Fixed Income 12 JULI 2018 PT Mega Capital Sekuritas
July 12, 2018
Fixed Income Daily Notes
8.50
(-1 day)
6.96
7.24
7.30
7.34
7.36
7.45
7.77
7.55
7.51
7.37
7.78
7.94
8.29
(-1 week)
7.33
7.55
7.67
7.67
7.65
8.08
7.98
8.01
7.97
7.74
8.20
8.18
7.82
(-1 month)
6.56
6.82
7.02
6.99
7.02
7.23
7.28
7.32
7.33
7.30
7.68
7.70
8.10
7.50
Yield (%)
Indonesia Government Bonds Yield
Maturities (Year)
11-Jul
01
6.95
02
7.26
03
7.34
04
7.44
05
7.45
06
7.45
07
7.73
08
7.62
09
7.68
10
7.53
15
7.87
20
7.99
30
8.37
Source: Bloomberg
6.50
5.50
4.50
01
02
03
04
05
06
07
08
09
10
15
20
30
Maturities (Year)
11-Jul
(-1 day)
(-1 week)
(-1 month)
Global Market Update
High-level negotiation between US and China
met the deadlock after US trade war threat
were not getting loose. Both country had held
3 session meeting since May, however,
according to some sources, official meeting
was stopped without any effort to revive the
trade war negotiation.
Negosiasi tingkat tinggi antar pejabat AS-Tiongkok
kembali menemukan jalan buntu setelah ancaman
perang dagang oleh AS tidak mengendur. Kedua
negara tersebut telah mengadakan 3 sesi
negosiasi formal sejak bulan Mei. Namun
demikian,
menurut
beberapa
sumber,
pembicaraan resmi dari kedua belah pihak hingga
saat ini berhenti, dan tidak ada usaha untuk
mengadakan
negosiasi
kembali
untuk
membicarakan masalah perang dagang
At Wednesday, July 11, US treasury yield
stagnated at 2.85% amidst higher trade war
tension because of deadlock in US-China
negotiation. On the other hand, global
benchmark bond yield move varied, indicated
by 10-years UK gilt fell to 1.29% and 10-years
German yield move upward to 0.37%.
Yield US Treasury pada hari Rabu, 11 Juli 2018
ditutup cenderung datar di level 2,85% di tengah
tensi perang dagang yang semakin meningkat
akibat negosiasi AS-Tiongkok yang menemui jalan
buntu. Di sisi lain, dari pasar obligasi global, yield
acuan global ditutup bervariasi, terlihat dari yield
10 tahun UK Gilt yang turun ke level 1,29% dan
yield German Bund yang ditutup naik ke level
0,37%.
Hari ini, pergerakan harga SBN secara umum di
pasar sekunder diprediksi cenderung melemah
terbatas akibat kecenderungan melemahnya
Rupiah. Nilai tukar rupiah terhadap dolar AS
diprediksi
bergerak
pada
kisaran
Rp14.392 – Rp14.413 sedangkan yield benchmark
10 tahun (FR0064) pada perdagangan hari ini
diperkirakan bergerak di rentang 7,45% - 7,53%.
Domestic Market Update
Today, Government bond prices on the
secondary market are likely to weaken
moderately because Rupiah depreciation
tendency. Rupiah will be ranging from IDR
14,392—14,413 and yield of 10 year
benchmark bond (FR0064) will be ranging
from 7.45% - 7.53%.
