IDX Bond-Book-2018-2019

INDONESIA BOND MARKET DIRECTORY
2018-2019
Indonesia Stock Exchange

Indonesia Bond Pricing Agency
2
INDONESIA BOND MARKET DIRECTORY 2018-2019
© 2018 PT Bursa Efek Indonesia

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All right reserved. Published 2018.

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necessarily and must not be relied upon as being those of the publisher or of the institutions for which the
contributing authors work. Although every care has been taken to ensure the accuracy of the information
contained within the publication it should not be by any person relied upon as the basis for taking any action
or making any decision. PT Bursa Efek Indonesia cannot be held liable or otherwise responsible in any way for
any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated
within this publication.
Data Notes
The trading data on this publication was taken on July 1, 2018. If in the future, any cancelation occurs on the
securities transaction that was submitted by Participant or if any late reporting occurs in reporting the securities
transaction performed by Participant, then such data may be revised at any time.
All financial statement data are displayed in Indonesia rupiah (IDR). Any original published financial statement
denominated in U.S. dollars (USD) are converted to IDR with end of year exchange mid-rate of Bank Indonesia.
Dollar figures ($) are current U.S. dollars, unless otherwise specified. Billion means 1,000 million; trillion means
1,000 billion.
Indonesia Bond Market Directory 2018-2019

3
PREFACE
Our thanks to God the Almighty, finally we finished IBMD 2018-2019 (Indonesia Bond Market Directory), the
joint project between IDX (Indonesia Stock Exchange) with IBPA (Indonesia Bond Pricing Agency).
IBMD 2018-2019 is compiled to present bonds and sukuk (Islamic/Sharia Bonds) conditions for all Indonesia
government bonds and sukuk, as well as Indonesia corporate bonds and sukuk and influence of global condi-
tion on year 2017 until first semester 2018.
IBMD 2018-2019 also contains of financial report and trading activities in bonds and sukuk market. For the
first time in this edition the book also provide trading information and short analysis to enhance the readers
understanding about the bond market. Price comparison between market price and valuation price from IBPA,
contains both table and chart is hopefully would figure the real condition. IBPA analytical review section also
provided to give deep information about corporate bonds issuer.
We also thanks all parties which has positively contributed to this publication. We hope this book can provide
adequate information to all parties and readers who want to know about the recent area potentials of bond in
Indonesia.
Finally, we apologize if these books are not well published and distributed, and we are looking forward any
suggestions and criticism to improve in the future.
Jakarta, October 2018

4
CONTENTS
3 Preface
7 Indonesia Bond Market Reviews

9 ICBI, 2017 - June 2018
10 Historical Milestone
12 Indonesia Economic Review
18 Bond Indices
36 Bond Market Overview
43 Bond Ownership Profile
45 Government Bonds
47 List of Government Bonds
52 Government Bonds Trading Highlight
103 Corporate Bonds

105 List of Corporate Bonds
Corporate Bonds Trading Highlight:
156 ADHI PT Adhi Karya (Persero) Tbk.
161 ADMF PT Adira Dinamika Multi Finance Tbk.
183 AGII PT Aneka Gas Industri Tbk.
191 AGRO PT Bank Rakyat Indonesia Agroniaga Tbk.
195 AISA PT Tiga Pilar Sejahtera Food Tbk.
200 AKRA PT AKR Corporindo Tbk.
206 AMRT PT Sumber Alfaria Trijaya Tbk.
211 ANTM PT ANTAM Tbk.
215 APAI PT Angkasa Pura I (Persero)
222 APIA PT Angkasa Pura II (Persero)
227 APLN PT Agung Podomoro Land Tbk.
232 APOL PT Arpeni Pratama Ocean Line Tbk.
236 ASDF PT Astra Sedaya Finance
246 BACA PT Bank Capital Indonesia Tbk.
251 BAFI PT Bussan Auto Finance
257 BBIA PT Bank UOB Indonesia
265 BBKE PT Bank Kesejahteraan Ekonomi
268 BBKP PT Bank Bukopin Tbk.
273 BBNI PT Bank Negara Indonesia (Persero) Tbk.
276 BBRI PT Bank Rakyat Indonesia (Persero) Tbk.
291 BBTN PT Bank Tabungan Negara (Persero) Tbk.
303 BCAF PT BCA Finance
306 BCAP PT MNC Kapital Indonesia Tbk.
310 BDKI PT Bank DKI
313 BEXI Lembaga Pembiayaan Ekspor Indonesia
334 BFIN PT BFI Finance Indonesia Tbk.
344 BIIF PT Maybank Indonesia Finance
353 BJBR PT BPD Jawa Barat dan Banten Tbk.
359 BJTG PT Bank Pembangunan Daerah Jawa Tengah
362 BLAM PT Bank Pembangunan Daerah Lampung

5
365 BMLK PT Bank Pembangunan Daerah Maluku dan Maluku Utara

370 BMRI PT Bank Mandiri (Persero) Tbk.
377 BMTP PT Bank Mandiri Taspen
381 BMTR PT Global Mediacom Tbk.
389 BNGA PT Bank CIMB Niaga Tbk.
398 BNII PT Bank Maybank Indonesia Tbk.
407 BNLI PT Bank Permata Tbk.
412 BNTT PT Bank Pembangunan Daerah Nusa Tenggara Timur
415 BPFI PT Batavia Prosperindo Finance Tbk.
419 BRIS PT Bank BRISyariah
422 BSBR PT BPD Sumatera Barat
427 BSDE PT Bumi Serpong Damai Tbk.
432 BSLT PT Bank SulutGo (BPD Sulawesi Utara Gorontalo)
435 BSMT PT Bank Pembangunan Daerah Sumatera Utara
438 BSSB PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat
443 BTPN PT Bank Tabungan Pensiunan Nasional Tbk.
448 BVIC PT Bank Victoria International Tbk.
455 CSUL PT Chandra Sakti Utama Leasing
459 CTRR PT Ciputra Residence
463 DILD PT Intiland Development Tbk.
468 DNRK PT Danareksa (Persero)
471 EXCL PT XL Axiata Tbk.
478 FAST PT Fast Food Indonesia Tbk.
481 FIFA PT Federal International Finance
489 GIAA PT Garuda Indonesia (Persero) Tbk.
492 GWSA PT Greenwood Sejahtera Tbk.
495 IIFF PT Indonesia Infrastucture Finance
500 IMFI PT Indomobil Finance Indonesia
513 IMPC PT Impack Pratama Industri Tbk.
517 INDF PT Indofood Sukses Makmur Tbk.
521 ISAT PT Indosat Tbk.
554 JPFA PT Japfa Comfeed Indonesia Tbk.
559 JSMR PT Jasa Marga (Persero) Tbk.
564 KAII PT Kereta Api Indonesia (Persero)
568 KEHA PT Bank KEB Hana Indonesia
571 LTLS PT Lautan Luas Tbk.
576 MAPI PT Mitra Adiperkasa Tbk.
580 MAYA PT Bank Mayapada Internasional Tbk.
585 MDLN PT Modernland Realty Tbk.
589 MEDC PT Medco Energi Internasional Tbk.
602 MLJK PT Marga Lingkar Jakarta
608 MORA PT Mora Telematika Indonesia
612 MYOR PT Mayora Indah Tbk.
617 NISP PT Bank OCBC NISP Tbk.
625 OTMA PT Oto Multiartha
631 PANR PT Panorama Sentrawisata Tbk.
634 PIGN PT Pelabuhan Indonesia I (Persero)
639 PIHC PT Pupuk Indonesia (Persero)
645 PJAA PT Pembangunan Jaya Ancol Tbk.
651 PNBN PT Bank Pan Indonesia Tbk.

6
658 PNMP PT Permodalan Nasional Madani (Persero)

666 PPGD PT Pegadaian (Persero)
677 PPLN PT Perusahaan Listrik Negara (Persero)
700 PPNX PT Perkebunan Nusantara X
703 PPRO PT PP Properti Tbk.
707 PRTL PT Profesional Telekomunikasi Indonesia
712 PTHK PT Hutama Karya (Persero)
718 PTPP PT PP (Persero) Tbk.
721 ROTI PT Nippon Indosari Corpindo Tbk.
724 SANF PT Surya Artha Nusantara Finance
729 SDRA PT Bank Woori Saudara Indonesia 1906 Tbk.
732 SMAR PT Sinar Mas Agro Resources And Technology (Smart) Tbk.
735 SMFP PT Sarana Multigriya Finansial (Persero)
747 SMGR PT Semen Indonesia (Persero) Tbk.
751 SMII PT Sarana Multi Infrastruktur (Persero)
759 SMMF PT Sinar Mas Multifinance
762 SMRA PT Summarecon Agung Tbk.
769 SSIA PT Surya Semesta Internusa Tbk.
773 SSMM PT Sumberdaya Sewatama
777 STTP PT Siantar Top Tbk.
781 TAFS PT Toyota Astra Financial Services
786 TAXI PT Express Transindo Utama Tbk.
789 TBIG PT Tower Bersama Infrastructure Tbk.
794 TBLA PT Tunas Baru Lampung Tbk.
797 TELE PT Tiphone Mobile Indonesia Tbk.
803 TINS PT TIMAH Tbk.
808 TLKM PT Telkom Indonesia (Persero) Tbk.
814 TPIA PT Chandra Asri Petrochemical Tbk.
822 TRAC PT Serasi Autoraya
826 TUFI PT Mandiri Tunas Finance
834 WOMF PT Wahana Ottomitra Multiartha Tbk.
843 WSKT PT Waskita Karya (Persero) Tbk.
767 Bond Instrument in Indonesia

769 Bond Market Institution
772 Bond Market Instrument Type
777 Bond Market Mechanism
780 Regulation Update
781 Glossary

PART I
Indonesia
Bond Market
Review
INDONESIA COMPOSITE BOND INDEX (ICBI), 2017 - JUNE 2018
250 250
245 245
240 240
235 235
230 230
225 225
220 220
215 215
210 210
Indonesia Bond Market Review

205 205
200 200
Jan-17 Feb-17 Mar-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
9
10 Indonesia Bond Market Review
Historical Milestone
January 2017 - June 2018
JAN 2017 Market pessimism over the success of Trump’s

Domestic inflation for year 2016 stood at a tax cuts and political turmoil in US
manageable level of 3.02%yoy China’s downgrade to Aa3 / outlook stable lev-
Bank Indonesia hold BI 7-day reverse repo rate el by Moody’s
at 4.75%
Increased market anticipation which driven by JUN 2017
a series of controversial policies from President The Fed Funds Rate increased to 1.00%-
Trump since Inauguration Day 1.25% with dovish statement on next raise
until the end of 2017
FEB 2017 The government launched economic policy
Increasing probability on Fed Funds rate rise package XV
during the FOMC meeting in March 2017 Indonesia’s foreign reserves in May 2017 re-
Indonesia economic growth for the year 2016 corded the highest level from the beginning of
was better than 2015 at 5.02%yoy time
Moody’s had raised Indonesia’s rating outlook The share of foreign ownership in government
from stable to positive bonds increased to 39.47%
Controlled inflation in January 2017 at level

3.49%yoy JUL 2017
Dovish statement from the ECB with maintain
MAR 2017 its benchmark interest rate and QE program
Increased in foreign exchange reserve that ex- Indonesia’s inflation rate in June 2017 rose to
ceeded expectation 4.37% yoy from 4.33% yoy
Government optimism toward increased rating The government plan to wide the budget defi-
by S&P next May cit to 2.92%
Rise of FFR that had been predicted before to The launch of ballistic missile test by North Ko-
level 0.75%-1.00% rea affected to higher geopolitical tension in
Dovish statement from the Fed related with the several countries
plan of next raise

Foreign recorded a significant net buy amount- AUG 2017
ed to Rp31.33 trillion Indonesia’s foreign exchange reserve hit its

highest level of US$127.76 billion in July 2017
APR 2017 Indonesia’s inflation rate in July 2017 declined
Stable macro condition such as maintained to 3.88%yoy
inflation, rise of forex reserve, and continued The government announced economic policy
trade balance surplus package XVI
Euphoria from the winning of Emmanuel Ma- Bank Indonesia lowered its repo rate by 25bps
cron in the first round of France’s Presidential to 4.50%
Election
Increased geopolitical tension and the Trump’s SEP 2017
government in his 100 first day which was be- North Korea blast off its second ballistic missile
low expectation into the territorial Japan

Donald Trump cut corporate taxes in the US
MAY 2017 from 35% to 20%
Indonesia’s rating upgraded to investment Bank Indonesia lowered its repo rate again by
grade (BBB-/ stable outlook) by Standard & 25bps to 4.25%
Poor’s Foreign recorded a significant net buy reached
Indonesia economic growth for first quarter Rp34.22 trillion in SBN market
2017 at 5.01%yoy

Indonesia Bond Market Review 11
China’s sovereign rating downgraded to A+ / Rupiah touched its lowest level since 2011 at
outlook negative by S&P The level of Rp13.668/US$
Jerome Powell was formally sworn as the Fed
OCT 2017 Chair
Congress has passage of raising US debt ceil- Foreign investors posted a net sale of Rp21.55
ling from US$1.20 trillion to US$2.40 trillion trillion in government bond
Foreign investors posted a net sale of Rp23.17
trillion in the government bond MAR 2018
Bank of England increased its benchmark inter- The Fed Funds Rate increased to the level of
est rate to level 0.5% 1.50%-1.50% for the first time in 2018
High speculation over the Fed’s chair candidate Indonesia’s rating upgraded to the level BBB/
Indonesia’s inflation generated deflation by outlook stable by Rating and Investment, a rat-
0.07%mom in September 2017 ing agency from Japan
New import tariffs for steel at 25% and for alu-
NOV 2017 minum at 10% by Donald Trump
Jerome Powell was selected as one of the new Commencement of trade war between the US
Fed chair candidates and China
Indonesia’s GDP grew by 5.06% yoy in Q3-
2017 APR 2018
The increased level of Indonesia’s competitive- Indonesia sovereign credit rating upgraded to
ness index and ease of doing business by the level Baa2/Outlook Stable by Moody’s
World Bank Donald Trump forbade ZTE, a mobile phone
The released of FOMC minutes that met the manufacturer from China, to buy components
prediction, namely one more FFR rise in 2017 in US companies for seven years
The approval on US tax reform law by the Sen- US Treasury yield on 10-yr for the first time
ate committee since 2011 reached its psychological level at
3.03%
DEC 2017 The Fed’s hawkish statement on FFR increases
The Fed Funds Rate increased to the level more than 3 times in 2018
1.25%-1.50%
Indonesia’s sovereign credit rating upgraded MAY 2018
to level BBB (Outlook Stable) by Fitch Ratings Bank Indonesia raised its benchmark interest
The Senate approved the $1.5 trillion tax bill, rate twice in May 2018 from 4.25% to 4.50%
which includes permanent tax breaks for cor- and from 4.50% to 4.75%
porations and temporary tax cuts for individual Rupiah reached the level Rp14.000/US$ for the
During 2017, foreign investors posted net buy first time since December 2015
of Rp170.34 trillion in government bond Indonesia’s trade balance recorded the largest
deficit since April 2015 at US$1.63 billion
JAN 2018 US Treasury yield touched 3.11% on May 17,
China’s plans to cut even postpone US bond 2018
purchases in 2018
Controlled inflation in full year 2017 at the level JUN 2018
3.61%yoy The Fed Funds Rate increased to 1.75%-
The share of foreign ownership in government 2.00% for the second time in 2018
bonds increased to 42.19% For the third time Bank Indonesia raised its
Indonesia’s foreign exchange reserve hit its benchmark interest rate by 50.0 bps to 5.25%
highest level again of US$130.20 billion in De- The Rupiah touched its lowest point since Oc-
cember 2017 tober 2015 at the level of Rp14.394/US$
Indonesia’s foreign exchange reserves fell for 4
FEB 2018 consecutive months to its lowest position since
Japan Credit Rating Agency raised Indonesia March 2017 at US$122.91 billion in May 2018
sovereign credit rating to level BBB/outlook
stable
Annually earnings in AS increased by 2.90%

Chapter 1
Indonesia
Economic
Review
Economic Growth groups. Another factor was due to delay in consump-
tion as indicated by accumulated banking third party
Indonesia economy experienced slow recovery deposit according to Indonesia Deposit Insurance
progress in 2017. Full year GDP expanded gradual- Corporation. Another possible reason behind slow
ly by 5.07%yoy in 2017 or slightly higher than in household consumption was changing consumption
2016 which grew 5.02%yoy. The growth was sub- pattern from conventional consumption of goods
dued in the first semester 2017 but started gaining into leisure and service as well as online based con-
its momentum in the second semester 2017. The sumptions driven by millennial generation spending
expansion throughout 2017 was mainly driven by behavior.
government spending, private consumption, and net The decreasing trend in household consump-
export-import. Household consumption had been in tion led to low overall inflation trend. Full year in-
decreasing trend for over the last three year, but it flation in 2016 was 3.02%yoy and then increased to
tended to be stabilized in terms of quarterly figure 3.61%yoy in 2017. However the overall trend of in-
during 2017. flation decreased in May 2018 which was 3.23%yoy.
The decreasing household consumption gave an Although this became a rough indication of slow
indication that the role of household consumption in household consumption in the economy, but this
accelerating economic growth was limited. House- gave positive sentiment in financial market. As this
hold consumption growth was weaker at 4.95% in brought corporate cost of fund down both in bank
2017, or slightly lower than the 2016 figure of 5.01%. loan and bond market issuance. This level of inflation
Less strong household consumption was influenced was also still manageable or within the central bank
by upward electricity tariff adjustment in 2017 that inflation target in 2017 that ranged 3.5% ± 1.0%
mostly impacted middle to lower household income (Bank Indonesia).
Figure 1.1 Indonesia Year on Year Economic Growth Trend Source: BPS, processed by IBPA
Type of GDP
Expenditure Growth Growth
40.0% 6.0%
5.02% 5.06% 5.19% 5.07% 5.06%
5.01% 5.01%
4.79%
20.0% 5.0%
0.0% 4.0%
-20.0% 3.0%
Q1 Q2 Q3 Q4 Full Year Q1
2015 2016 2017 2018
Household Consumption Government Expenditure Gross Fixed Capital Formation

Export of Goods & Services Import of Goods & Services Gross Domestic Product

Investment became one of the sources econom- by higher commodity export, acceleration in energy
ic recovery in 2017. Gross fixed capital formation or infrastructure, and agriculture, as well as mining in-
corporate investment grew 6.15% in 2017, an investment.
crease compared to 2016 achievement of 4.47%. Economic growth in 2017 was also supported
The increase in investment was driven by both build- by external sector. Export growth improved signifi-
ing and non-construction investment. According to cantly in 2017 to 9.09%yoy from a contraction of
Bank Indonesia, building investment which made -1.74%yoy in 2016. Improving export growth was
up more than 70% of total investment grew 6.2% much driven by rising commodity prices. Some of In-
in 2017, higher than the 5.2%yoy growth in 2016. donesia’s key commodity prices such as coal, rubber,
Acceleration in infrastructure projects was the main and crude palm oil rose sharply in response to rising
driver for increasing building investment. Non-con- demand and decreasing supply. Positive export per-
struction investment in 2017 grew 5.9% or much formance was also affected by economic recovery
higher than 2016 figure which grew 2.4%. The in- in trading partners including US, China, India, and
crease in non-construction investment was backed some other emerging Asia. Increasing export was
Figure 1.2 Indonesia Inflation Trend Source: BPS
Infllation, yoy Inflation,

BI Inflation Target mom
5.0% 2.0%
4.0% 1.5%
3.0% 1.0%
2.0% 0.5%
1.0% 0.0%
0.0% -0.5%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2017 2018
Inflation, mom Inflation, yoy BI Inflation Target
Figure 1.3 Indonesia Trade Balance Source: BPS
Trade Balance, Export, Import,

USD million USD million
2,000 20,000
1,000 15,000
0 10,000
-1,000 5,000
-2,000 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2017 2018
Trade Balance Export Import
Table 1.1 Government Budget Macro Assumptions Source: Ministry of Finance
2017 2018
Macroeconomic Assumptions
Revised Budget Realization APBN
Economic Growth (%yoy) 5.20 5.05 5.40
Inflation (%yoy) 4.30 3.58 3.50
Rupiah to USD Exchange Rates 13,400 13,572 13,400
Average 3-month Treasury Bills Rate (%p.a) 5.20 4.80 5.20
International Oil Price (USD/Barrel) 48 52 48
Oil Lifting (Thousand Barrel/Day) 815 804 800
Gas Lifting (Thousand Barrel of Oil Equivalent/Day) 1,150 1,140 1,200

also in line with a significant increase in import that ment also provided stimulus to the economy through
grew 8.06%yoy in 2017, much higher than in 2016 consumption. Government consumption in 2017
that was up slightly by 2.27%yoy. The rising import posted positive growth of 2.14%, after contracting
gave pressure the overall trade balance that record- by 0.14% in 2016. In addition to higher spending
ed deficits at the end of 2017 and through the first on goods and services, the stimulus to the econo-
half of 2018. However, the growing import was much my was also provided through personnel spending
driven by raw material and capital goods imports. through the 14th salary in 2016. Fiscal stimulus was
This gave positive signs of improving manufacture also provided through the improvement of social as-
sectors in the near future as Indonesia manufacture sistance programs (known as Bantuan Sosial/Ban-
still imported many of its raw materials, machineries, sos) as well as the expansion of family planning pro-
and equipment to do productions. grams (known as PKH) especially in the second half
Indonesia economy in 2017 was also backed by of 2017. In terms of government budget structure,
stronger government stimulus through the invest- since 2014 the government has prioritized efficiency
ment of various infrastructure projects, the govern- and quality of expenditure. The percentage of bud-
Table 1.2 Highlights of Government Budget Structure Source: Ministry of Finance
2017 2018
Description (IDR Trillion)
Revised Budget Realization Budget
Revenues & Grants 1,736.1 1,655.8 1,894.7
I. Domestic Revenue 1,733.0 1,648.1 1,893.5
1. Tax Revenue 1,472.7 1,339.8 1,618.1
2. Non Tax Revenue 260.2 308.4 275.4
II. Grants 3.1 7.6 1.2
Expenditure 2,133.3 2,001.6 2,220.7
I. Central Government Expenditure 1,367.0 1,259.6 1,454.5
1. Ministrial Spending 798.6 759.6 847.4
2. Non Ministrial Spending 568.4 500.0 607.1
II. Transfer to Region and Village Fund 766.3 741.9 766.2
Primary Balance (178.0) (129.3) (87.3)
Surplus (Deficit) (397.2) (345.8) (325.9)
% of GDP (2.9) (2.6) (2.2)
Financing 397.2 364.5 325.9
Figure 1.4 Rupiah Against USD Source: Bloomberg
IDR/USD IDR Volatility

14,500 200
14,000 150
13,500 100
13,000 50
12,500 0
Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18
IDR Volatility IDR/USD

get for energy subsidy to total expenditure continues Rupiah and The Global Economy
to decline, in line with the government to increase
productive spending. The 2018 budget will contin- Rupiah against US Dollar in 2017 tended to be
ue to focus on efficiency and quality of priority ex- stable with a slight depreciation by -0,61%yoy at
penditure, optimization and reforms on government the end of 2017 from Rp13,476/US$ to Rp13,555/
revenue, and maintaining economic momentum as US$ at the end of 2016 according to Bloomberg spot
well as public confidence. Fiscal deficit in 2018 bud- figure. Rupiah, then depreciated further by -5,72%
get has been set lower than 2017 revised-budget year to date June 2018. Rupiah was also seen to be
at 2.19% of GDP. However, government spending is quite manageable during 2017 as shown by decreas-
targeted towards infrastructure development as well ing average daily changes volatility from 0.40% in
as poverty and unemployment reduction for an equi- 2016 to 0.16% in 2017. But the average volatility in-
table development and improved connectivity. creased during the first semester of 2018 to 0.27%.
The Rupiah performance was highly correlated with
global economic events and sentiments because as
Figure 1.5 Indonesia Balance of Payment Source: Bank Indonesia
15.00
10.00
5.00
0.00
-5.00
-10.00
-15.00
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2013 2014 2015 2016 2017 2018
Current Account Financial Account Balance of Payment
Figure 1.6 Global Economic Growth Forecast Source: World Bank
6.7 6.9 6.5

6.3 6.2
4.7 4.7
4.3 4.5
3.7
3.1 3.1 3.0 2.9
2.7 2.5
2.4 2.3 2.4
2.0 2.1
1.8 1.7 1.5 1.7
1.5
1.0 1.0 0.8
0.5
World United States Euro Area Japan China Emerging Markets
2016 2017e 2018f 2019f 2020f
Figure 1.7 Major Global Central Bank Interest Rates Source: Bloomberg
% 6 % 6
5 5
4 4
3 3
2 2
1 1
0 0
-1 -1
Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18
ECB BOE BOJ The Fed

shown by Balance of Payment structure, Rupiah has of England (BoE) and European Central Bank (ECB).
been backed more by surplus in financial accounts BoE already tightened its monetary policy by rising
which mostly made up by portfolio inflows in finan- interest rate first time in a decade from 0.25% to
cial markets rather than current account that have 0.50%. While ECB was going toward monetary pol-
experienced deficits since 2011. icy normalization, it still continued conducting bond
Overall Indonesia balance of payment during buying program but with less and less quantity. ECB
2017 was still surplus backed more by surplus in fi- is expected to halt its QE program by the end of
nancial account. The surplus of the balance of pay- 2018 and start raising interest rate in 2019.
ment was partly contributed by narrowing current
account deficit to 1.7% of GDP from 1.8% of GDP Economic Achievements
in the previous year. Indonesia balance of payment
performance was highly influenced by global econ- Despite external economic uncertainty, Indo-
omy conditions. The global economy was project- nesia economy still showed positive growth and it
ed to recover further but with a slow pace. World was supported by macroeconomic policies that con-
Bank estimated that the world economy could grow sistently geared towards maintaining stability. The
3.1%yoy. But World Bank also forecasted the world government also implemented fiscal policies as pru-
economy would grow stable at 3.1% in 2018. Global dent as possible and took effective expenditure and
growth was underpinned by accelerating econom- revenue measures to stabilize the public finances.
ic recovery in developed countries especially the With that macroeconomic stability, Indonesia is now
US and ongoing economic recovery in developing fully rated as an investment grade country by major
countries. Sources of economic growth also began international rating agencies.
to expand into investment, from the previous one The year of 2017 is the first time all major credit
that was more focused on consumption. Further in- agencies rate Indonesia’s sovereign bonds as invest-
vestment improvements pushed world trade volume ment grades since the Asian financial crisis. All of the
to increase to 4.5%, higher than the achievement in credit ratings consider Indonesian authorities have
2016 of 1.5%. These developments also resulted in taken effective expenditure and revenue measures
rising global commodity prices, particularly energy to stabilize the country’s public finances despite of
and metals commodities. the global trade shock. In addition, Indonesia has
However there were some factors that brought exhibited effective policymaking in recent years to
uncertainties and some downside risks for global promote the balance between growth and sustain-
economic growth outlook. One of the biggest fac- ability of domestic economic. As a result, net gov-
tors was intensifying trade war tension led by US ernment debt is expected to be below 30 per cent
President, Donald Trump who has emphasized on and budget deficit declined gradually. These rating
protectionism policies. Started by imposing 25% tar- upgrades also imply that Indonesia economic and
iffs on steel and 10% tariffs on aluminum and later policy settings have become easier to predict.
US officially imposed another 25% tariffs on US$34 The upgrade of Indonesia’s sovereign bond rat-
billion worth of Chinese products marking the trade ing opens new opportunity to support nation’s infra-
war kickoff between US and China. As a retaliation structure boom. The new rating would allow Indone-
action, China then also planned to impose tariff with sia to access a new pool of eligible foreign investors
similar amount on US goods. This then followed by and lower the cost of borrowing at the same time to
another list of US$200 billion tariff for Chinese goods support the economic growth.
by the US. ranks 36 among a total of 140 countries in the
Another main factor that brought pressures to latest edition of Global Competitiveness Report pub-
global economy throughout 2017 and the first half lished by World Economic Forum (WEF). It is a posi-
2018 was monetary policy normalization led by the tive indication that the country is climbing its way up
US Federal Reserve. During the period, The Fed had the competitiveness ladder since it has improved its
increased Fed Funds Rate five times from the range performance across all of its pillars.
of 0,75%-1,00% in March 2017 to 1,75%-2,00% in Indonesia is up 5 positions from 41 to 36. The
June 2018. The rate hike was in respond to stronger main driver of this change is the large market size
than expected US economy. The Fed is expected to (9th) and a relatively robust macroeconomic envi-
increase another 50,0bps till the end of 2018. The ronment (26th). Therefore, Indonesia is also in the
Fed monetary tightening pushed US Dollar stronger position of 31 and 32 in innovation and business so-
hence this brought pressure to emerging market cur- phistication respectively. In other words, WEF high-
rencies including Indonesian Rupiah. In line with the lighted Indonesia as one of the top innovative coun-
US Fed, monetary normalization followed by Bank tries among the emerging economies.

However, Indonesia still has issues to overcome.

The nation is still lagging quite far behind in terms of
technological readiness (80th) and labor market effi-
ciency pillar (96th). Therefore there should be signif-
icant advances in to improve excessive redundancy
costs, limited flexibility of wage determination, and a
limited representation of women in the labor force.
Figure 1.8 Indonesia Sovereign Rating Trend Source: Bank Indonesia
BBB
BBB-
BB+
BB
BB-
B+
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
JCRA R&I Moody's S&P Fitch
Figure 1.9 Global Competitiveness Index Source: World Economic Forum
Rank CGI Rank

Countries
ASEAN 2017-2018 2016-2017
1. Singapore 3 2
2. Malaysia 23 25
3. Thailand 32 34
4. Indonesia 36 41
5. Brunei 46 58
6. Vietnam 55 60
7. Philippines 56 57
8. Cambodia 94 89
9. Lao DPR 98 93

Chapter 2
Bond
Indices
Overview Gross price index describes the gross overall

price movements of group of bonds calculated based
Bond index is an indicator to measure the move- on the price movements of bonds and the sum total
ment and the development of bond price or yield. of net interest earned each period.
Bond index can also describe movement trends in
bond market on certain conditions. Effective Yield Index
In general, bond index also becomes a barome-
ter of debt market performance either conventional Effective yield index tracks the yield of a bond,
bond or sharia bond. The index performance also assuming that investors will reinvest the coupon (in-
becomes an important benchmark for investors and terest payments) once you have received payment.
portfolio managers. If an investment or portfolio in-
vestments falls below the moving average market Gross Redemption Yield
index, it can be said that the investor or investment
manager failed to allocate funds in the bond market Gross redemption yield index describes the
relative to the market. movement of bond yields that accounted for the val-
In development index bonds can be classified ue of the interest earned and the duration of bonds.
into 5 kinds:
INDOBeX (Indonesia Bond Indexes)
Total Return Index
In line with the increasing value of new bonds
Total return index is a type of equity index that issuance, outstanding value, and volume-frequency
tracks both the capital gains of a group of bond over from year to year, the increase indicates that the
time, and assumes that any cash distributions are bonds become more important for the Government
reinvested back into the index. This index displays and the Corporation as a source of long-term financ-
more accurate representation bond’s performance. ing as well as the choice of investment instruments
for the people and market participants. Therefore,
Clean Price Index IBPA in cooperation with the Indonesia Stock Ex-
change on November 21, 2014 launched an index
Clean Price Index is tracks price of a coupon bond that called Indonesia Bond Indexes (INDOBeX). IN-
but not including any accrued interest. The index is DOBeX provides a wide range of bond index that
like discounted future cash flows, not including any calculates government bonds to corporate bonds or
interest accruing on the next coupon payment date. both of the market such as:
After the coupon payment, the clean price will equal
the dirty price. Indonesia Composite Bond Index (ICBI)
Gross Price Index On November 11, 2015, IBPA and IDX re-
launched INDOBeX-Total Return and changed its

name to Indonesia Composite Bond Index (ICBI).

The aim of ICBI is to be the main reference and the INDOBeX calculations performed using the data
most reliable benchmark of Indonesia bond market base of bond fair market price and comprehensive
performance that has equivalent role to IHSG (Ja- information belonging IBPA, then combined with the
karta Composite Index) in stock market. The index standard methodology of index calculation in accor-
is calculated based on the value of total return do- dance with international best practices so that the
mestic bonds which issued by Government and cor- accuracy from calculation method can be account-
porations. able. That calculation results the INDOBeX charac-
teristics, namely Comprehensive, Representative,
Government Bond Indonesia Indexes: Accurate, Variety, Transparent, Replicable, and Sta-
INDOBeXG ble.
The index consists of all government bonds in- INDOBeX and ISIX Specifications
cluding state securities (SBN).
Currency Rupiah
Corporate Bonds Indonesia Indexes: Outstanding Amount At least Rp100 billion
INDOBeXC The Type of Bond Fixed Rate
Maturity At least 1 year or 365
The index consists of all corporate bonds.
days of legal maturity
Rating Investment Grade (AAA
Index by Sector
to BBB-)
Data Sources IBPA Fair Price & Yield
INDOBeXC index by sector is sub-indexes classi-
Weighted Market Capitalization
fied into nine sectors according to the industry clas-
Index Rebalance End of each month on the
sification set by IDX. The nine sectors are Agricul-
last working day
ture; Basic Industry & Chemical; Consumer Goods;
Finance; Utilities, Infrastructure & Transport; Min- Time & Frequency Every day at 17.00 WIB
ing; Miscellaneous Industry; Property, Real Estate &
Building Construction; Trade, Service & Investment.
Dissemination of INDOBeX
Indonesia Sukuk Index (ISIX)
IBPA Website (www.ibpa.co.id)
In line with the growing sharia bond market, IDX Website (www.idx.co.id)
IBPA on November 21, 2015 also launched an in- Bond Information & Pricing Services (BIPS)
dex that called Indonesia Sukuk Index (ISIX). ISIX Mass Media
provides a wide range of bond index that calculates Information Services Provider (Bloomberg,
sharia government bonds to sharia corporate bonds Thomson Reuters, etc)
or both of the market such as:
Indonesia Sukuk Index Composite (ISIXC)
The index consists of entire sharia government

and corporate bonds that meet the criteria for in-
dexing.
Indonesia Government Sukuk Index (IGSIX)
The index consists of all sharia government

bonds.
Indonesia Corporate Sukuk Index (ICSIX)
The index consists of all sharia corporate bonds.
INDOBeX and ISIX Calculation

INDOBeX - Indonesia Composite Bond Indexes
270 11
240 10
INDOBeX-GRY
INDOBeX-EY
210 9
INDOBeX-CP
180 8
INDOBeX-GP
ICBI
150 7
120 6
90 5
J F M A M J J A S O N D J F M A M J J F M A M J J A S O N D J F M A M J
2017 2018 2017 2018
INDOBeX (Base 10 August 2009 = 100)

Period INDOBeX-CP INDOBeX-GP ICBI INDOBeX-EY INDOBeX-GRY
Index % Index % Index % Index % Index %
Jan-17 111.148 1.02% 113.321 1.01% 212.051 1.70% 7.842 -2.95% 7.974 -2.27%
Feb-17 111.604 0.41% 114.106 0.69% 214.238 1.03% 7.809 -0.43% 7.906 -0.86%
Mar-17 114.356 2.47% 116.020 1.68% 220.960 3.14% 7.383 -5.45% 7.474 -5.46%
Apr-17 114.657 0.26% 116.802 0.67% 222.975 0.91% 7.330 -0.72% 7.432 -0.56%
May-17 114.957 0.26% 116.677 -0.11% 225.064 0.94% 7.292 -0.52% 7.377 -0.73%
Jun-17 115.502 0.47% 117.575 0.77% 227.569 1.11% 7.224 -0.93% 7.298 -1.07%
Jul-17 114.885 -0.53% 117.081 -0.42% 227.893 0.14% 7.307 1.15% 7.378 1.10%
Aug-17 116.847 1.71% 119.340 1.93% 233.232 2.34% 6.973 -4.57% 7.090 -3.91%
Sep-17 117.978 0.97% 119.718 0.32% 236.917 1.58% 6.787 -2.67% 6.915 -2.47%
Oct-17 115.825 -1.82% 118.038 -1.40% 234.187 -1.15% 7.061 4.04% 7.220 4.40%
Nov-17 117.726 1.64% 119.369 1.13% 239.465 2.25% 6.777 -4.02% 6.938 -3.90%
Dec-17 118.752 0.87% 120.775 1.18% 243.085 1.51% 6.616 -2.39% 6.784 -2.23%
Jan-18 119.278 0.44% 121.468 0.57% 245.692 1.07% 6.504 -1.69% 6.693 -1.33%
Feb-18 117.118 -1.81% 119.528 -1.60% 242.723 -1.21% 6.788 4.36% 6.999 4.56%
Mar-18 117.117 0.00% 118.941 -0.49% 244.318 0.66% 6.810 0.33% 6.989 -0.13%
Apr-18 115.363 -1.50% 117.652 -1.08% 242.221 -0.86% 7.126 4.64% 7.245 3.65%
May-18 113.810 -1.35% 115.387 -1.93% 240.603 -0.67% 7.430 4.27% 7.476 3.20%
Jun-18 109.472 -3.81% 111.454 -3.41% 233.072 -3.13% 8.129 9.40% 8.156 9.09%
1H2017 115.502 -3.77% 117.575 -3.62% 227.569 -6.82% 7.224 8.56% 7.298 9.26%
FY2017 118.752 7.94% 120.775 7.66% 243.085 16.59% 6.616 -18.13% 6.784 -16.86%
1H2018 109.472 -8.22% 111.454 -8.24% 233.072 -5.14% 8.129 24.98% 8.156 21.85%
INDOBeX-CP : Indonesia Composite Bond Index - Clean Price

INDOBeX-GP : Indonesia Composite Bond Index - Gross Price
ICBI : Indonesia Composite Bond Index
INDOBeX-EY : Indonesia Composite Bond Index - Effective Yield
INDOBeX-GRY : Indonesia Composite Bond Index - Gross Redemption Yield

INDOBeXG - Government Bond Indonesia Indexes
270 11
240 10
INDOBeXG-GRY
INDOBeXG-EY
210 9
INDOBeXG-CP
180 8
INDOBeXG-GP
INDOBeXG-TR
150 7
120 6
90 5
2017 2018 2017 2018
INDOBeXG (Base 10 August 2009 = 100)

Period INDOBeXG-CP INDOBeXG-GP INDOBeXG-TR INDOBeXG-EY INDOBeXG-GRY
Jan-17 111.504 1.07% 113.808 1.04% 209.115 1.73% 7.664 -2.82% 7.887 -2.22%
Feb-17 111.997 0.44% 114.645 0.74% 211.313 1.05% 7.630 -0.45% 7.818 -0.88%
Mar-17 114.969 2.65% 116.713 1.80% 218.289 3.30% 7.201 -5.62% 7.389 -5.48%
Apr-17 115.246 0.24% 117.518 0.69% 220.202 0.88% 7.157 -0.61% 7.348 -0.56%
May-17 115.593 0.30% 117.339 -0.15% 222.316 0.96% 7.115 -0.58% 7.292 -0.75%
Jun-17 116.193 0.52% 118.409 0.91% 224.862 1.15% 7.042 -1.02% 7.210 -1.13%
Jul-17 115.543 -0.56% 117.875 -0.45% 225.091 0.10% 7.126 1.19% 7.291 1.12%
Aug-17 117.638 1.81% 120.281 2.04% 230.563 2.43% 6.783 -4.81% 6.993 -4.08%
Sep-17 118.866 1.04% 120.704 0.35% 234.346 1.64% 6.597 -2.74% 6.819 -2.49%
Oct-17 116.507 -1.98% 118.869 -1.52% 231.242 -1.32% 6.886 4.37% 7.130 4.56%
Nov-17 118.519 1.73% 120.196 1.12% 236.616 2.32% 6.602 -4.11% 6.851 -3.92%
Dec-17 119.623 0.93% 121.794 1.33% 240.295 1.55% 6.430 -2.60% 6.689 -2.37%
Jan-18 120.201 0.48% 122.544 0.62% 242.933 1.10% 6.321 -1.70% 6.601 -1.31%
Feb-18 117.839 -1.97% 120.427 -1.73% 239.607 -1.37% 6.619 4.70% 6.911 4.70%
Mar-18 117.888 0.04% 119.826 -0.50% 241.226 0.68% 6.632 0.20% 6.895 -0.23%
Apr-18 116.047 -1.56% 118.505 -1.10% 238.979 -0.93% 6.934 4.56% 7.144 3.60%
May-18 114.441 -1.38% 116.049 -2.07% 237.260 -0.72% 7.214 4.03% 7.364 3.09%
Jun-18 109.722 -4.12% 111.849 -3.62% 229.081 -3.45% 7.923 9.84% 8.041 9.19%
1H2017 116.193 4.21% 118.409 4.04% 224.862 7.53% 7.042 -8.11% 7.210 -8.59%
FY2017 119.623 8.43% 121.794 8.13% 240.295 16.90% 6.430 -18.46% 6.689 -17.08%
1H2018 109.722 -8.72% 111.849 -8.73% 229.081 -5.70% 7.923 25.34% 8.041 21.82%
INDOBEXG-CP : Indonesia Government Bond Index - Clean Price

INDOBEXG-GP : Indonesia Government Bond Index - Gross Price
INDOBEXG-TR : Indonesia Government Bond Index - Total Return
INDOBEXG-EY : Indonesia Government Bond Index - Effective Yield
INDOBEXG-GRY : Indonesia Government Bond Index - Gross Redemption Yield

INDOBeXC - Corporate Bond Indonesia Indexes
270 11
240 10
INDOBeXC-GRY
INDOBeXC-EY
210 9
INDOBeXC-CP
180 8
INDOBeXC-GP
INDOBeXC-TR
150 7
120 6
90 5
2017 2018 2017 2018
INDOBeXC (Base 10 August 2009 = 100)

Period INDOBeXC-CP INDOBeXC-GP INDOBeXC-TR INDOBeXC-EY INDOBeXC-GRY
Jan-17 106.398 0.70% 107.626 0.82% 224.638 1.48% 9.144 -3.71% 9.300 -2.61%
Feb-17 106.595 0.19% 108.052 0.40% 226.630 0.89% 9.101 -0.47% 9.259 -0.44%
Mar-17 107.759 1.09% 108.833 0.72% 231.028 1.94% 8.745 -3.91% 8.850 -4.42%
Apr-17 108.221 0.43% 109.442 0.56% 233.738 1.17% 8.618 -1.45% 8.733 -1.33%
May-17 108.195 -0.02% 109.699 0.23% 235.530 0.77% 8.602 -0.19% 8.717 -0.18%
Jun-17 108.345 0.14% 109.384 -0.29% 237.593 0.88% 8.584 -0.21% 8.672 -0.52%
Jul-17 107.964 -0.35% 109.182 -0.18% 238.643 0.44% 8.657 0.85% 8.762 1.03%
Aug-17 109.025 0.98% 110.490 1.20% 242.774 1.73% 8.309 -4.02% 8.426 -3.84%
Sep-17 109.498 0.43% 110.559 0.06% 245.566 1.15% 8.127 -2.19% 8.251 -2.07%
Oct-17 108.731 -0.70% 109.924 -0.57% 245.741 0.07% 8.291 2.02% 8.452 2.43%
Nov-17 109.891 1.07% 111.288 1.24% 250.110 1.78% 7.956 -4.04% 8.122 -3.90%
Dec-17 110.412 0.47% 111.511 0.20% 253.178 1.23% 7.809 -1.86% 7.963 -1.97%
Jan-18 110.621 0.19% 111.848 0.30% 255.488 0.91% 7.687 -1.56% 7.867 -1.20%
Feb-18 109.735 -0.80% 111.008 -0.75% 255.119 -0.14% 7.894 2.70% 8.126 3.29%
Mar-18 109.439 -0.27% 110.544 -0.42% 256.477 0.53% 7.927 0.42% 8.149 0.29%
Apr-18 108.236 -1.10% 109.482 -0.96% 255.464 -0.39% 8.327 5.05% 8.495 4.25%
May-18 107.021 -1.12% 108.378 -1.01% 254.542 -0.36% 8.722 4.75% 8.843 4.09%
Jun-18 104.908 -1.97% 106.005 -2.19% 251.348 -1.25% 9.367 7.39% 9.530 7.77%
1H2017 108.345 1.83% 109.384 1.63% 237.593 5.77% 8.584 -6.13% 8.672 -6.75%
FY2017 110.412 4.50% 111.511 4.46% 253.178 14.38% 7.809 -17.77% 7.963 -16.62%
1H2018 104.908 -5.17% 106.005 -5.22% 251.348 -1.62% 9.367 21.86% 9.530 21.14%
INDOBeXC-CP : Indonesia Corporate Bond Index - Clean Price

INDOBeXC-GP : Indonesia Corporate Bond Index - Gross Price
INDOBeXC-TR : Indonesia Corporate Bond Index - Total Return
INDOBeXC-EY : Indonesia Corporate Bond Index - Effective Yield
INDOBeXC-GRY : Indonesia Corporate Bond Index - Gross Redemption Yield

ISIXC - Indonesia Sukuk Index Composite
270 11
240 10
ISIXC-GRY
ISIXC-EY
210 9
ISIXC-CP
180 8
ISIXC-GP
ISIXC-TR
150 7
120 6
90 5
2017 2018 2017 2018
ISIXC (Base 10 August 2009 = 100)

Period ISIXC-CP ISIXC-GP ISIXC-TR ISIXC-EY ISIXC-GRY
Jan-17 104.787 0.99% 106.527 0.62% 195.209 1.64% 7.356 -5.32% 8.000 -3.07%
Feb-17 104.908 0.12% 106.726 0.19% 196.639 0.73% 7.584 3.11% 8.046 0.57%
Mar-17 106.609 1.62% 107.903 1.10% 201.158 2.30% 7.220 -4.81% 7.682 -4.53%
Apr-17 106.962 0.33% 108.691 0.73% 203.113 0.97% 7.226 0.08% 7.600 -1.07%
May-17 107.055 0.09% 108.312 -0.35% 204.630 0.75% 7.213 -0.17% 7.576 -0.31%
Jun-17 107.351 0.28% 109.088 0.72% 206.485 0.91% 7.176 -0.52% 7.522 -0.72%
Jul-17 107.110 -0.22% 109.168 0.07% 207.368 0.43% 7.206 0.43% 7.563 0.55%
Aug-17 108.568 1.36% 110.526 1.24% 211.490 1.99% 6.824 -5.31% 7.263 -3.97%
Sep-17 110.005 1.32% 111.578 0.95% 215.543 1.92% 6.476 -5.09% 6.943 -4.40%
Oct-17 108.680 -1.20% 110.623 -0.86% 214.319 -0.57% 6.684 3.21% 7.203 3.75%
Nov-17 109.719 0.96% 110.829 0.19% 217.652 1.55% 6.425 -3.87% 6.967 -3.27%
Dec-17 110.349 0.57% 111.980 1.04% 220.249 1.19% 6.247 -2.78% 6.821 -2.10%
Jan-18 110.727 0.34% 112.730 0.67% 222.345 0.95% 6.088 -2.54% 6.721 -1.47%
Feb-18 109.580 -1.04% 111.525 -1.07% 221.307 -0.47% 6.316 3.74% 6.961 3.57%
Mar-18 109.514 -0.06% 111.194 -0.30% 222.539 0.56% 6.435 1.88% 6.995 0.48%
Apr-18 107.940 -1.44% 110.012 -1.06% 220.672 -0.84% 6.882 6.95% 7.325 4.72%
May-18 106.562 -1.28% 107.740 -2.07% 219.224 -0.66% 7.240 5.20% 7.614 3.94%
Jun-18 104.037 -2.37% 105.969 -1.64% 215.421 -1.74% 7.919 9.39% 8.164 7.22%
1H2017 107.351 2.45% 109.088 2.40% 206.485 5.78% 7.176 -2.44% 7.522 -5.98%
FY2017 110.349 6.35% 111.980 5.77% 220.249 14.68% 6.247 -19.59% 6.821 -17.36%
1H2018 104.037 -6.04% 105.969 -6.00% 215.421 -3.11% 7.919 30.08% 8.164 21.47%
ISIXC-EY : Indonesia Sukuk Index Composite - Effective Yield

ISIXC-GRY : Indonesia Sukuk Index Composite - Gross Redemption Yield
ISIXC-CP : Indonesia Sukuk Index Composite - Clean Price
ISIXC-GP : Indonesia Sukuk Index Composite - Gross Price
ISIXC-TR : Indonesia Sukuk Index Composite - Total Return

IGSIX - Indonesia Government Sukuk Index
270 11
240 10
IGSIX-GRY
IGSIX-EY
210 9
IGSIX-CP
180 8
IGSIX-GP
IGSIX-TR
150 7
120 6
90 5
2017 2018 2017 2018
IGSIX (Base 10 August 2009 = 100)

Period IGSIX-CP IGSIX-GP IGSIX-TR IGSIX-EY IGSIX-GRY
Jan-17 104.827 1.01% 106.585 0.65% 193.282 1.66% 7.305 -5.43% 7.970 -3.13%
Feb-17 104.941 0.11% 106.765 0.17% 194.676 0.72% 7.535 3.15% 8.019 0.61%
Mar-17 106.658 1.64% 107.946 1.11% 199.167 2.31% 7.171 -4.83% 7.656 -4.52%
Apr-17 107.005 0.32% 108.751 0.75% 201.084 0.96% 7.188 0.24% 7.579 -1.01%
May-17 107.098 0.09% 108.344 -0.37% 202.577 0.74% 7.176 -0.17% 7.556 -0.30%
Jun-17 107.390 0.27% 109.137 0.73% 204.399 0.90% 7.134 -0.58% 7.499 -0.76%
Jul-17 107.157 -0.22% 109.248 0.10% 205.279 0.43% 7.163 0.40% 7.539 0.54%
Aug-17 108.623 1.37% 110.593 1.23% 209.362 1.99% 6.776 -5.40% 7.237 -4.01%
Sep-17 110.093 1.35% 111.668 0.97% 213.427 1.94% 6.424 -5.20% 6.912 -4.49%
Oct-17 108.757 -1.21% 110.732 -0.84% 212.186 -0.58% 6.632 3.24% 7.172 3.77%
Nov-17 109.793 0.95% 110.889 0.14% 215.466 1.55% 6.370 -3.95% 6.935 -3.30%
Dec-17 110.428 0.58% 112.064 1.06% 218.036 1.19% 6.189 -2.84% 6.783 -2.20%
Jan-18 110.810 0.35% 112.838 0.69% 220.112 0.95% 6.044 -2.34% 6.690 -1.36%
Feb-18 109.663 -1.04% 111.625 -1.08% 219.078 -0.47% 6.273 3.79% 6.932 3.61%
Mar-18 109.601 -0.06% 111.291 -0.30% 220.295 0.56% 6.389 1.85% 6.961 0.42%
Apr-18 108.024 -1.44% 110.122 -1.05% 218.437 -0.84% 6.839 7.04% 7.291 4.75%
May-18 106.649 -1.27% 107.824 -2.09% 217.002 -0.66% 7.198 5.25% 7.581 3.97%
Jun-18 104.126 -2.37% 106.076 -1.62% 213.238 -1.73% 7.874 9.38% 8.128 7.23%
1H2017 107.390 2.44% 109.137 2.39% 204.399 5.75% 7.134 -2.35% 7.499 -5.91%
FY2017 110.428 6.41% 112.064 5.82% 218.036 14.68% 6.189 -19.88% 6.783 -17.56%
1H2018 104.126 -6.03% 106.076 -5.99% 213.238 -3.12% 7.874 30.27% 8.128 21.49%
IGSIX-EY : Indonesia Government Sukuk Index - Effective Yield

IGSIX-GRY : Indonesia Government Sukuk Index - Gross Redemption Yield
IGSIX-CP : Indonesia Government Sukuk Index - Clean Price
IGSIX-GP : Indonesia Government Sukuk Index - Gross Price
IGSIX-TR : Indonesia Government Sukuk Index - Total Return

ICSIX - Indonesia Corporate Sukuk Index
270 11
240 10
210 9
180 8
ICSIX-CP
ICSIX-GP
150 7
ICSIX-TR ICSIX-GRY
ICSIX-EY
120 6
90 5
2017 2018 2017 2018
ICSIX (Base 10 August 2009 = 100)

Period ICSIX-CP ICSIX-GP ICSIX-TR ICSIX-EY ICSIX-GRY
Jan-17 100.682 -0.10% 101.676 -0.55% 219.514 0.72% 9.437 -1.35% 9.527 0.10%
Feb-17 101.082 0.40% 102.654 0.96% 222.006 1.14% 9.340 -1.04% 9.418 -1.15%
Mar-17 102.186 1.09% 103.642 0.96% 226.421 1.99% 8.981 -3.84% 9.022 -4.20%
Apr-17 102.712 0.52% 103.715 0.07% 229.359 1.30% 8.765 -2.40% 8.835 -2.07%
May-17 102.795 0.08% 104.468 0.73% 231.449 0.91% 8.722 -0.50% 8.778 -0.65%
Jun-17 103.225 0.42% 104.565 0.09% 234.183 1.18% 8.627 -1.08% 8.655 -1.40%
Jul-17 102.710 -0.50% 103.638 -0.89% 234.934 0.32% 8.736 1.26% 8.776 1.40%
Aug-17 103.908 1.17% 105.426 1.73% 239.508 1.95% 8.375 -4.14% 8.429 -3.95%
Sep-17 104.274 0.35% 105.697 0.26% 242.144 1.10% 8.287 -1.05% 8.349 -0.95%
Oct-17 103.324 -0.91% 104.179 -1.44% 241.892 -0.10% 8.486 2.41% 8.594 2.93%
Nov-17 104.460 1.10% 105.947 1.70% 246.369 1.85% 8.251 -2.78% 8.343 -2.92%
Dec-17 104.922 0.44% 106.338 0.37% 249.394 1.23% 8.171 -0.97% 8.225 -1.41%
Jan-18 105.109 0.18% 106.169 -0.16% 251.702 0.93% 7.826 -4.22% 7.986 -2.91%
Feb-18 104.018 -1.04% 105.276 -0.84% 250.789 -0.36% 8.068 3.09% 8.253 3.34%
Mar-18 103.785 -0.22% 105.056 -0.21% 252.304 0.60% 8.130 0.77% 8.336 1.01%
Apr-18 102.339 -1.39% 103.443 -1.54% 250.633 -0.66% 8.489 4.41% 8.662 3.92%
May-18 100.885 -1.42% 102.136 -1.26% 249.068 -0.62% 8.896 4.80% 9.003 3.94%
Jun-18 98.363 -2.50% 99.647 -2.44% 244.730 -1.74% 9.520 7.01% 9.645 7.12%
1H2017 103.225 2.53% 104.565 2.84% 234.183 6.68% 8.627 -8.58% 8.655 -9.15%
FY2017 104.922 4.10% 106.338 4.01% 249.394 14.43% 8.171 -14.58% 8.225 -13.58%
1H2018 98.363 -6.42% 99.647 -6.14% 244.730 -2.77% 9.520 21.64% 9.645 20.77%
ICSIX-EY : Indonesia Corporate Sukuk Index - Effective Yield

ICSIX-GRY : Indonesia Corporate Sukuk Index - Gross Redemption Yield
ICSIX-CP : Indonesia Corporate Sukuk Index - Clean Price
ICSIX-GP : Indonesia Corporate Sukuk Index - Gross Price
ICSIX-TR : Indonesia Corporate Sukuk Index - Total Return

INDOBeX - Corporate Bond Agriculture
300 12
270 11
240 10
210 9
CP
180 8
GP
TR
150 7
GRY EY
120 6
90 5
2017 2018 2017 2018
INDOBeXC - Agriculture (Base 10 August 2009 = 100)

Period CP GP TR EY GRY
Jan-17 106.589 1.10% 107.302 -0.43% 228.846 1.87% 10.750 -5.88% 10.689 -5.89%
Feb-17 107.158 0.53% 108.604 1.21% 231.622 1.21% 10.566 -1.71% 10.440 -2.32%
Mar-17 107.491 0.31% 109.779 1.08% 234.128 1.08% 10.403 -1.55% 10.243 -1.89%
Apr-17 107.640 0.14% 108.326 -1.32% 236.276 0.92% 10.285 -1.14% 10.208 -0.34%
May-17 107.710 0.06% 109.237 0.84% 238.264 0.84% 10.290 0.05% 10.216 0.08%
Jun-17 108.044 0.31% 110.332 1.00% 240.652 1.00% 10.086 -1.98% 10.019 -1.93%
Jul-17 109.192 1.06% 109.905 -0.39% 245.140 1.86% 8.959 -11.17% 9.030 -9.88%
Aug-17 110.504 1.20% 112.142 2.04% 249.952 1.96% 8.914 -0.51% 8.914 -1.28%
Sep-17 110.275 -0.21% 112.675 0.48% 251.140 0.48% 9.048 1.50% 9.048 1.50%
Oct-17 112.050 1.61% 112.841 0.15% 257.290 2.45% 7.981 -11.79% 7.981 -11.79%
Nov-17 112.506 0.41% 114.116 1.13% 260.197 1.13% 7.661 -4.02% 7.661 -4.02%
Dec-17 112.815 0.27% 115.216 0.96% 262.704 0.96% 7.392 -3.50% 7.392 -3.50%
Jan-18 112.840 0.02% 113.631 -1.38% 264.923 0.84% 7.247 -1.97% 7.247 -1.97%
Feb-18 112.657 -0.16% 114.211 0.51% 266.275 0.51% 7.319 1.00% 7.319 1.00%
Mar-18 112.419 -0.21% 114.848 0.56% 267.760 0.56% 7.343 0.33% 7.343 0.33%
Apr-18 111.435 -0.88% 112.198 -2.31% 267.500 -0.10% 8.003 8.98% 8.003 8.98%
May-18 110.583 -0.76% 112.410 0.19% 267.660 0.06% 9.878 23.44% 9.984 24.76%
Jun-18 107.511 -2.78% 110.139 -2.02% 262.251 -2.02% 10.634 7.65% 10.805 8.22%
1H2017 108.044 -1.35% 110.332 -2.75% 240.652 -4.91% 10.086 6.58% 10.019 6.69%
FY2017 112.815 7.01% 115.216 6.91% 262.704 16.94% 7.392 -35.28% 7.392 -34.91%
1H2018 107.511 -4.72% 110.139 -3.07% 262.251 -1.01% 10.634 46.74% 10.805 49.10%
EY : Effective Yield
GRY : Gross Redemption Yield
CP : Clean Price
GP : Gross Price
TR : Total Return

INDOBeX - Corporate Bond Mining
300 12
270 11
240 10
210 9
CP
180 8
GP
TR
150 7
GRY EY
120 6
90 5
2017 2018 2017 2018
INDOBeXC - Mining (Base 10 August 2009 = 100)

Jan-17 102.387 0.90% 103.440 1.21% 224.933 1.73% 10.628 -2.67% 11.013 -2.68%
Feb-17 102.390 0.00% 104.217 0.75% 226.611 0.75% 10.660 0.30% 11.052 0.35%
Mar-17 103.345 0.93% 104.507 0.28% 230.640 1.78% 10.327 -3.12% 10.704 -3.14%
Apr-17 106.958 3.50% 107.957 3.30% 240.683 4.35% 9.912 -4.02% 9.801 -8.44%
May-17 107.756 0.75% 109.667 1.58% 244.496 1.58% 9.657 -2.57% 9.532 -2.74%
Jun-17 107.889 0.12% 109.341 -0.30% 246.640 0.88% 9.613 -0.45% 9.498 -0.36%
Jul-17 106.576 -1.22% 107.618 -1.58% 245.795 -0.34% 9.953 3.53% 9.926 4.51%
Aug-17 106.435 -0.13% 108.448 0.77% 247.525 0.70% 10.069 1.17% 10.180 2.56%
Sep-17 107.855 1.33% 109.143 0.64% 252.637 2.07% 9.667 -4.00% 9.712 -4.60%
Oct-17 108.482 0.58% 109.596 0.42% 256.393 1.49% 9.470 -2.04% 9.479 -2.40%
Nov-17 109.946 1.35% 111.870 2.07% 261.816 2.12% 8.938 -5.62% 8.934 -5.75%
Dec-17 110.548 0.55% 111.557 -0.28% 265.172 1.28% 8.605 -3.72% 8.712 -2.48%
Jan-18 110.187 -0.33% 111.264 -0.26% 266.657 0.56% 8.822 2.51% 8.855 1.63%
Feb-18 109.361 -0.75% 111.243 -0.02% 266.607 -0.02% 9.068 2.80% 9.129 3.10%
Mar-18 107.953 -1.29% 109.046 -1.97% 265.466 -0.43% 9.413 3.79% 9.562 4.75%
Apr-18 106.842 -1.03% 107.888 -1.06% 265.007 -0.17% 9.838 4.52% 9.945 4.00%
May-18 105.524 -1.23% 107.479 -0.38% 264.030 -0.37% 10.283 4.52% 10.372 4.30%
Jun-18 104.172 -1.28% 105.305 -2.02% 262.650 -0.52% 10.742 4.47% 10.904 5.13%
1H2017 107.889 -5.10% 109.341 -5.40% 246.640 -8.80% 9.613 10.56% 9.498 15.95%
FY2017 110.548 8.94% 111.557 9.15% 265.172 19.93% 8.605 -21.20% 8.712 -23.01%
1H2018 104.172 -5.46% 105.305 -5.60% 262.650 -0.95% 10.742 19.49% 10.904 25.16%
CP : Clean Price
GP : Gross Price
TR : Total Return

INDOBeX - Corporate Bond Basic Industry
300 12
270 11
240 10
210 9
CP
180 8
GP
TR
150 7
GRY EY
120 6
90 5
2017 2018 2017 2018
INDOBeXC - Basic Industry (Base 10 August 2009 = 100)

Jan-17 115.189 0.13% 116.521 -0.12% 251.966 0.91% 8.854 895.94% 8.959 -0.96%
Feb-17 114.810 -0.33% 116.988 0.40% 252.970 0.40% 9.311 939.66% 9.397 4.88%
Mar-17 115.670 0.75% 117.023 0.03% 256.968 1.58% 8.959 -3.78% 9.050 -3.69%
Apr-17 116.003 0.29% 117.307 0.24% 259.844 1.12% 8.792 -1.87% 8.900 -1.66%
May-17 115.794 -0.18% 118.065 0.65% 261.524 0.65% 8.831 0.44% 8.940 0.45%
Jun-17 115.670 -0.11% 117.201 -0.73% 263.200 0.64% 9.058 2.57% 9.211 3.04%
Jul-17 115.042 -0.54% 116.133 -0.91% 264.036 0.32% 9.262 2.25% 9.396 2.01%
Aug-17 116.348 1.13% 118.096 1.69% 268.945 1.86% 8.172 -11.76% 8.159 -13.17%
Sep-17 116.351 0.00% 117.654 -0.37% 270.693 0.65% 8.157 -0.19% 8.152 -0.08%
Oct-17 115.766 -0.50% 116.664 -0.84% 271.499 0.30% 8.222 0.80% 8.282 1.60%
Nov-17 117.625 1.61% 119.345 2.30% 277.739 2.30% 7.742 -5.83% 7.785 -6.01%
Dec-17 118.080 0.39% 119.359 0.01% 280.599 1.03% 7.530 -2.75% 7.571 -2.75%
Jan-18 118.517 0.37% 119.747 0.33% 283.761 1.13% 7.435 -1.26% 7.491 -1.05%
Feb-18 117.524 -0.84% 118.879 -0.72% 283.162 -0.21% 7.648 2.86% 7.761 3.60%
Mar-18 117.402 -0.10% 118.683 -0.17% 284.910 0.62% 7.644 -0.05% 7.764 0.04%
Apr-18 116.140 -1.07% 117.357 -1.12% 283.906 -0.35% 8.103 6.01% 8.147 4.94%
May-18 115.049 -0.94% 116.519 -0.71% 283.335 -0.20% 8.438 4.12% 8.450 3.71%
Jun-18 112.848 -1.91% 114.087 -2.09% 279.752 -1.26% 9.006 6.74% 9.128 8.03%
1H2017 115.670 -0.42% 117.201 -0.58% 263.200 -4.27% 9.058 -2.24% 9.211 -2.73%
FY2017 118.080 2.64% 119.359 2.31% 280.599 12.38% 7.530 -16.16% 7.571 -16.31%
1H2018 112.848 -4.78% 114.087 -4.73% 279.752 -1.41% 9.006 21.13% 9.128 21.86%
CP : Clean Price
GP : Gross Price
TR : Total Return

INDOBeX - Corporate Bond Consumer Goods Industry
300 12
270 11
240 10
210 9
CP
180 8
GP
TR
150 7
GRY EY
120 6
90 5
2017 2018 2017 2018
INDOBeXC - Consumer Goods Industry (Base 10 August 2009 = 100)

Jan-17 115.189 0.13% 116.521 -0.12% 251.966 0.91% 8.854 895.94% 8.959 -0.96%
Feb-17 114.810 -0.33% 116.988 0.40% 252.970 0.40% 9.311 939.66% 9.397 4.88%
Mar-17 115.670 0.75% 117.023 0.03% 256.968 1.58% 8.959 -3.78% 9.050 -3.69%
Apr-17 116.003 0.29% 117.307 0.24% 259.844 1.12% 8.792 -1.87% 8.900 -1.66%
May-17 115.794 -0.18% 118.065 0.65% 261.524 0.65% 8.831 0.44% 8.940 0.45%
Jun-17 115.670 -0.11% 117.201 -0.73% 263.200 0.64% 9.058 2.57% 9.211 3.04%
Jul-17 115.042 -0.54% 116.133 -0.91% 264.036 0.32% 9.262 2.25% 9.396 2.01%
Aug-17 116.348 1.13% 118.096 1.69% 268.945 1.86% 8.172 -11.76% 8.159 -13.17%
Sep-17 116.351 0.00% 117.654 -0.37% 270.693 0.65% 8.157 -0.19% 8.152 -0.08%
Oct-17 115.766 -0.50% 116.664 -0.84% 271.499 0.30% 8.222 0.80% 8.282 1.60%
Nov-17 117.625 1.61% 119.345 2.30% 277.739 2.30% 7.742 -5.83% 7.785 -6.01%
Dec-17 118.080 0.39% 119.359 0.01% 280.599 1.03% 7.530 -2.75% 7.571 -2.75%
Jan-18 118.517 0.37% 119.747 0.33% 283.761 1.13% 7.435 -1.26% 7.491 -1.05%
Feb-18 117.524 -0.84% 118.879 -0.72% 283.162 -0.21% 7.648 2.86% 7.761 3.60%
Mar-18 117.402 -0.10% 118.683 -0.17% 284.910 0.62% 7.644 -0.05% 7.764 0.04%
Apr-18 116.140 -1.07% 117.357 -1.12% 283.906 -0.35% 8.103 6.01% 8.147 4.94%
May-18 115.049 -0.94% 116.519 -0.71% 283.335 -0.20% 8.438 4.12% 8.450 3.71%
Jun-18 112.848 -1.91% 114.087 -2.09% 279.752 -1.26% 9.006 6.74% 9.128 8.03%
1H2017 115.670 -0.42% 117.201 -0.58% 263.200 -4.27% 9.058 -2.24% 9.211 -2.73%
FY2017 118.080 2.64% 119.359 2.31% 280.599 12.38% 7.530 -16.16% 7.571 -16.31%
1H2018 112.848 -4.78% 114.087 -4.73% 279.752 -1.41% 9.006 21.13% 9.128 21.86%
CP : Clean Price
GP : Gross Price
TR : Total Return

INDOBeX - Corporate Bond Property, Real Estate, & Building Construction
300 12
270 11
240 10
210 9
CP
180 8
GP
TR
150 7
GRY EY
120 6
90 5
2017 2018 2017 2018
INDOBeXC - Property, Real Estate, & Building Construction (Base 10 August 2009 = 100)
Jan-17 102.724 10376.75% 227.198 1.06% 227.198 1.95% 9.733 -5.89% 9.876 -4.93%
Feb-17 102.369 10413.23% 228.091 0.35% 228.091 1.95% 9.729 -5.89% 9.871 -0.05%
Mar-17 103.025 -0.35% 104.019 -0.11% 231.471 0.39% 9.436 -0.05% 9.560 -3.16%
Apr-17 103.460 0.64% 104.547 0.51% 234.396 1.48% 9.246 -3.01% 9.263 -3.10%
May-17 103.462 0.42% 105.195 0.62% 236.354 1.26% 9.197 -2.02% 9.234 -0.32%
Jun-17 103.602 0.00% 104.574 -0.59% 238.443 0.84% 9.129 -0.53% 8.937 -3.21%
Jul-17 102.852 0.14% 103.962 -0.58% 238.773 0.88% 9.311 -0.74% 9.171 2.62%
Aug-17 103.603 -0.72% 105.345 1.33% 242.409 0.14% 9.067 1.99% 8.928 -2.65%
Sep-17 104.034 0.73% 104.950 -0.38% 245.113 1.52% 8.994 -2.62% 8.781 -1.65%
Oct-17 103.018 0.42% 104.150 -0.76% 244.862 1.12% 9.178 -0.79% 9.079 3.40%
Nov-17 104.372 -0.98% 106.021 1.80% 249.871 -0.10% 8.591 2.04% 8.513 -6.23%
Dec-17 105.004 1.31% 105.907 -0.11% 253.135 2.05% 8.312 -6.40% 8.315 -2.33%
Jan-18 104.738 0.60% 105.787 -0.11% 254.594 1.31% 8.351 -3.24% 8.373 0.70%
Feb-18 103.757 -0.25% 105.289 -0.47% 253.956 0.58% 8.609 0.46% 8.675 3.60%
Mar-18 103.399 -0.94% 104.321 -0.92% 255.023 -0.25% 8.567 3.09% 8.630 -0.52%
Apr-18 102.721 -0.34% 103.935 -0.37% 255.308 0.42% 8.787 -0.50% 8.780 1.74%
May-18 101.834 -0.66% 103.461 -0.46% 255.077 0.11% 9.121 2.57% 9.061 3.20%
Jun-18 99.884 -0.86% 101.124 -2.26% 251.948 -0.09% 9.718 3.80% 9.745 7.55%
1H2017 103.602 -0.85% 104.574 117.26% 238.443 -4.72% 9.129 6.62% 8.937 10.51%
FY2017 105.004 3.36% 105.907 3.25% 253.135 13.59% 8.312 -19.62% 8.315 -19.95%
1H2018 99.884 -4.63% 101.124 -4.52% 251.948 -0.47% 9.718 9.72% 9.745 17.20%
CP : Clean Price
GP : Gross Price
TR : Total Return

INDOBeX - Corporate Bond Infrastructure, Utilities, & Transportation
300 12
270 11
240 10
210 9
CP
180 8
GP
TR
150 7
GRY EY
120 6
90 5
2017 2018 2017 2018
INDOBeXC - Infrastructure, Utilities, & Transportation (Base 10 August 2009 = 100)

Jan-17 106.890 0.99% 108.012 1.10% 229.933 1.79% 9.143 -3.46% 9.207 -2.81%
Feb-17 107.111 0.21% 108.799 0.73% 232.038 0.92% 9.106 -0.40% 9.176 -0.34%
Mar-17 108.625 1.41% 109.686 0.82% 237.176 2.21% 8.737 -4.05% 8.792 -4.19%
Apr-17 109.256 0.58% 110.342 0.60% 240.467 1.39% 8.494 -2.79% 8.626 -1.88%
May-17 109.079 -0.16% 110.853 0.46% 242.003 0.64% 8.517 0.28% 8.646 0.23%
Jun-17 109.331 0.23% 110.409 -0.40% 244.300 0.95% 8.514 -0.04% 8.598 -0.56%
Jul-17 108.768 -0.51% 109.856 -0.50% 245.070 0.32% 8.615 1.19% 8.701 1.20%
Aug-17 110.045 1.17% 111.683 1.66% 249.807 1.93% 8.186 -4.98% 8.337 -4.18%
Sep-17 110.534 0.44% 111.587 -0.09% 252.596 1.12% 8.039 -1.81% 8.197 -1.68%
Oct-17 109.610 -0.84% 110.684 -0.81% 252.593 0.00% 8.200 2.01% 8.395 2.41%
Nov-17 110.809 1.09% 112.403 1.55% 257.184 1.82% 7.870 -4.03% 8.104 -3.46%
Dec-17 111.271 0.42% 112.361 -0.04% 260.026 1.10% 7.745 -1.59% 8.005 -1.22%
Jan-18 111.715 0.40% 112.939 0.51% 263.159 1.20% 7.666 -1.02% 7.913 -1.15%
Feb-18 110.516 -1.07% 111.882 -0.94% 262.094 -0.40% 7.902 3.09% 8.173 3.28%
Mar-18 110.265 -0.23% 111.479 -0.36% 263.484 0.53% 7.881 -0.28% 8.163 -0.12%
Apr-18 108.777 -1.35% 110.137 -1.20% 261.940 -0.59% 8.245 4.62% 8.509 4.24%
May-18 107.405 -1.26% 108.948 -1.08% 260.672 -0.48% 8.574 3.99% 8.812 3.56%
Jun-18 104.680 -2.54% 105.724 -2.96% 255.847 -1.85% 9.142 6.62% 9.461 7.36%
1H2017 109.331 -2.23% 110.409 -2.17% 244.300 -5.88% 8.514 7.39% 8.598 7.09%
FY2017 111.271 5.13% 112.361 5.18% 260.026 15.11% 7.745 -18.22% 8.005 -15.50%
1H2018 104.680 -6.30% 105.724 -5.91% 255.847 -1.61% 9.142 10.71% 9.461 18.19%
CP : Clean Price
GP : Gross Price
TR : Total Return

INDOBeX - Corporate Bond Finance
300 12
270 11
240 10
210 9
CP
180 8
GP
TR
150 7
GRY EY
120 6
90 5
2017 2018 2017 2018
INDOBeXC - Finance (Base 10 August 2009 = 100)

Jan-17 106.123 0.56% 107.407 0.73% 221.477 1.33% 8.977 -3.46% 9.191 -2.20%
Feb-17 106.411 0.27% 107.712 0.28% 223.604 0.96% 8.907 -0.78% 9.121 -0.76%
Mar-17 107.476 1.00% 108.622 0.85% 227.594 1.78% 8.577 -3.71% 8.739 -4.19%
Apr-17 107.916 0.41% 109.191 0.52% 230.305 1.19% 8.493 -0.98% 8.654 -0.97%
May-17 107.906 -0.01% 109.263 0.07% 232.071 0.77% 8.475 -0.21% 8.635 -0.22%
Jun-17 108.039 0.12% 109.171 -0.08% 233.982 0.82% 8.451 -0.29% 8.604 -0.36%
Jul-17 107.786 -0.23% 109.053 -0.11% 235.315 0.57% 8.496 0.53% 8.662 0.67%
Aug-17 108.861 1.00% 110.213 1.06% 239.393 1.73% 8.149 -4.08% 8.317 -3.98%
Sep-17 109.186 0.30% 110.313 0.09% 241.679 0.95% 8.047 -1.25% 8.197 -1.45%
Oct-17 108.544 -0.59% 109.785 -0.48% 242.208 0.22% 8.139 1.14% 8.347 1.83%
Nov-17 109.630 1.00% 110.894 1.01% 246.324 1.70% 7.809 -4.05% 8.015 -3.97%
Dec-17 110.080 0.41% 111.218 0.29% 248.987 1.08% 7.655 -1.97% 7.849 -2.07%
Jan-18 110.388 0.28% 111.633 0.37% 251.632 1.06% 7.540 -1.50% 7.734 -1.47%
Feb-18 109.592 -0.72% 110.770 -0.77% 251.444 -0.07% 7.728 2.50% 7.984 3.23%
Mar-18 109.324 -0.24% 110.486 -0.26% 252.701 0.50% 7.777 0.63% 8.047 0.79%
Apr-18 108.112 -1.11% 109.327 -1.05% 251.771 -0.37% 8.190 5.32% 8.377 4.11%
May-18 106.880 -1.14% 108.091 -1.13% 250.785 -0.39% 8.610 5.12% 8.746 4.41%
Jun-18 104.995 -1.76% 106.101 -1.84% 248.011 -1.11% 9.158 6.37% 9.399 7.47%
1H2017 108.039 -1.77% 109.171 -1.62% 233.982 -5.34% 8.451 6.23% 8.604 6.82%
FY2017 110.080 4.31% 111.218 4.33% 248.987 13.91% 7.655 -17.67% 7.849 -16.47%
1H2018 104.995 -4.89% 106.101 -4.60% 248.011 -0.39% 9.158 12.47% 9.399 19.75%
CP : Clean Price
GP : Gross Price
TR : Total Return

INDOBeX - Corporate Bond Trade, Service, & Investment
300 12
270 11
240 10
210 9
CP
180 8
GP
TR
150 7
GRY EY
120 6
90 5
2017 2018 2017 2018
INDOBeXC - Trade, Service, & Investment (Base 10 August 2009 = 100)

Jan-17 106.009 10752.94% 234.074 1.57% 234.074 2.13% 9.212 -7.46% 9.259 -6.95%
Feb-17 106.035 10727.64% 235.848 -0.24% 235.848 2.13% 9.216 -7.46% 9.264 0.06%
Mar-17 106.397 0.02% 107.578 0.28% 238.627 0.76% 9.018 0.04% 9.022 -2.62%
Apr-17 106.657 0.34% 108.148 0.53% 241.209 1.18% 8.824 -2.14% 8.845 -1.96%
May-17 106.307 0.24% 107.635 -0.47% 242.444 1.08% 8.930 -2.16% 8.976 1.49%
Jun-17 106.549 -0.33% 107.852 0.20% 244.810 0.51% 8.889 1.21% 8.891 -0.95%
Jul-17 105.995 0.23% 107.305 -0.51% 245.670 0.98% 9.026 -0.47% 9.082 2.15%
Aug-17 107.131 -0.52% 108.609 1.22% 250.283 0.35% 9.185 1.54% 9.430 3.83%
Sep-17 106.725 1.07% 108.260 -0.32% 251.142 1.88% 9.307 1.77% 9.575 1.54%
Oct-17 106.701 -0.38% 107.838 -0.39% 253.317 0.34% 9.262 1.32% 9.570 -0.05%
Nov-17 107.829 -0.02% 109.350 1.40% 257.970 0.87% 8.985 -0.48% 9.281 -3.03%
Dec-17 108.156 1.06% 109.542 0.18% 260.686 1.84% 8.845 -2.99% 9.165 -1.25%
Jan-18 108.497 0.30% 109.725 0.17% 263.812 1.05% 8.715 -1.55% 9.035 -1.41%
Feb-18 107.860 0.32% 109.180 -0.50% 264.177 1.20% 8.949 -1.46% 9.292 2.84%
Mar-18 107.864 -0.59% 109.222 0.04% 266.372 0.14% 9.018 2.68% 9.310 0.19%
Apr-18 106.788 0.00% 108.013 -1.11% 265.889 0.83% 9.312 0.76% 9.550 2.58%
May-18 105.263 -1.00% 106.508 -1.39% 264.239 -0.18% 9.757 3.26% 9.929 3.97%
Jun-18 104.560 -1.43% 105.874 -0.59% 264.331 -0.62% 10.000 4.78% 10.246 3.19%
1H2017 106.549 -0.51% 107.852 117.03% 244.810 -4.39% 8.889 3.63% 8.891 4.14%
FY2017 108.156 3.37% 109.542 3.47% 260.686 13.74% 8.845 -11.14% 9.165 -7.89%
1H2018 104.560 -3.63% 105.874 -3.35% 264.331 1.40% 10.000 10.31% 10.246 11.80%
CP : Clean Price
GP : Gross Price
TR : Total Return

ASEAN 3 GOVERNMENT BOND

INDEX (A3GBI)
Indonesia Bond Pricing Agency (IBPA) in cooper-

ation with Bond Pricing Agency Malaysia (BPAM) and
The Thai Bond Market Association (Thailand BMA)
has launched ASEAN 3 Government Bond Index or
A3GBI since early 2017. A3GBI is a joint bond index
reflecting bond market conditions in ASEAN. A3GBI
is calculated by using daily fair market price data of
government bonds from IBPA, BPAM and ThaiBMA.
It makes the A3GBI a reliable, accountable and accu-
rate index reflecting the real condition of the ASEAN
bond market.
A3GBI Specifications
Country Exposure Malaysia, Indonesia,

Thailand
Price Source Bond Pricing Agency Ma-
laysia (BPAM), Indone-
sia Bond Pricing Agency
(IBPA), and The Thai
Bond Market Association
(Thai BMA)
Currency MYR, IDR and THB
Inclusion Top 5 on-the-run govern-
ment bonds in participat-
ing countries based on
outstanding amount at
rebalancing day
Bond Type Fixed rate, bullet and
zero coupon bonds
Minimum term 365 days on rebalancing
day
Weighting Country weight: Equal
weighting, Individual
bond weight within coun-
try: Market cap
Calculation Frequency Daily basis (weekday)
Rebalancing Month end
Timing 11.00 am (GMT+8) using
previous day prices
Base Date 02-Jan-17

A3GBI - ASEAN 3 Government Bond Index
116
112
108
104
ASEAN3 Government Bond Index

100
ASEAN3 Government Baht Bond Index
ASEAN3 Government Ringgit Bond Index
96
92
J F M A M J J A S O N D J F M A M J
2017 2018
A3GBI (Base 2 January 2017 = 100)

ASEAN3 Government ASEAN3 Government ASEAN3 Government ASEAN3 Government
Period
Bond Index Baht Bond Index Ringgit Bond Index Rupiah Bond Index
Index % Index % Index % Index %
Jan-17 100.996 0.00% 100.131 0.00% 101.465 0.00% 101.388 0.00%
Feb-17 101.806 0.80% 100.729 0.60% 102.069 0.60% 102.619 1.21%
Mar-17 103.209 1.38% 101.251 0.52% 101.926 -0.14% 106.508 3.79%
Apr-17 103.857 0.63% 101.146 -0.10% 103.344 1.39% 107.139 0.59%
May-17 104.855 0.96% 101.681 0.53% 104.693 1.31% 108.260 1.05%
Jun-17 105.458 0.58% 102.618 0.92% 104.489 -0.19% 109.345 1.00%
Jul-17 105.808 0.33% 103.105 0.47% 104.928 0.42% 109.442 0.09%
Aug-17 107.374 1.48% 103.774 0.65% 105.716 0.75% 112.784 3.05%
Sep-17 107.687 0.29% 104.100 0.31% 104.920 -0.75% 114.265 1.31%
Oct-17 106.955 -0.68% 104.012 -0.08% 104.512 -0.39% 112.476 -1.57%
Nov-17 108.102 1.07% 104.145 0.13% 105.091 0.55% 115.341 2.55%
Dec-17 108.976 0.81% 104.420 0.26% 105.650 0.53% 117.225 1.63%
Jan-18 109.826 0.78% 104.695 0.26% 105.900 0.24% 119.381 1.84%
Feb-18 109.061 -0.70% 104.547 -0.14% 106.097 0.19% 116.844 -2.13%
Mar-18 109.774 0.65% 104.815 0.26% 106.859 0.72% 117.993 0.98%
Apr-18 108.602 -1.07% 104.536 -0.27% 105.441 -1.33% 116.090 -1.61%
May-18 108.076 -0.48% 103.664 -0.83% 104.930 -0.48% 115.910 -0.16%
Jun-18 107.294 -0.72% 104.030 0.35% 105.905 0.93% 111.954 -3.41%
1H2017 105.458 -4.23% 102.618 -2.42% 104.489 -2.89% 109.345 -7.28%
FY2017 108.976 8.98% 104.420 4.42% 105.650 5.65% 117.225 17.23%
1H2018 107.294 -2.31% 104.030 -0.64% 105.905 0.00% 111.954 -6.22%

Chapter 3
Bond
Market
Overview
Bond Market Performance stability of domestic macroeconomic indicators that
impacted the cut of Bank Indonesia interest rate (7
Indonesia bond market showed positive perfor- day reverse repo rate) twice to 4.25% from 4.75%,
mance in 2017 as reflected by IBPA-IGSYC (Indone- and the upgraded of Indonesia’s sovereign rating
sia Government Securities Yield Curve) that shifted by Standard and Poor’s in May 2017 to the level in-
downward. The average yield of all tenor (1-30years) vestment grade (BBB- / Stable). At the end of 2017,
decreased by -139,98bps. But from the end of 2017 Fitch Ratings also upgraded Indonesia’s rating to
to the first half of 2018, the yield movement was BBB from BBB-. However, the performance of the
moving upwards with the average yield of all tenor domestic bond market tends to be negative in 2018.
increased by +131.18bps. Each tenor recorded aver- Expectations of more aggressive FFR increase (more
age yield of : short tenor (<5year) up by +169,74bps, than 3 times) in 2018, trade war tensions, and de-
middle tenor (5-7year) up by +173,40bps, and long preciation of Rupiah up to the level of Rp14.400/US$
tenor (>7year) up by +118,96bps. pushed the domestic bond market performance in a
Performance of Indonesia bond market was also downward trend from February to mid 2018.
reflected from the movement of Indonesia Compos-
ite Bond Index (ICBI). In 2017, ICBI which is the Optimization Bond Issuance in
main performance indicator reference in Indonesia Indonesia Capital Market
bond market managed to rise of +16.57%yoy from
208.4493 to 242.9842. While in the first half 2018, Bond market in Indonesia consists of two main
ICBI declined by -4.08%ytd to 233.0719. types: government bond and corporate bond. Gov-
The ICBI performance was in line with net for- ernment bond dominates the bond market in terms
eign inflow/outflow to domestic government bond of outstanding issues, market capitalization, and
market. During the period of January to December turnover value. Government also plays an import-
2017, the foreign investor recorded Rp170.34 trillion ant part in setting benchmark for the market. The
of net buy. While from January to June 2018, booked main instruments in Government bond are fixed rate
of Rp5.98 trillion of net sell. bonds (FR), retail bond (ORI), zero coupon (ZC),
The positive performance of ICBI and the trend treasury bills (SPN), and variable rate (VR). Corpo-
of foreign inflows in 2017 showed increasing inves- rate bond, meanwhile, are issued by private corpo-
tor confidence. The condition was triggered by the rate and state owned companies with more variant
Table 3.1 New Issuance from Primary Market, trillion IDR Source: DJPPR Kemenkeu, KSEI, exclude ABS
Issuers 2013 2014 2015 2016 2017 2018*

Government 224.2 274.4 349.9 407.9 436.7 197.5
Corporate 57.6 45.8 62.6 113.7 158.9 61.8
Total 281.83 320.17 412.47 521.57 595.63 259.34

issued than the government did even though with ernment bonds have a larger proportion of 73.32%,
smaller volume. while corporate bonds of 26.68% (Table above). The
proportion of corporate bonds increased compared
In 2017, the government and corporate sectors to 2017, in line with the bustling corporate bond is-
collectively mobilized Rp595.63 trillion from prima- suance in 2017.
ry bond market, or 14.20% higher than the previ-
ous year which amounted to Rp521.6 trillion. The Primary Market
issuance of government bond increased by 7.07%
to Rp436.73 trillion in 2017 from Rp407.89 trillion During 2017, the gross borrowing of the central
in 2016, while the issuance of corporate bond in- government increased by 10.31% from Rp651.85
creased higher by 39.77% from Rp113.69 trillion in trillion in 2016 to Rp719.04 trillion in 2017. In ad-
2016 to Rp158.90 trillion in 2017. dition, the net borrowing increased by 7.07% from
Rp407.88 trillion in 2016 to Rp436.73 trillion in 2017.
Debt Issuance The gross borrowing of central government realiza-
tion in 2017 was 100.17% from revised budget tar-
The total issuance of both government bonds get, while the net issuance realization in 2017 was
and corporate bonds reached Rp595.63 trillion. Gov- 100.87% from the revised budget indicative target.
Table 3.2 Government Borrowings during Year 2013-2018, trillion IDR Source: SUN Dwi Mingguan, APBN-P, IBPA estimates
2017 2017 2017

2013 2014 2015 2016
Original Revised Realization
Budget Deficit to GDP (%) 2.4 2.4 -2.78 -2.7 -2.4 -2.9 -2.62
Gross Issuances
Domestic Bonds 266.3 346.2 380.0 480.2 577.1
Coupon-bearing Bonds 165.5 199.9 202.1 251.4 223.0
Retail bonds 20.2 48.5 27.4 23.6 8.9
Retail sukuk 15.0 12.4 22.0 34.1 14.0
Zero-coupon (Conv. T-Bills) 42.4 23.6 52.2 56.0 182.1
Domestic Sukuk 21.0 61.8 60.0 108.4 138.5
Private placement - - 9.6 4.1 10.5
USD domestic bonds 2.3 - 6.7 2.7 -
Global bonds 56.5 82.0 106.3 139.8 142.0
Yankee bonds 39.2 48.5 50.4 48.6 74.6
Global sukuks 17.2 17.7 26.4 33.4 40.0
Euro Denominated Bonds - 15.8 18.5 45.0 15.4
Samurai bonds - - 11.1 12.8 12.1
Total gross issuances 322.7 428.1 502.4 651.85 684.8 717.8 719.04
as % of total net issuance 100.17%
Net Issuances
Domestic bonds 266.3 346.2 380.0 480.2 577.1
Global bonds 56.5 82.0 106.3 139.8 142.0
Subtotal net issuances 322.7 428.1 486.3 620.0 719.0
Redemption + buybacks -98.5 -155.1 -152.4 -244.0 -284.8 -284.8 -282.3
Total net issuances 224.2 274.4 349.9 407.88 400.0 433.0 436.73
as % of total net issuance 100.87%

day from Rp13.58 trillion/day in 2016. Meanwhile for

Secondary Market corporate bond in outrights type, the average fre-
quency of daily transactions rose higher by 28.16%
In 2017, the average frequency of government from 89 times/day in 2016 to 114 times/day in 2017,
bond daily transaction in outright type increased and the average daily transaction volume rose by
slightly by 2.54% to 838 times/day from 817 times/ 40.11% to Rp1.09 trillion/day in 2017 from Rp774.77
day in 2016. The average daily transaction volume billion/day in 2016.
also increased slightly by 2.93% to Rp13.98 trillion/
Table 3.3 Government Borrowings during Year 2013-2018, Outright Source: SUN Dwi Mingguan, APBN-P, IBPA estimates
Daily Average
Year / Volume, Value, Frequency, Trading
Volume, Value, Frequency,
Month Billion IDR Billion IDR (x) Days
Billion IDR Billion IDR (x)
2013 1,680,687.92 1,706,953.77 110,946 245 6,859.95 6,967.16 453
2014 2,491,449.53 2,490,794.48 140,476 244 10,210.86 10,208.17 576
2015 3,054,502.00 3,082,322.50 158,439 246 12,416.67 12,529.77 644
2016 3,354,510.00 3,273,732.50 201,788 247 13,581.01 13,253.98 817
Jan-17 222,959.00 224,865.79 13,129 21 10,617.10 10,707.89 625
Feb-17 224,676.00 227,629.06 12,780 19 11,825.05 11,980.48 673
Mar-17 368,897.00 379,023.00 20,076 22 16,768.05 17,228.32 913
Apr-17 245,388.00 254,438.20 16,162 17 14,434.59 14,966.95 951
May-17 272,339.00 282,862.17 15,215 20 13,616.95 14,143.11 761
Jun-17 206,362.00 214,375.43 12,081 15 13,757.47 14,291.70 805
Jul-17 313,285.00 322,796.67 17,091 21 14,918.33 15,371.27 814
Aug-17 320,191.00 335,200.75 21,083 22 14,554.14 15,236.40 958
Sep-17 375,224.00 396,417.00 25,888 19 19,748.63 20,864.05 1363
Oct-17 312,466.00 326,835.01 18,339 22 14,203.00 14,856.14 834
Nov-17 266,928.89 279,542.04 14,942 22 12,133.13 12,706.46 679
Dec-17 198,350.18 211,210.23 12,601 18 11,019.45 11,733.90 700
2017 3,327,066.07 3,455,195.37 199,387 238 13,979.27 14,517.63 838
Table 3.4 Government Borrowings during Year 2013-2018, Outright Source: SUN Dwi Mingguan, APBN-P, IBPA estimates
Daily Average
Year / Volume, Value, Frequency, Trading
Volume, Value, Frequency,
Month Billion IDR Billion IDR (x) Days
Billion IDR Billion IDR (x)
2013 124,743.27 125,362.72 17,758 245 509.16 511.68 453
2014 137,136.89 135,124.83 19,920 244 562.04 553.79 576
2015 158,184.00 156,528.40 20,807 246 643.02 636.29 644
2016 191,367.00 191,661.20 22,072 247 774.77 775.96 817
Jan-17 14,410.00 14,479.01 1,840 21 686.19 689.48 625
Feb-17 14,200.00 14,251.19 1,643 19 747.37 750.06 673
Mar-17 21,328.00 21,377.68 2,172 22 969.45 971.71 913
Apr-17 18,145.00 18,271.22 2,132 17 1,067.35 1,074.78 951
May-17 21,547.00 21,658.92 1,966 20 1,077.35 1,082.95 761
Jun-17 17,148.00 17,132.55 1,662 15 1,143.20 1,142.17 805
Jul-17 24,150.00 24,265.25 2,247 21 1,150.00 1,155.49 814
Aug-17 20,766.00 20,914.14 2,376 22 943.91 950.64 958
Sep-17 19,372.00 19,295.00 2,497 19 1,019.58 1,015.53 1363
Oct-17 29,900.00 29,786.28 3,286 22 1,359.09 1,353.92 834
Nov-17 27,337.81 27,650.94 2,955 22 1,242.63 1,256.86 679
Dec-17 30,051.99 30,337.86 2,371 18 1,669.55 1,685.44 700
2017 258,355.80 259,420.03 27,147 238 1,085.53 1,090.00 838

