Fixed Income Daily Notes
September 21, 2018
Fixed Income Daily Notes
Indonesia Government Bonds Yield
Maturities (Year)
20-Sep
01
7.50
02
7.83
03
8.08
04
8.15
05
8.20
06
8.36
07
8.52
08
8.30
09
8.32
10
8.22
15
8.50
20
8.79
30
9.20
Source: Bloomberg
(-1 day)
7.66
7.89
8.09
8.17
8.22
8.40
8.52
8.45
8.36
8.26
8.56
8.84
9.20
(-1 week)
7.59
7.84
8.15
8.28
8.44
8.60
8.71
8.73
8.69
8.52
8.74
9.07
9.15
(-1 month)
6.76
7.21
7.35
7.54
7.76
7.88
8.01
7.91
7.97
7.87
8.23
8.38
8.53
Global Market Update
Japan inflation was increasing in August to 1.3%,
higher than previous month, 0.9%. However, even
though this is the highest inflation in 6 month,
Bank of Japan were predicted would not change
the policy because those inflation was still far
from the target, 2%.
Inflasi Jepang pada bulan Agustus tercatat sebesar
1,3%, lebih tinggi dibandingkan inflasi pada bulan Juli
2018 sebesar 0,9%. Meskipun inflasi ini merupakan
yang tertinggi sejak 6 bulan terakhir, diprediksi Bank of
Japan pada pertemuan berikutnya tidak akan
mengubah kebijakan moneternya sama sekali karena
tingkat inflasi Jepang yang masih jauh dari target 2%.
Yesterday, September 20 2018, yield of US
10-years flat at 3.06%. On the other hand, global
benchmark bond yield moved downward,
indicated by 10-years UK gilt and German Bunds,
that moved downward to 1.59% and 0.47%.
Yield 10-years US Treasury note pada kemarin, 20
September ditutup datar di level 3,06%. Pada pasar
obligasi global, mayoritas yield acuan global ditutup
mengalami penurunan, terlihat dari yield 10 tahun UK
Gilt dan German Bunds yang ditutup turun ke level
1,59% dan 0,47%.
Domestic Market Update
Related to high proportion of foreign in
Government Securities (SBN), government tried to
reduce those proportion. One of government
policy was increasing Rupiah SBN proportion. In
2019, foreign exchange SBN, would be reduced to
less than 20%.
Berkaitan dengan proporsi kepemilikan investor asing
di pasar obligasi yang relatif cukup tinggi, pemerintah
sedang mengupayakan beberapa kebijakan untuk
mengurangi proporsi asing, salah satunya adalah
penambahan proporsi SBN Rupiah. Pada tahun 2019,
pemerintah akan mengurangi proporsi SBN valas, yang
mana awalnya mempunyai proporsi 20% dari total SBN.
Today, Government bond prices on the secondary
market are likely to strengthen moderately
because of positive sentiment of Rupiah. Rupiah
will be ranging from IDR 14,748 - 14,814 and yield
of 10-years benchmark bond (FR0064) will be
ranging from 8.09% - 8.23%.
Hari ini, pergerakan harga SBN secara umum di pasar
sekunder diprediksi cenderung menguat terbatas yang
didorong oleh sentimen positif Rupiah. Nilai tukar
rupiah terhadap dolar AS diprediksi bergerak pada
kisaran Rp14.748 – Rp14.814. Yield benchmark 10
tahun (FR0064) pada perdagangan hari ini diperkirakan
bergerak di rentang 8,09% - 8,23%.