July 12, 2018
Last Price
Last Yield
100.85
89.25
91.01
102.75
100.40
103.90
101.80
109.00
106.40
98.92
6.68
7.86
7.43
7.21
6.88
7.51
8.06
7.74
7.94
4.82
Volume
(IDR bn)
1584
1334
1034
1021
841
805
702
531
512
440
Chg (bps)
11.60
1.64
-6.97
-25.75
-370.56
-264.68
-49.85
-219.21
-100.08
-192.72
% Chg
0.20%
0.10%
-0.42%
-0.79%
-1.29%
-1.19%
-1.76%
-0.88%
-1.30%
-1.53%
% YTD
-7.27%
-6.01%
-6.68%
-4.5%
-5.4%
-3.66%
-16.01%
-0.08%
-1.25%
-3.9%
11-Jul
14,392
1.321
112.0
1.364
33.34
4.039
(-1 day)
14,307
1.328
111.0
1.357
33.17
4.028
11-Jul
(-1 week)
14,361
1.323
110.5
1.365
33.16
4.058
Consumer Price Index (MoM)
Consumer Price Index (YoY)
Core Inflation (YoY)
BI 7-Day RR Rate (%)
Foreign Reserve (US$ Bn)
Jun-18
0.59
3.12
2.72
5.25
119.8
May-18
0.21
3.23
2.75
4.75
122.9
Apr-18
0.10
3.41
2.69
4.25
124.9
Indonesia Sovereign CDS
As of
2-year
5-year
10-year
JIBOR
O/N
1M
3M
LIBOR
1M
11-Jul
(-1 Day)
(-1 Week)
(-1 Month)
(-1 Year)
48.61
47.44
52.45
50.73
46.61
126.52
123.54
133.85
127.54
117.93
211.12
207.2
216.77
205.27
185.87
3M
6M
Indonesia Interest Rates
Deposit 1M
Lending
Most Active Government Bonds
FR0069
FR0065
FR0064
FR0053
FR0061
FR0070
FR0072
FR0071
FR0073
SPN12181004
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
5893
1689
1637
3249
28312
21932
2778
24700
7592
12417
FX Rate
USD/IDR
GBP/USD
USD/JPY
USD/SGD
USD/THB
USD/MYR
Macroeconomic Data
Most Active Corporate Bonds
PPLN02CCN3
FIFA03ACN2
SMBNII01CN2
AMRT02CN2
BAFI02B
ISAT02BCN1
SMRA02CN2
BAFI02A
SMBEXI01ACN1
APLN01CN2
Last Yield
idAAA
idAAA
idAAA(sy)
AA-(idn)
idAA
idAAA
idA+
idAA
idAAA(sy)
idA-
92.45
99.75
100.05
100.00
100.12
100.00
99.19
99.53
101.02
103.65
8.40
7.55
8.10
7.50
7.85
8.74
9.18
6.77
5.01
8.00
11-Jul
(-1 day)
2.00
2.552
2.729
2.850
2.95
2.00
2.526
2.722
2.85
2.96
2.00
2.51
2.72
2.83
2.97
1.75
2.49
2.76
2.97
3.07
1.293
0.366
0.65
3.51
0.036
2.73
2.59
4.09
2.41
1.301
0.318
0.65
3.54
0.038
2.73
2.59
4.08
2.44
1.28
0.30
0.64
3.51
0.03
2.73
2.55
4.16
2.46
1.37
0.48
0.84
3.67
0.05
2.73
2.55
4.22
2.60
3.82
4.37
5.02
3.82
4.33
5.03
3.94
4.52
5.23
3.98
4.46
5.22
11-Jul
(-1 day)
4.96
7.18
7.35
4.94
7.19
7.35
4.90
7.16
7.31
6.06
7.03
7.16
2.09
2.09
2.09
2.05
2.34
2.51
2.34
2.51
2.34
2.50
2.33
2.49
5.68
14.4
5.74
14.1
5.69
14.2
5.63
13.7
11-Jul
98.86
96.44
96.01
102.01
(-1 day)
99.23
97.15
96.27
102.36
Change
-37
-71
-26
-35
Yield
7.34%
7.56%
7.98%
8.04%
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
Benchmark
FR0061
FR0059
FR0074
FR0072
Volume
(IDR bn)
140
130
110
100
75
60
56
35
31
30
Last Price
11-Jul
(-1 week) (- 1 month)
11-Jul
(-1 week) (- 1 month)
Government Bond Ownership As of July 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
5-Jul-18
525.32
155.95
111.5
172.6
829.78
220.40
62.28
131.39
2,209.24
6-Jul-18
524.25