Government Bond Indicators 22,779 times or cover 11.42% of the total frequen-
cy transactions which was 199,382 times. However,
In 2017, total value of SBN transactions with the SBN series that gives the largest total return in
outright type reached Rp3,455.19 trillion. FR0059 2017 was FR0050 series 24.04% which was the sum
series was transacted with the biggest value with of capital gains of 13.54% and coupon of 10.50%.
Rp467.39 trillion or cover 13.53% of the total value While the series FR0059 recorded a total return of
of SBN transactions. FR0059 series also noted as the 17.25% consisting of capital gains 10.25% and cou-
series that transacted with the highest frequency of pon 7.00%.
Table 3.5 Top 10 Series by Trading Value at Year-End 2017 Source: PLTE IDX, IBPA estimate
Value Trade, % of Total Value

No. Series Series Name
Rp Trillion Trades
1. FR0059 Obligasi Negara Republik Indonesia Seri FR0059 467.39 13.53
3. FR0061 Obligasi Negara Republik Indonesia seri FR0061 304.02 8.80
4. FR0056 Obligasi Negara RI Seri FR0056 249.22 7.21
7. FR0053 Obligasi Negara RI Seri FR0053 162.71 4.71
Total 2,301.73 66.62
Table 3.6 Top 10 Series by Trading Frequency at Year-End 2017 Source: PLTE IDX, IBPA estimate
Frequency % of Total Value

No. Series Series Name
Trade, x Trades
1. FR0059 Obligasi Negara Republik Indonesia Seri FR0059 22,779 11.42
5. ORI013 Obligasi Negara Ritel Republik Indonesia Seri ORI013 13,905 6.97
6. SR009 Sukuk Negara Ritel Seri SR-009 9,151 4.59
8. FR0061 Obligasi Negara Republik Indonesia seri FR0061 8,342 4.18
9. FR0056 Obligasi Negara RI Seri FR0056 7,623 3.82
10. SR008 Sukuk Negara Ritel Seri SR-008 5,955 2.99
Total 136,205 68.31
Table 3.7 Top 10 Series by Return at Year-end 2017 Source: IBPA estimate
No. Series Series Name Capital Gain Coupon Total Return

1. FR0050 Obligasi Negara RI Seri FR0050 13.54% 10.50% 24.04%
2. IFR0010 SBSN Seri IFR0010 13.58% 10.00% 23.58%
3. FR0057 Obligasi Negara Republik Indonesia Seri FR0057 13.62% 9.50% 23.12%
5. IFR0006 SBSN Seri IFR0006 12.18% 10.25% 22.43%
7. PBS012 SBSN Seri PBS012 12.63% 8.88% 21.51%
8. FR0067 Obligasi Negara Republik Indonesia Seri FR0067 12.72% 8.75% 21.47%

JSMR01 – Surat Berharga Hak Atas Pendapatan Tol

Corporate Bond Indicators Jagorawi” amounted to Rp 1.86 trillion. Meanwhile
PT PLN issues KIK EBA with the name “KIK EBA Da-
In 2017, total outstanding of corporate bonds nareksa Indonesia Power PLN 1 – Piutang Usaha”
amounted to Rp397.15 trillion (including EBA’s amounted Rp3.69 trillion.
worth Rp6.34 trillion), up 26.57% from last year of In 2018, there was a new bond instrument
Rp313.79 trillion. While, total outstanding of corpo- namely komodo bond. Komodo bond was a Rupi-
rate bonds in 2018 (from January to June 2018) rose ah denominated global bond that issued and list-
to Rp423.30 trillion (up 6.58%). ed abroad. There were 2 State-Owned Enterprises
The new issuance of corporate bonds in 2017 (SOEs) that issued komodo bond namely PT Jasa
reached Rp154.90 trillion (excluding EBA) or an Marga (JSMR) and PT Wijaya Karya (WIKA). JSMR is-
increase of 36.25% from the previous year which sued komodo bond amounted to Rp4.0 trillion while
amounted to Rp113.69 trillion. In mid 2018, the WIKA issued at amounted to Rp5.40 trillion.
issuance of new corporate bonds was recorded at Total corporate bonds outstanding exclude EBA
Rp61.83 trillion which was higher from previous pe- amounted to Rp390.81 trillion. Financial and bank-
riod that amounted to Rp60.70 trillion. ing institution sub sector became to be the most is-
There were two issuers that issued corpo- sued of corporate bonds with total outstanding in
rate bonds in Collective Investment Contract Asset each sub sector amounting to Rp125.38 trillion and
Backed Securities (KIK-EBA) type in 2017 namely PT Rp118.30 trillion or cover 32.08% and 30.27% of all
Jasa Marga Tbk (JSMR) and PT PLN (PPLN). JSMR outstanding corporate bonds. From the issuer side,
issued KIK EBA with the name “KIK EBA Mandiri Lembaga Pembiayaan Ekspor Indonesia (BEXI) was
Figure 3.1 Number of Rupiah Denominated Corporate Bond Series Source: KSEI, IBPA estimate, Include ABS
652
617
501
412 423.30
379 382 397.15
313.79
249.86
216.67 222.85
2013 2014 2015 2016 2017 2018*
Outstanding, Trillion IDR Number of series
Figure 3.2 New Issuance Amount of Rupiah Denominated Corporate Bond Series Source: KSEI, IBPA estimate, Include ABS
154.9
113.7
57.6 62.6
46.2
29.3
18.3 23.4
10.5 12.1 12.5 13.1 12.2 9.6
7.3 6.7
0.0
2017*
M
J
D
F
N
2013
2014
2015
2016

listed as issuer that have the largest outstanding in

2017 amounted to Rp31.38 trillion with 26 active se-
ries, or cover 8.03% of the total outstanding value.
In 2017, total value of corporate bond transac-
tions with outright type amounted to Rp259.42 tril-
lion. BMTR01ACN1 series was transacted with the
biggest value with Rp4.93 trillion or cover 1.90%
of the total value of corporate bond transactions.
Meanwhile, the highest frequency was noted by
PNBN02SBCN2 amounted to 828 times or cover
3.05% of the total frequency transactions which was
27,147 times. However, the corporate bond series
that gives the largest total return in 2017 was BM-
TR01CCN1 series amounted to 24.71% which was
the sum of capital gains of 12.71% and coupon of
12.00%. While the series BMTR01ACN1 recorded a
total return of 11.50%, and PNBN02SBCN2 series of
14.55%.
Table 3.8 Top 10 Debt Outstanding by Business Sub Sectors at year-end 2017 Source: IBPA estimate
Market Capitalization, % of Total

No Business Sub Sector
IDR Trillion Market Cap
1. Financial Institution 125.38 32.08%
2. Bank 118.30 30.27%
3. Telecommunication 30.50 7.80%
4. Building Construction 21.47 5.49%
5. Energy 14.12 3.61%
6. Property and Real Estate 12.50 3.20%
7. Toll Road, Airport, Harbor and Allied Products 10.50 2.69%
8. Chemicals 10.08 2.58%
9. Food and Beverages 9.40 2.41%
10. Crude Petroleum & Natural Gas Production 7.21 1.84%
Total 359.46 91.98%
Table 3.9 Top 10 Debt Outstanding by Issuers at Year-end 2017 Source: IBPA estimate
Market Capitalization, % of Total

No Business Sub Sector
IDR Trillion Market Cap
1. Lembaga Pembiayaan Ekspor Indonesia 31.38 8.03%
2. Bank Rakyat Indonesia (Persero) Tbk, PT 23.56 6.03%
3. Bank Tabungan Negara (Persero) Tbk, PT 17.95 4.59%
4. Indosat Tbk, PT 16.52 4.23%
5. Perusahaan Listrik Negara (Persero), PT 14.12 3.61%
6. Sarana Multi Infrastruktur (Persero), PT 12.90 3.30%
7. Federal International Finance, PT 12.56 3.21%
8. Bank Mandiri (Persero) Tbk, PT 11.00 2.81%
9. Adira Dinamika Multi Finance Tbk, PT 10.48 2.68%
10. Sarana Multigriya Finansial (Persero), PT 9.24 2.36%
Total 159.71 40.87%

Table 3.10 Top 10 Series by Value Trades at Year-end 2017, Outright Source: PLTE BEI
Value Trades, % of Total

No Series Series Name
IDR Trillion Value Trades
1 BMTR01ACN1 Obligasi Berkelanjutan I Global Mediacom Tahap I Tahun 2017 Seri A 4.93 1.90%
2 WOMF01BCN3 Obligasi Berkelanjutan I WOM Finance Tahap III Tahun 2015 SERI B 3.57 1.37%
3 SMII01ACN1 Obligasi Berkelanjutan I Sarana Multi Infrastruktur Tahap I Tahun 2016 Seri A 3.54 1.37%
4 BIIF01ACN3 Obligasi Berkelanjutan I Maybank Finance Tahap III Tahun 2016 Seri A 2.88 1.11%
5 FIFA03ACN1 Obligasi Berkelanjutan III FIF Tahap I Tahun 2017 Seri A 2.77 1.07%
6 FIFA03ACN2 Obligasi Berkelanjutan III FIF Tahap II Tahun 2017 Seri A 2.70 1.04%
7 PNBN02SBCN2 Obligasi Subordinasi Berkelanjutan II Bank PANIN Tahap II Tahun 2017 2.68 1.03%
8 FIFA03BCN1 Obligasi Berkelanjutan III FIF Tahap I Tahun 2017 Seri B 2.51 0.97%
9 WSKT03ACN1 Obligasi Berkelanjutan III Waskita Karya Tahap I Tahun 2017 Seri A 2.43 0.93%
10 ASDF03ACN3 Obligasi Berkelanjutan III Astra Sedaya Finance Tahap III Tahun 2017 Seri A 2.41 0.93%
Total 30.42 11.72%
Table 3.10 Top 10 Series by Value Trades at Year-end 2017, Outright Source: PLTE BEI
Frequency % of Total
No Series Series Name Trades, Frequency
IDR Trillion Trades
1 PNBN02SBCN2 Obligasi Subordinasi Berkelanjutan II Bank PANIN Tahap II Tahun 2017 828 3.05%
2 APLN01CN1 Obligasi Berkelanjutan I Agung Podomoro Land Tahap I Tahun 2013 396 1.46%
3 MEDC01CN2 Obligasi Berkelanjutan I Medco Energi Internasional Tahap II Tahun 2013 350 1.29%
4 PNBN04SB Obligasi Subordinasi Bank Panin III Tahun 2010 254 0.94%
5 BMTR01ACN1 Obligasi Berkelanjutan I Global Mediacom Tahap I Tahun 2017 Seri A 250 0.92%
6 SIAISA02 Sukuk Ijarah TPS Food II Tahun 2016 247 0.91%
7 PNBN01SBCN1 Obligasi Subordinasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 237 0.87%
8 BNLI01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank Permata Tahap II Tahun 2012 234 0.86%
9 BBNI01CN1 Obligasi Berkelanjutan I BNI Tahap I Tahun 2017 226 0.83%
10 BBTN03ACN1 Obligasi Berkelanjutan III Bank BTN Tahap I Tahun 2017 Seri A 223 0.82%
Total 3,245 11.95%
Table 3.11 Top 10 Series by Return at Year-end 2017 Source: PLTE BEI
Capital Total
No Series Series Name Coupon
Gain Return
1 PNBN02SBCN2 Obligasi Subordinasi Berkelanjutan II Bank PANIN Tahap II Tahun 2017 12.71% 12.00% 24.71%
2 APLN01CN1 Obligasi Berkelanjutan I Agung Podomoro Land Tahap I Tahun 2013 13.46% 9.05% 22.51%
3 MEDC01CN2 Obligasi Berkelanjutan I Medco Energi Internasional Tahap II Tahun 2013 9.62% 12.50% 22.12%
4 PNBN04SB Obligasi Subordinasi Bank Panin III Tahun 2010 10.80% 11.30% 22.10%
5 BMTR01ACN1 Obligasi Berkelanjutan I Global Mediacom Tahap I Tahun 2017 Seri A 9.99% 12.00% 21.99%
6 SIAISA02 Sukuk Ijarah TPS Food II Tahun 2016 10.42% 11.20% 21.62%
7 PNBN01SBCN1 Obligasi Subordinasi Berkelanjutan I Bank Panin Tahap I Tahun 2012 9.82% 11.20% 21.02%
8 BNLI01SBCN2 Obligasi Subordinasi Berkelanjutan I Bank Permata Tahap II Tahun 2012 8.70% 12.25% 20.95%
9 BBNI01CN1 Obligasi Berkelanjutan I BNI Tahap I Tahun 2017 9.95% 10.60% 20.55%
10 BBTN03ACN1 Obligasi Berkelanjutan III Bank BTN Tahap I Tahun 2017 Seri A 12.30% 8.22% 20.51%

Chapter 4
Ownership
Profile
Government Bonds that recorded a negative growth. Other institutions

like Bank Indonesia, mutual fund, insurance, etc
Until December 2017, foreign investors, commer- were all increasing their ownership of government
cial bank, and pension fund were top three institu- securities.
tions that dominated domestic bond market. They As of June 2018, Bank Indonesia grew its owner-
held the ownership portion of 39.82%, 23.41%, and ship of government securities by 48.10% compared
9.43% respectively. In other words, in 2017, the to- to December 2017. The main reason was to antic-
tal foreign investors, commercial bank and pension ipate aggressive US Dollar hikes during 2018. The
fund’s ownership in domestic government bond mar- Fed had announced that U.S. interest rates would
ket grew by 25.58%, 23.07% and 126.94% com- be raised four times in 2018 following the belief of
pared to December 2016. stronger US economic growth. This situation was
In semester I 2018, those institutions remained predicted to drive capital outflow from Indonesia’s
the majority holders of government bond. Foreign capital market. As a result, Bank Indonesia stepped
investors owned 37.79%, commercial banks owned in to stabilize Rupiah by buying more government
20.99% and pension fund owned 9.99%. However, securities. In addition, Bank Indonesia decided to in-
Foreign and commercial bank were both recording crease 7-Day Reverse Repo Rate in order to maintain
a decline of ownership portion. As of June 2018, Indonesia bond market attractiveness. As of 29 June
foreign investors’ ownership decreased by 0.72% 2018, the rate hit 5.25% and it made commercial
or Rp5.98tn while commercial bank’s ownership de- banks to switch off from the government securities
creased by 6.20% or Rp30.46tn. Both foreign inves- market.
tors and commercial bank were the only institutions
Figure 4.1 2018 Ownership Profile Government Bond Source: Indonesia DMO
0.0% 3.5% 2.5% 2.9% 3.3% 2.9% 2.8%

3.8% 4.2% 4.8% 5.0% 5.1%
8.1% 9.2% 8.4% 5.4% 5.9% 5.6% 5.9%
10.2% 12.4% 11.7% 7.2% 7.9%
0.4% 13.0% 13.4% 6.8%
6.9% 3.4% 10.2% 9.6%
4.5% 3.6% 7.6% 9.4%
4.0% 3.4% 4.9% 10.0%
36.5% 31.0% 23.9% 22.5% 23.4%
33.7% 21.0%
33.0% 38.1% 38.2% 37.5% 39.8% 37.8%

32.5%
2012 2013 2014 2015 2016 2017 End of June 2018
Commercial Bank Bank Indonesia Mutual Fund Insurance Foreign Pension Fund Retail Others

Corporate Bonds corporate bond per June 2018 was mainly driven by
Bank Indonesia new regulation called Rasio Inter-
Until December 2017, mutual fund, pension fund mediasi Makroprudensial (RIM), previously known as
and financial institution were the top three corporate Loan to Funding Ratio. This regulation is supposed
bondholders. They owned the portion of 27.58%, to encourage intermediary function of a bank and
21.83% and 19.11% respectively. As of June 2018, to maintain liquidity at manageable level. The im-
the composition remained the same but both mu- plementation of RIM allows financial institutions to
tual fund and pension fund decreased slightly their buy more corporate bonds to limit bank’s exposure
ownership in corporate bonds. Mutual fund and pen- on credit risk. On the other hand, the decrease of
sion fund ownership in corporate bond declined to mutual fund and pension fund was the indication
26.65% and 21.51%. On the other hand, financial that both institutions were switching to wait-and-see
institution recorded 1.36% growth or Rp8.83tn from approach since domestic bond market (and capital
Rp77.70tn to Rp86.53tn. market in general) is not attractive due to higher US
The increasing financial institution ownership in Treasury bill yield and US Dollar Index.
Figure 4.2 Corporate Bond Ownership as of December 2017 Source: KSEI
ID - Individual
(Local) Ownership,
2.8% No Institution Portion
IS - Insurance IDR Trillion
(Local) 1 MF - Mutual Fund (Local) 112.16 27.58%
17.1% CP - Corporate
(Local) 2 PF - Pension Fund (Local) 88.77 21.83%
Foreign 2.3%
IB - Financial 3 IB - Financial Institution (Local) 77.70 19.11%
7.4%
Institution
(Local) FD - 4 IS - Insurance (Local) 69.65 17.12%
19.1% Foundation
(Local) 5 Foreign 30.16 7.42%
1.1% 6 ID - Individual (Local) 11.52 2.83%
OT - Others
(Local) 7 CP - Corporate (Local) 9.35 2.30%
0.6% 8 FD - Foundation (Local) 4.40 1.08%
PF - Pension
Fund (Local) MF - Mutual SC - Securities 9 OT - Others (Local) 2.43 0.60%
21.8% Fund (Local) Company
10 SC - Securities Company (Local) 0.55 0.14%
27.6% (Local)
0.1% Total 406.69 100.00%
Figure 4.3 Corporate Bond Ownership as of June 2018 Source: KSEI
ID - Individual Ownership,
No Institution Portion
(Local) IDR Trillion
3.1%
IS - Insurance 1 MF - Mutual Fund (Local) 112.67 26.65%
(Local)
16.6% CP - Corporate 2 PF - Pension Fund (Local) 90.95 21.51%
(Local)
Foreign 3 IB - Financial Institution (Local) 86.53 20.46%
2.7%
IB - Financial 7.2%
Institution 4 IS - Insurance (Local) 70.36 16.64%
(Local) FD -
Foundation 5 Foreign 30.37 7.18%
20.5%
(Local) 6 ID - Individual (Local) 13.19 3.12%
1.1%
7 CP - Corporate (Local) 11.26 2.66%
OT - Others 8 FD - Foundation (Local) 4.46 1.06%

(Local)
9 OT - Others (Local) 2.28 0.54%
PF - Pension 0.5%
MF - Mutual
Fund (Local) 10 SC - Securities Company (Local) 0.77 0.18%
Fund (Local)
21.5% 26.6% SC - Securities Total 422.85 100.00%
Company
(Local)
0.2%

PART II
Government
Bonds
Government Bonds 47
Ministry of Finance, Republic of Indonesia
Government Bond
Issuer : Ministry of Finance, Republic of Indonesia
Direktorat Pengelolaan Surat Utang Negara (DPSUN)
Address : Gedung A.A Maramis II Lantai III
Jln. Lapangan Banteng Timur No. 2-4
Jakarta 10710, Indonesia
Phone : (62-021) 381-0175 (Hunting); (62-21) 350-0841
Fax : (62-021) 384-6635
Website : http://www.dmo.or.id
Profile : Fundamental Duty of Directorat Management of Government Securities Management is executing formula of policy,
development, and implementing in bond management area. Bond management including issuing, sale, redemption
obligation accountancy and administration, and operation of risk of portofolio obligation, and also development of
obligation market, pursuant to technical policy which specified by Minister for Finance and current law and regulation.
Directorat Management of Government Securities Management have a purpose to realize bond institution which reliable
State, transparent, and accountable in interest expenses minimization effort on a long term at risk storey level able to be
controlled
FIXED RATE
Listing Maturity Coupon Nominal Value
No. Code Name Date Date Coupon Period (Million Rp)
1. FR0031 Obligasi Negara RI Seri FR0031 17-Jun-05 15-Nov-20 11.00% 6 Months 17,792,000
2. FR0032 Obligasi Negara RI Seri FR0032 6-Sep-05 15-Jul-18 15.00% 6 Months 888,492
3. FR0034 Obligasi Negara RI Seri FR0034 27-Jan-06 15-Jun-21 12.80% 6 Months 16,097,400
4. FR0035 Obligasi Negara RI Seri FR0035 17-Feb-06 15-Jun-22 12.90% 6 Months 11,023,750
5. FR0036 Obligasi Negara RI Seri FR0036 20-Apr-06 15-Sep-19 11.50% 6 Months 9,184,500
6. FR0037 Obligasi Negara RI Seri FR0037 19-May-06 15-Sep-26 12.00% 6 Months 2,450,000
7. FR0038 Obligasi Negara RI Seri FR0038 25-Aug-06 15-Aug-18 11.60% 6 Months 3,066,162
9. FR0040 Obligasi Negara RI Seri FR0040 22-Sep-06 15-Sep-25 11.00% 6 Months 26,002,090
10. FR0042 Obligasi Negara RI Seri FR0042 26-Jan-07 15-Jul-27 10.25% 6 Months 14,774,100
11. FR0043 Obligasi Negara RI Seri FR0043 23-Feb-07 15-Jul-22 10.25% 6 Months 14,417,000
12. FR0044 Obligasi Negara RI Seri FR0044 20-Apr-07 15-Sep-24 10.00% 6 Months 18,014,000
13. FR0045 Obligasi Negara RI Seri FR0045 25-May-07 15-May-37 9.75% 6 Months 9,624,304
14. FR0046 Obligasi Negara RI Seri FR0046 20-Jul-07 15-Jul-23 9.50% 6 Months 24,680,000
15. FR0047 Obligasi Negara RI Seri FR0047 31-Aug-07 15-Feb-28 10.00% 6 Months 20,385,000
17. FR0050 Obligasi Negara RI Seri FR0050 25-Jan-08 15-Jul-38 10.50% 6 Months 15,661,000
22. FR0057 Obligasi Negara RI Seri FR0057 15-May-11 15-May-41 9.50% 6 Months 17,236,573
23. FR0058 Obligasi Negara RI Seri FR0058 22-Jul-11 15-Jun-32 8.25% 6 Months 42,798,000
24. FR0059 Obligasi Negara RI Seri FR0059 16-Sep-11 15-May-27 7.00% 6 Months 115,080,000
25. FR0061 Obligasi Negara RI Seri FR0061 7-Oct-11 15-May-22 7.00% 6 Months 99,878,000
26. FR0062 Obligasi Negara RI Seri FR0062 10-Feb-12 15-Apr-42 6.38% 6 Months 13,392,000
27. FR0063 Obligasi Negara RI Seri FR0063 14-Aug-12 15-May-23 5.63% 6 Months 63,916,000

48 Government Bonds

30. FR0067 Obligasi Negara RI Seri FR0067 19-Jul-13 15-Feb-44 8.75% 6 Months 28,188,284
31. FR0068 Obligasi Negara RI Seri FR0068 2-Aug-13 15-Mar-34 8.38% 6 Months 92,400,000
32. FR0069 Obligasi Negara RI Seri FR0069 30-Aug-13 15-Apr-19 7.88% 6 Months 62,396,000
33. FR0070 Obligasi Negara RI Seri FR0070 30-Aug-13 15-Mar-24 8.38% 6 Months 134,439,421
34. FR0071 Obligasi Negara RI Seri FR0071 13-Sep-13 15-Mar-29 9.00% 6 Months 93,390,682
35. FR0072 Obligasi Negara RI Seri FR0072 10-Jul-15 15-May-36 8.25% 6 Months 88,910,000
37. FR0074 Obligasi Negara RI Seri FR0074 11-Nov-16 15-Aug-32 7.50% 6 Months 43,781,140
39. FR0076 Obligasi Negara RI Seri FR0076 25-Sep-17 15-May-48 7.38% 6 Months 4,750,000
40. FR0028 Obligasi Negara RI Seri FR0028 24-Feb-05 15-Jul-17 10.00% 6 Months 12,706,744
41. FR0060 Obligasi Negara RI Seri FR0060 7-Oct-11 15-Apr-17 6.25% 6 Months 9,784,000
42. FR0066 Obligasi Negara RI Seri FR0066 29-Oct-12 15-May-18 5.25% 6 Months 17,146,000
TOTAL FIXED RATE 1,690,682,565
FIXED RATE (USD)

No. Code Name Date Date Coupon Period (Million USD)
1. USDFR0002 Obligasi Negara RI SeriUSDFR0002 27-Jun-16 24-Jun-26 4.05% 6 Months 200
2. USDFR0001 Obligasi Negara RI SeriUSDFR0001 29-Oct-13 15-May-17 3.50% 6 Months 1,040
TOTAL FIXED RATE (USD) 1,240
VARIABEL RATE
1. VR0027 Obligasi Pemerintah Tahun 2002 Seri VR0027 3-Dec-02 25-Jul-18 SPN 3 6 Months 5,442,142
2. VR0028 Obligasi Pemerintah Tahun 2002 Seri VR0028 3-Dec-02 25-Aug-18 SPN 3 6 Months 7,033,994
3. VR0029 Obligasi Pemerintah Tahun 2002 Seri VR0029 3-Dec-02 25-Aug-19 SPN 3 6 Months 12,212,320
4. VR0030 Obligasi Pemerintah Tahun 2002 Seri VR0030 3-Dec-02 25-Dec-19 SPN 3 6 Months 10,503,015
5. VR0031 Obligasi Pemerintah Tahun 2002 Seri VR0031 3-Dec-02 25-Jul-20 SPN 3 6 Months 25,322,354
6. VR0024 Obligasi Pemerintah Tahun 2002 Seri VR0024 3-Dec-02 25-Feb-17 SPN 3 3 Months 9,909,300
7. VR0025 Obligasi Pemerintah Tahun 2002 Seri VR0025 3-Dec-02 25-Sep-17 SPN 3 3 Months 3,209,300
8. VR0026 Obligasi Pemerintah Tahun 2002 Seri VR0026 3-Dec-02 25-Jan-18 SPN 3 6 Months 5,442,142
TOTAL VARIABEL RATE 79,074,567
RETAIL
1. ORI012 Obligasi Negara RI Seri ORI012 22-Oct-15 15-Oct-18 9.00% 6 Months 27,438,755
TOTAL RETAIL 77,294,780

Government Bonds 49
GOVERNMENT SHARIA BONDS

SUKUK IFR
1. IFR0002 Surat Berharga Syariah Negara RI Seri IFR-0002 27-Aug-08 15-Aug-18 11.95% 6 Months 1,985,000
2. IFR0006 Surat Berharga Syariah Negara RI Seri IFR-0006 5-Apr-10 15-Apr-30 10.25% 6 Months 2,175,000
3. IFR0007 Surat Berharga Syariah Negara RI Seri IFR-0007 22-Jan-10 15-Jan-25 10.25% 6 Months 1,547,000
4. IFR0008 Surat Berharga Syariah Negara RI Seri IFR-0008 16-Apr-10 15-Mar-20 8.80% 6 Months 252,000
5. IFR0010 Surat Berharga Syariah Negara RI Seri IFR-0010 4-Mar-11 15-Feb-36 8.80% 6 Months 4,110,000
6. IFR0005 Surat Berharga Syariah Negara RI Seri IFR-0005 22-Jan-10 15-Jan-17 9.00% 6 Months 1,171,000
TOTAL SUKUK IFR 11,240,000
PROJECT BASED SUKUK

1. PBS002 Surat Berharga Syariah Negara Seri PBS002 3-Feb-12 15-Jan-22 5.45% 6 Months 10,305,857
2. PBS003 Surat Berharga Syariah Negara Seri PBS003 3-Feb-12 15-Jan-27 6.00% 6 Months 3,786,000
3. PBS004 Surat Berharga Syariah Negara Seri PBS004 17-Feb-12 15-Feb-37 6.10% 6 Months 16,147,857
4. PBS005 Surat Berharga Syariah Negara Seri PBS005 3-May-13 15-Apr-43 6.75% 6 Months 10,234,000
5. PBS006 Surat Berharga Syariah Negara Seri PBS006 20-Sep-13 15-Sep-20 8.25% 6 Months 38,508,000
6. PBS007 Surat Berharga Syariah Negara Seri PBS007 30-Sep-14 15-Sep-40 9.00% 6 Months 7,525,000
7. PBS010 Surat Berharga Syariah Negara Seri PBS010 27-Oct-15 25-Jan-19 8.63% 6 Months 4,050,000
8. PBS011 Surat Berharga Syariah Negara Seri PBS011 15-Jan-16 15-Aug-23 8.75% 6 Months 21,750,000
9. PBS012 Surat Berharga Syariah Negara Seri PBS012 29-Jan-16 15-Nov-31 8.88% 6 Months 38,984,100
10. PBS013 Surat Berharga Syariah Negara Seri PBS013 7-Oct-16 15-May-19 6.25% 6 Months 50,425,000
11. PBS014 Surat Berharga Syariah Negara Seri PBS014 7-Oct-16 15-May-21 6.50% 6 Months 22,067,857
12. PBS015 Surat Berharga Syariah Negara Seri PBS015 24-Jul-17 15-Jul-47 8.00% 6 Months 1,970,000
13. PBS016 Surat Berharga Syariah Negara Seri PBS016 8-Sep-17 15-Mar-20 6.35% 6 Months 31,015,000
14. PBS017 Surat Berharga Syariah Negara Seri PBS017 12-Jan-18 15-Oct-25 8.13% 6 Months 5,035,000
15. PBS018 Surat Berharga Syariah Negara Seri PBS018 6-Jun-18 15-May-28 7.63% 6 Months 2,000,000
16. PBS009 Surat Berharga Syariah Negara Seri PBS009 31-Jul-15 25-Jan-18 7.75% 6 Months 37,890,000
TOTAL PROJECT BASE SUKUK 301,693,671
RETAIL SUKUK
1. SR008 Sukuk Negara Ritel Seri SR-008 11-Mar-16 10-Mar-19 8.30% 6 Months 31,500,000
4. SR-006 Sukuk Negara Ritel Seri SR-006 6-Mar-14 5-Mar-17 8.75% 6 Months 19,323,345
TOTAL RETAIL SUKUK 95,262,260
T-BILLS
1. SPN12180712 Surat Perbendaharaan Negara Seri SPN12180712 14-Jul-17 12-Jul-18 DISCOUNT 6 Months 7,300,000
2. SPN12180809 Surat Perbendaharaan Negara Seri SPN12180809 11-Aug-17 9-Aug-18 DISCOUNT 6 Months 8,000,000
3. SPN12180906 Surat Perbendaharaan Negara Seri SPN12180906 8-Sep-17 6-Sep-18 DISCOUNT 6 Months 6,000,000
4. SPN12181004 Surat Perbendaharaan Negara Seri SPN12181004 6-Oct-17 4-Oct-18 DISCOUNT 6 Months 6,000,000

50 Government Bonds
T-BILLS
5. SPN12181115 Surat Perbendaharaan Negara Seri SPN12181115 17-Nov-17 15-Nov-18 DISCOUNT 6 Months 3,000,000
6. SPN12190104 Surat Perbendaharaan Negara Seri SPN12190104 8-Jan-18 4-Jan-19 DISCOUNT 6 Months 10,000,000
7. SPN12190131 Surat Perbendaharaan Negara Seri SPN12190131 2-Feb-18 31-Jan-19 DISCOUNT 6 Months 5,000,000
8. SPN12190214 Surat Perbendaharaan Negara Seri SPN12190214 19-Feb-18 14-Feb-19 DISCOUNT 6 Months 13,300,000
9. SPN12190314 Surat Perbendaharaan Negara Seri SPN12190314 16-Mar-18 14-Mar-19 DISCOUNT 6 Months 9,050,000
10. SPN12190411 Surat Perbendaharaan Negara Seri SPN12190411 13-Apr-18 11-Apr-19 DISCOUNT 6 Months 4,450,000
11. SPN12190606 Surat Perbendaharaan Negara Seri SPN12190606 8-Jun-18 6-Jun-19 DISCOUNT 6 Months 700,000
12. SPN03170112 Surat Perbendaharaan Negara Seri SPN03170112 14-Oct-16 12-Jan-17 DISCOUNT 6 Months 1,000,000
13. SPN03170209 Surat Perbendaharaan Negara Seri SPN03170209 11-Nov-16 9-Feb-17 DISCOUNT 6 Months 2,000,000
14. SPN03170307 Surat Perbendaharaan Negara Seri SPN03170307 9-Dec-16 7-Mar-17 DISCOUNT 6 Months 2,000,000
15. SPN03180118 Surat Perbendaharaan Negara Seri SPN03180118 20-Oct-17 18-Jan-18 DISCOUNT 6 Months 3,650,000
16. SPN03180404 Surat Perbendaharaan Negara Seri SSPN03180404 8-Jan-18 4-Apr-18 DISCOUNT 6 Months 5,000,000
17. SPN03180417 Surat Perbendaharaan Negara Seri SPN03180417 19-Jan-18 17-Apr-18 DISCOUNT 6 Months 5,000,000
18. SPN03180430 Surat Perbendaharaan Negara Seri SPN03180430 2-Feb-18 30-Apr-18 DISCOUNT 6 Months 5,000,000
19. SPN03180514 Surat Perbendaharaan Negara Seri SPN03180514 19-Feb-18 14-May-18 DISCOUNT 6 Months 5,000,000
20. SPN03180528 Surat Perbendaharaan Negara Seri SPN03180528 2-Mar-18 28-May-18 DISCOUNT 6 Months 5,000,000
21. SPN03180614 Surat Perbendaharaan Negara Seri SPN03180614 16-Mar-18 14-Jun-18 DISCOUNT 6 Months 5,000,000
22. SPN03180628 Surat Perbendaharaan Negara Seri SPN03180628 2-Apr-18 28-Jun-18 DISCOUNT 6 Months 5,000,000
24. SPN12170203 Surat Perbendaharaan Negara Seri SPN12170203 5-Feb-16 3-Feb-17 DISCOUNT 6 Months 4,890,000
25. SPN12170302 Surat Perbendaharaan Negara Seri SPN12170302 4-Mar-16 2-Mar-17 DISCOUNT 6 Months 6,350,000
27. SPN12170511 Surat Perbendaharaan Negara Seri SPN12170511 13-May-16 11-May-17 DISCOUNT 6 Months 3,600,000
28. SPN12170608 Surat Perbendaharaan Negara Seri SPN12170608 10-Jun-16 8-Jun-17 DISCOUNT 6 Months 2,600,000
29. SPN12170720 Surat Perbendaharaan Negara Seri SPN12170720 22-Jul-16 20-Jul-17 DISCOUNT 6 Months 2,000,000
30. SPN12170804 Surat Perbendaharaan Negara Seri SPN12170804 5-Aug-16 4-Aug-17 DISCOUNT 6 Months 3,150,000
31. SPN12170914 Surat Perbendaharaan Negara Seri SPN12170914 16-Sep-16 14-Sep-17 DISCOUNT 6 Months 1,500,000
32. SPN12171012 Surat Perbendaharaan Negara Seri SPN12171012 14-Oct-16 12-Oct-17 DISCOUNT 6 Months 900,000
33. SPN12171109 Surat Perbendaharaan Negara Seri SPN12171109 11-Nov-16 9-Nov-17 DISCOUNT 6 Months 1,250,000
36. SPN12180511 Surat Perbendaharaan Negara Seri SPN12180511 15-May-17 11-May-18 DISCOUNT 6 Months 5,300,000
37. SPN12180607 Surat Perbendaharaan Negara Seri SPN12180607 9-Jun-17 7-Jun-18 DISCOUNT 6 Months 5,550,000
TOTAL T-BILLS 186,390,000
ISLAMIC T-BILLS
1. SPNS01122018 Surat Perbendaharaan Negara Syariah seri SPNS01122018 5-Jun-18 1-Dec-18 DISCOUNT 6 Months 6,550,000
2. SPNS03112018 Surat Perbendaharaan Negara Syariah seri SPNS03112018 7-May-18 3-Nov-18 DISCOUNT 6 Months 1,150,000
3. SPNS04102018 Surat Perbendaharaan Negara Syariah seri SPNS04102018 6-Apr-18 4-Oct-18 DISCOUNT 6 Months 4,500,000
4. SPNS07082018 Surat Perbendaharaan Negara Syariah seri SPNS07082018 9-Feb-18 7-Aug-18 DISCOUNT 6 Months 6,000,000
5. SPNS07092018 Surat Perbendaharaan Negara Syariah seri SPNS07092018 9-Mar-18 7-Sep-18 DISCOUNT 6 Months 4,230,000
6. SPNS10072018 Surat Perbendaharaan Negara Syariah seri SPNS10072018 12-Jan-18 10-Jul-18 DISCOUNT 6 Months 4,000,000
7. SPNS01122017 Surat Perbendaharaan Negara Syariah Seri SPNS01122017 5-Jun-17 1-Dec-17 DISCOUNT 6 Months 4,500,000
8. SPNS05012018 Surat Perbendaharaan Negara Syariah seri SPNS05012018 7-Jul-17 5-Jan-18 DISCOUNT 6 Months 2,870,000
9. SPNS08052018 Surat Perbendaharaan Negara Syariah Seri SPNS08052018 10-Nov-17 8-May-18 DISCOUNT 6 Months 2,720,000
10. SPNS11042018 Surat Perbendaharaan Negara Syariah Seri SPNS11042018 13-Oct-17 11-Apr-18 DISCOUNT 6 Months 3,600,000
11. SPNS13032018 Surat Perbendaharaan Negara Syariah seri SPNS13032018 15-Sep-17 13-Mar-18 DISCOUNT 6 Months 3,450,000
12. SPNS19042017 Surat Perbendaharaan Negara Syariah Seri SPN-S19042017 21-Oct-16 19-Apr-17 DISCOUNT 6 Months 2,500,000

Government Bonds 51
ISLAMIC T-BILLS
13. SPNS21032017 Surat Perbendaharaan Negara Syariah Seri SPN-S21032017 23-Sep-16 21-Mar-17 DISCOUNT 6 Months 2,000,000
14. SPNS24022017 Surat Perbendaharaan Negara Syariah Seri SPN-S24022017 26-Aug-16 24-Feb-17 DISCOUNT 6 Months 2,000,000
15. SPNS27012017 Surat Perbendaharaan Negara Syariah Seri SPN-S27012017 29-Jul-16 27-Jan-17 DISCOUNT 6 Months 1,200,000
TOTAL ISLAMIC T-BILLS 51,270,000

52 Government Bonds
TRADING HIGHLIGHT
FR0031
Listing Date Maturity Date
ISIN CODE : IDG000006206 Jun-05 Jun-10 Jun-15 Jun-20
Trading Activities, 2017 2018

Volume TRADING ACTIVITIES Frequency
7500 225 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2

Volume Volume (Rp bn) 7104.91 4529.89 3821.71 4148.74 6644.50 6306.13
6000 180
Frequency Frequency (X) 205 111 154 139 143 165
4500 135 Trading days 51 37 46 46 40 45
Turnover Ratio (%) 158.86 101.84 85.92 93.27 149.38 141.77
3000 90 CTP Price - High 115.100 113.750 116.700 114.100 135.295 135.320
Date 09-Feb 09-May 20-Sep 04-Oct 27-Mar 02-Apr
1500 45
CTP Price - Low 102.400 112.400 109.850 111.100 111.000 100.290
- - Date 15-Mar 08-Jun 30-Aug 21-Dec 15-Feb 15-May
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price 113.186 113.004 113.803 113.742 112.316 108.331
IBPA Fair Yield (%) 6.8263 6.6548 6.0817 5.7465 5.8713 7.1489
Last Date 31-Mar 22-Jun 29-Sep 29-Dec 29-Mar 22-Jun
Price PRICE AND YTM MOVEMENT YTM (%)
Mod. Duration (yrs) 2.915 2.835 2.586 2.469 2.226 2.064
137 8.0
Convexity (yrs) 11.014 10.169 8.700 7.783 6.520 5.538
129 7.0 Sensitivity (%) 0.033 0.032 0.029 0.028 0.025 0.022
121 6.0
113 5.0
105 4.0
97 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
 CTP Highest Price  CTP Lowest Price  Highest Price = Lowest Price
 IBPA Fair Price  YTM
FR0032 Listing Date Maturity Date
ISIN CODE : IDG000006305 Sep-05 Jul-07 May-09 Mar-11 Jan-13 Nov-14 Sep-16 Jul-18


360 12
270 9 Trading days 4 3 3 3 8 3
Turnover Ratio (%) 34.40 22.51 77.79 121.55 194.94 150.82
180 6 CTP Price - High 111.350 111.900 109.100 105.950 105.250 102.700
Date 16-Feb 02-May 06-Jul 20-Dec 08-Jan 03-Apr
90 3
CTP Price - Low 109.450 110.539 108.370 105.750 102.250 101.200
- - Date 31-Jan 03-May 01-Aug 20-Dec 09-Mar 11-May
IBPA Fair Yield (%) 6.1502 5.7755 5.2268 4.7248 4.4532 4.6927
Mod. Duration (yrs) 1.161 0.941 0.741 0.501 0.292 0.043
113 8.0
Convexity (yrs) 1.978 1.409 0.924 0.511 0.228 0.023
110 7.0 Sensitivity (%) 0.013 0.010 0.008 0.005 0.003 0.000
107 6.0
104 5.0
101 4.0
98 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 53
FR0034
ISIN CODE : IDG000006503 Jan-06 Feb-09 Mar-12 Apr-15 May-18 Jun-21


6000 120
4500 90 Trading days 47 28 29 41 30 32
Turnover Ratio (%) 92.24 58.38 86.42 128.82 95.58 130.03
3000 60 CTP Price - High 121.550 122.000 123.000 122.250 151.545 151.570
Date 31-Mar 13-Apr 25-Sep 04-Oct 27-Mar 02-Apr
1500 30
CTP Price - Low 119.000 120.880 119.750 120.000 119.000 114.700
- - Date 03-Jan 09-May 12-Jul 02-Nov 08-Mar 09-May
IBPA Fair Yield (%) 6.8763 6.6748 6.1405 5.8451 6.0249 7.1794
Mod. Duration (yrs) 3.255 3.203 2.955 2.866 2.622 2.480
153 8.0
Convexity (yrs) 13.789 12.988 11.342 10.421 8.963 7.877
145 7.0 Sensitivity (%) 0.039 0.039 0.036 0.035 0.031 0.028
137 6.0
129 5.0
121 4.0
113 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0035
ISIN CODE : IDG000006602 Feb-06 Mar-10 Apr-14 May-18 Jun-22


2800 60
2100 45 Trading days 19 13 9 18 17 17
Turnover Ratio (%) 75.62 46.46 17.76 34.52 120.00 63.68
1400 30 CTP Price - High 125.800 126.300 127.100 126.820 127.900 124.750
Date 31-Mar 13-Jun 29-Sep 19-Oct 25-Jan 11-Apr
700 15
CTP Price - Low 122.600 125.400 110.050 124.500 113.450 118.910
- - Date 09-Jan 12-Apr 24-Aug 25-Oct 26-Jan 22-Jun
IBPA Fair Yield (%) 6.9363 6.6969 6.2199 5.9746 6.2220 7.2154
Mod. Duration (yrs) 3.851 3.829 3.586 3.526 3.278 3.153
129 8.0
Convexity (yrs) 19.410 18.644 16.719 15.756 13.949 12.647
125 7.0 Sensitivity (%) 0.048 0.048 0.046 0.045 0.041 0.037
121 6.0
117 5.0
113 4.0
109 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

54 Government Bonds
FR0036
ISIN CODE : IDG000006701 Apr-06 Mar-08 Feb-10 Jan-12 Dec-13 Nov-15 Oct-17 Sep-19


6000 120
4500 90 Trading days 36 19 19 21 18 32
Turnover Ratio (%) 121.85 41.40 78.91 41.56 59.52 240.64
3000 60 CTP Price - High 110.850 111.611 111.250 121.350 113.020 108.400
Date 31-Mar 15-Jun 15-Sep 04-Dec 20-Mar 11-Apr
1500 30
CTP Price - Low 109.000 100.500 100.000 108.700 108.000 103.400
- - Date 16-Feb 05-May 12-Jul 17-Oct 08-Mar 30-Apr
IBPA Fair Yield (%) 6.6329 6.4825 5.8541 5.4218 5.3904 6.7825
Mod. Duration (yrs) 2.143 1.926 1.761 1.521 1.349 1.098
123 8.0
Convexity (yrs) 5.918 4.933 4.101 3.196 2.532 1.791
118 7.0 Sensitivity (%) 0.024 0.021 0.019 0.017 0.015 0.012
113 6.0
108 5.0
103 4.0
98 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0037
ISIN CODE : IDG000006800 May-06 Jun-11 Jul-16 Aug-21 Sep-26


800 32
600 24 Trading days 6 4 2 5 5 9
Turnover Ratio (%) 39.09 26.78 1.96 14.16 31.02 126.20
400 16 CTP Price - High 130.250 133.460 136.100 136.000 138.500 134.850
Date 08-Mar 16-Jun 20-Sep 13-Dec 15-Jan 09-Apr
200 8
CTP Price - Low 127.500 132.500 133.000 134.250 131.800 124.250
- - Date 26-Jan 27-Apr 24-Aug 07-Nov 23-Mar 21-May
IBPA Fair Yield (%) 7.2178 6.9816 6.6373 6.4518 6.7596 7.6359
Mod. Duration (yrs) 6.142 5.954 5.992 5.770 5.743 5.372
140 10.0
Convexity (yrs) 50.467 48.094 47.438 44.709 43.358 39.098
136 9.0 Sensitivity (%) 0.081 0.080 0.081 0.079 0.077 0.066
132 8.0
128 7.0
124 6.0
120 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 55
FR0038
ISIN CODE : IDG000007006 Aug-06 Aug-09 Aug-12 Aug-15 Aug-18


1200 16
900 12 Trading days 9 4 8 7 7 4
Turnover Ratio (%) 42.72 41.30 168.62 80.30 29.48 46.82
600 8 CTP Price - High 108.570 109.600 106.150 105.150 104.500 102.700
Date 17-Mar 02-May 10-Jul 12-Oct 31-Jan 12-Apr
300 4
CTP Price - Low 106.000 106.050 105.100 104.150 102.550 101.500
- - Date 12-Jan 16-Jun 19-Jul 11-Oct 22-Mar 11-May
IBPA Fair Yield (%) 6.2016 5.8547 5.2966 4.7961 4.5456 4.9706
Mod. Duration (yrs) 1.262 1.041 0.829 0.590 0.375 0.127
112 8.0
Convexity (yrs) 2.259 1.646 1.103 0.648 0.325 0.078
109 7.0 Sensitivity (%) 0.014 0.011 0.009 0.006 0.004 0.001
106 6.0
103 5.0
100 4.0
97 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0039
ISIN CODE : IDG000007105 Aug-06 Nov-10 Feb-15 May-19 Aug-23


600 24
450 18 Trading days 4 4 1 5 14 4
Turnover Ratio (%) 1.24 4.04 2.01 38.65 69.85 3.87
300 12 CTP Price - High 121.250 124.750 123.250 125.250 127.750 124.250
Date 09-Feb 25-Apr 14-Jul 29-Nov 11-Jan 03-Apr
150 6
CTP Price - Low 120.200 123.750 123.250 124.000 121.400 118.500
- - Date 13-Jan 21-Apr 14-Jul 23-Oct 09-Mar 23-May
IBPA Fair Yield (%) 6.9989 6.7437 6.3162 6.1039 6.3969 7.3034
Mod. Duration (yrs) 4.641 4.435 4.398 4.169 4.105 3.795
130 9.0
Convexity (yrs) 27.797 25.824 24.752 22.679 21.475 18.892
127 8.0 Sensitivity (%) 0.058 0.055 0.056 0.053 0.051 0.044
124 7.0
121 6.0
118 5.0
115 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

56 Government Bonds
ISIN CODE : IDG000007204 Sep-06 Jun-11 Mar-16 Dec-20 Sep-25


10000 200
7500 150 Trading days 35 36 34 32 45 36
Turnover Ratio (%) 32.05 20.45 28.86 17.66 185.63 85.09
5000 100 CTP Price - High 123.800 126.000 129.060 128.000 129.300 126.250
2500 50
CTP Price - Low 118.500 123.450 121.791 122.000 97.515 118.500
- - Date 04-Jan 12-May 19-Jul 23-Nov 10-Jan 22-Jun
IBPA Fair Yield (%) 7.1382 6.9687 6.5279 6.3374 6.6519 7.5334
Mod. Duration (yrs) 5.790 5.589 5.607 5.381 5.338 4.991
131 9.0
Convexity (yrs) 43.869 41.483 40.668 38.065 36.674 32.969
124 8.0 Sensitivity (%) 0.072 0.070 0.071 0.069 0.067 0.058
117 7.0
110 6.0
103 5.0
96 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0042
ISIN CODE : IDG000007402 Jan-07 Jun-10 Nov-13 Apr-17 Sep-20 Feb-24 Jul-27


2200 60
1650 45 Trading days 19 12 19 18 23 17
Turnover Ratio (%) 14.58 6.75 26.93 17.56 71.74 38.16
1100 30 CTP Price - High 122.000 122.500 126.350 125.350 128.250 124.300
550 15
CTP Price - Low 114.995 117.144 120.000 118.100 120.000 114.250
- - Date 04-Jan 03-May 22-Aug 18-Oct 03-Jan 21-May
IBPA Fair Yield (%) 7.2874 7.0570 6.7260 6.5450 6.8423 7.7079
Mod. Duration (yrs) 6.596 6.410 6.460 6.246 6.221 5.821
128 9.0
Convexity (yrs) 58.823 56.296 55.700 52.860 51.367 46.434
125 8.0 Sensitivity (%) 0.080 0.079 0.081 0.079 0.077 0.066
122 7.0
119 6.0
116 5.0
113 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 57
ISIN CODE : IDG000007501 Feb-07 Mar-10 Apr-13 May-16 Jun-19 Jul-22


1400 60
1050 45 Trading days 23 15 28 20 24 15
Turnover Ratio (%) 39.59 4.41 15.75 13.57 41.62 40.87
700 30 CTP Price - High 114.600 115.500 117.100 116.100 117.750 115.000
350 15
CTP Price - Low 110.850 114.100 106.950 104.400 113.700 111.200
- - Date 09-Jan 18-May 30-Aug 22-Dec 26-Feb 16-May
IBPA Fair Yield (%) 6.9407 6.6992 6.2262 5.9840 6.2357 7.2197
Mod. Duration (yrs) 4.078 3.867 3.793 3.562 3.468 3.176
118 8.0
Convexity (yrs) 21.131 19.349 18.183 16.371 15.183 13.110
115 7.0 Sensitivity (%) 0.047 0.044 0.044 0.042 0.040 0.034
112 6.0
109 5.0
106 4.0
103 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0044
ISIN CODE : IDG000007709 Apr-07 Sep-24


3000 100
2250 75 Trading days 24 27 28 44 29 17
Turnover Ratio (%) 35.46 42.31 61.89 82.49 30.06 38.40
1500 50 CTP Price - High 116.000 118.000 166.000 119.786 121.750 118.810
Date 31-Mar 20-Jun 12-Jul 22-Dec 09-Jan 17-Apr
750 25
CTP Price - Low 112.250 113.516 115.500 100.000 116.500 112.650
- - Date 01-Feb 12-Apr 24-Jul 29-Dec 08-Mar 22-May
IBPA Fair Yield (%) 7.1503 6.8136 6.4214 6.2239 6.5356 7.4204
Mod. Duration (yrs) 5.380 5.189 5.168 4.938 4.876 4.551
168 9.0
Convexity (yrs) 37.065 34.941 33.832 31.391 29.976 26.799
154 8.0 Sensitivity (%) 0.063 0.061 0.062 0.059 0.058 0.050
140 7.0
126 6.0
112 5.0
98 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

58 Government Bonds
FR0045
ISIN CODE : IDG000007808 May-07 May-12 May-17 May-22 May-27 May-32 May-37


1000 80
750 60 Trading days 26 13 16 28 28 18
Turnover Ratio (%) 26.15 10.79 10.61 7.13 13.49 43.63
500 40 CTP Price - High 118.100 122.750 130.600 128.250 129.750 126.200
Date 15-Mar 23-May 25-Sep 29-Dec 25-Jan 16-Apr
250 20
CTP Price - Low 113.350 118.000 118.000 118.250 122.000 117.000
- - Date 06-Jan 08-May 22-Aug 06-Nov 29-Mar 07-Jun
IBPA Fair Yield (%) 7.9255 7.7454 7.2831 7.2059 7.3478 7.9463
Mod. Duration (yrs) 9.310 9.556 9.518 9.678 9.373 9.075
119 9.0
Convexity (yrs) 135.809 138.990 138.754 140.108 134.011 125.684
115 8.0 Sensitivity (%) 0.110 0.115 0.120 0.122 0.117 0.103
111 7.0
107 6.0
103 5.0
99 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0046
ISIN CODE : IDG000007907 Jul-07 Mar-10 Nov-12 Jul-15 Mar-18 Nov-20 Jul-23


2000 60
1500 45 Trading days 22 19 21 21 21 21
Turnover Ratio (%) 15.36 17.02 21.34 34.45 15.66 38.64
1000 30 CTP Price - High 112.150 114.400 116.000 115.910 118.250 114.750
Date 30-Mar 11-Apr 11-Sep 29-Dec 16-Jan 04-Apr
500 15
CTP Price - Low 108.500 112.250 111.500 103.800 112.000 108.700
- - Date 10-Jan 07-Apr 12-Jul 18-Dec 26-Feb 22-Jun
IBPA Fair Yield (%) 6.9941 6.7392 6.3086 6.0946 6.3853 7.2953
Mod. Duration (yrs) 4.723 4.517 4.465 4.236 4.155 3.862
108 10.0
Convexity (yrs) 28.399 26.385 25.174 23.067 21.724 19.256
105 9.0 Sensitivity (%) 0.053 0.051 0.051 0.049 0.047 0.042
102 8.0
99 7.0
96 6.0
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 59
FR0047
ISIN CODE : IDG000008004 Aug-07 Jan-11 Jun-14 Nov-17 Apr-21 Sep-24 Feb-28


6000 100
4500 75 Trading days 30 19 29 34 29 21
Turnover Ratio (%) 45.87 44.50 45.90 101.54 121.86 59.27
3000 50 CTP Price - High 120.000 121.150 125.700 124.700 127.250 123.150
Date 20-Mar 16-Jun 30-Aug 22-Dec 09-Jan 11-Apr
1500 25
CTP Price - Low 112.000 112.180 118.500 120.350 121.450 114.400
- - Date 20-Mar 12-Apr 11-Jul 30-Oct 21-Mar 24-May
IBPA Fair Yield (%) 7.3374 7.1103 6.7862 6.6091 6.8970 7.7512
Mod. Duration (yrs) 6.911 6.728 6.787 6.575 6.555 6.141
129 9.0
Convexity (yrs) 64.529 61.925 61.421 58.469 56.968 51.604
125 8.0 Sensitivity (%) 0.083 0.082 0.084 0.082 0.080 0.069
121 7.0
117 6.0
113 5.0
109 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISIN CODE : IDG000008202 Sep-07 Jul-09 May-11 Mar-13 Jan-15 Nov-16 Sep-18


2400 60
1800 45 Trading days 21 23 21 31 23 18
Turnover Ratio (%) 193.59 221.88 154.43 239.24 171.97 207.31
1200 30 CTP Price - High 104.250 107.250 106.650 103.650 102.950 102.200
Date 23-Mar 02-Jun 19-Jul 05-Oct 10-Jan 11-Apr
600 15
CTP Price - Low 100.000 103.150 102.750 102.000 100.000 100.450
- - Date 09-Mar 09-Jun 07-Aug 08-Nov 27-Feb 21-Jun
IBPA Fair Yield (%) 6.2498 5.9294 5.3615 4.8633 4.6333 5.2212
Mod. Duration (yrs) 1.352 1.135 0.916 0.672 0.451 0.207
108 8.0
Convexity (yrs) 2.529 1.885 1.294 0.790 0.424 0.144
106 7.0 Sensitivity (%) 0.014 0.012 0.009 0.007 0.005 0.002
104 6.0
102 5.0
100 4.0
98 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

60 Government Bonds
FR0050
ISIN CODE : IDG000008301 Jan-08 Jan-13 Jan-18 Jan-23 Jan-28 Jan-33 Jan-38


2400 100
1800 75 Trading days 22 28 37 34 39 28
Turnover Ratio (%) 8.58 3.78 5.12 7.73 23.74 72.96
1200 50 CTP Price - High 127.750 130.150 135.650 136.200 149.545 149.570
Date 31-Mar 09-May 25-Sep 22-Dec 27-Mar 02-Apr
600 25
CTP Price - Low 119.250 123.000 123.000 129.500 129.200 119.000
- - Date 16-Jan 08-May 11-Jul 25-Oct 13-Mar 22-Jun
IBPA Fair Yield (%) 7.9650 7.7721 7.3016 7.3226 7.3662 7.9482
Mod. Duration (yrs) 9.521 9.401 9.763 9.514 9.626 8.927
151 10.0
Convexity (yrs) 142.588 140.581 146.610 141.655 141.961 127.404
144 9.0 Sensitivity (%) 0.120 0.120 0.131 0.127 0.128 0.108
137 8.0
130 7.0
123 6.0
116 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0052
ISIN CODE : IDG000009002 Aug-09 Feb-13 Aug-16 Feb-20 Aug-23 Feb-27 Aug-30


6000 140
4500 105 Trading days 49 27 41 38 41 24
Turnover Ratio (%) 48.25 30.47 86.63 37.03 114.16 50.37
3000 70 CTP Price - High 126.100 128.750 135.990 135.920 133.300 128.600
Date 21-Mar 20-Apr 20-Sep 03-Oct 12-Jan 10-Apr
1500 35
CTP Price - Low 117.750 120.171 123.500 102.500 125.500 103.350
- - Date 04-Jan 03-May 12-Jul 06-Nov 28-Mar 24-May
IBPA Fair Yield (%) 7.5427 7.3220 7.0036 6.9729 7.0909 7.8710
Mod. Duration (yrs) 7.726 7.558 7.677 7.445 7.479 6.999
9.0
133 Convexity (yrs) 84.027 81.399 81.746 78.126 77.169 69.978
129 8.0 Sensitivity (%) 0.096 0.096 0.099 0.096 0.096 0.082
125
121 7.0
117
6.0
113
109 5.0
105
101 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 61
FR0053
ISIN CODE : IDG000009101 Jul-10 May-12 Mar-14 Jan-16 Nov-17 Sep-19 Jul-21


60000 1800
45000 1350 Trading days 62 56 63 61 63 56
Turnover Ratio (%) 236.56 140.56 153.68 98.52 131.96 176.72
30000 900 CTP Price - High 111.350 107.750 112.900 108.500 129.300 109.500
Date 31-Mar 27-Apr 29-Sep 13-Oct 06-Feb 13-Apr
15000 450
CTP Price - Low 98.948 103.800 1.051 99.758 97.500 99.808
- - Date 09-Feb 11-Apr 26-Jul 27-Oct 26-Feb 02-Apr
IBPA Fair Yield (%) 6.8821 6.6767 6.1476 5.8573 6.0438 7.1820
Mod. Duration (yrs) 3.539 3.324 3.203 2.970 2.838 2.562
130 9.0
Convexity (yrs) 15.575 13.990 12.764 11.213 10.075 8.447
123 8.0 Sensitivity (%) 0.037 0.035 0.034 0.032 0.030 0.026
116 7.0
109 6.0
102 5.0
95 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0054
ISIN CODE : IDG000009200 Jul-10 Jan-14 Jul-17 Jan-21 Jul-24 Jan-28 Jul-31


6000 160
4500 120 Trading days 53 39 49 46 38 34
Turnover Ratio (%) 92.13 53.24 86.65 65.39 53.27 34.66
3000 80 CTP Price - High 118.800 119.000 122.390 128.420 127.200 122.000
1500 40
CTP Price - Low 109.300 114.180 114.000 117.200 118.250 110.800
- - Date 04-Jan 12-Apr 19-Jul 27-Oct 13-Mar 22-Jun
IBPA Fair Yield (%) 7.6111 7.3906 7.0658 7.0809 7.1464 7.8952
Mod. Duration (yrs) 8.110 7.951 8.093 7.850 7.901 7.391
128 9.0
Convexity (yrs) 93.684 91.063 91.778 87.790 87.015 78.950
124 8.0 Sensitivity (%) 0.094 0.094 0.098 0.095 0.095 0.081
120 7.0
116 6.0
112 5.0
108 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

62 Government Bonds
FR0056
ISIN CODE : IDG000009507 Sep-10 May-13 Jan-16 Sep-18 May-21 Jan-24 Sep-26


80000 2400
60000 1800 Trading days 63 58 66 63 65 55
Turnover Ratio (%) 165.76 166.40 290.12 155.32 203.97 144.98
40000 1200 CTP Price - High 109.150 111.100 117.570 115.020 114.900 112.950
20000 600
CTP Price - Low 1.081 100.000 92.400 95.750 100.000 99.860
- - Date 24-Mar 26-Apr 03-Aug 18-Dec 05-Feb 04-May
IBPA Fair Yield (%) 7.0681 6.8217 6.4491 6.4072 6.6050 7.6359
Mod. Duration (yrs) 6.587 6.400 6.416 6.178 6.139 5.776
120 9.0
Convexity (yrs) 56.027 53.482 52.512 49.385 47.840 43.436
99 8.0 Sensitivity (%) 0.072 0.071 0.073 0.070 0.068 0.060
78 7.0
57 6.0
36 5.0
15 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0057
ISIN CODE : IDG000009606 May-11 May-16 May-21 May-26 May-31 May-36 May-41


2600 160
1950 120 Trading days 43 34 41 35 31 18
Turnover Ratio (%) 72.72 37.04 30.99 11.34 40.55 34.35
1300 80 CTP Price - High 117.000 121.000 130.880 127.500 130.000 124.100
650 40
CTP Price - Low 109.250 110.100 115.250 112.050 121.000 114.000
- - Date 10-Jan 11-Apr 20-Jul 18-Oct 22-Feb 07-Jun
IBPA Fair Yield (%) 8.0370 7.8117 7.3292 7.3478 7.3948 7.9501
Mod. Duration (yrs) 9.981 10.309 10.355 10.494 10.226 9.835
132 9.0
Convexity (yrs) 163.337 168.990 171.180 172.211 166.405 154.506
127 8.0 Sensitivity (%) 0.115 0.122 0.129 0.130 0.126 0.110
122 7.0
117 6.0
112 5.0
107 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 63
ISIN CODE : IDG000009705 Jul-11 Jun-32


12000 800
9000 600 Trading days 62 54 62 62 61 53
Turnover Ratio (%) 31.97 29.25 59.52 61.92 55.94 134.88
6000 400 CTP Price - High 108.000 110.000 119.940 119.500 115.900 115.223
3000 200
CTP Price - Low 96.050 98.305 100.590 1.090 100.000 100.100
- - Date 06-Feb 11-Apr 03-Jul 07-Nov 27-Mar 23-May
IBPA Fair Yield (%) 7.6749 7.4540 7.1191 7.0962 7.1945 7.9126
Mod. Duration (yrs) 8.562 8.738 8.578 8.658 8.391 8.176
131 9.0
Convexity (yrs) 105.212 106.579 103.738 103.402 98.731 93.374
124 8.0 Sensitivity (%) 0.090 0.094 0.095 0.096 0.092 0.082
117 7.0
110 6.0
103 5.0
96 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price
FR0059
ISIN CODE : IDG000009804 Sep-11 Aug-15 Jul-19 Jun-23 May-27


140000 8000
105000 6000 Trading days 64 57 64 62 63 55
Turnover Ratio (%) 694.46 463.44 644.58 366.86 304.08 247.82
70000 4000 CTP Price - High 104.800 110.700 120.500 112.200 115.150 106.926
Date 22-Mar 26-Apr 21-Jul 12-Dec 10-Jan 16-Apr
35000 2000
CTP Price - Low 10.000 10.000 10.633 20.000 99.000 94.500
- - Date 07-Feb 12-Jun 27-Jul 14-Dec 09-Mar 23-May
IBPA Fair Yield (%) 7.0011 6.8081 6.3730 6.2538 6.6981 7.6945
Mod. Duration (yrs) 6.986 7.033 6.832 6.830 6.534 6.381
122 9.0
Convexity (yrs) 63.845 63.197 60.244 58.983 54.955 51.891
99 8.0 Sensitivity (%) 0.070 0.071 0.071 0.072 0.067 0.060
76 7.0
53 6.0
30 5.0
7 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

64 Government Bonds
ISIN CODE : IDG000010000 Oct-11 May-22


100000 2400
75000 1800 Trading days 62 58 66 62 64 53
Turnover Ratio (%) 508.85 319.17 496.42 299.70 267.99 218.69
50000 1200 CTP Price - High 110.450 104.250 112.850 106.600 130.500 104.460
Date 23-Mar 24-May 13-Jul 03-Oct 31-Jan 28-May
25000 600
CTP Price - Low 96.100 98.920 10.311 3.400 100.000 99.000
- - Date 03-Feb 21-Apr 11-Jul 23-Nov 05-Feb 22-Jun
IBPA Fair Yield (%) 6.7633 6.6340 6.0250 5.8785 6.2075 7.2112
Mod. Duration (yrs) 4.148 4.072 3.833 3.720 3.469 3.301
131 8.0
Convexity (yrs) 21.370 20.201 18.188 16.859 14.934 13.363
105 7.0 Sensitivity (%) 0.042 0.041 0.040 0.039 0.036 0.032
79 6.0
53 5.0
27 4.0
1 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0062
ISIN CODE : IDG000010109 Feb-12 Feb-17 Feb-22 Feb-27 Feb-32 Feb-37 Feb-42


6000 800
4500 600 Trading days 46 46 54 61 61 46
Turnover Ratio (%) 5.32 8.08 55.23 82.56 173.96 61.47
3000 400 CTP Price - High 85.200 88.000 101.610 97.000 114.000 98.750
Date 29-Mar 21-Jun 20-Sep 16-Oct 19-Feb 05-Jun
1500 200
CTP Price - Low 75.000 79.000 80.500 85.000 85.750 80.000
- - Date 27-Jan 23-May 03-Aug 11-Oct 08-Mar 24-May
IBPA Fair Yield (%) 8.0543 7.8292 7.4587 7.2891 7.4006 7.9503
Mod. Duration (yrs) 10.784 11.147 11.159 11.444 11.125 10.615
114 9.0
Convexity (yrs) 190.453 197.249 198.519 203.329 195.722 179.976
106 8.0 Sensitivity (%) 0.089 0.094 0.098 0.103 0.099 0.084
98 7.0
90 6.0
82 5.0
74 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 65
FR0063
ISIN CODE : IDG000010208 Aug-12 Mar-16 Oct-19 May-23


60000 1600
45000 1200 Trading days 59 49 56 58 62 54
Turnover Ratio (%) 51.75 41.50 91.99 76.16 413.08 317.74
30000 800 CTP Price - High 100.530 95.000 100.000 105.200 102.010 100.731
Date 24-Mar 20-Jun 28-Jul 09-Nov 26-Jan 09-May
15000 400
CTP Price - Low 89.100 92.750 92.750 94.000 97.100 93.350
IBPA Fair Yield (%) 6.9848 6.7309 6.2940 6.0764 5.8804 7.2800
Mod. Duration (yrs) 4.942 4.879 4.640 4.538 4.304 4.129
107 9.0
Convexity (yrs) 29.920 28.641 26.229 24.705 22.523 20.517
102 8.0 Sensitivity (%) 0.046 0.046 0.045 0.044 0.043 0.038
97 7.0
92 6.0
87 5.0
82 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0064
ISIN CODE : IDG000010307 Aug-12 Nov-14 Feb-17 May-19 Aug-21 Nov-23 Feb-26 May-28


160000 6000
120000 4500 Trading days 56 43 56 59 64 60
Turnover Ratio (%) 85.95 50.26 112.94 73.06 1226.70 689.77
80000 3000 CTP Price - High 97.050 95.500 104.150 99.550 115.150 102.250
Date 24-Jan 22-Jun 13-Jul 29-Nov 12-Feb 18-May
40000 1500
CTP Price - Low 0.885 89.000 89.940 77.400 89.500 10.000
- - Date 08-Mar 03-Apr 10-Jul 18-Dec 01-Feb 10-Apr
IBPA Fair Yield (%) 7.3584 7.1324 6.7665 6.4704 6.6323 7.4621
Mod. Duration (yrs) 7.584 7.653 7.453 7.492 7.227 7.067
109 10.0
Convexity (yrs) 75.477 75.062 71.864 71.027 67.035 63.560
106 9.0 Sensitivity (%) 0.069 0.071 0.071 0.073 0.070 0.063
103 8.0
100 7.0
97 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

66 Government Bonds
FR0065
ISIN CODE : IDG000010406 Aug-12 Jul-19 Jun-26 May-33


40000 8000
30000 6000 Trading days 62 53 63 62 62 55
Turnover Ratio (%) 35.91 31.37 51.57 82.52 339.74 289.22
20000 4000 CTP Price - High 101.800 96.000 99.250 104.000 105.000 105.100
Date 28-Feb 21-Jun 25-Sep 21-Dec 04-Jan 12-Apr
10000 2000
CTP Price - Low 83.000 84.000 87.000 90.000 93.000 86.500
- - Date 20-Feb 17-Apr 10-Jul 01-Nov 08-Jan 21-Jun
IBPA Fair Yield (%) 7.7329 7.5113 7.1637 6.8854 6.8254 7.9248
Mod. Duration (yrs) 9.176 9.367 9.228 9.395 9.174 8.840
106 9.0
Convexity (yrs) 120.710 122.390 119.709 120.928 116.710 108.797
101 8.0 Sensitivity (%) 0.083 0.086 0.088 0.092 0.090 0.077
96 7.0
91 6.0
86 5.0
81 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISIN CODE : IDG000010703 Jul-13 Jul-18 Jul-23 Jul-28 Jul-33 Jul-38 Jul-43


8000 600
6000 450 Trading days 51 53 58 58 55 45
Turnover Ratio (%) 64.81 113.30 34.35 58.21 70.08 39.29
4000 300 CTP Price - High 110.750 113.500 120.750 119.000 121.000 118.000
2000 150
CTP Price - Low 102.000 103.450 101.246 111.500 107.020 92.214
- - Date 03-Feb 11-Apr 12-Sep 30-Nov 16-Mar 26-Apr
IBPA Fair Yield (%) 8.0823 7.8576 7.4103 7.4228 7.4089 7.8951
Mod. Duration (yrs) 10.663 10.609 11.095 10.848 11.027 10.143
121 9.0
Convexity (yrs) 187.495 187.254 197.942 192.340 194.511 172.189
115 8.0 Sensitivity (%) 0.114 0.117 0.128 0.125 0.127 0.106
109 7.0
103 6.0
97 5.0
91 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 67
FR0068
ISIN CODE : IDG000010802 Aug-13 Mar-34


28000 2400
21000 1800 Trading days 63 56 62 63 64 54
Turnover Ratio (%) 115.27 88.12 121.83 131.02 150.66 110.61
14000 1200 CTP Price - High 109.000 111.300 114.000 115.020 116.400 113.400
Date 29-Mar 05-Apr 25-Sep 22-Dec 10-Jan 11-Apr
7000 600
CTP Price - Low 1.038 91.900 98.910 98.230 100.300 98.250
- - Date 08-Mar 08-Jun 12-Sep 06-Dec 23-Feb 25-Apr
IBPA Fair Yield (%) 7.7179 7.5587 7.2703 7.1192 7.2666 8.0352
Mod. Duration (yrs) 9.184 9.027 9.213 9.024 9.065 8.484
119 9.0
Convexity (yrs) 121.917 119.024 120.724 117.221 116.114 105.448
113 8.0 Sensitivity (%) 0.098 0.097 0.102 0.101 0.100 0.086
107 7.0
101 6.0
95 5.0
89 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0069
ISIN CODE : IDG000010901 Aug-13 Jun-16 Apr-19


60000 1000
45000 750 Trading days 62 57 62 64 60 54
Turnover Ratio (%) 267.35 195.28 205.88 135.15 156.06 398.06
30000 500 CTP Price - High 103.200 103.900 110.000 118.478 106.300 102.750
Date 31-Jan 13-Jun 28-Sep 04-Oct 24-Jan 11-Apr
15000 250
CTP Price - Low 100.750 101.700 101.300 18.000 98.100 95.700
- - Date 31-Jan 13-Apr 07-Jul 06-Oct 30-Jan 21-Jun
IBPA Fair Yield (%) 6.5075 6.3179 5.6982 5.2325 5.1264 6.3687
Mod. Duration (yrs) 1.803 1.653 1.396 1.207 0.967 0.750
120 8.0
Convexity (yrs) 4.350 3.643 2.735 2.087 1.447 0.932
99 7.0 Sensitivity (%) 0.018 0.017 0.014 0.012 0.010 0.008
78 6.0
57 5.0
36 4.0
15 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

68 Government Bonds
FR0070
ISIN CODE : IDG000012006 Aug-13 Mar-24


60000 1600
45000 1200 Trading days 62 58 61 63 64 53
Turnover Ratio (%) 170.82 100.01 126.39 99.09 173.53 151.88
30000 800 CTP Price - High 110.300 110.200 112.000 112.250 115.600 113.100
Date 29-Mar 15-Jun 29-Sep 20-Oct 09-Feb 11-Apr
15000 400
CTP Price - Low 100.600 100.000 100.000 97.450 99.725 99.750
- - Date 23-Mar 02-May 26-Sep 18-Dec 27-Mar 02-Apr
IBPA Fair Yield (%) 6.9852 6.7784 6.4099 6.1678 6.4733 7.4810
Mod. Duration (yrs) 5.272 5.068 5.017 4.788 4.705 4.392
116 9.0
Convexity (yrs) 34.778 32.563 31.237 28.869 27.358 24.397
112 8.0 Sensitivity (%) 0.057 0.055 0.055 0.053 0.051 0.045
108 7.0
104 6.0
100 5.0
96 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0071
ISIN CODE : IDG000011107 Sep-13 Apr-16 Nov-18 Jun-21 Jan-24 Aug-26 Mar-29


30000 1400
22500 1050 Trading days 63 57 64 62 64 55
Turnover Ratio (%) 142.94 92.34 153.16 62.84 133.44 87.61
15000 700 CTP Price - High 114.250 116.350 121.000 119.050 122.500 118.400
7500 350
CTP Price - Low 1.280 108.500 109.450 65.447 100.000 102.080
- - Date 02-Feb 26-Apr 13-Sep 15-Dec 05-Feb 02-Apr
IBPA Fair Yield (%) 7.4285 7.2054 6.8884 6.7200 6.9885 7.8144
Mod. Duration (yrs) 7.518 7.344 7.424 7.211 7.194 6.772
125 9.0
Convexity (yrs) 76.371 73.691 73.424 70.194 68.585 62.577
113 8.0 Sensitivity (%) 0.084 0.084 0.087 0.085 0.083 0.072
101 7.0
89 6.0
77 5.0
65 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 69
FR0072
ISIN CODE : IDG000011602 Jul-15 Sep-19 Nov-23 Jan-28 Mar-32 May-36


100000 8000
75000 6000 Trading days 64 59 65 63 62 55
Turnover Ratio (%) 462.00 415.76 501.20 229.40 353.44 216.76
50000 4000 CTP Price - High 109.000 110.400 114.300 119.243 118.640 119.500
25000 2000
CTP Price - Low 1.030 10.000 20.000 7.342 101.430 94.990
- - Date 08-Mar 05-Jun 06-Jul 02-Oct 25-Jan 27-Apr
IBPA Fair Yield (%) 7.6512 7.5247 7.2023 7.0780 7.3663 8.1734
Mod. Duration (yrs) 9.536 9.741 9.629 9.797 9.431 9.137
120 9.0
Convexity (yrs) 138.249 140.465 138.444 139.894 132.533 124.481
99 8.0 Sensitivity (%) 0.101 0.105 0.107 0.110 0.103 0.091
78 7.0
57 6.0
36 5.0
15 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0073
ISIN CODE : IDG000011701 Aug-15 Nov-20 Feb-26 May-31


28000 1400
21000 1050 Trading days 63 56 62 62 62 53
Turnover Ratio (%) 202.03 168.95 99.52 140.39 125.82 154.57
14000 700 CTP Price - High 113.210 114.500 119.428 119.436 119.750 116.050
Date 02-Feb 14-Jun 29-Sep 02-Oct 22-Jan 09-Apr
7000 350
CTP Price - Low 100.450 100.000 99.148 99.148 100.000 105.000
IBPA Fair Yield (%) 7.4218 7.2654 6.9736 6.8330 7.1369 7.9942
Mod. Duration (yrs) 8.139 8.276 8.093 8.189 7.874 7.678
121 9.0
Convexity (yrs) 94.342 94.977 91.889 91.843 86.647 81.958
116 8.0 Sensitivity (%) 0.091 0.093 0.093 0.096 0.089 0.080
111 7.0
106 6.0
101 5.0
96 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

70 Government Bonds
ISIN CODE : IDG000012204 Nov-16 Feb-22 May-27 Aug-32


80000 8000
60000 6000 Trading days 62 56 64 63 62 56
Turnover Ratio (%) 1017.37 888.03 944.53 619.91 617.99 392.28
40000 4000 CTP Price - High 104.200 106.350 108.000 121.500 110.000 106.550
Date 30-Mar 04-Apr 27-Sep 01-Nov 11-Jan 11-Apr
20000 2000
CTP Price - Low 95.422 97.000 97.000 95.500 94.972 40.000
- - Date 31-Jan 12-May 07-Jul 06-Dec 19-Feb 22-Jun
IBPA Fair Yield (%) 7.3826 7.3476 6.9164 6.8607 7.1117 7.9152
Mod. Duration (yrs) 8.995 8.785 8.974 8.752 8.748 8.154
123 9.0
Convexity (yrs) 113.257 109.424 111.014 106.964 105.112 94.843
106 8.0 Sensitivity (%) 0.091 0.089 0.095 0.093 0.091 0.076
89 7.0
72 6.0
55 5.0
38 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FR0075
ISIN CODE : IDG000012303 Aug-17 Jul-24 Jun-31 May-38


Volume Volume (Rp bn) - - 37906.14 72049.47 123792.13 59252.43
100000 12000
Frequency Frequency (X) - - 7941 10067 12565 10696
75000 9000 Trading days - - 34 63 63 56
Turnover Ratio (%) - - 1301.50 1125.74 1119.00 470.25
50000 6000 CTP Price - High N/A N/A 108.600 108.000 117.100 106.200
Date N/A N/A 25-Sep 27-Dec 05-Jan 13-Apr
25000 3000
CTP Price - Low N/A N/A 99.200 97.496 11.708 93.250
- - Date N/A N/A 14-Aug 13-Oct 13-Mar 25-May
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - 104.192 105.000 102.500 95.600
IBPA Fair Yield (%) - - 7.1085 7.0334 7.2606 7.9425
Last Date - - 29-Sep 29-Dec 29-Mar 22-Jun
Mod. Duration (yrs) - - 10.348 10.515 10.155 9.858
122 9.0
Convexity (yrs) - - 162.144 163.678 155.860 146.958
99 8.0 Sensitivity (%) - - 0.108 0.110 0.104 0.093
76 7.0
53 6.0
30 5.0
7 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 71
ISIN CODE : IDG000012501 Sep-17 Sep-22 Sep-27 Sep-32 Sep-37 Sep-42 Sep-47


6000 1600
4500 1200 Trading days - - 6 62 60 51
Turnover Ratio (%) - - 331.79 579.56 363.30 102.58
Date N/A N/A 25-Sep 22-Dec 26-Jan 14-May
1500 400
- - Date N/A N/A 29-Sep 25-Oct 08-Mar 18-May
IBPA Fair Yield (%) - - 7.1873 7.1345 7.3099 7.7965
Mod. Duration (yrs) - - 11.945 12.181 11.774 11.200
112 9.0
Convexity (yrs) - - 239.726 243.920 232.925 212.538
107 8.0 Sensitivity (%) - - 0.122 0.126 0.119 0.102
102 7.0
97 6.0
92 5.0
87 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

72 Government Bonds
TRADING VOLUME BY SERIES (IN TRILLION RP) - YEAR 2017

Q1-2017 Q2-2017 Q3-2017 Q4-2017 Outstanding in Year 2017 Turnover
FR0031 7.1 4.5 3.8 4.1 110.2%
FR0032 64.4%
FR0034 3.8 2.3 3.5 5.2 91.7%
FR0035 2.1 1.3 1.0 43.6%
FR0036 2.9 1.0 1.8 1.0 71.7%
FR0037 20.5%
FR0038 1.3 0.6 83.3%
FR0039 11.5%
FR0040 2.1 1.3 1.9 1.1 24.8%
FR0042 1.0 16.5%
FR0043 1.4 0.6 18.3%
FR0044 1.6 1.9 2.8 3.7 55.5%
FR0045 13.7%
FR0046 0.9 1.1 1.3 2.1 22.0%
FR0047 2.3 2.3 2.3 5.2 59.5%
FR0048 2.3 2.6 1.8 2.8 202.4%
FR0050 6.3%
FR0052 2.8 1.8 5.1 2.2 50.6%
FR0054 6.2 3.6 5.9 4.4 74.4%
FR0057 3.1 1.6 1.3 38.0%
- 5 10 15 20 25 30

Government Bonds 73

FR0053 59.2 35.1 38.4 24.6 157.3%
FR0056 50.3 50.5 88.1 47.1 194.4%
FR0058 45.7%
FR0059 121.9 93.7 154.5 103.6 419.3%
FR0061 70.1 54.0 106.5 74.8 305.8%
FR0062 37.8%
FR0063 65.3%
FR0064 80.6%
FR0065 50.3%
FR0067 66.7%
FR0068 26.6 20.4 28.1 30.3 114.1%
FR0069 41.7 30.5 32.1 21.1 200.9%
FR0070 56.8 33.2 42.0 32.9 124.1%
FR0071 33.4 21.6 35.8 112.8%
FR0072 80.9 88.0 111.4 51.0 372.6%
FR0073 33.4 28.0 23.2 152.7%
FR0074 28.2 57.9 85.2 67.9 546.2%
FR0075 37.9 72.0 429.5%
FR0076 202.2%
- 100 200 300 400 500

74 Government Bonds
TRADING HIGHLIGHT
USDFR0002
ISIN CODE : IDG000013004 Jun-16 Jun-17Jun-18Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26


Volume Volume (Rp bn) - - - - - -
4 4
Frequency Frequency (X) - - - - - -
3 3 Trading days - - - - - -
Turnover Ratio (%) - - - - - -
2 2 CTP Price - High N/A N/A N/A N/A N/A N/A
Date N/A N/A N/A N/A N/A N/A
1 1
CTP Price - Low N/A N/A N/A N/A N/A N/A
- - Date N/A N/A N/A N/A N/A N/A
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - - -
IBPA Fair Yield (%) - - - - - -
Last Date - - - - - -
Mod. Duration (yrs) 7.569 7.365 7.270 7.161 6.869 6.727
6 6.0
Convexity (yrs) 68.032 64.856 62.411 59.921 55.768 52.994
5 5.0 Sensitivity (%) 0.076 0.075 0.076 0.074 0.068 0.065
4 4.0
3 3.0
2 2.0
1 1.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 75
TRADING HIGHLIGHT
VR0027
ISIN CODE : IDG000003609 Dec-02 Jul-18


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 5.7067 6.9051 4.7620 5.4381 4.9806 6.9445
Mod. Duration (yrs) 1.255 1.042 0.793 0.557 0.319 0.070
101 8.0
Convexity (yrs) 1.923 1.364 0.834 0.451 0.181 0.022
100 7.0 Sensitivity (%) 0.013 0.010 0.008 0.006 0.003 0.001
99 6.0
98 5.0
97 4.0
96 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
VR0028 Listing Date Maturity Date
ISIN CODE : IDG000003708 Dec-02 Nov-06 Oct-10 Sep-14 Aug-18


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 6.4804 7.1504 4.9577 5.5627 5.2444 7.1554
Mod. Duration (yrs) 1.336 1.123 0.876 0.640 0.402 0.152
101 8.0
Convexity (yrs) 2.154 1.559 0.993 0.571 0.262 0.061
100 7.0 Sensitivity (%) 0.013 0.011 0.009 0.006 0.004 0.002
99 6.0
98 5.0
97 4.0
96 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

76 Government Bonds
VR0029
ISIN CODE : IDG000003807 Dec-02 Apr-06 Aug-09 Dec-12 Apr-16 Aug-19


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 6.4804 7.1504 4.9577 5.5627 5.2444 7.1554
Mod. Duration (yrs) 2.230 2.027 1.799 1.574 1.355 1.109
101 8.0
Convexity (yrs) 5.717 4.748 3.775 2.927 2.202 1.520
100 7.0 Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.011
99 6.0
98 5.0
97 4.0
96 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
VR0030
ISIN CODE : IDG000003906 Dec-02 Mar-07 Jun-11 Sep-15 Dec-19


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 6.8267 5.0529 5.1582 5.4934 5.3597 4.7665
Mod. Duration (yrs) 2.499 2.312 2.105 1.879 1.663 1.415
101 8.0
Convexity (yrs) 7.154 6.177 5.087 4.090 3.229 2.391
100 7.0 Sensitivity (%) 0.025 0.023 0.021 0.019 0.017 0.014
99 6.0
98 5.0
97 4.0
96 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 77
VR0031
ISIN CODE : IDG000004003 Dec-02 Jul-20


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 5.7067 6.9051 4.7620 5.4381 4.9806 6.9445
Mod. Duration (yrs) 3.000 2.807 2.592 2.384 2.187 1.944
101 8.0
Convexity (yrs) 10.281 8.996 7.696 6.517 5.485 4.378
100 7.0 Sensitivity (%) 0.030 0.028 0.026 0.024 0.022 0.019
99 6.0
98 5.0
97 4.0
96 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2017
VR0027
VR0028
VR0029
VR0030
VR0031
- 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000

78 Government Bonds
TRADING HIGHLIGHT
ORI012
ISIN CODE : IDG000011800 Oct-15 Oct-16 Oct-17 Oct-18


8000 1200
6000 900 Trading days 62 53 62 62 62 54
Turnover Ratio (%) 46.92 88.63 110.81 54.78 83.52 78.37
4000 600 CTP Price - High 112.749 106.650 105.400 105.750 104.250 103.000
Date 07-Mar 04-Apr 05-Jul 09-Nov 23-Jan 24-Apr
2000 300
CTP Price - Low 100.000 100.400 100.000 100.400 99.800 98.500
- - Date 07-Mar 15-Jun 04-Sep 17-Nov 20-Mar 18-Apr
IBPA Fair Yield (%) 6.4832 6.4070 5.7494 5.0885 4.8280 6.3233
Mod. Duration (yrs) 1.433 1.237 0.994 0.766 0.531 0.289
113 8.0
Convexity (yrs) 2.265 1.688 1.099 0.663 0.330 0.108
110 7.0 Sensitivity (%) 0.015 0.013 0.010 0.008 0.005 0.003
107 6.0
104 5.0
101 4.0
98 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ORI013 Listing Date Maturity Date


12000 6000
9000 4500 Trading days 62 53 62 62 62 53
Turnover Ratio (%) 264.15 106.59 291.08 173.66 96.07 121.00
6000 3000 CTP Price - High 103.250 102.500 104.400 103.300 103.500 102.000
Date 29-Mar 14-Jun 08-Sep 06-Dec 29-Jan 11-May
3000 1500
CTP Price - Low 89.900 96.500 96.000 98.000 98.000 97.250
- - Date 22-Mar 21-Apr 26-Sep 16-Nov 16-Mar 21-Jun
IBPA Fair Yield (%) 6.7407 6.7655 5.9278 5.8742 5.7407 6.8936
Mod. Duration (yrs) 2.326 2.137 1.905 1.687 1.464 1.233
107 8.0
Convexity (yrs) 5.904 4.969 3.947 3.095 2.335 1.666
103 7.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.012
99 6.0
95 5.0
91 4.0
87 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 79
ORI014


Volume Volume (Rp bn) - - - 4516.58 4369.33 1850.41
3800 2000
Frequency Frequency (X) - - - 2332 2367 945
2850 1500 Trading days - - - 14 62 52
Turnover Ratio (%) - - - 201.89 195.31 82.71
1900 1000 CTP Price - High N/A N/A N/A 101.250 102.150 101.500
Date N/A N/A N/A 29-Dec 23-Mar 09-Apr
950 500
CTP Price - Low N/A N/A N/A 97.000 98.000 96.000
- - Date N/A N/A N/A 19-Dec 02-Mar 16-May
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - 101.347 101.048 98.291
IBPA Fair Yield (%) - - - 5.3299 5.4081 6.6486
Last Date - - - 29-Dec 29-Mar 22-Jun
Mod. Duration (yrs) - - - 2.571 2.357 2.133
104 8.0
Convexity (yrs) - - - 7.175 6.021 4.934
102 7.0 Sensitivity (%) - - - 0.026 0.024 0.021
100 6.0
98 5.0
96 4.0
94 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ORI012 3 6 8 4 75.3%
ORI013 13 5 14 9 208.9%
ORI014 5 50.5%
- 9 18 27 36 45

80 Government Bonds
TRADING HIGHLIGHT
IFR0002
ISIN CODE : IDP000000200 Aug-08 Aug-13 Aug-18


20 12
15 9 Trading days 1 2 1 1 2 1
Turnover Ratio (%) 1.41 1.41 0.40 4.84 4.63 1.01
10 6 CTP Price - High 107.264 106.500 103.950 104.450 103.350 101.850
Date 23-Jan 08-May 28-Aug 04-Dec 09-Feb 03-May
5 3
CTP Price - Low 107.244 106.340 103.930 104.150 102.050 101.850
- - Date 23-Jan 12-May 28-Aug 04-Dec 13-Mar 03-May
IBPA Fair Yield (%) 6.8016 6.4547 5.8966 5.3961 5.1456 5.5706
Mod. Duration (yrs) 1.256 1.036 0.826 0.587 0.374 0.126
109 8.0
Convexity (yrs) 2.241 1.632 1.096 0.643 0.323 0.078
107 7.0 Sensitivity (%) 0.013 0.011 0.009 0.006 0.004 0.001
105 6.0
103 5.0
101 4.0
99 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
IFR0006 Listing Date Maturity Date
ISIN CODE : IDP000000804 Apr-10 Apr-15 Apr-20 Apr-25 Apr-30