September 21, 2018
Most Active Government Bonds
FR0063
FR0072
FR0073
FR0064
FR0053
FR0070
FR0075
PBS013
FR0069
FR0065
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
5931
1804
1752
3180
27478
23675
2729
26657
7367
12326
Last Price
Last Yield
90.50
97.50
101.00
86.46
100.75
100.89
88.45
99.50
100.45
85.00
8.12
8.52
8.62
4.83
7.94
8.17
8.74
7.04
7.02
8.43
Volume
(IDR bn)
1794
1455
1239
1232
1219
899
811
769
743
272
Chg (bps)
57.67
2.99
2.31
3.86
70.30
2.41
-1.61
251.22
36.20
107.46
% Chg
0.98%
0.17%
0.13%
0.12%
0.26%
0.01%
-0.06%
0.95%
0.49%
0.88%
% YTD
-6.68%
0.38%
-0.09%
-6.5%
-8.2%
4.00%
-17.47%
7.84%
-4.17%
-4.6%
20-Sep
14,781
1.327
112.5
1.364
32.34
4.139
(-1 day)
14,824
1.314
112.3
1.369
32.41
4.136
20-Sep
(-1 week)
14,768
1.311
111.9
1.370
32.62
4.151
Aug-18
-0.05
3.20
2.90
5.50
117.9
Jul-18
0.28
3.18
2.87
5.25
118.3
Jun-18
0.59
3.12
2.72
5.25
119.8
2-year
73.59
66.00
69.26
44.02
39.61
5-year
139.66
133.16
134.30
121.06
101.77
10-year
219.76
215.41
217.15
204.04
168.77
FX Rate
USD/IDR
GBP/USD
USD/JPY
USD/SGD
USD/THB
USD/MYR
Macroeconomic Data
Consumer Price Index (MoM)
Consumer Price Index (YoY)
Core Inflation (YoY)
BI 7-Day RR Rate (%)
Foreign Reserve (US$ Bn)
Indonesia Sovereign CDS
As of
20-Sep
(-1 Day)
(-1 Week)
(-1 Month)
(-1 Year)
Most Active Corporate Bonds
BEXI02BCN7
GNSMII01ACN1
SIBMTR01ACN1
TBIG03CN1
BNGA02BCN4
NISP03ACN1
SSIA01ACN1
JLBS01B
PPGD03ACN1
BJBR01BSBCN1
Last Yield
idAAA
idAAA
idA+(sy)
AA-(idn)
idAAA
idAAA
idA
idA+
idAAA
idA
100.55
100.01
100.00
100.00
100.00
98.83
100.65
100.00
100.02
100.60
7.84
6.60
11.66
7.32
8.50
6.16
9.56
10.65
2.87
8.25
20-Sep
(-1 day)
2.00
2.55
2.73
3.06
2.95
2.00
2.53
2.72
3.06
2.96
2.00
2.51
2.72
2.97
2.97
2.00
2.49
2.76
2.83
3.07
1.58
0.47
0.79
3.68
0.12
2.73
2.86
4.09
2.52
1.61
0.49
0.80
3.67
0.12
2.73
2.87
4.10
2.51
1.50
0.42
0.73
3.66
0.11
2.73
2.86
4.11
2.45
1.27
0.34
0.68
3.60
0.09
2.73
2.75
4.02
2.38
3.93
4.57
5.20
3.95
4.58
5.23
3.93
4.56
5.19
3.79
4.40
4.96
20-Sep
(-1 day)
5.45
6.70
7.13
5.45
6.70
7.13
5.44
6.70
7.12
5.40
6.70
7.13
2.18
2.35
2.57
2.18
2.35
2.57
2.16
2.33
2.57
2.06
2.31
2.52
5.89
13.5
5.94
13.7
5.90
13.7
5.76
13.7
20-Sep
96.66
92.29
90.86
96.09
(-1 day)
96.65
92.21
90.78
95.46
Change
2
8
8
63
Yield
8.07%
8.26%
8.64%
8.69%
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)
160
100
85
70
60
55
52
50
46
35
Last Price
20-Sep
(-1 week) (- 1 month)
20-Sep
(-1 week) (- 1 month)
Government Bond Ownership As of September 18, 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
13-Sep-18
605.61
109.68
118.2
191.0
833.40
213.11
64.11
133.74
2,268.79
14-Sep-18
611.89
115.89
118.4
191.0
835.55
214.31
64.15
133.79
2,285.00
17-Sep-18
607.84
117.40
118.2
190.8
834.68
213.83
64.22
133.23
2,280.24
18-Sep-18
614.48
109.98
118.1
190.8
835.57
213.97
64.25
133.14
2,280.24
September 21, 2018
Government Bonds Prices
Closing Price Data : 20-Sep-2018
Series
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-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
0.57
0.99
2.16
2.74
2.82
3.65
3.74
3.82
4.65
4.82
4.90
5.49
5.99
6.99
7.99
7.99
8.65
8.82
9.41
9.66