154.04
111.5
173.6
831.71
220.49
62.38
131.27
2,209.24
9-Jul-18
542.07
136.08
111.4
173.6
831.86
220.47
62.41
131.33
2,209.24
10-Jul-18
528.80
144.41
112.3
173.6
832.00
220.42
62.44
131.33
2,205.24
July 12, 2018
Government Bonds Prices
Closing Price Data : 11-Jul-2018
Series
FR0032
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-Jul-18
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
0.01
0.10
0.18
0.76
1.18
2.35
2.93
3.01
3.85
3.93
4.01
4.85
5.01
5.10
5.68
6.19
7.19
8.19
8.19
8.85
9.02
9.61
9.85
10.68
12.10
12.85
13.02
13.94
14.11
14.85
15.69
17.86
18.86
138.47
20.02
22.86
23.78
25.03
29.87
Source: Bloomberg, IBPA & MCS Estimates
Coupon
15.000%
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
100.30
100.61
100.51
100.81
104.99
108.16
114.36
102.63
98.86
117.60
109.55
93.05
108.41
117.87
104.55
112.05
117.80
126.24
105.07
96.44
116.95
115.76
90.84
109.92
118.24
106.83
109.83
101.75
96.01
89.88
102.88
102.01
114.30
95.69
119.19
110.81
78.84
103.11
90.46
YTM
-6.31%
4.66%
5.88%
6.74%
6.98%
7.14%
7.26%
7.26%
7.34%
7.63%
7.45%
7.35%
7.46%
7.46%
7.38%
7.52%
7.72%
7.62%
7.53%
7.56%
7.62%
7.65%
7.45%
7.62%
8.10%
7.89%
8.25%
8.04%
7.98%
7.79%
8.05%
8.04%
8.24%
7.93%
8.49%
8.42%
8.45%
8.45%
8.29%
Price (-1)
100.30
101.03
100.52
100.88
105.03
108.21
114.44
102.76
99.23
117.60
109.56
93.32
108.41
117.96
104.55
112.31
117.80
124.47
105.33
97.15
116.97
116.17
91.76
109.80
118.24
106.22
109.83
102.70
96.27
90.13
103.83
102.36
114.303
95.99
119.19
110.81
78.85
103.17
90.81
Price Spread (bps)
0.0
-41.7
-1.4
-6.8
-4.2
-5.0
-7.5
-13.1
-36.7
0.0
-1.0
-26.9
0.0
-8.6
0.0
-26.0
0.0
176.8
-26.8
-71.3
-2.1
-41.8
-91.9
11.8
0.0
60.6
0.0
-95.0
-26.2
-25.4
-95.0
-35.3
0.0
-29.6
0.0
0.0
-0.8
-6.6
-35.6
July 12, 2018
Macroeconomic Indicator
IndicatorCalendar
Calendar
(19 09
- 23- 13
Maret
2018)
Macroeconomic
(July,
2018)
INDONESIA
Date
Indicator
Series
Data
Actual
Previous
Projection
09
Consumer Confidence
Jun-18
128.1
125.1
125.5
11
Retail Sales (YoY)
May-18
8.3%
4.1%
4.4%
GLOBAL
Date
Indicator
Country
Series Data
Actual
Previous
Projection
09
Balance of Trade
Germany
May-18
19.7 billion EUR
10
Inflation Rate (YoY)
China
Jun-18
1.9%
10
Balance of Trade
United
Kingdom
May-18
10
ZEW Economic
Sentiment Index
Germany
Jul-18
11
Crude Oil Inventory
US
12
Inflation Rate Final
(YoY)
Germany
Jun-18
-
2.2%
2.1%
12
Inflation Rate (YoY)
US
Jun-18
-
2.8%
2.9%
12
Initial Jobless Claims
US
Week Ended,
July 07-2018
-
231 thousand
227 thousand
12
Continuing Jobless
Claims
US
Week Ended,
June 30-2018
-
1739 thousand
1717 thousand
13
Balance of Trade
China
Jun-18
-
20.1 billion EUR 21.2 billion EUR
1.8%
2.0%
-12.36 billion GBP -12.40 billion GBP -12.0 billion GBP
-24.7
-16.1
-10.2
Week Ended,
-12.63 million barrel 1.25 million barrel -1.7 million barrel