Volume Volume (Rp bn) - 29.00 38.37 22.00 363.23 822.75
800 28
Frequency Frequency (X) - 3 8 10 15 30
600 21 Trading days - 2 4 3 3 6
Turnover Ratio (%) - 5.33 7.06 4.05 66.80 151.31
400 14 CTP Price - High N/A 122.005 125.500 126.210 151.465 124.310
Date N/A 02-May 14-Sep 29-Dec 03-Jan 19-Apr
200 7
CTP Price - Low N/A 120.000 121.250 116.950 113.650 107.415
- - Date N/A 16-Jun 15-Sep 19-Dec 12-Mar 30-May
IBPA Fair Yield (%) 7.6929 7.4717 7.1550 6.9964 7.2458 7.8986
Mod. Duration (yrs) 7.632 7.465 7.576 7.367 7.369 6.934
151 9.0
Convexity (yrs) 81.057 78.461 78.689 75.458 74.049 67.638
142 8.0 Sensitivity (%) 0.092 0.092 0.095 0.093 0.091 0.080
133 7.0
124 6.0
115 5.0
106 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 81
IFR0007
ISIN CODE : IDP000000606 Jan-10 Jan-15 Jan-20 Jan-25


Volume Volume (Rp bn) - - - 20.00 - 49.00
40 4
Frequency Frequency (X) - - - 4 - 3
30 3 Trading days - - - 2 - 2
Turnover Ratio (%) - - - 5.17 - 12.67
20 2 CTP Price - High N/A N/A N/A 120.360 N/A 120.959
Date N/A N/A N/A 10-Oct N/A 22-Jun
10 1
CTP Price - Low N/A N/A N/A 120.350 N/A 102.324
- - Date N/A N/A N/A 09-Oct N/A 30-May
IBPA Fair Yield (%) 7.2892 7.0390 6.6563 6.4616 6.7755 7.4962
Mod. Duration (yrs) 5.444 5.245 5.240 5.016 4.964 4.636
125 9.0
Convexity (yrs) 38.757 36.524 35.511 33.097 31.710 28.449
120 8.0 Sensitivity (%) 0.064 0.062 0.063 0.061 0.059 0.052
115 7.0
110 6.0
105 5.0
100 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
IFR0008
ISIN CODE : IDP000000903 Apr-10 Sep-11 Feb-13 Jul-14 Dec-15 May-17 Oct-18 Mar-20


Volume Volume (Rp bn) - - - - - 85.00
80 4
Frequency Frequency (X) - - - - - 1
60 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 134.92
40 2 CTP Price - High N/A N/A N/A N/A N/A 92.578
Date N/A N/A N/A N/A N/A 30-May
20 1
CTP Price - Low N/A N/A N/A N/A N/A 92.578
- - Date N/A N/A N/A N/A N/A 30-May
IBPA Fair Yield (%) 6.8369 6.6919 6.0782 5.6887 5.7323 7.1280
Mod. Duration (yrs) 2.578 2.362 2.199 1.960 1.791 1.536
109 8.0
Convexity (yrs) 8.319 7.149 6.147 5.037 4.199 3.218
105 7.0 Sensitivity (%) 0.027 0.025 0.023 0.021 0.019 0.016
101 6.0
97 5.0
93 4.0
89 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

82 Government Bonds
IFR0010
ISIN CODE : IDP000001000 Mar-11 Mar-16 Mar-21 Mar-26 Mar-31 Feb-36


Volume Volume (Rp bn) 3.03 4.04 23.03 - - 335.61
280 4
Frequency Frequency (X) 3 4 4 - - 1
210 3 Trading days 2 2 3 - - 1
Turnover Ratio (%) 0.30 0.39 2.24 - - 32.66
140 2 CTP Price - High 115.655 117.000 121.500 N/A N/A 108.514
Date 17-Mar 02-May 06-Jul N/A N/A 30-May
70 1
CTP Price - Low 115.585 115.633 119.000 N/A N/A 108.514
- - Date 16-Mar 03-May 22-Aug N/A N/A 30-May
IBPA Fair Yield (%) 7.9856 7.7617 7.3666 7.2774 7.4321 7.9430
Mod. Duration (yrs) 9.168 9.045 9.316 9.115 9.168 8.580
131 10.0
Convexity (yrs) 127.529 125.433 129.044 125.307 124.401 113.100
126 9.0 Sensitivity (%) 0.110 0.110 0.118 0.116 0.115 0.099
121 8.0
116 7.0
111 6.0
106 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
IFR0002 2.0%
IFR0006 4.1%
IFR0007 1.3%
IFR0008
IFR0010 0.7%
- 700 1,400 2,100 2,800 3,500 4,200

Government Bonds 83
TRADING HIGHLIGHT
PBS002
ISIN CODE : IDP000001109 Feb-12 Jul-13 Dec-14 May-16 Oct-17 Mar-19 Aug-20 Jan-22


1800 120
1350 90 Trading days 2 3 1 2 20 16
Turnover Ratio (%) 41.22 39.54 16.42 19.70 120.88 60.56
900 60 CTP Price - High 92.100 94.505 93.700 95.440 99.000 99.070
Date 24-Jan 20-Apr 11-Jul 10-Oct 26-Jan 06-Jun
450 30
CTP Price - Low 91.750 92.750 93.700 95.430 96.250 85.309
- - Date 25-Jan 05-May 11-Jul 09-Oct 26-Mar 30-May
IBPA Fair Yield (%) 7.3775 7.1509 6.6520 6.3888 6.2961 7.2646
Mod. Duration (yrs) 4.058 3.844 3.708 3.476 3.335 3.057
99 9.0
Convexity (yrs) 19.877 18.083 16.598 14.816 13.474 11.565
96 8.0 Sensitivity (%) 0.037 0.036 0.035 0.034 0.032 0.028
93 7.0
90 6.0
87 5.0
84 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PBS003 Listing Date Maturity Date
ISIN CODE : IDP000001208 Feb-12 Jan-27


Volume Volume (Rp bn) 35.05 37.11 94.45 - 70.10 255.55
220 16
Frequency Frequency (X) 2 3 15 - 4 7
165 12 Trading days 1 2 4 - 1 3
Turnover Ratio (%) 3.70 3.92 9.98 - 7.41 27.00
110 8 CTP Price - High 86.030 92.505 92.250 N/A 98.100 98.820
Date 01-Feb 28-Apr 18-Jul N/A 09-Jan 07-Jun
55 4
CTP Price - Low 86.000 90.500 90.800 N/A 98.000 80.078
- - Date 01-Feb 13-Jun 23-Aug N/A 09-Jan 30-May
IBPA Fair Yield (%) 7.5632 7.3295 6.9910 6.8072 7.1112 7.7257
Mod. Duration (yrs) 7.028 6.838 6.842 6.625 6.561 6.209
99 9.0
Convexity (yrs) 62.914 60.153 58.925 55.869 53.898 49.361
95 8.0 Sensitivity (%) 0.063 0.062 0.064 0.063 0.061 0.054
91 7.0
87 6.0
83 5.0
79 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

84 Government Bonds
PBS004
ISIN CODE : IDP000001406 Feb-12 Feb-17 Feb-22 Feb-27 Feb-32 Feb-37


14000 240
10500 180 Trading days 7 9 20 13 34 23
Turnover Ratio (%) 2.68 23.87 22.93 8.59 445.49 89.46
7000 120 CTP Price - High 84.750 82.505 88.500 87.700 95.000 97.113
Date 21-Feb 25-Apr 28-Sep 19-Dec 03-Jan 06-Jun
3500 60
CTP Price - Low 74.000 79.500 78.600 84.550 81.500 71.338
- - Date 08-Mar 27-Apr 17-Jul 01-Nov 20-Mar 30-May
IBPA Fair Yield (%) 8.3055 8.0809 7.6676 7.5882 7.6978 8.2503
Mod. Duration (yrs) 10.190 10.086 10.406 10.208 10.279 9.607
99 10.0
Convexity (yrs) 155.351 153.359 158.196 154.044 153.339 139.211
93 9.0 Sensitivity (%) 0.080 0.081 0.088 0.087 0.087 0.074
87 8.0
81 7.0
75 6.0
69 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PBS005
ISIN CODE : IDP000001505 May-13 May-18 May-23 May-28 May-33 May-38 Apr-43


8000 100
6000 75 Trading days 10 7 3 10 9 15
Turnover Ratio (%) 329.05 3.72 12.43 3.24 44.83 74.69
4000 50 CTP Price - High 85.475 85.750 100.000 91.700 95.690 93.030
Date 16-Jan 24-May 20-Jul 18-Dec 03-Jan 16-May
2000 25
CTP Price - Low 77.000 82.400 83.500 87.750 88.970 74.967
- - Date 21-Feb 06-Apr 15-Aug 01-Nov 21-Mar 30-May
IBPA Fair Yield (%) 8.4145 8.1896 7.6830 7.6413 7.7495 8.1954
Mod. Duration (yrs) 10.508 10.885 11.008 11.211 10.893 10.492
102 10.0
Convexity (yrs) 185.840 193.122 197.625 200.352 192.825 179.630
96 9.0 Sensitivity (%) 0.087 0.092 0.099 0.101 0.097 0.086
90 8.0
84 7.0
78 6.0
72 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 85
PBS006
ISIN CODE : IDP000001604 Sep-13


2800 120
2100 90 Trading days 32 17 27 32 19 15
Turnover Ratio (%) 36.16 12.07 14.06 22.27 19.62 5.91
1400 60 CTP Price - High 105.576 105.494 106.150 106.700 106.400 105.025
Date 07-Feb 15-Jun 15-Sep 27-Dec 20-Feb 10-Apr
700 30
CTP Price - Low 101.460 101.480 97.749 104.830 104.720 101.850
- - Date 10-Jan 15-Jun 30-Aug 02-Nov 26-Mar 22-Jun
IBPA Fair Yield (%) 6.9185 6.7552 6.1710 5.8230 5.9295 7.2420
Mod. Duration (yrs) 2.973 2.758 2.608 2.369 2.212 1.950
107 9.0
Convexity (yrs) 10.925 9.590 8.472 7.171 6.197 4.977
105 8.0 Sensitivity (%) 0.031 0.029 0.028 0.025 0.023 0.020
103 7.0
101 6.0
99 5.0
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PBS007
ISIN CODE : IDP000001703 Sep-14 Jan-19 May-23 Sep-27 Jan-32 May-36 Sep-40


Volume Volume (Rp bn) - 24.00 - - - -
20 4
Frequency Frequency (X) - 2 - - - -
15 3 Trading days - 1 - - - -
Turnover Ratio (%) - 1.28 - - - -
10 2 CTP Price - High N/A 109.255 N/A N/A N/A N/A
Date N/A 03-May N/A N/A N/A N/A
5 1
CTP Price - Low N/A 109.245 N/A N/A N/A N/A
- - Date N/A 03-May N/A N/A N/A N/A
IBPA Fair Yield (%) 8.2054 7.9800 7.5070 7.4539 7.5723 7.9498
Mod. Duration (yrs) 10.138 10.059 10.483 10.273 10.353 9.690
121 10.0
Convexity (yrs) 163.401 162.306 170.422 166.067 165.614 150.564
117 9.0 Sensitivity (%) 0.110 0.111 0.122 0.120 0.119 0.104
113 8.0
109 7.0
105 6.0
101 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

86 Government Bonds
PBS010
ISIN CODE : IDP000002008 Oct-15 Nov-16 Dec-17 Jan-19


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 6.5968 6.3690 5.7639 5.2833 5.1334 6.2071
Mod. Duration (yrs) 1.648 1.428 1.225 0.988 0.785 0.535
105 9.0
Convexity (yrs) 3.630 2.848 2.141 1.500 1.009 0.556
104 8.0 Sensitivity (%) 0.017 0.015 0.013 0.010 0.008 0.005
103 7.0
102 6.0
101 5.0
100 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PBS011
ISIN CODE : IDP000002107 Jan-16 Feb-17 Mar-18 Apr-19 May-20 Jun-21 Jul-22 Aug-23


6000 280
4500 210 Trading days 26 19 45 43 28 20
Turnover Ratio (%) 143.54 117.21 96.97 111.80 66.05 9.11
3000 140 CTP Price - High 108.200 108.300 112.300 113.200 112.500 110.830
Date 29-Mar 15-Jun 27-Sep 24-Nov 19-Jan 06-Apr
1500 70
CTP Price - Low 103.200 100.000 100.000 100.162 86.900 106.428
- - Date 10-Jan 07-Apr 26-Sep 07-Nov 16-Mar 21-Jun
IBPA Fair Yield (%) 7.4201 7.2007 6.4398 6.2525 6.5455 7.4520
Mod. Duration (yrs) 4.843 4.635 4.595 4.365 4.280 3.972
115 9.0
Convexity (yrs) 29.522 27.443 26.337 24.159 22.767 20.104
109 8.0 Sensitivity (%) 0.052 0.050 0.051 0.049 0.047 0.041
103 7.0
97 6.0
91 5.0
85 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 87
ISIN CODE : IDP000002206 Jan-16 Mar-19 May-22 Jul-25 Sep-28 Nov-31


8000 600
6000 450 Trading days 49 46 53 57 52 38
Turnover Ratio (%) 83.75 119.11 72.43 37.04 49.73 36.31
4000 300 CTP Price - High 109.600 111.119 116.000 117.020 117.364 116.450
Date 31-Mar 30-May 25-Sep 22-Dec 10-Jan 30-May
2000 150
CTP Price - Low 100.000 100.000 8.850 100.000 110.500 95.940
- - Date 10-Mar 04-May 02-Aug 16-Oct 16-Mar 30-May
IBPA Fair Yield (%) 7.9039 7.7715 7.2186 7.1496 7.2387 8.1949
Mod. Duration (yrs) 8.132 8.279 8.175 8.265 8.001 7.820
120 9.0
Convexity (yrs) 95.861 96.666 94.929 94.774 90.362 85.778
97 8.0 Sensitivity (%) 0.088 0.091 0.094 0.095 0.091 0.082
74 7.0
51 6.0
28 5.0
5 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PBS013
ISIN CODE : IDP000002305 Oct-16 May-19


20000 360
15000 270 Trading days 23 39 50 48 53 46
Turnover Ratio (%) 149.87 100.96 227.07 114.37 159.63 101.36
10000 180 CTP Price - High 100.250 99.980 101.150 101.050 101.550 101.250
Date 16-Jan 13-Jun 08-Sep 21-Dec 24-Jan 03-Apr
5000 90
CTP Price - Low 98.061 98.514 98.775 100.230 100.400 99.250
- - Date 07-Mar 16-May 12-Jul 05-Oct 21-Mar 21-Jun
IBPA Fair Yield (%) 6.9163 6.8210 5.7189 5.5314 5.4409 6.7281
Mod. Duration (yrs) 1.910 1.748 1.496 1.298 1.056 0.835
102 9.0
Convexity (yrs) 4.761 3.990 3.057 2.349 1.664 1.109
101 8.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.008
100 7.0
99 6.0
98 5.0
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

88 Government Bonds
ISIN CODE : IDP000002404 Oct-16 Sep-17 Aug-18 Jul-19 Jun-20 May-21


6000 240
4500 180 Trading days 18 26 33 45 27 20
Turnover Ratio (%) 131.65 214.21 170.12 112.54 72.02 17.33
3000 120 CTP Price - High 99.000 99.980 101.906 101.700 101.800 100.850
Date 21-Mar 15-Jun 26-Sep 27-Dec 01-Feb 12-Apr
1500 60
CTP Price - Low 94.670 97.474 96.982 99.995 99.950 88.339
- - Date 06-Jan 04-Apr 22-Aug 24-Oct 23-Mar 30-May
IBPA Fair Yield (%) 7.0788 7.0025 5.9918 6.0577 6.2302 7.4020
Mod. Duration (yrs) 3.468 3.361 3.124 2.977 2.733 2.547
103 9.0
Convexity (yrs) 14.877 13.751 12.103 10.861 9.346 8.064
100 8.0 Sensitivity (%) 0.034 0.033 0.032 0.030 0.028 0.025
97 7.0
94 6.0
91 5.0
88 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PBS015
ISIN CODE : IDP000002503 Jul-17 Jul-22 Jul-27 Jul-32 Jul-37 Jul-42 Jul-47


Volume Volume (Rp bn) - - - - 500.00 745.00
600 20
Frequency Frequency (X) - - - - 4 23
450 15 Trading days - - - - 2 4
Turnover Ratio (%) - - - - 266.67 151.27
300 10 CTP Price - High N/A N/A N/A N/A 104.299 104.450
Date N/A N/A N/A N/A 27-Mar 04-Apr
150 5
CTP Price - Low N/A N/A N/A N/A 104.279 102.127
- - Date N/A N/A N/A N/A 27-Mar 04-Apr
IBPA Fair Yield (%) - - 7.6261 7.5945 7.6941 7.9915
Mod. Duration (yrs) - - 11.440 11.230 11.332 10.535
108 12.0
Convexity (yrs) - - 219.441 214.760 214.778 193.246
105 11.0 Sensitivity (%) - - 0.119 0.118 0.117 0.101
102 10.0
99 9.0
96 8.0
93 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 89
PBS016
ISIN CODE : IDP000002602 Sep-17 Jul-18 May-19 Mar-20


16000 260
12000 195 Trading days - - - - 28 26
Turnover Ratio (%) - - - - 308.67 85.51
Date N/A N/A N/A N/A 02-Feb 12-Apr
4000 65
- - Date N/A N/A N/A N/A 20-Mar 21-Jun
IBPA Fair Yield (%) - - 6.2088 5.8194 5.9385 7.1740
Mod. Duration (yrs) - - 2.245 2.005 1.819 1.563
105 9.0
Convexity (yrs) - - 6.316 5.185 4.284 3.286
100 8.0 Sensitivity (%) - - 0.022 0.020 0.018 0.015
95 7.0
90 6.0
85 5.0
80 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PBS017
ISIN CODE : IDP000002701 Jan-18 Aug-20 Mar-23 Oct-25


1800 160
1350 120 Trading days - - - - 27 15
Turnover Ratio (%) - - - - 163.21 47.29
Date N/A N/A N/A N/A 12-Jan 11-Apr
450 40
- - Date N/A N/A N/A N/A 21-Mar 30-May
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - 95.988 90.799
IBPA Fair Yield (%) - - - - 6.8130 7.7968
Last Date - - - - 29-Mar 22-Jun
Mod. Duration (yrs) - - - - 5.753 5.586
100 9.0
Convexity (yrs) - - - - 41.530 38.765
98 8.0 Sensitivity (%) - - - - 0.055 0.050
96 7.0
94 6.0
92 5.0
90 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

90 Government Bonds
PBS018
ISIN CODE : IDP000002800 Jun-18 Nov-19 Apr-21 Sep-22 Feb-24 Jul-25 Dec-26 May-28


4 4
3 3 Trading days - - - - - -
1 1
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - - 96.423
IBPA Fair Yield (%) - - - - - 8.1568
Last Date - - - - - 22-Jun
Mod. Duration (yrs) - - - - - 6.669
103 10.0
Convexity (yrs) - - - - - 58.405
100 9.0 Sensitivity (%) - - - - - 0.063
97 8.0
94 7.0
91 6.0
88 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 91
PBS002 29.2%
PBS003 4.4%
PBS004 14.5%
PBS005 8.2 84.7%
PBS006 3.5 1.21.4 2.1 21.1%
PBS007 0.3%
PBS010
PBS011 5.0 4.5 4.6 5.9 94.7%
PBS012 5.2 8.3 5.6 3.0 67.8%
PBS013 6.8 6.0 22.7 14.3 99.1%
PBS014 1.8 4.2 6.3 5.9 87.4%
PBS015
PBS016
- 5 10 15 20 25 30 35 40 45 50 55

92 Government Bonds
TRADING HIGHLIGHT
SR008
ISIN CODE : IDJ000007505 Mar-16 Mar-17 Mar-18 Mar-19


12000 1600
9000 1200 Trading days 62 53 62 62 62 53
Turnover Ratio (%) 59.42 80.05 160.29 101.07 88.70 71.70
6000 800 CTP Price - High 105.600 105.900 105.250 105.250 104.750 103.800
Date 08-Mar 16-Jun 26-Jul 09-Nov 12-Feb 17-Apr
3000 400
CTP Price - Low 99.000 10.000 99.900 100.000 100.000 99.000
IBPA Fair Yield (%) 6.6963 6.6273 5.8836 5.4141 5.2296 7.0040
Mod. Duration (yrs) 1.786 1.595 1.358 1.137 0.909 0.673
107 8.0
Convexity (yrs) 3.509 2.791 2.030 1.429 0.923 0.518
87 7.0 Sensitivity (%) 0.018 0.016 0.014 0.012 0.009 0.007
67 6.0
47 5.0
27 4.0
7 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SR009 Listing Date Maturity Date


10000 4000
7500 3000 Trading days - 53 62 62 62 53
Turnover Ratio (%) - 315.72 141.81 165.63 147.72 77.65
5000 2000 CTP Price - High N/A 103.330 104.200 106.910 104.500 103.200
Date N/A 27-Apr 28-Aug 23-Nov 23-Jan 05-Apr
2500 1000
CTP Price - Low N/A 93.450 97.750 98.550 99.650 97.750
- - Date N/A 10-May 04-Jul 07-Nov 31-Jan 22-May
IBPA Fair Yield (%) 6.7427 6.8236 6.0739 5.7887 5.7485 7.0675
Mod. Duration (yrs) 2.648 2.466 2.242 2.032 1.816 1.591
8.0
Convexity (yrs) 7.709 6.658 5.492 4.504 3.595 2.763
105
7.0 Sensitivity (%) 0.027 0.025 0.023 0.021 0.019 0.016
102
6.0
99 5.0
96 4.0
93 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 93
SR010


4000 2200
3000 1650 Trading days - - - - - 49
Turnover Ratio (%) - - - - - 226.33
1000 550
IBPA Fair Yield (%) - - - - 5.8764 7.0189
Mod. Duration (yrs) - - - - 2.693 2.473
102 8.0
Convexity (yrs) - - - - 7.897 6.657
83 7.0 Sensitivity (%) - - - - 0.027 0.024
64 6.0
45 5.0
26 4.0
7 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

SR008 4,680 6,304 12,623 7,959 100.2%
SR009 11,080 4,976 5,813 155.8%
- 8,000 16,000 24,000 32,000

94 Government Bonds
TRADING HIGHLIGHT
SPN12180712
ISIN CODE : IDQ000023705 Jul-17 Nov-17 Mar-18 Jul-18


2200 32
1650 24 Trading days - - 8 7 11 13
Turnover Ratio (%) - - 121.81 68.26 194.32 143.40
Date N/A N/A 22-Sep 29-Dec 29-Mar 08-Jun
550 8
Pastikan Link Grafik sudah bena
- - Date N/A N/A 19-Jul 17-Oct 02-Jan 09-Apr
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - 96.092 97.567 98.757 99.751
IBPA Fair Yield (%) - - 5.2198 4.7177 4.4440 4.6643
Mod. Duration (yrs) - - 0.784 0.534 0.288 0.036
102 7.0
Convexity (yrs) - - 0.036 0.025 0.012 0.001
100 6.0 Sensitivity (%) - - 0.008 0.005 0.003 0.000
98 5.0
96 4.0
94 3.0
92 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SPN12180809 Listing Date Maturity Date
ISIN CODE : IDQ000024000 Aug-17 Dec-17 Apr-18 Aug-18


8000 60
6000 45 Trading days - - 10 12 23 30
Turnover Ratio (%) - - 151.68 174.01 427.61 380.30
2000 15
- - Date N/A N/A 11-Aug 17-Oct 02-Jan 08-May
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - 95.667 97.186 98.399Pastikan
99.371
Link Grafik sudah bena
IBPA Fair Yield (%) - - 5.2835 4.7826 4.5281 4.9190
Mod. Duration (yrs) - - 0.860 0.611 0.364 0.112
101 7.0
Convexity (yrs) - - 0.041 0.029 0.016 0.004
99 6.0 Sensitivity (%) - - 0.009 0.006 0.004 0.001
97 5.0
95 4.0
93 3.0
91 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 95
ISIN CODE : IDQ000024208 Sep-17 Jan-18 May-18 Sep-18


6000 32
4500 24 Trading days - - 4 6 9 14
Turnover Ratio (%) - - 210.78 128.84 380.97 465.87
1500 8
- - Date N/A N/A 08-Sep 05-Oct 05-Feb 25-Apr
IBPA Fair Yield (%) - - 5.3431 4.8442 4.6083 5.1511
Mod. Duration (yrs) - - 0.937 0.688 0.441 0.189
101 7.0
Convexity (yrs) - - 0.045 0.034 0.020 0.006
99 6.0 Sensitivity (%) - - 0.009 0.007 0.004 0.002
97 5.0
95 4.0
93 3.0
91 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SPN12181004
ISIN CODE : IDQ000024505 Oct-17 Feb-18 Jun-18 Oct-18


6000 36
4500 27 Trading days - - - 12 20 12
Turnover Ratio (%) - - - 298.31 351.85 245.12
Date N/A N/A N/A 29-Dec 29-Mar 21-Jun
1500 9
- - Date N/A N/A N/A 17-Oct 05-Jan 11-Apr
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - 96.408 97.657 98.523
IBPA Fair Yield (%) - - - 4.9027 4.6848 5.3623
Mod. Duration (yrs) - - - 0.764 0.518 0.266
101 7.0
Convexity (yrs) - - - 0.039 0.024 0.009
99 6.0 Sensitivity (%) - - - 0.008 0.005 0.003
97 5.0
95 4.0
93 3.0
91 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

96 Government Bonds
ISIN CODE : IDQ000025007 Nov-17 Mar-18 Jul-18 Nov-18


Volume Volume (Rp bn) - - - 484.90 - -
400 8
Frequency Frequency (X) - - - 5 - -
300 6 Trading days - - - 3 - -
Turnover Ratio (%) - - - 64.65 - -
200 4 CTP Price - High N/A N/A N/A 95.448 N/A N/A
Date N/A N/A N/A 08-Dec N/A N/A
100 2
CTP Price - Low N/A N/A N/A 95.160 N/A N/A
- - Date N/A N/A N/A 23-Nov N/A N/A
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - 95.812 97.080Pastikan
97.828
IBPA Fair Yield (%) - - - 4.9849 4.7932 5.6434
Mod. Duration (yrs) - - - 0.879 0.633 0.381
99 7.0
Convexity (yrs) - - - 0.046 0.031 0.013
98 6.0 Sensitivity (%) - - - 0.009 0.006 0.004
97 5.0
96 4.0
95 3.0
94 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SPN12190104
ISIN CODE : IDQ000025205 Jan-18 May-18 Sep-18 Jan-19


10000 60
7500 45 Trading days - - - - 19 24
Turnover Ratio (%) - - - - 342.47 455.52
Date N/A N/A N/A N/A 27-Mar 21-Jun
2500 15
- - Date N/A N/A N/A N/A 16-Jan 24-Apr
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - 96.375Pastikan
96.955
IBPA Fair Yield (%) - - - - 4.9128 5.9284
Mod. Duration (yrs) - - - - 0.770 0.518
98 7.0
Convexity (yrs) - - - - 0.039 0.018
97 6.0 Sensitivity (%) - - - - 0.008 0.005
96 5.0
95 4.0
94 3.0
93 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 97
ISIN CODE : IDQ000025601 Feb-18 Jan-19


2600 20
1950 15 Trading days - - - - 8 11
Turnover Ratio (%) - - - - 214.52 242.09
650 5
- - Date N/A N/A N/A N/A 06-Feb 24-Apr
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - 95.987 96.468
IBPA Fair Yield (%) - - - - 4.9734 6.0625
Mod. Duration (yrs) - - - - 0.844 0.592
98 7.0
Convexity (yrs) - - - - 0.044 0.020
97 6.0 Sensitivity (%) - - - - 0.008 0.006
96 5.0
95 4.0
94 3.0
93 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SPN12190214
ISIN CODE : IDQ000025908 Feb-18 Jun-18 Oct-18 Feb-19


6000 60
4500 45 Trading days - - - - 18 24
Turnover Ratio (%) - - - - 156.15 210.94
1500 15
IBPA Fair Yield (%) - - - - 5.0038 6.1270
Mod. Duration (yrs) - - - - 0.882 0.630
98 7.0
Convexity (yrs) - - - - 0.046 0.022
97 6.0 Sensitivity (%) - - - - 0.009 0.006
96 5.0
95 4.0
94 3.0
93 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

98 Government Bonds
ISIN CODE : IDQ000026302 Mar-18 Jul-18 Nov-18 Mar-19


3400 28
2550 21 Trading days - - - - 4 16
Turnover Ratio (%) - - - - 211.49 184.31
850 7
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - 95.375Pastikan
95.696
IBPA Fair Yield (%) - - - - 5.0625 6.2465
Mod. Duration (yrs) - - - - 0.959 0.707
98 8.0
Convexity (yrs) - - - - 0.051 0.024
97 7.0 Sensitivity (%) - - - - 0.010 0.007
96 6.0
95 5.0
94 4.0
93 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SPN12190411
ISIN CODE : IDQ000026609 Apr-18 Aug-18 Dec-18 Apr-19


1000 12
750 9 Trading days - - - - - 6
Turnover Ratio (%) - - - - - 104.48
250 3
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - - 95.175
IBPA Fair Yield (%) - - - - - 6.3542
97 8.0
Convexity (yrs) - - - - - 0.027
96 7.0 Sensitivity (%) - - - - - 0.008
95 6.0
94 5.0
93 4.0
92 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 99
ISIN CODE : IDQ000027003 Jun-18 Oct-18 Feb-19 Jun-19


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - - 6.5381
95 7.0
Convexity (yrs) - - - - - 0.033
94 6.0 Sensitivity (%) - - - - - 0.009
93 5.0
92 4.0
91 3.0
90 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SPNS01122018
ISIN CODE : IDQ000026906 Jun-18 Aug-18 Oct-18 Dec-18


2200 8
1650 6 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 152.67
1100 4 CTP Price - High N/A N/A N/A N/A N/A -
Date N/A N/A N/A N/A N/A -
550 2
CTP Price - Low N/A N/A N/A N/A N/A -
- - Date N/A N/A N/A N/A N/A -
IBPA Fair Yield (%) - - - - - 5.7401
99 7.0
Convexity (yrs) - - - - - 0.014
98 6.0 Sensitivity (%) - - - - - 0.004
97 5.0
96 4.0
95 3.0
94 2.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

100 Government Bonds
SPNS03112018
ISIN CODE : IDQ000026708 May-18 Jul-18 Sep-18 Nov-18


600 4
450 3 Trading days - - - - - 2
Turnover Ratio (%) - - - - - 243.48
150 1
IBPA Fair Yield (%) - - - - - 5.5672
104 10.0
Convexity (yrs) - - - - - 0.012
102 9.0 Sensitivity (%) - - - - - 0.003
100 8.0
98 7.0
96 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SPNS04102018 Listing Date Maturity Date
ISIN CODE : IDQ000026500 Apr-18 Jun-18 Aug-18 Oct-18


180 8
135 6 Trading days - - - - - 3
Turnover Ratio (%) - - - - - 18.18
Date N/A N/A N/A N/A N/A 18-Apr
45 2
IBPA Fair Yield (%) - - - - - 5.3623
100 6.0
Convexity (yrs) - - - - - 0.009
99 5.0 Sensitivity (%) - - - - - 0.003
98 4.0
97 3.0
96 2.0
95 1.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Government Bonds 101
SPNS07082018
ISIN CODE : IDQ000025700 Feb-18 Apr-18 Jun-18 Aug-18


400 4
300 3 Trading days - - - - - 2
Turnover Ratio (%) - - - - - 32.96
100 1
- - Date N/A N/A N/A N/A N/A 09-Apr
IBPA Fair Yield (%) - - - - 4.5222 4.9016
Mod. Duration (yrs) - - - - 0.359 0.107
102 6.0
Convexity (yrs) - - - - 0.016 0.004
100 5.0 Sensitivity (%) - - - - 0.004 0.001
98 4.0
96 3.0
94 2.0
92 1.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISIN CODE : IDQ000026104 Mar-18 May-18 Jul-18 Sep-18


12 4
9 3 Trading days - - - - 1 1
Turnover Ratio (%) - - - - 1.32 1.32
3 1
IBPA Fair Yield (%) - - - - 4.6111 5.1590
Mod. Duration (yrs) - - - - 0.444 0.192
101 6.0
Convexity (yrs) - - - - 0.020 0.006
99 5.0 Sensitivity (%) - - - - 0.004 0.002
97 4.0
95 3.0
93 2.0
91 1.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

102 Government Bonds
ISIN CODE : IDQ000025304 Jan-18 Mar-18 May-18 Jul-18


3600 28
2700 21 Trading days - - - - 11 14
Turnover Ratio (%) - - - - 437.32 377.81
900 7
- - Date N/A N/A N/A N/A 16-Jan 24-Apr
IBPA Fair Yield (%) - - - - 4.4379 4.6452
Mod. Duration (yrs) - - - - 0.282 0.030
101 6.0
Convexity (yrs) - - - - 0.012 0.001
99 5.0 Sensitivity (%) - - - - 0.003 0.000
97 4.0
95 3.0
93 2.0
91 1.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SPN12180712 944 529 47.5%
SPN12180809 1,896 3,480 67.2%
SPN12180906 1,581 966 84.9%
SPN12181004 4,475 74.6%
SPN12181115 485 16.2%
- 2,000 4,000 6,000 8,000

PART III
Corporate
Bonds
Corporate Bonds 105
Corporate Bond and Sukuk

Bond Code Listing Maturity Rating Coupon
Page
No. Series Name Trustee Underwriter
ISIN Code Outstanding* Issue Term Outlook Structure
1. ADHI PT Adhi Karya (Persero) Tbk. 6. Property, Real Estate & Building Construction | 62. Building Construction
Obligasi Berkelanjutan I
ADHI01BCN1 4-Jul-12 3-Jul-19 idA- Bank Mega
1. Adhi Karya Tahap I Tahun 9.80% Danareksa, OSK Nusadana 158
IDA0000535B5 250,000 7 years Stable Tbk.
2012 Seri B
ADHI01BCN2 18-Mar-13 15-Mar-20 idA- Bank Mega
2. Adhi Karya Tahap II 8.50% Danareksa, BCA 158
Tahun 2013 Seri B
Obligasi Berkelanjutan II
ADHI02CN1 3-Jul-17 22-Jun-22 idA- Bank Mega Bahana, BCA, Danareksa,
3. Adhi Karya Tahap I Tahun 9.25% 159
IDA000082002 2,997,000 5 years Stable Tbk. Mandiri
2017
ADHI01ACN2 18-Mar-13 15-Mar-18 A- Bank Mega
4. ADHI Tahap II Tahun 8.10% Danareksa, BCA M
IDA0000574A6 125,000 5 years Stable Tbk.
2013 Seri A
Sukuk Mudharabah Nisbah

ADHISM1CN2 18-Mar-13 15-Mar-18 A- Bank Mega
5. Berkelanjutan I ADHI 63.28125% from Danareksa, BCA M
IDJ000005707 125,000 5 years Stable Tbk.
Tahap II Tahun 2013 revenue
ADHI01ACN1 4-Jul-12 3-Jul-17 A Bank Mega
6. Adhi Karya Tahap I Tahun 9.35% Danareksa, OSK Nusadana M
2012 Seri A
Sukuk Mudharabah
ADHISM1CN1 4-Jul-12 3-Jul-17 A Bank Mega
7. Berkelanjutan I Adhi Nisbah 73.05% Danareksa, OSK Nusadana M
IDJ000005202 125,000 5 years Stable Tbk.
Karya Tahap I Tahun 2012
2. ADMF PT Adira Dinamika Multi Finance Tbk. 8. Finance | 82. Financial Institution
Obligasi Berkelanjutan II Danareksa, HSBC Indonesia, Indo

ADMF02CCN2 25-Oct-13 24-Oct-18 idAAA BNI (Persero)
1. ADMF Tahap II Tahun 11.00% Premier, Standar Chartered, 165
IDA0000607C0 490,000 5 years Stable Tbk.
2013 Seri C Mandiri, DBS Vickers
Obligasi Berkelanjutan II Danareksa, DBS Vickers,

ADMF02CCN3 16-May-14 14-May-19 idAAA BNI (Persero)
2. ADMF Tahap III Tahun 10.75% Standard Chartered, Indo 165
2014 Seri C Premier
ADMF02CCN4 13-Nov-14 12-Nov-19 idAAA BNI (Persero) Danareksa, DBS Vickers, Indo
3. ADMF Tahap IV Tahun 10.75% 166
IDA0000653C4 88,000 5 years Stable Tbk. Premier, Standard Chartered
2014 Seri C
Obligasi Berkelanjutan III Danareksa, DBS Vickers, Indo

ADMF03BCN1 1-Jul-15 30-Jun-20 idAAA BNI (Persero)
4. ADMF Tahap I Tahun 10.25% Premier, Mandiri, Standard 166
2015 Seri B Chartered
Obligasi Berkelanjutan III

ADMF03BCN2 26-Aug-15 25-Aug-18 idAAA BNI (Persero)
5. ADMF Tahap II Tahun 9.50% 167
IDA0000698B1 668,000 3 years Stable Tbk. CIMB Indonesia, Danareksa,
2015 Seri B
DBS Vickers, Indo Premier,
Obligasi Berkelanjutan III Standard Chartered
ADMF03CCN2 26-Aug-15 25-Aug-20 idAAA BNI (Persero)
6. ADMF Tahap II Tahun 10.25% 167
2015 Seri C

ADMF03BCN3 3-Mar-16 2-Mar-19 idAAA BNI (Persero) Danareksa, DBS Vickers, Indo
7. ADMF Tahap III Tahun 9.50% 168
IDA0000719B5 330,500 3 years Stable Tbk. Premier, Mandiri
2016 Seri B

ADMF03CCN3 3-Mar-16 2-Mar-21 idAAA BNI (Persero) Danareksa, DBS Vickers, Indo
8. ADMF Tahap III Tahun 10.25% 168
IDA0000719C3 697,500 5 years Stable Tbk. Premier, Mandiri
2016 Seri C
Obligasi Berkelanjutan III BCA, DBS Vickers (affiliated),

ADMF03BCN4 27-Jul-16 26-Jul-19 idAAA BNI (Persero)
9. ADMF Tahap IV Tahun 8.75% Indo Premier, Mandiri, 169
2016 Seri B Trimegah

106 Corporate Bonds

Page
Obligasi Berkelanjutan III BCA, DBS Vickers (affiliated),

ADMF03CCN4 27-Jul-16 26-Jul-21 idAAA BNI (Persero)
10. ADMF Tahap IV Tahun 9.25% Indo Premier, Mandiri, 169
2016 Seri C Trimegah
Sukuk Mudharabah
SMADMF02BCN2 27-Jul-16 26-Jul-19 idAAA(sy) BNI (Persero)
11. Berkelanjutan II ADMF Tahap 8.75% BCA, Indo Premier, Trimegah 170
IDJ0000077B9 42,000 3 years Stable Tbk.
II Tahun 2016 Seri B
Sukuk Mudharabah
SMADMF02CCN2 27-Jul-16 26-Jul-21 idAAA(sy) BNI (Persero)
12. Berkelanjutan II ADMF Tahap 8.25% BCA, Indo Premier, Trimegah 170
IDJ0000077C7 14,000 5 years Stable Tbk.
II Tahun 2016 Seri C

ADMF03BCN5 23-Mar-17 22-Mar-20 idAAA BNI (Persero) BCA , CIMB Indonesia, DBS
13. ADMF Tahap V Tahun 8.60% 171
IDA0000795B5 860,000 3 years Stable Tbk. Vickers
2017 Seri B

ADMF03CCN5 23-Mar-17 22-Mar-22 idAAA BNI (Persero) BCA , CIMB Indonesia, DBS
14. ADMF Tahap V Tahun 8.90% 171
IDA0000795C3 241,000 5 years Stable Tbk. Vickers
2017 Seri C
Nisbah 71.67%
Sukuk Mudharabah
SMADMF02BCN3 23-Mar-17 22-Mar-20 idAAA(sy) from revenue BNI (Persero) BCA , CIMB Indonesia, DBS
15. Berkelanjutan II ADMF Tahap 172
IDJ0000086B0 105,000 3 years Stable equal to return Tbk. Vickers
III Tahun 2017 Seri B
8.60% p.a.
Nisbah 74.17%
Sukuk Mudharabah
SMADMF02CCN3 23-Mar-17 22-Mar-22 idAAA(sy) from revenue BNI (Persero) BCA, CIMB Indonesia, DBS
16. Berkelanjutan II ADMF Tahap 172
IDJ0000086C8 7,000 5 years Stable equal to return Tbk. Vickers
III Tahun 2017 Seri C
8.90% p.a.
ADMF03ACN6 17-Jul-17 24-Jul-18 idAAA BNI (Persero) CIMB Sekuritas, DBS Vickers,
17. ADMF Tahap VI Tahun 7.10% 173
IDA0000816A1 251,000 370 days Stable Tbk. Indo Premier, OCBC Sekuritas
2017 Seri A

ADMF03BCN6 17-Jul-17 14-Jul-20 idAAA BNI (Persero) CIMB Sekuritas, DBS Vickers,
IDA0000816B9 450,000 36 months Stable Tbk. Indo Premier, OCBC Sekuritas
2017 Seri B

ADMF03CCN6 17-Jul-17 14-Jul-22 idAAA BNI (Persero) CIMB Sekuritas, DBS Vickers,
IDA0000816C7 68,000 60 months Stable Tbk. Indo Premier, OCBC Sekuritas
2017 Seri C
Obligasi Berkelanjutan IV
ADMF04ACN1 13-Dec-17 22-Dec-18 idAAA BNI (Persero)
20. ADMF Tahap I 2017 Seri 6.15% 174
IDA0000873A2 316,000 370 days Stable Tbk.
A
ADMF04BCN1 Obligasi Berkelanjutan IV 13-Dec-17 12-Dec-20 idAAA BNI (Persero)

21. 7.45% 175
IDA0000873B0 ADMF Tahap I 2017 Seri B 893,000 36 months Stable Tbk.
ADMF04CCN1 13-Dec-17 12-Dec-20 idAAA BNI (Persero)
22. ADMF Tahap I 2017 Seri 7.55% 175
IDA0000873C8 91,000 60 months Stable Tbk. DBS Vickers, Indo Premier,
C
Mandiri, RHB Sekuritas,
Sukuk Mudharabah Trimegah
SMADMF03ACN1 13-Dec-17 22-Dec-18 idAAA(sy) BNI (Persero)
23. Berkelanjutan III ADMF Tahap Nisbah 51,25% 176
IDJ0000102A7 90,000 370 days Stable Tbk.
I Tahun 2017 Seri A
Sukuk Mudharabah
SMADMF03BCN1 13-Dec-17 12-Dec-20 idAAA(sy) BNI (Persero)
IDJ0000102B5 55,000 36 months Stable Tbk.
I Tahun 2017 Seri B
Sukuk Mudharabah
SMADMF03CCN1 13-Dec-17 12-Dec-20 idAAA(sy) BNI (Persero)
IDJ0000102C3 55,000 60 months Stable Tbk.
I Tahun 2017 Seri C
ADMF04ACN2 ADMF dengan Tingkat Bunga 22-Mar-18 1-Apr-19 idAAA BNI (Persero)
26. 6.10% Mandiri, RHB Sekuritas, 177
IDA0000887A2 Tetap Tahap II Tahun 2018 836,000 370 days Stable Tbk.
Seri A
Trimegah

Corporate Bonds 107

Page
ADMF04BCN2 ADMF dengan Tingkat Bunga 22-Mar-18 21-Mar-20 idAAA BNI (Persero)
27. 6.70% 178
IDA0000887B0 Tetap Tahap II Tahun 2018 80,000 2 years Stable Tbk.
Seri B
ADMF04CCN2 ADMF dengan Tingkat Bunga 22-Mar-18 21-Mar-21 idAAA BNI (Persero)
28. 7.40% 178
IDA0000887C8 Tetap Tahap II Tahun 2018 552,000 3 years Stable Tbk.
Seri C
ADMF04DCN2 ADMF dengan Tingkat Bunga 22-Mar-18 21-Mar-23 idAAA BNI (Persero)
29. 7.50% Mandiri, RHB Sekuritas, 179
IDA0000887D6 Tetap Tahap II Tahun 2018 162,000 5 years Stable Tbk.
Seri D
Trimegah
Nisbah 50.83%
Sukuk Mudharabah
SMADMF03ACN2 22-Mar-18 1-Apr-19 idAAA(sy) from revenue BNI (Persero)
30. Berkelanjutan III ADMF Tahap 179
IDJ0000105A0 399,000 370 days Stable equal to return Tbk.
II Tahun 2018 Seri A
6.10% p.a.
Nisbah 61.67%
Sukuk Mudharabah
SMADMF03BCN2 22-Mar-18 21-Mar-21 idAAA(sy) from revenue BNI (Persero)
31. Berkelanjutan III ADMF Tahap 180
IDJ0000105B8 62,000 3 years Stable equal to return Tbk.
7.40% p.a.
Nisbah 62.50%
Sukuk Mudharabah DBS Vickers, Indo Premier,
SMADMF03CCN2 22-Mar-18 21-Mar-23 idAAA(sy) from revenue BNI (Persero)
32. Berkelanjutan III ADMF Tahap Mandiri, RHB Sekuritas, 180
IDJ0000105C6 29,000 5 years Stable equal to return Tbk.
II Tahun 2018 Seri C Trimegah
7.50% p.a.
Obligasi Berkelanjutan III Danareksa, DBS Vickers, Indo
ADMF03ACN1 1-Jul-15 30-Jun-18 AAA BNI (Persero)
33. Adira Finance Tahap I 9.50% Premier, Mandiri, Standard M
Tahun 2015 Seri A Chartered
Sukuk Mudharabah Danareksa, DBS Vickers, Indo

SMADMF02BCN1 1-Jul-15 30-Jun-18 AAA BNI (Persero)
34. Berkelanjutan II Adira Finance Nisbah 79.167% Premier, Mandiri, Standard M
Tahap I Tahun 2015 Seri B Chartered

ADMF03ACN5 23-Mar-17 2-Apr-18 AAA BNI (Persero) BCA, CIMB Indonesia, DBS
35. Adira Finance Tahap V 7.50% M
IDA0000795A7 913,000 370 days Stable Tbk. Vickers
Tahun 2017 Seri A
Nisbah 62.50%
Sukuk Mudharabah
SMADMF02ACN3 23-Mar-17 2-Apr-18 AAA from revenue BNI (Persero) BCA , CIMB Indonesia, DBS
36. Berkelanjutan II Adira Finance M
IDJ0000086A2 274,000 370 days Stable equal to return Tbk. Vickers
Tahap III Tahun 2017 Seri A
7.50% p.a.
Obligasi Berkelanjutan II Danareksa, HSBC Indonesia,
ADMF02DCN1 4-Mar-13 1-Mar-18 AAA BNI (Persero)
37. Adira Finance Tahap I 8.90% Indo Premier, Standar M
IDA0000572D4 851,000 5 years Stable Tbk.
Tahun 2013 Seri D Chartered
ADMF02BCN4 13-Nov-14 12-Nov-17 AAA BNI (Persero) Danareksa, DBS Vickers, Indo
38. Adira Finance Tahap IV 10.50% M
IDA0000653B6 808,000 3 years Stable Tbk. Premier, Standard Chartered
Tahun 2014 Seri B
Sukuk Mudharabah I Nisbah = 80%,

ADMFSM1BCN2 13-Nov-14 12-Nov-17 AAA BNI (Persero) Danareksa, DBS Vickers, Indo
39. Adira Finance Tahap II or equal to M
IDJ0000065B4 45,000 3 years Stable Tbk. Premier, Standard Chartered
Tahun 2014 Seri B 10,5%
Obligasi Berkelanjutan I Adira CIMB Indonesia, Danareksa,

ADMF01CCN3 28-Sep-12 27-Sep-17 AA+ BNI (Persero)
40. Dinamika Multi Finance Tahap 8.75% Indo Premier, Standar M
III Tahun 2012 Seri C Chartered
Obligasi Berkelanjutan II Danareksa, DBS Vickers,

ADMF02BCN3 16-May-14 14-May-17 AA+ BNI (Persero)
41. Adira Finance Tahap III 10.50% Standard Chartered, Indo M
Tahun 2014 Seri B Premier

ADMF03ACN3 3-Mar-16 12-Mar-17 AAA BNI (Persero) Danareksa, DBS Vickers, Indo
42. Adira Finance Tahap III 8.75% M
IDA0000719A7 73,000 370 days Stable Tbk. Premier, Mandiri
Tahun 2016 Seri A
3. AGII PT Aneka Gas Industri Tbk. 3. Basic Industry And Chemicals | 34. Chemicals
AGII01ACN1 7-Jun-17 6-Jun-20 A-(idn) Bank Mega
1. Aneka Gas Industri Tahap 9.90% AAA, Investindo Nusantara 185
IDA0000810A4 45,000 3 years Positive Tbk.
I Tahun 2017 Seri A

108 Corporate Bonds

Page
AGII01BCN1 7-Jun-17 6-Jun-22 A-(idn) Bank Mega DBS Vickers, Indo Premier,
2. Aneka Gas Industri Tahap 10.35% 185
IDA0000810B2 19,000 5 years Positive Tbk. Mandiri, Sucor
I Tahun 2017 Seri B
Sukuk Ijarah Berkelanjutan I

SIAGII01ACN1 7-Jun-17 6-Jun-20 A-(idn) Ijarah Fee Bank Mega DBS Vickers, Indo Premier,
3. Aneka Gas Industri Tahap I 186
IDJ0000090A4 147,000 3 years Positive Rp14,55M p.a. Tbk. Mandiri, Sucor
Tahun 2017 Seri A

SIAGII01BCN1 7-Jun-17 6-Jun-22 A-(idn) Ijarah Fee Bank Mega DBS Vickers, Indo Premier,
4. Aneka Gas Industri Tahap I 186
IDJ0000090B2 99,000 5 years Positive Rp10,25M p.a. Tbk. Mandiri, Sucor
Tahun 2017 Seri B
AGII01ACN2 6-Dec-17 5-Dec-20 A-(idn) Bank Mega DBS Vickers, Indo Premier,
IDA0000866A6 195,000 3 years Positive Tbk. Mandiri, Sucor Sekuritas
AGII01BCN2 6-Dec-17 5-Dec-22 A-(idn) Bank Mega DBS Vickers, Indo Premier,
IDA0000866B4 61,000 5 years Positive Tbk. Mandiri, Sucor Sekuritas
Ijarah Fee
SIAGII01ACN2 6-Dec-17 5-Dec-20 A-(idn) Installment of Bank Mega DBS Vickers, Indo Premier,
7. Aneka Gas Industri Tahap II 188
IDJ0000101A9 107,000 3 years Positive Rp95 mill. per Tbk. Mandiri, Sucor Sekuritas
Tahun 2017 Seri A
miliar p.a.
Ijarah Fee
SIAGII01BCN2 6-Dec-17 5-Dec-22 A-(idn) Installment of Bank Mega DBS Vickers, Indo Premier,
8. Aneka Gas Industri Tahap II 188
IDJ0000101B7 37,000 5 years Positive Rp99 mill. per Tbk. Mandiri, Sucor Sekuritas
Tahun 2017 Seri B
miliar p.a.
AGII02 Obligasi Aneka Gas 19-Dec-12 18-Dec-17 A- Bank Mega

9. 9.80% AAA, Victoria M
IDA000055701 Industri II Tahun 2012 200,000 5 years Stable Tbk.
SIAGII02 Sukuk Ijarah Aneka Gas 19-Dec-12 18-Dec-17 A- Bank Mega

10. 9.90% AAA, Victoria M
IDJ000005400 Industri II Tahun 2012 300,000 5 years Stable Tbk.
4. AGRO PT Bank Rakyat Indonesia Agroniaga Tbk. 8. Finance | 81. Bank
AGRO01A Obligasi I BRI Agro Tahun 10-Jul-17 7-Jul-20 idAA BNI (Persero)
1. 8.25% Bahana, Indo Premier 192
IDA0000830A2 2017 Seri A 261,000 3 years Stable Tbk.
AGRO01B Obligasi I BRI Agro Tahun 10-Jul-17 7-Jul-22 idAA BNI (Persero)
2. 8.50% Bahana, Indo Premier 193
IDA0000830B0 2017 Seri B 239,000 5 years Stable Tbk.
5. AISA PT Tiga Pilar Sejahtera Food Tbk. 5. Consumer Goods Industry | 51. Food And Beverages
AISA01 Obligasi TPS Food I 8-Apr-13 5-Apr-19 idD Bank Mega Danareksa, HSBC, Indo
1. 10.25% 196
IDA000057905 Tahun 2013 600,000 5 years N/A Tbk. Premier
Rp25.625.000,- per
SIAISA01 Sukuk Ijarah TPS Food I 8-Apr-13 5-Apr-19 idD(sy) Rp1.000.000.000,- Bank Mega Danareksa, HSBC, Indo
2. 197
IDJ000005905 tahun 2013 300,000 5 years N/A per 3 months from Tbk. Premier
Ijarah Fee Residual
126.600.000.000 (if
BCA, CIMB Indonesia, DBS
SIAISA02 Sukuk Ijarah TPS Food II 20-Jul-16 19-Jul-21 idD(sy) principal = 1.2 Bank Mega
3. Vickers, Indo Premier, 197
IDJ000007802 Tahun 2016 1,200,000 5 years N/A triliun) p.a. from Tbk.
residual
Mandiri, MNC, Trimegah
6. AKRA PT AKR Corporindo Tbk. 9. Trade, Services & Investment | 91. Wholesale (Durable & Non-Durable Goods)
AKRA01B Obligasi I AKR Corpindo 26-Dec-12 21-Dec-19 idAA- Bank Mega CIMB Indonesia, Deutsche,
1. 8.75% 202
IDA0000562B9 Tahun 2012 Seri B 877,000 7 years Positive Tbk. Indo Premier, Mandiri
AKRA01ACN1 10-Jul-17 7-Jul-20 idAA- Bank Mega BCA, CIMB Sekuritas, Indo
2. AKR Corporindo Tahap I 8.50% 202
IDA0000821A1 895,000 3 years Positive Tbk. Premier, Mandiri
Tahun 2017 Seri A

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Page
AKRA01BCN1 10-Jul-17 7-Jul-22 idAA- Bank Mega BCA, CIMB Sekuritas, Indo
IDA0000821B9 68,000 5 years Positive Tbk. Premier, Mandiri
Tahun 2017 Seri B
AKRA01CCN1 10-Jul-17 7-Jul-24 idAA- Bank Mega BCA, CIMB Sekuritas, Indo
IDA0000821C7 37,000 7 years Positive Tbk. Premier, Mandiri
Tahun 2017 Seri C
AKRA01A Obligasi I AKR Corpindo 26-Dec-12 21-Dec-17 AA- Bank Mega CIMB Indonesia, Deutsche,
5. 8.40% M
IDA0000562A1 Tahun 2012 Seri A 623,000 5 years Stable Tbk. Indo Premier, Mandiri
7. AMRT PT Sumber Alfaria Trijaya Tbk. 9. Trade, Services & Investment | 93. Retail Trade
AMRT01BCN2 11-May-15 8-May-20 AA-(idn) BRI (Persero) BCA, HSBC Indonesia,
1. Sumber Alfaria Trijaya Tahap II 10.00% 207
IDA0000684B1 400,000 5 years Stable Tbk. Mandiri
Tahun 2015 Seri B
AMRT02CN1 24-May-17 23-May-20 AA-(idn) BRI (Persero)
2. Sumber Alfaria Trijaya 8.50% BCA, Mandiri 208
IDA000080501 1,000,000 3 years Stable Tbk.
Tahap I Tahun 2017
AMRT02CN2 13-Apr-18 12-Apr-21 AA-(idn) BRI (Persero)
3. Sumber Alfaria Trijaya Secara 7.50% BCA, Mandiri 208
Bertahap Tahap II Tahun 2018
AMRT01ACN2 11-May-15 8-May-18 AA- BRI (Persero) BCA, HSBC Indonesia,
4. Sumber Alfaria Trijaya Tahap II 9.70% M
IDA0000684A3 600,000 3 years Stable Tbk. Mandiri
Tahun 2015 Seri A
AMRT01CN1 27-Jun-14 26-Jun-17 AA- BRI (Persero) BCA, HSBC Indonesia, Indo
5. Sumber Alfaria Trijaya 10.50% M
IDA000063903 1,000,000 3 years Stable Tbk. Premier
Tahap I Tahun 2014
8. ANTM PT ANTAM Tbk. 2. Mining | 23. Metal And Mineral Mining
ANTM01ACN1 15-Dec-11 14-Dec-18 idBBB+ Bank Permata Mandiri, Deutsche, Standard
1. ANTAM Tahap I Tahun 8.38% 212
IDA0000501A9 900,000 7 years Stable Tbk. Chartered
2011 Seri A
ANTM01BCN1 15-Dec-11 14-Dec-21 idBBB+ Bank Permata Mandiri, Deutsche, Standard
2. ANTAM Tahap I Tahun 9.05% 213
IDA0000501B7 2,100,000 10 years Stable Tbk. Chartered
2011 Seri B
9. APAI PT Angkasa Pura I (Persero) 7. Infrastructure, Utilities & Transportation | 72. Toll Road, Airport, Harbor & Allied Prod.
APAI01A Obligasi I Angkasa Pura I 23-Nov-16 22-Nov-21 idAAA Bank Mega Bahana Securities, BCA,
1. 8.10% 217
IDA0000776A7 Tahun 2016 Seri A 622,000 5 years Stable Tbk. Danareksa, Mandiri
APAI01B Obligasi I Angkasa Pura I 23-Nov-16 22-Nov-23 idAAA Bank Mega Bahana Securities, BCA,
2. 8.40% 217
IDA0000776B5 Tahun 2016 Seri B 389,000 7 years Stable Tbk. Danareksa, Mandiri
APAI01C Obligasi I Angkasa Pura I 23-Nov-16 22-Nov-26 idAAA Bank Mega Bahana Securities, BCA,
3. 8.55% 218
IDA0000776C3 Tahun 2016 Seri C 1,489,000 10 years Stable Tbk. Danareksa, Mandiri
Ijarah Fee
SIAPAI01A Sukuk Ijarah I Angkasa 23-Nov-16 22-Nov-21 idAAA(sy) Bank Mega Bahana Securities, BCA,
4. Rp21.708.000.00 218
IDJ0000083A9 Pura I Tahun 2016 Seri A 268,000 5 years Stable Tbk. Danareksa, Mandiri
0
SIAPAI01B Sukuk Ijarah I Angkasa 23-Nov-16 22-Nov-23 idAAA(sy) Ijarah Fee Bank Mega Bahana Securities, BCA,
5. 219
IDJ0000083B7 Pura I Tahun 2016 Seri B 55,000 7 years Stable Rp4.620.000.000 Tbk. Danareksa, Mandiri
Ijarah Fee
SIAPAI01C Sukuk Ijarah I Angkasa 23-Nov-16 22-Nov-26 idAAA(sy) Bank Mega Bahana Securities, BCA,
6. Rp15.133.500.00 219
IDJ0000083C5 Pura I Tahun 2016 Seri C 177,000 10 years Stable Tbk. Danareksa, Mandiri
0

110 Corporate Bonds

Page
10. APIA PT Angkasa Pura II (Persero) 7. Infrastructure, Utilities & Transportation | 72. Toll Road, Airport, Harbor & Allied Prod.
APIA01A Obligasi I Angkasa Pura II 1-Jul-16 30-Jun-21 idAAA Bank Mega

1. 8.60% 224
IDA0000743A7 Tahun 2016 Seri A 1,000,000 5 years Stable Tbk.
Danareksa (affiliated),
APIA01B Obligasi I Angkasa Pura II 1-Jul-16 30-Jun-23 idAAA Bank Mega
2. 8.80% Mandiri (affiliated), Daewoo, 224
IDA0000743B5 Tahun 2016 Seri B 100,000 7 years Stable Tbk.
Indo Premier, Trimegah
APIA01C Obligasi I Angkasa Pura II 1-Jul-16 30-Jun-26 idAAA Bank Mega

3. 9.00% 225
IDA0000743C3 Tahun 2016 Seri C 900,000 10 years Stable Tbk.
11. APLN PT Agung Podomoro Land Tbk. 6. Property, Real Estate & Building Construction | 61. Property And Real Estate
APLN01CN2 9-Jun-14 6-Jun-19 idA- BRI (Persero) CIMB Indonesia, Indo
1. Agung Podomoro Land 12.25% 228
IDA000063101 750,000 5 years Stable Tbk. Premier, Mandiri
Tahap II Tahun 2014
APLN01CN3 22-Dec-14 19-Dec-19 idA- BRI (Persero)
2. Agung Podomoro Land 12.50% CIMB Indonesia, Indo Premier 229
IDA000065809 451,000 5 years Stable Tbk.
Tahap III Tahun 2014
APLN01CN4 26-Mar-15 25-Mar-20 idA- BRI (Persero)
3. Agung Podomoro Land 11.25% Bahana 229
Tahap IV Tahun 2015
Obligasi Berkelanjutan I CIMB Indonesia, HSBC

APLN01CN1 28-Jun-13 27-Jun-18 A- BRI (Persero)
4. Agung Podomoro Land 9.25% Indonesia, Indo Premier, M
IDA000058903 1,200,000 5 years Negative Tbk.
Tahap I Tahun 2013 Mandiri
Obligasi II Agung
APLN02 16-Aug-12 15-Aug-17 A BRI (Persero) Deutsche, HSBC Indonesia,
5. Podomoro Land Tahun 9.38% M
IDA000054100 1,200,000 5 years Stable Tbk. Indo Premier, Mandiri
2012
12. APOL PT Arpeni Pratama Ocean Line Tbk. 7. Infrastructure, Utilities & Transportation | 74. Transportation
APOL02A Obligasi APOL II Tahun 19-Mar-08 30-Jun-21 N/A Bank Mega

1. 12.00% DBS Vickers, CIMB Indonesia 233
IDA0000366A7 2008 Seri A 276,000 14 years N/A Tbk.
APOL02B Obligasi APOL II Tahun 19-Mar-08 30-Jun-21 N/A Bank Mega

2. 12.50% DBS Vickers, CIMB Indonesia 234
IDA0000366B5 2008 Seri B 324,000 14 years N/A Tbk.
13. ASDF PT Astra Sedaya Finance 8. Finance | 82. Financial Institution
Obligasi Berkelanjutan II ASDF

ASDF02BCN5 2-Jul-15 2-Jul-18 AAA(idn) BRI (Persero) DBS Vickers, Mandiri, MNC,
1. Dengan Tingkat Bunga Tetap 9.25% 238
IDA0000693B2 825,000 3 years Stable Tbk. RHB
Tahap V Tahun 2015 Seri B
Obligasi Berkelanjutan III CIMB Indonesia, Indo

ASDF03BCN1 12-May-16 11-May-19 AAA(idn) BRI (Persero)
2. ASDF Tahap I Tahun 2016 8.50% Premier, Mandiri, OCBC 238
IDA0000727B8 1,230,000 3 years Stable Tbk.
Seri B Indonesia

ASDF03BCN2 19-Oct-16 18-Oct-19 AAA(idn) BRI (Persero) CIMB Indonesia, DBS Vickers,
3. ASDF Tahap II Tahun 7.95% 239
IDA0000764B1 850,000 3 years Stable Tbk. MNC, RHB
2016 Seri B
Obligasi Berkelanjutan III BCA, CIMB Indonesia, DBS

ASDF03BCN3 6-Mar-17 3-Mar-20 AAA(idn) BRI (Persero)
4. ASDF Tahap III Tahun 8.50% Vickers, Indo Premier, 239
2017 Seri B Mandiri, MNC, Trimegah

ASDF03CCN3 6-Mar-17 3-Mar-22 AAA(idn) BRI (Persero)
5. ASDF Tahap III Tahun 8.75% Vickers, Indo Premier, 240
2017 Seri C Mandiri, MNC, Trimegah
Obligasi Berkelanjutan III BCA, CIMB, DBS Vickers, Indo

ASDF03ACN4 3-Nov-17 12-Nov-18 AAA(idn) BRI (Persero)
6. ASDF Tahap IV Tahun 6.25% Premier, Mandiri, Standard 240
2017 Seri A Chartered

Corporate Bonds 111

Page

ASDF03BCN4 3-Nov-17 2-Nov-20 AAA(idn) BRI (Persero)
7. ASDF Tahap IV Tahun 7.50% 241
IDA0000853B2 625,000 36 months Stable Tbk. BCA, CIMB, DBS Vickers, Indo
2017 Seri B
Premier, Mandiri, Standard
Obligasi Berkelanjutan III Chartered
ASDF03CCN4 3-Nov-17 2-Nov-22 AAA(idn) BRI (Persero)
8. ASDF Tahap IV Tahun 7.65% 241
IDA0000853C0 200,000 60 months Stable Tbk.
2017 Seri C
ASDF04ACN1 ASDF Dengan Tingkat Bunga 28-May-18 5-Jun-19 AAA(idn) BRI (Persero)
9. 6.10% 242
IDA0000908A6 Tetap Tahap I Tahun 2018 Seri 570,000 370 days Stable Tbk.
A
ASDF04BCN1 ASDF Dengan Tingkat Bunga 28-May-18 25-May-21 AAA(idn) BRI (Persero)
10. 7.50% 242
IDA0000908B4 Tetap Tahap I Tahun 2018 Seri 550,000 36 months Stable Tbk. BCA, BNI, CIMB, DBS Vickers,
B
Sukuk Mudharabah Nisbah 53.25% Indo Premier, Mandiri,
SMASDF01ACN1 Berkelanjutan I ASDF from revenue BRI (Persero) Trimegah
28-May-18 5-Jun-19 AAA(idn)
11. 243
IDJ0000106A8 Tahap I Tahun 2018 Seri 325,000 370 days Stable equal to return Tbk.
A 6.10% p.a.
Nisbah 65.68%
Sukuk Mudharabah
SMASDF01BCN1 28-May-18 25-May-21 AAA(idn) from revenue BRI (Persero)
12. Berkelanjutan I ASDF 243
IDJ0000106B6 175,000 36 months Stable equal to return Tbk.
Tahap I Tahun 2018 Seri B
7.50% p.a.
Obligasi Berkelanjutan II ASDF BCA, CIMB Indonesia, DBS
ASDF02CCN3 7-Apr-14 4-Apr-18 AAA BRI (Persero)
13. Dengan Tingkat Bunga Tetap 10.60% Vickers, Indo Premier, M
Tahap III Tahun 2014 Seri C Standar Chartered

ASDF03ACN3 6-Mar-17 13-Mar-18 AAA BRI (Persero)
14. ASDF Tahap III Tahun 7.40% Vickers, Indo Premier, M
IDA0000793A2 1,000,000 370 days Stable Tbk.
2017 Seri A Mandiri, MNC, Trimegah
Obligasi Berkelanjutan II ASDF BCA, CIMB, DBS Vickers,

ASDF02CCN2 27-Nov-13 26-Nov-17 AA+ BRI (Persero)
15. Dengan Tingkat Bunga Tetap 9.75% Mandiri, Maybank Kim Eng, M
Tahap II Tahun 2013 Seri C Trimegah
Obligasi Berkelanjutan II ASDF

ASDF02BCN4 30-Oct-14 29-Oct-17 AAA BRI (Persero) BCA, CIMB, DBS Vickers, Indo
16. Dengan Tingkat Bunga Tetap 10.50% M
IDA0000652B8 1,500,000 3 years Stable Tbk. Premier, Mandiri, MNC, RHB
Tahap IV Tahun 2014 Seri B

ASDF03ACN2 19-Oct-16 28-Oct-17 AAA BRI (Persero) CIMB, DBS Vickers, MNC,
17. ASDF Tahap II Tahun 7.25% M
IDA0000764A3 850,000 370 days Stable Tbk. RHB
2016 Seri A
Obligasi Berkelanjutan III CIMB Indonesia, Indo

ASDF03ACN1 12-May-16 21-May-17 AAA BRI (Persero)
18. ASDF Tahap I Tahun 2016 7.95% Premier, Mandiri, OCBC M
Seri A Indonesia
Obligasi Berkelanjutan II ASDF BCA, CIMB Indonesia, DBS

ASDF02BCN3 7-Apr-14 4-Apr-17 AAA BRI (Persero)
19. Dengan Tingkat Bunga Tetap 10.50% Vickers, Indo Premier, M
Tahap III Tahun 2014 Seri B Standar Chartered
Obligasi Berkelanjutan I BCA, CIMB, DBS Vickers,

ASDF01CCN1 22-Feb-12 21-Feb-17 AA+ BRI (Persero)
20. ASDF Tahap I Tahun 2012 8.60% Mandiri, Maybank Kim Eng, M
IDA0000511C4 2,250,000 5 years Stable Tbk.
Seri C Trimegah
14. BACA PT Bank Capital Indonesia Tbk. 8. Finance | 81. Bank
Obligasi Subordinasi
BACA01SB 14-Jan-15 13-Jan-22 idBBB- Bank Mega
1. Bank Capital I Tahun 12.00% Sinarmas 247
2014
BACA02SB 18-Jan-16 15-Jan-23 idBBB- Bank Mega
2. Bank Capital II Tahun 12.00% Sinarmas 248
2015
BACA03SB 12-Jul-17 11-Jul-24 idBBB- Bank Mega
3. Bank Capital III Tahun 11.50% Valbury Sekuritas 248
2017

112 Corporate Bonds

Page
15. BAFI PT Bussan Auto Finance 8. Finance | 82. Financial Institution
Obligasi I Bussan Auto

BAFI01A 6-Nov-17 8-Nov-18 idAA Bank Mandiri
1. Finance Tahun 2017 Seri 6.75% Indo Premier 253
IDA0000860A9 150,000 370 days Stable (Persero) Tbk.
A
Obligasi I Bussan Auto

BAFI01B 6-Nov-17 3-Nov-20 idAA Bank Mandiri
2. Finance Tahun 2017 Seri 7.75% Indo Premier 253
IDA0000860B7 350,000 3 years Stable (Persero) Tbk.
B
Obligasi II Bussan Auto

BAFI02A 16-May-18 25-May-19 idAA Bank Mandiri
3. Finance Tahun 2018 Seri 6.20% Indo Premier, Ciptadana 254
A
Obligasi II Bussan Auto

BAFI02B 16-May-18 15-May-21 idAA Bank Mandiri
4. Finance Tahun 2018 Seri 7.90% Indo Premier, Ciptadana 254
B
16. BBIA PT Bank UOB Indonesia 8. Finance | 81. Bank
Danareksa, Indo Premier,

BBIA01SB Obligasi Subordinasi I 30-May-14 28-May-21 AA(idn) Bank Permata
1. 11.35% Mandiri, Trimegah, UOB Kay 259
IDA000063309 BBIA Tahun 2014 1,000,000 7 years Stable Tbk.
Hian
BCA, Indo Premier, Mandiri,

BBIA01C Obligasi I BBIA Tahun 2-Apr-15 1-Apr-20 AAA(idn) Bank Permata
2. 9.60% Standard Chartered, UOB Kay 259
IDA0000677C3 2015 Seri C 500,000 5 years Stable Tbk.
Hian (affiliated)
BBIA01BCN1 28-Nov-16 25-Nov-19 AAA(idn) Bank Mandiri CIMB Indonesia, Danareksa,
3. BBIA Tahap I Tahun 2016 8.00% 260
IDA0000778B1 600,000 3 years Stable (Persero) Tbk. Indo Premier, UOB Kay Hian
Seri B
BBIA01CCN1 28-Nov-16 25-Nov-21 AAA(idn) Bank Mandiri CIMB Indonesia, Danareksa,
4. BBIA Tahap I Tahun 2016 8.25% 260
IDA0000778C9 100,000 5 years Stable (Persero) Tbk. Indo Premier, UOB Kay Hian
Seri C
BBIA01SBCN1 28-Nov-16 25-Nov-23 AA(idn) Bank Mandiri CIMB Indonesia, Danareksa,
5. Berkelanjutan I BBIA 9.40% 261
IDA000077903 100,000 7 years Stable (Persero) Tbk. Indo Premier, UOB Kay Hian
Tahap I Tahun 2016
BBIA01SBCN2 18-Oct-17 17-Oct-24 AA(idn) Bank Mandiri Indo Premier, UOB Kau Hian
6. Berkelanjutan I BBIA 9.25% 261
IDA000084503 500,000 7 years Stable (Persero) Tbk. Sekuritas
Tahap II Tahun 2017
Obligasi Berkelanjutan I Danareksa, Indo Premier,

BBIA01ACN2 24-May-18 3-Jun-19 AAA(idn) Bank Mandiri
7. BBIA Tahap II Tahun 2018 6.15% Trimegah, UOB Kay Hian 262
Seri A Sekuritas

BBIA01BCN2 24-May-18 23-May-21 AAA(idn) Bank Mandiri
Seri B Sekuritas

BBIA01CCN2 24-May-18 23-May-23 AAA(idn) Bank Mandiri
IDA0000905C8 55,000 5 years Stable (Persero) Tbk.
Seri C Sekuritas
BCA, Indo Premier, Mandiri,

BBIA01B Obligasi I BBIA Tahun 2-Apr-15 1-Apr-18 AAA Bank Permata
10. 9.40% Standard Chartered, UOB Kay M
Hian (affiliated)
BBIA01ACN1 28-Nov-16 5-Dec-17 AAA Bank Mandiri CIMB Indonesia, Danareksa,
11. BBIA Tahap I Tahun 2016 7.20% M
IDA0000778A3 300,000 370 days Stable (Persero) Tbk. Indo Premier, UOB Kay Hian
Seri A
17. BBKE PT Bank Kesejahteraan Ekonomi 8. Finance | 81. Bank
BBKE01SB Obligasi Subordinasi I Bank 23-Dec-16 22-Dec-21 idBBB- BNI (Persero)

1. 11.85% Danareksa 266
IDA000079008 BKE Tahun 2016 170,000 5 years Stable Tbk.

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Page
18. BBKP PT Bank Bukopin Tbk. 8. Finance | 81. Bank
BBKP01SBCN1 7-Mar-12 6-Mar-19 idBBB+ Bank Mandiri CIMB Indonesia, Indo
1. Berkelanjutan I BBKP 9.25% 269
IDA000051205 1,500,000 7 years Stable (Persero) Tbk. Premier, Mandiri
Tahap I Tahun 2012
BBKP02SBCN1 1-Jul-15 30-Jun-22 idBBB Bank Mandiri
2. Berkelanjutan II BBKP 12.00% Danareksa 270
IDA000069009 400,000 7 years Stable (Persero) Tbk.
Tahap I Tahun 2015
BBKP02SBCN2 1-Mar-17 28-Feb-24 idBBB Bank Mandiri
3. Berkelanjutan II BBKP 11.00% CIMB Indonesia 270
IDA000078703 1,405,000 7 years Stable (Persero) Tbk.
Tahap II Tahun 2017
19. BBMI PT Bank Muamalat Indonesia Tbk. 8. Finance | 81. Bank

Nisbah year 1
Sukuk Subordinasi
BBMISMSB1CN1 2-Jul-12 29-Jun-22 idA-(sy) s.d. 5 : 17.12%, BNI (Persero) Bahana, Danareksa, Indo
1. Mudharabah Berkelanjutan I M
IDJ000005103 800,000 10 years Stable year 6 s.d. 10 : Tbk. Premier
Tahap I BBMI Tahun 2012
34.24%
Nisbah year 1
Sukuk Subordinasi
BBMISMSB1CN2 1-Apr-13 28-Mar-23 idA-(sy) s.d. 5 : 15.79%, BNI (Persero) Mandiri, Bahana, Indo
2. Mudharabah Berkelanjutan I M
IDJ000005806 700,000 10 years Credit Nisbah year 6 Tbk. Premier
Tahap II BBMI Tahun 2013
Watch s.d. 10 : 31.58%
20. BBNI PT Bank Negara Indonesia (Persero) Tbk. 8. Finance | 81. Bank
Bahana, BCA, BNI, Danareksa,

BBNI01CN1 Obligasi Berkelanjutan I 12-Jul-17 11-Jul-22 idAAA BRI (Persero)
1. 8.00% Indo Premier Sekurtas, 274
IDA000082903 BNI Tahun 2017 3,000,000 5 years Stable Tbk.
Mandiri
21. BBRI PT Bank Rakyat Indonesia (Persero) Tbk. 8. Finance | 81. Bank
Obligasi Berkelanjutan I Bahana, Danareksa

BBRI01BCN1 6-Jul-15 3-Jul-18 idAAA BNI (Persero)
1. Bank BRI Tahap I Tahun 9.20% (affiliated), Indo Premier, 279
2015 Seri B Standard Chartered

BBRI01CCN1 6-Jul-15 3-Jul-20 idAAA BNI (Persero)
2. Bank BRI Tahap I Tahun 9.50% (affiliated), Indo Premier, 279
2015 Seri C Standard Chartered

BBRI01BCN2 5-Feb-16 4-Feb-19 idAAA BNI (Persero)
3. Bank BRI Tahap II Tahun 9.25% (affiliated), Indo Premier, 280

BBRI01CCN2 5-Feb-16 4-Feb-21 idAAA BNI (Persero)
4. Bank BRI Tahap II Tahun 9.60% (affiliated), Indo Premier, 280

BBRI01BCN3 26-May-16 25-May-19 idAAA BNI (Persero)
5. Bank BRI Tahap III Tahun 8.20% (affiliated), Indo Premier, 281

BBRI01CCN3 26-May-16 25-May-21 idAAA BNI (Persero)
6. Bank BRI Tahap III Tahun 8.70% (affiliated), Indo Premier, 281
BBRI02BCN1 2-Dec-16 1-Dec-19 idAAA BNI (Persero)
7. Bank BRI Tahap I Tahun 8.00% 282
2016
BBRI02CCN1 2-Dec-16 1-Dec-21 idAAA BNI (Persero)
2016 Bahana, BCA, Danareksa, DBS
Obligasi Berkelanjutan II Vickers, Indo Premier
BBRI02DCN1 2-Dec-16 1-Dec-23 idAAA BNI (Persero)
2016
BBRI02ECN1 2-Dec-16 1-Dec-26 idAAA BNI (Persero)
IDA0000780E1 2,350,000 10 years Stable Tbk.
2016

114 Corporate Bonds

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BBRI02BCN2 12-Apr-17 11-Apr-20 idAAA BNI (Persero)
11. Bank BRI Tahap II Tahun 8.10% 284
2017 Seri B Bahana, BCA, Danareksa, DBS
BBRI02CCN2 12-Apr-17 11-Apr-22 idAAA BNI (Persero)
2017 Seri C
BBRI02DCN2 12-Apr-17 11-Apr-27 idAAA BNI (Persero) Danareksa, Indo Premier, Kim
IDA0000800D9 1,300,500 10 years Stable Tbk. Eng, Kresna Graha
2017 Seri D
BBRI02ACN3 25-Aug-17 24-Aug-20 idAAA BNI (Persero)
14. Bank BRI Tahap III Tahun 7.60% 285
2017 Seri A
Obligasi Berkelanjutan II Bahana, BCA, Danareksa, DBS

BBRI02BCN3 25-Aug-17 24-Aug-22 idAAA BNI (Persero)
15. Bank BRI Tahap III Tahun 8.00% Vickers, Indo Premier 286
2017 Seri B Sekuritas
BBRI02CCN3 25-Aug-17 24-Aug-24 idAAA BNI (Persero)
16. Bank BRI Tahap III Tahun 8.25% 286
2017 Seri C
BBRI02ACN4 22-Feb-18 21-Feb-23 idAAA BNI (Persero)
17. Bank BRI Tahap IV Tahun 6.65% 287
IDA0000880A7 1,837,000 5 years Stable Tbk. Bahana (affiliated), BCA,
2018 Seri A
Danareksa (affiliated), DBS
BBRI02BCN4 22-Feb-18 21-Feb-25 idAAA BNI (Persero)
18. Bank BRI Tahap IV Tahun 6.90% 287
2018 Seri B
BBRI03SB Obligasi Subordinasi III 27-Jun-18 26-Jun-23 idAA BNI (Persero) Bahana (affiliated), Danareksa
19. 7.70% 288
IDA000091201 Bank BRI Tahun 2018 500,000 5 years Stable Tbk. (affiliated), Indo Premier
BBRI02ACN2 12-Apr-17 16-Apr-18 AAA BNI (Persero) Bahana, BCA, Danareksa, DBS
20. Bank BRI Tahap II Tahun 7.20% M
IDA0000800A5 1,131,000 370 days Stable Tbk. Vickers, Indo Premier
2017 Seri A

BBRI01ACN3 26-May-16 30-May-17 AAA BNI (Persero)
21. Bank BRI Tahap III Tahun 7.50% (affiliated), Indo Premier, M
2016 Seri A Standard Chartered

BBRI01ACN2 5-Feb-16 8-Feb-17 AAA BNI (Persero)
22. Bank BRI Tahap II Tahun 8.50% (affiliated), Indo Premier, M
2016 Seri A Standard Chartered
22. BBSY PT Bank BNI Syariah 8. Finance | 81. Bank
SMBBSY01 Sukuk Mudharabah Bank 27-May-15 26-May-18 AA+ Rp92.5M /Billion BRI (Persero) BNI (affiliated), Danareksa
1. M
IDJ000006903 BNI Syariah I Tahun 2015 500,000 3 years Stable p.a. Tbk. (affiliated)
23. BBTN PT Bank Tabungan Negara (Persero) Tbk. 8. Finance | 81. Bank
BBTN14 Obligasi XIV Bank BTN 14-Jun-10 11-Jun-20 idAA+ Bank Mega Mandiri, Bahana, Indo
1. 10.25% 293
IDA000044804 Tahun 2010 1,650,000 10 years Stable Tbk. Premier
Mandiri, Bapindo Bumi,

BBTN15 Obligasi XV Bank BTN 30-Jun-11 28-Jun-21 idAA+ Bank Mega
2. 9.50% Nusantara Capital, Mega 294
IDA000048508 Tahun 2011 1,300,000 10 years Stable Tbk.
Capital, Bumiputera Capital
BBTN01CN1 6-Jun-12 5-Jun-22 idAA+ Bank Mega CIMB Indonesia, Danareksa,
3. Bank BTN Tahap I Tahun 7.90% 294
IDA000052104 2,000,000 10 years Stable Tbk. Indo Premier
2012

Corporate Bonds 115

Page
BBTN01CN2 28-Mar-13 27-Mar-23 idAA+ Bank Mega CIMB Indonesia, Danareksa,
4. Bank BTN Tahap II Tahun 7.90% 295
IDA000057608 2,000,000 10 years Stable Tbk. Indo Premier
2013
Obligasi Berkelanjutan II BCA, CIMB Indonesia,

BBTN02ACN1 9-Jul-15 8-Jul-18 idAA+ Bank Mega
5. Bank BTN Tahap I tahun 9.63% Danareksa (affiliated), 295
2015 Seri A Trimegah

BBTN02BCN1 9-Jul-15 8-Jul-20 idAA+ Bank Mega

BBTN02CCN1 9-Jul-15 8-Jul-22 idAA+ Bank Mega
2015 Seri C Trimegah

BBTN02DCN1 9-Jul-15 8-Jul-25 idAA+ Bank Mega
2015 Seri D Trimegah

BBTN02ACN2 31-Aug-16 30-Aug-19 idAA+ Bank Mega
9. Bank BTN Tahap II tahun 8.20% Danareksa (affiliated), 297
IDA0000755A1 1,347,000 3 years Stable Tbk.
2016 Seri A Trimegah

BBTN02BCN2 31-Aug-16 30-Aug-21 idAA+ Bank Mega
10. Bank BTN Tahap II tahun 8.75% Danareksa (affiliated), 298

BBTN03ACN1 14-Jul-17 13-Jul-20 idAA+ Bank Mandiri
IDA0000833A6 1,466,000 3 years Stable (Persero) Tbk.
2017 Seri A

BBTN03BCN1 14-Jul-17 13-Jul-22 idAA+ Bank Mandiri
IDA0000833B4 1,295,000 5 years Stable (Persero) Tbk. BCA, BNI, CIMB, Danareksa,
2017 Seri B
DBS Vickers, ndo Premier,
Obligasi Berkelanjutan III Mirae Asset, Trimegah
BBTN03CCN1 14-Jul-17 13-Jul-24 idAA+ Bank Mandiri
2017 Seri C

BBTN03DCN1 14-Jul-17 13-Jul-27 idAA+ Bank Mandiri
IDA0000833D0 1,386,000 10 years Stable (Persero) Tbk.
2017 Seri D
24. BCAF PT BCA Finance 8. Finance | 82. Financial Institution
BCAF02BCN2 22-Jun-16 21-Jun-19 AAA(idn) Bank Mega BCA (affiliated), BNI,
1. BCA Finance Tahap II 8.15% 304
IDA0000734B4 250,000 3 years Stable Tbk. Danareksa, DBS Vickers
Tahun 2016 Seri B
BCAF02CCN1 23-Mar-15 20-Mar-18 AAA Bank Mega BCA, DBS Vickers, HSBC
2. BCA Finance Tahap I 9.00% M
IDA0000675C7 422,000 3 years Stable Tbk. Indonesia
Tahun 2015 Seri C
BCAF02ACN2 22-Jun-16 1-Jul-17 AAA Bank Mega BCA (affiliated), BNI,
3. BCA Finance Tahap II 7.45% M
IDA0000734A6 1,000,000 370 days Stable Tbk. Danareksa, DBS Vickers
Tahun 2016 Seri A
Obligasi Berkelanjutan I BCA
BCAF01CCN2 Finance Dengan Tingkat 17-Jun-13 14-Jun-17 AA+ Bank Mega HSBC Indonesia, Standard
4. 7.60% M
IDA0000585C8 Bunga Tetap Tahap II Tahun 200,000 4 years Stable Tbk. Chartered
2013 Seri C
BCAF01BCN3 28-Mar-14 27-Mar-17 AAA Bank Mega
5. BCA Finance Tahap III 10.00% BCA, DBS Vickers M
Tahun 2014 Seri B
BCAF02BCN1 23-Mar-15 20-Mar-17 AAA Bank Mega BCA, DBS Vickers, HSBC
6. BCA Finance Tahap I 8.50% M
IDA0000675B9 140,000 2 years Stable Tbk. Indonesia
Tahun 2015 Seri B

116 Corporate Bonds

Page
25. BCAP PT MNC Kapital Indonesia Tbk. 8. Finance | 19. Others
BCAP01CN1 Obligasi Berkelanjutan I 8-Jul-13 5-Jul-18 idBBB Bank CIMB

1. 12.00% MNC Securitess, Valbury 307
IDA000060305 BCAP Tahap I Tahun 2013 225,000 5 years Stable Niaga Tbk.
26. BDKI PT Bank DKI 8. Finance | 81. Bank
BDKI01CN1 1-Jul-16 30-Jun-21 idAA- Bank Mandiri
1. Bank DKI Tahap I Tahun 9.25% Bahana, BCA, Mandiri 311
2016
Mandiri, Nusantara Capital,

BDKI02SB Obligasi Subordinasi II 20-Jun-11 17-Jun-18 A+ Bank Mandiri
2. 11.00% Mega Capital, Bumi Putera M
IDA000048102 Bank DKI Tahun 2011 300,000 7 years Positive (Persero) Tbk.
Capital, Bapindo Bumi
27. BEXI Lembaga Pembiayaan Ekspor Indonesia 8. Finance | 81. Bank
BEXI01CCN1 21-Dec-11 20-Dec-18 idAAA Bank Mandiri Trimegah, Indo Premier,
1. BEXI Tahap I Tahun 2011 8.50% 316
IDA0000503C1 2,805,000 7 years Stable (Persero) Tbk. Danareksa
Seri C
Obligasi Berkelanjutan CIMB Indonesia, HSBC

BEXI02DCN1 6-Jun-14 5-Jun-19 idAAA Bank Mandiri
2. BEXI II Tahap I Tahun 9.75% Indonesia, Indo Premier, 317
2014 Seri D Standard Chartered

BEXI02CCN3 17-Oct-14 16-Oct-19 idAAA Bank Mandiri
3. BEXI II Tahap III Tahun 9.75% Indonesia, Indo Premier, 317
Obligasi Berkelanjutan
BEXI02BCN4 8-Jan-15 7-Jan-20 idAAA Bank Mandiri
4. BEXI II Tahap IV Tahun 9.75% CIMB Indonesia 318
2015 Seri B

BEXI02CCN5 16-Mar-15 13-Mar-20 idAAA Bank Mandiri
5. BEXI II Tahap V Tahun 9.50% Indonesia, Indo Premier, 318
IDA0000671C6 2,727,000 5 years Stable (Persero) Tbk.