10.49
11.91
12.66
12.82
13.75
13.91
14.66
15.49
17.66
18.66
138.47
19.83
22.67
23.58
24.83
29.67
Source: Bloomberg, IBPA & MCS Estimates
Coupon
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
100.45
103.88
106.31
111.52
100.60
96.66
114.99
106.77
90.53
104.97
113.89
100.47
107.86
113.15
119.81
100.69
92.29
111.63
108.79
86.45
103.42
112.94
101.20
106.59
96.74
90.86
84.73
97.37
96.09
106.61
88.25
111.50
105.10
73.91
98.45
82.58
YTM
7.03%
7.30%
7.73%
8.00%
8.00%
8.07%
8.14%
8.14%
8.11%
8.22%
8.24%
8.27%
8.30%
8.47%
8.53%
8.25%
8.26%
8.35%
8.62%
8.18%
8.50%
8.73%
8.59%
8.64%
8.66%
8.64%
8.46%
8.69%
8.69%
9.01%
8.76%
9.22%
8.97%
9.07%
8.90%
9.10%
Price (-1)
100.40
103.84
106.35
111.51
100.61
96.65
115.00
106.73
90.38
104.99
113.94
100.28
107.78
113.15
119.81
100.39
92.21
110.39
108.79
86.27
103.25
112.94
101.00
106.43
95.70
90.78
84.36
97.35
95.46
106.614
87.93
112.25
105.10
73.91
95.25
83.07
Price Spread (bps)
4.7
4.3
-3.8
0.4
-1.3
1.5
-1.6
4.4
14.6
-1.2
-4.2
19.2
8.2
0.0
0.0
30.3
7.8
124.1
0.0
17.7
17.9
0.0
20.0
16.3
104.0
7.8
36.7
1.8
63.4
0.0
31.8
-75.0
0.0
0.0
320.0
-48.8
September 21, 2018
Macroeconomic Indicator
IndicatorCalendar
Calendar
(19 - 23 Maret
2018)
Macroeconomic
(September
17 - September
21 2018)
INDONESIA
Date
Indicator
Series
Data
17
Balance of Trade
Aug-18
17
Export Growth (YoY)
Aug-18
4.15%
19.33%
11.35%
17
Import Growth (YoY)
Aug-18
24.65%
31.56%
14.10%
Actual
Previous
Projection
2.1%
2.0%
Actual
Previous
USD -1.02 billion USD -2.0 billion
Projection
USD -0.7 billion
GLOBAL
Date
Indicator
Country Series Data
17
Inflation Rate Final
(YoY)
Euro Area
Aug-18
2.0%
18
Balance of Trade
Japan
Aug-18
JPY -445 billion
19
BoJ Interest Rate
Japan
-
-0.1%
-0.1%
-0.1%
19
Inflation Rate (YoY)
United
Kingdom
Aug-18
2.7%
2.5%
2.7%
19
Crude Oil Inventory
US
20
Existing Home Sales
US
Aug-18
5.34 million
5.34 million
5.36 million
20
Initial Jobless Claims
US
Week Ended,
Sep 15-2018
201 thousand
204 thousand
208 thousand
20
Continuing Jobless
Claims
US
Week Ended,
Sep 08-2018
1645 thousand
1700thousand
1700 thousand
21
Inflation Rate (YoY)
Japan
Aug-18
1,3%
0.9%
1.0%
JPY -231.0 billion JPY 575.5 billion
Week Ended,
-2.06 million barrel -5.3 million barrel -1.2 million barrel
Sep 14 - 2018
Source: Tradingeconomics, Bloomberg, and MCS Estimates (2018)
September 21, 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
Fixed Income Daily Notes
Indonesia Government Bonds Yield
Maturities (Year)
20-Sep
01
7.50
02
7.83
03
8.08
04
8.15
05
8.20
06
8.36
07
8.52
08
8.30
09
8.32
10
8.22
15
8.50
20
8.79
30
9.20
Source: Bloomberg
(-1 day)
7.66
7.89
8.09
8.17
8.22
8.40
8.52
8.45
8.36
8.26
8.56
8.84
9.20
(-1 week)
7.59
7.84
8.15
8.28
8.44
8.60
8.71
8.73
8.69
8.52
8.74
9.07
9.15
(-1 month)
6.76
7.21
7.35
7.54
7.76
7.88
8.01
7.91
7.97
7.87
8.23
8.38
8.53
Global Market Update
Japan inflation was increasing in August to 1.3%,
higher than previous month, 0.9%. However, even
though this is the highest inflation in 6 month,
Bank of Japan were predicted would not change
the policy because those inflation was still far
from the target, 2%.
