86

% Chg
0.81%
0.12%
-1.12%
-0.27%
-1.55%
-0.68%
-2.08%
-0.54%
-1.49%
-1.58%

% YTD
-8.48%
-0.60%
-4.41%
-5.0%
-8.7%
-2.46%
-17.66%
1.79%
-2.47%
-5.8%

15-Aug
14,600
1.270
110.7
1.380
33.32
4.104

(-1 day)
14,593
1.272
111.2
1.378
33.29
4.099

15-Aug
(-1 week)
14,407
1.288
111.0
1.363
33.23
4.075

Consumer Price Index (MoM)
Consumer Price Index (YoY)
Core Inflation (YoY)
BI 7-Day RR Rate (%)
Foreign Reserve (US$ Bn)

Jul-18
0.28
3.18
2.87
5.25
118.3

Jun-18
0.59
3.12
2.72
5.25
119.8

May-18
0.21
3.23
2.75
4.75
122.9

Indonesia Sovereign CDS
As of
15-Aug
(-1 Day)
(-1 Week)
(-1 Month)
(-1 Year)

2-year
45.17
43.52
39.97
42.77
44.00

5-year
127.10
122.51
112.80
115.55
109.00

10-year
212.73
206.71
193.52
193.78
182.69

Most Active Government Bonds
FR0065
FR0064
FR0074
SPN12190214
FR0063
FR0061
FR0053
FR0059
FR0071
FR0069
Global Stock Marketss
Indonesia (JCI)
Malaysia (KLCI)
Thailand (SET)
Singapore (STI)
Hang Seng
Nikkei 225
Shanghai
Dow Jones (DJIA)
London (FTSE 100)
DAX

Last Price
5817
1786
1676
3234
27324
22204
2723
25162
7498
12163

FX Rate
USD/IDR
GBP/USD
USD/JPY
USD/SGD
USD/THB
USD/MYR
Macroeconomic Data

Most Active Corporate Bonds
IMFI03BCN3
BBKP01SBCN1
BVIC01BCN2
FIFA03ACN2
SIEXCL01CCN1
BIIF02ACN1
MYOR01CN3
ISAT08B
ASDF03BCN1
ISAT01BCN1

Last Yield

idA
idA
idAidAAA
AAA(idn)
AA+(idn)
idAA
idAAA
AAA(idn)
idAAA

100.17
100.65
100.05
99.91
103.45
100.18
95.88
99.35
101.32
103.07

8.13
8.01
8.16
7.07
8.82
7.68
7.19
7.00
6.66
7.73

15-Aug

(-1 day)

2.00
2.55
2.73
2.86
2.95

2.00
2.53
2.72
2.90
2.96

2.00
2.51
2.72
2.96
2.97

2.00
2.49
2.76
2.87
3.07

1.22
0.30
0.67
3.59
0.09
2.73
2.72
4.06
2.44

1.26
0.33
0.68
3.55
0.11
2.73
2.71
4.06
2.44

1.31
0.40
0.73
3.52
0.11
2.73
2.73
4.04
2.45

1.23
0.34
0.63
3.47
0.04
2.73
2.75
4.09
2.42

3.79
4.40
4.97

3.80
4.39
4.97

3.75
4.35
4.93

3.78
4.26
4.91

15-Aug

(-1 day)

5.11
6.44
7.00

5.10
6.43
7.00

5.05
6.42
7.00

5.00
6.94
7.23

2.06
2.32
2.51

2.06
2.32
2.51

2.06
2.34
2.52

2.09
2.35
2.53

5.77
14.0

5.78
14.0

5.73
13.7

5.66
13.8

15-Aug
98.45
93.69
92.95
98.76

(-1 day)
98.44
93.39
93.11
98.58

Change
1
29
-16
18

Yield
7.48%
8.02%
8.36%
8.38%

Global Bonds
Fed Fund Rate & US T-Bonds Yield
Fed Fund Rate
2-Year
5-Year
10-Year
30-Year
10-Year Government Bond Yield
UK
Germany
France
China
Japan
Korea
Thailand
Malaysia
Singapore
Indonesia USD Bond Yield
INDO-22
INDO-27
INDO-47
Money Market
JIBOR
O/N
1M
3M
LIBOR
1M
3M
6M
Indonesia Interest Rates
Deposit 1M
Lending
Benchmark
FR0061
FR0059
FR0074
FR0072