BEXI02BCN6 17-Sep-15 16-Sep-18 idAAA Bank Mandiri
6. BEXI II Tahap VI Tahun 9.20% Indonesia, Indo Premier, 319

BEXI02CCN6 17-Sep-15 16-Sep-20 idAAA Bank Mandiri
7. BEXI II Tahap VI Tahun 9.50% Indonesia, Indo Premier, 319
Obligasi Berkelanjutan Bahana, CIMB Indonesia,

BEXI02BCN7 22-Feb-16 19-Feb-19 idAAA Bank Mandiri
8. BEXI II Tahap VII Tahun 9.25% Danareksa, DBS Vickers, Indo 320
IDA0000717B9 1,647,000 3 years Stable (Persero) Tbk.
2016 Seri B Premier
Obligasi Berkelanjutan Bahana, CIMB Indonesia,

BEXI02CCN7 22-Feb-16 19-Feb-21 idAAA Bank Mandiri
9. BEXI II Tahap VII Tahun 9.60% Danareksa, DBS Vickers, Indo 320
2016 Seri C Premier
BEXI03BCN1 9-Jun-16 8-Jun-19 idAAA Bank Mandiri
10. BEXI III Tahap I Tahun 8.20% Bahana, BCA, CIMB 321
2016 Seri B Indonesia, Danareksa, DBS
Obligasi Berkelanjutan Vickers, Indo Premier,
BEXI03CCN1 9-Jun-16 8-Jun-21 idAAA Bank Mandiri Mandiri
11. BEXI III Tahap I Tahun 8.70% 321
2016 Seri C
BEXI03BCN2 26-Aug-16 25-Aug-19 idAAA Bank Mandiri
12. BEXI III Tahap II Tahun 7.95% Bahana, BCA, CIMB 322
2016 Seri B Indonesia, Danareksa, DBS
BEXI03CCN2 26-Aug-16 25-Aug-21 idAAA Bank Mandiri Mandiri
13. BEXI III Tahap II Tahun 8.35% 322
2016 Seri C

Corporate Bonds 117

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BEXI03BCN3 23-Nov-16 22-Nov-19 idAAA Bank Mandiri
14. BEXI III Tahap III Tahun 7.85% 323
2016 Seri B
Bahana, BCA, CIMB
BEXI03CCN3 23-Nov-16 22-Nov-21 idAAA Bank Mandiri Indonesia, Danareksa, DBS
IDA0000774C8 282,000 5 years Stable (Persero) Tbk. Vickers, Indo Premier,
2016 Seri C
Mandiri
BEXI03DCN3 23-Nov-16 22-Nov-23 idAAA Bank Mandiri
2016 Seri D
BEXI03BCN4 24-Feb-17 23-Feb-20 idAAA Bank Mandiri Indo Premier, Mandiri, NISP,
17. BEXI III Tahap IV Tahun 8.40% 324
IDA0000790B6 1,339,000 3 years Stable (Persero) Tbk. OCBC, RHB, Trimegah
2017 Seri B

BEXI03CCN4 24-Feb-17 23-Feb-22 idAAA Bank Mandiri
18. BEXI III Tahap IV Tahun 8.90% Indonesia, Indo Premier, 325
2017 Seri C Mandiri, Standar Chartered
BEXI03DCN4 24-Feb-17 23-Feb-24 idAAA Bank Mandiri
19. BEXI III Tahap IV Tahun 9.20% Bahana, BCA, CIMB 325
2017 Seri D Indonesia, Danareksa, DBS
BEXI03ECN4 24-Feb-17 23-Feb-27 idAAA Bank Mandiri Mandiri
20. BEXI III Tahap IV Tahun 9.40% 326
IDA0000790E0 1,266,000 10 years Stable (Persero) Tbk.
2017 Seri E
BEXI03ACN5 16-Aug-17 15-Aug-20 idAAA Bank Mandiri CIMB Sekuritas, Danareksa,
21. BEXI III Tahap V Tahun 7.60% 326
IDA0000837A7 1,000,000 3 years Stable (Persero) Tbk. DBS Vickers, Indo Premier
2017 Seri A
BEXI03BCN5 16-Aug-17 15-Aug-22 idAAA Bank Mandiri CIMB Sekuritas, Danareksa,
IDA0000837B5 436,000 5 years Stable (Persero) Tbk. DBS Vickers, Indo Premier
2017 Seri B
BEXI03CCN5 16-Aug-17 15-Aug-24 idAAA Bank Mandiri CIMB Sekuritas, Danareksa,
IDA0000837C3 1,786,000 7 years Stable (Persero) Tbk. DBS Vickers, Indo Premier
2017 Seri C
BEXI03ACN6 15-Feb-18 14-Feb-21 idAAA Bank Mandiri CIMB Sekuritas, Danareksa,
24. BEXI III Tahap VI Tahun 6.35% 328
IDA0000876A5 610,000 3 years Stable (Persero) Tbk. DBS Vickers, Indo Premier
2018 Seri A
BEXI03BCN6 15-Feb-18 14-Feb-23 idAAA Bank Mandiri CIMB Sekuritas, Danareksa,
IDA0000876B3 1,650,000 5 years Stable (Persero) Tbk. DBS Vickers, Indo Premier
2018 Seri B
BEXI03CCN6 15-Feb-18 14-Feb-25 idAAA Bank Mandiri CIMB Sekuritas, Danareksa,
IDA0000876C1 206,000 7 years Stable (Persero) Tbk. DBS Vickers, Indo Premier
2018 Seri C
BEXI04ACN1 7-Jun-18 6-Jun-21 idAAA Bank Mandiri BCA, CGS-CIMB, Danareksa,
27. BEXI IV Tahap I Tahun 7.50% 329
IDA0000909A4 933,000 3 years Stable (Persero) Tbk. Indo Premier
2018 Seri A
BEXI04BCN1 7-Jun-18 6-Jun-23 idAAA Bank Mandiri BCA, CGS-CIMB, Danareksa,
IDA0000909B2 35,000 5 years Stable (Persero) Tbk. Indo Premier
2018 Seri B
BEXI04CCN1 7-Jun-18 6-Jun-25 idAAA Bank Mandiri BCA, CGS-CIMB, Danareksa,
IDA0000909C0 1,711,000 7 years Stable (Persero) Tbk. Indo Premier
2018 Seri C
Sukuk Mudharabah
SMBEXI01ACN1 Berkelanjutan BEXI I 7-Jun-18 16-Jun-19 idAAA(sy) Bank Mandiri BCA, CGS-CIMB, Danareksa,
30. 6.15% 331
IDJ0000107A6 Tahap I Tahun 2018 Seri 135,000 370 days Stable (Persero) Tbk. Indo Premier
A

118 Corporate Bonds

Page
Sukuk Mudharabah
SMBEXI01BCN1 7-Jun-18 6-Jun-21 idAAA(sy) Bank Mandiri BCA, CGS-CIMB, Danareksa,
31. Berkelanjutan BEXI I 7.50% 331
IDJ0000107B4 365,000 3 years Stable (Persero) Tbk. Indo Premier
CIMB Indonesia, HSBC
BEXI02BCN5 Indonesia Eximbank II 16-Mar-15 13-Mar-18 AAA Bank Mandiri
32. 9.00% Indonesia, Indo Premier, M
IDA0000670B0 Tahap V Tahun 2015 Seri 1,298,000 3 years Stable (Persero) Tbk.
Standard Chartered
B
BEXI03ACN4 Indonesia Eximbank III 24-Feb-17 3-Mar-18 AAA Bank Mandiri Indo Premier, Mandiri, NISP,
33. 7.40% M
IDA0000790A8 Tahap IV Tahun 2017 Seri 861,000 370 days Stable (Persero) Tbk. OCBC Indonesia
A
BEXI02ACN4 Indonesia Eximbank II 8-Jan-15 7-Jan-18 AAA Bank Mandiri
34. 9.25% CIMB Indonesia M
IDA0000660A3 Tahap IV Tahun 2015 Seri 800,000 3 years Stable (Persero) Tbk.
A
Bahana, BCA, CIMB Indonesia,
BEXI03ACN3 Indonesia Eximbank III 23-Nov-16 2-Dec-17 AAA Bank Mandiri
35. 7.15% Danareksa, DBS Vickers, Indo M
IDA0000774A2 Tahap III Tahun 2016 Seri 672,000 370 days Stable (Persero) Tbk.
Premier, Mandiri
A
BEXI02BCN3 Indonesia Eximbank II 17-Oct-14 16-Oct-17 AAA Bank Mandiri
IDA0000649B4 Tahap III Tahun 2014 Seri 1,485,000 3 years Stable (Persero) Tbk.
Standard Chartered
B
Obligasi Berkelanjutan Bahana, BCA, CIMB
BEXI03ACN2 Indonesia Eximbank III 26-Aug-16 5-Sep-17 AAA Bank Mandiri Indonesia, Danareksa, DBS
37. 7.25% M
IDA0000754A4 Tahap II Tahun 2016 Seri 1,793,000 370 days Stable (Persero) Tbk. Vickers, Indo Premier,
A Mandiri
BEXI02CN2 21-Jul-14 18-Jul-17 AAA Bank Mandiri
38. Indonesia Eximbank II 9.25% Bahana M
Tahap II Tahun 2014
Obligasi Indonesia
BEXI05D 9-Jul-10 8-Jul-17 AAA Bank Mandiri Trimegah, Bahana, Indo
39. Eximbank I Tahun 2010 10.00% M
IDA0000452D9 1,075,000 7 years Stable (Persero) Tbk. Premier
Seri D
Bahana, BCA, CIMB Indonesia,
BEXI03ACN1 Indonesia Eximbank III 9-Jun-16 18-Jun-17 AAA Bank Mandiri
IDA0000732A0 Tahap I Tahun 2016 Seri 688,000 370 days Stable (Persero) Tbk.
Premier, Mandiri
A
BEXI02CCN1 Indonesia Eximbank II 6-Jun-14 5-Jun-17 AAA Bank Mandiri
IDA0000634C4 Tahap I Tahun 2014 Seri 1,594,000 3 years Stable (Persero) Tbk.
Standard Chartered
C
Bahana, CIMB Indonesia,
BEXI02ACN7 Indonesia Eximbank II 22-Feb-16 1-Mar-17 AAA Bank Mandiri
IDA0000717A1 Tahap VII Tahun 2016 657,000 370 days Stable (Persero) Tbk.
Premier
Seri A
28. BFIN PT BFI Finance Indonesia Tbk. 8. Finance | 82. Financial Institution
BFIN02CCN3 26-Feb-16 25-Feb-19 AA-(idn) BTN (Persero) Danareksa, Indo Premier,
1. BFIN Tahap III Tahun 10.75% 336
IDA0000718C5 658,000 3 years Stable Tbk. Mandiri, Trimegah
2016 Seri C

BFIN03BCN1 26-Oct-16 25-Oct-19 AA-(idn) BTN (Persero) Danareksa, DBS Vickers,
2. BFIN Tahap I Tahun 2016 8.80% 336
IDA0000768B2 550,000 3 years Stable Tbk. Mandiri, Trimegah
Seri B

BFIN03CCN1 26-Oct-16 25-Oct-21 AA-(idn) BTN (Persero) Danareksa, DBS Vickers,
Seri C

BFIN03BCN2 3-Mar-17 2-Mar-20 AA-(idn) BTN (Persero)
4. BFIN Tahap II Tahun 2017 9.15% Danareksa, Indo Premier 337
Seri B

BFIN03ACN3 10-Nov-17 19-Nov-18 AA-(idn) BTN (Persero)
5. BFIN Tahap III Tahun 6.75% Trimegah 338
2017 Seri A

Corporate Bonds 119

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BFIN03BCN3 10-Nov-17 9-Nov-19 AA-(idn) BTN (Persero)
2017 Seri B

BFIN03CCN3 10-Nov-17 9-Nov-20 AA-(idn) BTN (Persero)
2017 Seri C
BFIN03ACN4 BFIN Tahap IV Tahun 7-Mar-18 16-Mar-19 AA-(idn) BTN (Persero) Trimegah, Danareksa, DBS
8. 6.40% 339
IDA0000883A1 2018 946,000 370 days Stable Tbk. Vickers, Mandiri
Seri A
BFIN03BCN4 BFIN Tahap IV Tahun 7-Mar-18 6-Mar-20 AA-(idn) BTN (Persero) Trimegah, Danareksa, DBS
9. 7.25% 340
IDA0000883B9 2018 253,000 2 years Stable Tbk. Vickers, Mandiri
Seri B
BFIN03CCN4 BFIN Tahap IV Tahun 7-Mar-18 6-Mar-21 AA-(idn) BTN (Persero) Trimegah, Danareksa, DBS
10. 7.60% 340
IDA0000883C7 2018 966,000 3 years Stable Tbk. Vickers, Mandiri
Seri C
BFIN04ACN1 27-Jun-18 6-Jul-19 AA-(idn) BTN (Persero) Danareksa, DBS Vickers,
IDA0000913A6 188,000 370 days Stable Tbk. Trimegah
Seri A
BFIN04BCN1 27-Jun-18 26-Jun-21 AA-(idn) BTN (Persero) Danareksa, DBS Vickers,
IDA0000913B4 552,000 3 years Stable Tbk. Trimegah
Seri B
BFIN02CCN2 20-Mar-15 19-Mar-18 A+ Bank Mega Danareksa, Indo Premier,
13. BFIN Tahap II Tahun 2015 10.88% M
Seri C

BFIN03ACN2 3-Mar-17 12-Mar-18 AA- BTN (Persero) Danareksa, Indo Premier,
IDA0000791A6 540,000 370 days Stable Tbk. Kresna Graha, Trimegah
Seri A
BFIN02BCN3 26-Feb-16 25-Feb-18 A+ BTN (Persero) Danareksa, Indo Premier,
15. BFIN Tahap III Tahun 10.25% M
2016 Seri B

BFIN03ACN1 26-Oct-16 5-Nov-17 A+ BTN (Persero) Danareksa, DBS Vickers,
16. BFIN Tahap I Tahun 2016 8.10% M
IDA0000768A4 317,000 370 days Stable Tbk. Mandiri, Trimegah
Seri A
BFIN02BCN2 20-Mar-15 19-Mar-17 A+ Bank Mega Danareksa, Indo Premier,
IDH0000673B7 105,000 2 years Positive Tbk. Mandiri, Trimegah
Seri B
BFIN02CCN1 10-Mar-14 7-Mar-17 A+ Bank Mega Danareksa, Indo Premier,
18. BFIN Tahap I Tahun 2014 11.50% M
IDA0000622C9 220,000 3 years Positive Tbk. Kresna Graha, Trimegah
Seri C
BFIN02ACN3 26-Feb-16 5-Mar-17 A+ BTN (Persero) Danareksa, Indo Premier,
19. BFIN Tahap III Tahun 9.75% M
IDA0000718A9 200,000 370 days Positive Tbk. Mandiri, Trimegah
2016 Seri A
29. BIIF PT Maybank Indonesia Finance 8. Finance | 82. Financial Institution
Obligasi Berkelanjutan I HSBC Indonesia, Indo

BIIF01ACN1 13-Nov-15 12-Nov-18 AA+(idn) Bank Mandiri
1. BII Finance Tahap I Tahun 10.35% Premier, May Bank Kim Eng 346
IDA0000705A6 300,000 3 years Stable (Persero) Tbk.
2015 Seri A (affiliated)
Obligasi Berkelanjutan I HSBC Indonesia, Indo

BIIF01BCN1 13-Nov-15 12-Nov-20 AA+(idn) Bank Mandiri
2. BII Finance Tahap I Tahun 10.90% Premier, May Bank Kim Eng 346
2015 Seri B (affiliated)
Obligasi Berkelanjutan I Bahana, DBS Vickers, Indo

BIIF01ACN2 14-Apr-16 13-Apr-19 AA+(idn) Bank Mandiri
3. Maybank Finance Tahap 9.10% Premier, Maybank Kim Eng 347
II Tahun 2016 Seri A (affiliated)

120 Corporate Bonds

Page
Obligasi Berkelanjutan I Bahana, DBS Vickers, Indo

BIIF01BCN2 14-Apr-16 13-Apr-21 AA+(idn) Bank Mandiri
4. Maybank Finance Tahap 9.35% Premier, Maybank Kim Eng 347
II Tahun 2016 Seri B (affiliated)
Obligasi Berkelanjutan I DBS Vickers, Indo Premier,

5. Maybank Finance Tahap 8.30% Maybank Kim Eng (affiliated), 348
III Tahun 2016 Seri A MNC
Obligasi Berkelanjutan I DBS Vickers, Indo Premier,

6. Maybank Finance Tahap 8.80% Maybank Kim Eng (affiliated), 348
III Tahun 2016 Seri B MNC
Obligasi Berkelanjutan I DBS Vickers, Indo Premier

7. Maybank Finance Tahap 7.65% Sekuritas, Maybank Kim Eng 349
IV Tahun 2017 Seri A (affiliated), OCBC Sekuritas
Obligasi Berkelanjutan I DBS Vickers, Indo Premier

8. Maybank Finance Tahap 7.90% Sekuritas, Maybank Kim Eng 349
IV Tahun 2017 Seri B (affiliated), OCBC Sekuritas
BIIF02ACN1 18-May-18 17-May-21 AA+(idn) Bank Mandiri DBS Vickers, Indo Premier,
9. Maybank Finance Tahap I 7.75% 350
IDA0000904A5 400,000 3 years Stable (Persero) Tbk. Maybank Kim Eng
Tahun 2018 Seri A
BIIF02BCN1 18-May-18 17-May-23 AA+(idn) Bank Mandiri DBS Vickers, Indo Premier,
10. Maybank Finance Tahap I 8.00% 350
IDA0000904B3 100,000 5 years Stable (Persero) Tbk. Maybank Kim Eng
Tahun 2018 Seri B
Obligasi II BII Finance
BIIF02B Tahun 2013 Dengan 20-Jun-13 19-Jun-18 AA+ Bank Permata Sekuritas, Kim Eng,
11. 8.25% M
IDA0000589B2 Tingkat Bunga Tetap Seri 525,000 5 years Stable Tbk. Danareksa
B
30. BIMF PT Bima Multi Finance 8. Finance | 82. Financial Institution
BIMF01BCN1 23-Dec-15 22-Dec-18 N/A BTN (Persero)
1. Bima Multi Finance Tahap 14,5% Trimegah, Victoria Indonesia M
IDA0000713B8 42,000 3 years N/A Tbk.
I Tahun 2015 Seri B
BIMF01CCN2 12-May-16 10-May-19 N/A BTN (Persero)
2. Bima Multi Finance Tahap 14.50% Victoria Indonesia M
IDA0000725C0 20,000 3 years N/A Tbk.
BIMF02BCN1 22-Dec-16 21-Dec-18 N/A BTN (Persero)
IDA0000786B4 2,000 2 years N/A Tbk.
I Tahun 2016 Seri B
BIMF02CCN1 22-Dec-16 21-Dec-19 N/A BTN (Persero)
IDA0000786C2 2,000 3 years N/A Tbk.
I Tahun 2016 Seri C
BIMF01BCN2 12-May-16 10-May-18 BBB BTN (Persero)
IDA0000725B2 35,000 2 years N/A Tbk.
BIMF02ACN1 22-Dec-16 31-Dec-17 BBB BTN (Persero)
IDA0000786A6 136,000 370 days N/A Tbk.
I Tahun 2016 Seri A
BIMF01ACN2 12-May-16 10-May-17 BBB BTN (Persero)
BIMF01ACN1 23-Dec-15 2-Jan-17 BBB BTN (Persero)
8. Bima Multi Finance Tahap 13,5% Trimegah, Victoria Indonesia M
I Tahun 2015 Seri A

Corporate Bonds 121

Page
31. BJBR PT BPD Jawa Barat dan Banten Tbk. 8. Finance | 81. Bank
BJBR01ACN1 7-Dec-17 6-Dec-20 idAA- Bank Mega BCA, CIMB Sekuritas, RHB
1. Bank BJB Tahap I Tahun 7.50% 355
IDA0000870A8 251,700 3 years Stable Tbk. Sekuritas, Sucor Sekuritas
2017 Seri A
BJBR01ASBCN1 Berkelanjutan I Bank BJB 7-Dec-17 6-Dec-22 idA Bank Mega BCA, CIMB Sekuritas, RHB
2. 9.60% 355
IDA0000871A6 Tahap I Tahun 2017 Seri 307,000 5 years Stable Tbk. Sekuritas, Sucor Sekuritas
A
BJBR01BCN1 7-Dec-17 6-Dec-22 idAA- Bank Mega BCA, CIMB Sekuritas, RHB
IDA0000870B6 468,300 5 years Stable Tbk. Sekuritas, Sucor Sekuritas
2017 Seri B
BJBR01BSBCN1 7-Dec-17 6-Dec-24 idA Bank Mega BCA, CIMB Sekuritas, RHB
4. Berkelanjutan I Bank BJB 9.90% 356
IDA0000871B4 693,000 7 years Stable Tbk. Sekuritas, Sucor Sekuritas
BJBR01CCN1 7-Dec-17 6-Dec-24 idAA- Bank Mega BCA, CIMB Sekuritas, RHB
IDA0000870C4 780,000 7 years Stable Tbk. Sekuritas, Sucor Sekuritas
2017 Seri C
BJBR07C Obligasi VII bank bjb 10-Feb-11 9-Feb-18 AA- Bank Mega
6. 10.40% Bahana, Trimegah M
IDA0000469C5 Tahun 2011 Seri C 1,123,000 7 years Stable Tbk.
32. BJTG PT Bank Pembangunan Daerah Jawa Tengah 8. Finance | 81. Bank
BJTG01SB Obligasi Subordinasi I 21-Dec-15 18-Dec-22 idA Bank Mandiri

1. 12.25% Danareksa, Mandiri 360
IDA000071203 Bank Jateng Tahun 2015 500,000 7 years Stable (Persero) Tbk.
33. BLAM PT Bank Pembangunan Daerah Lampung 8. Finance | 81. Bank
BLAM04 Obligasi IV Bank 10-Jul-17 7-Jul-22 idA- Bank Mandiri

1. 9.60% Danareksa 363
IDA000082507 Lampung Tahun 2017 610,000 5 years Stable (Persero) Tbk.
BLAM03 Obligasi III Bank 10-Oct-12 9-Oct-17 A- Bank Mandiri

2. 9.45% Bahana M
IDA000054407 Lampung Tahun 2012 500,000 5 years Stable (Persero) Tbk.
34. BMLK PT Bank Pembangunan Daerah Maluku dan Maluku Utara 8. Finance | 81. Bank
Obligasi II Bank
BMLK02A Pembangunan Daerah 11-Dec-17 18-Dec-18 A(idn) Bank Mandiri
IDA0000872A4 Maluku dan Maluku 50,000 370 days Stable (Persero) Tbk.
Utara Tahun 2017 Seri A
Obligasi II Bank
BMLK02B Pembangunan Daerah 11-Dec-17 8-Dec-20 A(idn) Bank Mandiri
IDA0000872B2 Maluku dan Maluku 150,000 3 years Stable (Persero) Tbk.
Utara Tahun 2017 Seri B
Obligasi II Bank
BMLK02C Pembangunan Daerah 11-Dec-17 8-Dec-22 A(idn) Bank Mandiri
IDA0000872C0 Maluku dan Maluku 300,000 5 years Stable (Persero) Tbk.
Utara Tahun 2017 Seri C
BMLK01C Obligasi I Bank Maluku 16-Jan-11 13-Jan-17 A- Bank Mandiri

4. 10.70% AAA M
IDA0000507C2 Tahun 2011 Seri C 210,000 6 years Stable (Persero) Tbk.
35. BMRI PT Bank Mandiri (Persero) Tbk. 8. Finance | 81. Bank
Obligasi Berkelanjutan I Mandiri (affiliated) , Bahana

BMRI01ACN1 3-Oct-16 3-Sep-21 idAAA BTN (Persero)
1. Bank Mandiri Tahap I 7.95% (affiliated) , Danareksa 372
Tahun 2016 Seri A (affiliated), Trimegah
Obligasi Berkelanjutan I Mandiri (affiliated), Bahana

BMRI01BCN1 3-Oct-16 30-Sep-23 idAAA BTN (Persero)
2. Bank Mandiri Tahap I 8.50% (affiliated), Danareksa 372
Tahun 2016 Seri B (affiliated), Trimegah

122 Corporate Bonds

Page
Obligasi Berkelanjutan I Mandiri (affiliated), Bahana

BMRI01CCN1 3-Oct-16 30-Sep-26 idAAA BTN (Persero)
3. Bank Mandiri Tahap I 8.65% (affiliated), Danareksa 373
Tahun 2016 Seri C (affiliated), Trimegah
BMRI01ACN2 16-Jun-17 15-Jun-22 idAAA BTN (Persero)
4. Bank Mandiri Tahap II 8.00% Bahana, CIMB Indonesia 373
Tahun 2017 Seri A
Obligasi Berkelanjutan I CIMB Indonesia, HSBC

BMRI01BCN2 16-Jun-17 15-Jun-24 idAAA BTN (Persero)
5. Bank Mandiri Tahap II 8.50% Indonesia, Indo Premier, 374
Tahun 2017 Seri B Standard Chartered
BMRI01CCN2 16-Jun-17 15-Jun-27 idAAA BTN (Persero) BCA, DBS Vickers, HSBC
6. Bank Mandiri Tahap II 8.65% 374
IDA0000814C2 1,000,000 10 years Stable Tbk. Indonesia
Tahun 2017 Seri C
BMRI01DCN2 16-Jun-17 15-Jun-20 idAAA BTN (Persero) Danareksa, Indo Premier,
7. Bank Mandiri Tahap II 7.80% 375
IDA0000814D0 1,000,000 3 years Stable Tbk. Mandiri, Trimegah
Tahun 2017 Seri D
36. BMTP PT Bank Mandiri Taspen 8. Finance | 81. Bank
Obligasi I Bank Mandiri

BMTP01A 12-Jul-17 11-Jul-20 AA(idn) BTN (Persero)
1. Taspen Pos Tahun 2017 8.50% 278
IDA0000824A5 1,500,000 36 months Stable Tbk.
Seri A Bahana, BCA, BNI Sekuritas,
Obligasi I Bank Mandiri Danareksa, Mandiri
BMTP01B 12-Jul-17 11-Jul-22 AA(idn) BTN (Persero)
2. Taspen Pos Tahun 2017 8.75% 279
IDA0000824B3 500,000 60 months Stable Tbk.
Seri B
37. BMTR PT Global Mediacom Tbk. 9. Trade, Services & Investment | 98. Investment Company
BMTR01ACN1 10-Jul-17 7-Jul-22 idA+ BRI (Persero) DBS Vickers, Danareksa, MNC
1. Global Mediacom Tahap I 11.50% 383
IDA0000827A8 804,800 5 years Negative Tbk. Sekuritas, Trimegah
Tahun 2017 Seri A
BMTR01BCN1 10-Jul-17 7-Jul-23 idA+ BRI (Persero) DBS Vickers, Danareksa, MNC
IDA0000827B6 6,300 6 years Negative Tbk. Sekuritas, Trimegah
Tahun 2017 Seri B
BMTR01CCN1 10-Jul-17 7-Jul-24 idA+ BRI (Persero) DBS Vickers, Danareksa, MNC
IDA0000827C4 38,900 7 years Negative Tbk. Sekuritas, Trimegah
Tahun 2017 Seri C

SIBMTR01ACN1 10-Jul-17 7-Jul-22 idA+(sy) Rp24.500.750.00 BRI (Persero) DBS Vickers, Danareksa, MNC
4. Global Mediacom Tahap I 384
IDJ0000092A0 213,050 5 years Negative 0 / year Tbk. Sekuritas, Trimegah
Tahun 2017 Seri A

SIBMTR01BCN1 10-Jul-17 7-Jul-23 idA+(sy) Rp1.645.000.000 BRI (Persero) DBS Vickers, Danareksa, MNC
IDJ0000092B8 14,000 6 years Negative / year Tbk. Sekuritas, Trimegah
Tahun 2017 Seri B

SIBMTR01CCN1 10-Jul-17 7-Jul-24 idA+(sy) Rp2.754.000.000 BRI (Persero) DBS Vickers, Danareksa, MNC
IDJ0000092C6 22,950 7 years Negative / year Tbk. Sekuritas, Trimegah
Tahun 2017 Seri C
BMTR01CN2 20-Sep-17 19-Sep-20 idA+ BRI (Persero)
7. Global Mediacom Tahap 11.00% MNC Sekuritas (affiliated) 386
IDA000084305 250,000 3 years Negative Tbk.
II Tahun 2017
Ijarah Fee
SIBMTR01CN2 20-Sep-17 19-Sep-20 idA+(sy) Installment of BRI (Persero)
8. Global Mediacom Tahap II MNC Sekuritas (affiliated) 386
IDJ000009600 150,000 3 years Negative Rp9,6 Milyar per Tbk.
Tahun 2017
year
Obligasi Global
BMTR01B 13-Jul-12 12-Jul-17 A+ BRI (Persero)
9. Mediacom I Tahun 2012 10.50% Danareksa, MNC M
Seri B

Corporate Bonds 123

Page
38. BNGA PT Bank CIMB Niaga Tbk. 8. Finance | 81. Bank
BNGA02SB Obligasi Subordinasi II 27-Dec-10 23-Dec-20 AA(idn) Bank Permata

1. 10.85% CIMB Indonesia 391
IDA000046502 BNGA Tahun 2010 1,600,000 10 years Stable Tbk.
BNGA01CCn2 21-Nov-13 20-Nov-18 idAAA Bank Permata
2. BNGA Tahap II Tahun 9.75% CIMB Indonesia 391
2013 Seri C
BNGA02BCN1 4-Nov-16 3-Nov-19 idAAA Bank Permata BCA, CIMB Indonesia
3. BNGA Tahap I Tahun 8.00% 392
IDA0000771B6 386,000 3 years Stable Tbk. (affiliated), Danareksa
2016 Seri B
BNGA02CCN1 4-Nov-16 3-Nov-21 idAAA Bank Permata BCA, CIMB Indonesia
IDA0000771C4 182,000 5 years Stable Tbk. (affiliated), Danareksa
2016 Seri C
BNGA02ACN2 24-Aug-17 3-Sep-18 idAAA Bank Permata BCA, CIMB Sekuritas
5. BNGA Tahap II Tahun 6.75% 393
IDA0000840A1 802,000 370 days Stable Tbk. (affiliated), Danareksa
2017 Seri A
BNGA02BCN2 24-Aug-17 23-Aug-20 idAAA Bank Permata BCA, CIMB Sekuritas
2017 Seri B
BNGA02CCN2 24-Aug-17 23-Aug-22 idAAA Bank Permata BCA, CIMB Sekuritas
2017 Seri C
BNGA02ACN3 3-Nov-17 12-Nov-18 idAAA Bank Permata BCA, CIMB Sekuritas
8. BNGA Tahap III Tahun 6.20% 394
2017 Seri A
BNGA02BCN3 3-Nov-17 2-Nov-20 idAAA Bank Permata BCA, CIMB Sekuritas
2017 Seri B
BNGA02CCN3 3-Nov-17 2-Nov-22 idAAA Bank Permata BCA, CIMB Sekuritas
2017 Seri C
BNGA02ACN1 4-Nov-16 13-Nov-17 AAA Bank Permata BCA, CIMB Indonesia
11. BNGA Tahap I Tahun 7.25% M
2016 Seri A
BNGA01BCN1 31-Oct-12 30-Oct-17 AAA Bank Permata
12. Bank CIMB Niaga Tahap I 7.75% CIMB Indonesia M
Tahun 2012 Seri B
Obligasi Subordinasi I
BNGA01SB 9-Jul-10 8-Jul-17 AA- Bank Permata Bahana, CIMB Indonesia,
13. Bank CIMB Niaga Tahun 11.30% M
IDA000045504 1,380,000 7 years Stable Tbk. Mandiri
2010
39. BNII PT Bank Maybank Indonesia Tbk. 8. Finance | 81. Bank
Obligasi Subordinasi Bahana, DBS Vickers, HSBC

BNII01SBCN1 7-Dec-11 6-Dec-18 AA(idn) Bank Mandiri
1. Berkelanjutan I Bank BII 10.00% Indonesia, Indo Premier, Kim Eng, 400
Tahap I Tahun 2011 OSK Nusadana
BNII01SBCN2 1-Nov-12 31-Oct-19 AA(idn) Bank Mandiri Bahana, HSBC Indonesia,
2. Berkelanjutan I Bank BII 9.25% 400
IDA000054704 1,000,000 7 years Stable (Persero) Tbk. Indo Premier, Kim Eng
Tahap II Tahun 2012
2016 Seri B

124 Corporate Bonds

Page
HSBC Indonesia, Indo
BNII02SBCN2 Berkelanjutan II Bank 13-Jun-16 10-Jun-23 AA(idn) Bank Mega
4. 9.63% Premier, Maybank Kim Eng, 401
IDA000073100 Maybank Indonesia Tahap II 800,000 7 years Stable Tbk.
Tahun 2016
RHB
Sukuk Mudharabah
HSBC Indonesia, Indo
SMBNII01CN2 Berkelanjutan I Bank Maybank 13-Jun-16 10-Jun-19 AAA(idn) Bank Mega
5. Nisbah 37.27% Premier, Maybank Kim Eng, 402
IDJ000007604 Indonesia Tahap II Tahun 700,000 3 years Stable Tbk.
2016
RHB
BNII02ACN1 12-Jul-17 11-Jul-22 AAA(idn) Bank Mandiri Bahana, Indo Premier,
6. Bank Maybank Indonesia 8.00% 402
IDA0000834A4 435,000 5 years Stable (Persero) Tbk. Mabank Kim Eng Sekuritas
Tahap I Tahun 2017
BNII02BCN1 12-Jul-17 11-Jul-24 AAA(idn) Bank Mandiri Bahana, Indo Premier,
IDA0000834B2 300,000 7 years Stable (Persero) Tbk. Mabank Kim Eng Sekuritas
Tahap I Tahun 2017
BNII02CCN1 12-Jul-17 11-Jul-27 AAA(idn) Bank Mandiri Bahana, Indo Premier,
IDA0000834C0 100,000 10 years Stable (Persero) Tbk. Mabank Kim Eng Sekuritas
Tahap I Tahun 2017
Sukuk Mudharabah
SMBNII02CN1 Berkelanjutan II Bank 12-Jul-17 11-Jul-20 AAA(idn) Bank Mandiri Bahana, Indo Premier,
9. Nisbah 43.17% 404
IDJ000009303 Maybank Indonesia Tahap I 266,000 3 years Stable (Persero) Tbk. Mabank Kim Eng Sekuritas
Tahun 2017
BNII02CN2 16-Mar-18 15-Mar-23 AAA(idn) Bank Mandiri BCA, Indo Premier, Maybank
IDA000088504 645,500 5 years Stable (Persero) Tbk. Kim Eng
Tahap II Tahun 2018
BNII01SB Obligasi Subordinasi I 20-May-11 19-May-18 AA+ Bank Mandiri Bahana, Indo Premier,
11. 10.75% M
IDA000047609 Bank BII Tahun 2011 1,500,000 7 years Stable (Persero) Tbk. Mandiri
BNII01BCN2 1-Nov-12 31-Oct-17 AA+ Bank Mandiri Bahana, HSBC Indonesia,
12. Bank BII Tahap II Tahun 8.00% M
IDA0000546B2 1,020,000 5 years Stable (Persero) Tbk. Indo Premier, Kim Eng
2012 Seri B
Sukuk Mudharabah
SMBNII01CN1 10-Jul-14 8-Jul-17 AAA Rp93M /Billion Bank Mandiri HSBC Indonesia, Indo
13. Berkelanjutan I Bank BII M
IDJ000006309 300,000 3 years Stable p.a. (Persero) Tbk. Premier, Maybank Kim Eng
Tahap I Tahun 2014
40. BNLI PT Bank Permata Tbk. 8. Finance | 81. Bank
BNLI01SBCN1 18-Jun-12 15-Jun-19 idAA+ Bank CIMB Standard Chartered, NISP,
1. Berkelanjutan I Bank Permata 8.90% 408
IDA000052609 700,000 7 years Stable Niaga Tbk. Mandiri, OSK Nusadana
Tahap I Tahun 2012
BNLI01SBCN2 20-Dec-12 20-Dec-19 idAA+ Bank CIMB Standard Chartered, Mandiri,
2. Berkelanjutan I Bank Permata 9.40% 409
IDA000055602 1,800,000 7 years Stable Niaga Tbk. Indo Premier, OSK Nusadana
Tahap II Tahun 2012
BNLI02SBCN1 27-Dec-13 24-Dec-20 idAA+ Bank CIMB
3. Berkelanjutan II Bank Permata 12.00% 409
IDA000061501 860,000 7 years Stable Niaga Tbk.
Tahap I Tahun 2013
BCA, Standard Chartered,
RHB, Mandiri, Indo Premier
BNLI02SBCN2 27-Oct-14 24-Oct-21 idAA Bank CIMB
4. Berkelanjutan II Bank Permata 11.75% 410
Tahap II Tahun 2014
Standard Chartered, Danareksa,

Obligasi Subordinasi II
BNLI02SB 30-Jun-11 28-Jun-18 AA+ Bank CIMB NISP, Bumiputera, Nusantara
5. Bank Permata Tahun 11.00% M
IDA000048300 1,750,000 7 years Stable Niaga Tbk. Capital, Lautandhana, Sinarmas,
2011 Mandiri
41. BNTT PT Bank Pembangunan Daerah Nusa Tenggara Timur 8. Finance | 81. Bank
BNTT01D Obligasi I Bank NTT 11-Jul-11 8-Jul-18 idA Bank Mandiri

1. 11.50% AAA, Pacific Capital, Victoria 413
IDA0000492D5 Tahun 2011 Seri D 135,000 7 years Stable (Persero) Tbk.

Corporate Bonds 125

Page
42. BPFI PT Batavia Prosperindo Finance Tbk. 8. Finance | 82. Financial Institution
BPFI01CN2 8-May-17 5-May-20 idBBB Bank Mega Mandiri, Danareksa, Indo
1. Batavia Prosperindo Finance 11.00% 416
IDA000080303 300,000 3 years Stable Tbk. Premier, Standard Chartered
Tahap II Tahun 2017
BPFI02CN1 26-Jun-18 25-Jun-21 idBBB Bank Mega Pacific Sekuritas, Sinarmas
2. Batavia Prosperindo Finance 11.00% 417
IDA000091003 300,000 3 years Stable Tbk. Sekuritas
Tahap I Tahun 2018
BPFI01BCN1 29-Jun-16 28-Jun-18 BBB Bank Mega
3. Batavia Prosperindo Finance 11.00% Victoria Indonesia M
BPFI01ACN1 29-Jun-16 8-Jul-17 BBB Bank Mega
4. Batavia Prosperindo Finance 10.50% Victoria Indonesia M
Tahap I Tahun 2016 Seri A
43. BRAP PT Brantas Abipraya (Persero) 7. Infrastructure, Utilities & Transportation | 75. Non Building Construction
BRAP01 Obligasi I Brantas 9-Apr-15 8-Apr-18 BBB Bank CIMB

1. 11.50% Bahana (affiliated) M
IDA000067805 Abipraya Tahun 2015 300,000 3 years Stable Niaga Tbk.
44. BRIS PT Bank BRISyariah 8. Finance | 81. Bank
Sukuk Mudharabah
SMBRIS01SB 17-Nov-16 16-Nov-23 A+(idn) Nisbah BNI (Persero) Bahana, Danareksa, Indo
1. Subordinasi I Bank 420
IDJ000008206 1,000,000 7 years Stable 80.2013% Tbk. Premier
BRISyariah Tahun 2016
45. BSBR PT BPD Sumatera Barat 8. Finance | 81. Bank
BSBR02SB Obligasi Subordinasi II 27-Jun-12 26-Jun-19 idA- Bank Mandiri

1. 10.15% Trimegah 423
IDA000053003 Bank Nagari Tahun 2012 225,000 7 years Stable (Persero) Tbk.
BSBR07 Obligasi VII Bank Nagari 11-Jan-16 8-Jan-21 idA BRI (Persero)
2. 10.95% Mandiri, Danareksa 424
IDA000071401 Tahun 2015 500,000 5 years Stable Tbk.
Nisbah 52.333%
SMBSBR02 Sukuk Mudharabah II 11-Jan-16 8-Jan-21 idA(sy) BRI (Persero)
3. (equal to 10.99% Mandiri, Danareksa 424
IDJ000007406 Bank Nagari Tahun 2015 100,000 5 years Stable Tbk.
p.a.)
BSBR01SB Obligasi Subordinasi I 14-Jan-11 13-Jan-18 A- Bank Mandiri

4. 10.90% Trimegah, AAA M
IDA0000467B1 Bank Nagari Tahun 2010 81,000 7 years Stable (Persero) Tbk.
46. BSDE PT Bumi Serpong Damai Tbk. 6. Property, Real Estate & Building Construction | 61. Property And Real Estate
BSDE01CCN1 Bumi Serpong Damai 5-Jul-12 4-Jul-19 idAA- Bank CIMB Mandiri, OSK Nusadana,
1. 9.50% 428
IDA0000536C1 Tahap I Tahun 2012 Seri 436,000 7 years Stable Niaga Tbk. Sinarmas
C
BSDE02ACN1 Bumi Serpong Damai 17-Jun-16 16-Jun-21 idAA- Bank Permata BCA, Mandiri, Indo Premier,
2. 9.00% 429
IDA0000736A1 Tahap I Tahun 2016 Seri 625,000 5 years Stable Tbk. Sinarmas (affiliated)
A
BSDE02BCN1 17-Jun-16 16-Jun-23 idAA- Bank Permata BCA, Mandiri, Indo Premier,
3. Bumi Serpong Damai 9.25% 429
IDA0000736B9 25,000 7 years Stable Tbk. Sinarmas (affiliated)
BSDE01CN2 7-Jun-13 5-Jun-18 AA- Bank CIMB BCA, Indo Premier, Mandiri,
4. Bumi Serpong Damai 8.38% M
IDA000058408 1,750,000 5 years Stable Niaga Tbk. Sinarmas
Tahap II Tahun 2013
BSDE01BCN1 5-Jul-12 4-Jul-17 A+ Bank CIMB Mandiri, OSK Nusadana,
5. Bumi Serpong Damai 9.25% M
IDA0000536B3 479,000 5 years Stable Niaga Tbk. Sinarmas

126 Corporate Bonds

Page
47. BSLT PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) 8. Finance | 81. Bank
BSLT05 Obligasi Bank Sulut V 9-Oct-14 8-Oct-19 A(idn) BNI (Persero) BCA, Danareksa, Mandiri,
1. 11.09% 433
IDA000065007 Tahun 2014 750,000 5 years Stable Tbk. MNC
48. BSMT PT Bank Pembangunan Daerah Sumatera Utara 8. Finance | 81. Bank
Mandiri, Madani, Bumiputera

BSMT01SB Obligasi Subordinasi I 7-Jul-11 5-Jul-18 idA- Bank Mandiri
1. 11.35% Capital, NISP, Mega Capital, 436
IDA000048706 Bank Sumut Tahun 2011 400,000 7 years Stable (Persero) Tbk.
OSK Nusadana
49. BSSB PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat 8. Finance | 81. Bank
BSSB01CN1 18-Jul-16 15-Jul-21 idA+ Bank Mandiri
1. Bank Sulselbar Tahap I 9.35% Danareksa, Indo Premier 439
Tahun 2016
Sukuk Mudharabah II Rp93.5M for

SMBSSB02 18-Jul-16 15-Jul-21 idA+(sy) Bank Mandiri
2. Bank Sulselbar Tahun each Rp1 Billion Danareksa, Indo Premier 440
IDJ000007901 50,000 5 years Stable (Persero) Tbk.
2016 / equal to 9.35%
BSSB01CN2 4-Nov-16 3-Nov-21 idA+ Bank Mandiri
3. Bank Sulselbar Tahap II 9.00% Danareksa, Indo Premier 440
IDA000077200 450,000 5 years Stable (Persero) Tbk
Tahun 2016
50. BTPN PT Bank Tabungan Pensiunan Nasional Tbk. 8. Finance | 81. Bank
BTPN02BCN1 5-Jul-13 4-Jul-18 AAA(idn) Bank Permata Danareksa, Indo Premier,
1. Bank BTPN Tahap I Tahun 8.25% 444
IDA0000594B2 350,000 5 years Stable Tbk. Standard Chartered
2013 Seri B

BTPN03BCN1 11-Jul-16 1-Jul-19 AAA(idn) Bank Permata
2. Bank BTPN Tahap I Tahun 8.00% Danareksa, Indo Premier 445
2016 Seri B

BTPN03ACN2 18-Oct-17 27-Oct-18 AAA(idn) Bank Permata Danareksa, Indo Premier,
3. Bank BTPN Tahap II 6.60% 445
IDA0000850A0 600,000 370 days Stable Tbk. RHB Sekuritas, Trimegah
Tahun 2017 Seri A

BTPN03BCN2 18-Oct-17 17-Oct-20 AAA(idn) Bank Permata Danareksa, Indo Premier,
4. Bank BTPN Tahap II 7.50% 446
IDA0000850B8 900,000 3 years Stable Tbk. RHB Sekuritas, Trimegah
Tahun 2017 Seri B
Obligasi Berkelanjutan I Bank
BTPN01BCN3 BTPN Dengan Tingkat Bunga 6-Mar-13 5-Mar-18 AA- Bank Permata
5. 8.25% Danareksa, Indo Premier M
IDA0000571B0 Tetap Tahap III Tahun 2013 400,000 5 years Stable Tbk.
Seri B

BTPN03ACN1 11-Jul-16 11-Jul-17 AAA Bank Permata
6. Bank BTPN Tahap I Tahun 7.50% Danareksa, Indo Premier M
2016 Seri A
51. BVIC PT Bank Victoria International Tbk. 8. Finance | 81. Bank
BVIC02SB Obligasi Subordinasi II 28-Jun-12 27-Jun-19 idBBB+ Bank Mega

1. 11.00% Victoria, AAA 450
IDA000053201 Bank Victoria Tahun 2012 300,000 7 years Stable Tbk.
BVIC03SB 28-Jun-13 27-Jun-20 idBBB+ Bank Mega
2. Bank Victoria III Tahun 10,50% Victoria Indonesia, AAA 450
2013
BVIC01CN1 12-Jul-17 11-Jul-22 idA- Bank Mega
3. Bank Victoria Tahap I 10.30% Victoria, Bina Artha Sekuritas 451
Tahun 2017
BVIC01SBCN1 12-Jul-17 11-Jul-24 idBBB Bank Mega
4. Berkelanjutan I Bank Victoria 11.00% Victoria, Bina Artha Sekuritas 451
Tahap I Tahun 2017

Corporate Bonds 127

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BVIC01ACN2 6-Jun-18 5-Jun-21 idA- Bank Mega
5. Bank Victoria Tahap II 9.70% BCA, Mandiri 452
Tahun 2018 Seri A
BVIC01BCN2 6-Jun-18 5-Jun-23 idA- Bank Mega
6. Bank Victoria Tahap II 10.30% BCA, Mandiri 452
Tahun 2018 Seri B
BVIC01SBCN2 6-Jun-18 5-Jun-25 idBBB Bank Mega
7. Berkelanjutan I Bank Victoria 11.00% BCA, Mandiri 453
Tahap II Tahun 2018
Obligasi Bank Victoria IV

BVIC04 28-Jun-13 27-Jun-18 A- Bank Mega
8. Tahun 2013 Dengan 9.50% Victoria Indonesia, AAA M
Tingkat Bunga Tetap
BVIC03 Obligasi Bank Victoria III 28-Jun-12 27-Jun-17 BBB+ Bank Mega
9. 10.00% Victoria, AAA M
52. CSUL PT Chandra Sakti Utama Leasing 8. Finance | 82. Financial Institution
CSUL01A Obligasi I CSUL Finance 12-Jul-17 21-Jul-18 idA Bank Mega Bahana, CIMB Sekuritas, MNC
1. 9.75% 456
IDA0000826A0 Tahun 2017 Seri A 209,000 370 days Stable Tbk. Sekuritas
CSUL01B Obligasi I CSUL Finance 12-Jul-17 11-Jul-20 idA Bank Mega Bahana, CIMB Sekuritas, MNC
2. 10.50% 457
IDA0000826B8 Tahun 2017 Seri B 116,000 3 years Stable Tbk. Sekuritas
53. CTRR PT Ciputra Residence 6. Property, Real Estate & Building Construction | 61. Property And Real Estate
Obligasi I Ciputra
CTRR01B 3-Apr-14 2-Apr-19 AA-(idn) Bank Permata
1. Residence Tahun 2014 12.40% CIMB Indonesia, Mandiri 460
Seri B
Obligasi I Ciputra
CTRR01C 3-Apr-14 2-Apr-21 AA-(idn) Bank Permata
2. Residence Tahun 2014 13.00% CIMB Indonesia, Mandiri 461
Seri C
Obligasi I Ciputra
CTRR01A 3-Apr-14 2-Apr-17 A Bank Permata
3. Residence Tahun 2014 11.40% CIMB Indonesia, Mandiri M
Seri A
54. DART PT Duta Anggada Realty Tbk. 6. Property, Real Estate & Building Construction | 61. Property And Real Estate
DART01CN1 9-Oct-13 8-Oct-18 idBBB+ Bank Mega BCA, Maybank Kim Eng,
1. Duta Anggada Realty 12.25% R
IDA000060602 250,000 5 years Negative Tbk. Victoria
Tahap 1 Tahun 2013
55. DILD PT Intiland Development Tbk. 6. Property, Real Estate & Building Construction | 61. Property And Real Estate
Obligasi Intiland
DILD01B 10-Jul-13 9-Jul-18 idBBB+ Bank Mega Trimegah, Lautandhana,
1. Development Tahun 2013 10.00% 464
IDA0000595B9 154,000 5 years Stable Tbk. Ciptadana
Seri B
Obligasi II Intiland
DILD02A 30-Jun-16 21-Jun-19 idBBB+ Bank Mega Trimegah, Sucorinvest
2. Development Tahun 2016 10.75% 465
IDA0000744A5 428,000 3 years Stable Tbk. Central Gani
Seri A
DILD02B Obligasi II Intiland 30-Jun-16 21-Jun-21 idBBB+ Bank Mega Trimegah, Sucorinvest
3. 11.00% 465
IDA0000744B3 Development 2016 Seri B 162,000 5 years Stable Tbk. Central Gani
56. DNRK PT Danareksa (Persero) 8. Finance | 19. Others
DNRK01BCN2 17-Dec-14 16-Dec-19 idA Bank Mega
1. Danareksa Tahap II Tahun 11.00% Danareksa 469
IDA0000655B1 250,000 5 years Positive Tbk.
2014 Seri B
DNRK01BCN1 10-Jan-13 9-Jan-18 A Bank Mega
2. Danareksa Tahap I Tahun 8.80% Danareksa M
2012 Seri B

128 Corporate Bonds

Page
DNRK01ACN2 17-Dec-14 16-Dec-17 A Bank Mega
3. Danareksa Tahap II Tahun 10.50% Danareksa M
2014 Seri A
57. EXCL PT XL Axiata Tbk. 7. Infrastructure, Utilities & Transportation | 73. Telecommunication

SIEXCL01BCN1 3-Dec-15 2-Dec-18 AAA(idn) Rp102.5M Bank Mega CIMB Indonesia, Mandiri,
1. XL Axiata Tahap I Tahun 473
IDJ0000072B0 258,000 3 years Stable /Billion p.a. Tbk. Maybank Kim Eng
2015 Seri B

SIEXCL01CCN1 3-Dec-15 2-Dec-20 AAA(idn) Rp105M /Billion Bank Mega CIMB Indonesia, Mandiri,
IDJ0000072C8 323,000 5 years Stable p.a. Tbk. Maybank Kim Eng
2015 Seri C

SIEXCL01DCN1 3-Dec-15 2-Dec-22 AAA(idn) Rp110M /Billion Bank Mega CIMB Indonesia, Mandiri,
IDJ0000072D6 425,000 7 years Stable p.a. Tbk. Maybank Kim Eng
2015 Seri D
Sukuk Ijarah Berkelanjutan I Ijarah Fee Bahana Securites, Indo

SIEXCL01BCN2 2-May-17 28-Apr-20 AAA(idn) Bank Mega
4. XL Axiata Tahap II Tahun Rp33.768.000.00 Premier, Maybank Kim Eng 474
2017 Seri B 0 p.a. (affiliated)
Sukuk Ijarah Berkelanjutan I Ijarah Fee CIMB, DBS Vickers, HSBC,

SIEXCL01CCN2 2-May-17 28-Apr-22 AAA(idn) Bank Mega
5. XL Axiata Tahap II Tahun Rp12.425.000.00 Indo Premier, Mandiri, 475
2017 Seri C 0 p.a. Standar Chartered
Sukuk Ijarah Berkelanjutan I Ijarah Fee CIMB, DBS Vickers, Indo

SIEXCL01DCN2 2-May-17 28-Apr-24 AAA(idn) Bank Mega
6. XL Axiata Tahap II Tahun Rp75.400.000.00 Premier, RHB, Nikko 475
IDJ0000088D2 260,000 7 years Stable Tbk.
2017 Seri D 0 p.a. Indonesia
Sukuk Ijarah Berkelanjutan I Ijarah Fee CIMB Indonesia, Mandiri,

SIEXCL01ECN2 2-May-17 28-Apr-27 AAA(idn) Bank Mega
7. XL Axiata Tahap II Tahun Rp75.400.000.00 Maybank Kim Eng, DBS 476
IDJ0000088E0 336,000 10 years Stable Tbk.
2017 Seri E 0 p.a. Vickers, Indo Premier.,
Sukuk Ijarah Berkelanjutan I Ijarah Fee BCA, Indo Premier, Mandiri,

SIEXCL01ACN2 2-May-17 8-May-18 AAA Bank Mega
8. XL Axiata Tahap II Tahun Rp75.400.000.00 Standard Chartered, UOB Kay M
IDJ0000088A8 1,040,000 370 days Stable Tbk.
2017 Seri A 0 p.a. Hian (affiliated)
58. FAST PT Fast Food Indonesia Tbk. 9. Trade, Services & Investment | 94. Tourism, Restaurant And Hotel
FAST02 Obligasi Fast Food 2-Nov-16 1-Nov-21 idAA BRI (Persero)

1. 8.50% BCA 479
IDA000077002 Indonesia II Tahun 2016 200,000 5 years Stable Tbk.
59. FIFA PT Federal International Finance 8. Finance | 82. Financial Institution
Obligasi Berkelanjutan II CIMB Indonesia, DBS Vickers, Indo

FIFA02BCN2 14-Sep-15 11-Sep-18 idAAA BRI (Persero)
1. FIFA Tahap II Tahun 2015 9.25% Premier, Mandiri, Standar 483
Seri B Chartered
Obligasi Berkelanjutan II BCA, DBS Vickers, Indo

FIFA02BCN3 6-Apr-16 5-Apr-19 idAAA BRI (Persero)
2. FIFA Tahap III Tahun 2016 9.15% Premier, Mandiri, MNC, 483
Seri B Trimegah
2016 Seri B
Obligasi Berkelanjutan III BCA, CIMB, DBS Vickers, Indo

FIFA03BCN1 27-Apr-17 26-Apr-20 idAAA BRI (Persero)
4. FIFA Tahap I Tahun 2017 8.45% Premier, Mandiri, MNC, 484
Seri B Trimegah

FIFA03ACN2 11-Oct-17 20-Oct-18 idAAA BRI (Persero)
5. FIFA Tahap II Tahun 2017 6.50% 485
IDA0000848A4 1,679,000 370 days Stable Tbk. BCA, CIMB, DBS Vickers, Indo
Seri A
Premier, Mandiri, MNC,
Obligasi Berkelanjutan III Trimegah
FIFA03BCN2 11-Oct-17 10-Oct-20 idAAA BRI (Persero)
6. FIFA Tahap II Tahun 2017 7.50% 485
Seri B

Corporate Bonds 129

Page
Obligasi Berkelanjutan III FIFA

FIFA03ACN3 11-Apr-18 21-Apr-19 AAA(idn) BRI (Persero)
7. dengan Tingkat Bunga Tetap 6.10% 486
IDA0000893A0 1,592,000 370 days Stable Tbk. BCA, CGS CIMB, DBS Vickers,
Danareksa, Indo Premier,
Obligasi Berkelanjutan III FIFA Mandiri, Trimegah
FIFA03BCN3 11-Apr-18 11-Apr-21 AAA(idn) BRI (Persero)
8. dengan Tingkat Bunga Tetap 7.45% 486
IDA0000893B8 1,408,000 36 months Stable Tbk.
Tahap III Tahun 2018 Seri B

FIFA03ACN1 27-Apr-17 6-May-18 AAA BRI (Persero) CIMB Indonesia, Indo Premier,
9. FIFA Tahap I Tahun 2017 7.35% M
IDA0000804A7 1,424,000 370 days Stable Tbk. Kresna Graha, NISP, RHB
Seri A
Obligasi Berkelanjutan II CIMB, DBS Vickers, HSBC

FIFA02BCN1 27-Apr-15 24-Apr-18 AAA BRI (Persero)
10. FIFA Tahap I Tahun 2015 9.25% Indonesia, Indo Premier, M
Seri B Mandiri, Standar Chartered
FIFA02ACN4 28-Sep-16 7-Oct-17 AAA BRI (Persero) Indo Premier, Mandiri, MNC,
11. FIFA Tahap IV Tahun 2016 7.25% M
IDA0000757A7 868,000 370 days Stable Tbk. Trimegah
Seri A
Obligasi Berkelanjutan II BCA, DBS Vickers, Indo

FIFA02ACN3 6-Apr-16 15-Apr-17 AAA BRI (Persero)
12. FIFA Tahap III Tahun 2016 8.50% Premier, Mandiri, MNC, M
Seri A Trimegah
Obligasi Berkelanjutan I FIFA Indo Premier, Mandiri, BCA,

FIFA01BCN3 17-Mar-14 14-Mar-17 AA+ BRI (Persero)
13. Dengan Tingkat Bunga Tetap 10.50% CIMB, DBS Vickers, Standar M
Tahap III Tahun 2014 Seri B Chartered
60. FREN PT Smartfren Telecom Tbk. 7. Infrastructure, Utilities & Transportation | 73. Telecommunication
FREN01 Obligasi I Mobile-8 16-Mar-07 15-Jun-17 BBB+ Bank Permata

1. 12.38% MNC, Danareksa M
IDA000031900 Telecom Tahun 2007 675,000 11 years Stable Tbk.
61. GIAA PT Garuda Indonesia (Persero) Tbk. 7. Infrastructure, Utilities & Transportation | 74. Transportation
GIAA01CN1 8-Jul-13 5-Jul-18 idBBB+ Bank CIMB
1. Garuda Indonesia Tahap I 9.25% Bahana, Mandiri 490
IDA000059703 2,000,000 5 years Stable Niaga Tbk.
Tahun 2013
62. GWSA PT Greenwood Sejahtera Tbk. 6. Property, Real Estate & Building Construction | 61. Property And Real Estate
GWSA01CN1 15-Jan-15 14-Jan-20 BBB(idn) Bank CIMB
1. Greenwood Sejahtera 14.25% Samuel Indonesia 493
Tahap I Tahun 2014
63. IIFF PT Indonesia Infrastucture Finance 8. Finance | 82. Financial Institution
Obligasi I Indonesia
IIFF01A 20-Jul-16 19-Jul-19 idAAA Bank Mega DBS Vickers, Danareksa, Indo
1. Infrastructure Finance 8.25% 496
IDA0000751A0 825,000 3 years Stable Tbk. Premier, Mandiri
Tahun 2016 Seri A
IIFF01B 20-Jul-16 19-Jul-21 idAAA Bank Mega DBS Vickers, Danareksa, Indo
Tahun 2016 Seri B
IIFF01C 20-Jul-16 19-Jul-23 idAAA Bank Mega DBS Vickers, Danareksa, Indo
Tahun 2016 Seri C
64. IMAT PT Indomobil Wahana Trada 9. Trade, Services & Investment | 91. Wholesale (Durable & Non-Durable Goods)
Obligasi Indomobil
IMAT01C 20-Jun-12 19-Jun-17 A Bank Mega DBS Vickers, Mandiri, CIMB
1. Wahana Trada I Tahun 8.75% M
IDA0000528C8 181,000 5 years Stable Tbk. Indonesia, Kresna Graha
2012 Seri C
65. IMFI PT Indomobil Finance Indonesia 8. Finance | 82. Financial Institution
IMFI02CCN1 27-Apr-15 24-Apr-19 idA Bank Mega CIMB Indonesia, DBS Vickers, Indo
1. IMFI Tahap I Tahun 2015 10.25% 502
IDA0000681C5 198,000 4 years Stable Tbk. Premier, RHB, Nikko Indonesia
Seri C

130 Corporate Bonds

Page
IMFI02BCN2 9-Nov-15 6-Nov-18 idA Bank Mega DBS Vickers, Indo Premier,
2. IMFI tahap II tahun 2015 10.75% 503
IDA0000704B7 121,000 3 years Stable Tbk. RHB, Nikko Indonesia
Seri B
IMFI02CCN2 9-Nov-15 6-Nov-19 idA Bank Mega DBS Vickers, Indo Premier,
3. IMFI tahap II tahun 2015 11.00% 503
IDA0000704C5 202,500 4 years Stable Tbk. RHB, Nikko Indonesia
Seri C
IMFI02BCN3 17-Mar-16 16-Mar-19 idA Bank Mega
4. IMFI Tahap III Tahun 2016 10.50% 504
Seri B BCA, CIMB, DBS Vickers, Indo
Obligasi Berkelanjutan II Premier, Nikko, RHB
IMFI02CCN3 17-Mar-16 16-Mar-20 idA Bank Mega
5. IMFI Tahap III Tahun 2016 10.65% 504
Seri C
IMFI02BCN4 24-Mar-17 23-Mar-20 idA Bank Mega
6. IMFI Tahap IV Tahun 8.80% Indo Premier 505
2017 Seri B
IMFI02CCN4 24-Mar-17 23-Mar-22 idA Bank Mega BCA, CIMB Indonesia, Indo
7. IMFI Tahap IV Tahun 9.40% 505
IDA0000796C1 121,000 5 years Stable Tbk. Premier
2017 Seri C

IMFI03ACN1 10-Jul-17 17-Jul-18 idA Bank Mega
Seri A

IMFI03BCN1 10-Jul-17 7-Jul-20 idA Bank Mega CIMB, DBS Vickers, Indo
IDA0000832B6 150,000 36 months Stable Tbk. Premier, RHB dan OCBC
Seri B

IMFI03CCN1 10-Jul-17 7-Jul-22 idA Bank Mega
Seri C
Obligasi Berkelanjutan III IMFI

IMFI03ACN2 19-Feb-18 25-Feb-19 idA Bank Mega
IDA0000877A3 685,000 370 days Stable Tbk. CIMB, Danareksa, Mandiri,
Tahap II Tahun 2018 Seri A
Obligasi Berkelanjutan III IMFI RHB, OCBC
IMFI03BCN2 19-Feb-18 15-Feb-21 idA Bank Mega
Tahap II Tahun 2018 Seri B
Obligasi Berkelanjutan III IMFI CGS-CIMB, Danareksa, DBS

IMFI03CCN2 19-Feb-18 15-Feb-23 idA Bank Mega
13. Dengan Tingkat Bunga Tetap 8.15% Vickers, Indo Premier, 508
Tahap II Tahun 2018 Seri C Mandiri, RHB

IMFI03ACN3 21-May-18 28-May-19 idA Bank Mega
Obligasi Berkelanjutan III IMFI CIMB, Danareksa, Mandiri,

IMFI03BCN3 21-May-18 18-May-21 idA Bank Mega
15. Dengan Tingkat Bunga Tetap 8.20% DBS Vickers, Indo Premier, 509
Tahap III Tahun 2018 Seri B RHB, OCBC

IMFI03CCN3 21-May-18 18-May-23 idA Bank Mega
Tahap III Tahun 2018 Seri C
Obligasi Berkelanjutan II CIMB Indonesia, DBS Vickers,

IMFI02BCN1 27-Apr-15 24-Apr-18 A Bank Mega
17. IMFI Tahap I Tahun 2015 10.00% Indo Premier, RHB, Nikko M
Seri B Indonesia
Obligasi Berkelanjutan I Indo Premier Securites, CIMB

IMFI01CCN4 23-Apr-14 22-Apr-18 A Bank Mega
18. IMFI Tahap IV Tahun 11.40% Indonesia, RHB, Kresna M
2014 Seri C Graha, DBS Vickers

Corporate Bonds 131

Page
IMFI02ACN4 24-Mar-17 3-Apr-18 A Bank Mega
19. IMFI Tahap IV Tahun 8.00% Indo Premier M
2017 Seri A
Obligasi Berkelanjutan I CIMB Indonesia, Indo

IMFI01CCN2 10-May-13 8-May-17 A Bank Mega
20. IMFI Tahap II Tahun 2013 8.50% Premier, Kresna Graha, NISP, M
Seri C RHB
Obligasi Berkelanjutan I Indo Premier Securites, CIMB

IMFI01BCN4 23-Apr-14 22-Apr-17 A Bank Mega
21. IMFI Tahap IV Tahun 11.25% Indonesia, RHB, Kresna M
2014 Seri B Graha, DBS Vickers
IMFI02ACN3 17-Mar-16 26-Mar-17 A Bank Mega BCA, CIMB, DBS Vickers, Indo
22. IMFI Tahap III Tahun 2016 9.60% M
IDA0000721A3 592,000 370 days Stable Tbk. Premier, Nikko, RHB
Seri A
66. IMPC PT Impack Pratama Industri Tbk. 3. Basic Industry And Chemicals | 35. Plastics & Packaging
Obligasi I Impack
IMPC01A 5-Dec-16 2-Dec-19 idA- Bank Mega
1. Pratama Industri Tahun 10.00% Sucorinvest , BCA 514
2016 Seri A
Obligasi I Impack
IMPC01B 5-Dec-16 2-Dec-21 idA- Bank Mega
2. Pratama Industri Tahun 10.50% Sucorinvest , BCA 515
2016 Seri B
67. INDF PT Indofood Sukses Makmur Tbk. 5. Consumer Goods Industry | 51. Food And Beverages
INDF07 Obligasi Indofood Sukses 16-Jun-14 13-Jun-19 idAA+ Bank Mega Mandiri, BCA, DBS Vickers,
1. 10.13% 518
IDA000063606 Makmur VII Tahun 2014 2,000,000 5 years Stable Tbk. Indo Premier, Trimegah
INDF08 Obligasi Indofood Sukses 29-May-17 26-May-22 idAA+ Bank Mega

2. 8.70% Bahana, Mandiri, Danareksa 519
IDA000080709 Makmur VIII Tahun 2017 2,000,000 5 years Stable Tbk.

INDF06 Obligasi Indofood Sukses 1-Jun-12 31-May-17 AA+ Bank Mega
3. 7.25% Kim Eng Sec, Mandiri, CIMB M
IDA000052005 Makmur VI Tahun 2012 2,000,000 5 years Stable Tbk.
Indonesia
68. ISAT PT Indosat Tbk. 7. Infrastructure, Utilities & Transportation | 73. Telecommunication
ISAT08A Obligasi Indosat VIII 28-Jun-12 27-Jun-19 idAAA BRI (Persero)

1. 8.63% 526
IDA0000529A0 Tahun 2012 Seri A 1,200,000 7 years Stable Tbk. DBS Vickers, Mandiri,
Standard Chartered,
ISAT08B Obligasi Indosat VIII BRI (Persero) Danareksa, HSBC Indonesia
28-Jun-12 27-Jun-22 idAAA
2. 8.88% 526
IDA0000529B8 Tahun 2012 Seri B 1,500,000 10 years Stable Tbk.
SIISAT05 Sukuk Ijarah Indosat V 28-Jun-12 27-Jun-19 idAAA(sy) BRI (Persero)

3. Rp25,875 M/TH 527
IDJ000005004 Tahun 2012 300,000 7 years Stable Tbk.
ISAT01BCN1 15-Dec-14 12-Dec-19 idAAA BRI (Persero)
4. Indosat Tahap I Tahun 10.30% 527
2014 Seri B
ISAT01CCN1 15-Dec-14 12-Dec-21 idAAA BRI (Persero) BCA, DBS Vickers, Danareksa,
IDA0000659C1 250,000 7 years Stable Tbk. HSBC Indonesia, Mandiri
2014 Seri C
ISAT01DCN1 15-Dec-14 12-Dec-24 idAAA BRI (Persero)
6. Indosat Tahap I Tahun 2014 10.70% 528
Seri D

SIISAT01BCN1 15-Dec-14 12-Dec-19 idAAA(sy) Ijarah Fee BRI (Persero)
7. Indosat Tahap I Tahun 2014 529
IDJ0000066B2 16,000 5 years Stable Rp1,65 M Tbk.
Seri B

132 Corporate Bonds

Page
Sukuk Ijarah
SIISAT01CCN1 Berkelanjutan I Indosat 15-Dec-14 12-Dec-21 idAAA(sy) Ijarah Fee BRI (Persero) BCA, DBS Vickers, Danareksa,
8. 529
IDJ0000066C0 Tahap I Tahun 2014 Seri 110,000 7 years Stable Rp11,55 M Tbk. HSBC Indonesia, Mandiri
C
ISAT01CCN2 5-Jun-15 4-Jun-20 idAAA BRI (Persero)
9. Indosat Tahap II Tahun 10.00% 530
2015 Seri C
ISAT01DCN2 5-Jun-15 4-Jun-22 idAAA BRI (Persero)
2015 Seri D
ISAT01ECN2 5-Jun-15 4-Jun-25 idAAA BRI (Persero)
IDA0000686E0 427,000 10 years Stable Tbk.
2015 Seri E BCA, BNI, CIMB, HSBC, DBS

Vickers, Indo Premier
SIISAT01CCN2 5-Jun-15 4-Jun-20 idAAA(sy) Ijarah Fee BRI (Persero)
12. Indosat Tahap II Tahun 531
IDJ0000070C2 67,000 5 years Stable Rp6,7M Tbk.
2015 Seri C

SIISAT01DCN2 5-Jun-15 4-Jun-22 idAAA(sy) Ijarah Fee BRI (Persero)
IDJ0000070D0 43,000 7 years Stable Rp4,4075M Tbk.
2015 Seri D

SIISAT01ECN2 5-Jun-15 4-Jun-25 idAAA(sy) Ijarah Fee BRI (Persero)
IDJ0000070E8 175,000 10 years Stable Rp18,2M Tbk.
2015 Seri E
ISAT01ACN3 10-Dec-15 8-Dec-18 idAAA BRI (Persero) BCA, DBS Vickers, Indo
15. Indosat Tahap III Tahun 10.00% 533
IDA0000707A2 201,000 3 years Stable Tbk. Premier
2015 Seri A
ISAT01BCN3 10-Dec-15 8-Dec-20 idAAA BRI (Persero) BCA, DBS Vickers, Indo
IDA0000707B0 301,000 5 years Stable Tbk. Premier
2015 Seri B
ISAT01CCN3 10-Dec-15 8-Dec-22 idAAA BRI (Persero) BCA, DBS Vickers, Indo
2015 Seri C
ISAT01DCN3 10-Dec-15 8-Dec-25 idAAA BRI (Persero) BCA, DBS Vickers, Indo
IDA0000707D6 162,000 10 years Stable Tbk. Premier
2015 Seri D

SIISAT01ACN3 10-Dec-15 8-Dec-22 idAAA(sy) Ijarah Fee BRI (Persero) BCA, DBS Vickers, Indo
19. Indosat Tahap III Tahun 535
IDJ0000073A0 65,000 7 years Stable Rp6,89M Tbk. Premier
2015 Seri A

SIISAT01BCN3 10-Dec-15 8-Dec-25 idAAA(sy) Ijarah Fee BRI (Persero) BCA, DBS Vickers, Indo
20. Indosat Tahap III Tahun 535
IDJ0000073B8 41,000 10 years Stable Rp4,60M Tbk. Premier
2015 Seri B
ISAT01BCN4 2-Sep-16 2-Sep-19 idAAA BRI (Persero)
21. Indosat Tahap IV Tahun 8.00% 536
2016 Seri B
ISAT01CCN4 2-Sep-16 2-Sep-21 idAAA BRI (Persero)
IDA0000756C5 734,000 5 years Stable Tbk. BCA, CIMB Indonesia,
2016 Seri C
Danareksa, DBS Vickers, Indo
Obligasi Berkelanjutan I Premier
ISAT01DCN4 2-Sep-16 2-Sep-23 idAAA BRI (Persero)
2016 Seri D
ISAT01ECN4 2-Sep-16 2-Sep-26 idAAA BRI (Persero)
2016 Seri E

Corporate Bonds 133

Page

SIISAT01BCN4 2-Sep-16 2-Sep-19 idAAA(sy) Ijarah Fee BRI (Persero)
25. Indosat Tahap IV Tahun 538
IDJ0000080B3 61,000 3 years Stable Rp4.88M Tbk. BCA, CIMB Indonesia,
2016 Seri B
Sukuk Ijarah Berkelanjutan I Premier
SIISAT01CCN4 2-Sep-16 2-Sep-21 idAAA(sy) Ijarah Fee BRI (Persero)
26. Indosat Tahap IV Tahun 538
IDJ0000080C1 10,000 5 years Stable Rp0.86M Tbk.
2016 Seri C
Sukuk Ijarah Berkelanjutan I BCA, CIMB Indonesia,

SIISAT01DCN4 2-Sep-16 2-Sep-26 idAAA(sy) Ijarah Fee BRI (Persero)
27. Indosat Tahap IV Tahun Danareksa, DBS Vickers, Indo 539
IDJ0000080D9 54,000 10 years Stable Rp4.94M Tbk.
2016 Seri D Premier
Obligasi berkelanjutan II
ISAT02BCN1 2-Jun-17 31-May-20 idAAA BRI (Persero) Bahana, CIMB Indonesia,
2017 Seri B
ISAT02CCN1 2-Jun-17 31-May-22 idAAA BRI (Persero)
IDA0000809C2 312,000 5 years Stable Tbk. BCA, CIMB, Danareksa, DBS
2017 Seri C
Vickers, Indo Premier,
Obligasi berkelanjutan II Mandiri
ISAT02DCN1 2-Jun-17 31-May-24 idAAA BRI (Persero)
2017 Seri D
Obligasi berkelanjutan II CIMB Indonesia, HSBC

ISAT02ECN1 2-Jun-17 31-May-27 idAAA BRI (Persero)
31. Indosat Tahap I Tahun 9.25% Indonesia, Indo Premier, 541
2017 Seri E Standard Chartered
Sukuk Ijarah Berkelanjutan BCA, CIMB, Danareksa, DBS

SIISAT02BCN1 2-Jun-17 31-May-22 idAAA(sy) Ijarah Fee BRI (Persero)
32. II Indosat Tahap I Tahun Vickers, Indo Premier, 541
IDJ0000089B4 160,000 5 years Stable Rp13,7M Tbk.
2017 Seri B Mandiri
Sukuk Ijarah Berkelanjutan

SIISAT02CCN1 2-Jun-17 31-May-24 idAAA(sy) Ijarah Fee BRI (Persero) HSBC Indonesia, Standard
33. II Indosat Tahap I Tahun 542
IDJ0000089C2 60,000 7 years Stable Rp5,34M Tbk. Chartered
2017 Seri C

SIISAT02DCN1 2-Jun-17 31-May-27 idAAA(sy) Ijarah Fee BRI (Persero) BCA, BNI, CIMB, HSBC, DBS
34. II Indosat Tahap I Tahun 542
IDJ0000089D0 63,000 10 years Stable Rp5,83M Tbk. Vickers, Indo Premier
2017 Seri D
ISAT02ACN2 10-Nov-17 19-Nov-18 idAAA BRI (Persero)
2017 Seri A
ISAT02BCN2 10-Nov-17 9-Nov-20 idAAA BRI (Persero)
2017 Seri B
ISAT02CCN2 10-Nov-17 9-Nov-22 idAAA BRI (Persero)
2017 Seri C
Obligasi berkelanjutan II BCA, CIMB Sekuritas, DBS

ISAT02DCN2 10-Nov-17 9-Nov-24 idAAA BRI (Persero)
38. Indosat Tahap II Tahun 7.95% Vickers, Indo Premier 544
2017 Seri D Sekuritas, Mandiri
ISAT02ECN2 10-Nov-17 9-Nov-27 idAAA BRI (Persero)
2017 Seri E
Sukuk Ijarah Berkelanjutan Ijarah Fee

SIISAT02ACN2 10-Nov-17 19-Nov-18 idAAA(sy) BRI (Persero)
40. II Indosat Tahap II Tahun Installment of 545
IDJ0000100A1 220,000 370 days Stable Tbk.
2017 Seri A Rp13,53M

SIISAT02BCN2 10-Nov-17 9-Nov-20 idAAA(sy) BRI (Persero)
2017 Seri B Rp19,37M

134 Corporate Bonds

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SIISAT02CCN2 10-Nov-17 9-Nov-22 idAAA(sy) BRI (Persero)
2017 Seri C Rp1,071M
Sukuk Ijarah Berkelanjutan Ijarah Fee BCA, CIMB Sekuritas, DBS

SIISAT02DCN2 10-Nov-17 9-Nov-24 idAAA(sy) BRI (Persero)
43. II Indosat Tahap II Tahun Installment of Vickers, Indo Premier 547
IDJ0000100D5 13,000 7 years Stable Tbk.
2017 Seri D Rp1,033M Sekuritas, Mandiri

SIISAT02ECN2 10-Nov-17 9-Nov-27 idAAA(sy) BRI (Persero)
IDJ0000100E3 193,000 10 years Stable Tbk.
2017 Seri E Rp16,69M
ISAT02ACN3 4-May-18 13-May-19 idAAA BRI (Persero)
2018 Seri A
ISAT02BCN3 4-May-18 3-May-21 idAAA BRI (Persero)
2018 Seri B
ISAT02CCN3 4-May-18 3-May-23 idAAA BRI (Persero) BCA, CGS-CIMB, DBS Vickers,
IDA0000897C7 98,000 5 years Stable Tbk. Indo Premier, Mandiri
2018 Seri C
ISAT02DCN3 4-May-18 3-May-25 idAAA BRI (Persero)
2018 Seri D
ISAT02ECN3 4-May-18 3-May-28 idAAA BRI (Persero)
2018 Seri E
ISAT02ACN1 2-Jun-17 10-Jun-18 AAA BRI (Persero) HSBC Indonesia, Indo
50. Indosat Tahap I Tahun 7.00% M
IDA0000809A6 844,000 370 days Stable Tbk. Premier, Mandiri, Trimegah
2017 Seri A

SIISAT02ACN1 2-Jun-17 10-Jun-18 AAA Ijarah Fee BRI (Persero)
51. II Indosat Tahap I Tahun Mandiri, M
IDJ0000089A6 17,000 370 days Stable Rp1,19M Tbk.
2017 Seri A
ISAT01BCN2 5-Jun-15 4-Jun-18 AAA BRI (Persero)
52. Indosat Tahap II Tahun 9.25% M
IDA0000686B6 782,000 3 years Stable Tbk. BCA, BNI, CIMB Indonesia,
2015 Seri B
HSBC Indonesia, DBS Vickers,
Sukuk Ijarah Berkelanjutan I Indo Premier
SIISAT01BCN2 5-Jun-15 4-Jun-18 AAA Ijarah Fee BRI (Persero)
53. Indosat Tahap II Tahun M
IDJ0000070B4 76,000 3 years Stable Rp7,03M Tbk.
2015 Seri B
ISAT01ACN4 2-Sep-16 12-Sep-17 AAA BRI (Persero)
54. Indosat Tahap IV Tahun 7.50% M
IDA0000756A9 1,075,000 370 days Stable Tbk. BCA, CIMB Indonesia,
2016 Seri A
Sukuk Ijarah Berkelanjutan I Premier
SIISAT01ACN4 2-Sep-16 12-Sep-17 AAA Ijarah Fee BRI (Persero)
55. Indosat Tahap IV Tahun M
IDJ0000080A5 163,000 370 days Stable Rp12.23M Tbk.
2016 Seri A
69. JPFA PT Japfa Comfeed Indonesia Tbk. 3. Basic Industry And Chemicals | 36. Animal Feed
JPFA02ACN1 2-Dec-16 1-Dec-19 AA-(idn) Bank Mega
1. JAPFA Tahap I Tahun 9.25% Bahana, DBS Vickers 555
2016 Seri A
JPFA02BCN1 2-Dec-16 1-Dec-21 AA-(idn) Bank Mega
2. JAPFA Tahap I Tahun 9.75% Bahana, DBS Vickers 556
IDA0000781B5 USD 150,000 Mn 5 years Stable Tbk.
2016 Seri B
Obligasi Berkelanjutan II BCA, BNI, CIMB Indonesia, HSBC

JPFA02CN2 25-Apr-17 21-Apr-22 AA-(idn) Bank Mega
3. JAPFA Tahap II Tahun 9.60% Indonesia, DBS Vickers, Indo 556
2017 Premier

Corporate Bonds 135

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JPFA01CN2 2-Feb-12 1-Feb-17 A Bank CIMB
4. JAPFA Tahap II Tahun 9.90% Bahana M
2012
JPFA01CN1 13-Jan-11 12-Jan-17 A Bank CIMB
5. JAPFA Tahap I Tahun 9.90% Bahana M
IDA000050603 1,250,000 6 years Stable Niaga Tbk.
2012
70. JSMR PT Jasa Marga (Persero) Tbk. 7. Infrastructure, Utilities & Transportation | 72. Toll Road, Airport, Harbor & Allied Prod.
JMPD14JM10 Obligasi Jasa Marga XIV 13-Oct-10 12-Oct-20 idAA Bank Mega
1. 9.35% Bahana, Mandiri, Danareksa 560
IDA000045603 Seri JM-10 1,000,000 10 years Stable Tbk.
JSMR01CCN1S 30-Sep-13 27-Sep-18 idAA Bank Mega
2. Jasa Marga Tahap I 8,90% Mandiri, 561
Tahun 2013 Seri S Seri C
JSMR01CN2T 22-Sep-14 19-Sep-19 idAA Bank Mega
3. Jasa Marga Tahap II 9.85% Mandiri 561
Tahun 2014 Seri T
JMPD13R Obligasi Jasa Marga XIII 22-Jun-07 21-Jun-17 A+ Bank Mega

4. 10.25% Bahana M
IDA000033609 Seri R Tahun 2007 1,500,000 10 years Stable Tbk.
71. KAII PT Kereta Api Indonesia (Persero) 7. Infrastructure, Utilities & Transportation | 74. Transportation
Obligasi I Kereta Api

KAII01A 22-Nov-17 21-Nov-22 idAAA Bank Mega
1. Indonesia Tahun 2017 7.75% 565
Seri A Bahana, BCA, BNI Sekuritas,
Obligasi I Kereta Api Danareksa, Mandiri
KAII01B 22-Nov-17 21-Nov-24 idAAA Bank Mega
Seri B
72. KEHA PT Bank KEB Hana Indonesia 8. Finance | 81. Bank
Obligasi Subordinasi IDR

KEHA01SB 22-Dec-16 21-Dec-23 AA(idn) BRI (Persero) Bahana, Danareksa, Indo
1. Bank KEB Hana I Tahun 9.95% 569
IDA000078802 244,000 7 years Stable Tbk. Premier
2016
Obligasi Subordinasi USD

USDKEHA01SB 22-Dec-16 21-Dec-23 AA BRI (Persero) Bahana, Danareksa, Indo
2. Bank KEB Hana I Tahun 6.05% NA
IDA000078901 48 7 years Stable Tbk. Premier
2016
73. LTLS PT Lautan Luas Tbk. 9. Trade, Services & Investment | 91. Wholesale (Durable & Non-Durable Goods)
LTLS02CN1 22-Jun-17 21-Jun-22 idA- Bank Mega
1. Lautan Luas Tahap I 10.50% Bahana 572
Tahun 2017
LTLS02ACN2 29-Nov-17 28-Nov-20 idA- Bank Mega
2. Lautan Luas Tahap II 9.00% 573
IDA0000863A3 364,500 3 years Stable Tbk. Bahana, BCA, Maybank Kim
Tahun 2017 Seri A
Eng, Samuel Sekuritas,
Obligasi Berkelanjutan II Trimegah
LTLS02BCN2 29-Nov-17 28-Nov-22 idA- Bank Mega
3. Lautan Luas Tahap II 10.00% 573
Tahun 2017 Seri B
LTLS01CN1 20-Jun-13 19-Jun-18 A- Bank Mega
4. Lautan Luas Tahap I 9.75% Bahana, BCA, Kim Eng M
Tahun 2013
74. MAPI PT Mitra Adiperkasa Tbk. 9. Trade, Services & Investment | 93. Retail Trade
MAPI01BCN2 21-Feb-14 20-Feb-19 idAA- Bank CIMB
1. Mitra Adiperkasa Tahap II 11.50% Indo Premier, Mandiri 577
IDA0000617B1 USD 280,000 Mn 5 years Stable Niaga Tbk.
Tahun 2014 Seri B

136 Corporate Bonds

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MAPI01BCN3 22-Sep-14 19-Sep-19 idAA- Bank CIMB
2. Mitra Adiperkasa Tahap 10.90% Indo Premier, Mandiri 578
IDA0000647B8 200,000 5 years Stable Niaga Tbk.
III Tahun 2014 Seri B
MAPI01ACN3 22-Sep-14 19-Sep-17 AA- Bank CIMB
3. Mitra Adiperkasa Tahap 10.30% Indo Premier, Mandiri M
IDA0000647A0 150,000 3 years Stable Niaga Tbk.
III Tahun 2014 Seri A
MAPI01ACN2 21-Feb-14 20-Feb-17 AA- Bank CIMB
4. Mitra Adiperkasa Tahap II 10.90% Indo Premier, Mandiri M
IDA0000617A3 370,000 3 years Stable Niaga Tbk.
Tahun 2014 Seri A
75. MAYA PT Bank Mayapada Internasional Tbk. 8. Finance | 81. Bank
MAYA03SB 8-Jul-13 5-Jul-20 idBBB+ Bank Mega
1. Bank Mayapada III Tahun 11.00% Victoria Indonesia, RHB 581
2013
MAYA04SB 18-Dec-14 17-Dec-21 idBBB Bank Mega
2. Bank Mayapada IV Tahun 12.50% Victoria Indonesia, RHB 582
2014
MAYA01SBCN1 Berkelanjutan I Bank 4-Oct-17 3-Oct-24 idBBB Bank Mega RHB Sekuritas, Bahana, Mirae
3. 10.75% 582
IDA000085104 Mayapada Tahap I Tahun 1,000,000 7 years Negative Tbk. Asset Sekuritas
2017
76. MDLN PT Modernland Realty Tbk. 6. Property, Real Estate & Building Construction | 61. Property And Real Estate
MDLN01ACN1 8-Jul-15 7-Jul-18 idA- Bank Permata CIMB Indonesia, Mandiri,
1. Modernland Reality Tahap I 12.00% 586
IDA0000694A2 600,000 3 years Stable Tbk. RHB
Tahun 2015 Seri A
MDLN01BCN1 8-Jul-15 7-Jul-20 idA- Bank Permata CIMB Indonesia, Mandiri,
2. Modernland Reality Tahap I 12.50% 587
IDA0000694B0 150,000 5 years Stable Tbk. RHB
Tahun 2015 Seri B
77. MEDC PT Medco Energi Internasional Tbk. 2. Mining | 22. Crude Petroleum & Natural Gas Production
MEDC02ACN1 18-Jul-16 15-Jul-19 idA+ Bank Mega
1. Medco Energi Internasional 10.80% 591
IDA0000750A2 327,000 3 years Stable Tbk. Bahana, BNI, Danareksa, DBS
Obligasi Berkelanjutan II Mandiri
MEDC02BCN1 18-Jul-16 15-Jul-21 idA+ Bank Mega
MEDC02ACN2 3-Oct-16 30-Sep-19 idA+ Bank Mega CIMB Indonesia, Danareksa,
IDA0000761A9 549,000 3 years Stable Tbk. DBS Vickers, Mandiri
MEDC02BCN2 3-Oct-16 30-Sep-21 idA+ Bank Mega CIMB Indonesia, Danareksa,
IDA0000761B7 701,000 5 years Stable Tbk. DBS Vickers, Mandiri
MEDC02ACN3 22-Dec-16 21-Dec-19 idA+ Bank Mega CIMB Indonesia, Danareksa,
IDA0000784A1 246,000 3 years Stable Tbk. DBS Vickers, Mandiri
MEDC02BCN3 22-Dec-16 21-Dec-21 idA+ Bank Mega CIMB Indonesia, Danareksa,
IDA0000784B9 5,000 5 years Stable Tbk. DBS Vickers, Mandiri
MEDC02CCN3 22-Dec-16 21-Dec-23 idA+ Bank Mega CIMB Indonesia, Danareksa,
IDA0000784C7 23,000 7 years Stable Tbk. DBS Vickers, Mandiri
Tahap III Tahun 2016 Seri C
MEDC02ACN4 31-Mar-17 30-Mar-20 idA+ Bank Mega
8. Medco Energi Internasional 10.80% Danareksa 595
Tahap IV Tahun 2017 Seri A

Corporate Bonds 137

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MEDC02BCN4 31-Mar-17 30-Mar-22 idA+ Bank Mega Sekuritas, Kim Eng,
IDA0000798B9 1,000 5 years Stable Tbk. Danareksa
Tahap IV Tahun 2017 Seri B
MEDC02CCN4 31-Mar-17 30-Mar-24 idA+ Bank Mega
10. Medco Energi Internasional 11.80% Danareksa 596
Tahap IV Tahun 2017 Seri C
MEDC02BCN5 15-Jun-17 14-Jun-20 idA+ Bank Mega Indo Premier, Standard
IDA0000812B8 269,500 3 years Stable Tbk. Chartered, Trimegah
MEDC02CCN5 15-Jun-17 14-Jun-22 idA+ Bank Mega BCA, CIMB Indonesia, HSBC,
IDA0000812C6 753,500 5 years Stable Tbk. Mandiri, RHB, Standard Chartered
Tahap V Tahun 2017 Seri C
MEDC02ACN6 29-Sep-17 28-Mar-21 idA+ Bank Mega BCA, Samuel Sekuritas,
IDA0000844A3 415,000 42 months Stable Tbk. Trimegah
Tahap VI Tahun 2017 Seri A
MEDC02BCN6 29-Sep-17 28-Sep-22 idA+ Bank Mega BCA, Samuel Sekuritas,
IDA0000844B1 151,500 60 months Stable Tbk. Trimegah
Tahap VI Tahun 2017 Seri B

MEDC03ACN1 2-Apr-18 29-Mar-21 idA+ Bank Mega Danareksa, Mandiri,
IDA0000892A2 282,500 3 years Stable Tbk. Trimegah

MEDC03BCN1 2-Apr-18 29-Mar-23 idA+ Bank Mega Danareksa, Mandiri,
IDA0000892B0 217,500 5 years Stable Tbk. Trimegah
MEDC02ACN5 15-Jun-17 24-Jun-18 A+ Bank Mega CIMB Indonesia, Danareksa,
17. Medco Energi Internasional 8.75% M
IDA0000812A0 248,500 370 days Negative Tbk. Mandiri, Samuel
Tahap V Tahun 2017 Seri A
Obligasi Berkelanjutan I DBS Vickers, Mandiri,

MEDC01CN2 18-Mar-13 15-Mar-18 A+ Bank Mega
18. Medco Energi Internasional 8.85% Danareksa, Standard M
Tahap II Tahun 2013 Chartered, Bahana, CIMB
Obligasi Berkelanjutan I Bahana, DBS Vickers, Mandiri,

MEDC01CN1 20-Dec-12 19-Dec-17 AA- Bank Mega
19. Medco Energi International 8.80% Danareksa, Standard M
Tahap I Tahun 2012 Chartered
Obligasi Medco Energi

MEDC03 20-Jun-12 19-Jun-17 AA- Bank Mega DBS Vickers, Standar
20. Internasional III tahun 8.75% M
IDA000052708 1,500,000 5 years Stable Tbk. Chartered, Mandiri
2012
78. MFIN PT Mandala Multifinance Tbk. 8. Finance | 82. Financial Institution
MFIN02CCN1 11-May-15 8-May-18 A BRI (Persero) BCA, CIMB Indonesia, Indo
1. Mandala Multifinance Tahap I 11.50% M
Tahun 2015 Seri C
MFIN01BCN2 4-Jun-14 3-Jun-17 A BRI (Persero)
2. Mandala Multifinance I Tahun 12.00% Indo Premier M
2014 Tahap II Seri B
MFIN02BCN1 11-May-15 8-May-17 A BRI (Persero) BCA, CIMB Indonesia, Indo
3. Mandala Multifinance Tahap I 11.00% M
Tahun 2015 Seri B
79. MLJK PT Marga Lingkar Jakarta 7. Infrastructure, Utilities & Transportation | 72. Toll Road, Airport, Harbor & Allied Prod.
MLJK01A Obligasi I Marga Lingkar 9-Nov-17 8-Nov-20 idAAA(sf) Bank Mega CIMB Sekuritas, Mandiri,
1. 7.45% 603
IDA0000862A5 Jakarta Tahun 2017 Seri A 200,000 3 years N/A Tbk. Trimegas Sekuritas

138 Corporate Bonds

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MLJK01B Obligasi I Marga Lingkar 9-Nov-17 8-Nov-22 idAAA(sf) Bank Mega CIMB Sekuritas, Mandiri,
2. 7.75% 604
IDA0000862B3 Jakarta Tahun 2017 Seri B 217,000 5 years N/A Tbk. Trimegas Sekuritas
MLJK01C Obligasi I Marga Lingkar 9-Nov-17 8-Nov-24 idAAA(sf) Bank Mega CIMB Sekuritas, Mandiri,
3. 8.30% 604
IDA0000862C1 Jakarta Tahun 2017 Seri C 299,000 7 years N/A Tbk. Trimegas Sekuritas
MLJK01D Obligasi I Marga Lingkar 9-Nov-17 8-Nov-27 idAAA(sf) Bank Mega CIMB Sekuritas, Mandiri,
4. 8.70% 605
IDA0000862D9 Jakarta Tahun 2017 Seri D 320,000 10 years N/A Tbk. Trimegas Sekuritas
MLJK01E Obligasi I Marga Lingkar 9-Nov-17 8-Nov-29 idAAA(sf) Bank Mega CIMB Sekuritas, Mandiri,
5. 8.85% 605
IDA0000862E7 Jakarta Tahun 2017 Seri E 464,000 12 years N/A Tbk. Trimegas Sekuritas
80. MORA PT Mora Telematika Indonesia 7. Infrastructure, Utilities & Transportation | 73. Telecommunication
MORA01A Obligasi I Moratelindo 7-Dec-17 6-Dec-20 idA Bank Mega

1. 9.90% Bahana 609
IDA0000869A0 Tahun 2017 Seri A 540,000 3 years Stable Tbk.
MORA01B Obligasi I Moratelindo 7-Dec-17 6-Dec-22 idA Bank Mega

2. 10.50% Bahana 610
IDA0000869B8 Tahun 2017 Seri B 460,000 5 years Stable Tbk.
81. MYOR PT Mayora Indah Tbk. 5. Consumer Goods Industry | 51. Food And Beverages
MYOR04 Obligasi IV Mayora Indah 10-May-12 9-May-19 idAA Bank CIMB