Inflasi Jepang pada bulan Agustus tercatat sebesar
1,3%, lebih tinggi dibandingkan inflasi pada bulan Juli
2018 sebesar 0,9%. Meskipun inflasi ini merupakan
yang tertinggi sejak 6 bulan terakhir, diprediksi Bank of
Japan pada pertemuan berikutnya tidak akan
mengubah kebijakan moneternya sama sekali karena
tingkat inflasi Jepang yang masih jauh dari target 2%.
Yesterday, September 20 2018, yield of US
10-years flat at 3.06%. On the other hand, global
benchmark bond yield moved downward,
indicated by 10-years UK gilt and German Bunds,
that moved downward to 1.59% and 0.47%.
Yield 10-years US Treasury note pada kemarin, 20
September ditutup datar di level 3,06%. Pada pasar
obligasi global, mayoritas yield acuan global ditutup
mengalami penurunan, terlihat dari yield 10 tahun UK
Gilt dan German Bunds yang ditutup turun ke level
1,59% dan 0,47%.
Domestic Market Update
Related to high proportion of foreign in
Government Securities (SBN), government tried to
reduce those proportion. One of government
policy was increasing Rupiah SBN proportion. In
2019, foreign exchange SBN, would be reduced to
less than 20%.
Berkaitan dengan proporsi kepemilikan investor asing
di pasar obligasi yang relatif cukup tinggi, pemerintah
sedang mengupayakan beberapa kebijakan untuk
mengurangi proporsi asing, salah satunya adalah
penambahan proporsi SBN Rupiah. Pada tahun 2019,
pemerintah akan mengurangi proporsi SBN valas, yang
mana awalnya mempunyai proporsi 20% dari total SBN.
Today, Government bond prices on the secondary
market are likely to strengthen moderately
because of positive sentiment of Rupiah. Rupiah
will be ranging from IDR 14,748 - 14,814 and yield
of 10-years benchmark bond (FR0064) will be
ranging from 8.09% - 8.23%.
Hari ini, pergerakan harga SBN secara umum di pasar
sekunder diprediksi cenderung menguat terbatas yang
didorong oleh sentimen positif Rupiah. Nilai tukar
rupiah terhadap dolar AS diprediksi bergerak pada
kisaran Rp14.748 – Rp14.814. Yield benchmark 10
tahun (FR0064) pada perdagangan hari ini diperkirakan
bergerak di rentang 8,09% - 8,23%.