Volume
(IDR bn)
275
102
100
100
92
60
42
40
20
20

Last Price

15-Aug
(-1 week) (- 1 month)

15-Aug
(-1 week) (- 1 month)

Government Bond Ownership As of August 10, 2018 (in Trillion)
Holders
2013
Banks
335.43
Bank Indonesia
44.44
Mutual Fund
42.50
Insurance
129.55
Foreign Investor
323.83
Pension Fund
39.47
Individual Investors
32.48
Others
47.56
Total
995.25
Source: Bloomberg, IDX & DJPPR

2014
375.55
41.63
45.79
150.60
461.35
43.30
30.41
61.32
1,209.96

2015
350.07
148.91
61.60
171.62
558.52
49.83
42.53
78.76
1,461.85

2016
399.46
134.25
85.66
238.24
665.81
87.28
57.75
104.84
1,773.28

2017
491.61
141.83
104.00
150.80
836.15
198.06
59.84
117.48
2,099.77

7-Aug-18
586.92
96.64
113.4
190.2
847.47
209.68
63.55
132.26
2,240.06

8-Aug-18
583.05
100.21
113.1
190.2
847.98
209.70
63.58
132.27
2,240.06

9-Aug-18
584.17
99.39
113.3
190.2
845.76
210.12
63.55
132.31
2,238.74

10-Aug-18
580.12
101.85
114.3
190.2
847.41
210.10
63.58
132.75
2,240.24

August 16, 2018

Government Bonds Prices
Closing Price Data : 15-Aug-2018
Series
FR0038
FR0048
FR0069
FR0036
FR0031
FR0034
FR0053
FR0061
FR0035
FR0043
FR0063
FR0046
FR0039
FR0070
FR0044
FR0040
FR0037
FR0056
FR0059
FR0042
FR0047
FR0064
FR0071
FR0052
FR0073
FR0054
FR0058
FR0074
FR0065
FR0068
FR0072
FR0045
FR0075
FR0050
FR0057
FR0062
FR0067
FR0076

Maturity
15-Aug-18
15-Sep-18
15-Apr-19
15-Sep-19
15-Nov-20
15-Jun-21
15-Jul-21
15-May-22
15-Jun-22
15-Jul-22
15-May-23
15-Jul-23
15-Aug-23
15-Mar-24
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-Mar-29
15-Aug-30
15-May-31
15-Jul-31
15-Jun-32
15-Aug-32
15-May-33
15-Mar-34
15-May-36
15-May-37
15-May-38
15-Jul-38
15-May-41
15-Apr-42
15-Jul-43
15-May-48

TTM
0.00
0.08
0.67
1.08
2.25
2.84
2.92
3.75
3.84
3.92
4.75
4.92
5.00
5.59
6.09
7.09
8.09
8.09
8.75
8.92
9.51
9.76
10.59
12.01
12.76
12.92
13.84
14.01
14.76
15.59
17.76
18.76
138.47
19.93
22.76
23.68
24.93
29.77

Source: Bloomberg, IBPA & MCS Estimates

Coupon
11.600%
9.000%
7.875%
11.500%
11.000%
12.800%
8.250%
7.000%
12.900%
10.250%
5.625%
9.500%
11.750%
8.375%
10.000%
11.000%
12.000%
8.375%
7.000%
10.250%
10.000%
6.125%
9.000%
10.500%
8.750%
9.500%
8.250%
7.500%
6.625%
8.375%
8.250%
9.750%
7.500%
10.500%
9.500%
6.375%
8.750%
7.375%

Price
100.09
100.54
100.84
104.79
107.92
114.03
102.56
98.45
117.16
108.27
91.66
106.60
116.00
102.34
110.00
116.24
124.96
102.19
93.69
113.60
112.23
87.69
106.16
117.40
103.97
109.23
102.00
92.95
85.66
100.30
98.76
111.83
91.53
119.50
109.26
77.79
102.66
88.29