1. 8.50% Mandiri, Danareksa 613
IDA000051700 Tahun 2012 750,000 7 years Stable Niaga Tbk.
MYOR01CN1 27-Feb-17 4-Feb-20 idAA Bank Permata Danareksa, Mandiri,
2. Mayora Indah Tahap I 9.25% 614
IDA000079404 500,000 3 years Stable Tbk. Sucorinvest, BCA
Tahun 2017
MYOR01CN2 22-Dec-17 21-Dec-22 idAA Bank Permata
3. Mayora Indah Tahap II 8.25% Bahana, Indo Premier 614
Tahun 2017
MYOR01CN3 25-Apr-18 24-Apr-23 idAA Bank Permata
4. Mayora Indah Tahap III 8.15% Indo Premier, Mandiri 615
Tahun 2018
Sukuk Mudharabah II
SMKMYOR02 10-May-12 9-May-17 AA- Bank CIMB
5. Mayora Indah Tahun Nisbah 39.29% Mandiri, Danareksa M
IDJ000004908 250,000 5 years Stable Niaga Tbk.
2012
82. NISP PT Bank OCBC NISP Tbk. 8. Finance | 81. Bank
NISP02CCN1 12-May-16 11-May-19 idAAA Bank Mega Indo Premier, Mandiri, OCBC
1. Bank OCBC NISP Tahap I 8.25% 619
IDA0000726C8 783,000 3 years Stable Tbk. (affiliated), RHB, BCA
Tahun 2016 Seri C
NISP02ACN2 23-Aug-17 2-Sep-18 idAAA Bank Mega
2. Bank OCBC NISP Tahap II 6.75% 619
Tahun 2017 Seri A
Obligasi Berkelanjutan II Indo Premier, Mandiri, NISP

NISP02BCN2 23-Aug-17 22-Aug-19 idAAA Bank Mega
3. Bank OCBC NISP Tahap II 7.30% (affiliated), OCBC (affiliated), 620
Tahun 2017 Seri B RHB, Trimegah
NISP02CCN2 23-Aug-17 22-Aug-20 idAAA Bank Mega
Tahun 2017 Seri C
Obligasi Berkelanjutan II Indo Premier, BNI, NISP

NISP02ACN3 13-Dec-17 22-Dec-18 idAAA Bank Mega
5. Bank OCBC NISP Tahap III 6.15% (affiliated), OCBC (affiliated), 621
Tahun 2017 Seri A RHB, Trimegah

Corporate Bonds 139

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NISP02BCN3 13-Dec-17 12-Dec-19 idAAA Bank Mega
6. Bank OCBC NISP Tahap III 6.75% 621
IDA0000868B0 175,000 2 years Stable Tbk. Indo Premier, BNI, NISP
Tahun 2017 Seri B
(affiliated), OCBC (affiliated),
Obligasi Berkelanjutan II RHB, Trimegah,
NISP02CCN3 13-Dec-17 12-Dec-20 idAAA Bank Mega
Tahun 2017 Seri C
NISP02ACN4 11-Apr-18 20-Apr-19 idAAA Bank Mega
8. Bank OCBC NISP Tahap 6.00% 622
IDA0000891A4 525,000 370 days Stable Tbk. Indo Premier, BNI Sekuritas,
IV Tahun 2018 Seri A
OCBC Sekuritas, RHB
Obligasi Berkelanjutan II Sekuritas, Trimegah
NISP02BCN4 11-Apr-18 10-Apr-21 idAAA Bank Mega
IV Tahun 2018 Seri B
NISP02BCN1 12-May-16 11-May-18 AAA Bank Mega Indo Premier, Mandiri, OCBC
10. Bank OCBC NISP Tahap I 8.00% M
IDA0000726B0 380,000 2 years Stable Tbk. (affiliated), RHB, BCA
Tahun 2016 Seri B
Obligasi Berkelanjutan I Indo Premier, Mandiri, NISP,

NISP01CCN2 11-Feb-15 10-Feb-18 AAA Bank Mega
11. OCBC NISP Tahap II 9.80% OCBC, RHB, Trimegah M
Tahun 2015 Seri C Sekurities
NISP03SB Obligasi Subordinasi III 1-Jul-10 30-Jun-17 AA- Bank Mega Danareksa, Standard
12. 11.35% M
IDA000045009 Bank NISP Tahun 2010 880,000 7 years Stable Tbk. Chartered, NISP
NISP02ACN1 12-May-16 21-May-17 AAA Bank Mega Indo Premier, Mandiri, OCBC
13. Bank OCBC NISP Tahap I 7.50% M
IDA0000726A2 837,000 370 days Stable Tbk. (affiliated), RHB, BCA
Tahun 2016 Seri A
Obligasi Berkelanjutan I Indo Premier, Mandiri, NISP,

NISP01BCN2 11-Feb-15 10-Feb-17 AAA Bank Mega
14. OCBC NISP Tahap II 9.40% OCBC, RHB, Trimegah M
Tahun 2015 Seri B Sekurities
83. OTMA PT Oto Multiartha 8. Finance | 82. Financial Institution

OTMA01B Obligasi Oto Multiartha I 31-May-17 30-May-20 idAA+ Bank Mandiri
1. 8.40% Premier, Mandiri, Standard 626
IDA0000808B6 Tahun 2017 Seri B 583,000 3 years Stable (Persero) Tbk.
Chartered
Bahana, Danareksa
OTMA01C Obligasi Oto Multiartha I 31-May-17 30-May-22 idAA+ Bank Mandiri
2. 8.90% (affiliated), Indo Premier, 627
IDA0000808C4 Tahun 2017 Seri C 217,000 5 years Stable (Persero) Tbk.
Standard Chartered
OTMA02A Obligasi Oto Multiartha II 19-Apr-18 28-Apr-19 idAA+ Bank Mandiri BCA, Indo Premier, Mandiri,
3. 5.75% 627
IDA0000896A3 Tahun 2018 Seri A 174,000 370 days Stable (Persero) Tbk. Nikko Sekuritas
OTMA02B Obligasi Oto Multiartha II 19-Apr-18 18-Apr-21 idAA+ Bank Mandiri BCA, Indo Premier, Mandiri,
4. 7.80% 628
IDA0000896B1 Tahun 2018 Seri B 850,000 36 months Stable (Persero) Tbk. Nikko Sekuritas
OTMA02C Obligasi Oto Multiartha II 19-Apr-18 18-Apr-23 idAA+ Bank Mandiri BCA, Indo Premier, Mandiri,
5. 8.10% 628
IDA0000896C9 Tahun 2018 Seri C 76,000 60 months Stable (Persero) Tbk. Nikko Sekuritas
OTMA01A Obligasi Oto Multiartha I 31-May-17 9-Jun-18 AA+ Bank Mandiri

6. 7.35% Mandiri, Danareksa M
IDA0000808A8 Tahun 2017 Seri A 200,000 370 days Stable (Persero) Tbk.
84. PANR PT Panorama Sentrawisata Tbk. 9. Trade, Services & Investment | 94. Tourism, Restaurant And Hotel
PANR01CN1 10-Jul-13 9-Jul-18 idA- Bank Mega
1. Panorama Sentrawisata 11.50% Mandiri, Kim Eng 632
Tahap I Tahun 2013

140 Corporate Bonds

Page
PANR01CN2 13-May-15 12-May-18 A- Bank Mega
2. Panorama Sentrawisata 11.00% Mandiri, OCBC Indonesia M
Tahap II Tahun 2015
85. PIGN PT Pelabuhan Indonesia I (Persero) 7. Infrastructure, Utilities & Transportation | 72. Toll Road, Airport, Harbor & Allied Prod.
Obligasi I Pelindo 1
PIGN01A 22-Jun-16 21-Jun-19 idAA BTN (Persero)
1. Gerbang Nusantara 8.25% Mandiri (affiliated) 635
Tahun 2016 Seri A
PIGN01B 22-Jun-16 21-Jun-21 idAA BTN (Persero)
Tahun 2016 Seri B
PIGN01C 22-Jun-16 21-Jun-23 idAA BTN (Persero)
Tahun 2016 Seri C
PIGN01D 22-Jun-16 21-Jun-26 idAA BTN (Persero)
Tahun 2016 Seri D
86. PIHC PT Pupuk Indonesia (Persero) 3. Basic Industry And Chemicals | 34. Chemicals
Obligasi I Pupuk
PIHC01B 10-Jul-14 8-Jul-19 AAA(idn) Bank Mega BCA, Danareksa, HSBC
IDA0000642B9 1,131,000 5 years Stable Tbk. Indonesia, Mandiri
Seri B
PIHC01ACN1 13-Jul-17 12-Jul-20 AAA(idn) Bank Mega
2. Pupuk Indonesia Tahap I 7.90% 641
Tahun 2017 Seri A
PIHC01BCN1 13-Jul-17 12-Jul-24 AAA(idn) Bank Mega
Tahun 2017 Seri B Bahana, BCA, BNI, Danareksa,
Obligasi Berkelanjutan I Mandiri
PIHC01ACN2 10-Nov-17 9-Nov-20 AAA(idn) Bank Mega
4. Pupuk Indonesia Tahap II 7.50% 642
Tahun 2017 Seri A
PIHC01BCN2 10-Nov-17 9-Nov-22 AAA(idn) Bank Mega
Tahun 2017 Seri B
Obligasi I Pupuk
PIHC01A 10-Jul-14 8-Jul-17 AAA Bank Mega BCA, Danareksa, HSBC
6. Indonesia Tahun 2014 9.63% M
IDA0000642A1 568,000 3 years Stable Tbk. Indonesia, Mandiri
Seri A
87. PJAA PT Pembangunan Jaya Ancol Tbk. 9. Trade, Services & Investment | 94. Tourism, Restaurant And Hotel
PJAA01ACN1 30-Sep-16 29-Sep-19 idAA- Bank Permata
1. Jaya Ancol Tahap I Tahun 8.10% Indo Premier, Mandiri 647
IDA0000762A7 250,000 3 years Negative Tbk.
2016 Seri A
PIHC01ACN1 13-Jul-17 12-Jul-20 AAA(idn) Bank Mega
Tahun 2017 Seri A
PIHC01BCN1 13-Jul-17 12-Jul-24 AAA(idn) Bank Mega Bahana, BCA, BNI, Danareksa,
IDA0000831B8 2,085,000 7 years Stable Tbk. Mandiri
Tahun 2017 Seri B
PIHC01ACN2 10-Nov-17 9-Nov-20 AAA(idn) Bank Mega
Tahun 2017 Seri A
88. PNBN PT Bank Pan Indonesia Tbk. 8. Finance | 81. Bank
Obligasi Subordinasi CIMB Indonesia, Danareksa,

PNBN01SBCN1 21-Dec-12 20-Dec-19 idAA- Bank Mandiri
1. Berkelanjutan I Bank 9.40% Evergreen Capital, Indo 653
Panin Tahap I Tahun 2012 Premier

Corporate Bonds 141

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Obligasi Berkelanjutan II Danareksa, Evergreen Capital,

PNBN02CN1 29-Jun-16 28-Jun-21 idAA Bank Mandiri
2. Bank Panin Tahap I Tahun 9.15% Indo Premier, Mandiri, 653
2016 Trimegah
NISP02BCN2 23-Aug-17 22-Aug-19 idAAA Bank Mega
IDA0000839B1 300,000 2 years Stable Tbk. Indo Premier, Mandiri, NISP
Tahun 2017 Seri B
(affiliated), OCBC (affiliated),
Obligasi Berkelanjutan II RHB, Trimegah
NISP02CCN2 23-Aug-17 22-Aug-20 idAAA Bank Mega
Tahun 2017 Seri C
NISP02ACN3 13-Dec-17 22-Dec-18 idAAA Bank Mega
Tahun 2017 Seri A
Obligasi Berkelanjutan II Indo Premier, BNI, NISP

NISP02BCN3 13-Dec-17 12-Dec-19 idAAA Bank Mega
6. Bank OCBC NISP Tahap III 6.75% (affiliated), OCBC (affiliated), 621
Tahun 2017 Seri B RHB, Trimegah
NISP02CCN3 13-Dec-17 12-Dec-20 idAAA Bank Mega
Tahun 2017 Seri C
NISP02ACN4 11-Apr-18 20-Apr-19 idAAA Bank Mega
IDA0000891A4 525,000 370 days Stable Tbk. Indo Premier, BNI Sekuritas,
IV Tahun 2018 Seri A
OCBC Sekuritas, RHB
Obligasi Berkelanjutan II Sekuritas, Trimegah
NISP02BCN4 11-Apr-18 10-Apr-21 idAAA Bank Mega
IV Tahun 2018 Seri B
89. PNMP PT Permodalan Nasional Madani (Persero) 8. Finance | 82. Financial Institution
PNMP02 Obligasi II PNM Tahun 10-Jul-13 9-Jul-18 idA Bank Mega

1. 9.20% Bahana 660
IDA000060008 2013 1,000,000 5 years Stable Tbk.
PNMP01CCN1 22-Dec-14 19-Dec-19 idA Bank Mega
2. PNM Tahap I Tahun 2014 10.75% Bahana, Indo Premier 660
Seri C
PNMP01ACN2 4-Nov-16 3-Nov-19 idA Bank Mega Bahana (affiliated), Indo
3. PNM Tahap II Tahun 2016 9.00% 661
Seri A
PNMP01BCN2 4-Nov-16 3-Nov-21 idA Bank Mega Bahana (affiliated), Indo
Seri B
PNMP02ACN1 13-Jul-17 12-Jul-20 idA Bank Mega Bahana, CIMB Sekuritas, Indo
5. PNM Tahap I Tahun 2017 8.75% 662
Seri A
PNMP02BCN1 13-Jul-17 12-Jul-22 idA Bank Mega Bahana, CIMB Sekuritas, Indo
6. PNM Tahap I Tahun 2017 9.25% 662
Seri B
PNMP02ACN2 16-Apr-18 13-Apr-21 idA Bank Mega Bahana, CGS-CIMB Sekuritas,
IDA0000889A8 1,254,000 3 years Stable Tbk. Indo Premier
Seri A
PNMP02BCN2 16-Apr-18 13-Apr-23 idA Bank Mega Bahana, CGS-CIMB Sekuritas,
IDA0000889B6 1,246,000 5 years Stable Tbk. Indo Premier
Seri B
PNMP01BCN1 22-Dec-14 19-Dec-17 A Bank Mega
9. PNM Tahap I Tahun 2014 10.50% Bahana, Indo Premier M
Seri B

142 Corporate Bonds

Page
PNMP01 Obligasi I PNM Tahun 15-Oct-12 12-Oct-17 A BRI (Persero)

10. 9.10% Bahana M
IDA000054506 2012 500,000 5 years Stable Tbk.
90. PPGD PT Pegadaian (Persero) 8. Finance | 82. Financial Institution

I-III : 13.125%, IV-
Obligasi X Perum
PPGD10BXBVTW 15-Jul-03 11-Jul-18 idAAA XV : SBI 3 BNI (Persero)
1. Pegadaian Tahun 2003 AAA, Danareksa 668
IDA0000190B9 63,500 15 years Stable months+1% Tbk.
Seri B
(max. 15.50%,
Obligasi XIII Perum
PPGD13C 2-Jul-09 1-Jul-19 idAAA Bank Mega
2. Pegadaian Tahun 2009 12.88% Bahana 668
Seri C
PPGD01CCN1 12-Oct-11 11-Oct-21 idAAA Bank Mega
3. Perum Pegadaian Tahap I 9.00% Bahana, Danareksa 669
Tahun 2011 Seri C
PPGD01DCN2 15-Feb-12 14-Feb-19 idAAA Bank Mega
4. Perum Pegadaian Tahap 7.75% Bahana, Danareksa 669
II Tahun 2012 Seri D
PPGD02CCN1 10-Jul-13 9-Jul-18 idAAA Bank Mega
5. Pegadaian Tahap I Tahun 7.75% Bahana, Mandiri, Danareksa 670
2013 Seri C
PPGD02CCN2 14-Jul-14 11-Jul-19 idAAA Bank Mega
7. Pegadaian Tahap II Tahun 9.75% Bahana, Mandiri, Danareksa 671
2014 Seri C
PPGD02CCN3 8-May-15 7-May-20 idAAA Bank Mega
8. Pegadaian Tahap III 8.50% Bahana, Mandiri, Danareksa 671
Tahun 2015 Seri C

PPGD03ACN1 4-Oct-17 13-Oct-18 idAAA Bank Mega Bahana, BNI Sekuritas,
9. Tahap I Pegadaian Tahun 6.55% 672
IDA0000847A6 1,000,000 370 days Stable Tbk. Danareksa, Mandiri
2017 Seri A

PPGD03BCN1 4-Oct-17 3-Oct-20 idAAA Bank Mega Bahana, BNI Sekuritas,
IDA0000847B4 500,000 3 years Stable Tbk. Danareksa, Mandiri
2017 Seri B

PPGD03CCN1 4-Oct-17 3-Oct-22 idAAA Bank Mega Bahana, BNI Sekuritas,
IDA0000847C2 1,000,000 5 years Stable Tbk. Danareksa, Mandiri
2017 Seri C

PPGD03ACN2 19-Mar-18 26-Mar-19 idAAA Bank Mega Bahana, BNI Sekuritas,
12. Pegadaian Tahap II Tahun 5.80% 673
IDA0000886A4 450,000 370 days Stable Tbk. Danareksa, Mandiri
2018 Seri A

PPGD03BCN2 19-Mar-18 16-Mar-21 idAAA Bank Mega Bahana, BNI Sekuritas,
IDA0000886B2 1,050,000 3 years Stable Tbk. Danareksa, Mandiri
2018 Seri B

PPGD03CCN2 19-Mar-18 16-Mar-23 idAAA Bank Mega Bahana, BNI Sekuritas,
IDA0000886C0 2,000,000 5 years Stable Tbk. Danareksa, Mandiri
2018 Seri C
PPGD02BCN3 8-May-15 7-May-18 AAA Bank Mega
15. Pegadaian Tahap III 9.25% Bahana, Mandiri, Danareksa M
Tahun 2015 Seri B
Obligasi XII Perum

PPGD12A 5-Sep-07 4-Sep-17 AA BNI (Persero)
16. Pegadaian Tahun 2007 Fixed 10.025% Trimegah, Danareksa M
Seri A
Year I: 10.025%;
Obligasi XII Perum
PPGD12B 5-Sep-07 4-Sep-17 AA Year II-X: BNI (Persero)
17. Pegadaian Tahun 2007 Trimegah, Danareksa M
IDA0000349B1 230,000 10 years Stable SBI+1%, max. Tbk.
Seri B
12%, min. 8%

Corporate Bonds 143

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PPGD02BCN2 14-Jul-14 11-Jul-17 AA+ Bank Mega
18. Pegadaian Tahap II Tahun 9.35% Bahana, Mandiri, Danareksa M
2014 Seri B
Obligasi XIII Perum

PPGD13B 2-Jul-09 1-Jul-17 AA+ Bank Mega
19. Pegadaian Tahun 2009 12.65% Bahana M
Seri B
PPGD01CCN2 15-Feb-12 14-Feb-17 AA+ Bank Mega
20. Perum Pengadaian Tahap 7.50% Bahana, Danareksa M
91. PPLN PT Perusahaan Listrik Negara (Persero) 7. Infrastructure, Utilities & Transportation | 71. Energy
PPLN08B Obligasi PLN VIII Tahun 22-Jun-06 21-Jun-21 idAAA Bank Mega
1. 13.75% Danareksa, AAA, Trimegah 680
PPLN09B Obligasi PLN IX Tahun 11-Jul-07 10-Jul-22 idAAA Bank CIMB Danareksa, Bahana, Mandiri,
2. 10.90% 681
IDA0000346B7 2007 Seri B 1,200,000 15 years Stable Niaga Tbk. Trimegah
PPLN11B Obligasi PLN XI Tahun 13-Jan-10 12-Jan-20 idAAA Bank CIMB

3. 12.55% Bahana, Danareksa, Mandiri 681
IDA0000438B2 2010 Seri B 1,783,000 10 years Stable Niaga Tbk.
Ijarah Fee
SIKPPLN03B Sukuk Ijarah PLN IV 13-Jan-10 12-Jan-20 idAAA(sy) Bank CIMB
4. Rp125,5M/Billio Bahana, Danareksa, Mandiri 682
IDJ0000043B1 Tahun 2010 Seri B 167,000 10 years Stable Niaga Tbk.
n p.a.
PPLN12B Obligasi PLN XII Tahun 9-Jul-10 8-Jul-22 idAAA Bank CIMB
5. 10.40% Bahana, Danareksa, Mandiri 682
PPLN01ACN1 8-Jul-13 5-Jul-20 idAAA Bank Permata Bahana, Danareksa, Mandiri,
7. PLN Tahap I Tahun 2013 8.00% 683
IDA0000598A5 182,000 7 years Stable Tbk. Standard Chartered
Seri A
PPLN01BCN1 8-Jul-13 5-Jul-23 idAAA Bank Permata Bahana, Danareksa, Mandiri,
8. PLN Tahap I Tahun 2013 8.25% 684
Seri B
Sukuk Ijarah
SIPPLN01CN1 8-Jul-13 5-Jul-20 idAAA(sy) Rp80M /Billion Bank Permata Bahana, Danareksa, Mandiri,
9. Berkelanjutan I PLN 684
IDJ000006002 121,000 7 years Stable p.a. Tbk. Standard Chartered
Tahap I Tahun 2013
PPLN01ACN2 11-Dec-13 10-Dec-18 idAAA Bank Permata Bahana, Danareksa, Mandiri,
10. PLN Tahap I Tahun 2013 9.00% 685
IDA0000610A8 593,000 5 years Stable Tbk. Standard Chartered
Seri A
PPLN01BCN2 11-Dec-13 10-Dec-23 idAAA Bank Permata Bahana, Danareksa, Mandiri,
11. PLN Tahap I Tahun 2013 9.60% 685
Seri B
Sukuk Ijarah
SIPPLN01ACN2 Berkelanjutan I PLN 11-Dec-13 10-Dec-18 idAAA(sy) Rp90M /Billion Bank Permata Bahana, Danareksa, Mandiri,
12. 686
IDJ0000061A5 Tahap II Tahun 2013 Seri 321,000 5 years Stable p.a. Tbk. Standard Chartered
A
Sukuk Ijarah
SIPPLN01BCN2 Berkelanjutan I PLN 11-Dec-13 10-Dec-23 idAAA(sy) Rp96M /Billion Bank Permata Bahana, Danareksa, Mandiri,
13. 686
IDJ0000061B3 Tahap II Tahun 2013 Seri 108,000 10 years Stable p.a. Tbk. Standard Chartered
B
PPLN02ACN1 12-Jul-17 11-Jul-22 idAAA BTN (Persero) Bahana, Danareksa, Indo
14. PLN Tahap I Tahun 2017 7.70% 687
Seri A
PPLN02BCN1 12-Jul-17 11-Jul-24 idAAA BTN (Persero) Bahana, Danareksa, Indo
15. PLN Tahap I Tahun 2017 8.10% 687
Seri B

144 Corporate Bonds

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PPLN02CCN1 12-Jul-17 11-Jul-27 idAAA BTN (Persero) Bahana, Danareksa, Indo
16. PLN Tahap I Tahun 2017 8.50% 688
IDA0000835C7 1,217,000 10 years Stable Tbk. Premier, Mandiri
Seri C
Sukuk Ijarah
Ijarah Fee
SIPPLN02ACN1 Berkelanjutan II PLN 12-Jul-17 11-Jul-22 idAAA(sy) BTN (Persero) Bahana, Danareksa, Indo
17. Rp14.322 mill. / 688
IDJ0000094A6 Tahap I Tahun 2017 Seri 186,000 5 years Stable Tbk. Premier, Mandiri
year
A
Sukuk Ijarah Ijarah Fee
SIPPLN02BCN1 12-Jul-17 11-Jul-27 idAAA(sy) BTN (Persero) Bahana, Danareksa, Indo
18. Berkelanjutan II PLN Rp18.190 mill. / 689
IDJ0000094B4 214,000 10 years Stable Tbk. Premier, Mandiri
Tahap I Tahun 2017 Seri B year
PPLN02ACN2 6-Nov-17 3-Nov-22 idAAA BTN (Persero) Bahana, Danareksa, Indo
19. PLN Tahap II Tahun 2017 7.20% 689
Seri A
PPLN02BCN2 6-Nov-17 3-Nov-24 idAAA BTN (Persero) Bahana, Danareksa, Indo
Seri B
PPLN02CCN2 6-Nov-17 3-Nov-27 idAAA BTN (Persero) Bahana, Danareksa, Indo
Seri C
PPLN02DCN2 6-Nov-17 3-Nov-32 idAAA BTN (Persero) Bahana, Danareksa, Indo
IDA0000855D3 1,093,000 15 years Stable Tbk. Premier, Mandiri
Seri D
Ijarah Fee
SIPPLN02ACN2 6-Nov-17 3-Nov-22 idAAA(sy) Installment of BTN (Persero) Bahana, Danareksa, Indo
23. II PLN Tahap II Tahun 2017 691
IDJ0000099A5 83,500 5 years Stable Rp6.01M per Tbk. Premier, Mandiri
Seri A
year
Ijarah Fee
SIPPLN02BCN2 6-Nov-17 3-Nov-27 idAAA(sy) Installment of BTN (Persero) Bahana, Danareksa, Indo
IDJ0000099B3 121,000 10 years Stable Rp9,92M per Tbk. Premier, Mandiri
Seri B
year
Ijarah Fee
SIPPLN02CCN2 6-Nov-17 3-Nov-32 idAAA(sy) Installment of BTN (Persero) Bahana, Danareksa, Indo
IDJ0000099C1 490,000 15 years Stable Rp42,63M per Tbk. Premier, Mandiri
Seri C
year
PPLN02ACN3 23-Feb-18 22-Feb-23 idAAA BTN (Persero)
26. PLN Tahap III Tahun 2018 6.50% 693
Seri A
PPLN02BCN3 23-Feb-18 22-Feb-25 idAAA BTN (Persero)
Seri B
PPLN02CCN3 23-Feb-18 22-Feb-28 idAAA BTN (Persero)
Seri C
Obligasi Berkelanjutan II Bahana (affiliated), Danareksa

PPLN02DCN3 23-Feb-18 22-Feb-33 idAAA BTN (Persero)
29. PLN Tahap III Tahun 2018 8.20% (affiliated), Indo Premier, 694
Seri D Mandiri (affiliated)
PPLN02ECN3 23-Feb-18 22-Feb-38 idAAA BTN (Persero)
IDA0000879E1 1,365,000 20 years Stable Tbk.
Seri E
Ijarah Fee
SIPPLN02ACN3 23-Feb-18 22-Feb-23 idAAA(sy) Installment of BTN (Persero)
31. II PLN Tahap III Tahun 2018 695
IDJ0000103A5 104,000 5 years Stable Rp6,76M per Tbk.
Seri A
year
Ijarah Fee
SIPPLN02BCN3 23-Feb-18 22-Feb-28 idAAA(sy) Installment of BTN (Persero)
IDJ0000103B3 88,000 10 years Stable Rp6,38M per Tbk.
Seri B
year

Corporate Bonds 145

Page
Ijarah Fee
SIPPLN02CCN3 23-Feb-18 22-Feb-33 idAAA(sy) Installment of BTN (Persero)
IDJ0000103C1 57,500 15 years Stable Rp4,72M per Tbk. Bahana (affiliated), Danareksa
Seri C
year (affiliated), Indo Premier,
Ijarah Fee
Sukuk Ijarah Berkelanjutan Mandiri (affiliated)
SIPPLN02DCN3 23-Feb-18 22-Feb-38 idAAA(sy) Installment of BTN (Persero)
IDJ0000103D9 449,000 20 years Stable Rp39,29M per Tbk.
Seri D
year
PPLN09A Obligasi PLN IX Tahun 11-Jul-07 10-Jul-17 A1 Bank CIMB Danareksa, Bahana, Mandiri,
35. 10.41% M
IDA0000346A9 2007 Seri A 1,500,000 10 years Stable Niaga Tbk. Trimegah
SIKPPLN01 Sukuk Ijarah PLN II Tahun 11-Jul-07 10-Jul-17 A1 Bank CIMB Danareksa, Bahana, Mandiri,
36. Rp31,2B p.a. M
IDJ000002100 2007 300,000 10 years Stable Niaga Tbk. Trimegah
PPLN11A Obligasi PLN XI Tahun 13-Jan-10 12-Jan-17 AA- Bank CIMB

37. 11.95% Bahana, Danareksa, Mandiri M
IDA0000438A4 2010 Seri A 920,000 7 years Stable Niaga Tbk.
Ijarah Fee
SIKPPLN03A Sukuk Ijarah PLN IV 13-Jan-10 12-Jan-17 AA- Bank CIMB
38. Rp119,5M/Billio Bahana, Danareksa, Mandiri M
IDJ0000043A3 Tahun 2010 Seri A 130,000 7 years Stable Niaga Tbk.
n p.a.
92. PPNX PT Perkebunan Nusantara X 1. Agriculture | 12. Plantation
PPNX01 Obligasi I PTPN X Tahun 8-Jul-13 5-Jul-18 idBBB Bank CIMB

1. 8.90% Bahana, AAA 701
IDA000059604 2013 700,000 5 years Stable Niaga Tbk.
93. PPRO PT PP Properti Tbk. 6. Property, Real Estate & Building Construction | 61. Property And Real Estate
Binaartha Parama, Danareksa

PPRO01A Obligasi I PP Properti 11-Jul-16 1-Jul-19 idBBB Bank Mandiri
1. 9.15% (affiliated), Mandiri 704
IDA0000746A0 Tahun 2016 Seri A 200,000 3 years Stable (Persero) Tbk.
(affiliated), Trimegah
Binaartha Parama, Danareksa

PPRO01B Obligasi I PP Properti 11-Jul-16 1-Jul-21 idBBB Bank Mandiri
2. 9.90% (affiliated), Mandiri 705
IDA0000746B8 Tahun 2016 Seri B 400,000 5 years Stable (Persero) Tbk.
(affiliated), Trimegah
94. PRTL PT Profesional Telekomunikasi Indonesia 7. Infrastructure, Utilities & Transportation | 75. Non Building Construction
PRTL01ACN1 24-Nov-16 23-Nov-19 AAA(idn) Bank Permata
1. Protelindo Tahap I Tahun 7.90% Bahana, BCA, DBS Vickers 708
2016 Seri A
PRTL01BCN1 24-Nov-16 23-Nov-21 AAA(idn) Bank Permata
2016 Seri B
PRTL01CCN1 24-Nov-16 23-Nov-23 AAA(idn) Bank Permata
2016 Seri C
PRTL01 Obligasi Protelindo I 3-Mar-14 28-Feb-17 AA- Bank Permata BCA, BNI, DBS Vickers,
4. 10.50% M
IDA000061907 Tahun 2014 1,000,000 3 years Stable Tbk. Standar Chartered
95. PTHK PT Hutama Karya (Persero) 7. Infrastructure, Utilities & Transportation | 75. Non Building Construction
PTHK01C Obligasi I Hutama Karya 1-Jul-13 28-Jun-20 idA- Bank CIMB

1. 9,5% Mandiri, Danareksa 713
IDA0000592C4 Tahun 2013 Seri C 325,000 7 years Stable Niaga Tbk.
PTHK01CN1 22-Dec-16 21-Dec-26 idAAA(gg) Bank Mega
2. Hutama Karya Tahap I 8.55% Bahana, Danareksa, RHB 714
Tahun 2016
PTHK01CN2 7-Jun-17 6-Jun-27 idAAA(gg) Bank Mega Bahana, BCA, BNI, Danareksa,
3. Hutama Karya Tahap II 8.07% 714
IDA000081301 1,968,000 10 years Stable Tbk. Mandiri, RHB
Tahun 2017

146 Corporate Bonds

Page
PTHK01ACN3 27-Sep-17 20-Sep-22 idAAA(gg) Bank Mega
4. Hutama Karya Tahap III 7.80% 715
Tahun 2017 Seri A Bahana, BCA, BNI, Danareksa,
Obligasi Berkelanjutan I Mandiri, RHB
PTHK01BCN3 27-Sep-17 20-Sep-27 idAAA(gg) Bank Mega
5. Hutama Karya Tahap III 8.40% 715
Tahun 2017 Seri B
PTHK01B Obligasi I Hutama Karya 1-Jul-13 28-Jun-18 A- Bank CIMB

6. 9,1% Mandiri, Danareksa M
IDA0000592B6 Tahun 2013 Seri B 290,000 5 years Stable Niaga Tbk.
96. PTPP PT PP (Persero) Tbk. 6. Property, Real Estate & Building Construction | 62. Building Construction
PTPP01CN2 Obligasi Berkelanjutan I 25-Feb-15 24-Feb-20 idA+ Bank Permata Bahana, Mandiri, CIMB
1. 10.20% 719
IDA000066807 PP Tahap II Tahun 2015 300,000 5 years Stable Tbk. Indonesia
PTPP01CN1 Obligasi Berkelanjutan I 20-Mar-13 19-Mar-18 A+ Bank Permata Mandiri, Bahana, CIMB
2. 8.38% M
IDA000057707 PP Tahap I Tahun 2013 700,000 5 years Stable Tbk. Indonesia
97. ROTI PT Nippon Indosari Corpindo Tbk. 5. Consumer Goods Industry | 51. Food And Beverages
ROTI01CN2 Obligasi Berkelanjutan I 19-Mar-15 18-Mar-20 idAA- Bank Mega

1. 10.00% BCA 722
IDA000067201 ROTI Tahap II Tahun 2015 500,000 5 years Stable Tbk.
ROTI01CN1 Obligasi Berkelanjutan I 12-Jun-13 11-Jun-18 AA- Bank Mega

2. 8.00% BCA M
IDA000058705 ROTI Tahap I Tahun 2013 500,000 5 years Stable Tbk.
98. SANF PT Surya Artha Nusantara Finance 8. Finance | 82. Financial Institution
SANF01CN3 7-Oct-15 6-Oct-18 idAA- BRI (Persero)
1. SAN Finance Tahap III 10.50% Mandiri 725
Tahun 2015
SANF02BCN1 10-Jun-16 9-Jun-19 idAA- BRI (Persero) CIMB, Danareksa, DBS
2. SAN Finance Tahap I 9.00% 726
IDA0000733B6 1,090,000 3 years Stable Tbk. Vickers, Mandiri, MNC, RHB
Tahun 2016 Seri B
SANF02BCN2 31-Mar-17 30-Mar-20 idAA- BRI (Persero)
3. San Finance Tahap II 9.00% CIMB, Danareksa, DBS 726
Tahun 2017 Seri B Vickers, Indo Premier,
Obligasi Berkelanjutan II Mandiri, MNC, RHB,
SANF02CCN2 31-Mar-17 30-Mar-22 idAA- BRI (Persero) Trimegah
4. San Finance Tahap II 9.25% 727
Tahun 2017 Seri C
SANF02ACN2 31-Mar-17 10-Apr-18 AA- BRI (Persero)
5. San Finance Tahap II 8.00% Victoria Indonesia M
Tahun 2017 Seri A
Obligasi Berkelanjutan I NISP, Mandiri, CIMB

SANF01CN2 17-Dec-14 16-Dec-17 AA- BRI (Persero)
6. SAN Finance Tahap II 10.50% Indonesia, DBS Vickers, MNC, M
Tahun 2014 RHB
SANF02ACN1 10-Jun-16 19-Jun-17 AA- BRI (Persero) CIMB, Danareksa, DBS
7. SAN Finance Tahap I 8.25% M
IDA0000733A8 560,000 370 days Stable Tbk. Vickers, Mandiri, MNC, RHB
Tahun 2016 Seri A
99. SDRA PT Bank Woori Saudara Indonesia 1906 Tbk. 8. Finance | 81. Bank
SDRA01SB 30-Nov-12 29-Nov-19 idAA Bank Permata
1. Bank Saudara I Tahun 12.63% Victoria, Woori Korindo 730
2012
SDRA02 Obligasi Bank Saudara II 30-Nov-12 29-Nov-17 BBB+ Bank Permata

2. 11.75% Victoria, Woori Korindo M

Corporate Bonds 147

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100. SMAR PT Sinar Mas Agro Resources And Technology (Smart) Tbk. 1. Agriculture | 12. Plantation
SMAR01BCN1 4-Jul-12 3-Jul-19 AA(idn) Bank Mega Bahana, Indo Premier, OSK
1. SMART Tahap I Tahun 9.25% 733
IDA0000534B8 100,000 7 years Positive Tbk. Nusadana, Sinarmas
2012 Seri B
SMAR01ACN1 4-Jul-12 3-Jul-17 AA Bank Mega Bahana, Indo Premier, OSK
2. SMART Tahap I Tahun 9.00% M
IDA0000534A0 900,000 5 years Stable Tbk. Nusadana, Sinarmas
2012 Seri A
101. SMFP PT Sarana Multigriya Finansial (Persero) 8. Finance | 82. Financial Institution
SMFP02CCN1 28-Dec-12 27-Dec-19 idAAA BRI (Persero)
1. SMFP Tahap I Tahun 2012 8.00% CIMB Indonesia, Danareksa 737
Seri C
SMFP02DCN2 22-Mar-13 21-Mar-20 idAAA BRI (Persero)
2. SMFP Tahap II Tahun 7.80% Bahana, CIMB Indonesia 738
2013 Seri D

SMFP03BCN1 8-Jul-15 7-Jul-18 idAAA Bank Mandiri CIMB Indonesia, Mandiri
3. SMFP Tahap I Tahun 2015 9.25% 738
IDA0000697B3 85,000 3 years Stable (Persero) Tbk. (affiliated)
Seri B

SMFP03BCN4 14-Mar-16 11-Mar-19 idAAA Bank Mandiri CIMB Indonesia, Indo
4. SMFP Tahap IV Tahun 9.13% 739
IDA0000720B3 300,000 3 years Stable (Persero) Tbk. Premier, Mandiri (affiliated)
2016 Seri B
Obligasi Berkelanjutan III Bahana (affiliated), CIMB

SMFP03BCN5 20-Jun-16 17-Jun-19 idAAA Bank Mandiri
5. SMFP Tahap V Tahun 8.20% Indonesia, Indo Premier, 739

SMFP03CN6 28-Sep-16 27-Sep-21 idAAA Bank Mandiri CIMB Indonesia, DBS Vickers,
6. SMFP Tahap VI Tahun 8.60% 740
IDA000075907 1,176,000 5 years Stable (Persero) Tbk. Indo Premier
2016

SMFP03BCN7 3-Mar-17 2-Mar-20 idAAA Bank Mandiri Trimegah, Lautandhana,
7. SMFP Tahap VII Tahun 8.40% 740
IDA0000792B2 1,000,000 3 years Stable (Persero) Tbk. Ciptadana
2017 Seri B
SMFP04BCN1 21-Jun-17 20-Jun-20 idAAA Bank Mandiri
8. SMFP Tahap I Tahun 2017 7.80% Bahana, Mandiri, Danareksa 741
Seri B
SMFP04ACN2 16-Oct-17 23-Oct-18 idAAA Bank Mandiri Danareksa, DBS Vickers, Indo
9. SMFP Tahap II Tahun 6.25% 741
IDA0000852A6 327,000 370 days Stable (Persero) Tbk. Premier, Trimegah
2017 Seri A
SMFP04BCN2 16-Oct-17 13-Oct-20 idAAA Bank Mandiri Danareksa, DBS Vickers, Indo
10. SMFP Tahap II Tahun 7.25% 742
IDA0000852B4 673,000 3 years Stable (Persero) Tbk. Premier, Trimegah
2017 Seri B
SMFP04ACN3 SMFP Tahap III Tahun 2018 21-Feb-18 2-Mar-19 idAAA Bank Mandiri
11. 6.00% 742
IDA0000878A1 Dengan Tingkat Bunga Tetap 1,000,000 370 days Stable (Persero) Tbk.
Seri A
BNI Sekuritas, CIMB
SMFP04BCN3 SMFP Tahap III Tahun 2018 21-Feb-18 20-Feb-21 idAAA Bank Mandiri
12. 6.85% Sekuritas, Danareksa, DBS 743
IDA0000878B9 Dengan Tingkat Bunga Tetap 800,000 3 years Stable (Persero) Tbk.
Seri B Vickers, Mandiri
SMFP04CCN3 SMFP Tahap III Tahun 2018 21-Feb-18 20-Feb-23 idAAA Bank Mandiri
13. 6.95% 743
IDA0000878C7 Dengan Tingkat Bunga Tetap 200,000 5 years Stable (Persero) Tbk.
Seri C
SMFP04ACN4 21-May-18 18-May-21 idAAA Bank Mandiri BNI Sekuritas, Indo Premier,
IDA0000900A3 755,000 370 days Stable (Persero) Tbk. Trimegah
2018 Seri A

148 Corporate Bonds

Page
SMFP04BCN4 21-May-18 18-May-21 idAAA Bank Mandiri BNI Sekuritas, Indo Premier,
IDA0000900B1 408,000 3 years Stable (Persero) Tbk. Trimegah
2018 Seri B
SMFP04ACN1 21-Jun-17 30-Jun-18 AAA Bank Mandiri CIMB Indonesia, DBS Vickers,
16. Sarana Multigriya Finansial 7.00% M
IDA0000818A7 696,500 370 days Stable (Persero) Tbk. Indo Premier, Mandiri
SMFP02CCN2 22-Mar-13 21-Mar-18 AA+ BRI (Persero)
17. Sarana Multigriya Finansial 7.60% Bahana, CIMB Indonesia M
Tahap II Tahun 2013 Seri C

SMFP03ACN7 3-Mar-17 12-Mar-18 AAA Bank Mandiri Danareksa, Indo Premier,
IDA0000792A4 677,000 370 days Stable (Persero) Tbk. Standard Chartered
Tahap VII Tahun 2017 Seri A
SMFP02BCN5 17-Dec-14 16-Dec-17 AA+ BRI (Persero)
19. Sarana Multigriya Finansial 10.00% CIMB Indonesia, Indo Premier M
Obligasi Berkelanjutan III Bahana (affiliated), CIMB

SMFP03ACN5 20-Jun-16 27-Jun-17 AA+ Bank Mandiri
20. Sarana Multigriya Finansial 7.60% Indonesia, Indo Premier, M
Tahap V Tahun 2016 Seri A Trimegah
SMFP01CCN2 Sarana Multigriya Finansial 26-Apr-12 25-Apr-17 AA BRI (Persero)
21. 7.55% AAA, Bahana, CIMB Indonesia M
IDA0000513C0 Tahap II Tahun 2012 838,000 5 years Stable Tbk.
Berjaminan Seri C
SMFP02BCN3 28-Mar-14 27-Mar-17 AA+ BRI (Persero)
22. Sarana Multigriya Finansial 10.00% AAA, CIMB Indonesia M

SMFP03ACN4 14-Mar-16 21-Mar-17 AA+ Bank Mandiri CIMB Indonesia, Indo
IDA0000720A5 330,000 370 days Stable (Persero) Tbk. Premier, Mandiri (affiliated)
Tahap IV Tahun 2016 Seri A

SMFP03CN3 28-Dec-15 3-Jan-17 AA+ Bank Mandiri CIMB Indonesia, Mandiri
IDA000071005 600,000 370 days Stable (Persero) Tbk. (affiliated)
102. SMGR PT Semen Indonesia (Persero) Tbk. 3. Basic Industry And Chemicals | 31. Cement
SMGR01CN1 21-Jun-17 20-Jun-22 idAA+ BTN (Persero)
1. Semen Indonesia Tahap I 8.60% Bahana, Danareksa, Mandiri 748
Tahun 2017
103. SMII PT Sarana Multi Infrastruktur (Persero) 8. Finance | 82. Financial Institution
Obligasi I Sarana Multi

SMII01B 11-Jun-14 11-Jun-19 idAAA Bank Mandiri CIMB Indonesia, Danareksa,
1. Infrastruktur Tahun 2014 10.00% 753
IDA0000635B3 900,000 5 years Stable (Persero) Tbk. Indo Premier, Mandiri
Seri B
SMII01ACN1 21-Nov-16 18-Nov-19 idAAA Bank Mandiri
2. Sarana Multi Infrastruktur 7.85% 753
SMII01BCN1 21-Nov-16 18-Nov-21 idAAA Bank Mandiri
IDA0000775B7 1,328,000 5 years Stable (Persero) Tbk. BCA, CIMB, Danareksa, Indo
Premier, Mandiri, Maybank
Obligasi Berkelanjutan I Kim Eng, Trimegah
SMII01CCN1 21-Nov-16 18-Nov-26 idAAA Bank Mandiri
Tahap I Tahun 2016 Seri C
SMII01DCN1 21-Nov-16 18-Nov-31 idAAA Bank Mandiri
IDA0000775D3 674,000 15 years Stable (Persero) Tbk.
Tahap I Tahun 2016 Seri D

Corporate Bonds 149

Page
SMII01ACN2 16-Nov-17 25-Nov-18 idAAA Bank Mandiri
IDA0000859A1 1,200,000 370 days Stable (Persero) Tbk.
Obligasi Berkelanjutan I BCA, CIMB, Danareksa, DBS

SMII01BCN2 16-Nov-17 15-Nov-20 idAAA Bank Mandiri
7. Sarana Multi Infrastruktur 7.40% Vickers, Indo Premier, 756
Tahap II Tahun 2017 Seri B Maybank Kim Eng, Trimegah
SMII01CCN2 16-Nov-17 15-Nov-22 idAAA Bank Mandiri
Obligasi I Sarana Multi

SMII01A 12-Jun-14 11-Jun-17 AA+ Bank Mandiri CIMB Indonesia, Danareksa,
9. Infrastruktur Tahun 2014 9.60% M
IDA0000635A5 100,000 3 years Stable (Persero) Tbk. Indo Premier, Mandiri
Seri A
104. SMMF PT Sinar Mas Multifinance 8. Finance | 82. Financial Institution
Obligasi Sinar Mas

SMMF03 15-Dec-16 14-Dec-21 A-(idn) Bank Mega
1. Multifinance III Tahun 9.50% Sinarmas 760
2016
Obligasi Sinar Mas

SMMF02 11-Apr-13 10-Apr-18 A- Bank Permata
2. Multifinance II Tahun 10.75% Sinarmas M
2013
105. SMRA PT Summarecon Agung Tbk. 6. Property, Real Estate & Building Construction | 61. Property And Real Estate

SISMRA01CN1 12-Dec-13 11-Dec-18 idA+(sy) Rp16,275 miliar Bank CIMB Indo Premier, AAA, Makinta,
1. Summarecon Agung Tahap I 764
IDJ000006101 150,000 5 years Negative per year Niaga Tbk. Mandiri
Tahun 2013
SMRA01CN1 12-Dec-13 11-Dec-18 idA+ Bank CIMB Indo Premier, AAA, Makinta,
2. Summarecon Agung Tahap I 10.85% 764
IDA000061204 450,000 5 years Negative Niaga Tbk. Mandiri
Tahun 2013

SISMRA01CN2 13-Oct-14 10-Oct-19 idA+(sy) Bank CIMB Indo Premier, AAA, Mandiri,
3. Summarecon Agung Tahap II Rp34,5B p.a. 765
IDJ000006408 300,000 5 years Negative Niaga Tbk. BCA
Tahun 2014
SMRA01CN2 13-Oct-14 10-Oct-19 idA+ Bank CIMB Indo Premier, AAA, Mandiri,
4. Summarecon Agung 11.50% 765
IDA000064802 800,000 5 years Negative Niaga Tbk. BCA
Tahap II Tahun 2014
SMRA02CN1 17-Dec-15 16-Dec-20 idA+ Bank Permata
5. Summarecon Agung 11.25% Mandiri, Indo Premier, BCA 766
Tahap I Tahun 2015
SMRA02CN2 29-Nov-17 28-Nov-20 idA+ Bank Permata
6. Summarecon Agung 8.80% Indo Premier, Mandiri, BCA 766
Tahap II Tahun 2017
SMRA01CN3 23-Apr-15 22-Apr-18 A+ Bank CIMB
7. Summarecon Agung 10.50% Mandiri M
IDA000067904 150,000 3 years Negative Niaga Tbk.

SISMRA01CN3 23-Apr-15 22-Apr-18 A+ Ijarah Fee Bank CIMB
8. Summarecon Agung Tahap III Mandiri M
IDJ000006804 150,000 3 years Negative Rp15,75 M Niaga Tbk.
Tahun 2015
106. SSIA PT Surya Semesta Internusa Tbk. 6. Property, Real Estate & Building Construction | 62. Building Construction
Obligasi Berkelanjutan I Surya

SSIA01ACN1 23-Sep-16 22-Sep-19 idA- Bank Permata
1. Semesta Internusa Tahap I 9.88% Indo Premier, Mandiri 770
IDA0000760A1 510,000 3 years Negative Tbk.
Tahun 2016 Seri A
Obligasi Berkelanjutan I Surya

SSIA01BCN1 23-Sep-16 22-Sep-21 idA- Bank Permata
2. Semesta Internusa Tahap I 10.50% Indo Premier, Mandiri 771
IDA0000760B9 390,000 5 years Negative Tbk.
Tahun 2016 Seri B

150 Corporate Bonds

Page
Obligasi Surya Semesta

SSIA01B 7-Nov-12 6-Nov-17 A Bank Permata Bahana, HSBC Indonesia,
3. Internusa I Tahun 2012 9.30% M
IDA0000549B6 550,000 5 years Stable Tbk. Indo Premier
Seri B
107. SSMM PT Sumberdaya Sewatama 7. Infrastructure, Utilities & Transportation | 71. Energy
SISSMM01 Sukuk Ijarah Sumberdaya 3-Dec-12 30-Nov-24 idBB+(sy) Ijarah Fee Bank CIMB
1. Mandiri, DBS Vickers 774
IDJ000005301 Sewatama I Tahun 2012 200,000 5 years Stable Rp19,2M p.a. Niaga Tbk.
Obligasi Sumberdaya
SSMM01B 3-Dec-12 30-Nov-24 idBB+ Bank CIMB
2. Sewatama I Tahun 2012 9.60% Mandiri, DBS Vickers 775
Seri B
108. STTP PT Siantar Top Tbk. 5. Consumer Goods Industry | 51. Food And Beverages
STTP01ACN2 13-Apr-16 12-Apr-19 idA BTN (Persero)
1. Siantar Top Tahap II 10.50% Mandiri 778
Tahun 2016 Seri A
STTP01BCN2 13-Apr-16 12-Apr-21 idA BTN (Persero)
2. Siantar Top Tahap II 10.75% Mandiri 779
Tahun 2016 Seri B
STTP01BCN1 10-Apr-14 8-Apr-17 A Bank CIMB
3. Siantar Top Tahap I 11.40% Mandiri M
Tahun 2014 Seri B
109. TAFS PT Toyota Astra Financial Services 8. Finance | 82. Financial Institution
TAFS01BCN3 9-Nov-15 6-Nov-18 AAA(idn) BRI (Persero) BCA, Indo Premier, Mandiri,
1. TAFS Tahap III Tahun 9.50% 782
IDA0000703B9 1,498,000 3 years Stable Tbk. Standard Chartered
2015 Seri B
TAFS02BCN1 2-Jun-16 1-Jun-19 AAA(idn) BRI (Persero) DBS Vickers, Indo Premier,
2. TAFS Tahap I Tahun 2016 8.40% 783
IDA0000728B6 1,000,000 3 years Stable Tbk. Mandiri, Trimegah
Seri B
TAFS02BCN2 16-Feb-17 14-Feb-20 AAA(idn) BRI (Persero) DBS Vickers, Indo Premier,
3. TAFS Tahap II Tahun 2017 8.50% 783
Seri B
TAFS01BCN2 Toyota Astra Financial 12-Jun-15 11-Jun-18 AAA BRI (Persero) Indo Premier, Standard
4. 9.25% M
IDA0000688B2 Services Tahap II Tahun 2015 811,000 3 years Stable Tbk. Chartered, Trimegah
Seri B
TAFS02ACN2 Toyota Astra Financial 16-Feb-17 24-Feb-18 AAA BRI (Persero) DBS Vickers, Mandiri, MNC,
5. 7.65% M
IDA0000788A2 Services Tahap II Tahun 2017 800,000 370 days Stable Tbk. RHB
Seri A
TAFS02ACN1 Toyota Astra Financial 2-Jun-16 11-Jun-17 AAA BRI (Persero) DBS Vickers, Indo Premier,
6. 7.70% M
IDA0000728A8 Services Tahap I Tahun 2016 500,000 370 days Stable Tbk. Mandiri, Trimegah
Seri A
Obligasi Toyota Astra

TAFS03C 20-May-13 17-May-17 AAA BRI (Persero) HSBC Indonesia, Indo
7. Financial Services III Tahun 7.65% M
IDA0000583C3 100,000 4 years Stable Tbk. Premier, Mandiri, Trimegah
2013 Seri C
TAFS01BCN1 Toyota Astra Financial 14-Feb-14 13-Feb-17 AAA BRI (Persero) HSBC Indonesia, Indo
8. 10.50% M
IDA0000618B9 Services Tahap I Tahun 2014 512,000 3 years Stable Tbk. Premier, Mandiri, Trimegah
Seri B
110. TAXI PT Express Transindo Utama Tbk. 7. Infrastructure, Utilities & Transportation | 74. Transportation
Obligasi I Express
TAXI01 25-Jun-14 24-Jun-19 idD BRI (Persero)
1. Transindo Utama Tahun 12.25% BCA, Mandiri, Valbury 787
2014

Corporate Bonds 151

Page
111. TBIG PT Tower Bersama Infrastructure Tbk. 7. Infrastructure, Utilities & Transportation | 75. Non Building Construction
TBIG02CN1 11-Jul-16 1-Jul-21 AA-(idn) BRI (Persero) CIMB Indonesia, DBS Vickers,
1. Tower Bersama Infrastructure 9.25% 790
IDA000074702 230,000 5 years Stable Tbk. Indo Premier
Tahap I Tahun 2016
TBIG02CN2 25-Apr-17 21-Apr-20 AA-(idn) BRI (Persero) CIMB Indonesia, Mandiri
IDA000080105 700,000 3 years Stable Tbk. (affiliated)
Tahap II Tahun 2017
TBIG02CN3 20-Sep-17 19-Sep-20 AA-(idn) BRI (Persero) CIMB Sekuritas, DBS Vickers,
IDA000084206 700,000 3 years Stable Tbk. Indo Premier Sekuritas
112. TBLA PT Tunas Baru Lampung Tbk. 1. Agriculture | 12. Plantation
TBLA01CN1 2-Apr-18 29-Mar-23 A+(idn) BTN (Persero)
1. Tunas Baru Lampung 9.50% Mandiri, Maybank Kim Eng 795
Tahap I Tahun 2018
TBLA02 Obligasi II Tunas Baru 6-Jul-12 5-Jul-17 A Bank

2. 10.50% CIMB Indonesia, Mandiri M
IDA000053300 Lampung Tahun 2012 1,000,000 5 years Stable Sinarmas Tbk.
113. TELE PT Tiphone Mobile Indonesia Tbk. 9. Trade, Services & Investment | 93. Retail Trade
TELE01CN1 13-Jul-15 10-Jul-18 idBB Bank Mega
1. Tiphone Tahap I Tahun 11.00% Bahana 798
IDA000069504 500,000 3 years Credit Tbk.
2015
Watch
TELE01BCN2 17-Oct-16 14-Oct-19 idBB Bank Mega
2. Tiphone Tahap II Tahun 9.50% Bahana, Indo Premier 799
2016 Seri B
TELE01CCN2 17-Oct-16 14-Oct-21 idBB Bank Mega
3. Tiphone Tahap II Tahun 10.65% Bahana, Indo Premier 799
IDA0000766C4 110,000 5 years Positive Tbk.
2016 Seri C
TELE01ACN3 3-Jul-17 2-Jul-18 idBB Bank Mega
4. Tiphone Tahap III Tahun 9.00% Bahana, Indo Premier 800
IDA0000815A3 514,500 370 days Credit Tbk.
2017 Seri A
Watch
TELE01BCN3 3-Jul-17 22-Jun-20 idBB Bank Mega
5. Tiphone Tahap III Tahun 10.50% Bahana, Indo Premier 800
2017 Seri B
TELE01ACN2 17-Oct-16 24-Oct-17 A Bank Mega
6. Tiphone Tahap II Tahun 9.15% Bahana, Indo Premier M
IDA0000766A8 334,000 370 days Negativ Tbk.
2016 Seri A
e
114. TINS PT TIMAH Tbk. 2. Mining | 23. Metal And Mineral Mining
Sukuk Ijarah Berkelanjutan I Ijarah fee

SITINS01ACN1 29-Sep-17 28-Sep-20 idA+(sy) BNI (Persero)
1. Timah Tahap I Tahun 2017 installment of 804
IDJ0000097A9 120,000 3 years Stable Tbk.
Seri A Rp85jt per year
Ijarah fee
SITINS01BCN1 29-Sep-17 28-Sep-22 idA+(sy) installment of BNI (Persero)
2. Timah Tahap I Tahun 2017 805
IDJ0000097B7 180,000 5 years Stable Rp87.5jt per Tbk. Bahana, BNI Sekuritas,
Seri B
year Danareksa, DBS Vickers,
Obligasi Berkelanjutan I Mandiri
TINS01ACN1 29-Sep-17 28-Sep-20 idA+ BNI (Persero)
3. Timah Tahap I Tahun 8.50% 805
2017 Seri A
TINS01BCN1 29-Sep-17 28-Sep-22 idA+ BNI (Persero)
4. Timah Tahap I Tahun 8.75% 806
2017 Seri B

152 Corporate Bonds

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115. TLKM PT Telkom Indonesia (Persero) Tbk. 7. Infrastructure, Utilities & Transportation | 73. Telecommunication
TLKM02B Obligasi II Telkom Tahun 7-Jul-10 6-Jul-20 idAAA Bank CIMB

1. 10.20% Mandiri, Bahana, Danareksa 809
Obligasi Berkelanjutan I Bahana (affiliated), Danareksa

TLKM01ACN1 24-Jun-15 23-Jun-22 idAAA Bank Permata
2. Telkom Tahap I Tahun 9.93% (affiliated), Mandiri 810
2015 Seri A (affiliated), Trimegah

TLKM01BCN1 24-Jun-15 23-Jun-25 idAAA Bank Permata
2015 Seri B (affiliated), Trimegah

TLKM01CCN1 24-Jun-15 23-Jun-30 idAAA Bank Permata
2015 Seri C (affiliated), Trimegah

TLKM01DCN1 24-Jun-15 23-Jun-45 idAAA Bank Permata
IDA0000689D6 1,500,000 30 years Stable Tbk.
2015 Seri D (affiliated), Trimegah
116. TPIA PT Chandra Asri Petrochemical Tbk. 3. Basic Industry And Chemicals | 34. Chemicals
Obligasi Chandra Asri

TPIA01A 23-Dec-16 22-Dec-19 idAA- BTN (Persero)
1. Petrochemical I Tahun 10.80% DBS Vickers, Mandiri BCA 816
2016 Seri A
Obligasi Chandra Asri

TPIA01B 23-Dec-16 22-Dec-21 idAA- BTN (Persero)
2. Petrochemical I Tahun 11.30% DBS Vickers, Mandiri BCA 816
2016 Seri B
TPIA01ACN1 13-Dec-17 12-Dec-20 idAA- BTN (Persero)
3. Chandra Asri Petrochemical 8.40% BCA, DBS Vickers, Mandiri 817
TPIA01BCN1 13-Dec-17 12-Dec-22 idAA- BTN (Persero)
TPIA01CCN1 13-Dec-17 12-Dec-24 idAA- BTN (Persero)
Tahap I Tahun 2017 Seri C
TPIA01ACN2 2-Mar-18 1-Mar-21 idAA- BTN (Persero)
6. Chandra Asri Petrochemical 7.50% BCA, DBS Vikers Sekuritas 818
TPIA01BCN2 2-Mar-18 1-Mar-23 idAA- BTN (Persero)
TPIA01CCN2 2-Mar-18 1-Mar-25 idAA- BTN (Persero)
117. TRAC PT Serasi Autoraya 7. Infrastructure, Utilities & Transportation | 74. Transportation
TRAC01ACN1 30-Apr-18 7-May-19 AA-(idn) BRI (Persero)
1. Serasi Autoraya Tahap I 6.10% BCA, Indo Premier, Mandiri 823
Tahun 2018 Seri A
TRAC01BCN1 30-Apr-18 27-Apr-21 AA-(idn) BRI (Persero)
Tahun 2018 Seri B
TRAC01CCN1 30-Apr-18 27-Apr-23 AA-(idn) BRI (Persero)
Tahun 2018 Seri C

Corporate Bonds 153

Page
118. TUFI PT Mandiri Tunas Finance 8. Finance | 82. Financial Institution
TUFI02ACN1 21-Dec-15 18-Dec-18 idAA+ Bank Mega
1. Mandiri Tunas Finance Tahap I 10.20% Mandiri 828
Tahun 2015 Seri A
TUFI02BCN1 21-Dec-15 18-Dec-20 idAA+ Bank Mega
2. Mandiri Tunas Finance Tahap I 10.80% Mandiri 828
Tahun 2015 Seri B
TUFI02ACN2 2-Jun-16 1-Jun-19 idAA+ Bank Mega
3. Mandiri Tunas Finance Tahap 8.95% Mandiri (affiliated) 829
TUFI02BCN2 2-Jun-16 1-Jun-21 idAA+ Bank Mega

TUFI03ACN1 10-Oct-16 7-Oct-19 idAA+ Bank Mega
5. Mandiri Tunas Finance Tahap I 8.20% Mandiri (affiliated) 830
Tahun 2016 Seri A

TUFI03BCN1 10-Oct-16 7-Oct-21 idAA+ Bank Mega
6. Mandiri Tunas Finance Tahap I 8.55% Mandiri (affiliated) 830
Tahun 2016 Seri B

TUFI03ACN2 7-Jun-17 6-Jun-20 idAA+ Bank Mega

TUFI03BCN2 7-Jun-17 6-Jun-22 idAA+ Bank Mega
TUFI01CN3 10-Jun-15 9-Jun-18 AA+ Bank Mega
9. Mandiri Tunas Finance 9.75% Mandiri M
TUFI01BCN2 26-May-14 23-May-18 AA+ Bank Mega
10. Mandiri Tunas Finance Tahap 10.85% Mandiri M
TUFI01BCN1 7-Jun-13 5-Jun-17 AA Bank Mega
11. Mandiri Tunas Finance Tahap I 7.80% Mandiri, M
Tahun 2013 Seri B
TUFI01ACN2 26-May-14 23-May-17 AA Bank Mega
12. Mandiri Tunas Finance Tahap 10.70% Mandiri M
119. VRNA PT Verena Multi Finance Tbk. 8. Finance | 82. Financial Institution
VRNA01BCN3 20-Mar-14 19-Mar-17 A Bank Mega Evergreen Capital, RHB, CIMB
1. Verena Multi Finance Tahap III 12,55% M
IDA0000621B3 132,000 3 years Stable Tbk. Indonesia
Tahun 2014 Seri B
120. WOMF PT Wahana Ottomitra Multiartha Tbk. 8. Finance | 82. Financial Institution
Obligasi Berkelanjutan I Bahana Securites, Indo

WOMF01BCN4 23-Dec-15 22-Dec-18 AA-(idn) Bank Mandiri
1. WOM Finance Tahap IV 10.80% Premier, Maybank Kim Eng 836
IDA0000708B8 397,000 3 years Negative (Persero) Tbk.
Tahun 2015 Seri B (affiliated)
Obligasi Berkelanjutan II Bahana Securites, Indo

WOMF02BCN1 27-Jun-16 24-Jun-19 AA-(idn) Bank Permata
2. WOM Finance Tahap I 9.50% Premier, Maybank Kim Eng 836
Obligasi Berkelanjutan II DBS Vickers, Mandiri,

WOMF02ACN2 23-Aug-17 1-Sep-18 AA-(idn) Bank Permata
3. WOM Finance Tahap II 7.80% Maybank Kim Eng (affiliated), 837
IDA0000838A5 400,000 370 days Negative Tbk.
Tahun 2017 Seri A RHB Sekuritas

154 Corporate Bonds

Page
Obligasi Berkelanjutan II DBS Vickers, Mandiri,

WOMF02BCN2 23-Aug-17 22-Aug-20 AA-(idn) Bank Permata
4. WOM Finance Tahap II 8.90% Maybank Kim Eng (affiliated), 837
Tahun 2017 Seri B RHB Sekuritas
Obligasi Berkelanjutan II DBS Vickers, Indo Premier,

WOMF02ACN3 7-Dec-17 16-Dec-18 AA-(idn) BRI (Persero)
5. WOM Finance Tahap III 7.15% Maybank Kim Eng (affiliated), 838
IDA0000867A4 601,500 370 days Negative Tbk.
Tahun 2017 Seri A RHB Sekuritas
Obligasi Berkelanjutan II DBS Vickers, Indo Premier,

WOMF02BCN3 7-Dec-17 6-Dec-20 AA-(idn) BRI (Persero)
6. WOM Finance Tahap III 8.45% Maybank Kim Eng (affiliated), 838
Tahun 2017 Seri B RHB Sekuritas
WOMF02ACN4 9-Apr-18 16-Apr-19 AA-(idn) BRI (Persero) Bahana, DBS Vickers, Indo
7. WOM Finance Tahap IV 6.85% 839
IDA0000888A0 626,000 370 days Negative Tbk. Premier, Maybank Kim Eng
Tahun 2018 Seri A
WOMF02BCN4 9-Apr-18 6-Apr-20 AA-(idn) BRI (Persero) Bahana, DBS Vickers, Indo
IDA0000888B8 55,000 2 years Negative Tbk. Premier, Maybank Kim Eng
Tahun 2018 Seri B
WOMF02CCN4 9-Apr-18 6-Apr-21 AA-(idn) BRI (Persero) Bahana, DBS Vickers, Indo
IDA0000888C6 112,000 3 years Negative Tbk. Premier, Maybank Kim Eng
Tahun 2018 Seri C
WOMF02ACN5 20-Jun-18 18-Jun-19 AA-(idn) BRI (Persero)
10. WOM Finance Tahap V 7.35% 840
IDA0000911A0 293,000 370 days Stable Tbk. Bahana, BNI Sekuritas, DBS
Tahun 2018 Seri A
Obligasi Berkelanjutan II Maybank Kim Eng
WOMF02BCN5 20-Jun-18 8-Jun-21 AA-(idn) BRI (Persero)
11. WOM Finance Tahap V 8.60% 841
Tahun 2018 Seri B

WOMF01BCN3 6-Apr-15 2-Apr-18 AA+ Bank Mandiri
12. WOM Finance Tahap III 10.25% Premier, Maybank Kim Eng M
Obligasi Berkelanjutan I Bahana, HSBC Indonesia,

WOMF01BCN2 8-Dec-14 5-Dec-17 AA Bank Mandiri
13. WOM Finance Tahap II 11.25% Indo Premier, Maybank Kim M
Tahun 2014 Seri B Eng
Obligasi Berkelanjutan II Bahana Securites, Indo

WOMF02ACN1 27-Jun-16 4-Jul-17 AA Bank Permata
14. WOM Finance Tahap I 8.50% Premier, Maybank Kim Eng M
Tahun 2016 Seri A (affiliated)
Obligasi Berkelanjutan I Bahana, HSBC Indonesia,

WOMF01BCN1 26-Jun-14 25-Jun-17 AA Bank Mandiri
15. WOM Finance Tahap I 11.00% Indo Premier, Maybank Kim M
Tahun 2014 Seri B Eng

WOMF01ACN4 23-Dec-15 2-Jan-17 AA Bank Mandiri
16. WOM Finance Tahap IV 9.35% Premier, Maybank Kim Eng M
Tahun 2015 Seri A (affiliated)
121. WSKT PT Waskita Karya (Persero) Tbk. 6. Property, Real Estate & Building Construction | 62. Building Construction
WSKT01ACN2 19-Oct-15 16-Oct-18 idA- Bank Mega Bahana (affiliated), Danareksa
1. Waskita Karya Tahap II 10.40% 845
IDA0000702A3 350,000 3 years Positive Tbk. (affiliated), Mandiri (affiliated)
Tahun 2015 Seri A
WSKT01BCN2 19-Oct-15 16-Oct-20 idA- Bank Mega Bahana (affiliated), Danareksa
IDA0000702B1 1,150,000 5 years Positive Tbk. (affiliated), Mandiri (affiliated)
Tahun 2015 Seri B
WSKT02CN1 13-Jun-16 10-Jun-19 idA- Bank Mega Bahana (affiliated), Danareksa
3. Waskita Karya Tahap I 9.25% 846
IDA000073506 2,000,000 3 years Positive Tbk. (affiliated), Mandiri (affiliated)
Tahun 2016
WSKT02CN2 29-Sep-16 28-Sep-21 idA- Bank Mega Bahana (affiliated), Danareksa
IDA000075808 900,000 5 years Positive Tbk. (affiliated), Mandiri (affiliated)
Tahun 2016

Corporate Bonds 155

Page
Obligasi Berkelanjutan II CIMB Indonesia, DBS Vickers, Indo

WSKT02ACN3 22-Feb-17 21-Feb-20 idA- Bank Mega
5. Waskita Karya Tahap III 8.50% Premier, Mandiri, Standar 847
Tahun 2017 Seri A Chartered
Obligasi Berkelanjutan II CIMB Indonesia, HSBC

WSKT02BCN3 22-Feb-17 21-Feb-22 idA- Bank Mega
6. Waskita Karya Tahap III 9.00% Indonesia, Indo Premier, 847
Tahun 2017 Seri B Standard Chartered

WSKT03ACN1 9-Oct-17 6-Oct-20 idA- Bank Mega
7. Waskita Karya Tahap I 8.00% Bahana (affiliated), BNI 848
IDA0000849A2 1,369,000 3 years Positive Tbk.
Tahun 2017 Seri A (affiliated), Danareksa
Obligasi Berkelanjutan III (affiliated), DBS Vickers, Indo
WSKT03BCN1 9-Oct-17 6-Oct-22 idA- Bank Mega Premier, Mandiri (affiliated)
8. Waskita Karya Tahap I 8.50% 848
IDA0000849B0 1,631,000 5 years Positive Tbk.
Tahun 2017 Seri B

WSKT03ACN2 26-Feb-18 23-Feb-21 idA- Bank Mega
IDA0000881A5 1,175,000 3 years Positive Tbk. Bahana, BNI, Danareksa, DBS
Tahun 2018 Seri A
Obligasi Berkelanjutan III Mandiri
WSKT03BCN2 26-Feb-18 23-Feb-21 idA- Bank Mega
IDA0000881B3 2,276,500 5 years Positive Tbk.
Tahun 2018 Seri B
WSKT01CN1 19-Nov-14 18-Nov-17 A Bank CIMB Bahana (affiliated), Danareksa
11. Waskita Karya Tahap I 10.40% M
IDA000065403 500,000 3 years Positive Niaga Tbk. (affiliated), Mandiri (affiliated)
Tahun 2014
WSKT02B Obligasi II Waskita Karya 6-Jun-12 5-Jun-17 A- Bank CIMB

12. 9.75% Bahana M
IDA0000522B3 Tahun 2012 Seri B 675,000 5 years Stable Niaga Tbk.
*) Rp Million, M (Bond already mature), R (Bond has already been redeemed)

156 Corporate Bonds
idA-
ADHI PT Adhi Karya (Persero) Tbk. Stable
Data as of : June 2018 ADDRESS
Sector : Property, Real Estate And Building Construction
Sub Sector : Building Construction Jln. Raya Pasar Minggu Km. 18
Website : www.adhi.co.id Jakarta 12510
Corporate Sec. : Ki Syahgolang Permata Phone : (021) 797-5312
Email Corporate Sec. : adhi@adhi.co.id Fax : (021) 797-5311
PT Adhi Karya (Persero) Tbk., (ADHI) began as a FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Dutch company called Architecten-en-Ingenicure BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Annemersbedrijf Associatie Selle & de Bruyn, Cash & Cash Equivalents 3,364,910 4,131,174 22.77 p
Reyerse & de Vries N.V. (Associate N.V.). In March
Receivables 3,971,029 3,739,219 -5.84 q
11, 1960 it was nationalized as a State-Owned
Company, named PN Adhi Karya, which became Inventories 2,276,458 3,683,145 61.79 p
the origin of the best infrastructure development company in Current Assets 16,792,279 24,817,671 47.79 p
Indonesia. Based on the approval of the Minister of Justice of the Investments 336,214 488,812 45.39 p
Republic of Indonesia No. 26 of 1974, starting from June 1, 1974 the Property in Investments 354,542 354,844 0.09 p
status of PN Adhi Karya changed to a Limited Liability Company. Property, Plant and Equipment 1,459,816 1,520,931 4.19 p
In 2004, ADHI became the first construction company to be listed on Total Assets 20,037,690 28,332,948 41.40 p
the Indonesia Stock Exchange on March 18, 2004 with the
Trade Payables 8,425,074 11,610,970 37.81 p
composition of share ownership of 51% by the Government, 24.5%
Current Liabilities 12,986,624 17,633,289 35.78 p
by Employee Management Buy Out or EMBO, and 24.5% owned by
public. By the end of 2017, ADHI successfully recorded a significant Interest Bearing liabilities 4,272,039 8,452,558 97.86 p
revenue increase by around 37.0% to Rp15.2 trill. compared to the Total Liabilities 14,594,910 22,463,031 53.91 p
2016 achievement amounting to Rp11.1 trill. This has resulted in a Authorized Capital (Mil. Sh) 5,440 5,440 - 
surging net profit achievement by 64.4% to Rp515,4 bill., compared Authorized Capital 544,000 544,000 - 
to last year’s amount In 2017, the Company recorded of Rp313.5 bill.
Paid up Capital 356,085 356,085 - 
This satisfying achievement is certainly in line with the acquisition of
Paid up Capital (Mil. Sh) 3,561 3,561 - 
new contracts until the end of 2017 amounting to Rp37.8 trill. or an
increase by around 129.1% compared to the 2016 achievement, Par Value (Rp) 100 100 - 
which totaled to Rp16.5 trill. The construction business contributes to Retained Earnings 2,024,446 2,445,826 20.81 p
around 93.8% or Rp35.4 trillion of new contracts, 4.3% of which or Total Equity …*) 5,433,256 5,859,246 7.84 p
Rp1.6 trill. obtained from property business, and 1.4% or Rp534.6 bill. Non Controlling Interest 9,524 10,672 12.05 p
from energy sector. Based on the source of funding, 71.2% of new
Total Equity 5,442,780 5,869,917 7.85 p
contracts realization was obtained from APBN/APBD, 18.0% from
stateowned enterprises and the remaining 10.8% from private and
others sectors. INCOME STATEMENTS
Total Revenues 11,063,943 15,156,178 36.99 p
Based on presidential decree No. 65 year 2016, ADHI has been
appointed by the government as Light Rail Transit (LRT) Jabodebek Gross Profit 1,115,145 2,057,806 84.53 p
contractor. The large scale project will increase ADHI credential in Interest Expenses 257,959 444,763 72.42 p
railway construction project. Nevertheless, the project also triggers Earning Before Tax 612,622 957,282 56.26 p
other business development such as property development nearby EBITDA 928,244 1,520,949 63.85 p
LRT station. In 2018, ADHI has established a new subsidiary of the
Income for the periods 315,108 517,060 64.09 p
TOD property with the name of PT Adhi Commuter Property. The
Comprehensive Income 404,657 524,579 29.64 p
increasing competition in the construction industry has prompted the
Company to redefine its vision and mission, which is To become an Net Income … *) 313,451 515,415 64.43 p
Innovative Company and Cultured Corporation for Sustainable
Growth. The company also launched “Beyond Construction” as a FINANCIAL RATIOS
tagline, which reflects the Company’s motivation to expand its DER (X) 0.78 1.44 83.46 p
business to other businesses related to ADHI current core business.
ROA (%) 1.57 1.82 16.05 p
In effort of tightening competitiveness, ADHI initiated improvements
in various aspects such as to strengthen the organization and to also NPM (%) 2.85 3.41 19.78 p
improve the Company’s internal capacity. EBITDA Coverage (X) 3.60 3.42 -4.97 q
By being optimistic on the unlimited positive opportunities going *) … attributable to owners of the parent entity
forward, ADHI is ready to continue to work by:
• Building an excellent, professional, and trusted human being with SHAREHOLDERS
an entrepreneurial spirit. 1. Republic of Indonesia 51.00%
• Developping a reputable construction business, engineering, 2. Public 49.00%
property, industry, and investment
• Developping a product inovation and process to give
AUDIT COMMITTEE
solutions and impacts to the stakeholders
1. Muchlis Rantoni Luddin
• Committing organizations with good corporate governance
• Operating management system which guarantee an achievement 2. Ratna Wardhani
of target, quality, safety, health and working environment 3. Taufik Hidayat
• Developping information technology and communication as a
means to create a decision and corporate risk management.

Corporate Bonds 157
BOARD OF COMMISSIONERS BOARD OF DIRECTORS

1. Muhammad Fadjroel Rachman 1. Budi Harto
2. Bobby A. A. Nazief 2. Agus Karianto
3. Hironimus Hilapok * 3. Budi Saddewa Soediro
4. Muchlis Rantoni Luddin * 4. Entus Asnawi Mukhson
5. Rildo Ananda Anwar 5. Pundjung Setya Brata
6. Wicipto Setiadi 6. V. Partha Sarathi
*) Independent Commissioner
AS OF JUNE 2018
Coupon Coupon
CODE Outstanding Listing Maturity Issue Structure / Payment Rating /
No. ISIN CODE Series Name (Rp Million) Date Date Term Period Date Trustee Outlook
Obligasi 03-Jul-18
ADHI01BCN1 Berkelanjutan I Adhi 9.80% 03-Oct-18 PT Bank Mega idA-
1. 250,000 04-Jul-12 03-Jul-19 7
IDA0000535B5 Karya Tahap I 03-Jan-19 Tbk. Stable
Tahun 2012 Seri B Quarterly 03-Apr-19
Obligasi 15-Sep-18
ADHI01BCN2 Berkelanjutan I Adhi 8.50% 15-Dec-18 PT Bank Mega idA-
2. 500,000 18-Mar-13 15-Mar-20 7
IDA0000574B4 Karya Tahap II 15-Mar-19 Tbk. Stable
Tahun 2013 Seri B Quarterly 15-Jun-19
Obligasi 22-Sep-18
ADHI02CN1 Berkelanjutan II 9.25% 22-Dec-18 PT Bank Mega idA-
3. 2,997,000 03-Jul-17 22-Jun-22 5
IDA000082002 Adhi Karya Tahap I 22-Mar-19 Tbk. Stable
Tahun 2017 Quarterly 22-Jun-19

158 Corporate Bonds
TRADING HIGHLIGHT
ADHI01BCN1
ISIN CODE : IDA0000535B5 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19


Volume Volume (Rp bn) 24.00 2.00 - 6.00 84.00 38.00
80 20
Frequency Frequency (X) 12 2 - 6 20 12
60 15 Trading days 3 1 - 3 7 7
Turnover Ratio (%) 38.40 3.20 - 9.60 134.40 60.80
40 10 CTP Price - High 101.7500 101.5000 N/A 101.1400 104.2000 102.7675
Date 10-Jan 29-May N/A 07-Nov 06-Feb 25-Apr
20 5
CTP Price - Low 98.8300 100.5000 N/A 99.3000 100.0000 101.4500
Pastikan Link Grafik sudah be
- - Date 17-Jan 29-May N/A 06-Dec 17-Jan 09-Apr
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price 99.9011 100.5999 101.1122 101.6298 101.5295 99.9570
IBPA Fair Yield (%) 9.8353 9.4701 9.1086 8.6371 8.5072 9.8411
enar >> Last Date 31-Mar 22-Jun 29-Sep 29-Dec 29-Mar 22-Jun
Mod. Duration (yrs) 1.955 1.783 1.567 1.362 1.151 0.931
105 6.0
Convexity (yrs) 4.626 3.853 3.006 2.301 1.675 1.132
103 5.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
101 4.0 This series listed on 04 July 2012, and matured on 03 July 2019. This series issued with
nominal amount of Rp250.00 billion and have fixed interest rate per annum at 9.80%.
99 3.0
Total trading volume for this series reached Rp8.00billion/quarter on 2017 and increased
to Rp61.00billion/quarter on the first half of the year 2018. Based on the market price
97 2.0
(Centralized Trading Platform), this series was traded between 98.8300 – 104.2000 while
the IBPA fair price was between 97.8061 – 101.9021. The IBPA fair yield for this series was
95 1.0
between 8.3795% – 10.8133
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADHI01BCN2 Listing Date Maturity Date
ISIN CODE : IDA0000574B4 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20


Volume (Rp bn) 10.00 62.00 48.00 79.00 20.00 40.00
Volume
80 20 Frequency (X) 3 6 6 22 3 4
Frequency
Trading days 1 2 4 4 2 2
60 15 Turnover Ratio (%) 8.00 49.60 38.40 63.20 16.00 32.00
CTP Price - High 95.5200 100.1000 101.0200 102.1000 99.4000 100.5075
40 10 Date 23-Mar 12-Jun 11-Aug 07-Nov 08-Jan 20-Apr
CTP Price - Low 95.5000 99.0000 100.0000 98.9300 98.9900 100.4700
20 5 Date 23-Mar 18-Apr 19-Jul 23-Oct 22-Mar 19-Apr
IBPA Fair Yield (%) 10.2444 9.9067 9.3378 8.9364 8.9097 10.2515
Mod. Duration (yrs) 2.560 2.394 2.186 1.987 1.781 1.563
102 12.0
Convexity (yrs) 7.691 6.710 5.609 4.651 3.759 2.926
100 11.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
98 10.0 The bond series ADHI01BCN2 listed on 18 March 2013 with nominal amount of Rp500.00
billion. The bond has interest rate per annum at 8.50% and this series will be matured on
96 9.0
15 March 2020. ADHI01BCN2 was traded with total volume Rp199.00 billion in 2017 and
Rp60.00 billion in a half of year 2018. During 2017, ADHI01BCN2 has a total of 11 trading
94 8.0
days and 37 total frequencies. In 2017, the market price (Centralized Trading Platform)
was between 95.5000 and 102.1000.
92 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 159
ADHI02CN1
ISIN CODE : IDA000082002 Jul-17 Feb-19 Sep-20 Apr-22


1000 70
800 55 Trading days - 1 12 12 14 6
Turnover Ratio (%) - - 89.82 37.37 127.46 18.15
600 40 CTP Price - High N/A - 104.9500 105.7343 106.5000 104.2500
Date N/A - 06-Sep 19-Oct 10-Jan 13-Apr
400 25
CTP Price - Low N/A - 99.7000 97.9100 98.7100 98.3100
200 10 Date N/A - 04-Aug 27-Oct 22-Mar 25-Apr
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - 100.0000 101.2297 99.8347 98.8352 95.8442
IBPA Fair Yield (%) - 9.2500 8.9280 9.2950 9.5876 10.5367
enar >> Last Date - 22-Jun 29-Sep 29-Dec 29-Mar 22-Jun
Mod. Duration (yrs) - 3.965 3.799 3.627 3.455 3.257
108 12.0
Convexity (yrs) - 18.866 17.256 15.688 14.195 12.622
105 11.0 Sensitivity (%) - 0.040 0.038 0.036 0.035 0.033
102 10.0 This series was first listed on 03 July 2017 and matured on 22 June 2022. Throughout
2017 to the first half of year 2018, total volume traded amounted to Rp2.06 trillion with
99 9.0
45 of total trading days. The CTP market price for this series during the period was within
the range of 97.9100 – 106.5000. Meanwhile IBPA fair price ranged from 94.2692 to
96 8.0
101.9162. IBPA yield for this series were 8.7531% at the lowest and 11.0482% at the
highest. By the end of June 2018, the outstanding amount of this series was Rp2.99
93 7.0
trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADHI01BCN1 12.8%
ADHI01BCN2 62 48 79 39.8%
ADHI02CN1 673 280 32.3%
- 500 1,000 1,500 2,000 2,500 3,000

160 Corporate Bonds
IBPA ANALYTICAL REVIEW

Description Peer Group
PT Adhi Karya (Persero) Tbk. (ADHI) engages in No. Company Total Revenue Net Profit Revenue
construction, such as construction of roads and (Rp Bill) Margins (%) Growth (%)
bridges, irrigation, ports, hotels, hospitals, schools 1. PT Waskita Karya (Persero) Tbk. 45,213 9.3 90.1
and commercial buildings; engineering, procurement 2. PT PP (Persero) Tbk. 21,502 8.0 30.6
and construction (EPC). 3. PT Hutama Karya (Persero) 18,091 5.9 112.1
4. PT Adhi Karya (Persero) Tbk. 15,156 3.4 37.0
Business integration brought ADHI into five
business lines, namely: Construction, EPC Financial Statement as of Fiscal Year 2017
(Engineering, Procurement, Construction),
Infrastructure Investment, Property and Real Estate Historical Corporate Ratings
division. In 2017, the company succesfully signed the No. Rating Agency Rating Rating Status Rating Date Outlook
contract of LRT Jabodebek Project Phase I.
1. Pefindo idA- Affirmed 12-Apr-18 Stable
As of December 31, 2017, the Company’s 2. Pefindo idA- Affirmed 12-Apr-17 Stable
3. Pefindo idA- Downgraded** 13-Apr-16 Stable
shareholders consisted of Government of Indonesia
4. Pefindo idA Affirmed 10-Apr-15 Negative
(51.0%), while public and foreign institution owned
5. Pefindo idA Revised* 4-Sep-14 Negative
the rest (49%).
SWOT Analysis
S trengths W eaknesses
- Strong domestic construction - Aggressive capital leverage
market position - Weak cash flow protection
- Extensive experience in managing - Has the lowest net profit margin
government projects compared the peers
- Implementation of ADHIMIS, to - Risk related to new EPC business
integrate cost control and - High dependency on construction
accounting and financial report service
Financial Analysis
In 2017, the Company successfully booked a revenue
of Rp15.16 trillion, an increase of 37.0% or Rp4.1
trillion compared to 2016 which booked Rp11.06
trillion. This revenue increase was generated from the O pportunities T hreats
improvements of some company’s business lines
from the previous year; the construction segment - Higher economic growth - Tight competition in construction
revenue increased by 40.50% from Rp9.20 trillion to expectation industry
Rp12.93 trillion; the property segment increased by - Government target to build new - Volatile business environment in
95.10% from Rp671.30 billion to Rp1.31 trillion; and roads of 865 km, 25 km of toll roads, the construction and property
the infrastructure investment segment increased by bridges spanning 8.695 km, 8 new industries
55.30% from Rp192.40 billion to Rp298.70 billion. airports, and the continuation of LRT - Sensitive to increased cost of raw
Whilst the EPC segment experienced a 38.10% project material
decrease from Rp998.10 billion to Rp618.00 billion. - Rising Interest Rate
Based on the source of funding, 71.20% of total
contract realization is from APBN/APBD while the rest
18.00% and 10.80% are from state-owned enterprise
and private sector respectively. At the end of 2017,
the Company’s total assets was Rp28.30 trillion,
*Negative outlook was represented the margin pressure was caused by significant cost increased
increased by 41.40% from Rp20.03 trillion in 2016.
while revenue contracted
The composition of assets consisted of 87.60% **the downgrade was driven by the Company’s weakening capital structure and cash flow
current assets and 12.40% non-current assets. The protection measures
Company’s liabilities in 2017 amounted to Rp22.50
trillion, increased by 53.90% from Rp14.60 trillion in
2016.

Corporate Bonds 161
idAAA
ADMF PT Adira Dinamika Multi Finance Tbk. Stable
Sector : Finance The Landmark I Building, 26th - 31st Fl.
Sub Sector : Financial Institution Jln. Jenderal Sudirman No. 1
Website : www.adira.co.id Jakarta 12910
Corporate Sec. : Perry Barman Slangor Phone : (021) 529-63232, 529-63322
Email Corporate Sec. : af.corsec@adira.co.id Fax : (021) 529-64158
PT Adira Dinamika Multi Finance Tbk. or Adira FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Finance, was established in 1990. The Company BALANCE SHEETS Dec-2016 Dec-2017 Chg %
obtained its financing license from the Minister of Finance as per Cash & Cash Equivalents 940,948 2,221,718 136.11 p
Decree No. 253/KMK.013/1991 dated 4 March 1991. According to
Other Receivables 202,546 255,758 26.27 p
Article 3 of its Articles of Association, the Company’s corporate
activities in the financing sector include leasing, factoring, consumer Consumer Financing Receivables 25,321,191 25,898,579 2.28 p
financing and the credit card business. Until recently, consumer Property, Plant and Equipment 224,963 208,426 -7.35 q
financing has been the Company’s core business. Total Assets 27,643,104 29,492,933 6.69 p
Fund Borrowings 11,619,525 10,544,286 -9.25 q
In January 2004, PT Bank Danamon Indonesia Tbk. became the
Company’s controlling shareholder after acquiring 75% of its shares. Total Liabilities 22,665,905 23,747,518 4.77 p
Bank Danamon is a subsidiary of Asia Financial (Indonesia) Pte. Ltd., Authorized Capital (Mil. Sh) 4,000.0 4,000.0 - 
whose ultimate shareholder is Temasek Holding Pte. Ltd., a Authorized Capital 400,000 400,000 - 
Singapore-based investment company solely owned by the Paid up Capital 100,000 100,000 - 
Government of Singapore. On 23 March 2004, the Company issued
Paid up Capital (Mil. Sh) 1,000.0 1,000.0 - 
an initial public offering (IPO) of 100,000,000 shares, each with a
Par Value (Rp) 100 100 - 
nominal value of Rp100 (full amount) at a price of Rp2,325 (full
amount). The shares were listed on the Jakarta Stock Exchange and Retained Earnings 4,886,349 5,680,486 16.25 p
the Surabaya Stock Exchange on 31 March 2004. In 2009, Bank Total Equity …*) 4,977,199 5,745,415 15.43 p
Danamon acquired another 20% of the Company’s shares, increasing Non Controlling Interest - - - 
its ownership to 95%. Currently, the shareholding of Bank Danamon Total Equity 4,977,199 5,745,415 15.43 p
is at 92.1%.
In line with subsequent developments in the business and regulatory INCOME STATEMENTS
environment, including Financial Services Authority or Otoritas Jasa Total Revenues 8,413,074 9,136,869 8.60 p
Keuangan/OJK Regulation (POJK) No. 29/POJK.05/2014 and POJK Expenses 6,696,938 7,014,907 4.75 p
No. 31/POJK.05/2014, the Company expanded the business
Interest Expenses 1,974,775 1,836,382 -7.01 q
segments that it financed, diversifying its financing outside of
motorcycles and car financing. Earning Before Tax 1,716,091 2,121,962 23.65 p
EBITDA 3,789,610 4,043,975 6.71 p
Based on the Articles of Association, the Company’s scope of Income for the periods 1,009,351 1,409,150 39.61 p
business includes: investment financing, working capital financing,
Comprehensive Income 948,910 1,266,466 33.47 p
multifinance, and other financing business activities as approved by
OJK, as well as operating leases and/or other fee-based activities to Net Income … *) 1,009,351 1,409,150 39.61 p
the extent that these do not conflict with applicable laws and
regulations in the financial sector as well as the principles of FINANCIAL RATIOS
financing sharia. The Company’s sharia business unit engages in DER (X) 4.55 4.13 -9.24 q
financing of sales and purchase, investment financing, and services
ROA (%) 3.65 4.78 30.85 p
financing.
NPM (%) 12.00 15.42 28.55 p
Adira Finance strives to continue to develop its business service by EBITDA Coverage (X) 1.92 2.20 14.75 p
expanding and optimizing its business networks which becomes one *) … attributable to owners of the parent entity
of its competitive advantage. To date, the Company operates more
than 400 business networks which consist of branches and smaller
networks spread all over Indonesia, with more than 15 thousand SHAREHOLDERS
employees. 1. PT Bank Danamon Indonesia Tbk. 92.07%
2. Others (<5%) 7.51%
In conducting its business, the Company adopts strategies, among
3. Public 0.42%
other: focus on the high-yield portfolio, implement prudent risk
management, commitment to strong and close relationships with
consumers and business partners, expansion of business service, AUDIT COMMITTEE
development of information technology and human resources, 1. Krisna Wijaya
synergy with the Parent Company, PT Bank Danamon Indonesia Tbk. 2. Christine Tjen
and diversification of balanced funding sources.
3. Richard Steven Dompas

162 Corporate Bonds

1. Sng Seow Wah 4. Krisna Wijaya * 1. Hafid Hadeli
2. Djoko Sudyatmiko * 5. Muliadi Rahardja 2. Ho Lioeng Min
3. Eng Heng Nee Philip 6. Willy Suwandi Dharma 3. I Dewa Made Susila
4. Krisna Wijaya * 4. Niko Kurniawan Bonggowarsito
5. Muliadi Rahardja 5. Swandajani Gunadi
6. Willy Suwandi Dharma
AS OF JUNE 2018
Coupon Coupon
Obligasi 24-Jul-18 PT Bank

ADMF02CCN2 Berkelanjutan II 11.00% 24-Oct-18 Negara idAAA
1. 490,000 25-Oct-13 24-Oct-18 60
IDA0000607C0 ADMF Tahap II - Indonesia Stable
Tahun 2013 Seri C Quarterly - (Persero) Tbk.
Obligasi 14-Aug-18 PT Bank

ADMF02CCN3 Berkelanjutan II 10.75% 14-Nov-18 Negara idAAA
2. 450,000 16-May-14 14-May-19 60
IDA0000629C4 ADMF Tahap III 14-Feb-19 Indonesia Stable
Tahun 2014 Seri C Quarterly 14-May-19 (Persero) Tbk.