September 21, 2018
Most Active Government Bonds
FR0063
FR0072
FR0073
FR0064
FR0053
FR0070
FR0075
PBS013
FR0069
FR0065
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
5931
1804
1752
3180
27478
23675
2729
26657
7367
12326
Last Price
Last Yield
90.50
97.50
101.00
86.46
100.75
100.89
88.45
99.50
100.45
85.00
8.12
8.52
8.62
4.83
7.94
8.17
8.74
7.04
7.02
8.43
Volume
(IDR bn)
1794
1455
1239
1232
1219
899
811
769
743
272
Chg (bps)
57.67
2.99
2.31
3.86
70.30
2.41
-1.61
251.22
36.20
107.46
% Chg
0.98%
0.17%
0.13%
0.12%
0.26%
0.01%
-0.06%
0.95%
0.49%
0.88%
% YTD
-6.68%
0.38%
-0.09%
-6.5%
-8.2%
4.00%
-17.47%
7.84%
-4.17%
-4.6%
20-Sep
14,781
1.327
112.5
1.364
32.34
4.139
(-1 day)
14,824
1.314
112.3
1.369
32.41
4.136
20-Sep
(-1 week)
14,768
1.311
111.9
1.370
32.62
4.151
Aug-18
-0.05
3.20
2.90
5.50
117.9
Jul-18
0.28
3.18
2.87
5.25
118.3
Jun-18
0.59
3.12
2.72
5.25
119.8
2-year
73.59
66.00
69.26
44.02
39.61
5-year
139.66
133.16
134.30
121.06
101.77
10-year
219.76
215.41
217.15
204.04
168.77
FX Rate
USD/IDR
GBP/USD
USD/JPY
USD/SGD
USD/THB
USD/MYR
Macroeconomic Data
Consumer Price Index (MoM)
Consumer Price Index (YoY)
Core Inflation (YoY)
BI 7-Day RR Rate (%)
Foreign Reserve (US$ Bn)
Indonesia Sovereign CDS
As of
20-Sep
(-1 Day)
(-1 Week)
(-1 Month)
(-1 Year)
Most Active Corporate Bonds
BEXI02BCN7
GNSMII01ACN1
SIBMTR01ACN1
TBIG03CN1
BNGA02BCN4
NISP03ACN1
SSIA01ACN1
JLBS01B
PPGD03ACN1
BJBR01BSBCN1
Last Yield
idAAA
idAAA
idA+(sy)
AA-(idn)
idAAA
idAAA
idA
idA+
idAAA
idA
100.55
100.01
100.00
100.00
100.00
98.83
100.65
100.00
100.02
100.60
7.84
6.60
11.66
7.32
8.50
6.16
9.56
10.65
2.87
8.25
20-Sep
(-1 day)
2.00
2.55
2.73
3.06
2.95
2.00
2.53
2.72
3.06
2.96
2.00
2.51
2.72
2.97
2.97
2.00
2.49
2.76
2.83
3.07
1.58
0.47
0.79
3.68
0.12
2.73
2.86
4.09
2.52
1.61
0.49
0.80
3.67
0.12
2.73
2.87
4.10
2.51
1.50
0.42
0.73
3.66
0.11
2.73
2.86
4.11
2.45
1.27
0.34
0.68
3.60
0.09
2.73
2.75
4.02
2.38
3.93
4.57
5.20
3.95
4.58
5.23
3.93
4.56
5.19
3.79
4.40
4.96
20-Sep
(-1 day)
5.45
6.70
7.13
5.45
6.70
7.13
5.44
6.70
7.12
5.40
6.70
7.13
2.18
2.35
2.57
2.18
2.35
2.57
2.16
2.33
2.57
2.06
2.31
2.52
5.89
13.5
5.94
13.7
5.90
13.7
5.76
13.7
20-Sep
96.66
92.29
90.86
96.09
(-1 day)
96.65
92.21
90.78
95.46
Change
2
8
8
63
Yield
8.07%
8.26%
8.64%
8.69%
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)
160
100
85
70
60
55
52
50
46
35
Last Price
20-Sep
(-1 week) (- 1 month)
20-Sep
(-1 week) (- 1 month)
Government Bond Ownership As of September 18, 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
13-Sep-18
605.61
109.68
118.2
191.0
833.40
213.11
64.11
133.74
2,268.79
14-Sep-18
611.89
115.89
118.4
191.0
835.55
214.31
64.15
133.79
2,285.00
17-Sep-18
607.84
117.40
118.2
190.8
834.68
213.83
64.22
133.23
2,280.24