YTM
-23.92%
1.31%
6.52%
6.78%
7.10%
7.20%
7.25%
7.48%
7.63%
7.75%
7.76%
7.85%
7.81%
7.85%
7.89%
7.95%
7.78%
8.00%
8.02%
8.08%
8.13%
7.96%
8.12%
8.19%
8.24%
8.32%
8.01%
8.36%
8.33%
8.34%
8.38%
8.30%
8.38%
8.46%
8.57%
8.58%
8.49%
8.54%

Price (-1)
100.10
100.54
100.84
105.12
108.03
114.13
102.52
98.44
118.22
109.02
91.58
106.60
115.99
102.19
109.84
116.15
124.96
102.34
93.39
113.70
112.21
87.57
106.78
117.00
104.41
109.24
100.50
93.11
85.46
100.63
98.58
113.649
91.47
119.50
110.27
79.08
102.66
88.12

Price Spread (bps)
-1.4
-0.2
-0.3
-33.1
-10.8
-9.9
4.5
0.9
-105.8
-75.4
7.9
0.0
1.6
14.9
15.6
9.3
0.0
-14.1
29.4
-9.9
2.2
12.1
-61.7
40.0
-44.0
-1.0
150.0
-15.5
20.7
-32.6
18.0
-182.3
6.1
0.0
-100.9
-129.7
0.0
16.7

August 16, 2018

Macroeconomic Indicator
IndicatorCalendar
Calendar
(19 - 23
2018)
Macroeconomic
(August
13Maret
- August
17 2018)
INDONESIA

Date

Indicator

Series
Data

15

Balance of Trade

Jul-18

15

7-Days Repo Rate

-

Actual

Previous

USD 2.03 billion USD 1.74 billion
5.50%

5.25%

Projection
USD 1.3 billion
5.50%

GLOBAL

Date
14

Indicator

Country Series Data

Economic Growth Rate
Germany
Flash (YoY)

Actual

Previous

Projection

Quarter-II

2.0%

2.1%

2.6%

14

Unemployment Rate

United
Kingdom

Jun-18

4.0%

4.2%

4.3%

14

Economic Growth Rate
2nd Est. (YoY)

Euro
Area

Quarter-II

2.2%

2.5%

2.1%

15

Inflation Rate (YoY)

United
Kingdom

Jul-18

2.5%

2.4%

2.5%

15

Retail Sales (MoM)

US

Jul-18

0.5%

0.2%

0.3%

15

Crude Oil Inventory

US

16

Balance of Trade

Japan

Jul-18

-

JPY 721 billion

JPY –0.96 billion

16

Initial Jobless Claims

US

Week Ended,
Aug 11-2018

-

213 thousand

217 thousand

16

Continuing Jobless
Claims

US

Week Ended,
Aug 04-2018

-

1755 thousand

1737 thousand

17

Inflation Rate Final
(YoY)

Euro
Area

Jul-18

-

2.0%

2.1%

Week Ended,
6.81 million barrel -1.35 million barrel 0.75 million barrel
Aug 10 - 2018

Source: Tradingeconomics, Bloomberg, and MCS Estimates (2018)

August 16, 2018

PT. MEGA CAPITAL SEKURITAS
Head Office
Menara Bank Mega Lt. 2
Jl. Kapten P. Tendean Kav 12-14A
Jakarta 12790

Dealing Room
Phone No

: +62 21 7995795

Fax No

: +62 21 79175965

Eva Sarah Hutabarat

eva@megasekuritas.id

Head of Debt Capital
Market

Cicih Sukaesih

cicih@megasekuritas.id

Debt Sales

Emilda Mardiyanti

emilda.mardiyanti@megasekuritas.id

Debt Sales

Ajeng Palupi P.

palupi@megasekuritas.id

Debt Sales

Qolbie Ardie

qolbie@megasekuritas.id

Economist &
Fixed Income Analyst

Siti Maulina M.

siti.maulina@megasekuritas.id

Administrative
Assistant

DISCLAIMER
This Document is for information only and for the use of the recipient. It is not to be reproduced or copied or made available to others. Under no
circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not be
suitable for all investors and strictly a personal view and should not be used as a sole judgment for investment. Moreover, although the information
contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights
reserved by PT Mega Capital Sekuritas.