ADMF02CCN4 Berkelanjutan II 10.75% 12-Nov-18 Negara idAAA
3. 88,000 13-Nov-14 12-Nov-19 60
IDA0000653C4 ADMF Tahap IV 12-Feb-19 Indonesia Stable
Obligasi 30-Sep-18 PT Bank

ADMF03BCN1 Berkelanjutan III 10.25% 30-Dec-18 Negara idAAA
4. 238,000 01-Jul-15 30-Jun-20 60
IDA0000691B6 ADMF Tahap I 30-Mar-19 Indonesia Stable
Tahun 2015 Seri B Quarterly 30-Jun-19 (Persero) Tbk.

ADMF03BCN2 Berkelanjutan III 9.50% - Negara idAAA
5. 668,000 26-Aug-15 25-Aug-18 36
IDA0000698B1 ADMF Tahap II Tahun - Indonesia Stable
2015 Seri B Quarterly - (Persero) Tbk.

ADMF03CCN2 Berkelanjutan III 10.25% 25-Nov-18 Negara idAAA
6. 277,000 26-Aug-15 25-Aug-20 60
IDA0000698C9 ADMF Tahap II Tahun 25-Feb-19 Indonesia Stable
2015 Seri C Quarterly 25-May-19 (Persero) Tbk.

7. 330,500 03-Mar-16 02-Mar-19 3
IDA0000719B5 ADMF Tahap III 02-Mar-19 Indonesia Stable
Tahun 2016 Seri B Quarterly - (Persero) Tbk.

ADMF03CCN3 Berkelanjutan III 10.25% 02-Dec-18 Negara idAAA
8. 697,500 03-Mar-16 02-Mar-21 5
IDA0000719C3 ADMF Tahap III 02-Mar-19 Indonesia Stable
Tahun 2016 Seri C Quarterly 02-Jun-19 (Persero) Tbk.

ADMF03BCN4 Berkelanjutan III 8.75% 26-Oct-18 Negara idAAA
9. 434,000 27-Jul-16 26-Jul-19 36
IDA0000749B2 ADMF Tahap IV 26-Jan-19 Indonesia Stable
Tahun 2016 Seri B Quarterly 26-Apr-19 (Persero) Tbk.

ADMF03CCN4 Berkelanjutan III 9.25% 26-Oct-18 Negara idAAA
10. 431,000 27-Jul-16 26-Jul-21 60
IDA0000749C0 ADMF Tahap IV 26-Jan-19 Indonesia Stable
Tahun 2016 Seri C Quarterly 26-Apr-19 (Persero) Tbk.
Sukuk Mudharabah 26-Jul-18 PT Bank

SMADMF02BCN2 Berkelanjutan II 8.75% 26-Oct-18 Negara idAAA(sy)
11. 42,000 27-Jul-16 26-Jul-19 36
IDJ0000077B9 ADMF Tahap II Tahun 26-Jan-19 Indonesia Stable
2016 Seri B Quarterly 26-Apr-19 (Persero) Tbk.

Corporate Bonds 163
Coupon Coupon
Sukuk Mudharabah 26-Jul-18 PT Bank

SMADMF02CCN2 Berkelanjutan II 8.25% 26-Oct-18 Negara idAAA(sy)
12. 14,000 27-Jul-16 26-Jul-21 60
IDJ0000077C7 ADMF Tahap II Tahun 26-Jan-19 Indonesia Stable
2016 Seri C Quarterly 26-Apr-19 (Persero) Tbk.

13. 860,000 23-Mar-17 22-Mar-20 36
IDA0000795B5 ADMF Tahap V 22-Mar-19 Indonesia Stable

ADMF03CCN5 Berkelanjutan III 8.90% 22-Dec-18 Negara idAAA
14. 241,000 23-Mar-17 22-Mar-22 60
IDA0000795C3 ADMF Tahap V 22-Mar-19 Indonesia Stable
Sukuk Mudharabah Nisbah 71.67% from 22-Sep-18 PT Bank

SMADMF02BCN3 Berkelanjutan II revenue equal to 22-Dec-18 Negara idAAA(sy)
15. 105,000 23-Mar-17 22-Mar-20 36
IDJ0000086B0 ADMF Tahap III return 8.60% p.a. 22-Mar-19 Indonesia Stable

SMADMF02CCN3 Berkelanjutan II revenue equal to 22-Dec-18 Negara idAAA(sy)
16. 7,000 23-Mar-17 22-Mar-22 60
IDJ0000086C8 ADMF Tahap III return 8.90% p.a. 22-Mar-19 Indonesia Stable

ADMF03ACN6 Berkelanjutan III 7.10% - Negara idAAA
17. 251,000 17-Jul-17 24-Jul-18 370
IDA0000816A1 ADMF Tahap VI - Indonesia Stable
Tahun 2017 Seri A Quarterly - (Persero) Tbk.

ADMF03BCN6 Berkelanjutan III 8.10% 14-Oct-18 Negara idAAA
18. 450,000 17-Jul-17 14-Jul-20 36
IDA0000816B9 ADMF Tahap VI 14-Jan-19 Indonesia Stable

ADMF03CCN6 Berkelanjutan III 8.40% 14-Oct-18 Negara idAAA
19. 68,000 17-Jul-17 14-Jul-22 60
IDA0000816C7 ADMF Tahap VI 14-Jan-19 Indonesia Stable

ADMF04ACN1 Berkelanjutan IV 6.15% 22-Dec-18 Negara idAAA
20. 316,000 13-Dec-17 22-Dec-18 370
IDA0000873A2 ADMF Tahap I 2017 - Indonesia Stable
Seri A Quarterly - (Persero) Tbk.

ADMF04BCN1 Berkelanjutan IV 7.45% 12-Dec-18 Negara idAAA
21. 893,000 13-Dec-17 12-Dec-20 36
IDA0000873B0 ADMF Tahap I 2017 12-Mar-19 Indonesia Stable
Seri B Quarterly 12-Jun-19 (Persero) Tbk.

ADMF04CCN1 Berkelanjutan IV 7.55% 12-Dec-18 Negara idAAA
22. 91,000 13-Dec-17 12-Dec-20 60
IDA0000873C8 ADMF Tahap I 2017 12-Mar-19 Indonesia Stable
Seri C Quarterly 12-Jun-19 (Persero) Tbk.
Sukuk Mudharabah 22-Sep-18 PT Bank

SMADMF03ACN1 Berkelanjutan III Nisbah 51,25% 22-Dec-18 Negara idAAA(sy)
23. 90,000 13-Dec-17 22-Dec-18 370
IDJ0000102A7 ADMF Tahap I - Indonesia Stable

SMADMF03BCN1 Berkelanjutan III Nisbah 62,08% 12-Dec-18 Negara idAAA(sy)
24. 55,000 13-Dec-17 12-Dec-20 36
IDJ0000102B5 ADMF Tahap I 12-Mar-19 Indonesia Stable

SMADMF03CCN1 Berkelanjutan III Nisbah 62,92% 12-Dec-18 Negara idAAA(sy)
25. 55,000 13-Dec-17 12-Dec-20 60
IDJ0000102C3 ADMF Tahap I 12-Mar-19 Indonesia Stable

164 Corporate Bonds
Coupon Coupon
Obligasi
01-Jul-18 PT Bank
Berkelanjutan IV
ADMF04ACN2 6.10% 01-Oct-18 Negara idAAA
26. ADMF dengan 836,000 22-Mar-18 01-Apr-19 370
IDA0000887A2 01-Jan-19 Indonesia Stable
Tingkat Bunga Tetap
Quarterly 01-Apr-19 (Persero) Tbk.
Tahap II Tahun 2018
Obligasi
21-Sep-18 PT Bank
Berkelanjutan IV
ADMF04BCN2 6.70% 21-Dec-18 Negara idAAA
27. ADMF dengan 80,000 22-Mar-18 21-Mar-20 2
IDA0000887B0 21-Mar-19 Indonesia Stable
Tingkat Bunga Tetap
Quarterly 21-Jun-19 (Persero) Tbk.
Tahap II Tahun 2018
Obligasi
21-Sep-18 PT Bank
Berkelanjutan IV
ADMF04CCN2 7.40% 21-Dec-18 Negara idAAA
IDA0000887C8 21-Mar-19 Indonesia Stable
Tingkat Bunga Tetap
Tahap II Tahun 2018
Obligasi
21-Sep-18 PT Bank
Berkelanjutan IV
ADMF04DCN2 7.50% 21-Dec-18 Negara idAAA
IDA0000887D6 21-Mar-19 Indonesia Stable
Tingkat Bunga Tetap
Tahap II Tahun 2018
Sukuk Mudharabah Nisbah 50.83% from 01-Jul-18 PT Bank
SMADMF03ACN2 Berkelanjutan III revenue equal to 01-Oct-18 Negara idAAA(sy)
30. 399,000 22-Mar-18 01-Apr-19 370
IDJ0000105A0 ADMF Tahap II return 6.10% p.a. 01-Jan-19 Indonesia Stable
Tahun 2018 Seri A Quarterly 01-Apr-19 (Persero) Tbk.

SMADMF03BCN2 Berkelanjutan III revenue equal to 21-Dec-18 Negara idAAA(sy)
31. 62,000 22-Mar-18 21-Mar-21 3
IDJ0000105B8 ADMF Tahap II return 7.40% p.a. 21-Mar-19 Indonesia Stable

SMADMF03CCN2 Berkelanjutan III revenue equal to 21-Dec-18 Negara idAAA(sy)
32. 29,000 22-Mar-18 21-Mar-23 5
IDJ0000105C6 ADMF Tahap II return 7.50% p.a. 21-Mar-19 Indonesia Stable

Corporate Bonds 165
TRADING HIGHLIGHT
ADMF02CCN2
ISIN CODE : IDA0000607C0 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18


340 40
255 30 Trading days 11 9 11 18 18 6
Turnover Ratio (%) 147.51 70.04 133.80 340.41 179.67 95.59
170 20 CTP Price - High 104.7645 104.9000 104.6500 104.6200 104.0500 102.9700
Date 02-Feb 11-Apr 18-Sep 03-Oct 18-Jan 03-May
85 10
CTP Price - Low 104.0000 100.0000 103.5000 103.0000 102.4500 101.6448
- - Date 03-Feb 12-May 11-Sep 03-Oct 25-Jan 21-May
IBPA Fair Yield (%) 7.8317 7.5700 7.1389 6.5172 5.9182 6.9871
Mod. Duration (yrs) 1.406 1.219 0.988 0.768 0.542 0.308
105 10.0
Convexity (yrs) 2.442 1.860 1.262 0.800 0.435 0.172
104 9.0 Sensitivity (%) 0.014 0.012 0.010 0.008 0.005 0.003
103 8.0 The bond series ADMF02CCN2, was first listed on 25 October 2013 and matured on 24
October 2018. From 2017 to the first half of year 2018, total volume traded amounted to
102 7.0
Rp1.18 trillion with 73 of total trading days. The CTP market price for this series during
the period was within the range of 100.0000 – 104.9000. Meanwhile IBPA fair price ranged
101 6.0
from 101.3233 to 104.6631. IBPA yield for this series were 5.7604% at the lowest and
8.9651% at the highest. By the end of June 2018, the outstanding amount of this series
100 5.0
was Rp490.00 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADMF02CCN3 Listing Date Maturity Date
ISIN CODE : IDA0000629C4 May-14 May-15 May-16 May-17 May-18 May-19


60 8
45 6 Trading days - - - - 1 2
Turnover Ratio (%) - - - - 17.78 53.33
15 2
- - Date N/A N/A N/A N/A 07-Feb 06-Apr
IBPA Fair Yield (%) 8.1541 7.8714 7.3363 6.8695 6.7569 7.9956
Mod. Duration (yrs) 1.866 1.690 1.471 1.261 1.045 0.822
106 10.0
Convexity (yrs) 4.193 3.447 2.642 1.975 1.391 0.897
105 9.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.010 0.008
104 8.0 This series was first listed on 16 May 2014 and matured on 14 May 2019. From 2017 to
the first half of year 2018, total volume traded amounted to Rp80.00 billion with 3 of total
103 7.0
trading days. The CTP market price for this series during the period was within the range
of 102.8500 – 104.7700. Meanwhile IBPA fair price ranged from 102.3485 to 105.5760.
102 6.0
IBPA yield for this series were 6.6040% at the lowest and 9.1049% at the highest. By the
end of June 2018, the outstanding amount of this series was Rp450.00 billion.
101 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

166 Corporate Bonds
ADMF02CCN4
ISIN CODE : IDA0000653C4 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 8.2861 8.0589 7.5128 7.0898 7.0566 8.4214
Mod. Duration (yrs) 2.246 2.079 1.871 1.673 1.467 1.250
107 10.0
Convexity (yrs) 6.044 5.174 4.211 3.385 2.629 1.943
106 9.0 Sensitivity (%) 0.022 0.021 0.019 0.017 0.015 0.013
105 8.0 This series will mature on 12 November 2019. From the beginning of 2017 to the end of
June 2018, this series was not traded at all. However, the fair prices valued by IBPA for the
104 7.0
series were 103.0045% at the lowest and 106.7722% at the highest.
103 6.0
102 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADMF03BCN1
ISIN CODE : IDA0000691B6 Jul-15 Jun-20


60 8
45 6 Trading days - - - 2 2 2
Turnover Ratio (%) - - - 100.84 33.61 16.81
Date N/A N/A N/A 20-Oct 10-Jan 06-Apr
15 2
IBPA Fair Yield (%) 8.3924 8.2124 7.6493 7.2528 7.3251 8.6361
Mod. Duration (yrs) 2.758 2.537 2.343 2.158 1.964 1.755
110 11.0
Convexity (yrs) 8.982 7.758 6.622 5.621 4.668 3.756
108 10.0 Sensitivity (%) 0.028 0.025 0.023 0.022 0.020 0.018
106 9.0 This series was listed since 01 July 2015 with nominal value of Rp238.00 billion with fixed
interest rate of 10.25% per annum. While quarterly average turnover ratio reached
104 8.0
25.21%/quarter on the first half 2018. This series had traded 11 times in 6 trading days
with total volume booked of Rp90.00 billion until Q2-2018. Based on the market price
102 7.0
(Centralized Trading Platform), from 2017 to Q2-2018 this series was traded between
106.0500 - 107.0500 while the IBPA fair price was between 102.5946 - 107.1933, the fair
100 6.0
yield for this series was between 7.0365% - 9.0911%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 167
ADMF03BCN2
ISIN CODE : IDA0000698B1 Aug-15 Aug-16 Aug-17 Aug-18


400 32
300 24 Trading days 8 12 20 12 6 2
Turnover Ratio (%) 121.56 120.45 292.51 82.84 82.04 10.78
200 16 CTP Price - High 102.2000 102.5600 103.0000 102.9941 102.0700 101.2200
Date 22-Mar 09-Jun 22-Aug 04-Oct 17-Jan 03-Apr
100 8
CTP Price - Low 101.2500 98.7500 98.5000 100.0000 101.4600 101.1300
- - Date 18-Jan 07-Jun 24-Aug 07-Nov 20-Feb 18-Apr
IBPA Fair Yield (%) 7.7769 7.3132 6.5277 6.1945 6.1029 6.5168
Mod. Duration (yrs) 1.292 1.096 0.858 0.629 0.394 0.153
105 9.0
Convexity (yrs) 2.053 1.509 0.965 0.557 0.253 0.061
103 8.0 Sensitivity (%) 0.013 0.011 0.009 0.006 0.004 0.002
101 7.0 This series was traded in 60 trading days during 2017 to Q2-2018 period. The total
trading volume was Rp1.19 trillion during the period. The IBPA fair prices for this series
99 6.0
were 100.4828% at the lowest and 102.8055% at the highest. While in the market,
observed through IDX Centralized Trading Platform (CTP), this series was traded within its
97 5.0
fair prices which were 98.5000% at the lowest and at 103.0000% at the highest.
95 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADMF03CCN2
ISIN CODE : IDA0000698C9 Aug-15 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20


60 16
45 12 Trading days 8 2 2 3 4 9
Turnover Ratio (%) 103.47 7.51 53.43 37.18 39.86 27.73
30 8 CTP Price - High 106.0000 106.0000 105.5500 106.8500 106.7900 106.2856
Date 23-Feb 15-Jun 21-Aug 14-Dec 15-Mar 07-May
15 4
CTP Price - Low 96.0000 99.5000 101.5000 100.0000 100.0000 100.5000
- - Date 29-Mar 25-Apr 27-Jul 13-Nov 17-Jan 24-May
IBPA Fair Yield (%) 7.8557 8.1558 7.6730 7.3530 7.3539 8.6594
Mod. Duration (yrs) 2.850 2.687 2.493 2.307 2.113 1.904
109 10.0
Convexity (yrs) 9.678 8.581 7.383 6.323 5.316 4.338
106 9.0 Sensitivity (%) 0.029 0.027 0.025 0.023 0.021 0.019
103 8.0 The Bonds issued with nominal value of Rp277.00 billion and interest rates of 10.25% per
annum. This bond is effective from 26 August 2015 to 25 August 2020. Based on the
100 7.0
market price (Centralized Trading Platform) during 2017, this bond was traded between
96.0000 and 106.8500, while in first semester 2018 this bond was traded between
97 6.0
100.0000 and 106.7900. In year 2017, IBPA fair price recorded at range 104.3295 -
107.2444. In first semester 2018, IBPA fair price recorded at range 102.6327 - 107.5040.
94 5.0
During 2017 this bond was traded with volume amounting to Rp139.60 billion and
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
transacted 31 times, meanwhile in a half of year 2018 recorded by Rp46.80 billion and
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price transacted 55 times.

168 Corporate Bonds
ADMF03BCN3
ISIN CODE : IDA0000719B5 Mar-16 Mar-17 Mar-18 Mar-19


Volume Volume (Rp bn) 95.00 - 10.00 20.00 15.40 49.00
80 8
Frequency Frequency (X) 1 - 2 2 3 9
60 6 Trading days 1 - 1 2 2 2
Turnover Ratio (%) 114.98 - 12.10 24.21 18.64 59.30
40 4 CTP Price - High 101.9900 N/A 103.1000 102.3400 102.7000 102.6000
Date 08-Mar N/A 12-Sep 23-Oct 21-Mar 04-May
20 2
CTP Price - Low 101.9900 N/A 103.0800 102.3400 102.5400 101.4200
- - Date 08-Mar N/A 12-Sep 23-Oct 12-Mar 20-Jun
IBPA Fair Yield (%) 8.1361 7.7751 7.2867 6.7576 6.5474 7.7149
Mod. Duration (yrs) 1.731 1.546 1.318 1.101 0.877 0.646
104 9.0
Convexity (yrs) 3.585 2.879 2.128 1.520 1.003 0.582
103 8.0 Sensitivity (%) 0.017 0.015 0.013 0.011 0.009 0.006
102 7.0 This series will mature on 02 March 2019, and was traded in 8 trading days during 2017 to
Q2-2018 period. During the period, the average trading volume reached Rp31.57 billion
101 6.0
per quarter. The market price for this series observed through the Centralized Trading
Platform (CTP) was 101.4200% at the lowest and peaked also at 103.1000%. While the
100 5.0
IBPA fair price for this series was valued between 101.1919% and 103.3066%.
99 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADMF03CCN3
ISIN CODE : IDA0000719C3 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21


140 20
105 15 Trading days - - - 6 1 1
Turnover Ratio (%) - - - 95.08 17.20 59.64
70 10 CTP Price - High N/A N/A N/A 107.2500 108.7500 -
Date N/A N/A N/A 22-Nov 05-Feb -
35 5
CTP Price - Low N/A N/A N/A 100.0000 108.7500 -
- - Date N/A N/A N/A 27-Dec 05-Feb -
IBPA Fair Yield (%) 8.4629 8.3035 7.7365 7.5075 7.5267 8.7001
Mod. Duration (yrs) 3.206 3.059 2.876 2.699 2.514 2.309
109 10.0
Convexity (yrs) 12.304 11.149 9.835 8.642 7.491 6.337
107 9.0 Sensitivity (%) 0.032 0.031 0.029 0.027 0.025 0.023
105 8.0 This series has an outstanding amount of Rp697.50 billion with fixed coupon per annum
at 10.25%. From the beginning of 2017 to the end of June 2018, the trading volume for
103 7.0
the series was Rp299.80 billion and the total trading frequency was 25 times. The market
prices for this series were 100.0000 at the lowest and 108.7500 at the highest. IBPA valued
101 6.0
the fair prices for this series were 102.7918 for the lowest and 108.5718 for the highest. At
the same period, the fair yield for this series was ranging from 7.1482% to 9.2039%.
99 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 169
ADMF03BCN4 Listing Date Maturity Date
ISIN CODE : IDA0000749B2 Jul-16 Jul-17 Jul-18 Jul-19


40 8
30 6 Trading days 1 2 2 4 4 3
Turnover Ratio (%) 44.24 7.37 11.06 38.71 23.96 25.81
20 4 CTP Price - High 100.9500 101.0000 102.0000 102.5000 103.1500 102.9000
Date 03-Mar 03-May 08-Aug 08-Dec 26-Jan 10-Apr
10 2
CTP Price - Low 100.7200 100.9803 101.2500 102.2700 101.4000 101.6182
IBPA Fair Yield (%) 8.0088 8.1455 7.4167 7.0205 6.8889 8.2059
Mod. Duration (yrs) 2.053 1.872 1.653 1.443 1.227 1.003
103 10.0
Convexity (yrs) 5.017 4.181 3.291 2.538 1.870 1.286
102 9.0 Sensitivity (%) 0.021 0.019 0.017 0.014 0.012 0.010
101 8.0 This series was first listed on 27 July 2016 and will be matured on 26 July 2019. This series
has an outstanding amount of Rp434.00 billion with fixed coupon per annum at 8.75%.
100 7.0
This series, throughout 2017 and the first two quarters of 2018 period, was traded in 16
trading days with 25.19% of average quarterly turnover. The total trading volume
99 6.0
throughout the period was Rp164.00 billion and the total trading frequency was 27
transactions. The market prices for this series were 100.7200% at the lowest and
98 5.0
103.1500% at the highest. IBPA valued the fair prices for this series were 99.1061% for the
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
lowest and 102.8844% for the highest.
ADMF03CCN4
ISIN CODE : IDA0000749C0 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21


20 4
15 3 Trading days - 1 - - - -
Turnover Ratio (%) - 18.56 - - - -
Date N/A 22-May N/A N/A N/A N/A
5 1
- - Date N/A 22-May N/A N/A N/A N/A
IBPA Fair Yield (%) 8.4941 8.4310 7.7749 7.4863 7.6222 8.7144
Mod. Duration (yrs) 3.489 3.345 3.170 2.998 2.814 2.610
107 10.0
Convexity (yrs) 14.659 13.401 11.996 10.700 9.421 8.118
105 9.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
103 8.0 This series, matured on 26 July 2021, had average turnover of 3.09%/quarter and traded
in 1 trading day during 2017 to Q2-2018 period. In 2017, average trading volume reached
101 7.0
Rp5.00 billion/quarter with average frequency about 1 time per quarter, while during the
first semester of 2018 there was no trading for this series. From 2017 until Q2-2018, the
99 6.0
market price for this series observed through the Centralized Trading Platform (CTP) was
between 102.4500 at the lowest and peaked at 102.7500. While the range of IBPA fair
97 5.0
price for this series that stood between 99.5137 and 106.2664. At the same period, the
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
yield valued by IBPA was 7.2135% at the lowest, and 9.3808% at the highest.

170 Corporate Bonds
SMADMF02BCN2 Listing Date Maturity Date
ISIN CODE : IDJ0000077B9 Jul-16 Jul-17 Jul-18 Jul-19


4 4
3 3 Trading days - - - - - -
1 1
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price 101.0947 101.5150 102.2521 102.6341 102.3337 Pastikan
100.5588Link Grafik sudah be
IBPA Fair Yield (%) 8.2136 7.9549 7.4167 6.9670 6.8889 8.2059
Last Date 31-Mar 22-Jun 29-Sep 29-Dec 29-Mar Pastikan
22-JunLink Grafik sudah be
Mod. Duration (yrs) 2.051 1.873 1.653 1.443 1.227 1.003
103 10.0
Convexity (yrs) 5.011 4.186 3.291 2.539 1.870 1.286
102 9.0 Sensitivity (%) 0.021 0.019 0.017 0.014 0.012 0.010
interest rate of 8.75% per annum. From the beginning of 2017 to the end of June 2018,
100 7.0
this series was not traded at all. However, the IBPA fair price was between 99.1061 -
102.8568 and the fair yield for this series was between 6.6969% - 9.1430%.
99 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SMADMF02CCN2
ISIN CODE : IDJ0000077C7 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21


4 4
3 3 Trading days - - - - - -
1 1
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price 102.6801 103.1430 104.8355 105.4828 104.7369 Pastikan
IBPA Fair Yield (%) 8.4941 8.3344 7.7749 7.4863 7.6222 8.7144
Last Date 31-Mar 22-Jun 29-Sep 29-Dec 29-Mar Pastikan
Mod. Duration (yrs) 3.489 3.347 3.170 2.998 2.814 2.610
107 10.0
Convexity (yrs) 14.659 13.415 11.996 10.700 9.421 8.118
105 9.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
103 8.0 This series will mature on 26 July 2021. From the beginning of 2017 to the end of June
2018, this series was not traded at all. However, the fair prices valued by IBPA for the
101 7.0
99 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 171
ADMF03BCN5


600 28
450 21 Trading days 1 7 15 8 9 5
Turnover Ratio (%) 27.91 193.02 289.77 64.65 107.91 34.33
300 14 CTP Price - High - 101.2295 102.4500 102.8000 103.2500 103.2000
Date - 09-Jun 05-Sep 07-Dec 20-Feb 16-Apr
150 7
CTP Price - Low - 100.8700 100.0000 101.9800 101.9000 100.7300
- - Date - 02-May 12-Jul 04-Dec 18-Jan 25-May
IBPA Fair Yield (%) 8.5624 8.2815 7.3786 7.1981 7.0328 8.5574
Mod. Duration (yrs) 2.596 2.426 2.219 2.017 1.810 1.589
104 10.0
Convexity (yrs) 7.879 6.874 5.764 4.778 3.871 3.016
103 9.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
102 8.0 The bond code ADMF03BCN5 issued as much as Rp860.00 billion with interest rate of
8.60% per annum. This bond is effective from 23 March 2017 to 22 March 2020. During
101 7.0
2017, the market price (Centralized Trading Platform) was traded between 100.0000 and
102.8000, while in year 2018 this bond was traded between 100.7300 and 103.2500. Total
100 6.0
volume amounted to Rp1.54 trillion and transacted 88 times. IBPA fair price during year
2017-2018 with maximum price at 103.2745 while IBPA yield amounted the minimum
99 5.0
yield at 6.9374%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADMF03CCN5 Listing Date Maturity Date


Volume Volume (Rp bn) 1.00 18.00 52.00 5.00 - -
60 8
Frequency Frequency (X) 1 3 9 5 - -
45 6 Trading days 1 3 4 1 - -
Turnover Ratio (%) 1.66 29.88 86.31 8.30 - -
30 4 CTP Price - High - 102.9500 102.9000 103.2000 N/A N/A
Date - 14-Jun 10-Aug 18-Oct N/A N/A
15 2
CTP Price - Low - 101.5500 102.1000 102.9000 N/A N/A
- - Date - 16-Jun 28-Jul 18-Oct N/A N/A
IBPA Fair Yield (%) 8.8353 8.4996 7.8306 7.5758 7.7551 8.7407
Mod. Duration (yrs) 3.978 3.848 3.683 3.517 3.338 3.134
106 10.0
Convexity (yrs) 18.932 17.601 16.050 14.586 13.112 11.567
104 9.0 Sensitivity (%) 0.040 0.038 0.037 0.035 0.033 0.031
102 8.0 This series was traded from 2017 to Q2-2018. The average quarterly turnover during the
whole 2017 to Q2-2018 period was about 21.02%/quarter and was traded in 9 trading
100 7.0
days during the period. The average trading volume during the period was Rp12.67
billion/quarter. The market price that was observed through Centralized Trading Platform
98 6.0
(CTP) during the whole period was between 101.5500 and 103.2000. Meanwhile, the
range IBPA fair price at the same year for this series was ranging from 98.9265 to
96 5.0
105.6991. The outstanding amount of this series by the end of June 2018 was Rp241.00
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
billion.

172 Corporate Bonds
SMADMF02BCN3
ISIN CODE : IDJ0000086B0 Mar-17 Mar-18 Mar-19 Mar-20


380 16
285 12 Trading days 1 5 10 1 - -
Turnover Ratio (%) 114.29 990.48 1760.00 45.71 - -
190 8 CTP Price - High - 100.1000 101.2250 101.8000 N/A N/A
Date - 20-Jun 06-Sep 15-Nov N/A N/A
95 4
CTP Price - Low - 100.0000 100.0000 101.7000 N/A N/A
- - Date - 20-Jun 31-Jul 15-Nov N/A N/A
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price 100.1218 99.8428 101.5009 102.8424 102.5226 Pastikan
IBPA Fair Yield (%) 8.5434 8.6648 7.9269 7.2084 7.2209 8.5721
enar >> Last Date 31-Mar 22-Jun 29-Sep 29-Dec 29-Mar Pastikan
Mod. Duration (yrs) 2.596 2.423 2.215 2.017 1.809 1.589
104 10.0
Convexity (yrs) 7.880 6.855 5.744 4.778 3.867 3.016
103 9.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
102 8.0 The bond series SMADMF02BCN3, was first listed on 23 March 2017 with nominal value
of Rp105.00 billion and fixed interest rate of 8.60% per annum. This series had traded 33
101 7.0
times in 17 trading days with total volume booked of Rp764.00 billion during the year
2017 until Q2-2018. Based on the market price (Centralized Trading Platform), from 2017
100 6.0
to Q2-2018 this series was traded between 100.0000 - 101.8000 while the IBPA fair price
was between 99.6603- 103.2914, the fair yield for this series was between 6.9426% -
99 5.0
8.7408%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SMADMF02CCN3
ISIN CODE : IDJ0000086C8 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 8.8353 8.3626 7.8306 7.5758 7.7551 8.7407
Mod. Duration (yrs) 3.978 3.852 3.683 3.517 3.338 3.134
107 10.0
Convexity (yrs) 18.932 17.628 16.050 14.586 13.112 11.567
105 9.0 Sensitivity (%) 0.040 0.039 0.037 0.035 0.033 0.031
103 8.0 This series was listed since 23 March 2017 with nominal value of Rp7.00 billion with fixed
interest rate of 8.90 % per annum. From the beginning of 2017 to the end of June 2018,
101 7.0
99 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 173
ADMF03ACN6
ISIN CODE : IDA0000816A1 Jul-17 Nov-17 Mar-18 Jul-18


Volume Volume (Rp bn) - - 287.00 20.00 30.00 -
240 32
Frequency Frequency (X) - - 38 1 4 -
180 24 Trading days - - 7 1 2 -
Turnover Ratio (%) - - 457.37 31.87 47.81 -
120 16 CTP Price - High N/A N/A 100.5000 100.6500 100.4200 N/A
Date N/A N/A 31-Aug 23-Oct 13-Feb N/A
60 8
CTP Price - Low N/A N/A 99.9300 100.6500 100.0000 N/A
- - Date N/A N/A 25-Jul 23-Oct 30-Jan N/A
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - 100.5284 100.4381 100.3434 100.0739
IBPA Fair Yield (%) - - 6.4293 6.3057 5.9983 6.2237
enar >> Last Date - - 29-Sep 29-Dec 29-Mar 22-Jun
Mod. Duration (yrs) - - 0.781 0.548 0.310 0.068
101 8.0
Convexity (yrs) - - 0.816 0.440 0.174 0.022
100 7.0 Sensitivity (%) - - 0.008 0.005 0.003 0.001
was issued with nominal amount of Rp251.00 billion with fixed interest rate per annum at
98 5.0
7.10%. This series, throughout 2017 and the first two quarters of 2018 period, was traded
43 times in 10 trading days. The average trading volume of this series during the period
97 4.0
was Rp56.17 billion per quarter and the average trading frequency was 7 times per
quarter. During the period, this series was traded at its market prices ranging from
96 3.0
99.9300 to 100.6500 that were observed through IDX Centralized Trading Platform (CTP).
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
While the IBPA fair prices for this series were ranging from 99.8300 to 100.7017. At the
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price same period, the fair yield for this series was in the range of 5.7727% to 7.2746%
ADMF03BCN6


600 60
450 45 Trading days - - 16 20 17 11
Turnover Ratio (%) - - 542.58 237.87 34.76 54.93
Date N/A N/A 25-Sep 05-Oct 16-Jan 13-Apr
150 15
- - Date N/A N/A 29-Aug 16-Oct 05-Feb 25-May
IBPA Fair Yield (%) - - 7.5530 6.7425 7.1299 8.8136
Mod. Duration (yrs) - - 2.441 2.252 2.046 1.828
106 10.0
Convexity (yrs) - - 7.042 5.995 4.971 3.997
104 9.0 Sensitivity (%) - - 0.024 0.023 0.020 0.018
102 8.0 The series ADMF03BCN6 issued which amounted to Rp450.00 billion with interest rates of
8.10% per annum. This bond was listed from 17 July 2017 and matured in 14 July 2020. In
100 7.0
first semester 2018, IBPA fair price recorded at range 98.3233 - 103.6565, while the CTP
recorded at level 99.3800 - 103.5900. From 2017 until the end of June 2018, total volume
98 6.0
recorded by Rp978.90 billion and transacted 125 times. ADMF03BCN6 has 64 total trading
days since this series was issued.
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

174 Corporate Bonds
ADMF03CCN6


16 4
12 3 Trading days - - - 1 1 1
Turnover Ratio (%) - - - 47.06 82.35 88.24
Date N/A N/A N/A 05-Oct 29-Jan 12-Apr
4 1
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - 102.1483 102.9884 102.1240 Pastikan
IBPA Fair Yield (%) - - 7.8569 7.6148 7.8119 8.7600
enar >> Last Date - - 29-Sep 29-Dec 29-Mar Pastikan
Mod. Duration (yrs) - - 3.861 3.701 3.525 3.320
106 10.0
Convexity (yrs) - - 17.905 16.384 14.835 13.183
104 9.0 Sensitivity (%) - - 0.039 0.037 0.035 0.033
nominal amount of Rp68.00 billion and have fixed interest rate per annum at 8.40%. Total
100 7.0
trading volume for this series reached Rp2.00 billion/quarter on 2017 and increased to
Rp14.50 billion/quarter on the first half of the year 2018. Based on the market price
98 6.0
(Centralized Trading Platform), this series was traded between 100.0000 – 103.8950 while
the IBPA fair price was between 97.0645 – 104.0211. The IBPA fair yield for this series was
96 5.0
between 7.3396% – 9.2783
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADMF04ACN1
ISIN CODE : IDA0000873A2 Dec-17 Apr-18 Aug-18 Dec-18


320 28
240 21 Trading days - - - 4 5 5
Turnover Ratio (%) - - - 475.95 41.77 69.62
Date N/A N/A N/A 21-Dec 18-Jan 05-Apr
80 7
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - 99.9434 100.0324 Pastikan
IBPA Fair Yield (%) - - - 6.2090 6.1031 7.2582
enar >> Last Date - - - 29-Dec 29-Mar Pastikan
Mod. Duration (yrs) - - - 0.943 0.708 0.469
102 9.0
Convexity (yrs) - - - 1.135 0.681 0.336
101 8.0 Sensitivity (%) - - - 0.009 0.007 0.005
100 7.0 The bond series ADMF04ACN1 listed on 13 December 2017 with nominal amount of
Rp316.00 billion. The bond has interest rate per annum at 6.150 % and this series will be
99 6.0
matured on 22 December 2018. ADMF04ACN1 was traded with total volume Rp376.00
billion in 2017 and Rp88.00 billion in a half of year 2018. During 2017, ADMF04ACN1 has
98 5.0
a total of 4 trading days and 32 total frequencies. While in the first half of 2018, this series
has a 10 trading days and 16 total frequencies.
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 175
ADMF04BCN1 Listing Date Maturity Date
ISIN CODE : IDA0000873B0 Dec-17 Dec-18 Dec-19 Dec-20


600 32
450 24 Trading days - - - 2 10 9
Turnover Ratio (%) - - - 86.45 302.80 251.74
Date N/A N/A N/A 22-Dec 14-Feb 17-May
150 8
- - Date N/A N/A N/A 22-Dec 06-Mar 04-Jun
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - 100.3039 99.7278 99.2937
IBPA Fair Yield (%) - - - 7.3336 7.5612 7.7660
enar >> Last Date - - - 29-Dec 29-Mar 22-Jun
Mod. Duration (yrs) - - - 2.621 2.419 2.210
102 9.0
Convexity (yrs) - - - 7.970 6.796 5.696
101 8.0 Sensitivity (%) - - - 0.026 0.024 0.022
100 7.0 The bond series ADMF04BCN1, was first listed on 13 December 2017 and matured on 12
December 2020. From 2017 to the first half of year 2018, total volume traded amounted
99 6.0
to Rp1.43 trillion with 21 of total trading days. The CTP market price for this series during
98 5.0
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADMF04CCN1
ISIN CODE : IDA0000873C8 Dec-17 Dec-18 Dec-19 Dec-20


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - 7.4084 7.8829 8.7940
Mod. Duration (yrs) - - - 4.090 3.905 3.697
103 10.0
Convexity (yrs) - - - 19.675 17.909 16.067
101 9.0 Sensitivity (%) - - - 0.041 0.039 0.037
99 8.0 This series was first listed in 13 December 2017 and will be matured in 12 December 2020.
There was no trading for this series since it was listed until the second quarter of 2018.
97 7.0
The IBPA fair price for this series during the period was within the range of 93.6053 –
101.7085. Meanwhile IBPA yield for this series were 7.1328% at the lowest and 9.3202% at
95 6.0
the highest. This series issued with nominal amount of Rp91.00 billion and have fixed
interest rate per annum at 7.550%.
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

176 Corporate Bonds
SMADMF03ACN1 Listing Date Maturity Date
ISIN CODE : IDJ0000102A7 Dec-17 Apr-18 Aug-18 Dec-18


100 16
75 12 Trading days - - - 4 5 4
Turnover Ratio (%) - - - 533.33 248.89 142.22
25 4
- - Date N/A N/A N/A 27-Dec 06-Feb 31-May
IBPA Fair Yield (%) - - - 6.2097 6.1031 7.3623
Price PRICE AND YTM MOVEMENT YTM (%) Pastikan Link Grafik sudah be
Mod. Duration (yrs) - - - 0.943 0.708 0.468
102 8.0
Convexity (yrs) - - - 1.135 0.681 0.335
101 7.0 Sensitivity (%) - - - 0.009 0.007 0.005
100 6.0 This series was first listed on 13 December 2017 and will be matured on 22 December
2018. This series was issued with nominal amount of Rp90.00 billion with fixed interest
99 5.0
rate per annum at 6.15%. This series, throughout 2017 and the first two quarters of 2018
period, was traded 35 times in 13 trading days. The average trading volume of this series
98 4.0
during the period was Rp34.67 billion per quarter and the average trading frequency was
6 times per quarter. During the period, this series was traded at its market prices ranging
97 3.0
from 100.0000 to 100.4700 that were observed through IDX Centralized Trading Platform
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
(CTP). While the IBPA fair prices for this series were ranging from 99.4102 to 100.1636. At
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price the same period, the fair yield for this series was in the range of 5.9503% to 7.3623%
SMADMF03BCN1
ISIN CODE : IDJ0000102B5 Dec-17 Dec-18 Dec-19 Dec-20


4 4
3 3 Trading days - - - - - -
1 1
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - 100.3275 99.9545 Pastikan
IBPA Fair Yield (%) - - - 7.3247 7.4676 8.6879
enar >> Last Date - - - 29-Dec 29-Mar Pastikan
Mod. Duration (yrs) - - - 2.621 2.419 2.203
103 10.0
Convexity (yrs) - - - 7.970 6.801 5.662
101 9.0 Sensitivity (%) - - - 0.026 0.024 0.022
97 7.0
95 6.0
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 177
SMADMF03CCN1
ISIN CODE : IDJ0000102C3 Dec-17 Dec-18 Dec-19 Dec-20


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - 7.4084 7.8829 8.7940
Mod. Duration (yrs) - - - 4.090 3.905 3.697
102 10.0
Convexity (yrs) - - - 19.675 17.909 16.067
100 9.0 Sensitivity (%) - - - 0.041 0.039 0.037
98 8.0 This series was first listed on December, 13rd 2017 and will be matured on December,
12nd 2020. This series has an outstanding amount of Rp55 billion with fixed coupon per
96 7.0
annum at 7.55%. This series, throughout 2017 and the first half of 2018 period, was not
traded at all. Therefore there were no market prices for this series. While IBPA valued the
94 6.0
fair prices for this series were 93.6053% for the lowest and 101.7085% for the highest.
92 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADMF04ACN2 Listing Date Maturity Date
ISIN CODE : IDA0000887A2 Mar-18 Apr-19


1000 60
750 45 Trading days - - - - 3 14
Turnover Ratio (%) - - - - 129.19 506.22
250 15
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - 100.0600 99.2100
IBPA Fair Yield (%) - - - - 6.0378 7.1554
enar >> Last Date - - - - 29-Mar 22-Jun
Mod. Duration (yrs) - - - - 0.954 0.721
102 9.0
Convexity (yrs) - - - - 1.171 0.709
101 8.0 Sensitivity (%) - - - - 0.010 0.007
100 7.0 This series was first listed on 22 March 2018 and matured on 01 April 2019. Throughout
99 6.0
98 5.0
97 4.0
billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

178 Corporate Bonds
ADMF04BCN2
ISIN CODE : IDA0000887B0 Mar-18 Mar-19 Mar-20


4 4
3 3 Trading days - - - - - -
1 1
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - 100.2211 Pastikan
IBPA Fair Yield (%) - - - - 6.5793 8.5713
enar >> Last Date - - - - 29-Mar Pastikan
Mod. Duration (yrs) - - - - 1.836 1.607
103 10.0
Convexity (yrs) - - - - 3.947 3.059
101 9.0 Sensitivity (%) - - - - 0.018 0.016
97 7.0
95 6.0
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ADMF04CCN2
ISIN CODE : IDA0000887C8 Mar-18 Mar-19 Mar-20 Mar-21


600 16
450 12 Trading days - - - - 1 11
Turnover Ratio (%) - - - - 134.06 474.64
300 8 CTP Price - High N/A N/A N/A N/A - 100.3900
Date N/A N/A N/A N/A - 30-Apr
150 4
CTP Price - Low N/A N/A N/A N/A - 100.0000
- - Date N/A N/A N/A N/A - 30-May
IBPA Fair Yield (%) - - - - 7.3154 8.7023
Mod. Duration (yrs) - - - - 2.647 2.430
101 10.0
Convexity (yrs) - - - - 8.112 6.856
100 9.0 Sensitivity (%) - - - - 0.026 0.024
99 8.0 This series was first listed on 22 March 2018 and matured on 21 March 2021. From 2017
to the first half of year 2018, total volume traded amounted to Rp840.00 billion with 12 of
98 7.0
total trading days. The CTP market price for this series during the period was within the
range of 100.0000 – 100.3900. Meanwhile IBPA fair price ranged from 95.9945 to
97 6.0
96 5.0
billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 179
ADMF04DCN2
ISIN CODE : IDA0000887D6 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23


Volume Volume (Rp bn) - - - - 50.00 -
60 4
Frequency Frequency (X) - - - - 1 -
45 3 Trading days - - - - 1 -
Turnover Ratio (%) - - - - 123.46 -
30 2 CTP Price - High N/A N/A N/A N/A 100.0000 N/A
Date N/A N/A N/A N/A 27-Mar N/A
15 1
CTP Price - Low N/A N/A N/A N/A 100.0000 N/A
- - Date N/A N/A N/A N/A 27-Mar N/A
IBPA Fair Yield (%) - - - - 7.4231 8.8211
Mod. Duration (yrs) - - - - 4.118 3.894
102 10.0
Convexity (yrs) - - - - 19.903 17.850
100 9.0 Sensitivity (%) - - - - 0.041 0.039
98 8.0 The bond series ADMF04DCN2, was first listed on 22 March 2018 with nominal value of
Rp162.00 billion and fixed interest rate of 7.50% per annum. This series had traded 1 time
96 7.0
in 1 trading day with total volume booked of Rp50.00 billion during the first half of 2018.
During the period, IBPA fair price was between 93.0080- 100.9393, and the fair yield for
94 6.0
this series was between 7.2714% - 9.3461%.
92 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SMADMF03ACN2
ISIN CODE : IDJ0000105A0 Mar-18 Apr-19


800 60
600 45 Trading days - - - - 3 16
Turnover Ratio (%) - - - - 226.57 933.33
Date N/A N/A N/A N/A 29-Mar 08-May
200 15
IBPA Fair Yield (%) - - - - 6.0352 7.8399
Mod. Duration (yrs) - - - - 0.954 0.719
102 8.0
Convexity (yrs) - - - - 1.171 0.706
101 7.0 Sensitivity (%) - - - - 0.010 0.007
100 6.0 This series was listed since 22 March 2018 with nominal value of Rp399.00 billion with
fixed interest rate of 6.10% per annum. While quarterly average turnover ratio reached
99 5.0
with total volume booked of Rp1.16 trillion until Q2-2018. Based on the market price
98 4.0
97 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

180 Corporate Bonds
SMADMF03BCN2
ISIN CODE : IDJ0000105B8 Mar-18 Mar-19 Mar-20 Mar-21


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - 7.3154 8.7023
Mod. Duration (yrs) - - - - 2.647 2.430
101 10.0
Convexity (yrs) - - - - 8.112 6.856
100 9.0 Sensitivity (%) - - - - 0.026 0.024
98 7.0
97 6.0
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SMADMF03CCN2
ISIN CODE : IDJ0000105C6 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - 7.4846 8.8211
Mod. Duration (yrs) - - - - 4.116 3.894
102 11.0
Convexity (yrs) - - - - 19.889 17.850
100 9.0 Sensitivity (%) - - - - 0.041 0.039
98 7.0 This series was first listed on March, 22nd 2018 and will be matured on March, 21st 2023.
This series has an outstanding amount of Rp29.00 billion with fixed coupon per annum at
96 5.0
7.50%. This series, throughout 2017 and the first half of 2018 period, was not traded at all.
Therefore there were no market prices for this series. While IBPA valued the fair prices for
94 3.0
this series were 93.0080% for the lowest and 100.6845% for the highest.
92 1.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 181
ADMF02CCN2 181 86 164 417 172.9%
ADMF02CCN3
ADMF02CCN4
ADMF03BCN1 60 25.2%
ADMF03BCN2 203 201 489 138 154.3%
ADMF03CCN2 72 5 37 26 50.4%
ADMF03BCN3 95 1020 37.8%
ADMF03CCN3 166 23.8%
ADMF03BCN4 48 8 42 25.3%
ADMF03CCN4 20 4.6%
SMADMF02BCN2
SMADMF02CCN2
ADMF03BCN5 60 415 623 139 143.8%
ADMF03CCN5 18 52 5 31.5%
SMADMF02BCN3 30 462 12 727.6%
SMADMF02CCN3
ADMF03ACN6 287 20 122.3%
ADMF03BCN6 610 268 195.1%
ADMF03CCN6 8 11.8%
ADMF04ACN1 376 119.0%
ADMF04BCN1 193 21.6%
ADMF04CCN1
SMADMF03ACN1 120 133.3%
SMADMF03BCN1
SMADMF03CCN1
- 250 500 750 1,000 1,250

182 Corporate Bonds

PT Adira Dinamika Multi Finance Tbk. (ADMF) is an No. Company Total Revenue Net Profit Revenue
Indonesia based consumer finance company that (Rp Bill) Margins (%) Growth (%)
engages in consumer financing activities including 1. PT Pegadaian (Persero) 10,523 23.9 8.4
factoring, credit cards, consumer financing, and 2. PT Adira Dinamika Multi Finance Tbk. 9,137 15.4 8.6
leasing. ADMF is a subsidiary of PT Bank Danamon 3. PT Federal International Finance 8,735 22.9 5.0
Indonesia. 4. Lembaga Pembiayaan Ekspor Indonesia 7,327 13.9 13.1
5. PT Astra Sedaya Finance 5,570 17.2 4.7
ADMF mainly provides automotive financing services. Financial Statement as of Fiscal Year 2017
ADMF operations are carried out through business
networks globally in various major cities throughout Historical Corporate Ratings
Indonesia. ADMF started to expand and develop a No. Rating Agency Rating Rating Status Rating Date Outlook
proper strategy by serving consumers who need to
obtain financing for motorcycle or car to strengthen 1. Pefindo idAAA Affirmed 4-Jan-18 Stable
its position as a multi-brand automotive financing 2. Pefindo idAAA Affirmed 18-Sep-17 Stable
3. Pefindo idAAA Affirmed 12-Jan-17 Stable
company.
4. Pefindo idAAA Affirmed 27-Jan-16 Stable
5. Pefindo idAAA Affirmed 3-Jun-15 Stable
At the end of 2016, ADMF is 92.1% owned by PT Bank
Danamon Indonesia Tbk., 0.4% by Asuransi Adira
SWOT Analysis
Dinamika, and 7.5% by public.
- Very strong market position in - Dependent on import spare parts
automotive financing industry - Have the lowest profit margin
- Very strong synergy and mutual compare to its peers
relationship between ADMF and its
parent (Bank Danamon)
- Well diversified business portfolio
- Long experience in consumer
finance business
Financial Analysis
ADMF total revenue amounted to Rp9.14 trillion in
2017, increased by 8.60% compared to 2016 that
amounted to Rp8.41 trillion. The increase was
primarily due to the increasing in the murabahah O pportunities T hreats
margin by 46.86% from Rp1.60 trillion in 2016 to
Rp2.36 trillion and also in the consumer financing by - Diversification of financing - Tight competition within the
5.10% from Rp4.72 trillion to Rp4.96 trillion in 2017. business due to regulation industry
ADMF managed to recorded net profit amounted to concerning on the implementation - Low demand for automotive
Rp1.41 trillion in 2017, or increased by 39.61% from of sharia-based financing productive
the previous year amounted to Rp1.01 trillion. ADMF - Expansion opportunity outside Java
posted a net profit because the increase in revenue area
was greater than its expenses. Besides, ADMF - The majority of motor vehicle sales
recorded total assets of Rp29.49 trillion for the year are still financed through credit
ended 2017 or increased by 6.69% from the previous facilities
year of Rp27.64 trillion. In 2017, ADMF's Non
Performing Financing ratio at the level of 1.6% from
1.5% in 2016.

Corporate Bonds 183
A‐(idn)
AGII PT Aneka Gas Industri Tbk. Positive*
Sector : Basic Industry and Chemicals UGM Samator Pendidikan Building, Tower A, 5th-6th Floor
Sub Sector : Chemicals Jln. Dr. Sahardjo No. 83, Manggarai, Jakarta
Website : www.anekagas.com Jakarta Selatan
Corporate Sec. : Imelda Mulyani Harsono Phone : (021) 8370-9111
Email Corporate Sec. : corsec@anekagas.com Fax : (021) 8370-9911
PT Aneka Gas Industri (the Company) is FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Indonesian's first and the oldest industrial gases BALANCE SHEETS Dec-2016 Dec-2017 Chg %
company that has the largest distribution
Cash & Cash Equivalents 390,381 344,351 -11.79 
network throughout Indonesia Archipelago. The company produce
Receivables 462,226 521,985 12.93 
and distribute industrial gases such as Oxygen, Nitrogen, Argon,
Hydrogen, Carbon dioxide and speciality gases to supply multi- Inventories 295,680 384,607 30.08 
industry such as metal works, metallurgy, mining, chemical processes Current Assets 1,479,828 1,526,964 3.19 
and petrochemical industry, electronic and electrical industry, medical Property, Plant and Equipment 4,217,336 4,671,372 10.77 
and pharmaceutical industry, food and beverage industry, Total Assets 5,847,722 6,403,543 9.50 
construction and engineering, waste water treatment, agribusiness.
Current Liabilities 1,312,711 1,014,745 -22.70 
Throughout its journey, the Company has been through some Interest Bearing liabilities 2,558,490 2,648,553 3.52 
fundamental changes. The experience and history are a living proof of Total Liabilities 2,996,929 2,971,605 -0.84 
the stability and maturity of the company in facing changes. The Authorized Capital (Mil. Sh) 9,200 9,200 - 
Company’s management readiness to face new change is proven
Authorized Capital 4,600,000 4,600,000 - 
through steady improvement. The Company evolve to become bigger
Paid up Capital 1,533,330 1,533,330 - 
and better as well as adaptable in the development of economy and
industry in Indonesia. Paid up Capital (Mil. Sh) 3,067 3,067 - 
Par Value (Rp) 500 500 - 
The Company’s future plan is to streamline the management to
Retained Earnings 66,288 151,857 129.09 
strengthen the foundation of the company comprehensive
capabilities, thereby increasing enterprise value and guaranteeing Total Equity …*) 2,534,794 3,345,981 32.00 
stakaholders' welfare. Non Controlling Interest 226,046 12,029 -94.68 
Total Equity 2,760,840 3,358,010 21.63 
The Company Head Office is at Gedung UGM Samator Pendidikan
Tower a 5-6 Floor, Jln. Sahardjo No. 83, Manggarai, Jakarta Selatan
and has several branches in Medan, Lhokseumawe, Pekanbaru, INCOME STATEMENTS
Jakarta, Lampung, Bandung, Semarang, Sidoarjo, Makassar, Kendari, Total Revenues 1,651,136 1,838,417 11.34 
Soroako, Palu, Bitung, and Gorontalo. Gross Profit 763,563 841,596 10.22 
The Company has direct subsidiaries: PT Samator Gas Industri and PT Interest Expenses 279,521 286,044 2.33 
Ruci Gas. Total Operating Expenses 396,127 421,732 6.46 
Operating Profit 87,915 133,820 52.22 
BOARD OF COMMISSIONERS Earning Before Tax 87,915 133,820 52.22 
1. Arief Harsono EBITDA 569,317 650,695 14.29 
2. Agoest Soebhektie * Income for the periods 64,287 97,598 51.82 
3. C.M. Bing Soekianto * Comprehensive Income 72,744 594,670 717.48 
4. Hargo Utomo Net Income … *) 54,890 85,569 55.89 
5. Heyzer Harsono
6. Rasid Harsono FINANCIAL RATIOS
*) Independent Commissioner DER (X) 0.93 0.79 -14.89 
ROA (%) 1.10 1.52 38.64 
NPM (%) 3.89 5.31 36.35 
BOARD OF DIRECTORS EBITDA Coverage (X) 2.04 2.27 11.69 
1. Rachmat Harsono *) … attributable to owners of the parent entity
2. Agus Purnomo
3. Budi Santoso SHAREHOLDERS
4. Djanarko Tjandra 1. PT Aneka Mega Energi 37.79%
5. Ferryawan Utomo 2. Public 28.82%
6. Imelda Mulyani Harsono 3. PT Samator 27.75%
7. Nini Liemijanto 4. Arief Harsono 4.46%
5. Rachmat Harsono 0.87%
6. Heyzer Harsono 0.15%
AUDIT COMMITTEE 7. Rasid Harsono 0.13%
1. Agoest Soebhektie 8. Imelda Mulyadi Harsono 0.03%
2. Djony Winarto
3. Nurniawati

184 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi 06-Sep-18
AGII01ACN1 Berkelanjutan I Aneka 9.90% 06-Dec-18 PT Bank Mega A-(idn)
1. 45,000 07-Jun-17 06-Jun-20 3
IDA0000810A4 Gas Industri Tahap I 06-Mar-19 Tbk. Positive
Tahun 2017 Seri A Quarterly 06-Jun-19
Obligasi 06-Sep-18
AGII01BCN1 Berkelanjutan I Aneka 10.35% 06-Dec-18 PT Bank Mega A-(idn)
2. 19,000 07-Jun-17 06-Jun-22 5
IDA0000810B2 Gas Industri Tahap I 06-Mar-19 Tbk. Positive
Sukuk Ijarah
Ijarah Fee 06-Sep-18
SIAGII01ACN1 Berkelanjutan I Aneka 06-Dec-18 PT Bank Mega A-(idn)
3. 147,000 07-Jun-17 06-Jun-20 3 Rp14,55M p.a.
IDJ0000090A4 Gas Industri Tahap I 06-Mar-19 Tbk. Positive
Sukuk Ijarah
Ijarah Fee 06-Sep-18
SIAGII01BCN1 Berkelanjutan I Aneka 06-Dec-18 PT Bank Mega A-(idn)
4. 99,000 07-Jun-17 06-Jun-22 5 Rp10,25M p.a.
IDJ0000090B2 Gas Industri Tahap I 06-Mar-19 Tbk. Positive
Obligasi 05-Sep-18
AGII01ACN2 Berkelanjutan I Aneka 9.50% 05-Dec-18 PT Bank Mega A-(idn)
5. 195,000 06-Dec-17 05-Dec-20 3
IDA0000866A6 Gas Industri Tahap II 05-Mar-19 Tbk. Positive
Obligasi 05-Sep-18
AGII01BCN2 Berkelanjutan I Aneka 9.90% 05-Dec-18 PT Bank Mega A-(idn)
6. 61,000 06-Dec-17 05-Dec-22 5
IDA0000866B4 Gas Industri Tahap II 05-Mar-19 Tbk. Positive
Sukuk Ijarah Ijarah Fee 05-Sep-18

SIAGII01ACN2 Berkelanjutan I Aneka Installment of Rp95 05-Dec-18 PT Bank Mega A-(idn)
7. 107,000 06-Dec-17 05-Dec-20 3
IDJ0000101A9 Gas Industri Tahap II mill. per miliar p.a. 05-Mar-19 Tbk. Positive
Sukuk Ijarah Ijarah Fee 05-Sep-18

SIAGII01BCN2 Berkelanjutan I Aneka Installment of Rp99 05-Dec-18 PT Bank Mega A-(idn)
8. 37,000 06-Dec-17 05-Dec-22 5
IDJ0000101B7 Gas Industri Tahap II mill. per miliar p.a. 05-Mar-19 Tbk. Positive

Corporate Bonds 185
TRADING HIGHLIGHT
AGII01ACN1
ISIN CODE : IDA0000810A4 Jun-17 Jun-20


Volume Volume (Rp bn) - 9.00 - - - 2.00
8 4
Frequency Frequency (X) - 3 - - - 2
6 3 Trading days - 1 - - - 1
Turnover Ratio (%) - 80.00 - - - 17.78
4 2 CTP Price - High N/A - N/A N/A N/A 101.1000
Date N/A - N/A N/A N/A 23-May
2 1
CTP Price - Low N/A - N/A N/A N/A 100.0000
- - Date N/A - N/A N/A N/A 23-May
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - 99.9526 101.2022 101.9319 101.7520 99.6483
IBPA Fair Yield (%) - 9.9169 9.3861 9.0055 9.0055 10.0979
Last Date - 22-Jun 29-Sep 29-Dec 29-Mar 22-Jun
Mod. Duration (yrs) - 2.522 2.325 2.136 1.939 1.730
103 12.0
Convexity (yrs) - 7.534 6.405 5.412 4.474 3.585
11.0
102 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
10.0
101 9.0 This series was first listed on 07 June 2017 and will be matured on 06 June 2020. This
series was issued with nominal amount of Rp45.00 billion with fixed interest rate per
100 8.0
annum at 9.90%. This series, throughout 2017 and the first two quarters of 2018 period,
7.0 was traded 5 times in 2 trading days. The average trading volume of this series during the
99
6.0 period was Rp1.83 billion per quarter and the average trading frequency was 1 time per
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
 CTP Highest Price  CTP Lowest Price  Highest Price = Lowest Price same period, the fair yield for this series was in the range of 8.7300% to 10.2589%
AGII01BCN1 Listing Date Maturity Date
ISIN CODE : IDA0000810B2 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - 10.2783 9.6246 9.3729 9.6169 10.5314
Mod. Duration (yrs) - 3.822 3.674 3.524 3.358 3.165
107 12.0
Convexity (yrs) - 17.839 16.394 15.011 13.586 12.075
105 11.0 Sensitivity (%) - 0.038 0.037 0.035 0.034 0.032
103 10.0 This series was listed since 07 June 2017 with nominal value of Rp19.00 billion with fixed
101 9.0
99 8.0
97 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

186 Corporate Bonds
SIAGII01ACN1
ISIN CODE : IDJ0000090A4 Jun-17 Jun-18 Jun-19 Jun-20


100 20
75 15 Trading days - 3 7 10 7 7
Turnover Ratio (%) - 138.10 117.01 202.72 329.25 176.87
50 10 CTP Price - High N/A 100.0200 101.8500 101.5700 102.0000 101.5500
Date N/A 13-Jun 18-Sep 21-Dec 22-Feb 26-Apr
25 5
CTP Price - Low N/A 99.9933 100.0200 99.5000 100.0250 100.0000
- - Date N/A 08-Jun 29-Sep 03-Nov 27-Mar 07-May
IBPA Fair Yield (%) - 9.9213 9.5783 9.1620 9.0055 10.4365
Mod. Duration (yrs) - 2.522 2.323 2.135 1.939 1.729
103 12.0
Convexity (yrs) - 7.534 6.396 5.407 4.474 3.580
102 11.0 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
101 10.0 This series will mature on 6 June 2020, had average turnover of 160.66% per quarter and
traded in 34 trading days during 2017 to Q2-2018 period. During the period, the market
100 9.0
price for this series observed through the Centralized Trading Platform (CTP) was ranging
from 99.5000% to 102.0000%. While the IBPA fair prices for this series was 98.9877% at the
99 8.0
lowest and 102.4200% at the highest.
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIAGII01BCN1
ISIN CODE : IDJ0000090B2 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22


140 28
105 21 Trading days - - 9 2 4 3
Turnover Ratio (%) - - 629.29 24.24 122.83 50.91
Date N/A N/A 18-Aug 19-Dec 12-Jan 17-Apr
35 7
- - Date N/A N/A 20-Jul 03-Nov 27-Mar 02-Apr
IBPA Fair Yield (%) - 10.2783 9.6659 9.3729 9.5638 10.5314
Mod. Duration (yrs) - 3.822 3.673 3.524 3.359 3.165
106 12.0
Convexity (yrs) - 17.839 16.386 15.011 13.594 12.075
104 11.0 Sensitivity (%) - 0.038 0.037 0.035 0.034 0.032
traded in 18 trading days during 2017 to Q2-2018 period. The market price for this series
100 9.0
observed through the Centralized Trading Platform (CTP) was 99.5400% at the lowest and
peaked at 103.6500%. While the IBPA fair price for this series was between 97.8110% and
98 8.0
104.4729%.
96 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 187
AGII01ACN2
ISIN CODE : IDA0000866A6 Dec-17 Dec-18 Dec-19 Dec-20


60 12
45 9 Trading days - - - 1 2 1
Turnover Ratio (%) - - - 2.05 106.67 12.31
30 6 CTP Price - High N/A N/A N/A - 102.5000 -
Date N/A N/A N/A - 23-Mar -
15 3
CTP Price - Low N/A N/A N/A - 99.0000 -
- - Date N/A N/A N/A - 16-Jan -
IBPA Fair Yield (%) - - - 9.3801 8.9248 10.3867
Mod. Duration (yrs) - - - 2.520 2.336 2.129
102 12.0
Convexity (yrs) - - - 7.509 6.448 5.373
101 11.0 Sensitivity (%) - - - 0.025 0.023 0.021
100 10.0 This series was listed since 06 December 2017 with nominal value of Rp195.00 billion with
fixed interest rate of 9.50% per annum. This series had traded 14 times in 4 trading days
99 9.0
98 8.0
98.7500 - 102.5000 while the IBPA fair price was between 97.8757 - 101.6084, the fair yield
for this series was between 8.8549% - 10.4978%.
97 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
AGII01BCN2
ISIN CODE : IDA0000866B4 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - 9.7310 9.7238 10.5956
Mod. Duration (yrs) - - - 3.847 3.693 3.500
105 12.0
Convexity (yrs) - - - 17.989 16.509 14.835
103 11.0 Sensitivity (%) - - - 0.038 0.037 0.035
99 9.0
97 8.0
95 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

188 Corporate Bonds
SIAGII01ACN2
ISIN CODE : IDJ0000101A9 Dec-17 Dec-18 Dec-19 Dec-20


140 32
105 24 Trading days - - - 4 7 7
Turnover Ratio (%) - - - - - 381.31
Date N/A N/A N/A 29-Dec 11-Jan 04-Jun
35 8
- - Date N/A N/A N/A 12-Dec 09-Feb 07-Jun
IBPA Fair Yield (%) - - - 9.3012 9.1981 10.3867
Mod. Duration (yrs) - - - 2.521 2.333 2.131
106 12.0
Convexity (yrs) - - - 7.514 6.435 5.385
104 11.0 Sensitivity (%) - - - 0.025 0.023 0.021
102 10.0 This series will mature on 5 December 2020, had average turnover of 63.55% per quarter
and traded in 18 trading days during 2017 to Q2-2018 period. During the period, the
100 9.0
ranging from 98.7500% to 104.0000%. While the IBPA fair prices for this series was
98 8.0
98.0970% at the lowest and 100.7592% at the highest.
96 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIAGII01BCN2
ISIN CODE : IDJ0000101B7 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - 9.7310 9.7238 10.5956
Mod. Duration (yrs) - - - 3.847 3.693 3.500
105 12.0
Convexity (yrs) - - - 17.989 16.509 14.835
103 11.0 Sensitivity (%) - - - 0.038 0.037 0.035
101 10.0 This series was first listed on December, 6th 2017 and will be matured on December, 5th
2022. This series has an outstanding amount of Rp37 billion with fixed coupon per annum
99 9.0
at 9.90%. This series, throughout 2017 and the first half of 2018 period, was not traded at
all. Therefore there were no market prices for this series. While IBPA valued the fair prices
97 8.0
for this series were 95.7790% for the lowest and 102.8677% for the highest.
95 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 189

AGII01ACN1 9 20.0%
AGII01BCN1
SIAGII01ACN1 51 43 75 114.5%
SIAGII01BCN1 156 6 163.4%
AGII01ACN2 1 0.5%
AGII01BCN2
SIAGII01ACN2 16 15.0%
- 75 150 225 300 375 450 525 600 675 750

190 Corporate Bonds

A long history and a strong background have led PT No. Company Total Revenue Net Profit Revenue
Aneka Gas Industri strives to become the largest (Rp Bill) Margins (%) Growth (%)
network industrial gas company in Indonesia. The 1. PT Medco Energi Internasional Tbk. 12,541 14.2 55.5
Company and subsidiaries currently has 44 plants 2. PT Aneka Gas Industri Tbk. 1,838 5.3 11.3
(gas plant) spread in the region of Indonesia: North
Sumatra, Riau, Lampung, Jakarta, West Java, East Java,
Central Kalimantan, South Kalimantan, East
Kalimantan, South Sulawesi and North Sulawesi. The Financial Statement as of Fiscal Year 2017
largest factory is currently located in Sidoarjo, East
Java, where the plant is capable to produce gas Historical Corporate Ratings
products such as Oxygen, Nitrogen, Argon, Nitrous No. Rating Agency Rating Rating Status Rating Date Outlook
Oxide (N2O), C2H2, and specialty gases. The
Company's main business activities are in the trading, 1. Fitch Ratings A-(idn) Affirmed 14-May-18 Positive*
service, and industry of various industrial gases and 2. Fitch Ratings A-(idn) Affirmed 19-May-17 Stable
3. Fitch Ratings A-(idn) Affirmed 22-Dec-16 Stable**
medical gases.
4. Fitch Ratings A-(idn) Affirmed 27-May-16 Negative***
5. Fitch Ratings A-(idn) Affirmed 28-May-15 Negative
As of December 31, 2017, the Company’s
shareholders consisted of PT Aneka Mega Energi
SWOT Analysis
(57.05%), PT Samator (37.01%), and Others (5.94%).
- Strong market position - High capital intensive business
- Strong distribution channel lead to higher capital structure
- Strong industrial gas client base compared to other manufacturing
business
- Highly dependent on electrical
supply from PLN
- Highly affected by Indonesia's
economic condition and situations
Financial Analysis
AGII’s net sales for the year ended December 31,
2017, increased by 11.34% to Rp1.84 trillion. The
increase in net sales was mainly contributed by the
increase in sales of gas products by 11.24%. Increase O pportunities T hreats
sales price in 2017 as a result of inflation and product
mix, and an increase in sales of services and - The potential of needs for specialty - Increasing in basic electricity tariff
equipment by12.31%. In line with the increase, AGII’s gas products - Threat of substitute products
Cost of Good Sold in 2017 has increased by 12.31% - Various government policies that
to Rp996.82 billion. An increase in CoGS was mainly brought positive impact to the
driven by an increase in cost installations by 92.82%, demand for industrial gasses
an increase in direct labor by 13.08% and an increase - High barriers to entry
in cost fabrication by 8.92%. The Company booked - Diversified consumers from various
profit the year ended December 31, 2017, amounted sectors among others food and
to Rp97.60 billion or increased by 51.82% from beverages industry, cosmetics
Rp64.29 billion in 2016. AGII’s current assets as of industry, etc.
December 31, 2017, increased by 3.19% to Rp1.53
trillion and the non-current assets increased by
11.65% to Rp4.88 trillion.
*The outlook revision reflects that the Company's develeraging will continue as the Company
plans to lower capex in the medium term with higher production capacity and widen coverage to
reach more costumer,
**The revised follows the declined of net debt/EBITDA to below 4.5x due to the Company’s Rp811
billion IPO at end-September 2016
***The revised follows the industrial gas producer’s large debt-funded expansion that has resulted
in more aggresive capital structure

Corporate Bonds 191
idAA
AGRO PT Bank Rakyat Indonesia Agroniaga Tbk. Stable
Sector : Finance Gedung BRI AGRO
Sub Sector : Bank Jln. Warung Jati Barat No. 139
Website : www.briagro.co.id Jakarta 12740
Corporate Sec. : Hirawan Nur Kustono Phone : (021) 7919-9980
Email Corporate Sec. : hirawan.nur@briagro.co.id Fax : (021) 7919-9950
A gr o Ban k w a s f ou n ded on 27th of FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
September 1989 by Dana Pensiun BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Perkebunan (Dapenbun). This Bank has a Cash on Hand 28,654 12,106 -57.75 q
vital and strategic role in developing the
Placements with Other Banks 1,116,916 1,439,860 28.91 p
agribusiness sector in indonesia. Converged in Agribusiness
Marketable Securities 767,592 3,049,023 297.22 p
Financing, AGRO Bank has its portfolio predominantly in
Agribusiness (from 50% to 70%) both on farm and off farm. Loans 7,939,829 10,981,623 38.31 p
Investments 298 298 - 
On March 3rd 2011, PT. Bank Rakyat Indonesia (Persero), Tbk
Property, Plant and Equipment 241,948 264,127 9.17 p
acquired PT. Bank Agroniaga, Tbk and became it’s major stock
holder. In 2012 at the 23rd anniversary of Agro Bank, as a form of Total Assets 11,377,961 16,325,247 43.48 p
commitment and synergy with parent company, Agro Bank was Deposits 8,086,523 12,452,978 54.00 p
renamed as PT. Bank Rakyat Indonesia Agroniaga Tbk., with the Fund Borrowings - - - 
commercial name BRI Agro. Total Liabilities 9,441,709 13,213,962 39.95 p
BRI Agro progressively improved its engagements with BRI to Authorized Capital (Mil. Sh) 25,000 60,000 140.00 p
provides the best Bank services. These actions reflected in all of the Authorized Capital 2,500,000 6,000,000 140.00 p
developments of BRI Agro banking technology and products like the Paid up Capital 1,532,571 1,791,254 16.88 p
ability of BRI Agro customers to use the ATM Card free of charge for Paid up Capital (Mil. Sh) 15,326 17,913 16.88 p
all transactions using the BRI ATM Network across indonesia.
Par Value (Rp) 100 100 - 
Without leaving the initial focus in the agribusiness sector as main Retained Earnings 239,426 360,351 50.51 p
pillar, the Company also continues to improve its capability in Total Equity …*) 1,936,252 3,111,285 60.69 p
providing its customers with more competent and excellent banking Non Controlling Interest - - - 
services like Savings, Deposits, and Current Accounts. There are also
Total Equity 1,936,252 3,111,285 60.69 p
several prize programs available in order to answer both of customer
savings and investment needs. The Company's also has its financing
facilities ranging from retail, middle and consumer segment, which INCOME STATEMENTS
will help to develop its customer's businesses. Total Interest Income 965,085 1,252,069 29.74 p
Interest Expenses 543,413 748,947 37.82 p
BRI Agro aspired to be the best financial solution for Agribusiness
and Digital Banking in 2022. Therefore, in 2018 BRI Agro will increase Other Operating Revenue 70,694 55,106 -22.05 q
its capital to be BUKU III with the implementation of Digital Banking, Other Operating Expenses 228,669 240,385 5.12 p
and get ready to be the Digital Bank Attacker. The realization of Income from Operations 128,507 176,705 37.51 p
Digital Banking in 2018 will be the foundation for BRI Agro in Non-Operating Revenues 12,759 16,927 32.67 p
becoming the best market penetration in digital banking in 2019.
Earning Before Tax 141,266 193,633 37.07 p
Thus, by 2020 BRI Agro is expected to be able to integrate
agribusiness and Digital Banking. In 2021, BRI Agro is predicted to be
a leader in Digital Banking especially in the Micro and Consumer Comprehensive Income 100,643 180,846 79.69 p
segment. Thus, by 2022 with the implementation of all plans in 2018- Net Income … *) 103,003 140,496 36.40 p
2021, BRI Agro will become the best financial solution for
Agribusiness and Digital Banking. FINANCIAL RATIOS
In the present, BRI Agro has accomplished various achievements. DER (X) 4.88 4.25 -12.90 q
Several eligible parties including Warta Ekonomi, Economic Review, ROA (%) 0.91 0.86 -4.94 q
and Indonesian Business Professional & Education Awards have NPM (%) 10.67 11.22 5.14 p
recognized all of the awards. Furthermore, according to Infobank, BRI EBITDA Coverage (X) 13.32 14.11 5.99 p
Agro earned a “Sangat Bagus” rating from 2012-2018. This
*) … attributable to owners of the parent entity
achievement has led BRI Agro to be the 8th Best National Foreign
Exchange Private Bank in 2018. BRI Agro also become the 12th from
100 excellent Growth Company and obtained AA rating for corporate SHAREHOLDERS
and Bonds by PEFINDO. 1. PT Bank Rakyat Indonesia (Persero) Tbk. 87.19%
2. Public 6.50%
3. DAPENBUN 6.31%
AUDIT COMMITTEE
1. Heru Sukanto
2. Nusyirwan
3. Retno Surdini

192 Corporate Bonds

1. Anna Maria Tjiadarma * 1. Agus Noorsanto
2. Edwind Sinaga 2. Bambang Krisminarno
3. Heru Sukanto * 3. Ebeneser Girsang
*) Independent Commissioner 4. Herry Prayudi
5. Zainuddin Mappa
AS OF JUNE 2018
Coupon Coupon
07-Jul-18 PT Bank
AGRO01A Obligasi I BRI Agro 8.25% 07-Oct-18 Negara idAA
1. 261,000 10-Jul-17 07-Jul-20 3
IDA0000830A2 Tahun 2017 Seri A 07-Jan-19 Indonesia Stable
07-Jul-18 PT Bank
AGRO01B Obligasi I BRI Agro 8.50% 07-Oct-18 Negara idAA
2. 239,000 10-Jul-17 07-Jul-22 5
IDA0000830B0 Tahun 2017 Seri B 07-Jan-19 Indonesia Stable
TRADING HIGHLIGHT
AGRO01A
ISIN CODE : IDA0000830A2 Jul-17 Jul-20


Volume Volume (Rp bn) - - 177.00 60.00 - -
160 4
Frequency Frequency (X) - - 3 2 - -
120 3 Trading days - - 2 1 - -
Turnover Ratio (%) - - 271.26 91.95 - -
80 2 CTP Price - High N/A N/A 100.030 100.600 N/A N/A
Date N/A N/A 29-Aug 30-Nov N/A N/A
40 1
CTP Price - Low N/A N/A 100.000 100.450 N/A N/A
- - Date N/A N/A 29-Aug 30-Nov N/A N/A
IBPA Fair Yield (%) - - 7.9631 7.8377 7.8439 9.1144
Mod. Duration (yrs) - - 2.414 2.219 2.018 1.804
102 10.0
Convexity (yrs) - - 6.907 5.846 4.856 3.909
101 9.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
100 8.0 This series was traded in 3 trading days during 2017 to Q2-2018 period. The total trading
volume was Rp237.00 billion during the period. The IBPA fair prices for this series were
99 7.0
98.0689% at the lowest and 101.6146% at the highest. While in the market, observed
through IDX Centralized Trading Platform (CTP), this series was traded within its fair prices
98 6.0
which were 100.0000% at the lowest and at 100.6000% at the highest.
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 193
AGRO01B Listing Date Maturity Date
ISIN CODE : IDA0000830B0 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22


140 4
105 3 Trading days - - 3 2 - -
Turnover Ratio (%) - - 251.05 16.74 - -
Date N/A N/A 21-Jul 15-Nov N/A N/A
35 1
- - Date N/A N/A 21-Jul 14-Nov N/A N/A
IBPA Fair Yield (%) - - 8.4784 8.2206 8.5183 9.4284
Mod. Duration (yrs) - - 3.817 3.659 3.484 3.282
104 11.0
Convexity (yrs) - - 17.583 16.094 14.556 12.938
102 10.0 Sensitivity (%) - - 0.038 0.037 0.035 0.033
100 9.0 This series will mature on 07 July 2022, and was traded in 5 trading days during 2017 to
Q2-2018 period. During the period, the average trading volume reached Rp26.67 billion
98 8.0
per quarter. The market price for this series observed through the Centralized Trading
96 7.0
IBPA fair price for this series was valued between 95.2585% and 102.0766%.
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
AGRO01A 177 60 90.8%
AGRO01B 150 10 66.9%
- 75 150 225 300 375 450 525 600 675 750

194 Corporate Bonds

Established by Dana Pensiun Perkebunan (Dapenbun) No. Company Total Revenue Net Profit Revenue
on September 27, 1989, Bank AGRO has important (Rp Bill) Margins (%) Growth (%)
and strategic roles in the development of Indonesia 1. PT Bank Bukopin Tbk. 9,623 1.4 2.5
agribusiness sector. As a bank that focuses on the 2. PT Bank Pembangunan Daerah Maluku dan Maluku Utara 753 18.9 7.7
agribusiness financing, since its establishment up to 3. PT Bank Rakyat Indonesia Agroniaga Tbk. 1,252 11.2 29.7
now, the loan portfolio of Bank AGRO is mostly 4. PT Bank Victoria International Tbk. 2,293 5.9 6.1
(between 60%-75%) distributed to agribusiness 5. PT Bank Capital Indonesia Tbk. 1,290 6.7 4.2
sector, both on farm and off farm. Financial Statement as of Fiscal Year 2017
Business activities operated by BRI Agro including Historical Corporate Ratings

fund collection from public in the form of current No. Rating Agency Rating Rating Status Rating Date Outlook
account, time deposits, certified deposits, saving
account and/or other types, providing loan, and other 1. Pefindo idAA Affirmed 13-Mar-18 Stable
general Banking activities, as well as foreign exchange 2. Pefindo idAA Assigned 1-Mar-17 Stable
3. Pefindo idAA- Assigned 11-Aug-14 Stable
transactions. The operational network is spread in 13
of 34 Provinces across Indonesia.
By the end of 2017, composition of Company’s

SWOT Analysis
Shareholders was 86.82% by BRI, 5.99% by Dana
Pensiun Perkebunan and 7.19% by Public.
- Very strong likelihood of support - Moderate profitability
from controlling shareholder - Loan concentration on the
-Strong capitalization profile agribusiness sector
- Less developed retail funds
- Limited office networks
Financial Analysis
Interest income grew 29.74% in 2017 to Rp1.25
trillion from Rp965 billion. While interest expense was
34.28% higher from Rp558 billion in 2016 to Rp749
billion in 2017. Therefore the bank managed to O pportunities T hreats
increase net interest income by 23.51% from Rp407
billion to Rp503 billion. The positive growth of - Great potential of SME in agro - Fluctuation in global economic
interest income was backed by funding expansion as business sector condition
seen from increasing third party deposits by 36.47% - Fee based income potential from - Tight competition in banking
to Rp12.42 trillion. Funding expansion was followed credit, funds, and banking services sector
by increasing net third party loans by 33.76% to - Knowledge and technology sharing - Incrasing interest rate environment
Rp10.62 trillion. Credit expansion was followed by with Bank BRI
improving asset quality as reflected from decreasing
gross NPL from 2.88% to 2.59%. The bank operating
income, however, was down 22.05% from Rp71
billion to Rp55 billion. Overall, the bank managed to
grow its net income by 36.40% from Rp103 billion to
Rp141 billion.