July 06 - 2018
Source: Tradingeconomics and Bloomberg (2018)
24.92 billion USD 29.00 billion USD
July 12, 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
8.50
(-1 day)
6.96
7.24
7.30
7.34
7.36
7.45
7.77
7.55
7.51
7.37
7.78
7.94
8.29
(-1 week)
7.33
7.55
7.67
7.67
7.65
8.08
7.98
8.01
7.97
7.74
8.20
8.18
7.82
(-1 month)
6.56
6.82
7.02
6.99
7.02
7.23
7.28
7.32
7.33
7.30
7.68
7.70
8.10
7.50
Yield (%)
Indonesia Government Bonds Yield
Maturities (Year)
11-Jul
01
6.95
02
7.26
03
7.34
04
7.44
05
7.45
06
7.45
07
7.73
08
7.62
09
7.68
10
7.53
15
7.87
20
7.99
30
8.37
Source: Bloomberg
6.50
5.50
4.50
01
02
03
04
05
06
07
08
09
10
15
20
30
Maturities (Year)
11-Jul
(-1 day)
(-1 week)
(-1 month)
Global Market Update
High-level negotiation between US and China
met the deadlock after US trade war threat
were not getting loose. Both country had held
3 session meeting since May, however,
according to some sources, official meeting
was stopped without any effort to revive the
trade war negotiation.
Negosiasi tingkat tinggi antar pejabat AS-Tiongkok
kembali menemukan jalan buntu setelah ancaman
perang dagang oleh AS tidak mengendur. Kedua
negara tersebut telah mengadakan 3 sesi
negosiasi formal sejak bulan Mei. Namun
demikian,
menurut
beberapa
sumber,
pembicaraan resmi dari kedua belah pihak hingga
saat ini berhenti, dan tidak ada usaha untuk
mengadakan
negosiasi
kembali
untuk
membicarakan masalah perang dagang
At Wednesday, July 11, US treasury yield
stagnated at 2.85% amidst higher trade war
tension because of deadlock in US-China
negotiation. On the other hand, global
benchmark bond yield move varied, indicated
by 10-years UK gilt fell to 1.29% and 10-years
German yield move upward to 0.37%.
Yield US Treasury pada hari Rabu, 11 Juli 2018
ditutup cenderung datar di level 2,85% di tengah
tensi perang dagang yang semakin meningkat
akibat negosiasi AS-Tiongkok yang menemui jalan
buntu. Di sisi lain, dari pasar obligasi global, yield
acuan global ditutup bervariasi, terlihat dari yield
10 tahun UK Gilt yang turun ke level 1,29% dan
yield German Bund yang ditutup naik ke level
0,37%.
Hari ini, pergerakan harga SBN secara umum di
pasar sekunder diprediksi cenderung melemah
terbatas akibat kecenderungan melemahnya
Rupiah. Nilai tukar rupiah terhadap dolar AS
diprediksi
bergerak
pada
kisaran
Rp14.392 – Rp14.413 sedangkan yield benchmark
10 tahun (FR0064) pada perdagangan hari ini
diperkirakan bergerak di rentang 7,45% - 7,53%.
Domestic Market Update
Today, Government bond prices on the
secondary market are likely to weaken
moderately because Rupiah depreciation
tendency. Rupiah will be ranging from IDR
14,392—14,413 and yield of 10 year
benchmark bond (FR0064) will be ranging
from 7.45% - 7.53%.