18-Sep-18
614.48
109.98
118.1
190.8
835.57
213.97
64.25
133.14
2,280.24
September 21, 2018
Government Bonds Prices
Closing Price Data : 20-Sep-2018
Series
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-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
0.57
0.99
2.16
2.74
2.82
3.65
3.74
3.82
4.65
4.82
4.90
5.49
5.99
6.99
7.99
7.99
8.65
8.82
9.41
9.66
10.49
11.91
12.66
12.82
13.75
13.91
14.66
15.49
17.66
18.66
138.47
19.83
22.67
23.58
24.83
29.67
Source: Bloomberg, IBPA & MCS Estimates
Coupon
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
100.45
103.88
106.31
111.52
100.60
96.66
114.99
106.77
90.53
104.97
113.89
100.47
107.86
113.15
119.81
100.69
92.29
111.63
108.79
86.45
103.42
112.94
101.20
106.59
96.74
90.86
84.73
97.37
96.09
106.61
88.25
111.50
105.10
73.91
98.45
82.58
YTM
7.03%
7.30%
7.73%
8.00%
8.00%
8.07%
8.14%
8.14%
8.11%
8.22%
8.24%
8.27%
8.30%
8.47%
8.53%
8.25%
8.26%
8.35%
8.62%
8.18%
8.50%
8.73%
8.59%
8.64%
8.66%
8.64%
8.46%
8.69%
8.69%
9.01%
8.76%
9.22%
8.97%
9.07%
8.90%
9.10%
Price (-1)
100.40
103.84
106.35
111.51
100.61
96.65
115.00
106.73
90.38
104.99
113.94
100.28
107.78
113.15
119.81
100.39
92.21
110.39
108.79
86.27
103.25
112.94
101.00
106.43
95.70
90.78
84.36
97.35
95.46
106.614
87.93
112.25
105.10
73.91
95.25
83.07
Price Spread (bps)
4.7
4.3
-3.8
0.4
-1.3
1.5
-1.6
4.4
14.6
-1.2
-4.2
19.2
8.2
0.0
0.0
30.3
7.8
124.1
0.0
17.7
17.9
0.0
20.0
16.3
104.0
7.8
36.7
1.8
63.4
0.0
31.8
-75.0
0.0
0.0
320.0
-48.8
September 21, 2018
Macroeconomic Indicator
IndicatorCalendar
Calendar
(19 - 23 Maret
2018)
Macroeconomic
(September
17 - September
21 2018)
INDONESIA
Date
Indicator
Series
Data
17
Balance of Trade
Aug-18
17
Export Growth (YoY)
Aug-18
4.15%
19.33%
11.35%
17
Import Growth (YoY)
Aug-18
24.65%
31.56%
14.10%
Actual
Previous
Projection
2.1%
2.0%
Actual
Previous
USD -1.02 billion USD -2.0 billion
Projection
USD -0.7 billion
GLOBAL
Date
Indicator
Country Series Data
17
Inflation Rate Final
(YoY)
Euro Area
Aug-18
2.0%
18
Balance of Trade
Japan
Aug-18
JPY -445 billion
19
BoJ Interest Rate
Japan
-
-0.1%
-0.1%
-0.1%
19
Inflation Rate (YoY)
United
Kingdom
Aug-18
2.7%
2.5%
2.7%
19
Crude Oil Inventory
US
20
Existing Home Sales
US
Aug-18
5.34 million
5.34 million
5.36 million
20
Initial Jobless Claims
US
Week Ended,
Sep 15-2018
201 thousand
204 thousand
208 thousand
20
Continuing Jobless
Claims
US
Week Ended,
Sep 08-2018
1645 thousand
1700thousand
1700 thousand
21
Inflation Rate (YoY)
Japan
Aug-18
1,3%
0.9%
1.0%
JPY -231.0 billion JPY 575.5 billion
Week Ended,
-2.06 million barrel -5.3 million barrel -1.2 million barrel
Sep 14 - 2018
Source: Tradingeconomics, Bloomberg, and MCS Estimates (2018)
September 21, 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