Corporate Bonds 195
idD
AISA PT Tiga Pilar Sejahtera Food Tbk. -
Sector : Consumer Goods Industry Plaza Mutiara Suite 1601, 16th. Floor
Sub Sector : Food And Beverages Jln. Dr. Ide Anak Gde Agung Kav. E.1.2 No. 1&2
Website : www.tigapilar.com Jakarta 12850
Corporate Sec. : Ricky Tjie Phone : (021) 5790-5335
Email Corporate Sec. : corporate.secretary@tigapilar.com Fax : (021) 5790-5333, 5785-3456
The company was established with the name FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
of PT Tiga Pilar Sejahtera in 1992 by 3 BALANCE SHEETS Dec-2016 Dec-2017 Chg %
entrepreneurs, they are: Mr. Joko Mogoginta,
Cash & Cash Equivalents 295,926 181,613 -38.63 q
Mr. Budhi Istanto and the late Mr. Priyo
Receivables 2,928,514 2,702,913 -7.70 q
Hadisutanto. To strengthen its existence, in 2003 the Company
become a listed company under the name of PT Tiga Pilar Sejahtera Inventories 2,069,726 1,401,390 -32.29 q
Food Tbk. (“AISA”). The listing was conducted through a backdoor Current Assets 5,949,164 4,536,882 -23.74 q
listing by acquiring PT Asia Inti Selera; therefore the Company is Property, Plant and Equipment 2,587,235 3,178,987 22.87 p
listed on the Indonesia Stock Exchange under the trading code of Total Assets 9,254,539 8,724,734 -5.72 q
AISA. AISA is a food-related businesses company that currently has
two divisions, the Food Division (TPS Food) and the Rice Division (TPS
Interest Bearing liabilities 4,328,810 4,637,910 7.14 p
Rice).
Total Liabilities 4,990,139 5,319,855 6.61 p
For the Food Division, AISA through subsidiary entities produce dried
Authorized Capital (Mil. Sh) 4,788 4,788 - 
noodles with several mainstay brands such as “Ayam 2 Telor” and
“Superior”; instant vermicelli with the brand “Bihunku”; snack with the Authorized Capital 998,000 998,000 - 
brand “Taro”; snack noodle with the brand “Mie Kremezz”; candy with Paid up Capital 684,220 684,220 - 
the brand “Gulas”; biscuits with the brand “Growie” as well as fortified Paid up Capital (Mil. Sh) 3,219 3,219 - 
biscuits for institutions. The location of food processing plants are Par Value (Rp) 500 & 200 500 & 200 - 
located in Sragen – Central Java, Tangerang, Bogor, Medan and
Retained Earnings 1,796,408 1,231,304 -31.46 q
Banjarmasin.
Total Equity …*) 3,942,933 3,377,829 -14.33 q
For the Rice Division, AISA produces several rice products which are
Non Controlling Interest 321,467 27,050 -91.59 q
divided into two clasifications: branded pack rice and branded bulk
rice. Branded pack rice include “Ayam Jago”, “Maknyuss”, “Desa Total Equity 4,264,400 3,404,879 -20.16 q
Cianjur”, “Rojolele Dumbo”, and “Jatisari”. Branded bulk rice include
“Al Platinum”, “Kiwi”, “Putri Padi”, and “Golden Land”. INCOME STATEMENTS
AISA’s market share, which is one of the market leaders for the snack Total Revenues 6,545,680 4,920,632 -24.83 q
noodle category, extrusion snack, and instant vermicelli as well as Gross Profit 1,683,303 626,236 -62.80 q
second highest within the dried noodle and dried vermicelli category. Interest Expenses 381,260 421,992 10.68 p
AISA continues to expand their distribution network in order to reach Total Operating Expenses 401,559 1,174,990 192.61 p
even more customers. Up to today, AISA has 71 distributor groups Operating Profit 1,281,744 -548,754 N/A q
reaching 184 cities in Indonesia. Earning Before Tax 898,431 -967,484 N/A q
In 2013, AISA issued TPS Food Bonds I Year 2013 valued Rp600 billion EBITDA 1,408,183 -354,517 N/A q
and TPS Food Sukuk Ijarah I Year 2013 valued Rp300 billion.
Income for the periods 719,228 -846,809 N/A q
Furthermore, in July 2016, AISA listed TPS Food Sukuk Ijarah II Year
Comprehensive Income 706,681 -859,521 N/A q
2016 within the Indonesian Stock Exchange with an amount of Rp1.2
trillion, this fund is to be entirely used to refinance bank Net Income … *) 593,475 -551,903 N/A q
BOARD OF COMMISSIONERS FINANCIAL RATIOS

1. Anton Apriyantono DER (X) 1.02 1.36 34.19 p
2. Bondan Haryo Winarno * ROA (%) 7.77 -9.71 N/A q
3. Hengky Koestanto NPM (%) 10.99 -17.21 N/A q
4. Jaka Prasetya EBITDA Coverage (X) 3.69 -0.84 N/A q
5. Kang Hongkie Widjaja *) … attributable to owners of the parent entity
BOARD OF DIRECTORS SHAREHOLDERS

1. Stefanus Joko Mogoginta 1. Public 37.62%
2. Budhi Istanto Suwito 2. PT Tiga Pilar Corpora 22.01%
3. Jo Tjong Seng 3. JPMCB NA – Re-Trophy Investors I Ltd. 9.33%
4. Trophy 2014 Investor - Limited 9.09%
AUDIT COMMITTEE 5. Morgan Stanley & Co. LLC-Client Account 6.52%
1. Anton Apriyantono 6. Primanex Limited 5.38%
2. Bondan Haryo Winarno 7. BBH Luxembourg S/A Fidelity FD SICAV, FD FDS PAC FD 5.03%
3. Sudibyo Hartanto 8. Ajengan Asia, Pte. Ltd. 5.02%
4. Wijaya Kusumo

196 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
05-Jul-18
AISA01 Obligasi TPS Food I 10.25% 05-Oct-18 PT Bank Mega idD
1. 600,000 08-Apr-13 05-Apr-19 5
IDA000057905 Tahun 2013 05-Jan-19 Tbk. N/A
Quarterly 05-Apr-19
Rp25.625.000,- per
Rp1.000.000.000,- per 3 05-Jul-18
SIAISA01 Sukuk Ijarah TPS months from Ijarah Fee 05-Oct-18 PT Bank Mega idD(sy)
2. 300,000 08-Apr-13 05-Apr-19 5
IDJ000005905 Food I tahun 2013 Residual 05-Jan-19 Tbk. N/A
Quarterly 05-Apr-19
126.600.000.000 (if 19-Jul-18

SIAISA02 Sukuk Ijarah TPS principal = 1.2 triliun) 19-Oct-18 PT Bank Mega idD(sy)
3. 1,200,000 20-Jul-16 19-Jul-21 5 p.a. from residual
IDJ000007802 Food II Tahun 2016 19-Jan-19 Tbk. N/A
Quarterly 19-Apr-19
TRADING HIGHLIGHT
AISA01
ISIN CODE : IDA000057905 Apr-13 Apr-16 Apr-19


1200 100
900 75 Trading days 10 11 11 26 13 21
Turnover Ratio (%) 88.07 117.80 280.27 350.50 202.47 910.34
600 50 CTP Price - High 102.8000 101.5100 101.7500 101.5800 101.0000 100.0200
Date 13-Feb 02-May 22-Sep 05-Oct 08-Jan 20-Jun
300 25
CTP Price - Low 100.0000 100.5000 99.9500 99.2800 98.8000 69.9800
- - Date 09-Mar 03-May 19-Sep 27-Dec 22-Jan 25-Apr
IBPA Fair Yield (%) 9.1642 8.6443 8.3379 8.4450 8.4661 8.4661
Last Date 31-Mar 22-Jun 29-Sep 29-Dec 12-Jan 12-Jan
Mod. Duration (yrs) 1.761 1.586 1.365 1.153 0.960 0.732
105 11.0
Convexity (yrs) 3.779 3.075 2.312 1.683 1.201 0.738
97 10.0 Sensitivity (%) 0.018 0.016 0.014 0.012 0.010 0.007
89 9.0 This series was first listed on 08 April 2013 and will be matured on 05 April 2019. This
series has an outstanding amount of Rp600.00 billion with fixed coupon per annum at
81 8.0
10.25%. This series, throughout 2017 and the first two quarters of 2018 period, was
traded in 92 trading days with 324.91% of average quarterly turnover. The total trading
73 7.0
volume throughout the period was Rp2.92 trillion and the total trading frequency was 328
transactions. IBPA valued the fair prices for this series were 99.9200% for the lowest and
65 6.0
101.4000% for the highest.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 197
SIAISA01 Listing Date Maturity Date
ISIN CODE : IDJ000005905 Apr-13 Apr-15 Apr-17 Apr-19


600 36
450 27 Trading days 10 7 16 13 7 8
Turnover Ratio (%) 162.27 182.67 194.00 216.00 194.36 816.00
300 18 CTP Price - High 101.9000 101.2500 101.3700 101.3300 100.6000 100.6300
Date 17-Mar 07-Apr 06-Sep 15-Nov 27-Feb 21-May
150 9
CTP Price - Low 99.3200 99.4200 100.5000 100.5000 98.9700 98.5686
- - Date 07-Feb 27-Apr 01-Aug 10-Nov 23-Jan 03-Apr
IBPA Fair Yield (%) 9.2477 8.6443 7.8359 8.4450 8.4661 8.4661
Mod. Duration (yrs) 1.761 1.586 1.367 1.153 0.960 0.732
102 11.0
Convexity (yrs) 3.777 3.075 2.318 1.683 1.201 0.738
101 10.0 Sensitivity (%) 0.018 0.016 0.014 0.012 0.010 0.007
100 9.0 This series will mature on 5 April 2019, had average turnover of 294.22% per quarter and
99 8.0
98 7.0
101.3968%.
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIAISA02
ISIN CODE : IDJ000007802 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21


800 80
600 60 Trading days 17 18 17 17 8 7
Turnover Ratio (%) 56.67 175.00 153.01 298.31 133.50 190.27
400 40 CTP Price - High 103.5000 103.6000 103.5200 105.5000 101.5300 101.5600
Date 29-Mar 07-Jun 19-Sep 23-Nov 27-Feb 05-Apr
200 20
CTP Price - Low 99.5000 100.0000 99.5000 100.0000 98.9700 99.0000
- - Date 07-Mar 17-May 19-Sep 09-Oct 23-Jan 22-May
IBPA Fair Yield (%) 10.0585 9.4957 9.6449 9.4187 9.2436 9.2436
Mod. Duration (yrs) 3.364 3.241 3.058 2.895 2.867 2.673
107 11.0
Convexity (yrs) 13.892 12.792 11.374 10.157 9.732 8.462
105 10.0 Sensitivity (%) 0.034 0.032 0.031 0.029 0.029 0.027
103 9.0 This series will mature on 19 July 2021, had average turnover of 167.79% per quarter and
101 8.0
99 7.0
104.2725%.
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

198 Corporate Bonds
AISA01 132 177 420 526 209.2%
SIAISA01 122 137 146 162 188.7%
SIAISA02 170 525 459 895 170.7%
- 300 600 900 1,200 1,500 1,800 2,100

Corporate Bonds 199

PT Tiga Pilar Sejahtera Food Tbk. is an Indonesia- No. Company Total Revenue Net Profit Revenue
based company established in 1990. The company is (Rp Bill) Margins (%) Growth (%)
primarily engaged in milling and packaging rice. Its 1. PT Indofood Sukses Makmur Tbk. 70,187 7.3 5.3
business is classified into three divisions: food, rice 2. PT Mayora Indah Tbk. 20,817 7.8 13.4
and palm oil. The food division categorizes its 3. PT Tiga Pilar Sejahtera Food Tbk. 4,921 (17.2) (24.8)
products into two types: basic foods, consisting of 4. PT Siantar Top Tbk. 2,825 7.6 7.5
dried noodles, vermicelli, premium dried noodles and 5. PT Nippon Indosari Corpindo Tbk. 2,491 5.4 (1.2)
premium vermicelli, and consumer foods, that Financial Statement as of Fiscal Year 2017
comprise instant noodles, instant vermicelli, chocolate
biscuits, candies and snacks. The division also Historical Corporate Ratings
manufactures private label-branded rice. The palm oil No. Rating Agency Rating Rating Status Rating Date Outlook
division manages and operates several palm
plantations in Sumatera and Kalimantan, Indonesia; it 1. Pefindo idCCC Affirmed 16-May-18 CWNI*
is also engaged in processing palm fresh fruit 2. Pefindo idCCC Affirmed 27-Mar-18 Stable**
3. Pefindo idCCC Downgraded*** 7-Feb-18 CWNI
bunches, crude palm oil as well as palm kernels and
4. Pefindo idBB+ Downgraded**** 12-Jan-18 CWNI
its derivatives.
5. Pefindo idBBB Downgraded***** 30-Nov-17 CWNI
As of December 31, 2017, the company’s

SWOT Analysis
shareholders were PT Tiga Pilar Corpora (26.10%), JP
S
Morgan Chase Bank NA RE Non-Treaty Clients
(9.33%), Trophy 2014 Investor Limited (9.09%), trengths W eaknesses
Morgan Stanley and Co LLC (6.52%), Maybank Kim
- Diversified product offering - Aggressive capital structure
Eng Securities (5.48%), Primanex Limited (5.38%), and
- Above average position in the - Weak liquidity and cash flow
Public (38.09%).
domestic food market protection after divesting its rice
business
Financial Analysis
In 2017, the Company booked a net loss of Rp548.75
billion, or decreased by 142.81% from profit of
Rp1.28 trillion in 2016. The net loss was due to the
O pportunities T hreats
decrease in net sales was higher than the decreased - Growing domestic demand backed - Fluctuation in raw material costs
in Cost of Goods Sold (CoGS). The Company's net by favorable demographic profile - Tight competition in the industry
sales decreased by 24,83% to Rp4.92 trillion, while - Resilient food & beverages industry
the CoGS decreased by 11.68% to Rp4.29 trillion. - Increasing middle income class
Moreover, the other expense of Company rised people
significantly reach 965.61%, and operating expenses
increased by 37.33%. The biggest contribution to the
decrease are allowances for impairment of
receivables, and loss on written off inventory.
As of December 31, 2017, the Company's total asset

was Rp8.72 trillion or decreased by 5.72% compared
*The revised the rating outlook reflects the Company's liquidity is weak and may be its cash not be
to 2016, this was due to the decreased in current
sufficient to cover the coupon payments of IDR109.3billion in July 2018
assets and non-current assets each by 7.69% and **The revised following the result of Company's Bondholders and Sukuk Ijarah holders General
44.44%. Meanwhile the total liabilities increased by Meeting which extend the maturity date of Bond to execute several corporate actions for
6.61% to Rp5.32 trillion in 2017. repayment for purposes
***Rated IdCCC reflects the Company currently vulnerable, and is dependent upon favorable
business and financial conditions to meet its financial commitments
****The downgraded reflects weak capacity to meet its long-term financial commitments relative
to that of other Indonesian obligors
*****The downgraded was due to a higher debt to annualized EBITDA ratio of 5.3x in the first nine
months of 2017 (9M2017) and annualized FFO to debt ratio to 7.6% in 9M2017

200 Corporate Bonds
idAA-
AKRA PT AKR Corporindo Tbk. Positive*
Sector : Trade, Services & Investment Wisma AKR 7th - 8th Fl.
Sub Sector : Wholesale (Durable & Non-Durable Goods) Jln. Panjang No. 5, Kebon Jeruk
Website : www.akr.co.id Jakarta
Corporate Sec. : Ricardo Silaen Phone : (021) 531-1110
Email Corporate Sec. : ricardo.silaen@akr.co.id Fax : (021) 531-1185, 531-1388
PT AKR Corporindo Tbk. is an integrated supply FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
ch ain solutions company that operates in BALANCE SHEETS Dec-2016 Dec-2017 Chg %
distribution of petroleum and basic chemicals,
Cash & Cash Equivalents 1,366,943 1,771,229 29.58 p
logistic services, and manufacturing of adhesive
Receivables 2,600,467 2,787,659 7.20 p
materials. The Company’s extensive assets include
sea port and river port in Indonesia; tank terminals Inventories 862,466 1,072,638 24.37 p
for petroleum and basic chemicals; Self Propelled Oil Barges; trucks; Current Assets 7,391,379 8,816,349 19.28 p
warehouses; and other logistics equipment. Property, Plant and Equipment 4,561,738 4,214,694 -7.61 q
Today, AKR is supplying refined Petroleum products from Total Assets 15,830,741 16,823,209 6.27 p
International refineries to Mining, Government power utility, also Current Liabilities 5,815,708 5,429,491 -6.64 q
industrial and commercial sector. While in retail sector, AKR has Interest Bearing liabilities 4,030,427 3,172,916 -21.28 q
developed 135 units petrol stations across Java-Bali, Sumatera and Total Liabilities 7,756,420 7,793,559 0.48 p
Kalimantan as of 2017. Recently, AKR through JV with BP is also Authorized Capital (Mil. Sh) 7,500 7,500 - 
developing petroleum retail and aviation fuel business. AKR is also
Authorized Capital 750,000 750,000 - 
the raw material supplier of choice to industrial companies in Textiles,
Alumina, Soap and detergent, construction and consumer related Paid up Capital 399,178 400,633 0.36 p
industries and represents World class producers of chemicals like Paid up Capital (Mil. Sh) 3,992 4,006 0.36 p
Asahimas chemicals, Solvay Europe and USA among others. Par Value (Rp) 100 100 - 
Retained Earnings 5,028,694 5,625,394 11.87 p
AKR is now known as a leading provider of third party logistics
services, supply chain infrastructure in Indonesia. AKR invest in Port Total Equity …*) 6,821,104 7,557,991 10.80 p
facilities and other infrastructure to grow its trading and distribution Non Controlling Interest 1,253,217 1,471,658 17.43 p
and logistics business. Through JV with partner Royal Vopak, Total Equity 8,074,320 9,029,649 11.83 p
commissioned the largest independent petroleum storage terminal,
PT Jakarta Tank Terminal (JTT) in Tanjung Priok Port.
INCOME STATEMENTS
AKR along with Pelindo III has embarked on building Indonesia’s first Total Revenues 15,212,591 18,287,936 20.22 p
integrated industrial complex – Java Integrated Industrial Ports and Gross Profit 1,874,932 1,867,281 -0.41 q
Estate (JIIPE) in Manyar, Gresik, East Java. This industrial estate and Interest Expenses 63,962 23,257 -63.64 q
ports project encompasses a total of over 3,000 hectares including a
Total Operating Expenses 685,931 754,556 10.00 p
residential estate being constructed by AKR’s sister company PT AKR
Operating Profit 1,175,360 1,136,871 -3.27 q
Land Development. The project under development since 2013 aims
at providing efficient logistics facilities, energy and infrastructure Earning Before Tax 1,156,167 1,156,230 0.01 p
solutions to industry being located in the strategic area of East Java EBITDA 1,686,491 1,517,658 -10.01 q
with extensive multi – moda transportation facilities such as deep sea Income for the periods 1,046,850 1,304,601 24.62 p
port, toll road, railway sidings and very close to Surabaya Comprehensive Income 901,038 1,340,604 48.78 p
International facilities. One of the objectives of the bond of Rp1.5
Net Income … *) 1,010,786 1,201,667 18.88 p
trillion that issued on December 2012 is to support this project.
The Company also issued Sustainable Public Offering of Bond I AKR FINANCIAL RATIOS
Corporindo Phase I Year 2017 of Rp1 trillion on July 2017 for funding DER (X) 0.50 0.35 -29.60 q
working capital.
ROA (%) 6.61 7.75 17.27 p
The Company’s application of GCG has gained international NPM (%) 6.88 7.13 3.66 p
recognition through the awarding of Asia’s Icon on Corporate EBITDA Coverage (X) 26.37 65.26 147.49 p
Governance. AKR shares trade under Stock ticker “AKRA” and are
part of the LQ 45 index and over 40% of the shareholdings are held
by International and Indonesian investors delivering significant
returns to the shareholders. AKR continues to constantly improve its SHAREHOLDERS
operations while providing Strong Stable and Sustainable return to 1. PT Arthakencana Rayatama 58.51%
its stakeholders. 2. Public 41.49%
AUDIT COMMITTEE
1. I Nyoman Mastra
2. Edwin Gerungan
3. Sahat Pardede

Corporate Bonds 201

1. Soegiarto Adikoesoemo 1. Haryanto Adikoesoemo
2. I Nyoman Mastra * 2. Arief Budiman Utomo
3. Mahendra Siregar 3. Bambang Soetiono Soedijanto
*) Independent Commissioner 4. Jimmy Tandyo
5. Mery Sofi
6. Nery Polim
7. Suresh Vembu
8. Termurti Tiban
AS OF JUNE 2018
Coupon Coupon
21-Sep-18
Obligasi I AKR
AKRA01B 8.75% 21-Dec-18 PT Bank Mega idAA-
1. Corpindo Tahun 877,000 26-Dec-12 21-Dec-19 7
IDA0000562B9 21-Mar-19 Tbk. Positive
2012 Seri B
Quarterly 21-Jun-19
Obligasi 07-Jul-18
AKRA01ACN1 Berkelanjutan I AKR 8.50% 07-Oct-18 PT Bank Mega idAA-
2. 895,000 10-Jul-17 07-Jul-20 3
IDA0000821A1 Corporindo Tahap I 07-Jan-19 Tbk. Positive
Tahun 2017 Seri A Quarterly 07-Apr-19
Obligasi 07-Jul-18
AKRA01BCN1 Berkelanjutan I AKR 8.88% 07-Oct-18 PT Bank Mega idAA-
3. 68,000 10-Jul-17 07-Jul-22 5
IDA0000821B9 Corporindo Tahap I 07-Jan-19 Tbk. Positive
Obligasi 07-Jul-18
AKRA01CCN1 Berkelanjutan I AKR 9.00% 07-Oct-18 PT Bank Mega idAA-
4. 37,000 10-Jul-17 07-Jul-24 7
IDA0000821C7 Corporindo Tahap I 07-Jan-19 Tbk. Positive
Tahun 2017 Seri C Quarterly 07-Apr-19

202 Corporate Bonds
TRADING HIGHLIGHT
AKRA01B
ISIN CODE : IDA0000562B9 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19


200 60
150 45 Trading days 17 5 8 11 6 16
Turnover Ratio (%) 102.64 19.77 67.64 44.65 38.49 25.42
100 30 CTP Price - High 101.0000 100.7000 101.9000 102.0000 103.0500 102.5000
Date 17-Mar 16-Jun 30-Aug 18-Dec 12-Mar 25-Apr
50 15
CTP Price - Low 93.7500 95.5000 97.0000 96.0000 98.0000 97.0000
- - Date 10-Jan 19-May 18-Aug 25-Oct 20-Mar 24-May
IBPA Fair Yield (%) 8.6034 8.5893 8.1240 7.7282 7.6129 9.6654
Mod. Duration (yrs) 2.395 2.220 2.005 1.801 1.590 1.366
105 11.0
Convexity (yrs) 6.720 5.771 4.731 3.839 3.021 2.263
102 10.0 Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
99 9.0 The series AKRA01B issued which amounted to Rp877.00 billion with interest rates of
8.75% per annum. This bond was listed from 26 December 2012 and matured in 21
96 8.0
December 2019. In first semester 2018, IBPA fair price recorded at range 98.7378 -
102.2473, while the CTP recorded at level 97.0000 - 103.0500. Until the end of June 2018,
93 7.0
total volume recorded by Rp654.72 billion and transacted 162 times. AKRA01B has 63
total trading days from 2017 until the end of Q2-2018
90 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
AKRA01ACN1 Listing Date Maturity Date
ISIN CODE : IDA0000821A1 Jul-17 Jul-18 Jul-19 Jul-20


Volume Volume (Rp bn) - - 1979.00 406.00 - 152.00
1600 60
Frequency Frequency (X) - - 56 20 - 6
1200 45 Trading days - - 12 9 - 3
Turnover Ratio (%) - - 884.47 181.45 - 67.93
800 30 CTP Price - High N/A N/A 101.1500 101.8500 N/A 102.0000
Date N/A N/A 20-Sep 27-Nov N/A 19-Apr
400 15
CTP Price - Low N/A N/A 99.9500 100.0000 N/A 99.9000
- - Date N/A N/A 20-Sep 29-Nov N/A 24-Apr
IBPA Fair Yield (%) - - 8.4873 8.2636 8.0138 9.2671
Mod. Duration (yrs) - - 2.401 2.209 2.012 1.799
103 10.0
Convexity (yrs) - - 6.853 5.808 4.834 3.893
102 9.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
101 8.0 The bond code AKRA01ACN1 issued as much as Rp895.00 billion with interest rate of
8.50% per annum. This bond is effective from 10 July 2017 to 07 July 2020. During 2017,
100 7.0
the market price (Centralized Trading Platform) was traded between 99.9500 and
99 6.0
98 5.0
yield at 7.6225%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 203
AKRA01BCN1


12 4
9 3 Trading days - - - - - 2
Turnover Ratio (%) - - - - - 58.82
3 1
IBPA Fair Yield (%) - - 8.5329 8.2787 8.6386 9.5603
Mod. Duration (yrs) - - 3.790 3.635 3.460 3.259
105 11.0
Convexity (yrs) - - 17.417 15.948 14.420 12.818
103 10.0 Sensitivity (%) - - 0.038 0.036 0.035 0.033
annum. This bond is effective from 10 July 2017 to 07 July 2022. There was no trading for
99 8.0
this series in 2017, meanwhile in a half of year 2018 recorded by Rp10.00 billion and
transacted 2 times. Based on the market price (Centralized Trading Platform) during the
97 7.0
first semester of 2018, this bond was traded between 100.5900 and 100.6100 and IBPA
fair price recorded at range 96.0699 - 103.2511.
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
AKRA01CCN1
ISIN CODE : IDA0000821C7 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - 8.7962 8.5924 9.0075 9.8415
Mod. Duration (yrs) - - 4.942 4.819 4.658 4.452
105 11.0
Convexity (yrs) - - 30.709 29.024 27.067 24.821
103 10.0 Sensitivity (%) - - 0.049 0.048 0.047 0.045
99 8.0
97 7.0
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

204 Corporate Bonds
AKRA01B 225 43 148 98 58.7%
AKRA01ACN1 1,979 406 266.5%
AKRA01BCN1
AKRA01CCN1
- 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500

Corporate Bonds 205

PT AKR Corporindo Tbk., hereinafter referred to as No. Company Total Revenue Net Profit Revenue
AKR or Company, was established in Surabaya 28 (Rp Bill) Margins (%) Growth (%)
November 1977 under the name of PT Aneka Kimia 1. PT AKR Corporindo Tbk. 18,288 7.1 20.2
Raya. The Company initially engaged basic chemicals 2. PT Lautan Luas Tbk. 6,597 2.8 2.5
trading. But in 2004, the Company changed its name
to PT AKR Corporindo Tbk. together with additional
business lines that no longer just focused on the
basic chemicals business. Financial Statement as of Fiscal Year 2017
Currently, the Company is well known as the leading Historical Corporate Ratings
provider of logistics services, supply chain and No. Rating Agency Rating Rating Status Rating Date Outlook
infrastructure in Indonesia. The Company operates its
business not only in Indonesia, but also in China. The 1. Pefindo idAA- Affirmed 12-Mar-18 Positive*
Company is now developing an integrated industrial 2. Pefindo idAA- Affirmed 30-Mar-17 Stable**
3. Pefindo idAA- Affirmed 5-Oct-16 Positive***
and port area called Java Integrated Industrial and
4. Pefindo idAA- Affirmed 12-Oct-15 Stable
Ports Estate (JIIPE) located in Gresik, East Java.
As of December 31, 2017, its shareholders were PT

SWOT Analysis
Arthakencana Rayatama (58.47%) and the public
(41.53%).
- The leading provider of logistic - Aggressive expansion that funded
services supply chain and with debt
infrastructure in Indonesia - Thin profit margin compare the
- Extensive logistic infrastructure peer
network
- Strong cash flow protection
measures and liquidity
Financial Analysis
The Company’s operating profit in 2017 decreased by
3.28% compared to the previous year, from Rp1.18
trillion in 2016 to Rp1.14 trillion in 2017. The decrease
was due to higher costs. Consolidated sales and O pportunities T hreats
revenue increased by 20.22% to Rp18.29 trillion in
2017. While Cost of sales and revenue increased by - The massive effort from - Steady demand for fuel in
23.11% in 2017, from Rp13.34 trillion in 2016 to Government to develop infrastucture Indonesia
Rp16.42 trillion in 2017, primarily in the trading and - Improvement in coal mining - Stagnant demand for industrial
distribution segment with addition of Rp3.07 trillion, industry and other commidity prices land
and Industrial Estate that increased by Rp118.4 - JIIPE (Java Integrated Industrial and - The downturn in the mining sector
billion. Operating expenses in 2017 also increased by Ports Estate) considerations as a
10.0% to Rp754.6 billion compared to last year, due Strategic National Projects
to the increase in allowances for impairment losses
for trade receivables from Rp59 billion to Rp122
billion. Nevertheless the comprehensive income for
the current year was higher in 2017 due to the
exchange difference after translation of the financial
statement.
*The positive outlook was given to anticipate of further improvement in the Company's capital
structure and cash flow protection measures
The Company’s total assets as of December 31, 2017 **The revised the rating outlook to reflect lower than expected growth of Revenue in fuel
amounted to Rp16.82 trillion, or grew 6.27% from distribution business due to slower pace in commodity price recovery
Rp15.83 trillion in 2016, due to cash increase from ***The positive outlook in anticipation of potential improvement in the Company's capital
Rp1.37 trillion in 2016 to Rp1.77 trillion in 2017. structure and cash flow protection measures along with the result of optimal cost management in
its fuel distribution busniness
Industrial land inventory for development also
increased from Rp3.77 trillion to Rp4.14 trillion.

206 Corporate Bonds
AA-(idn)
AMRT PT Sumber Alfaria Trijaya Tbk. Stable
Sector : Trade, Services & Investment Jln. Jalur Sutera Barat Kav. 9
Sub Sector : Retail Trade Alam Sutera
Website : www.alfamartku.com Tangerang 15143
Corporate Sec. : Tomin Widian Phone : (021) 8082-1555
Email Corporate Sec. : corsec@sat.co.id Fax : (021) 8082-1556
Established in 1989, PT Sumber Alfaria FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Trijaya Tbk. (“Company”) started its BALANCE SHEETS Dec-2016 Dec-2017 Chg %
commercial operations focusing in trading
Cash & Cash Equivalents 936,614 946,700 1.08 p
cigarettes.
Receivables 2,066,604 2,313,760 11.96 p
Then in 1999 entered minimarket sector with the exponential Inventories 6,058,907 6,934,065 14.44 p
expansions began in 2002 by acquiring 141 Alfaminimart stores and Current Assets 10,232,917 11,544,190 12.81 p
bringing the new name "ALFAMART". Nowadays ALFAMART served
Property, Plant and Equipment 5,743,768 6,042,904 5.21 p
more than 4.1 million customers each day through its extensive
stores and warehouses throughout Indonesia. Total Assets 19,474,367 21,901,740 12.46 p
In 2017 with the increase in sales and numbers of stores, the Interest Bearing liabilities 6,732,773 7,857,919 16.71 p
Company’s consolidated net revenues reached Rp61.46 trillion,
increasing 9.55% compared to 2016. The Company also booked
income attributable to the owner of the parent company amounted Authorized Capital (Mil. Sh) 120,000 120,000 - 
to Rp300.3 billion. Authorized Capital 1,200,000 1,200,000 - 
Paid up Capital 415,245 415,245 - 
In 2017, successfully opened 1,111 stores of which 170 stores are
franchise stores . Until 2017, the Company had 13,477 stores
(including 3,533 franchise stores) and 32 warehouses spread Par Value (Rp) 10 10 - 
throughout Indonesia. Retained Earnings 2,646,527 2,766,170 4.52 p
Total Equity …*) 5,137,354 5,107,897 -0.57 q
Based on Nielsen Retail Audit, the Company’s market share in the
mini market segment reached by 31.4%. These numbers represent Non Controlling Interest 157,409 142,273 -9.62 q
dominance and aggressive expansion of the Company throughout Total Equity 5,294,763 5,250,170 -0.84 q
2017.
To ensure sustainable business process, the Company commit to

INCOME STATEMENTS
provide added value for all stakeholders through develop CSR Total Revenues 56,107,056 61,464,903 9.55 p
programs by preserving working environment, review and develop Gross Profit 10,872,498 12,001,317 10.38 p
of labour practices, enhancing social welfare and customer Interest Expenses 525,827 646,936 23.03 p
protection. Total Operating Expenses 9,600,318 10,964,360 14.21 p
BOARD OF COMMISSIONERS Earning Before Tax 747,546 381,342 -48.99 q
1. Feny Djoko Susanto EBITDA 3,305,990 3,438,653 4.01 p
2. Ahwil Loetan * Income for the periods 553,835 257,735 -53.46 q
3. Budiyanto Djoko Susanto Comprehensive Income 531,266 115,498 -78.26 q
4. Imam Santoso Hadiwidjaja * Net Income … *) 601,589 300,275 -50.09 q
FINANCIAL RATIOS
BOARD OF DIRECTORS DER (X) 1.27 1.50 17.70 p
1. Anggara Hans Prawira ROA (%) 2.84 1.18 -58.62 q
2. Bambang Setyawan Djojo NPM (%) 0.99 0.42 -57.52 q
3. Harryanto Susanto EBITDA Coverage (X) 6.29 5.32 -15.46 q
4. Soeng Peter Suryadi *) … attributable to owners of the parent entity
5. Solihin
6. Tomin Widian SHAREHOLDERS
1. PT Sigmantara Alfindo 52.54%
2. Public (<5%) 47.46%
AUDIT COMMITTEE
1. Ahwil Loetan
2. Timotius
3. Wafaju

Corporate Bonds 207
AS OF JUNE 2018
Coupon Coupon
Obligasi
08-Aug-18 PT Bank
Berkelanjutan I 10.00%
AMRT01BCN2 08-Nov-18 Rakyat AA-(idn)
1. Sumber Alfaria 400,000 11-May-15 08-May-20 5
IDA0000684B1 08-Feb-19 Indonesia Stable
Trijaya Tahap II
Quarterly 08-May-19 (Persero) Tbk.
Tahun 2015 Seri B
Obligasi
23-Aug-18 PT Bank
Berkelanjutan II 8.50%
AMRT02CN1 23-Nov-18 Rakyat AA-(idn)
2. Sumber Alfaria 1,000,000 24-May-17 23-May-20 3
IDA000080501 23-Feb-19 Indonesia Stable
Trijaya Tahap I
Tahun 2017
Obligasi
Berkelanjutan II 12-Jul-18 PT Bank
7.50%
AMRT02CN2 Sumber Alfaria 12-Oct-18 Rakyat AA-(idn)
3. 1,000,000 13-Apr-18 12-Apr-21 3
IDA000089403 Trijaya Secara 12-Jan-19 Indonesia Stable
Bertahap Tahap II Quarterly 12-Apr-19 (Persero) Tbk.
Tahun 2018
TRADING HIGHLIGHT
AMRT01BCN2
ISIN CODE : IDA0000684B1 May-15 May-16 May-17 May-18 May-19 May-20


Volume Volume (Rp bn) - 20.00 119.00 70.00 11.00 -
100 8
Frequency Frequency (X) - 1 7 8 5 -
75 6 Trading days - 1 1 4 2 -
Turnover Ratio (%) - 20.00 119.00 70.00 11.00 -
50 4 CTP Price - High N/A 104.7500 103.5000 104.3080 105.0500 N/A
Date N/A 06-Jun 21-Aug 21-Nov 28-Mar N/A
25 2
CTP Price - Low N/A 104.7500 103.0000 103.9000 104.9500 N/A
- - Date N/A 06-Jun 21-Aug 02-Nov 28-Mar N/A
IBPA Fair Yield (%) 8.9510 8.8107 8.2302 7.7392 7.9435 9.2248
Mod. Duration (yrs) 2.616 2.456 2.258 2.069 1.869 1.658
107 11.0
Convexity (yrs) 8.181 7.189 6.081 5.113 4.191 3.324
105 10.0 Sensitivity (%) 0.026 0.025 0.023 0.021 0.019 0.017
101 8.0
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

208 Corporate Bonds
AMRT02CN1 Listing Date Maturity Date
ISIN CODE : IDA000080501 May-17 May-18 May-19 May-20


1000 24
750 18 Trading days - 4 9 1 3 3
Turnover Ratio (%) - 287.60 496.00 1.20 12.40 10.40
500 12 CTP Price - High N/A 100.1800 100.6000 101.1000 101.8500 100.0500
Date N/A 16-Jun 09-Aug 08-Dec 16-Jan 05-Jun
250 6
CTP Price - Low N/A 100.0000 100.0000 100.6000 101.1500 99.8600
- - Date N/A 29-May 08-Aug 08-Dec 13-Mar 08-May
IBPA Fair Yield (%) - 8.5312 8.2347 7.8607 7.7831 8.9644
Mod. Duration (yrs) - 2.542 2.334 2.138 1.935 1.720
103 11.0
Convexity (yrs) - 7.585 6.408 5.390 4.435 3.531
102 10.0 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
101 9.0 This series, matured on 23 May 2020, had average turnover of 134.60%/quarter and
traded in 20 trading days during 2017 to Q2-2018 period. In 2017, average trading
100 8.0
volume reached Rp490.50 billion/quarter with average frequency about 10.75 times per
quarter, while during the first semester of 2018 the average volume decreased to Rp28.50
99 7.0
billion/quarter with average frequency decreased to 7.00 times per quarter. From 2017
until Q2-2018, the market price for this series observed through the Centralized Trading
98 6.0
Platform (CTP) was between 99.8600 at the lowest and peaked at 101.8500. While the
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
range of IBPA fair price for this series that stood between 98.9352 and 101.9406. At the
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price same period, the yield valued by IBPA was 7.5807% at the lowest, and 9.1133% at the
 IBPA Fair Price  YTM highest.
AMRT02CN2
ISIN CODE : IDA000089403 Apr-18 Apr-19 Apr-20 Apr-21


1000 16
750 12 Trading days - - - - - 9
Turnover Ratio (%) - - - - - 420.20
Date N/A N/A N/A N/A N/A 08-Jun
250 4
- - Date N/A N/A N/A N/A N/A 07-Jun
IBPA Fair Yield (%) - - - - - 9.3934
102 11.0
Convexity (yrs) - - - - - 6.968
100 10.0 Sensitivity (%) - - - - - 0.024
98 9.0 This series listed on 13 April 2018. The average quarterly turnover during the first half of
2018 was about 70.03%/quarter and was traded in 9 trading days during the period. The
96 8.0
average trading volume during the period was Rp175.08 billion/quarter. The market price
that was observed through Centralized Trading Platform (CTP) during the whole period
94 7.0
was between 100.0000 and 100.1700. Meanwhile, the range IBPA fair price at the same
year for this series was ranging from 94.4978 to 100.0650. The outstanding amount of this
92 6.0
series by the end of June 2018 was Rp1.00 trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 209

AMRT01BCN2 20 119 70 52.3%
AMRT02CN1 719 1,240 196.2%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

210 Corporate Bonds

PT Sumber Alfaria Trijaya Tbk. (AMRT) was a retailer No. Company Total Revenue Net Profit Revenue
with more than 5.000 stores providing affordable, (Rp Bill) Margins (%) Growth (%)
high quality every day needs. AMRT’s vision is to be 1. PT Sumber Alfaria Trijaya Tbk. 61,465 0.4 9.5
an advanced retail network owned by the wider 2. PT Tiphone Mobile Indonesia Tbk. 27,914 1.5 2.2
society. AMRT and its subsidiaries also are constantly 3. PT Mitra Adiperkasa Tbk. 16,306 2.1 15.2
striving to market store franchises and weave
partnerships with wider society. In 2017, the
Company had operated 15,028 stores of which 33.7% Financial Statement as of Fiscal Year 2017
spread in the Jabodetabek area, 37.6% in the areas of
Java outside Jabodetabek, and 28.7% in the areas Historical Corporate Ratings
outside Java. No. Rating Agency Rating Rating Status Rating Date Outlook
As of December 31, 2017, its ownership structure 1. Fitch Ratings AA-(idn) Affirmed 23-Feb-18 Stable
consisted of PT Sigmantara Alfindo (52.54%), and 2. Fitch Ratings AA-(idn) Affirmed 12-Apr-17 Stable
3. Fitch Ratings AA-(idn) Affirmed 7-Mar-16 Stable
public (47.46%).
4. Fitch Ratings AA-(idn) Assigned 22-Apr-15 Stable
5. Fitch Ratings AA-(idn) Affirmed 12-Mar-15 Stable
SWOT Analysis
- Solid market position in Indonesia -High dependence on local
modern retail consumers
- Strong funding access with banks -High business concentration on
and the domestic bond market Jakarta & Java
- Sufficient supply chain
- Stable profitability growth
Financial Analysis
The Company's net revenue in the year ended on
December 31, 2017, amounted to Rp61.46 trillion or
rose by 9.55% from previous year, mainly because of
sales increase and additional number of store during O pportunities T hreats
the year. The largest contribution to the net revenue
came from food sales that reached 66.78%. -Business expansion into emerging - Stronger competitive in the
Nevertheless, the Company's net profit declined by market industry
50.09% to Rp300.28 billion in 2017 from Rp601.59 - Highly the customer's needs for - The shift in the consumption
billion in 2016. In 2017, the Company's operational fresh foods pattern
expenses increased by 15.85%, while the financed - Regulation that hinder retail
cost increased by 23.03%. industry growth
As of December 31, 2017, the Company recorded

total assets of Rp21.90 trillion or rose by 12.46%. That
increase was in line with the growth of business
during the year. And, total liabilities record
amounted to Rp16.65 trillion or rising by 17.43%.

Corporate Bonds 211
idBBB+
ANTM PT ANTAM Tbk. Stable
Sector : Mining Aneka Tambang Building Tower A
Sub Sector : Metal And Mineral Mining Jln. Letjen TB. Simatupang No. 1
Website : www.antam.com Jakarta 12530
Corporate Sec. : Aprilandi Hidayat Setia Phone : (021) 789-1234
Email Corporate Sec. : corsec@antam.com Fax : (021) 789-1244
ANTAM is a leading global diversified and FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
integrated natural resources-based BALANCE SHEETS Dec-2016 Dec-2017 Chg %
c o r p o ra t i on . W i t h op e r at i o n s s p r e a d
Cash & Cash Equivalents 7,623,385 5,550,677 -27.19 q
throughout the mineral-rich Indonesian archipelago, ANTAM
Receivables 990,485 1,377,350 39.06 p
undertakes all activities from exploration, excavation, processing
through to marketing of nickel ore, ferronickel, gold, silver, bauxite, Inventories 1,388,416 1,257,785 -9.41 q
alumina, coal and precious metal processing and refinery services. The Current Assets 10,630,222 9,001,939 -15.32 q
company has long term loyal blue chip customers in Europe and Asia. Property, Plant and Equipment 12,958,946 14,092,995 8.75 p
Due to the vastness of the company's licensed exploration areas as Total Assets 29,981,536 30,014,273 0.11 p
well as its known large holdings of high quality reserves and resources,
ANTAM has formed several joint ventures with international partners
to profitably develop geological ore bodies into profitable mines. Interest Bearing liabilities 9,904,639 9,398,915 -5.11 q
The company generates healthy cash flows, and has prudent capital Total Liabilities 11,572,740 11,523,870 -0.42 q
management. The company became a limited liability state-controlled Authorized Capital (Mil. Sh) 38,000 38,000 - 
company in 1968 with the merger of several single commodity mining Authorized Capital 3,800,000 3,800,000 - 
companies. In 1997, the company conducted an initial public offering Paid up Capital 2,403,076 2,403,076 - 
(IPO) and listed its shares on the Indonesia Stock Exchange. In 1999,
ANTAM listed its shares in Australia as a foreign exempt entity and
then in 2002 augmented its status to the more stringent ASX Listing. Par Value (Rp) 100 100 - 
ANTAM's objectives are centered on increasing shareholder value. The
company's main objective is to enhance shareholder value by lowering Total Equity …*) 18,408,775 18,490,386 0.44 p
costs while profitably expanding operations in a sustainable manner. Non Controlling Interest 21 17 -16.79 q
The strategy maintains focus on ANTAM's core business of nickel, gold Total Equity 18,408,796 18,490,404 0.44 p
and bauxite with a view to maximizing output in order to increase cash
generation and lower unit costs. ANTAM plans to sustain growth
through reliable expansion projects, strategic alliances, increasing
INCOME STATEMENTS
quality reserves and adding value by moving away from selling raw Total Revenues 9,106,261 12,653,619 38.96 p
materials and increasing processing activities. ANTAM will also Gross Profit 851,795 1,643,892 92.99 p
maintain financial strength. By generating as much cash as possible Interest Expenses 319,274 607,686 90.33 p
ANTAM ensures it will have sufficient funds to repay debts, finance Total Operating Expenses 843,639 1,043,286 23.67 p
continued growth and pay dividends. Lowering costs means operating
Operating Profit 8,156 600,606 7,263.93 p
more efficiently and productively, as well as increasing capacity to
benefit from economies of scale. Earning Before Tax 237,292 454,397 91.49 p
As a mining company, ANTAM realizes its operations have a direct EBITDA 1,130,679 2,232,427 97.44 p
impact on the surrounding environment and nearby communities. Income for the periods 64,806 136,503 110.63 p
Environmental sustainability and community development are not Comprehensive Income 92,077 81,608 -11.37 q
viewed merely as being socially responsible, but also as risk Net Income … *) 64,806 136,503 110.63 p
management. The characteristic of mining in Indonesia is that it plays a
big role in the development of remote areas and so given the mine's
large role in community development it is crucial to operate not as an FINANCIAL RATIOS
outsider but as a member of the community and a good corporate DER (X) 0.54 0.51 -5.52 q
citizen and thereby reduce the likelihood of business interruptions. ROA (%) 0.22 0.45 110.40 p
ANTAM believes environmental sustainability and proactive NPM (%) 0.71 1.08 51.58 p
community development are necessary to successfully operate a mine.
EBITDA Coverage (X) 3.54 3.67 3.73 p
Serious attention to natural conservation efforts and proactive
participation in community development are one of the keys to *) … attributable to owners of the parent entity
successful mining activities.
SHAREHOLDERS
1. PT Indonesia Asahan Aluminium (Persero) 65.00%
BOARD OF COMMISSIONERS BOARD OF DIRECTORS 2. Public 35.00%
1. Fachrul Razi 1. Arie Prabowo Ariotedjo
2. Anang Sri Kusuwardono * 2. Dimas Wikan Pramudhito AUDIT COMMITTEE
3. Bambang Gatot Ariyono 3. Hari Widjajanto 1. Gumilar Rusliwa Somantri
4. Gumilar Rusliwa Somantri * 4. Johan N.B. Nababan 2. Mursyid Amal
5. Robert A. Simanjuntak 5. Sutrisno S. Tatetdagat 3. Rukmana Nugraha Adhi
6. Zaelani 6. Tatang Hendra 4. Zaelani

212 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi 14-Sep-18
ANTM01ACN1 Berkelanjutan I 8.38% 14-Dec-18 PT Bank idBBB+
1. 900,000 15-Dec-11 14-Dec-18 7
IDA0000501A9 ANTAM Tahap I - Permata Tbk. Stable
Tahun 2011 Seri A Quarterly -
Obligasi 14-Sep-18
ANTM01BCN1 Berkelanjutan I 9.05% 14-Dec-18 PT Bank idBBB+
2. 2,100,000 15-Dec-11 14-Dec-21 10
IDA0000501B7 ANTAM Tahap I 14-Mar-19 Permata Tbk. Stable
TRADING HIGHLIGHT
ANTM01ACN1
ISIN CODE : IDA0000501A9 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18


200 36
150 27 Trading days 2 1 8 14 2 7
Turnover Ratio (%) 5.33 0.89 40.00 104.00 11.56 36.00
100 18 CTP Price - High 96.0200 98.0200 100.5000 101.1200 101.9200 104.4200
Date 30-Jan 13-Jun 08-Sep 21-Dec 12-Jan 03-May
50 9
CTP Price - Low 94.2500 98.0000 76.4700 76.4700 100.3000 99.4100
- - Date 27-Feb 13-Jun 29-Sep 02-Oct 16-Mar 20-Jun
IBPA Fair Yield (%) 10.8066 10.4464 9.8206 7.2220 8.8523 9.6573
Mod. Duration (yrs) 1.554 1.363 1.130 0.912 0.678 0.443
105 13.0
Convexity (yrs) 2.894 2.252 1.586 1.071 0.631 0.305
99 11.0 Sensitivity (%) 0.016 0.014 0.011 0.009 0.007 0.004
93 9.0 This series listed on 15 December 2011, and matured on 14 December 2018. This series
issued with nominal amount of Rp900.00 billion and have fixed interest rate per annum at
87 7.0
8.38%. Total trading volume for this series reached Rp84.50 billion/quarter on 2017 and
decreased to Rp53.50 billion/quarter on the first half of the year 2018. Based on the
81 5.0
market price (Centralized Trading Platform), this series was traded between 76.4700 –
104.4200 while the IBPA fair price was between 94.1270 – 101.1352. The IBPA fair yield for
75 3.0
this series was between 6.9728% – 11.7917
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 213
ANTM01BCN1 Listing Date Maturity Date


120 28
90 21 Trading days 8 6 7 10 5 1
Turnover Ratio (%) 27.81 10.48 17.52 23.05 20.19 2.29
60 14 CTP Price - High 101.5500 100.4500 102.1500 102.3500 103.5300 100.4000
Date 02-Mar 10-Apr 27-Sep 13-Oct 13-Feb 06-Jun
30 7
CTP Price - Low 10.1500 90.0000 95.7000 100.0000 95.0000 93.1000
- - Date 21-Feb 16-May 14-Sep 14-Nov 17-Jan 06-Jun
IBPA Fair Yield (%) 11.8531 8.9774 10.1274 8.6501 10.9439 11.7619
Mod. Duration (yrs) 3.701 3.640 3.431 3.292 3.076 2.882
104 13.0
Convexity (yrs) 16.551 15.766 14.020 12.816 11.221 9.847
85 12.0 Sensitivity (%) 0.037 0.036 0.034 0.033 0.031 0.029
66 11.0 The bond series ANTM01BCN1 listed on 15 December 2011 with nominal amount of
Rp2.10 trillion. The bond has interest rate per annum at 9.05% and this series will be
47 10.0
matured on 14 December 2021. ANTM01BCN1 was traded with total volume Rp414.00
billion in 2017 and Rp118.00 billion in a half of year 2018. During 2017 until Q2-2018,
28 9.0
ANTM01BCN1 has a total of 37 trading days and 142 total frequencies. The market price
(Centralized Trading Platform) was between 93.1000 and 103.5300.
9 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ANTM01ACN1 90 234 37.6%
ANTM01BCN1 146 55 92 121 19.7%
- 300 600 900 1,200 1,500 1,800 2,100

214 Corporate Bonds

PT Aneka Tambang Tbk. is a state owned company No. Company Total Revenue Net Profit Revenue
Indonesia which run a vertically integrated and (Rp Bill) Margins (%) Growth (%)
diversified mining and metals business. The primary 1. PT ANTAM Tbk. 12,654 1.1 39.0
business activities of the company are exploration,
exploitation, processing, refining and marketing of
nickel ore, ferronickel, gold, silver, bauxite, coal and
other precious metals.
Financial Statement as of Fiscal Year 2017
In 2017, ANTAM recorded 21,762 TNi and 21,878 TNi,
company's all time high of ferronickel production and Historical Corporate Ratings
sales. In the same year, the company established new No. Rating Agency Rating Rating Status Rating Date Outlook
stream of revenue: export of low grade nickel ore and
bauxite ore. Starting from 29 November 2017, 1. Pefindo idBBB+ Affirmed 13-Sep-17 Stable
ANTAM is part of holding company PT Inalum, thus 2. Pefindo idBBB Downgraded* 16-Sep-16 Stable
3. Pefindo idA- Downgraded** 14-Sep-15 Negative
potentially extracting benefits from synergy across
4. Pefindo idA Affirmed 11-Sep-14 Negative
SOEs with PT Timah Tbk., PT BA Tbk.
5. Pefindo idA Downgraded*** 22-Apr-14 Negative
As of December 31, 2017, the Company’s

SWOT Analysis
shareholders consisted of the PT Indonesia Asahan
Alumunium (Persero) (65%), and Public (35%).
- Strong support by Government - High exposure to fluctuating
- Diversified metals and mining commodity price
products - Aggressive financial leverage
- Sizeable amount of resources and - Weak cash flow protection
reserves
- Vertically integrated mining
operation
- Stronger access to funding and
Financial Analysis bargaining power after merging into
The company’s total revenue in 2017 increased by PT Inalum (Persero)
38.97% from Rp9.11 trillion to Rp12.66 trillion. The
nickel segment in overall recorded Rp4.49 trillion in
net sales, or an increase of 45.77% compared to O pportunities T hreats
Rp3.08 trillion in 2016. In gold and refinery segment,
the company posted Rp7.62 trillion in net sales, or a - Prospect for nickel ore sales due to - Poor infrastructure & logistic
31.38% growth compared to net sales in 2016 at increasing demand of electric vehicle facility
Rp5.80 trillion. As a whole, Gold contributes the most - increasing nickel prices has - Unstable global economic
to the Company’s net sales, accounting for 59% of emerged conditions, especially protectionism
total net sales. On the other hand, ANTAM could - Rupiah continues its depreciation economy policy
maintain cost of good sold to remain relatively stable against US Dollar - Increasing oil and gas price trend
at Rp11 trillion in 2017. Higher production and sales - Monetary policy thightening
volume as well as Company’s continuous effort in
maintaining low cash costs level throughout 2017
positively affect ANTAM operating profit. It is
recorded operating profit of Rp600 billion, a sharp
increase of 7,264% compared to operating profit of
Rp8.15 billion in 2016.
*Driven by persistent lower than expected nickel price
**Due to pressured margins as a result of falling nickel price
***Due to potential lower profitability and cash flow amid rising leverage position

Corporate Bonds 215
idAAA
APAI PT Angkasa Pura I (Persero) Stable
Sector : Infrastructure, Utilities And Transportation Grha Angkasa Pura I
Sub Sector : Toll Road, Airport, Harbor And Allied Products Kota Baru Bandar Kemayoran Blok B12 Kav. 2
Website : www.ap1.co.id Jakarta 10610
Corporate Sec. : Handy Heryudhitiawan Phone : (021) 654-1961
Email Corporate Sec. : humas@ap1.co.id Fax : (021) 654-1513, 1514
PT Angkasa Pura I (Persero) is state-owned FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
company which was established on February BALANCE SHEETS Dec-2016 Dec-2017 Chg %
20, 1964 under direct mandate from the
nation’s founders to manage and develop Indonesian airports to
Receivables 495,215 539,348 8.91 p
equal airports of developed countries.
Inventories 40,617 68,668 69.06 p
The airports managed are strategically located at the heart of
Current Assets 6,084,701 5,897,001 -3.08 q
business areas namely Surabaya in, Makassar, Balikpapan,
Banjarmasin, and Semarang as well as Indonesia’s main tourism Property, Plant and Equipment 17,155,509 18,627,786 8.58 p
destinations, such as Bali, Biak, Manado, Yogyakarta, Surakarta, Total Assets 23,666,946 25,051,810 5.85 p
Lombok, Ambon, and Kupang. Current Liabilities 3,871,792 4,268,030 10.23 p
This is the list of airports currently operated by the company: Interest Bearing liabilities 8,053,194 7,379,108 -8.37 q
1. I Gusti Ngurah Rai Airport – Bali Total Liabilities 11,669,449 11,650,349 -0.16 q
2. Juanda Airport – Surabaya Authorized Capital (Mil. Sh) 12 12 - 
3. Sultan Hasanuddin Airport – Makassar
4. Sultan Aji Muhammad Sulaiman Sepinggan Airport – Balikpapan
5. Frans Kaisiepo Airport – Biak Paid up Capital 6,414,412 6,414,412 - 
6. Sam Ratulangi Airport – Manado Paid up Capital (Mil. Sh) 6 6 - 
7. Syamsudin Noor Airport– Banjarmasin Par Value (Rp) 1,000,000 1,000,000 - 
8. Ahmad Yani Airport – Semarang Retained Earnings 5,239,213 6,512,334 24.30 p
9. Adisutjipto Airport – Yogyakarta Total Equity …*) 11,995,102 13,395,163 11.67 p
10. Adi Soemarmo Airport – Surakarta
Non Controlling Interest 2,395 6,298 162.96 p
11. Lombok Airport - Lombok
12. Pattimura Airport – Ambon Total Equity 11,997,497 13,401,461 11.70 p
13. El Tari Airport – Kupang
To realize its vision to establish world-class airports, various INCOME STATEMENTS
innovations have been continuously made, resulting in global Total Revenues 6,138,272 7,194,348 17.20 p
achievements some airports have gained. Gross Profit 6,138,272 7,194,348 17.20 p
Three airports were rated among the best in the world by Airport Interest Expenses 252,798 333,008 31.73 p
Council International (ACI) and received the 2017 Airport Service Total Operating Expenses 4,488,862 5,306,848 18.22 p
Quality (ASQ) Award. Sultan Aji Muhammad Sulaiman Sepinggan Operating Profit 1,649,410 1,887,500 14.43 p
Airport of Balikpapan was named the 2nd world's best airport in 5-15 Earning Before Tax 1,508,853 1,789,497 18.60 p
million passenger per year category. While I Gusti Ngurah Rai Airport
EBITDA 2,520,868 2,929,558 16.21 p
of Bali won the world's best airport in 15-25 million passenger per
year category. Juanda Airport of Surabaya, meanwhile, won the 3rd Income for the periods 1,159,577 1,420,353 22.49 p
world's best airport in 15-25 million passenger per year category. Comprehensive Income 1,136,916 1,547,292 36.10 p
Juanda Airport was also recognized as the world’s most punctual
airport in 2016 by UK-based air travel intelligence company OAG.
PT Angkasa Pura I (Persero) is currently building some airports in Net Income … *) 1,158,800 1,418,577 22.42 p
order to increase its terminal capacity and service. The ongoing
project developments are as follow: FINANCIAL RATIOS
1. Ahmad Yani Airport, Semarang DER (X) 0.67 0.55 -17.97 q
The groundbreaking event was carried out on June 17, 2014. The new ROA (%) 4.90 5.67 15.72 p
terminal was officially inaugurated by President of Republic of NPM (%) 18.89 19.74 4.51 p
Indonesia, Joko Widodo on June 7, 2018. The airport implements
EBITDA Coverage (X) 9.97 8.80 -11.78 q
eco-airport concept and is able to accommodate up to 6.9 million
passengers per year. *) … attributable to owners of the parent entity
2. Syamsudin Noor Airport, Banjarmasin

Syamsudin Noor Airport’s groundbreaking event was held on May SHAREHOLDERS
18, 2015, which allowed the construction of its new terminal. Once 1. Republic of Indonesia 100.00%
finished, the capacity of the airport will increase to 10 million
passengers per year from previously 1.3 million passengers per year. AUDIT COMMITTEE
3. New Yogyakarta International Airport, Yogyakarta 1. Anandy Wati
The New Yogyakarta International Airport in Kulon Progo is part of a 2. Harry Z. Soeratin
national strategic project being developed by the central
government. Once completed the airport can accommodate up to 14
million passengers per year.

216 Corporate Bonds

1. Djoko Sasono 1. Faik Fahmi
2. Anandy Wati * 2. Adi Nugroho
3. Ali Mochtar Ngabalin 3. Devy Suradji
4. Suprasetyo 4. Lukman F. Laisa
5. Tri Budi Satriyo 5. Novrihandri
6. Harry Z. Soeratin 6. Sardjono Jhony Tjitrokusumo
*) Independent Commissioner 7. Wendro Asrul Rose
AS OF JUNE 2018
Coupon Coupon
22-Aug-18 Pastikan Link Grafik sudah be

Obligasi I Angkasa
APAI01A 8.10% 22-Nov-18 PT Bank Mega idAAA
1. Pura I Tahun 2016 622,000 23-Nov-16 22-Nov-21 5
IDA0000776A7 22-Feb-19 Tbk. Stable Link Grafik sudah be
Pastikan
Seri A
Quarterly 22-May-19
22-Aug-18
Obligasi I Angkasa
APAI01B 8.40% 22-Nov-18 PT Bank Mega idAAA
2. Pura I Tahun 2016 389,000 23-Nov-16 22-Nov-23 7
IDA0000776B5 22-Feb-19 Tbk. Stable
Seri B
Quarterly 22-May-19
22-Aug-18
Obligasi I Angkasa
APAI01C 8.55% 22-Nov-18 PT Bank Mega idAAA
3. Pura I Tahun 2016 1,489,000 23-Nov-16 22-Nov-26 10
IDA0000776C3 22-Feb-19 Tbk. Stable
Seri C
Quarterly 22-May-19
Ijarah Fee 22-Aug-18

Sukuk Ijarah I
SIAPAI01A 22-Nov-18 PT Bank Mega idAAA(sy)
4. Angkasa Pura I 268,000 23-Nov-16 22-Nov-21 5 Rp21.708.000.000
IDJ0000083A9 22-Feb-19 Tbk. Stable
Tahun 2016 Seri A
Quarterly 22-May-19

Sukuk Ijarah I
SIAPAI01B 22-Nov-18 PT Bank Mega idAAA(sy)
IDJ0000083B7 22-Feb-19 Tbk. Stable
Tahun 2016 Seri B
Quarterly 22-May-19

Sukuk Ijarah I
SIAPAI01C 22-Nov-18 PT Bank Mega idAAA(sy)
IDJ0000083C5 22-Feb-19 Tbk. Stable
Tahun 2016 Seri C
Quarterly 22-May-19

Corporate Bonds 217
TRADING HIGHLIGHT
APAI01A
ISIN CODE : IDA0000776A7 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21


Volume Volume (Rp bn) - 42.00 2.00 6.00 - 70.00
60 8
Frequency Frequency (X) - 6 2 3 - 2
45 6 Trading days - 2 1 1 - 1
Turnover Ratio (%) - 27.01 1.29 3.86 - 45.02
30 4 CTP Price - High N/A 100.4800 96.7700 102.5000 N/A 100.0200
Date N/A 19-Jun 23-Aug 12-Oct N/A 24-Apr
15 2
CTP Price - Low N/A 96.0000 96.7500 102.4400 N/A 100.0000
- - Date N/A 05-Jun 23-Aug 12-Oct N/A 24-Apr
IBPA Fair Yield (%) 8.5164 8.3511 7.8031 7.5327 7.6912 8.7257
Mod. Duration (yrs) 3.793 3.649 3.471 3.298 3.112 2.904
104 10.0
Convexity (yrs) 17.092 15.739 14.195 12.775 11.363 9.910
102 9.0 Sensitivity (%) 0.038 0.037 0.035 0.033 0.031 0.029
100 8.0 This series was first listed on 23 November 2016 and matured on 22 November 2021.
Throughout 2017 to the first half of year 2018, total volume traded amounted to
98 7.0
Rp120.00 billion with 5 of total trading days. The CTP market price for this series during
96 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
APAI01B Listing Date Maturity Date
ISIN CODE : IDA0000776B5 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23


Volume Volume (Rp bn) - 22.00 4.00 - - -
20 8
Frequency Frequency (X) - 5 2 - - -
15 6 Trading days - 2 1 - - -
Turnover Ratio (%) - 22.62 4.11 - - -
10 4 CTP Price - High N/A 101.4000 100.5200 N/A N/A N/A
Date N/A 21-Jun 23-Aug N/A N/A N/A
5 2
CTP Price - Low N/A 100.5000 100.5000 N/A N/A N/A
- - Date N/A 22-May 23-Aug N/A N/A N/A
IBPA Fair Yield (%) 8.6456 8.4012 7.9039 7.7787 8.0334 8.9020
Mod. Duration (yrs) 4.992 4.885 4.748 4.602 4.438 4.230
105 10.0
Convexity (yrs) 30.684 29.172 27.388 25.620 23.758 21.638
103 9.0 Sensitivity (%) 0.050 0.049 0.047 0.046 0.044 0.042
101 8.0 The bond series APAI01B, was first listed on 23 November 2016 and matured on 22
November 2023. From 2017 to the first half of year 2018, total volume traded amounted
99 7.0
to Rp26.00 billion with 3 of total trading days. The CTP market price for this series during
97 6.0
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

218 Corporate Bonds
APAI01C


360 32
270 24 Trading days 1 - 9 2 2 3
Turnover Ratio (%) 0.54 - 119.01 3.76 12.89 58.83
180 16 CTP Price - High 100.0600 N/A 106.2100 106.7600 102.0400 102.1575
Date 09-Jan N/A 28-Sep 17-Oct 26-Mar 26-Apr
90 8
CTP Price - Low 100.0400 N/A 101.0500 102.0000 101.9569 95.0532
- - Date 09-Jan N/A 20-Jul 28-Dec 14-Feb 28-May
IBPA Fair Yield (%) 8.8770 8.6813 7.6305 8.1934 8.4430 9.4524
Mod. Duration (yrs) 6.422 6.360 6.351 6.171 6.027 5.775
107 11.0
Convexity (yrs) 53.899 52.422 51.527 48.714 46.371 42.930
104 10.0 Sensitivity (%) 0.064 0.064 0.064 0.062 0.060 0.058
101 9.0 This series was first listed on 23 November 2016 and matured on 22 November 2026.
From 2017 to the first half of year 2018, total volume traded amounted to Rp726.00
98 8.0
billion with 17 of total trading days. The CTP market price for this series during the period
was within the range of 95.0532 – 106.7600. Meanwhile IBPA fair price ranged from
95 7.0
92.4900 to 106.7368. IBPA yield for this series were 7.5278% at the lowest and 9.8748% at
the highest. By the end of June 2018, the outstanding amount of this series was Rp1.49
92 6.0
trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIAPAI01A
ISIN CODE : IDJ0000083A9 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21


Volume Volume (Rp bn) 8.00 - 82.00 12.00 - -
80 24
Frequency Frequency (X) 4 - 4 6 - -
60 18 Trading days 1 - 2 3 - -
Turnover Ratio (%) 11.94 - 122.39 17.91 - -
40 12 CTP Price - High 98.2500 N/A 101.3100 102.1400 N/A N/A
Date 17-Feb N/A 27-Sep 08-Nov N/A N/A
20 6
CTP Price - Low 97.0000 N/A 101.2900 100.8000 N/A N/A
- - Date 17-Feb N/A 27-Sep 07-Nov N/A N/A
IBPA Fair Yield (%) 8.5164 8.3511 7.8666 7.5327 7.6912 8.7257
Mod. Duration (yrs) 3.793 3.649 3.470 3.298 3.112 2.904
105 11.0
Convexity (yrs) 17.092 15.739 14.186 12.775 11.363 9.910
103 10.0 Sensitivity (%) 0.038 0.037 0.035 0.033 0.031 0.029
101 9.0 This series will mature on 22 November 2021, had average turnover of 25.37% per quarter
and traded in 6 trading days during 2017 to Q2-2018 period. The market price for this
99 8.0
series observed through the Centralized Trading Platform (CTP) was 97.0000% at the
lowest and peaked at 102.1400%. While the IBPA fair price for this series was between
97 7.0
95.9762% and 102.7913%.
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 219
SIAPAI01B
ISIN CODE : IDJ0000083B7 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23


Volume Volume (Rp bn) - 40.00 20.00 10.00 - -
36 4
Frequency Frequency (X) - 4 2 2 - -
27 3 Trading days - 1 1 1 - -
Turnover Ratio (%) - 290.91 145.45 72.73 - -
18 2 CTP Price - High N/A 99.7500 100.7600 102.3150 N/A N/A
Date N/A 29-May 31-Aug 21-Dec N/A N/A
9 1
CTP Price - Low N/A 99.2000 100.7400 102.3000 N/A N/A
- - Date N/A 29-May 31-Aug 21-Dec N/A N/A
IBPA Fair Yield (%) 8.6456 8.3252 8.0922 7.7787 8.0334 8.9020
Mod. Duration (yrs) 4.992 4.889 4.738 4.602 4.438 4.230
105 10.0
Convexity (yrs) 30.684 29.207 27.311 25.620 23.758 21.638
103 9.0 Sensitivity (%) 0.050 0.049 0.047 0.046 0.044 0.042
99 7.0
97 6.0
95.2683% and 104.2333%.
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIAPAI01C
ISIN CODE : IDJ0000083C5 Nov-16 Nov-18 Nov-20 Nov-22 Nov-24 Nov-26


Volume Volume (Rp bn) 60.00 - - - - 40.00
60 8
Frequency Frequency (X) 6 - - - - 6
45 6 Trading days 3 - - - - 3
Turnover Ratio (%) 135.59 - - - - 90.40
30 4 CTP Price - High 102.0860 N/A N/A N/A N/A 101.8375
Date 24-Jan N/A N/A N/A N/A 27-Apr
15 2
CTP Price - Low 93.9937 N/A N/A N/A N/A 101.4400
- - Date 08-Feb N/A N/A N/A N/A 19-Apr
IBPA Fair Yield (%) 8.8770 8.6813 8.3587 8.1698 8.4430 9.3065
Mod. Duration (yrs) 6.422 6.360 6.269 6.174 6.027 5.789
106 11.0
Convexity (yrs) 53.899 52.422 50.583 48.743 46.371 43.082
103 10.0 Sensitivity (%) 0.064 0.064 0.063 0.062 0.060 0.058
97 8.0
94 7.0
93.2974% and 104.1915%.
91 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

220 Corporate Bonds
APAI01A 42 8.0%
APAI01B 224 6.7%
APAI01C 443 14 30.8%
SIAPAI01A 8 82 12 38.1%
SIAPAI01B 40 20 127.3%
SIAPAI01C 60 33.9%
- 300 600 900 1,200 1,500

Corporate Bonds 221

PT Angkasa Pura I (Persero) was established in 1964 No. Company Total Revenue Net Profit Revenue
on direct mandate from the nation’s founders to (Rp Bill) Margins (%) Growth (%)
manage and to develop Indonesian airports. 1. PT Jasa Marga (Persero) Tbk. 35,092 6.0 110.6
Currently, the company has managed 13 airports in 2. PT Angkasa Pura II (Persero) 8,110 24.8 22.0
strategic locations situated in central business area 3. PT Angkasa Pura I (Persero) 7,194 19.7 17.2
(Surabaya, Makassar, Balikpapan, Banjarmasin, and 4. PT Pelabuhan Indonesia I (Persero) 2,751 29.3 14.2
Semarang) as well as prime tourism destinations (Bali, 5. PT Marga Lingkar Jakarta 277 (20.0) (18.0)
Biak, Manado, Yogyakarta, Surakarta, Lombok, Financial Statement as of Fiscal Year 2017
Ambon, and Kupang). The company provides airport
affairs services that consist of non-ATS aeronautic Historical Corporate Ratings
which includes aircraft handling services, terminal No. Rating Agency Rating Rating Status Rating Date Outlook
management, and ground handling services. The
company also provides non-aeronautics such as land 1. Pefindo idAAA Affirmed 9-Aug-17 Stable
provision, utilities management, and airport-related 2. Pefindo idAAA Affirmed 17-Oct-16 Stable
3. Pefindo idAAA Assigned 22-Jun-16 Stable
consulting services provision.
4. Fitch Ratings AAA(idn) Assigned 24-Jul-17 Stable
5. Fitch Ratings AAA(idn) Assigned 24-Jul-17 Stable
The company is 100% owned by the government of
Indonesia. The company also established 5
SWOT Analysis
subsidiaries that primarily engaged in non-
aeronautics businesses.
- Strong government support - High financial leverage due to
- Stable profitability margin expansion
- Competitive advantage from its - Have limited flexibility to adjust
service area tariffs
- Have airports in strategic locations
Financial Analysis
In 2017, the company operating revenue increased by
17.20% (Rp1.06 trillion) to Rp7.19 trillion. This
increase was attributable to the increase in
aeronautical revenues (main revenue) and non- O pportunities T hreats
eronautical revenues. The aeronautical revenue
increased by 18.64% to Rp4.29 trillion in 2017 which - Growing Asia Pacific air transport - Challenge to improve airport
dominated by high revenue in Airline Passenger traffic service quality
Service (PJP2U). Meanwhile non-aeronautical revenue - Low-cost carrier industry expansion - The vulnerability of air
increased by 15.15% to Rp2.91 trillion that particularly - Growing domestic flight demand transporation security
came from warehousing revenue. Operating expenses - Rapidly development in the
also increased by 18.22% (Rp817.99 billion) to Rp5.31 aviation industry
trillion in 2017. Post-employment benefits cost was
the component of operating expenses which
contributed the highest increase of Rp371.42 billion
or 470.78% from Rp78.89 trillion in 2016 to Rp450.31
trillion in 2017. Therefore the Company managed to
book a net profit of Rp1.42 trillion in 2017 or
increased by 22.49% from previous year due to the
amount of increase operating income was higher
than the increase in operating expenses generated by
the Company.

222 Corporate Bonds
idAAA
APIA PT Angkasa Pura II (Persero) Stable
Sector : Infrastructure, Utilities And Transportation Soekarno-Hatta International Airport
Sub Sector : Toll Road, Airport, Harbor And Allied Products Building 600
Website : www.angkasapura2.co.id Jakarta 19120
Corporate Sec. : Agus Haryadi Phone : (021) 550-5079
Email Corporate Sec. : Fax : (021) 550-2141
PT Angkasa Pura II (Persero), herein after refer FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
to as “Angkasa Pura II” or “Company” is one BALANCE SHEETS Dec-2016 Dec-2017 Chg %
of the State-Owned enterprises engaged in
Cash & Cash Equivalents 6,975,117 6,054,169 -13.20 
the airport services and airport related services in Western part of
Receivables 839,198 869,830 3.65 
Indonesia. Angkasa Pura II has earned the trust of the Government of
the Republic Indonesia to manage and develop the business of the Inventories 9,953 9,814 -1.39 
Airport of Jakarta Cengkareng that has changed its name to Jakarta Current Assets 8,081,134 7,355,424 -8.98 
Soekarno-Hatta International Airport and Halim Perdanakusuma Property, Plant and Equipment 19,288,216 24,079,499 24.84 
Airport since August 13, 1984. Total Assets 27,991,218 32,651,959 16.65 
The establishment of Angkasa Pura II is to undertake the Current Liabilities 3,155,876 4,101,746 29.97 
management and business of airport and airport-related services by Interest Bearing liabilities 4,754,267 6,332,792 33.20 
optimizing the utilization of potential resources at the disposal of the Total Liabilities 8,063,602 10,613,826 31.63 
Company and implement good corporate governance practices. This Authorized Capital (Mil. Sh) 20 20 - 
is expected to yield high-quality products and services that are highly
competitive in order to increase the value of the Company as well as
Paid up Capital 7,000,000 7,000,000 - 
the trust of its stakeholders, including the general public.
Paid up Capital (Mil. Sh) 7 7 - 
The track records of Angkasa Pura II have shown incredible business
progress and enhancements through the addition of several Par Value (Rp) 1,000,000 1,000,000 - 
infrastructures and facilities as well as service improvements in the Retained Earnings 8,392,778 9,972,512 18.82 
airports under its management. Total Equity …*) 19,927,415 22,037,811 10.59 
Angkasa Pura II operates 14 airports, namely Soekarno-Hatta (Jakarta) Non Controlling Interest 202 323 59.94 
Airport, Halim Perdanakusuma (Jakarta), Kualanamu (Medan), Supadio Total Equity 19,927,617 22,038,134 10.59 
(Pontianak), Minangkabau (Padang), Sultan Mahmud Badaruddin II
(Palembang), Sultan Syarif Kasim II (Pekanbaru), Husein Sastranegara
INCOME STATEMENTS
(Bandung), Sultan Iskandarmuda (Banda Aceh), Raja Haji Fisabilillah
Total Revenues 6,645,802 8,110,402 22.04 
(Tanjungpinang), Sultan Thaha (Jambi), Depati Amir (Pangkal Pinang)
and Silangit (Tapanuli Utara), Banyuwangi (Jawa Timur). Gross Profit 6,645,802 8,110,402 22.04 
Interest Expenses 15,208 287,782 1,792.36 
Angkasa Pura II has earned a number of awards from various
institutions: “The Best SOE in Logistics Sector” from the State Ministry Total Operating Expenses 4,575,034 5,190,821 13.46 
of SOE of the Republic of Indonesia (2004-2006), “The Best I in Good Operating Profit 2,070,769 2,919,581 40.99 
Corporate Governance” (2006), First Place in the “Annual Report Earning Before Tax 2,220,292 2,938,890 32.37 
Award” 2007 for the category of Non-Listed Non-Financial SOE, and EBITDA 3,044,167 4,052,665 33.13 
as The Best and Most Trustworthy SOE in Good Corporate
Income for the periods 1,940,254 2,009,856 3.59 
Governance (GCG) in the Corporate Governance Perception Index
Comprehensive Income 1,898,340 1,934,382 1.90 
2007 Award. In 2009, Angkasa Pura II again earned awards as 1st The
Best Non Listed Company from Anugerah Business Review 2009 and Net Income … *) 1,940,253 2,009,734 3.58 
as The World’s 2nd Most On Time Airport for Soekarno-Hatta
International Airport from Forbestraveller.com, Third Place Annual FINANCIAL RATIOS
Report Award 2009 for the category of Non-Listed Non-Financial SOE, DER (X) 0.24 0.29 20.45 
The Best Prize ‘INACRAFT Award 2010’ in the category of natural
ROA (%) 6.93 6.16 -11.20 
fibers, GCG Award 2011 as Trusted Company Based on Corporate
NPM (%) 29.20 24.78 -15.12 
Governance Perception Index (CGPI) 2010, Award on the Use of
Bahasa Indonesia 2011 from the Ministry of Education and Culture, EBITDA Coverage (X) 200.17 14.08 -92.96 
recognition for Minangkabau International Airport of Padang as *) … attributable to owners of the parent entity
Indonesia Leading Airport in the Indonesia Travel & Tourism Award
2011, and the Zero Accident Award for 2,084,872 man hours between SHAREHOLDERS
January 1, 2009 and December 31, 2011 for Sultan Syarif Kasim II
1. Republic of Indonesia 100.00%
Airport in Pekanbaru, as well as various rewards in 2012 from Majalah
Bandara, including Best Airport for Sultan Syarif Kasim II International
Airport (Pekanbaru), and Sultan Mahmud Badaruddin II Airport AUDIT COMMITTEE
(Palembang) Good Airport Services for Minangkabau International 1. Mujahidin Harpin Ondeh
Airport and Soekarno-Hatta International Airport Terminal 3 2. Dewi Hanggraeni
(Cengkareng), and Progressive Airport Service 2012 also for 3. Imam Bustomi
Soekarno-Hatta International Airport Terminal 3 (Cengkareng).
4. Irwanda Wisnu Wardhana

Corporate Bonds 223

1. Rhenald Kasali 1. Muhammad Awaluddin
2. Andra Y. Agussalam 2. Daan Achmad
3. Imam Bustomi 3. Djoko Murdjatmojo
4. Iswan Elmi 4. Ituk Herarindri
5. Maryati Karma 5. Rini Indrawati
6. Mujahidin Harpin Ondeh * 6. Tina T. Kemala Intan
AS OF JUNE 2018
Coupon Coupon
30-Sep-18
Obligasi I Angkasa
APIA01A 8.60% 30-Dec-18 PT Bank Mega idAAA
1. Pura II Tahun 2016 1,000,000 01-Jul-16 30-Jun-21 5
IDA0000743A7 30-Mar-19 Tbk. Stable
Seri A
Quarterly 30-Jun-19
30-Sep-18
Obligasi I Angkasa
APIA01B 8.80% 30-Dec-18 PT Bank Mega idAAA
2. Pura II Tahun 2016 100,000 01-Jul-16 30-Jun-23 7
IDA0000743B5 30-Mar-19 Tbk. Stable
Seri B
Quarterly 30-Jun-19
30-Sep-18
Obligasi I Angkasa
APIA01C 9.00% 30-Dec-18 PT Bank Mega idAAA
3. Pura II Tahun 2016 900,000 01-Jul-16 30-Jun-26 10
IDA0000743C3 30-Mar-19 Tbk. Stable
Seri C
Quarterly 30-Jun-19

224 Corporate Bonds
TRADING HIGHLIGHT
APIA01A
ISIN CODE : IDA0000743A7 Jul-16 Jun-21


200 24
150 18 Trading days 2 - 4 12 6 6
Turnover Ratio (%) 6.40 - 26.40 86.68 96.60 52.80
100 12 CTP Price - High 99.4200 N/A 102.0700 104.6500 106.7300 104.1000
Date 13-Mar N/A 11-Sep 14-Nov 09-Feb 06-Apr
50 6
CTP Price - Low 99.0200 N/A 100.0000 101.0000 101.0300 100.0000
- - Date 01-Mar N/A 19-Jul 27-Oct 29-Jan 24-Apr
IBPA Fair Yield (%) 8.3920 8.3299 8.1082 7.9733 7.5258 8.7122
Mod. Duration (yrs) 3.530 3.309 3.122 2.945 2.768 2.560
107 10.0
Convexity (yrs) 14.675 13.103 11.645 10.342 9.120 7.823
105 9.0 Sensitivity (%) 0.035 0.033 0.031 0.029 0.028 0.026
103 8.0 The bond series APIA01A, was first listed on 01 July 2016 with nominal value of Rp1000.00
billion and fixed interest rate of 8.60% per annum. This series had traded 68 times in 30
101 7.0
trading days with total volume booked of Rp672.20 billion during the year 2017 until Q2-
2018. Based on the market price (Centralized Trading Platform), from 2017 to Q2-2018 this
99 6.0
series was traded between 99.0200 - 106.7300 while the IBPA fair price was between
97.1880- 103.1224, the fair yield for this series was between 7.5066% - 9.3740%.
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
APIA01B Listing Date Maturity Date
ISIN CODE : IDA0000743B5 Jul-16 Jun-23


12 4
9 3 Trading days - - 2 3 1 2
Turnover Ratio (%) - - 48.00 16.00 8.00 32.00
Date N/A N/A 02-Aug 12-Oct 29-Jan 25-Apr
3 1
- - Date N/A N/A 19-Jul 13-Oct 29-Jan 24-Apr
IBPA Fair Yield (%) 8.7806 8.3899 7.9458 7.7304 7.9717 8.8523
Mod. Duration (yrs) 4.766 4.563 4.419 4.277 4.112 3.907
108 11.0
Convexity (yrs) 27.681 25.707 23.987 22.349 20.611 18.657
105 10.0 Sensitivity (%) 0.048 0.046 0.044 0.043 0.041 0.039
102 9.0 This series was first listed on 01 July 2016 and will be matured on 30 June 2023. This series
was issued with nominal amount of Rp100.00 billion with fixed interest rate per annum at
99 8.0
14 times in 8 trading days. The average trading volume of this series during the period was
96 7.0
Rp4.33 billion per quarter and the average trading frequency was 2 times per quarter.
During the period, this series was traded at its market prices ranging from 100.0000 to
93 6.0
105.0975 that were observed through IDX Centralized Trading Platform (CTP). While the
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
IBPA fair prices for this series were ranging from 96.3464 to 105.9943. At the same period,
 CTP Highest Price  CTP Lowest Price  Highest Price = Lowest Price the fair yield for this series was in the range of 7.4509% to 9.5618%

Corporate Bonds 225
APIA01C
ISIN CODE : IDA0000743C3 Jul-16 Jun-26


220 24
165 18 Trading days 7 1 2 4 1 3
Turnover Ratio (%) 120.44 1.78 5.33 34.67 3.56 16.00
110 12 CTP Price - High 103.3350 101.7800 102.5800 106.2500 109.1109 109.1309
Date 15-Mar 18-May 31-Aug 13-Oct 20-Mar 18-May
55 6
CTP Price - Low 100.1000 101.7300 100.0000 102.2500 109.0909 105.0800
- - Date 13-Jan 18-May 19-Jul 30-Oct 20-Mar 24-Apr
IBPA Fair Yield (%) 8.4246 8.4767 8.4212 8.1405 8.3951 9.2595
Mod. Duration (yrs) 6.296 6.067 5.944 5.856 5.712 5.479
109 11.0
Convexity (yrs) 50.995 48.115 45.995 44.321 42.087 39.010
106 10.0 Sensitivity (%) 0.063 0.061 0.059 0.059 0.057 0.055
interest rate of 9.00% per annum. While quarterly average turnover ratio reached
100 8.0
97 7.0
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
APIA01A 16 66 217 29.9%
APIA01B 12 16.0%
APIA01C 271 12 78 40.6%
- 100 200 300 400 500 600 700 800 900 1,000

226 Corporate Bonds

PT Angkasa Pura II (Persero) was one of the State- No. Company Total Revenue Net Profit Revenue
Owned enterprises engaged in the airport and airport (Rp Bill) Margins (%) Growth (%)
related services in Western part of Indonesia. 1. PT Jasa Marga (Persero) Tbk. 35,092 6.0 110.6
Angkasa Pura II has earned the trust of the 2. PT Angkasa Pura II (Persero) 8,110 24.8 22.0
Government of the Republic Indonesia to manage 3. PT Angkasa Pura I (Persero) 7,194 19.7 17.2
and develope the business of the Airport of Jakarta 4. PT Pelabuhan Indonesia I (Persero) 2,751 29.3 14.2
Cengkareng that has changed its name to Jakarta 5. PT Marga Lingkar Jakarta 277 (20.0) (18.0)
Soekarno-Hatta International Airport and Halim Financial Statement as of Fiscal Year 2017
Perdanakusuma Airport since August 13, 1984.
Currently Angkasa Pura II has operated 14 airports, Historical Corporate Ratings
namely Soekarno-Hatta (Jakarta) Airport, Halim No. Rating Agency Rating Rating Status Rating Date Outlook
Perdanakusuma (Jakarta), Kualanamu (Medan),
Supadio (Pontianak), Minangkabau (Padang), Sultan 1. Pefindo idAAA Affirmed 2-Mar-18 Stable
Mahmud Badaruddin II (Palembang), Sultan Syarif II 2. Pefindo idAAA Affirmed 10-Mar-17 Stable
3. Pefindo idAAA Affirmed 6-Jun-16 Stable
(Pekanbaru), Husein Sastranegara (Bandung),
4. FitchRatings AAA(idn) Affirmed 20-Apr-17 Stable
Banyuwangi (Bandung), Sultan Iskandarmuda (Banda
5. FitchRatings AAA(idn) Affirmed 20-Apr-17 Stable
Aceh), Raja Haji Fisabilillah (Tanjungpinang), Sultan
Thaha (Jambi), Depati Amir (Pangkal Pinang) and
SWOT Analysis
Silangit (Tapanuli Utara).
In 2017, the Company operated of new international S trengths W eaknesses

airport terminal Husein Sastranegara Bandung, new
- Strong government support - High financial leverage
terminal of Depati Amir Pangkal Airport Pinang, and
- Strong competitive position as the - Have limited flexibility to adjust
developed of supporting facilities at Soekarno-Hatta
nation’s largest airport operator tariffs
International Airport.
- Higher profitability margin than
APAI
- Diversified services, not only
focused on aircraft passenger but
also cargo business
Financial Analysis
In 2017, Angkasa Pura II managed to book a net
profit of Rp2.01 trillion. The net profit increased by
3.59% compared to in 2016. This was due to the
increase in operating revenues and operating cost O pportunities T hreats
efficiency. In 2017, operating revenues reached
Rp8.11 trillion grew by Rp1.46 trillion or 22.04% from - The development of the tourism - Challenge to improve airport
Rp6.65 trillion. In composition, business revenues are industry in the country service quality
derived from aeronautical revenues which made up - Increasing flight and passanger - The vulnerability of air
61.88% and non-aeronautical revenue which made traffic transporation security
up 38.12% of total revenues. The Company’s - Implementation Low Cost Carrier
aeronautical revenues book an increased by 24.57% (LCC) concept
compared to 2016, meanwhile the Company’s non-
aeronautical revenues increased by 18.15%. On the
other hand, the operating expenses amounted to
Rp5.19 trillion or only increased by 13.46% from
previous year. As of December 31, 2017, the total
assets of Angkasa Pura II reached Rp32.65 trillion or
increased by 16.65% compared to 2016 was due to
the increased in non-current assets by 27.05%, while
the current assets decreased by 8.98%.

Corporate Bonds 227
idA-
APLN PT Agung Podomoro Land Tbk. Stable*
Sector : Property, Real Estate And Building Construction Podomoro City - APL Tower, 45th Fl.
Sub Sector : Property And Real Estate Jln. Letjen. S. Parman Kav. 28
Website : www.agungpodomoroland.com Jakarta 11470
Corporate Sec. : F. Justini Omas Phone : (021) 2903-4567
Email Corporate Sec. : APLN.SP@agungpodomoroland.com Fax : (021) 2903-4556
APLN is one of the largest and well- FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
respected property developer in Indonesia. BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Its development projects include some of the
iconic properties in Indonesia including superblocks, commercial
Receivables 1,210,762 1,549,843 28.01 p
(retail/trade) properties, office buildings, apartments, residential
housing complexes and hotels. With over 40 years of experience as a Inventories 9,943,307 9,680,562 -2.64 q
member of the Agung Podomoro Group, APLN is widely recoqnized Current Assets 8,173,959 9,432,974 15.40 p
as one of the leading property developer in Indonesia. As the end of Investments 252,710 727,348 187.82 p
December 2017, APLN has 41 (forty one) subsidiaries, 12 (twelve) Property in Investments 7,520,414 7,725,981 2.73 p
entities owned indirectly through subsidiaries and 2 (two) associated Property, Plant and Equipment 4,048,794 4,019,617 -0.72 q
companies with presence in Jakarta, Karawang, Bogor, Bandung, Bali,
Total Assets 25,711,953 28,790,116 11.97 p
Medan, Batam, Balikpapan, and Makassar.
Trade Payables 1,174,672 710,853 -39.48 q
APLN offers a more modern and unique style in developing both Current Liabilities 7,654,753 7,220,223 -5.68 q
horizontal and vertical residential properties as well as commercial
properties, like retail malls, trade malls and hotels. APLN adopts and
implements an integrated business model, with its in-house Total Liabilities 15,741,191 17,293,138 9.86 p
capabilities in the development and management of integrated Authorized Capital (Mil. Sh) 57,400 57,400 - 
property projects starting from land acquisition, design, Authorized Capital 5,740,000 5,740,000 - 
development planning, project management, marketing, as well as Paid up Capital 2,050,090 1,936,456 -5.54 q
the leasing and eventual operational management of the commercial Paid up Capital (Mil. Sh) 20,501 19,365 -5.54 q
(retail/trade) properties, office buildings and hotels with
Par Value (Rp) 100 100 - 
consideration given to harmony, resiliency, high-quality and
environmentally friendly values. All of these has earned the Company Retained Earnings 4,451,549 5,784,459 29.94 p
the trust, respect and admiraton not only of its customers and peers, Total Equity …*) 7,508,606 8,783,243 16.98 p
but also of the community where we operate. Non Controlling Interest 2,462,157 2,713,735 10.22 p
Total Equity 9,970,763 11,496,978 15.31 p
In 2017, APLN reported total sales and revenues of Rp7,043.0 billion,
an increase of 17.2% from Rp6,007.0 billion a year earlier. Sales
revenues recognized from property developments increased by INCOME STATEMENTS
22.4% to Rp5,346.0 billion from Rp4,368.0 billion, while recurring Total Revenues 6,006,952 7,043,037 17.25 p
revenues had likewise increased by 3.5% to Rp1,697.0 billion from Gross Profit 3,024,434 3,422,126 13.15 p
Rp1,638.9 billion as compared to 2016. APLN posted gross profit of Interest Expenses 674,224 795,650 18.01 p
Rp3,422.1 billion in 2017, increased by 13.1% from Rp3,024.4 billion
Earning Before Tax 960,934 1,896,492 97.36 p
in 2016. The Company recorded total comprehensive income and
comprehensive income attributable to owners of the Company of EBITDA 2,072,579 2,463,050 18.84 p
Rp1,871.9 billion and Rp1,360.5 billion respectively in 2017, from Income for the periods 939,737 1,882,581 100.33 p
Rp961.1 billion and Rp653.1 billion a year earlier. Comprehensive Income 961,077 1,871,893 94.77 p
Net Income … *) 631,858 1,371,639 117.08 p
BOARD OF COMMISSIONERS FINANCIAL RATIOS

1. Bacelius Ruru * DER (X) 0.65 0.78 18.94 p
2. Wibowo Ngaserin ROA (%) 3.65 6.54 78.91 p
*) Independent Commissioner NPM (%) 15.64 26.73 70.86 p
BOARD OF DIRECTORS *) … attributable to owners of the parent entity
1. Cosmas Batubara
2. Bambang Setiobudi Madja SHAREHOLDERS
3. Cesar M. Dela Cruz 1. PT Indofica 75.99%
4. Indra Widjaja Antono 2. Publik 20.76%
5. Miarni Ang 3. Trihatma Kusuma Haliman 3.21%
6. Noer Indradjaja 4. BOC & BOD 0.04%
7. Paul Christian Ariyanto
AUDIT COMMITTEE
1. Bacelius Ruru
2. Djajarizki
3. Indaryono

228 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi
06-Sep-18 PT Bank
APLN01CN2 06-Dec-18 Rakyat idA-
1. Agung Podomoro 750,000 09-Jun-14 06-Jun-19 5
IDA000063101 06-Mar-19 Indonesia Stable
Land Tahap II
Tahun 2014
Obligasi
19-Sep-18 PT Bank
2. Agung Podomoro 451,000 22-Dec-14 19-Dec-19 5
Land Tahap III
Tahun 2014
Obligasi
25-Sep-18 PT Bank
3. Agung Podomoro 99,000 26-Mar-15 25-Mar-20 5
Land Tahap IV
Tahun 2015
TRADING HIGHLIGHT
APLN01CN2
ISIN CODE : IDA000063101 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19


100 24
75 18 Trading days 6 4 2 8 7 7
Turnover Ratio (%) 24.64 8.53 0.75 22.83 57.07 31.84
50 12 CTP Price - High 104.4820 105.0090 101.5000 106.2700 106.6500 104.5000
Date 30-Jan 09-Jun 29-Sep 05-Dec 07-Feb 11-May
25 6
CTP Price - Low 97.0000 98.5000 96.5000 100.0000 99.0000 89.5000
- - Date 26-Jan 27-Apr 13-Jul 28-Dec 22-Mar 08-Jun
IBPA Fair Yield (%) 9.8153 9.4888 9.0745 8.6027 8.3291 10.3173
Mod. Duration (yrs) 1.891 1.721 1.508 1.304 1.093 0.871
108 11.0
Convexity (yrs) 4.316 3.580 2.773 2.101 1.509 0.993
104 10.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
100 9.0 This series was traded in 34 trading days during 2017 to Q2-2018 period. The total
trading volume was Rp273.10 billion during the period. The IBPA fair prices for this series
96 8.0
observed through IDX Centralized Trading Platform (CTP), this series was traded within its
92 7.0
fair prices which were 89.5000% at the lowest and at 106.6500% at the highest.
88 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 229
APLN01CN3 Listing Date Maturity Date
ISIN CODE : IDA000065809 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19


200 60
150 45 Trading days 2 2 6 11 3 5
Turnover Ratio (%) 12.42 5.32 56.76 208.87 28.38 35.57
100 30 CTP Price - High 105.9592 106.0334 105.7500 106.2500 106.0200 112.1450
Date 30-Mar 05-Apr 14-Jul 23-Oct 09-Feb 11-May
50 15
CTP Price - Low 101.0000 100.0000 101.0000 94.0000 102.3500 89.5000
- - Date 24-Mar 21-Apr 28-Sep 16-Oct 06-Mar 08-Jun
IBPA Fair Yield (%) 9.9999 9.8398 9.2758 8.8515 9.3378 10.1602
Mod. Duration (yrs) 2.291 2.132 1.932 1.741 1.539 1.331
113 12.0
Convexity (yrs) 6.306 5.445 4.486 3.656 2.879 2.180
108 11.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
103 10.0 This series will mature on 19 December 2019, and was traded in 29 trading days during
2017 to Q2-2018 period. During the period, the average trading volume reached Rp65.27
98 9.0
billion per quarter. The market price for this series observed through the Centralized
Trading Platform (CTP) was 89.5000% at the lowest and peaked also at 112.1450%. While
93 8.0
the IBPA fair price for this series was valued between 102.8381% and 106.9012%.
88 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
APLN01CN4
ISIN CODE : IDA000067409 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20


120 16
90 12 Trading days - - - - 3 4
Turnover Ratio (%) - - - - 294.95 525.25
30 4
IBPA Fair Yield (%) 9.9768 9.9135 9.3441 8.9453 8.9437 10.3327
Mod. Duration (yrs) 2.516 2.294 2.159 1.970 1.772 1.562
108 12.0
Convexity (yrs) 7.542 6.423 5.544 4.623 3.759 2.945
106 11.0 Sensitivity (%) 0.025 0.023 0.022 0.020 0.018 0.016
104 10.0 The series was first listed on 26 March 2015 and will be matured on 25 March 2020. The
series has outstanding amount of Rp99 billion with fixed coupon per annum at 11.25%.
102 9.0
The IBPA prices for this series, throughout 2017 and the first two quarters of 2018 period,
were 100.7663% at the lowest and 105.0217% at the highest. At the same period, the fair
100 8.0
yield for this series was ranging from 8.6636% to 10.9638%.
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

230 Corporate Bonds
APLN01CN2 46 16 1 43 14.2%
APLN01CN3 14 6 64 236 70.8%
APLN01CN4
- 75 150 225 300 375 450 525 600 675 750

Corporate Bonds 231

PT Agung Podomoro Land Tbk. (APLN) engages in No. Company Total Revenue Net Profit Revenue
property developments. APLN’s main business (Rp Bill) Margins (%) Growth (%)
consists of development that covers contractor and 1. PT Bumi Serpong Damai Tbk. 10,347 49.9 56.7
real estate, making direct or indirect investments in 2. PT Agung Podomoro Land Tbk. 7,043 26.7 17.2
other companies through placements or capital 3. PT Summarecon Agung Tbk. 5,641 9.4 4.5
release that are related to its core business, placing 4. PT Surya Semesta Internusa Tbk. 3,274 37.9 (13.8)
investments in other companies that have related 5. PT Modernland Realty Tbk. 3,196 19.2 29.6
business activities to the company’s core business Financial Statement as of Fiscal Year 2017
and certain business in the area of business. The
Company has 41 subsidiaries, 12 entities owned Historical Corporate Ratings
indirectly through subsidiaries, consolidated in APLN, No. Rating Agency Rating Rating Status Rating Date Outlook
and 2 (two) associated companies with presence in
Jakarta, Karawang, Bandung, Bali, Batam, Medan, 1. Pefindo idA- Affirmed 12-Apr-18 Stable*
Balikpapan, and Makassar. 2. Pefindo idA- Affirmed 17-Apr-17 Negative**

3. Pefindo idA- Affirmed 13-Apr-16 Negative
4. Pefindo idA- Downgraded*** 13-Jan-16 Negative
As of December 31, 2017, APLN shareholders were PT
5. Pefindo idA Affirmed 10-Apr-15 Negative
Indofica (75.99%), Trihatma Kusuma Halim (3.21%),
the board of directors and commissioners (0.04%)
SWOT Analysis
and public (20.76%).
- Strong market position in the - Aggressive financial leverage
industry - Weaker cash flow protection
- Successful of integrated business coverages
model implementation - High dependency on property
- High contribution from recurring sales
income
Financial Analysis
APLN recorded total revenues of Rp7.04 trillion in
2017, or increased by 17.25% from 2016. The increase
was mainly driven by apartment sales which reached
Rp2.38 trillion (up 25.95%) and land sales which O pportunities T hreats
reached Rp1.39 trillion. Meanwhile, total revenues
reached Rp1.70 trillion, up 3.54% from Rp1.64 trillion - Increasing the middle-class - Uncertainties on its reclamation
in 2016. The increase in revenues was contributed to demographic in Indonesia project following regulatory
rental income that rose by 3.77% to Rp917.3 billion, - Increasing demand for residential concerns
and hotel revenues which increased by 4.22% to in the urban areas - Volatility in the exchange rate of
Rp696.3 billion. Costs of goods sold increased by - An increasing trend in the property the rupiah against US dollar
24.62% to Rp2.84 trillion. This was primarily due to business in Indonesia - Sensitive to changes in
higher COGS for land and COGS for apartment. macroeconomic conditions
Although the Company booked higher COGS and
direct expenses, but the Company managed to book
a net profit of Rp1.88 trillion or grew significantly by
100.34% from 2016 due to gain on sale of property
and equipment amounted to Rp919.68 billion.
*The positive outlook reflects the positive development on its islet G reclamation project in the
North of Jakarta
** Pefindo maintained negative outlook to the APLN’S in anticipation of any material impact that
could severely hurt APLN’s financial prospects related to uncertainties on its islet G reclamation
following regulatory concern
*** The downgraded was due to the weakening capital structure and cash flow protection
measures as a result of weak revenue recognition from its property development

232 Corporate Bonds
N/A
APOL PT Arpeni Pratama Ocean Line Tbk. N/A
Sector : Infrastructure, Utilities And Transportation
Sub Sector : Transportation Jln. Abdul Muis No. 50
Website : www.apol.co.id Jakarta Pusat 10160
Corporate Sec. : Ferdy Suwandi Phone : (021) 3505-350, 3505-355
Email Corporate Sec. : corpsec@apol.co.id Fax : (021) 3505-440
For over 40 years, ARPENI has been a FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
pioneer in Indonesia’s maritime BALANCE SHEETS Dec-2016 Dec-2017 Chg %
transportation. Through its wide range of
Cash & Cash Equivalents 72,821 89,482 22.88 
services, in-depth knowledge and trusted
Receivables 117,238 153,955 31.32 
partnerships, ARPENI is able to meet the
requirements and execute delivery to the highest level. Inventories 6,178 7,281 17.85 
Current Assets 222,302 343,714 54.62 
Our shipping services have been developed to provide safe and
Property, Plant and Equipment 970,338 805,257 -17.01 
reliable deliveries, ensuring your goods are given the utmost care and
Total Assets 1,214,104 1,167,650 -3.83 
attention. We own and operate a fleet of modern, state-of-the-art
mother vessels, tugs, barges and tankers for both domestic and Current Liabilities 6,359,274 6,671,079 4.90 
international shipping. Interest Bearing liabilities 4,757,943 4,771,237 0.28 
Total Liabilities 6,514,054 6,739,007 3.45 
BOARD OF COMMISSIONERS Authorized Capital (Mil. Sh) 25,488 25,488 - 
1. Oentoro Surya Authorized Capital 2,998,604 1,316,839 -56.08 
2. Yosaphat Didik Heru Purnomo * Paid up Capital 1,316,839 1,316,839 - 
*) Independent Commissioner Paid up Capital (Mil. Sh) 8,670 8,670 - 
Par Value (Rp) 250&100 250&100 - 
BOARD OF DIRECTORS Retained Earnings -6,382,956 -6,644,677 -4.10 
1. Surjono Abdullah Suharsono Total Equity …*) -5,238,556 -5,510,276 -5.19 
2. Budi Kristanto Non Controlling Interest -61,393 -61,081 0.51 
3. Mia Sitaresmi Surya Total Equity -5,299,949 -5,571,356 -5.12 
AUDIT COMMITTEE INCOME STATEMENTS

1. Yosaphat Didik Heru Purnomo Total Revenues 410,223 466,982 13.84 
2. Ginna Agustina Mete Gross Profit 49,216 98,336 99.81 
3. Nugroho Interest Expenses 284,136 285,754 0.57 
Total Operating Expenses 170,414 71,639 -57.96 
Operating Profit -121,199 26,696 N/A 
Earning Before Tax -381,264 -253,013 33.64 
EBITDA 10,911 122,545 1,023.15 
Income for the periods -212,268 -261,792 -23.33 
Comprehensive Income -184,316 -271,811 -47.47 
Net Income … *) -200,871 -261,721 -30.29 
FINANCIAL RATIOS
DER (X) -0.90 -0.86 4.61 
ROA (%) -17.48 -22.42 -28.24 
NPM (%) -51.74 -56.06 -8.34 
EBITDA Coverage (X) 0.04 0.43 1,016.79 
SHAREHOLDERS
1. PT Mandira Sanni Pratama (Class B) 65.41%
2. Public (Class A) 16.70%
3. PT Mandira Sanni Pratama (Class A) 10.61%
4. PT Ayrus Prima (Class A) 7.28%

Corporate Bonds 233
AS OF JUNE 2018
Coupon Coupon
30-Sep-18
APOL02A Obligasi APOL II 12.00% 30-Dec-18 PT Bank Mega N/A
1. 276,000 19-Mar-08 30-Jun-21 9
IDA0000366A7 Tahun 2008 Seri A 30-Mar-19 Tbk. N/A
Quarterly 30-Jun-19
30-Sep-18
APOL02B Obligasi APOL II 12.50% 30-Dec-18 PT Bank Mega N/A
2. 324,000 19-Mar-08 30-Jun-21 9
IDA0000366B5 Tahun 2008 Seri B 30-Mar-19 Tbk. N/A
Quarterly 30-Jun-19
TRADING HIGHLIGHT
APOL02A
ISIN CODE : IDA0000366A7 Mar-08 Aug-12 Jan-17 Jun-21


Volume Volume (Rp bn) - 5.00 - 5.00 - -
8 4
Frequency Frequency (X) - 2 - 2 - -
6 3 Trading days - 1 - 1 - -
Turnover Ratio (%) - 7.27 - 7.27 - -
4 2 CTP Price - High N/A 0.0500 N/A 0.0500 N/A N/A
Date N/A 09-Jun N/A 28-Nov N/A N/A
2 1
CTP Price - Low N/A 0.0500 N/A 0.0500 N/A N/A
- - Date N/A 09-Jun N/A 28-Nov N/A N/A
Last Date - - - - - -
Mod. Duration (yrs) 3.773 3.545 3.328 3.126 2.921 2.715
6 6.0
Convexity (yrs) 16.256 14.533 12.826 11.322 9.901 8.565
5 5.0 Sensitivity (%) 0.038 0.035 0.033 0.031 0.029 0.027
4 4.0 This series listed on 19 March 2008 and matured on 30 June 2021. This series listed with
nominal amount of Rp275 billion with interest rate per annum at 7.32%. Since 2017 until at
3 3.0
the end of Q2-2018, this series traded 4 times in 2 trading days with total volume booked
of Rp10 billion. There is no IBPA fair prices for this series due to the rating is non-
2 2.0
investment grade.
1 1.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

234 Corporate Bonds
APOL02B Listing Date Maturity Date
ISIN CODE : IDA0000366B5 Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20


60 4
45 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 62.21 - -
Date N/A N/A N/A 05-Oct N/A N/A
15 1
- - Date N/A N/A N/A 05-Oct N/A N/A
Last Date - - - - - -
Mod. Duration (yrs) 3.773 3.545 3.328 3.126 2.921 2.715
105 11.0
Convexity (yrs) 16.256 14.533 12.826 11.322 9.901 8.565
103 10.0 Sensitivity (%) 0.038 0.035 0.033 0.031 0.029 0.027
101 9.0 This series listed on 19 March 2008 and matured on 30 June 2021. This series listed with
nominal amount of Rp321.50 billion with interest rate per annum at 7.32%. Since 2017
99 8.0
until at the end of Q2-2018, this series only traded 2 times in 1 trading days with total
volume booked of Rp50 billion. There is no IBPA fair prices for this series due to the rating
97 7.0
is non-investment grade.
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
APOL02A 55 3.6%
APOL02B 50 15.6%
- 70 140 210 280 350

Corporate Bonds 235

PT Arpeni Pratama Ocean Line Tbk. (APOL) was No. Company Total Revenue Net Profit Revenue
established in 1975. APOL began its business with (Rp Bill) Margins (%) Growth (%)
general cargo vessel, as a pioneer carrier of timber- 1. PT Arpeni Pratama Ocean Line Tbk. 467 (56.1) 13.8
based products to international markets, particularly 2. PT Express Transindo Utama Tbk. 305 (161.5) (50.7)
in East Asia. Today, APOL provides liquid, gas, goods,
and dry bulk cargo transportation throughout
Indonesia and international market. APOL’s current
fleet of quality and diversified vessels comprises of Financial Statement as of Fiscal Year 2017
Panamax bulk carriers, floating cranes, tugboats and
barges, and a crude oil tanker. APOL also developed Historical Corporate Ratings
its end-to-end transportation and logistic services, No. Rating Agency Rating Rating Status Rating Date Outlook
from agency, stevedoring, ship management, to jetty
management. 1. Pefindo N/A Terminated 4-Jun-12 N/A
By the end of 2017, APOL has more than 25

subsidiaries and 10 branch offices across various
regions in Indonesia. The shareholding composition
of the company in December 31, 2017 are PT Mandira
SWOT Analysis
Sanni Pratama (76.02%), PT Ayrus Prima (7.28%), and
Public (16.70%).
- Strong support from the major - Depending on the demand and
shareholder supply of dry bulk
- Long experience in fleet business - Weakening business and financial
profile
- Declining profitability
- Low creditworthiness rating
Financial Analysis
APOL's service revenue for the period ended 31
December 2017 increased by 13.84% to Rp466.98
billion from Rp410.22 billion compared to 2016. The
increase was caused by the increase in owned vessels O pportunities T hreats
by 18.00% to Rp276.22 billion and agency activities
by 38.34% to Rp94.06 trillion. Meanwhile, APOL's cost - BoD Commitment to open new - Weakening global export
of services also increased by 2.12% from Rp361.01 business unit - Volatility of commodity prices
billion in 2016 to Rp368.65 billion in 2017. This was - Government commitment to - Slowing in dry bulk vessel industry
caused by increased supplies & machinery expenses develop maritime sector and sea toll and tanker
as well as repairs & maintenance expenses. However,
the Company still recorded loss for the year
amounted to Rp261.79 billion or increased by 23.33%
from net loss for year 2016 amounted to Rp212.27
billion. This loss was caused by the decline in
Financial Income by -76.94% or Rp18.28 billion that
coincides with the increase in income tax expense by
302.39% or Rp3.63 billion. As of Dec 2017, APOL's
total assets amounted to Rp1.17 trillion or decreased
by 3.83% from Rp1.21 trillion in 2016. The decreased
was mainly due to increasing in total non-current
assets amounted Rp823.94 billion in 2017 from
Rp991.80 billion or decreased by 16.93%.