July 12, 2018
Last Price
Last Yield
100.85
89.25
91.01
102.75
100.40
103.90
101.80
109.00
106.40
98.92
6.68
7.86
7.43
7.21
6.88
7.51
8.06
7.74
7.94
4.82
Volume
(IDR bn)
1584
1334
1034
1021
841
805
702
531
512
440
Chg (bps)
11.60
1.64
-6.97
-25.75
-370.56
-264.68
-49.85
-219.21
-100.08
-192.72
% Chg
0.20%
0.10%
-0.42%
-0.79%
-1.29%
-1.19%
-1.76%
-0.88%
-1.30%
-1.53%
% YTD
-7.27%
-6.01%
-6.68%
-4.5%
-5.4%
-3.66%
-16.01%
-0.08%
-1.25%
-3.9%
11-Jul
14,392
1.321
112.0
1.364
33.34
4.039
(-1 day)
14,307
1.328
111.0
1.357
33.17
4.028
11-Jul
(-1 week)
14,361
1.323
110.5
1.365
33.16
4.058
Consumer Price Index (MoM)
Consumer Price Index (YoY)
Core Inflation (YoY)
BI 7-Day RR Rate (%)
Foreign Reserve (US$ Bn)
Jun-18
0.59
3.12
2.72
5.25
119.8
May-18
0.21
3.23
2.75
4.75
122.9
Apr-18
0.10
3.41
2.69
4.25
124.9
Indonesia Sovereign CDS
As of
2-year
5-year
10-year
JIBOR
O/N
1M
3M
LIBOR
1M
11-Jul
(-1 Day)
(-1 Week)
(-1 Month)
(-1 Year)
48.61
47.44
52.45
50.73
46.61
126.52
123.54
133.85
127.54
117.93
211.12
207.2
216.77
205.27
185.87
3M
6M
Indonesia Interest Rates
Deposit 1M
Lending
Most Active Government Bonds
FR0069
FR0065
FR0064
FR0053
FR0061
FR0070
FR0072
FR0071
FR0073
SPN12181004
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
5893
1689
1637
3249
28312
21932
2778
24700
7592
12417
FX Rate
USD/IDR
GBP/USD
USD/JPY
USD/SGD
USD/THB
USD/MYR
Macroeconomic Data
Most Active Corporate Bonds
PPLN02CCN3
FIFA03ACN2
SMBNII01CN2
AMRT02CN2
BAFI02B
ISAT02BCN1
SMRA02CN2
BAFI02A
SMBEXI01ACN1
APLN01CN2
Last Yield
idAAA
idAAA
idAAA(sy)
AA-(idn)
idAA
idAAA
idA+
idAA
idAAA(sy)
idA-
92.45
99.75
100.05
100.00
100.12
100.00
99.19
99.53
101.02
103.65
8.40
7.55
8.10
7.50
7.85
8.74
9.18
6.77
5.01
8.00
11-Jul
(-1 day)
2.00
2.552
2.729
2.850
2.95
2.00
2.526
2.722
2.85
2.96
2.00
2.51
2.72
2.83
2.97
1.75
2.49
2.76
2.97
3.07
1.293
0.366
0.65
3.51
0.036
2.73
2.59
4.09
2.41
1.301
0.318
0.65
3.54
0.038
2.73
2.59
4.08
2.44
1.28
0.30
0.64
3.51
0.03
2.73
2.55
4.16
2.46
1.37
0.48
0.84
3.67
0.05
2.73
2.55
4.22
2.60
3.82
4.37
5.02
3.82
4.33
5.03
3.94
4.52
5.23
3.98
4.46
5.22
11-Jul
(-1 day)
4.96
7.18
7.35
4.94
7.19
7.35
4.90
7.16
7.31
6.06
7.03
7.16
2.09
2.09
2.09
2.05
2.34
2.51
2.34
2.51
2.34
2.50
2.33
2.49
5.68
14.4
5.74
14.1
5.69
14.2
5.63
13.7
11-Jul
98.86
96.44
96.01
102.01
(-1 day)
99.23
97.15
96.27
102.36
Change
-37
-71
-26
-35
Yield
7.34%
7.56%
7.98%
8.04%
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
Benchmark
FR0061
FR0059
FR0074
FR0072
Volume
(IDR bn)
140
130
110
100
75
60
56
35
31
30
Last Price
11-Jul
(-1 week) (- 1 month)
11-Jul
(-1 week) (- 1 month)
Government Bond Ownership As of July 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
5-Jul-18
525.32
155.95
111.5
172.6
829.78
220.40
62.28
131.39
2,209.24
6-Jul-18
524.25
154.04
111.5
173.6
831.71
220.49
62.38
131.27
2,209.24
9-Jul-18
542.07
136.08
111.4
173.6
831.86
220.47
62.41
131.33
2,209.24
10-Jul-18
528.80
144.41
112.3
173.6
832.00
220.42
62.44
131.33
2,205.24
July 12, 2018
Government Bonds Prices
Closing Price Data : 11-Jul-2018
Series
FR0032
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-Jul-18
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
0.01
0.10
0.18
0.76
1.18
2.35
2.93
3.01
3.85
3.93
4.01
4.85
5.01
5.10
5.68
6.19
7.19
8.19
8.19
8.85
9.02
9.61
9.85
10.68
12.10
12.85
13.02
13.94
14.11
14.85
15.69
17.86
18.86
138.47
20.02
22.86
23.78
25.03
29.87
Source: Bloomberg, IBPA & MCS Estimates
Coupon
15.000%
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
100.30
100.61
100.51
100.81
104.99
108.16
114.36
102.63
98.86
117.60
109.55
93.05
108.41
117.87
104.55
112.05
117.80
126.24
105.07
96.44
116.95
115.76
90.84
109.92
118.24
106.83
109.83
101.75
96.01
89.88
102.88
102.01
114.30
95.69
119.19
110.81
78.84
103.11
90.46
YTM
-6.31%
4.66%
5.88%
6.74%
6.98%
7.14%
7.26%
7.26%
7.34%
7.63%
7.45%
7.35%
7.46%
7.46%
7.38%
7.52%
7.72%
7.62%
7.53%
7.56%
7.62%
7.65%
7.45%
7.62%
8.10%
7.89%
8.25%
8.04%
7.98%
7.79%
8.05%
8.04%
8.24%
7.93%
8.49%
8.42%
8.45%
8.45%
8.29%
Price (-1)
100.30
101.03
100.52
100.88
105.03
108.21
114.44
102.76
99.23
117.60
109.56
93.32
108.41
117.96
104.55
112.31
117.80
124.47
105.33
97.15
116.97
116.17
91.76
109.80
118.24
106.22
109.83
102.70
96.27
90.13
103.83
102.36
114.303
95.99
119.19
110.81
78.85
103.17
90.81
Price Spread (bps)
0.0
-41.7
-1.4
-6.8
-4.2
-5.0
-7.5
-13.1
-36.7
0.0
-1.0
-26.9
0.0
-8.6
0.0
-26.0
0.0
176.8
-26.8
-71.3
-2.1
-41.8
-91.9
11.8
0.0
60.6
0.0
-95.0
-26.2
-25.4
-95.0
-35.3
0.0
-29.6
0.0
0.0
-0.8
-6.6
-35.6
July 12, 2018
Macroeconomic Indicator
IndicatorCalendar
Calendar
(19 09
- 23- 13
Maret
2018)
Macroeconomic
(July,
2018)
INDONESIA
Date
Indicator
Series
Data
Actual
Previous
Projection
09
Consumer Confidence
Jun-18
128.1
125.1
125.5
11
Retail Sales (YoY)
May-18
8.3%
4.1%
4.4%
GLOBAL
Date
Indicator
Country
Series Data
Actual
Previous
Projection
09
Balance of Trade
Germany
May-18
19.7 billion EUR
10
Inflation Rate (YoY)
China
Jun-18
1.9%
10
Balance of Trade
United
Kingdom
May-18
10
ZEW Economic
Sentiment Index
Germany
Jul-18
11
Crude Oil Inventory
US
12
Inflation Rate Final
(YoY)
Germany
Jun-18
-
2.2%
2.1%
12
Inflation Rate (YoY)
US
Jun-18
-
2.8%
2.9%
12
Initial Jobless Claims
US
Week Ended,
July 07-2018
-
231 thousand
227 thousand
12
Continuing Jobless
Claims
US
Week Ended,
June 30-2018
-
1739 thousand
1717 thousand
13
Balance of Trade
China
Jun-18
-
20.1 billion EUR 21.2 billion EUR
1.8%
2.0%
-12.36 billion GBP -12.40 billion GBP -12.0 billion GBP
-24.7
-16.1
-10.2
Week Ended,
-12.63 million barrel 1.25 million barrel -1.7 million barrel
July 06 - 2018
Source: Tradingeconomics and Bloomberg (2018)
24.92 billion USD 29.00 billion USD
July 12, 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