236 Corporate Bonds
idAAA
ASDF PT Astra Sedaya Finance Stable
Sector : Finance Jln. TB Simatupang No. 90
Sub Sector : Financial Institution Tanjung Barat, Jagakarsa
Website : www.acc.co.id Jakarta 12530
Corporate Sec. : Hendry Christian W. Phone : (021) 7885-9000
Email Corporate Sec. : corporate_secretary@acc.co.id Fax : (021) 7885-1179
BUSINESS FIELD FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated

In accordance with Articles of Association BALANCE SHEETS Dec-2016 Dec-2017 Chg %
and obtained permits, the Company/ASF is
Cash & Cash Equivalents 510,000 1,115,000 118.63 p
able to perform financing service activities
which include: investment financing, working
capital financing, multipurpose financing; Consumer Financing Receivables 22,508,000 20,665,000 -8.19 q
and/or sharia financing. The Company's Property, Plant and Equipment 146,000 154,000 5.48 p
business activity is in the field of consumer Total Assets 31,478,000 29,614,000 -5.92 q
financing or multipurpose financing, leasing Fund Borrowings 9,730,000 11,422,000 17.39 p
and sharia financing.
Total Liabilities 25,696,000 23,862,000 -7.14 q
CORPORATE ACHIEVEMENTS Authorized Capital (Mil. Sh) 1,500.0 1,500.0 - 
As of August, ASF has received several awards in 2017. Under the
brand 'Astra Credit Companies', ASF is awarded Top Brand Award
Paid up Capital 950,440 950,000 -0.05 q
2017 by Frontier and Majalah Marketing. ASF is also given the award
of Indonesia Most Admired Companies by Warta Ekonomi, Corporate Paid up Capital (Mil. Sh) 950.4 950.4 - 
Image Award by Frontier and Majalah Tempo, platinum trophy by Par Value (Rp) 1,000 1,000 - 
Infobank 13rd Multifinance Awards 2017 and The Most Popular Retained Earnings 2,861,000 2,881,000 0.70 p
Company in Multifinance Category by Indonesia Corporate Public Total Equity …*) 5,782,000 5,752,000 -0.52 q
Relations Award 2017. In the field of service, ASF is awarded Service
Non Controlling Interest - - - 
Quality Award, winning the first place in Financing Automotive 4
Total Equity 5,782,000 5,752,000 -0.52 q
Wheels category.
STRATEGIC PLAN
In order to leverage company growth, the Company will maintain INCOME STATEMENTS
and strengthen leading position in car financing, strengthen risk and Total Revenues 5,319,000 5,570,000 4.72 p
operational excellence, and implement the commitment on Expenses 4,120,000 4,340,000 5.34 p
Corporate Social Responsibility (CSR). Furthermore, the Company will Interest Expenses 2,211,000 2,189,000 -1.00 q
optimize funding and Asset Liability Management (ALM) and create Earning Before Tax 1,230,000 1,270,000 3.25 p
new portfolio/initiatives to support the future growth onto the next
EBITDA 3,472,000 3,487,000 0.43 p
level.
CORPORATE EXCELLENCE
As a trusted financing company under PT Astra International Tbk.,
The Company managed to obtain idAAA rating from Pefindo and Net Income … *) 934,000 957,000 2.46 p
AAA (idn) from PT Fitch Rating Indonesia, as well Baa3 rating from
Moody's and also BBB- from Fitch International. The Company FINANCIAL RATIOS
provides various financing products with competitive rate and fast DER (X) 4.44 4.15 -6.65 q
credit process. The Company has 75 branch offices in 59 cities across ROA (%) 2.97 3.23 8.91 p
Indonesia and cooperates with more than 9,000 authorized dealers
NPM (%) 17.56 17.18 -2.15 q
and used-car showrooms. As part of giving the best service for
customers, the Company offers a secured storage and easy retrieval EBITDA Coverage (X) 1.57 1.59 1.44 p
for BPKB and also provides reliable vehicle insurance coverage and *) … attributable to owners of the parent entity
life insurance protection facilities.
Any information needed about the Company can be accessed SHAREHOLDERS
through the contact center at 1500599 or the website at 1. PT Astra International Tbk. 46.87%
www.acc.co.id. 2. PT Garda Era Sedaya 28.13%
BOARD OF COMMISSIONERS 3. PT Sedaya Multi Investama 25.00%
1. Suparno Djasmin
2. Buyung Syamsudin * AUDIT COMMITTEE
3. Djony Bunarto Tjondro 1. Buyung Syamsudin
*) Independent Commissioner 2. Lindawati Gani
3. Thomas H. Socokusumo
BOARD OF DIRECTORS
1. Siswadi
2. Ezar Kumendong
3. Handoko Liem
4. Hendry Christian Wong
5. Tan Chian Hok

Corporate Bonds 237
AS OF JUNE 2018
Coupon Coupon
Obligasi
02-Jul-18 PT Bank
ASDF02BCN5 - Rakyat AAA(idn)
1. ASDF Dengan 825,000 02-Jul-15 02-Jul-18 36
IDA0000693B2 - Indonesia Stable
Tingkat Bunga
Quarterly - (Persero) Tbk.
Tetap Tahap V
ASDF03BCN1 Berkelanjutan III 8.50% 11-Nov-18 Rakyat AAA(idn)
2. 1,230,000 12-May-16 11-May-19 36
IDA0000727B8 ASDF Tahap I Tahun 11-Feb-19 Indonesia Stable
2016 Seri B Quarterly 11-May-19 (Persero) Tbk.

ASDF03BCN2 Berkelanjutan III 7.95% 18-Oct-18 Rakyat AAA(idn)
3. 850,000 19-Oct-16 18-Oct-19 36
IDA0000764B1 ASDF Tahap II 18-Jan-19 Indonesia Stable

ASDF03BCN3 Berkelanjutan III 8.50% 03-Dec-18 Rakyat AAA(idn)
4. 1,125,000 06-Mar-17 03-Mar-20 36
IDA0000793B0 ASDF Tahap III 03-Mar-19 Indonesia Stable

ASDF03CCN3 Berkelanjutan III 8.75% 03-Dec-18 Rakyat AAA(idn)
5. 375,000 06-Mar-17 03-Mar-22 60
IDA0000793C8 ASDF Tahap III 03-Mar-19 Indonesia Stable

ASDF03ACN4 Berkelanjutan III 6.25% 12-Nov-18 Rakyat AAA(idn)
6. 975,000 03-Nov-17 12-Nov-18 370
IDA0000853A4 ASDF Tahap IV - Indonesia Stable

ASDF03BCN4 Berkelanjutan III 7.50% 02-Nov-18 Rakyat AAA(idn)
7. 625,000 03-Nov-17 02-Nov-20 36
IDA0000853B2 ASDF Tahap IV 02-Feb-19 Indonesia Stable
Tahun 2017 Seri B Quarterly 02-May-19 (Persero) Tbk.

ASDF03CCN4 Berkelanjutan III 7.65% 02-Nov-18 Rakyat AAA(idn)
8. 200,000 03-Nov-17 02-Nov-22 60
IDA0000853C0 ASDF Tahap IV 02-Feb-19 Indonesia Stable
Obligasi
Berkelanjutan IV 05-Sep-18 PT Bank
6.10%
ASDF04ACN1 ASDF Dengan 05-Dec-18 Rakyat AAA(idn)
9. 570,000 28-May-18 05-Jun-19 370
IDA0000908A6 Tingkat Bunga 05-Mar-19 Indonesia Stable
Tetap Tahap I 05-Jun-19 (Persero) Tbk.
Quarterly
Tahun 2018 Seri A
Obligasi
Berkelanjutan IV 25-Aug-18 PT Bank
7.50%
ASDF04BCN1 ASDF Dengan 25-Nov-18 Rakyat AAA(idn)
10. 550,000 28-May-18 25-May-21 36
IDA0000908B4 Tingkat Bunga 25-Feb-19 Indonesia Stable
Tetap Tahap I 25-May-19 (Persero) Tbk.
Quarterly
Tahun 2018 Seri B
Sukuk Mudharabah Nisbah 53.25% from PT Bank

05-Sep-18
SMASDF01ACN1 Berkelanjutan I revenue equal to 05-Dec-18 Rakyat AAA(idn)
11. 325,000 28-May-18 05-Jun-19 370 return 6.10% p.a.
IDJ0000106A8 ASDF Tahap I Tahun 05-Mar-19 Indonesia Stable
2018 Seri A Quarterly 05-Jun-19 (Persero) Tbk.
Sukuk Mudharabah Nisbah 65.68% from PT Bank

25-Aug-18
SMASDF01BCN1 Berkelanjutan I revenue equal to 25-Nov-18 Rakyat AAA(idn)
12. 175,000 28-May-18 25-May-21 36 return 7.50% p.a.
IDJ0000106B6 ASDF Tahap I Tahun 25-Feb-19 Indonesia Stable
2018 Seri B Quarterly 25-May-19 (Persero) Tbk.

238 Corporate Bonds
TRADING HIGHLIGHT
ASDF02BCN5


220 16
165 12 Trading days 5 11 6 10 3 3
Turnover Ratio (%) 34.91 122.38 56.59 104.29 27.88 48.78
110 8 CTP Price - High 101.4000 102.1500 102.3000 101.8700 101.7500 100.8800
Date 23-Mar 20-Jun 03-Jul 25-Oct 02-Feb 04-Apr
55 4
CTP Price - Low 100.7000 100.1300 100.0000 100.0000 100.0000 100.0000
- - Date 11-Jan 03-Apr 03-Jul 02-Oct 21-Mar 06-Apr
IBPA Fair Yield (%) 8.0194 7.2946 6.7659 5.9647 5.9225 6.0030
Mod. Duration (yrs) 1.148 0.953 0.713 0.485 0.249 0.008
103 10.0
Convexity (yrs) 1.666 1.179 0.702 0.361 0.125 0.002
102 9.0 Sensitivity (%) 0.011 0.010 0.007 0.005 0.002 0.000
101 8.0 This series was first listed on 2 July 2015 and matured on 2 July 2018. Throughout 2017 to
the first half of year 2018, total volume traded amounted to Rp814.31 billion with 38 of
100 7.0
99 6.0
highest. By the end of June 2018, the outstanding amount of this series was 825 billion.
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ASDF03BCN1 Listing Date Maturity Date
ISIN CODE : IDA0000727B8 May-16 May-17 May-18 May-19


180 28
135 21 Trading days 5 3 8 14 12 17
Turnover Ratio (%) 39.45 20.47 26.23 12.54 39.41 66.76
90 14 CTP Price - High 100.0900 100.9300 104.0000 104.2000 103.0000 102.4700
Date 01-Feb 10-May 29-Sep 30-Oct 19-Feb 11-May
45 7
CTP Price - Low 95.0000 97.5000 97.5000 98.7500 99.0000 98.7500
- - Date 13-Feb 20-Jun 06-Jul 11-Dec 14-Feb 09-May
IBPA Fair Yield (%) 8.1514 7.8677 6.8207 6.4281 6.5728 7.7494
Mod. Duration (yrs) 1.895 1.711 1.487 1.272 1.049 0.821
104 10.0
Convexity (yrs) 4.269 3.497 2.677 1.991 1.393 0.891
102 9.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.010 0.008
100 8.0 The bonds issued with nominal value of Rp1.23 trillion and interest rates of 8.50% per
annum. This bond is effective from 12 May 2016 to 11 May 2019. Based on the market
98 7.0
price (Centralized Trading Platform) during 2017, this bond was traded between 95.0000%
- 104.2000%, while in first semester 2018 this bond was traded between 98.7500% and
96 6.0
103.0000%. During this period, IBPA fair price recorded at range 98.7281% - 102.9252%.
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
transacted 53 times.

Corporate Bonds 239
ASDF03BCN2
ISIN CODE : IDA0000764B1 Oct-16 Oct-17 Oct-18 Oct-19


400 24
300 18 Trading days 5 10 7 7 4 4
Turnover Ratio (%) 230.59 158.12 68.52 49.51 11.86 5.51
200 12 CTP Price - High 100.4100 101.5700 101.7500 101.9000 101.8150 101.6000
Date 14-Feb 08-May 28-Sep 22-Dec 29-Jan 24-Apr
100 6
CTP Price - Low 97.1000 100.1000 99.9813 101.2000 101.1200 99.8800
- - Date 06-Jan 22-May 02-Aug 13-Nov 26-Mar 04-Jun
IBPA Fair Yield (%) 8.2710 7.7064 6.9094 7.0532 7.0226 8.5581
Mod. Duration (yrs) 2.247 2.072 1.855 1.644 1.430 1.207
104 10.0
Convexity (yrs) 5.970 5.081 4.101 3.248 2.489 1.811
102 9.0 Sensitivity (%) 0.022 0.021 0.019 0.016 0.014 0.012
100 8.0 This bond series was traded in 37 trading days during the period of 2017 to Q2-2018. The
average quarterly trading volume was Rp185.62 billion/quarter during the period. The
98 7.0
IBPA fair prices for this series were 96.8282% at the lowest and 102.0357% at the highest.
While in the market, observed through IDX Centralized Trading Platform (CTP), this series
96 6.0
was traded between 97.1000% at the lowest and 101.9000% at the highest.
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ASDF03BCN3


800 16
600 12 Trading days 4 12 9 9 6 8
Turnover Ratio (%) 46.22 273.07 31.32 36.37 29.78 26.60
400 8 CTP Price - High 100.4000 100.8100 104.4000 108.0000 102.9200 104.6000
Date 27-Mar 28-Apr 14-Sep 25-Oct 09-Feb 10-Apr
200 4
CTP Price - Low 100.0000 100.0000 100.7200 102.1300 101.0000 101.6500
- - Date 16-Mar 27-Apr 15-Aug 13-Nov 15-Mar 07-May
IBPA Fair Yield (%) 8.2930 8.4199 7.5882 6.8253 6.9166 7.9127
Mod. Duration (yrs) 2.550 2.376 2.168 1.969 1.760 1.542
108 10.0
Convexity (yrs) 7.627 6.616 5.524 4.575 3.680 2.855
106 9.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.015
average quarterly trading volume was Rp207.83 billion/quarter during the period. The
102 7.0
100 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

240 Corporate Bonds
ASDF03CCN3


Volume Volume (Rp bn) - 2.00 9.00 - 13.00 -
12 4
Frequency Frequency (X) - 2 3 - 1 -
9 3 Trading days - 1 2 - 1 -
Turnover Ratio (%) - 2.13 9.60 - 13.87 -
6 2 CTP Price - High N/A 101.8000 102.9000 N/A 104.9000 N/A
Date N/A 28-Apr 18-Jul N/A 27-Mar N/A
3 1
CTP Price - Low N/A 101.7500 102.8000 N/A 104.9000 N/A
- - Date N/A 28-Apr 10-Aug N/A 27-Mar N/A
IBPA Fair Yield (%) 8.3276 8.3611 7.8262 7.5692 7.7453 8.7380
Mod. Duration (yrs) 3.952 3.809 3.639 3.473 3.293 3.089
107 10.0
Convexity (yrs) 18.687 17.276 15.708 14.255 12.794 11.266
105 9.0 Sensitivity (%) 0.040 0.038 0.036 0.035 0.033 0.031
103 8.0 This series listed on 6 March 2017, and matured on 3 March 2022. This series listed with
nominal amount of Rp375 billion and have fixed interest rate per annum at 8.75%. The
101 7.0
between 101.7500% at the lowest and peaked at 104.9000%. Meanwhile, IBPA fair price
99 6.0
booked 98.4922% to 105.1299%. During 2017, the average quarterly trading volume
recorded by Rp2.75 billion/quarter, while during the first semester of 2018 increased to
97 5.0
Rp4.00 billion/quarter.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ASDF03ACN4
ISIN CODE : IDA0000853A4 Nov-17 May-18 Nov-18


1000 60
750 45 Trading days - - - 11 5 2
Turnover Ratio (%) - - - 427.90 28.72 30.77
250 15
- - Date N/A N/A N/A 13-Nov 09-Jan 08-May
IBPA Fair Yield (%) - - - 6.1797 6.3354 7.1166
Mod. Duration (yrs) - - - 0.834 0.598 0.359
102 8.0
Convexity (yrs) - - - 0.913 0.510 0.218
101 7.0 Sensitivity (%) - - - 0.008 0.006 0.004
100 6.0 The bonds issued with nominal value of Rp975 billion and interest rates of 6.25% per
annum. This bond is effective from 3 November 2017 to 12 November 2018. Based on the
99 5.0
99.9500% - 100.2500%, while in first semester 2018 this bond was traded between
98 4.0
99.7300% and 100.3300%. During this period, IBPA fair price recorded at range 99.6260% -
100.3645%. During 2017 this bond was traded with volume amounting to Rp1.04 trillion
97 3.0
and transacted 58 times, meanwhile in a half of year 2018 recorded by Rp145 billion and
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
transacted 15 times.

Corporate Bonds 241
ASDF03BCN4
ISIN CODE : IDA0000853B2 Nov-17 Nov-18 Nov-19 Nov-20


180 20
135 15 Trading days - - - 9 1 2
Turnover Ratio (%) - - - 134.40 51.20 81.92
Date N/A N/A N/A 12-Dec 01-Feb 19-Apr
45 5
- - Date N/A N/A N/A 11-Dec 01-Feb 24-Apr
IBPA Fair Yield (%) - - - 7.2853 7.4359 8.6794
Mod. Duration (yrs) - - - 2.511 2.309 2.094
104 10.0
Convexity (yrs) - - - 7.379 6.255 5.166
102 9.0 Sensitivity (%) - - - 0.025 0.023 0.021
100 8.0 The series was listed on 3 November 2017 and will be matured on 2 November 2020. The
series has an outstanding amount of Rp625 billion with fixed coupon per annum at
98 7.0
7.50%. The IBPA prices for this series, throughout 2017 and the first two quarters of 2018
period, were 96.9364% at the lowest and 101.1888% at the highest. At the same period,
96 6.0
the fair yield for this series was ranging from 7.0245% to 8.9626%. During the period of
2017 to Q2-20187, this series was transacted 31 times with total volume amounted to
94 5.0
Rp418 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ASDF03CCN4


4 4
3 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 4.00 - -
2 2 CTP Price - High N/A N/A N/A - N/A N/A
Date N/A N/A N/A - N/A N/A
1 1
CTP Price - Low N/A N/A N/A - N/A N/A
- - Date N/A N/A N/A - N/A N/A
IBPA Fair Yield (%) - - - 7.6516 7.8645 8.7841
Mod. Duration (yrs) - - - 3.967 3.790 3.582
103 10.0
Convexity (yrs) - - - 18.671 17.006 15.216
101 9.0 Sensitivity (%) - - - 0.040 0.038 0.036
99 8.0 This series listed on 3 November 2017 and matured on 2 November 2022. This series
issued with nominal amount of Rp200 billion with interest rate per annum at 7.65%. Since
97 7.0
2017 until at the end of Q2-2018, this series only traded 1 time with total volume booked
of Rp2 billion. During this period, IBPA fair price recorded at range 94.1236% -
95 6.0
101.3449%.
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

242 Corporate Bonds
ASDF04ACN1 Listing Date Maturity Date
ISIN CODE : IDA0000908A6 May-18 Jun-19


800 24
600 18 Trading days - - - - - 7
Turnover Ratio (%) - - - - - 564.91
200 6
IBPA Fair Yield (%) - - - - - 6.5848
102 8.0
Convexity (yrs) - - - - - 1.037
101 7.0 Sensitivity (%) - - - - - 0.009
100 6.0 This bond series was first listed on 28 May 2018 and matured on 5 June 2019. From this
series listing to the first half of year 2018, total volume traded amounted to Rp805 billion
99 5.0
with 7 of total trading days. The CTP market price for this series during the period was
within the range of 99.0500% – 100.2000%. Meanwhile IBPA fair price ranged from
98 4.0
99.5539% to 100.4090%. IBPA yield for this series were 5.6744% at the lowest and
97 3.0
was Rp570 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ASDF04BCN1


40 16
30 12 Trading days - - - - - 3
10 4
IBPA Fair Yield (%) - - - - - 7.6970
102 10.0
Convexity (yrs) - - - - - 7.669
101 9.0 Sensitivity (%) - - - - - 0.026
100 8.0 This bond series was first listed on 28 May 2018 and matured on 25 May 2021. From this
series listing to the first half of year 2018, total volume traded amounted to Rp47.32
99 7.0
was within the range of 99.0500% – 101.5000%. Meanwhile IBPA fair price ranged from
98 6.0
98.4623% to 100.6134%. IBPA yield for this series were 7.2683% at the lowest and
97 5.0
was Rp550 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 243
SMASDF01ACN1 Listing Date Maturity Date
ISIN CODE : IDJ0000106A8 May-18 Jun-19


360 32
270 24 Trading days - - - - - 4
Turnover Ratio (%) - - - - - 546.46
90 8
IBPA Fair Yield (%) - - - - - 6.6270
102 8.0
Convexity (yrs) - - - - - 1.036
101 7.0 Sensitivity (%) - - - - - 0.009
100 6.0 This bond series was first listed on 28 May 2018 and will be matured on 5 June 2019. This
99 5.0
6.10%. Since this series listed to Q2-2018, total volume traded reached 444 billion in 4 of
total trading days. The market prices for this series observed through the Centralized
98 4.0
Trading Platform (CTP) were 99.9500% at the lowest and 100.0900% at the highest.
Meanwhile the range of IBPA fair price was stood between 99.5153% and 100.5227%.
97 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SMASDF01BCN1
ISIN CODE : IDJ0000106B6 May-18 May-19 May-20 May-21


28 4
21 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 68.57
7 1
IBPA Fair Yield (%) - - - - - 7.6991
102 10.0
Convexity (yrs) - - - - - 7.669
101 9.0 Sensitivity (%) - - - - - 0.026
100 8.0 This series was first listed on May, 28th 2018 and will be matured on May, 25th 2021. This
99 7.0
98 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

244 Corporate Bonds
ASDF02BCN5 72 252 117 215 79.5%
ASDF03BCN1 121 63 81 39 24.7%
ASDF03BCN2 490 336 146 105 126.7%
ASDF03BCN3 130 768 88 102 96.7%
ASDF03CCN3 9 2.9%
ASDF03ACN4 1,043 107.0%
ASDF03BCN4 210 33.6%
ASDF03CCN4 1.0%
- 250 500 750 1,000 1,250

Corporate Bonds 245

PT Astra Sedaya Finance (ASDF) is one of the largest No. Company Total Revenue Net Profit Revenue
auto finance companies in Indonesia. ASDF provides (Rp Bill) Margins (%) Growth (%)
financing for the purchase of a new car or used car 1. PT Pegadaian (Persero) 10,523 23.9 8.4
brands in particular for vehicles manufactured by 2. PT Adira Dinamika Multi Finance Tbk. 9,137 15.4 8.6
Astra such as Toyota, Daihatsu, Isuzu, Peugeot, and 3. PT Federal International Finance 8,735 22.9 5.0
BMW. ASDF also provides financing for the purchase 4. Lembaga Pembiayaan Ekspor Indonesia 7,327 13.9 13.1
of cars or heavy equipment in new or used condition. 5. PT Astra Sedaya Finance 5,570 17.2 4.7
ASDF current finance funding has supported more Financial Statement as of Fiscal Year 2017
than 16,000 car dealers in Indonesia. ASDF has access
to the payment through ATM cooperate with PT Bank Historical Corporate Ratings
Permata Tbk., PT Bank Negara Indonesia (Persero), PT No. Rating Agency Rating Rating Status Rating Date Outlook
Bank Central Asia Tbk., PT Bank Mandiri (Persero), PT
Bank Rakyat Indonesia (Persero) Tbk., as well as 1. Pefindo idAAA Affirmed 8-Mar-18 Stable
through PT Pos Indonesia throughout Indonesia 2. Pefindo idAAA Affirmed 14-Mar-17 Stable
3. Pefindo idAAA Affirmed 15-Mar-16 Stable
4. Fitch Ratings AAA(idn) Affirmed 30-Nov-17 Stable
In 2017, ASDF opened 2 new branch offices in
5. Fitch Ratings AAA(idn) Affirmed 7-Dec-16 Stable
Pondok Cabe and Harapan Indah so that the total
number of ASDF network became 75 branches across
SWOT Analysis
59 cities in Indonesia. ASDF also has signed a
cooperation agreement with Directorate Generate of
Dukcapil to improve the accuracy of customer data. S trengths W eaknesses
As of Dec 2017, ASDF ownership structure consisted
- Strategically important subsidiary - High reliance on Astra
of PT Astra International Tbk. (ASII, 28.13%), and
of Astra International International performance
ASII’s subsidiaries PT Garda Era Sedaya (28.13%), PT
-Good company image and - Increasing pressure on profitability
Bank Permata Tbk. (25.00%), and PT Sedaya Multi
reputation
Investama (18.75%).
-Very strong position in car financing
market
-Healthy assets quality
Financial Analysis
ASDF recorded a net income amounted to Rp934
billion in 2017, grew by Rp23 billion or 2.46% from
the previous year. The growth was mainly driven by
increasing total revenues by 4.72%, from Rp5.32 O pportunities T hreats
trillion in 2016 to Rp5.57 trillion in 2017. That increase
came from Murabahah margin income that - Diversification of financing - Tighter competition and entrance
amounted Rp243 billion or 38.76% from Rp627 billion business due to regulation of financing companies based on
in 2016 to Rp870 billion in 2017. Moreover, concerning on the implementation banking sector
Consumer financing income which grew by Rp61 of sharia-based financing - Financial technology (fintech)
billion or 1.59% from Rp3.83 trillion in 2016 to Rp3.89 - Expansion opportunity outside Java development which may become a
trillion in 2017 also boosted ASDF’s revenue. area disruptive factor in financing
Throughout 2017, consumer financing still became - Cooperation with strategic partner industry business
the biggest revenue contributor to ASDF with 69.80% - Business development trend via
of total net revenue for the year 2017. On the other digital platform
side, total assets managed by the Company booked
Rp29.61 trillion in 2017 or decreased by Rp1.86
trillion (5.92%) compared to Rp31.48 trillion in 2016.
This was mainly due to decreasing consumer
financing receivables by 8.19% from Rp22.51 trillion
to Rp20.66 trillion. In 2017, the company ability to
earn profits increased than 2016 that indicated of
ROA in 2017 was 3.23% when in 2016 was 2.97%.

246 Corporate Bonds
idBBB+
BACA PT Bank Capital Indonesia Tbk. Stable
Sector : Finance Menara Jamsostek, 6th. Floor
Sub Sector : Bank Jln. Gatot Subroto No. 38
Website : www.bankcapital.co.id Jakarta 12710
Corporate Sec. : Budi Setiadi Phone : (021) 2793-8989
Email Corporate Sec. : budi.setiadi@bankcapital.co.id Fax : (021) 2793-8900
PT Bank Capital Indonesia Tbk (Bank Capital) FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
is one of the financial institutions in Indonesia BALANCE SHEETS Dec-2016 Dec-2017 Chg %
conducting business in the banking sector. In 2007, PT Bank Capital
Cash on Hand 78,996 68,881 -12.80 
Indonesia Tbk registered its shares in the Indonesia Capital Market.
Placements with Other Banks 1,724,389 2,513,237 45.75 
Bank Capital has office network of 73 Operation Offices spread over
Jakarta, Solo and Bandung. Marketable Securities 3,739,483 4,081,822 9.15 
Loans 6,636,940 7,115,383 7.21 
In line with the Bank’s vision of "To be a sound and trusted retail
Bank", Bank Capital continues to provide financial services with a Investments - - - 
personal approach as well as delivering maximum value and Property, Plant and Equipment 319,465 328,164 2.72 
maximum results to the Bank's stakeholders. Products and services Total Assets 14,207,414 16,349,473 15.08 
offered by Bank Capital to customers consist of savings products, Deposits 12,381,463 14,115,661 14.01 
financing products, and other services, and can make transactions on
Fund Borrowings - - - 
the GPN network at ATM Bersama and ATM Prima which have a large
Total Liabilities 12,892,374 14,941,087 15.89 
network of ATM machines spread throughout Indonesia.
Bank Capital's Financial Performance throughout 2017 has improved
compared to year 2016. At the end of 2017, Total Assets of Bank
Capital had increased by 15.06% to Rp16.35 trillion compared to 2016 Paid up Capital 703,794 703,950 0.02 
amounting to Rp14.21 trillion whilst as of 30 June 2018 Total Assets Paid up Capital (Mil. Sh) 7,038 7,040 0.02 
increased by 10.39% to Rp16.58 trillion compared to 30 June 2017 Par Value (Rp) 100 100 - 
amounting of Rp15.02 trillion. The increase was a result of financing Retained Earnings 499,452 597,779 19.69 
expansion in order to improve banking intermediation function.
Total Equity …*) 1,315,040 1,408,386 7.10 
Financing growth was recorded by 7.37% from Rp6.65 trillion in 2016
to Rp7.14 trillion in 2017, and as of 30 June 2018 it increased by
13.83% to Rp7.49 trillion compared to 30 June 2017 amounting to Total Equity 1,315,040 1,408,386 7.10 
Rp6.58 trillion. It was achieved through conservative growth strategy
and focused on financing productive businesses. Furthermore, Bank INCOME STATEMENTS
Capital maintains a good net profit in 2017 amounting of Rp86.14 Total Interest Income 1,238,425 1,290,234 4.18 
billion and as of 30 June 2018 increase by 8.30% to Rp69.84 billion
Interest Expenses 878,011 922,595 5.08 
compared to 30 June 2017 amounting of Rp64.49 billion.
Other Operating Revenue 90,285 60,244 -33.27 
The Bank’s financial performance was a result of the implementation
Other Operating Expenses 281,039 277,896 -1.12 
of the Bank's strategy from business plans to its strategic
implementation, focuses on the retail segment, increasing low-cost Income from Operations 133,283 123,332 -7.47 
fund, increasing fee-based income, improving the quality of services Non-Operating Revenues -7,258 -8,594 -18.41 
to customers by developing electronic transactions, strengthening Earning Before Tax 126,025 114,738 -8.96 
the network with opening new offices as well as continues to Income for the periods 93,457 86,140 -7.83 
strengthen the Bank’s capitalization. Comprehensive Income 198,870 93,189 -53.14 
In the near future, Bank Capital continues to developing systems and Net Income … *) 93,457 86,140 -7.83 
support regarding quality service and customer experience towards
integrated financial services. In 2018, Bank Capital received Golden
FINANCIAL RATIOS
Trophy for 5 consecutive years and also achieved “Very Good”
scoring result from Infobank Magazine. DER (X) 9.80 10.61 8.21 
ROA (%) 0.66 0.53 -19.91 
For Information, on 20 August 2018, Head Office of PT Bank Capital
Indonesia Tbk (Bank Capital) had relocated to new address : Menara NPM (%) 7.55 6.68 -11.53 
Jamsostek, Level 1 & 6, Jl. Gatot Subroto No. 38 Jakarta 12710. EBITDA Coverage (X) 10.76 9.56 -11.18 
BOARD OF COMMISSIONERS
1. Danny Nugroho SHAREHOLDERS
2. Amrih Masjhuri * 1. Public 54.14%
3. Maxen Bastian Nggadas * 2. PT Delta Indo Swakarsa 18.56%
*) Independent Commissioner 3. PT Inigo Global Capital 14.77%
4. Danny Nugroho 12.53%
BOARD OF DIRECTORS
1. Wahyu Dwi Aji AUDIT COMMITTEE
2. Gatot Wahyu Djatmiko 1. Maxen Bastian Nggadas
3. Gunarto Hanafi 2. Alfanur H.R.
4. Roy Iskandar Kusuma Widjaja 3. Budi Zainal Arifin

Corporate Bonds 247
AS OF JUNE 2018
Coupon Coupon
Obligasi 13-Jul-18
BACA01SB Subordinasi Bank 12.00% 13-Oct-18 PT Bank Mega idBBB-
1. 200,000 14-Jan-15 13-Jan-22 7
IDA000066401 Capital I Tahun 13-Jan-19 Tbk. Stable
2014 Quarterly 13-Apr-19
Obligasi 15-Jul-18
2. 250,000 18-Jan-16 15-Jan-23 7
IDA000071500 Capital II Tahun 15-Jan-19 Tbk. Stable
Obligasi 11-Jul-18
3. 250,000 12-Jul-17 11-Jul-24 7
IDA000082804 Capital III Tahun 11-Jan-19 Tbk. Stable
TRADING HIGHLIGHT
BACA01SB
ISIN CODE : IDA000066401 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22


Volume Volume (Rp bn) 54.00 23.00 - 44.00 - 40.00
60 12
Frequency Frequency (X) 11 3 - 6 - 4
45 9 Trading days 4 2 - 3 - 2
Turnover Ratio (%) 108.00 46.00 - 88.00 - 80.00
30 6 CTP Price - High 100.080 96.800 N/A 100.020 N/A 98.930
Date 06-Mar 16-Jun N/A 01-Nov N/A 08-Jun
15 3
CTP Price - Low 94.000 96.610 N/A 99.510 N/A 98.890
- - Date 23-Feb 05-Jun N/A 07-Nov N/A 14-May
IBPA Fair Yield (%) 13.3972 12.9431 12.2850 11.7015 12.0743 13.0309
Mod. Duration (yrs) 3.463 3.364 3.226 3.094 2.934 2.752
105 15.0
Convexity (yrs) 15.321 14.310 13.072 11.936 10.700 9.416
102 14.0 Sensitivity (%) 0.035 0.034 0.032 0.031 0.029 0.028
99 13.0 This bond series was traded in 11 trading days during the period of 2017 to Q2-2018. In
2017, the average quarterly trading volume was Rp30.25 billion/quarter, while in the first
96 12.0
semester of 2018 decreased to Rp20.00 billion/quarter. The IBPA fair prices for this series
were 92.5869% at the lowest and 101.3895% at the highest. While in the market, observed
93 11.0
through IDX Centralized Trading Platform (CTP), this series was traded between 94.0000%
at the lowest and 100.0800% at the highest.
90 10.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

248 Corporate Bonds
BACA02SB Listing Date Maturity Date
ISIN CODE : IDA000071500 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23


220 32
165 24 Trading days 1 1 5 9 2 1
Turnover Ratio (%) 1.60 64.00 190.40 406.40 35.20 9.60
110 16 CTP Price - High 93.000 94.200 101.000 103.500 99.480 100.250
Date 27-Mar 25-Apr 19-Jul 04-Oct 25-Jan 05-Apr
55 8
CTP Price - Low 93.000 94.180 99.150 99.250 99.460 100.200
- - Date 27-Mar 25-Apr 19-Jul 04-Oct 25-Jan 05-Apr
IBPA Fair Yield (%) 13.5553 13.2642 12.7069 11.9369 12.5948 13.4461
Mod. Duration (yrs) 3.954 3.871 3.756 3.656 3.500 3.323
104 15.0
Convexity (yrs) 20.495 19.443 18.157 17.033 15.572 14.044
101 14.0 Sensitivity (%) 0.040 0.039 0.038 0.037 0.035 0.033
98 13.0 This bond series was traded in 19 trading days during the period of 2017 to Q2-2018. In
2017, the average quarterly trading volume was Rp103.50 billion/quarter, while in the first
95 12.0
semester of 2018 decreased to Rp14.00 billion/quarter. The IBPA fair prices for this series
92 11.0
89 10.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BACA03SB
ISIN CODE : IDA000082804 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24


Volume Volume (Rp bn) - - 250.00 - - -
220 8
Frequency Frequency (X) - - 7 - - -
165 6 Trading days - - 2 - - -
Turnover Ratio (%) - - 400.00 - - -
110 4 CTP Price - High N/A N/A 100.020 N/A N/A N/A
Date N/A N/A 12-Jul N/A N/A N/A
55 2
CTP Price - Low N/A N/A 100.000 N/A N/A N/A
- - Date N/A N/A 12-Jul N/A N/A N/A
IBPA Fair Yield (%) - - 13.2823 13.0171 13.2589 14.0783
Mod. Duration (yrs) - - 4.435 4.347 4.224 4.044
102 15.0
Convexity (yrs) - - 26.314 25.057 23.549 21.647
99 14.0 Sensitivity (%) - - 0.044 0.043 0.042 0.040
96 13.0 This series was listed on 12 July 2017 and will be matured in 11 July 2024. This series has
an outstanding amount of Rp250 billion with fixed coupon per annum at 11.50%. From its
93 12.0
issued until the first half of year 2018, total volume for this series amounted to Rp250
billion. The market prices for this series observed through the Centralized Trading Platform
90 11.0
(CTP) were 100.0000% at the lowest and 100.0200% at the highest. Meanwhile the range
of IBPA fair price was stood between 87.8130% and 100.9147%.
87 10.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 249
BACA01SB 54 23 44 60.5%
BACA02SB 40 119 254 165.6%
BACA03SB 250 100.0%
- 45 90 135 180 225 270 315 360 405 450

250 Corporate Bonds

PT Bank Capital Indonesia Tbk. (BACA) is a limited No. Company Total Revenue Net Profit Revenue
company established under the laws and regulations (Rp Bill) Margins (%) Growth (%)
of Republic of Indonesia, founded first time under the 1. PT Bank Bukopin Tbk. 9,623 1.4 2.5
name of PT Bank Credit Lyonnais Indonesia, 2. PT Bank Pembangunan Daerah Maluku dan Maluku Utara 753 18.9 7.7
domiciled in Jakarta. Based on the Bank's Articles of 3. PT Bank Rakyat Indonesia Agroniaga Tbk. 1,252 11.2 29.7
Association, purpose, objectives and business
activities of BACA is to conduct banking business.
Products and services offered by Bank Capital to the
customers consisted of savings, financing products, Historical Corporate Ratings
and other services such as payroll services, clearing, No. Rating Agency Rating Rating Status Rating Date Outlook
etc.
1. Pefindo idBBB+ Affirmed 5-Apr-18 Stable
At end of 2017, the number of offices consisting 2. Pefindo idBBB+ Affirmed 2-May-17 Stable
3. Pefindo idBBB+ Affirmed 10-Oct-16 Stable
branches, sub-branches, and cash offices had
reached 73 offices, in line with the Bank’s expansion
strategy to strengthen its network in potential areas.
SWOT Analysis
As of December 2017, BACA’s shareholders are PT
Delta Indo Swakarsa (18.58%), PT Inigo Global Capital
(14.79%), Danny Nugroho (12.54%), and Public S trengths W eaknesses
(54.08%).
- Strong capitalization and asset - Weak profitability profiles
quality - Moderate asset quality
- Strong liquidity management - Concentration risk in loan profile
Financial Analysis
In 2017, deposit from customers reached Rp14.00
trillion or grew by 16.74%. The bank’s interest
income increased moderately by 4.18% to Rp1.29
trillion. In 2017, the bank’s total assets reached O pportunities T hreats
Rp16.35 trillion or increased by 15.08% from Rp14.21
trillion in 2016. Third party loan distributed increased - Improvements of IT system - Tight competition in retail segment
by 7.15% to Rp7.11 trillion. The Bank's Net Interest through the network access and banking industry
Margin (NIM) stood at 4.21%, or decreased from integration - Sensitive to macro economic
4.37% in 2016. The Bank’s Capital Adequacy Ratio - Stable growth in middle size condition
(CAR) increased to 22.56%, stronger compared with banking industry - Uncertainty global economic
the previous year which was at 20.64%. The bank’s condition
asset quality decreased as reflected in higher gross
Non-Performing Loan (NPL) from 3.17% to 2.77% in
2017.

Corporate Bonds 251
idAA
BAFI PT Bussan Auto Finance Stable
Sector : Finance Menara Mulia Building
Sub Sector : Financial Institution 18th & 19th Floor, Jln. Gatot Subroto Kav. 9-11
Website : www.baf.id Jakarta 12930
Corporate Sec. : Arie Yulius Phone : (021) 2939-6000
Email Corporate Sec. : baf.sekretariat@bussan.co.id Fax : (021) 2939-6100
History of PT Bussan Auto Finance FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
(“Company”) was initiated in 1995 with name BALANCE SHEETS Dec-2016 Dec-2017 Chg %
PT Pembiayaan Getraco Indonesia, a
Company which was operated in financing
Other Receivables 44,997 41,014 -8.85 q
business and became Joint Venture of PT Danamon Sanggrahan,
Mitsui and Yamaha in 1997 as a Company focusing new Yamaha Consumer Financing Receivables 6,777,145 7,391,226 9.06 p
motorcycle financing. The Company had its name changed into PT Property, Plant and Equipment 109,351 146,917 34.35 p
Danamon Mits Otomotif Finance in 1997, and September 24, 1997 Total Assets 7,320,317 8,015,315 9.49 p
was later declared as the Company’s establishment date. In 1999, Fund Borrowings 5,081,865 5,018,690 -1.24 q
Mitsui & Co., Ltd. purchased entire shares of PT Danamon
Sanggrahan where Mitsui & Co., Ltd. becomes majority shareholders
Authorized Capital (Mil. Sh) 0.4 0.4 - 
with 75% ownership, while remaining shares are owned by PT
Lenggara Gunasejahtera (15%), Yamaha Co., Ltd., Japan (7%) and PT Authorized Capital 353,571 353,571 - 
Yamaha Motor Kencana Indonesia (3%). As consequence of the Paid up Capital 353,571 353,571 - 
acquisition, the Company had its name changed into PT Bussan Auto Paid up Capital (Mil. Sh) 0.4 0.4 - 
Finance (BAF) and sustained its business focus in financing new Par Value (Rp) 1,000,000 1,000,000 - 
Yamaha-brand motorcycle. In 2004, entire shares owned by PT
Lenggara Gunasejahtera were sold to PT Mitsui Indonesia.
Total Equity …*) 1,666,296 1,844,994 10.72 p
In 2013, the Company increased its capital by issuing new shares Non Controlling Interest - - - 
which entirely purchased by PT Ciptadana Capital, an affiliated Total Equity 1,666,296 1,844,994 10.72 p
Company of Lippo Group, and Yamaha. But in June 2018, Mitsui &
Co., Ltd., increased its ownership resulting change in the Company’s
shareholders composition as follows: 68.3% owned by Mitsui & Co., INCOME STATEMENTS
Ltd., 11.7% owned by PT Mitsui Indonesia, 17.7% owned by Yamaha Total Revenues 2,183,991 2,164,384 -0.90 q
Co., Ltd., 2.3%, and owned by PT Yamaha Indonesia Motor Expenses 2,069,115 1,912,845 -7.55 q
Manufacturing. Interest Expenses 508,462 409,356 -19.49 q
As public needs are growing and expanded, the Company innovated Earning Before Tax 114,876 251,538 118.96 p
to provide financing solution for public needs. The Company further EBITDA 642,496 688,674 7.19 p
expanded range of its products, not only providing financing service Income for the periods 82,052 182,710 122.68 p
for new Yamaha-brand motorcycle but also financing used multi- Comprehensive Income 62,470 178,698 186.05 p
brands motorcycle, BAF Dana Syariah was launched as sharia based Net Income … *) 82,052 182,710 122.68 p
refinancing product, multi-financing (electronic and furniture) as well
as financing for agricultural machineries. Starting from September
2017, the Company has also diversified its financing products by FINANCIAL RATIOS
offering financing for new multi-brands four-wheels vehicle. DER (X) 3.39 3.34 -1.44 q
ROA (%) 1.12 2.28 103.37 p
The Company has been operated in 236 locations across Indonesia
comprising of 198 branch offices and 38 point of services (“POS”) as NPM (%) 3.76 8.44 124.69 p
well as supported by more than 7.000 employees. The Company has EBITDA Coverage (X) 1.26 1.68 33.14 p
also expanded its service points by opening installment payment *) … attributable to owners of the parent entity
points via third-party cooperation including with banking services,
retail outlets and electronic payment channels. SHAREHOLDERS
The Company has awarded various awards among others Top Brand 1. Mitsui & Co., Ltd. 68.33%
Awards in 2014, 2015 and 2016 from Marketing Magazine & Frontier 2. Yamaha Motor Co., Ltd. 17.67%
Consulting Group, Top 5 Best Consumer Choice Multifinance 3. PT Mitsui Indoensia 11.67%
Company in Motorcycle Leasing Category and Top 5 Most Used 4. PT Yamaha Indonesia Motor Manufacturing 2.33%
Multifinance Company from Warta Ekonomi in 2017. The Company
strives to realize its vision to become one of the best and leading
financing companies in Indonesia by improving service quality for all AUDIT COMMITTEE
customers. 1. Prabowo
2. Heru Absoro
The Company is registered in Indonesia Financing Company
3. Razali Nafiah
Association (APPI) and Credit Bureau. In running its business, the
Company is registered and supervised by Financial Service Authority
(OJK).

252 Corporate Bonds

1. Yuji Tokunaga 1. Lynn Ramli
2. Dani Firmansjah * 2. Alung Ng
3. Minoru Morimoto 3. Bambang Suprijadi
4. Motoaki Uno 4. Hidenobu Hama
5. Prabowo * 5. Imam Budianto
*) Independent Commissioner 6. Sigit Sembodo
AS OF JUNE 2018
Coupon Coupon
08-Aug-18
Obligasi I Bussan PT Bank
BAFI01A 6.75% 08-Nov-18 Pastikan
idAA Link Grafik sudah be
1. Auto Finance Tahun 150,000 06-Nov-17 08-Nov-18 370 Mandiri
IDA0000860A9 - Stable
2017 Seri A (Persero) Tbk.
Quarterly - Pastikan Link Grafik sudah be
03-Aug-18
Obligasi I Bussan PT Bank
BAFI01B 7.75% 03-Nov-18 idAA
2. Auto Finance Tahun 350,000 06-Nov-17 03-Nov-20 3 Mandiri
IDA0000860B7 03-Feb-19 Stable
2017 Seri B (Persero) Tbk.
Quarterly 03-May-19
25-Aug-18
Obligasi II Bussan PT Bank
BAFI02A 6.20% 25-Nov-18 idAA
3. Auto Finance Tahun 500,000 16-May-18 25-May-19 370 Mandiri
IDA0000903A7 25-Feb-19 Stable
Quarterly 25-May-19
15-Aug-18
Obligasi II Bussan PT Bank
BAFI02B 7.90% 15-Nov-18 idAA
4. Auto Finance Tahun 500,000 16-May-18 15-May-21 3 Mandiri
Quarterly 15-May-19

Corporate Bonds 253
TRADING HIGHLIGHT
BAFI01A
ISIN CODE : IDA0000860A9 Nov-17 Mar-18 Jul-18 Nov-18


240 16
180 12 Trading days - - - 8 1 3
Turnover Ratio (%) - - - 797.33 53.33 2.93
60 4
- - Date N/A N/A N/A 09-Nov 13-Feb 04-May
IBPA Fair Yield (%) - - - 6.6346 6.7579 7.4440
Mod. Duration (yrs) - - - 0.820 0.586 0.348
102 9.0
Convexity (yrs) - - - 0.888 0.492 0.207
101 8.0 Sensitivity (%) - - - 0.008 0.006 0.003
100 7.0 The bond issued with nominal value of Rp150 billion and interest rates of 6.75% per
annum. This bond is effective from 6 November 2017 to 8 November 2018. Based on the
99 6.0
99.9500 - 100.0900, while in first semester 2018 this bond was traded between 99.8000
98 5.0
and 100.2500. IBPA fair price recorded at range 99.9395 - 100.1792 in 2017, and at range
99.6872 - 100.2421 in first semester 2018. During this period (2017-June 2018), this bond
97 4.0
was traded with the average quarterly trading volume was Rp53.35 billion/quarter.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BAFI01B Listing Date Maturity Date


Volume Volume (Rp bn) - - - 630.00 12.00 -
600 12
Frequency Frequency (X) - - - 13 2 -
450 9 Trading days - - - 3 1 -
Turnover Ratio (%) - - - 720.00 13.71 -
300 6 CTP Price - High N/A N/A N/A 100.0600 100.2200 N/A
Date N/A N/A N/A 18-Dec 03-Jan N/A
150 3
CTP Price - Low N/A N/A N/A 100.0000 100.2000 N/A
- - Date N/A N/A N/A 18-Dec 03-Jan N/A
IBPA Fair Yield (%) - - - 7.6610 7.9714 9.1720
Mod. Duration (yrs) - - - 2.502 2.301 2.087
101 11.0
Convexity (yrs) - - - 7.345 6.222 5.144
100 10.0 Sensitivity (%) - - - 0.025 0.023 0.021
99 9.0 This series was listed on 6 November 2017 and will be matured on 3 November 2020. This
98 8.0
7.75%. From this series issued until the first half of year 2018, the average quarterly
trading volume was Rp107 billion/quarter. The market prices for this series observed
97 7.0
through the Centralized Trading Platform (CTP) were 100.0000% at the lowest and
100.2200% at the highest. Meanwhile the range of IBPA fair price was stood between
96 6.0
96.4424% and 100.8246%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

254 Corporate Bonds
BAFI02A
ISIN CODE : IDA0000903A7 May-18 Sep-18 Jan-19 May-19


1000 36
750 27 Trading days - - - - - 9
Turnover Ratio (%) - - - - - 988.80
250 9
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - - - 99.5332
IBPA Fair Yield (%) - - - - - 6.7291
enar >> Last Date - - - - - 22-Jun
102 8.0
Convexity (yrs) - - - - - 0.954
101 7.0 Sensitivity (%) - - - - - 0.009
100 6.0 This series was listed on 16 May 2018 and will be matured on 25 May 2019. This series has
an outstanding amount of Rp500 billion with fixed coupon per annum at 6.20%. From this
99 5.0
series issued until the first half of year 2018, total volume traded amounted to Rp1.24
trillion in 9 of total trading days. The market prices for this series observed through the
98 4.0
Centralized Trading Platform (CTP) were 99.5950% at the lowest and 100.0750% at the
highest. Meanwhile the range of IBPA fair price was stood between 99.4973% and
97 3.0
100.0222%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BAFI02B


8 4
6 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 4.00
2 1
IBPA Fair Yield (%) - - - - - 8.2562
105 11.0
Convexity (yrs) - - - - - 7.446
103 10.0 Sensitivity (%) - - - - - 0.025
101 9.0 This series listed on 16 May 2018, and matured on 15 May 2021. This series listed with
99 8.0
From this series listed to the end of June 2018, this series was only traded in 1 trading day
with total volume was Rp5.00 billion. The IBPA fair prices for this series were 98.0973% at
97 7.0
the lowest and 100.1903% at the highest.
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 255

BAFI01A 299 199.3%
BAFI01B 630 180.0%
- 100 200 300 400 500 600 700

256 Corporate Bonds

PT Bussan Auto Finance (BAFI) was initiated in 1995 No. Company Total Revenue Net Profit Revenue
with name PT Pembiayaan Getraco Indonesia. BAFI (Rp Bill) Margins (%) Growth (%)
had its name changed into PT Danamon Mits 1. PT Mandiri Tunas Finance 2,738 12.8 11.8
Otomotif Finance in 1997, and September 24, 1997 2. PT Permodalan Nasional Madani (Persero) 2,235 1.6 51.4
was later declared as BAFI’s establishment date. In 3. PT Bussan Auto Finance 2,164 8.4 (0.9)
1999, Mitsui & Co., Ltd. purchased entire shares of PT 4. PT Wahana Ottomitra Multiartha Tbk. 2,154 8.4 11.8
Danamon Sanggrahan where Mitsui & Co., Ltd. 5. PT Indomobil Finance Indonesia 1,806 5.6 9.1
becomes majority shareholders with 75% ownership. Financial Statement as of Fiscal Year 2017
As consequence of the acquisition, BAFI had its name
changed into PT Bussan Auto Finance and sustained Historical Corporate Ratings
its business focus on financing new Yamaha-brand No. Rating Agency Rating Rating Status Rating Date Outlook
motorcycle.
1. Pefindo idAA Affirmed 23-Feb-18 Stable
As public needs are growing and expanded, BAFI 2. Pefindo idAA Assigned 4-Oct-17 Stable
further expanded range of its products, not only

providing financing service/facility for new Yamaha-
brand motorcycle but also financing used multi-
brands motorcycle. In addition, starting from
SWOT Analysis
September 2017, BAFI has diversified its financing
products by offering financing for new multi-brands
four-wheels vehicle. In 2017, BAFI officially listed PT S trengths W eaknesses
Bussan Auto Finance Bonds I at Indonesia Stock
- Strong parent support - High dependent on motorcycle
Exchange. Total principal amount of issued Bonds is
- Strong capitalization financing (car financing has not
IDR 500billion. This Bonds was issued without book-
- Good market position in the contributed greatly)
entry and offered with 100% value in 2 (two) series.
industry
Financial Analysis
BAFI revenues was slightly decreased by 0.90% to
Rp2.16 trillion from Rp2.18 trillion. The decrease was
primarily due to decreasing consumer financing
income by 1.20% from Rp2.16 trillion to Rp2.14 O pportunities T hreats
trillion and decreasing interest income by 62.73%
from Rp1.97 billion to Rp733.07 million. In 2017, total - Transforming towards digital era by - Pressure on its asset quality
expenses were recorded at Rp1.91 trillion, decreased developing integrated information - Tight competition in motorcycle
by 7.55% from Rp2.07 trillion booked in 2016. The technology system financing
decrease was mainly attributable to decreasing - Wide business expansion
provision for credit losses by 16.12% to Rp469.25 opportunities throughout Indonesia
billion from Rp559.43 billion in 2016. The decrease
was mainly due to improving quality of consumer
financing receivables. Therefore, BAFI successfully
recorded profit for the year of Rp182.71 billion in
2017, grew 122.68% from Rp82.05 billion booked in
2016. On the other side, total assets grew 9.56% from
Rp7.32 trillion to Rp8.02 trillion as of Dec 31, 2017.
The growth was primarily driven by net increasing
financing receivables by 9.06% from Rp6.78 trillion to
Rp7.39 trillion. The increase in financing receivable
was caused by increasing in new financing contract.

Corporate Bonds 257
BBIA PT Bank UOB Indonesia AAA(idn)

Stable
Sector : Finance UOB Plaza 15th Fl.
Sub Sector : Bank Jln. MH Thamrin No.10
Website : www.uob.co.id Jakarta Pusat 10230
Corporate Sec. : Susilowati Phone : (021) 2350-6000
Email Corporate Sec. : susilowati@uob.co.id Fax : (021) 299-36632
PT Bank UOB Indonesia (UOB Indonesia) was FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
founded on 31 August 1956 under the name BALANCE SHEETS Dec-2016 Dec-2017 Chg %
of PT Bank Buana Indonesia.
Cash on Hand 535,517 398,298 -25.62 q
In 2004, United Overseas Bank Limited (“UOB”) acquired a 23% Placements with Other Banks 3,321,154 3,416,404 2.87 p
shares in PT Bank Buana Indonesia through its wholly owned Marketable Securities 945,104 1,118,020 18.30 p
investment company, UOB International Investment Private Limited Loans 64,698,998 61,998,204 -4.17 q
(“UOBII”). UOB and UOBII affirmed its commitment to the Indonesian
Investments - - - 
banking industry by increasing its ownership of the UOB Indonesia to
98.999%.
Property, Plant and Equipment 1,093,316 1,062,874 -2.78 q
Total Assets 94,093,848 95,244,113 1.22 p
In 2010, PT Bank UOB Buana took a landmark step by merging with Deposits 76,646,565 77,361,691 0.93 p
PT Bank UOB Indonesia. The merger created strong business synergy
Fund Borrowings - 333,138 - p
with increased market penetration and expanded market segments
in the national banking industry. In May 2011, the Bank changed its Total Liabilities 83,272,778 84,297,462 1.23 p
name to PT Bank UOB Indonesia. Authorized Capital (Mil. Sh) 36,000 36,000 - 
UOB Indonesia is well known for its focus on small and medium
Paid up Capital 2,388,471 2,388,471 - 
enterprises. The Bank has built a consumer as well as corporate
banking business which offers treasury and cash management Paid up Capital (Mil. Sh) 9,554 9,554 - 
products and services. UOB Indonesia’s service network comprises Par Value (Rp) 250 250 - 
178 offices and 160 ATMs across 30 cities in 18 provinces in Retained Earnings 6,449,882 6,527,403 1.20 p
Indonesia and also accessible through its regional ATM network, the Total Equity …*) 10,821,070 10,946,651 1.16 p
ATM Prima and ATM Bersama network as well as the Visa network.
UOB Indonesia is rated AAA (idn) by the independent rating agency Total Equity 10,821,070 10,946,651 1.16 p
Fitch Ratings. Moreover, UOB Indonesia has attained several awards
for its financial and services performance, and recently awarded by
INCOME STATEMENTS
Contact Center Service Excellence Awards; The Asset Triple A
Total Interest Income 7,404,292 7,268,027 -1.84 q
Treasury, Trade, Supply Chain and Risk Management Award 2018;
and The Asian Banker's Choice Awards 2018. Interest Expenses 3,867,144 3,756,802 -2.85 q
Other Operating Revenue 792,063 793,670 0.20 p
With its extensive network of service, information technology
Other Operating Expenses 2,712,467 2,745,283 1.21 p
systems, sound capital structure and highly qualified staff, UOB
Income from Operations 658,075 304,582 -53.72 q
Indonesia aims to create sustainable long-term value for its
stakeholders. Non-Operating Revenues 11,662 3,921 -66.38 q
Earning Before Tax 669,737 308,503 -53.94 q
For more information about UOB Indonesia, please visit
Income for the periods 479,273 77,521 -83.83 q
www.uob.co.id.
Comprehensive Income 552,778 121,005 -78.11 q
Net Income … *) 479,273 77,521 -83.83 q
1. Wee Cho Yaw FINANCIAL RATIOS
2. Aswin Wirjadi * DER (X) 7.70 7.70 0.07 p
3. Lee Chin Yong Francis ROA (%) 0.51 0.08 -84.02 q
4. Rusdy Daryono * NPM (%) 6.47 1.07 -83.52 q
5. Wayan Alit Antara * EBITDA Coverage (X) 8.89 4.19 -52.85 q
6. Wee Ee Cheong *) … attributable to owners of the parent entity
SHAREHOLDERS
BOARD OF DIRECTORS 1. UOB International Investment Private Ltd. 68.94%
1. Lam Sai Yoke 2. United Overseas Bank Ltd. 30.06%
2. Henky Sulistyo 3. Sukanta Tanudjaja 1.000%
3. Iwan Satawidinata 4. Others 0.001%
4. Muljono Tjandra
5. Pardi Kendy AUDIT COMMITTEE
6. Soehadie Tansol 1. Wayan Alit Antara
2. Thomas Abdon
3. Winny Widya

258 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
28-Aug-18
Obligasi
BBIA01SB 11.35% 28-Nov-18 PT Bank AA(idn)
1. Subordinasi I BBIA 1,000,000 30-May-14 28-May-21 7
IDA000063309 28-Feb-19 Permata Tbk. Stable
Tahun 2014
Quarterly 28-May-19
01-Jul-18
BBIA01C Obligasi I BBIA 9.60% 01-Oct-18 PT Bank AAA(idn)
2. 500,000 02-Apr-15 01-Apr-20 5
IDA0000677C3 Tahun 2015 Seri C 01-Jan-19 Permata Tbk. Stable
Quarterly 01-Apr-19
Obligasi 25-Aug-18
PT Bank
BBIA01BCN1 Berkelanjutan I BBIA 8.00% 25-Nov-18 AAA(idn)
3. 600,000 28-Nov-16 25-Nov-19 3 Mandiri
IDA0000778B1 Tahap I Tahun 2016 25-Feb-19 Stable
(Persero) Tbk.
Seri B Quarterly 25-May-19
Obligasi 25-Aug-18
PT Bank
BBIA01CCN1 Berkelanjutan I BBIA 8.25% 25-Nov-18 AAA(idn)
4. 100,000 28-Nov-16 25-Nov-21 5 Mandiri
IDA0000778C9 Tahap I Tahun 2016 25-Feb-19 Stable
(Persero) Tbk.
Seri C Quarterly 25-May-19
Obligasi 25-Aug-18
9.40% PT Bank
BBIA01SBCN1 Subordinasi 25-Nov-18 AA(idn)
5. 100,000 28-Nov-16 25-Nov-23 7 Mandiri
IDA000077903 Berkelanjutan I BBIA 25-Feb-19 Stable
(Persero) Tbk.
Tahap I Tahun 2016 Quarterly 25-May-19
Obligasi
17-Jul-18
Subordinasi 9.25% PT Bank
BBIA01SBCN2 17-Oct-18 AA(idn)
6. Berkelanjutan I BBIA 500,000 18-Oct-17 17-Oct-24 7 Mandiri
IDA000084503 17-Jan-19 Stable
Tahap II Tahun (Persero) Tbk.
Quarterly 17-Apr-19
2017
Obligasi 03-Sep-18
PT Bank
BBIA01ACN2 Berkelanjutan I BBIA 6.15% 03-Dec-18 AAA(idn)
7. 862,000 24-May-18 03-Jun-19 370 Mandiri
IDA0000905A2 Tahap II Tahun 03-Mar-19 Stable
(Persero) Tbk.
2018 Seri A Quarterly 03-Jun-19
Obligasi 23-Aug-18
PT Bank
BBIA01BCN2 Berkelanjutan I BBIA 7.40% 23-Nov-18 AAA(idn)
8. 83,000 24-May-18 23-May-21 3 Mandiri
IDA0000905B0 Tahap II Tahun 23-Feb-19 Stable
(Persero) Tbk.
2018 Seri B Quarterly 23-May-19
Obligasi 23-Aug-18
PT Bank
BBIA01CCN2 Berkelanjutan I BBIA 7.65% 23-Nov-18 AAA(idn)
9. 55,000 24-May-18 23-May-23 5 Mandiri
IDA0000905C8 Tahap II Tahun 23-Feb-19 Stable
(Persero) Tbk.
2018 Seri C Quarterly 23-May-19

Corporate Bonds 259
TRADING HIGHLIGHT
BBIA01SB
ISIN CODE : IDA000063309 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21


100 24
75 18 Trading days 7 1 1 2 3 1
Turnover Ratio (%) 40.40 2.40 2.40 5.60 11.68 2.40
50 12 CTP Price - High 107.050 103.410 107.790 108.870 110.459 100.600
Date 23-Mar 15-Jun 25-Jul 08-Nov 25-Jan 08-Jun
25 6
CTP Price - Low 100.000 103.390 107.770 100.550 108.250 100.580
- - Date 09-Jan 15-Jun 25-Jul 22-Dec 07-Feb 08-Jun
IBPA Fair Yield (%) 9.2814 8.8954 8.3166 8.0048 8.1752 9.2539
Mod. Duration (yrs) 3.295 3.163 2.992 2.825 2.647 2.449
112 11.0
Convexity (yrs) 13.198 12.086 10.775 9.579 8.394 7.198
109 10.0 Sensitivity (%) 0.033 0.032 0.030 0.028 0.026 0.024
106 9.0 This subordinate bond series was traded in 15 trading days during the period of 2017 to
Q2-2018. The total trading volume was Rp162.20 billion during the period. The IBPA fair
103 8.0
prices for this series were 104.2389% at the lowest and 110.5917% at the highest. While in
the market, observed through IDX Centralized Trading Platform (CTP), this series was
100 7.0
traded between 100.0000% at the lowest and 110.4590% at the highest.
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBIA01C Listing Date Maturity Date
ISIN CODE : IDA0000677C3 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20


Volume Volume (Rp bn) 12.00 15.00 23.60 270.00 - 1.20
220 16
Frequency Frequency (X) 7 2 12 16 - 4
165 12 Trading days 4 2 6 8 - 4
Turnover Ratio (%) 9.60 12.00 18.88 216.00 - 0.96
110 8 CTP Price - High 102.020 104.400 104.250 104.800 N/A 103.580
Date 10-Feb 17-May 27-Jul 15-Dec N/A 07-Jun
55 4
CTP Price - Low 101.650 103.900 103.000 99.800 N/A 101.970
- - Date 17-Feb 09-May 25-Aug 24-Oct N/A 28-May
IBPA Fair Yield (%) 8.3571 7.8213 8.1056 7.2350 7.2320 8.5801
Mod. Duration (yrs) 2.536 2.378 2.167 1.980 1.779 1.566
107 11.0
Convexity (yrs) 7.728 6.773 5.649 4.721 3.835 3.002
105 10.0 Sensitivity (%) 0.025 0.024 0.022 0.020 0.018 0.016
103 9.0 This series, matured on 1 April 2020, had average trading volume amounted to Rp80.15
billion/quarter with average frequency about 9 times/quarter in 2017, while during the
101 8.0
first semester of 2018 the average volume decreased to Rp600 million/quarter with
average frequency at 2 times/quarter. The market price for this series observed through
99 7.0
the Centralized Trading Platform (CTP) was between 99.8000% at the lowest and peaked
at 104.8000% while the range of IBPA fair price for this series that stood between
97 6.0
101.4699% and 105.3219%. On the other side, the yield valued by IBPA was 7.2072% at
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
the lowest, and 9.0384% at the highest.

260 Corporate Bonds
BBIA01BCN1


240 12
180 9 Trading days 6 2 1 2 2 7
Turnover Ratio (%) 71.33 19.33 16.00 17.33 50.00 183.33
120 6 CTP Price - High 100.060 100.650 100.666 101.750 102.162 102.190
Date 31-Mar 21-Jun 03-Jul 27-Nov 12-Jan 15-May
60 3
CTP Price - Low 98.650 100.600 100.666 101.330 102.080 101.240
- - Date 05-Jan 17-May 03-Jul 27-Oct 22-Jan 30-May
IBPA Fair Yield (%) 8.2936 8.0698 7.5226 6.8155 7.0745 8.4408
Mod. Duration (yrs) 2.346 2.169 1.951 1.746 1.530 1.306
103 10.0
Convexity (yrs) 6.452 5.517 4.491 3.619 2.811 2.085
102 9.0 Sensitivity (%) 0.023 0.022 0.020 0.017 0.015 0.013
101 8.0 The series was first listed on 28 November 2016 and will be matured on 25 November
2019. The series has an outstanding amount of Rp600 billion with fixed coupon per
100 7.0
annum at 8.00%. Based on the market price (Centralized Trading Platform) during 2017,
this series was traded between 98.6500% - 101.7500%, while in first semester 2018 was
99 6.0
traded between 101.2400% and 102.1900%. The IBPA prices for this series, throughout
2017 and the first two quarters of 2018 period, were 98.0675% at the lowest and
98 5.0
102.3153% at the highest. At the same period, the fair yield for this series was ranging
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
from 6.6864% to 8.7809%.
BBIA01CCN1


Volume Volume (Rp bn) - 6.00 - 4.00 270.00 210.00
220 12
Frequency Frequency (X) - 4 - 2 10 7
165 9 Trading days - 2 - 2 4 5
Turnover Ratio (%) - 24.00 - 16.00 1080.00 840.00
110 6 CTP Price - High N/A 100.020 N/A 100.020 103.790 102.540
Date N/A 19-Jun N/A 15-Nov 15-Feb 15-May
55 3
CTP Price - Low N/A 100.000 N/A 100.000 101.500 102.000
- - Date N/A 19-Jun N/A 14-Nov 24-Jan 23-Apr
IBPA Fair Yield (%) 8.5170 8.2664 7.8038 7.5338 7.6929 8.7260
Mod. Duration (yrs) 3.792 3.651 3.471 3.299 3.114 2.907
105 11.0
Convexity (yrs) 17.097 15.763 14.210 12.793 11.384 9.933
103 10.0 Sensitivity (%) 0.038 0.037 0.035 0.033 0.031 0.029
101 9.0 This series which matured on 25 November 2021 had average trading volume amounted
to Rp2.50 billion/quarter with average frequency about 2 times/quarter in 2017, while
99 8.0
during the first semester of 2018 the average volume increased to Rp240 billion/quarter
with average frequency at 9 times/quarter. The market price for this series observed
97 7.0
through the Centralized Trading Platform (CTP) was between 100.0000% at the lowest and
peaked at 103.7900% while the range of IBPA fair price for this series that stood between
95 6.0
96.5453% and 103.2916%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 261
BBIA01SBCN1
ISIN CODE : IDA000077903 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23


Volume Volume (Rp bn) 20.00 - 20.00 - - -
20 4
Frequency Frequency (X) 2 - 2 - - -
15 3 Trading days 1 - 1 - - -
Turnover Ratio (%) 80.00 - 80.00 - - -
10 2 CTP Price - High 100.020 N/A 100.020 N/A N/A N/A
Date 03-Jan N/A 03-Aug N/A N/A N/A
5 1
CTP Price - Low 100.020 N/A 100.000 N/A N/A N/A
- - Date 03-Jan N/A 03-Aug N/A N/A N/A
IBPA Fair Yield (%) 9.3078 9.0654 8.6565 8.4436 8.8261 9.4279
Mod. Duration (yrs) 4.864 4.765 4.631 4.498 4.335 4.144
106 11.0
Convexity (yrs) 29.573 28.158 26.443 24.805 22.986 21.023
104 10.0 Sensitivity (%) 0.049 0.048 0.046 0.045 0.043 0.041
102 9.0 This sustainable subordinate bond series only was traded in 2 trading days during the
period of 2017 to Q2-2018. The total trading volume was Rp40 billion during the period.
100 8.0
The IBPA fair prices for this series were 97.7598% at the lowest and 105.7113% at the
highest. While in the market, observed through IDX Centralized Trading Platform (CTP),
98 7.0
this series was traded between 100.0000% at the lowest and 100.0200% at the highest.
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBIA01SBCN2
ISIN CODE : IDA000084503 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23 Oct-24


240 12
180 9 Trading days - - - 4 2 3
Turnover Ratio (%) - - - 224.00 16.80 8.00
Date N/A N/A N/A 27-Nov 06-Mar 26-Apr
60 3
IBPA Fair Yield (%) - - - 8.5586 8.8599 9.4276
Mod. Duration (yrs) - - - 4.959 4.807 4.614
106 11.0
Convexity (yrs) - - - 30.899 28.955 26.737
104 10.0 Sensitivity (%) - - - 0.050 0.048 0.046
102 9.0 This sustainable subordinate bond series was traded in 9 trading days during the period
of 2017 to Q2-2018. The total trading volume was Rp311 billion during the period. The
100 8.0
98 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

262 Corporate Bonds
BBIA01ACN2
ISIN CODE : IDA0000905A2 May-18 Jun-19


1600 36
1200 27 Trading days - - - - - 4
Turnover Ratio (%) - - - - - 877.96
400 9
IBPA Fair Yield (%) - - - - - 6.6079
102 8.0
Convexity (yrs) - - - - - 1.025
101 7.0 Sensitivity (%) - - - - - 0.009
100 6.0 The series was first listed on 24 May 2018 and will be matured on 3 June 2019. The series
has an outstanding amount of Rp862 billion with fixed coupon per annum at 6.15%. The
99 5.0
IBPA prices for this series, throughout 2017 and the first two quarters of 2018 period,
98 4.0
97 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBIA01BCN2


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - - 7.5713
103 9.0
Convexity (yrs) - - - - - 7.659
102 8.0 Sensitivity (%) - - - - - 0.026
101 7.0 This series was listed on 24 May 2018 and will be matured on 23 May 2021. Since this
series listed to the first semester 2018, there was no transaction at all. IBPA valuated the
100 6.0
fair price for this series were 98.5304% at the lowest and 100.6823% at the highest.
99 5.0
98 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 263
BBIA01CCN2 Listing Date Maturity Date


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - - 7.6510
103 9.0
Convexity (yrs) - - - - - 19.031
102 8.0 Sensitivity (%) - - - - - 0.040
101 7.0 This series has listed since 24 May 2018 and will be matured on 23 MAy 2023. Since this
series listed until the first semester 2018, there was no transaction at all. IBPA valuated the
100 6.0
fair price for this series were 91.8980 at the lowest and 101.7954% at the highest.
99 5.0
98 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBIA01SB 101 6 14 12.7%
BBIA01C 15 24 270 64.1%
BBIA01BCN1 107 29 24 26 31.0%
BBIA01CCN1 6 10.0%
BBIA01SBCN1 20 20 40.0%
BBIA01SBCN2 280 56.0%
- 200 400 600 800 1,000

264 Corporate Bonds

PT Bank UOB Indonesia (BBIA) was founded on 31 No. Company Total Revenue Net Profit Revenue
August 1956 under the name PT Bank Buana (Rp Bill) Margins (%) Growth (%)
Indonesia. In May 2011, the Bank changed its name 1. PT Bank UOB Indonesia 7,268 1.1 (1.8)
to PT Bank UOB Indonesia. BBIA focus on small and 2. PT Bank Mayapada Internasional Tbk. 6,984 9.7 15.8
medium enterprises, besides its strong retail 3. PT Bank Pembangunan Daerah Jawa Tengah 5,925 20.1 11.7
customer base and corporate banking business which 4. PT Bank KEB Hana Indonesia 2,616 28.4 19.4
offers treasury and cash management products and 5. PT BPD Sumatera Barat 2,261 13.3 (1.4)
services. Financial Statement as of Fiscal Year 2017
Currently, BBIA’s service network comprises 41 Historical Corporate Ratings

branch offices, 137 sub-branch offices and 160 ATMs No. Rating Agency Rating Rating Status Rating Date Outlook
across 30 cities in 18 provinces in Indonesia. BBIA’s
banking services are also accessible through the ATM 1. Fitch Ratings AAA(idn) Affirmed 29-Mar-17 Stable
Prima and Bersama Network, Visa Network and UOB’s 2. Fitch Ratings AAA(idn) Affirmed 31-Mar-16 Stable
3. Fitch Ratings AAA(idn) Affirmed 13-Apr-15 Stable
regional ATM network.
As of December 2017, BBIA’s shareholders are UOB
International Investment Private Limited (68.943%),
SWOT Analysis
Singapore United Overseas Bank Limited (30.056%),
and Others (1.001%).
-Strategic important to major -Less diversification and still
shareholder dependent on micro financing
-Sound capitalization segment
-Increasing asset quality -Decreasing profitability
-Limited business network and
channels
Financial Analysis
In 2017, deposit from customers reached Rp75.05
trillion or grew by 2.80%. The bank’s interest income
decreased slightly by 1.84% to Rp7.27 trillion. In 2017.
The bank’s total assets reached Rp95.24 trillion or O pportunities T hreats
increased by 1.22% from Rp94.09 trillion in 2016.
However, The loan distributed fell by 4.16% to -Growing digital banking business. -Tight competition in consumer
Rp62.70 trillion. The Bank's Net Interest Margin (NIM) -Stable Indonesia economic growth. banking
stood at 3.85%, or decreased from 4.31% in 2016. The -Increasing competition with fintech
Bank’s Capital Adequacy Ratio (CAR) increased to business
17.08%, stronger compared with the previous year -Volatile external economic
which was at 16.44%. The bank’s asset quality conditions
improved as reflected in decreasing net Non-
Performing Loan (NPL) from 2.61% to 0.93% in 2017.

Corporate Bonds 265
idBBB+
BBKE PT Bank Kesejahteraan Ekonomi Stable
Sector : Finance Gedung BKE
Sub Sector : Bank Jln. R.P. Soeroso No. 21
Website : www.bankbke.co.id Jakarta 10330
Corporate Sec. : Zulfikar Chainar Phone : (021) 310-0422
Email Corporate Sec. : zulfikar@bankbke.co.id Fax : (021) 3192-970
PT Bank Kesejahteraan Ekonomi is located in FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Jakarta. The deed of establishment has been BALANCE SHEETS Dec-2016 Dec-2017 Chg %
announced in State Gazette of Republic of
Cash on Hand 7,155 9,019 26.04 p
Indonesia dated February 25, 2000 No. 16 Supplement No
Placements with Other Banks 310,954 360,227 15.85 p
1019/2000. The Articles of Association has been amended several
times, where the last amendment has been adjusted to Law No. 40 Marketable Securities 328,192 437,105 33.19 p
year 2007 on Limited Liability Company, as stated in Deed dated July Loans 2,239,627 3,006,684 34.25 p
31, 2008 No. 33 made by Mrs. Judy Sentana, SH, MH, Notary in Investments - - - 
Jakarta and has been approved by Minister of Law and Human Rights Property, Plant and Equipment 9,908 36,661 270.03 p
of Republic of Indonesia as stipulated in Decree dated December 22,
Total Assets 3,164,816 4,121,877 30.24 p
2008 No. AHU-98554.AH.01.02; in relation to deeds dated April 15,
Deposits 2,576,433 3,540,279 37.41 p
2009 No. 11, dated June 17, 2009 No. 12, dated June 18, 2009 No. 13,
dated November 03, 2009 No. 3 and dated April 07, 2010 No. 7, and Fund Borrowings - - - 
dated April 12, 2011 No. 10, all of which were made Mrs. Judy Total Liabilities 2,800,868 3,747,309 33.79 p
Sentana, SH, MH, a Notary in Jakarta. The founder of PT Bank Authorized Capital (Mil. Sh) 80 80 - 
Kesejahteraan Ekonomi is Induk Koperasi Pegawai Republik Authorized Capital 800,000 800,000 - 
Indonesia (IKP-RI) which was chaired by Mr. Prof. DR. Sumitro
Paid up Capital 278,129 278,129 - 
Djojohadikusumo (late) and PT Dana Tabungan Dan Asuransi
Pegawai Negeri (PT Taspen Persero).
Par Value (Rp) 10,000 10,000 - 
Capital of the Company on its early establishment was Rp10 billion, Retained Earnings 74,681 83,403 11.68 p
with composition of 90% from IKP-RI and 10% from PT Taspen. In
Total Equity …*) 363,947 374,568 2.92 p
line with the development of the Company’s business, the number of
shareholders is increasing as well as the participation of Pension Non Controlling Interest - - - 
Fund PT Jasindo, Pension Fund PT. Jasa Raharja, Pension Fund Total Equity 363,947 374,568 2.92 p
Pertamina, PT Asuransi Ekspor Indonesia and Koperasi Pegawai Bank
BKE. In June 2005, the position of PT ASEI was replaced by PT INCOME STATEMENTS
Recapital Advisors. in 2014, PT Reliance Securiites joined Bank BKE as Total Interest Income 378,008 452,056 19.59 p
the Shareholder by investing in Rp60 billion of capital to strengthen
the capital structure of the Bank and develop Bank BKE business in
the future. Other Operating Revenue 15,799 24,850 57.29 p
Other Operating Expenses 143,417 200,103 39.53 p
BOARD OF COMMISSIONERS Income from Operations 58,124 20,089 -65.44 q
1. Tasripin Mastar Non-Operating Revenues -998 -284 71.53 p
2. I Nyoman Sidia * Earning Before Tax 57,127 19,805 -65.33 q
3. Mahyuddin Ramli * Income for the periods 42,072 14,318 -65.97 q
*) Independent Commissioner Comprehensive Income 40,139 16,216 -59.60 q
Net Income … *) 42,072 14,318 -65.97 q
BOARD OF DIRECTORS
1. Sasmaya Tuhuleley FINANCIAL RATIOS
2. Dhini Laswita DER (X) 7.70 10.00 30.00 p
3. Joice Farida Rosandi ROA (%) 1.33 0.35 -73.87 q
4. Zainal Riffandi NPM (%) 11.13 3.17 -71.54 q
AUDIT COMMITTEE *) … attributable to owners of the parent entity
1. Mahyuddin Ramli
2. Arih Hidayat SHAREHOLDERS
3. Arizal Anas 1. Induk Koperasi Pegawai RI (Class A & B) 25.43%
2. PT Danadipa Artha Indonesia 21.00%
3. PT Reliance Securities Tbk. 20.55%
4. PT Recapital Advisors 19.68%
5. PT TASPEN (Persero) (Class A & B) 9.93%
6. Dana Pensiun PT Jasa Raharja 1.44%
7. Dana Pensiun PT Asuransi Jasa Indonesia 1.24%
8. Koperasi Pegawai Bank Kesejahteraan Ekonomi 0.74%

266 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
22-Sep-18 PT Bank
Obligasi
BBKE01SB 11.85% 22-Dec-18 Negara idBBB-
1. Subordinasi I Bank 170,000 23-Dec-16 22-Dec-21 5
BKE Tahun 2016
TRADING HIGHLIGHT
BBKE01SB


Volume Volume (Rp bn) 106.00 - - - - -
100 4
Frequency Frequency (X) 2 - - - - -
75 3 Trading days 1 - - - - -
Turnover Ratio (%) 249.41 - - - - -
50 2 CTP Price - High 97.750 N/A N/A N/A N/A N/A
Date 29-Mar N/A N/A N/A N/A N/A
25 1
CTP Price - Low 97.730 N/A N/A N/A N/A N/A
- - Date 29-Mar N/A N/A N/A N/A N/A
IBPA Fair Yield (%) 13.1601 12.8944 12.2589 11.9063 12.0411 13.0071
Mod. Duration (yrs) 3.529 3.418 3.273 3.129 2.970 2.785
102 14.0
Convexity (yrs) 15.484 14.401 13.121 11.924 10.699 9.405
100 13.0 Sensitivity (%) 0.035 0.034 0.033 0.031 0.030 0.028
98 12.0 This subordinated bond series was first listed on 23 December 2016 and will be matured
on 22 December 2021. This series has an outstanding amount of Rp170 billion with fixed
96 11.0
coupon per annum at 11.85%. Based on the market price (Centralized Trading Platform),
this series was traded between 97.7300% - 97.7500% throughout 2017 and the first two
94 10.0
quarters of 2018 period. While the IBPA prices for this series were 93.6085% at the lowest
and 102.2321% at the highest. At the same period, the fair yield for this series was
92 9.0
ranging from 11.5153% to 13.6766%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBKE01SB 106 62.4%
- 50 100 150 200

Corporate Bonds 267

PT Bank Kesejahteraan Ekonomi (BKE) is one of the No. Company Total Revenue Net Profit Revenue
national private banks which was established in 1992. (Rp Bill) Margins (%) Growth (%)
Bank BKE main business is providing loans to civil 1. PT Bank Pembangunan Daerah Lampung 695 18.6 (6.8)
servant cooperative (KPRI) which then channel them 2. PT Bank BNI Syariah 3,189 9.6 13.8
to their member civil servants (PNS). Bank BKE 3. PT Bank Kesejahteraan Ekonomi 452 3.2 19.6
transformed by changing its name and logo in 2016.
Bank BKE also optimized delivery channel through
development of mobile apps by using sms to Financial Statement as of Fiscal Year 2017
facilitate the transactions of customers.
Historical Corporate Ratings
As of December 31, 2017, its shareholders were No. Rating Agency Rating Rating Status Rating Date Outlook
Ikatan Koperasi Pegawai Republik Indonesia (IKPRI,
46.43%), PT Reliance Securities Tbk. (20.55%), PT 1. Pefindo idBBB+ Assigned 12-Sep-17 Stable
Recapital Advisors (19.68%), PT Dana Tabungan dan 2. Pefindo idBBB+ Assigned 5-Dec-16 Stable
Asuransi Pegawai Negeri (TASPEN, 9.93%), PT Jasa

Raharja Pension Fund (1.44%), PT Asuransi Jasa
Indonesia Pension Fund (1.24%), and Bank BKE
employee cooperative (0.74%).
SWOT Analysis
- Strong support from TASPEN - High operational expenses
- Moderate asset quality - Concentrate funding profile
Financial Analysis
Interest income grew 19.59% in 2017 to Rp452 billion
from Rp378 billion. While interest expense was
33.25% higher from Rp192 billion in 2016 to Rp257
billion in 2017. Therefore the bank managed to O pportunities T hreats
increase net interest income by 5.17% from Rp186
billion to Rp195 billion. The positive growth of - The growth potential from its niche - Tight competition in non-
interest income was backed by funding expansion as market cooperative segments
seen from increasing third party deposits by 39.11% - Decreasing support from TASPEN
to Rp3.44 trillion. Funding expansion was followed by
increasing net lending by 34.25% to Rp3.01 trillion.
Credit expansion was followed by weakening asset
quality as reflected from rising gross NPL from 2.07%
to 3.58%. The bank operating income, however, was
down 65.44% from Rp58 billion to Rp20 billion. This
was mainly driven by a significant increase in
impairment losses on financial assets which was up
by 188.71% from Rp23 billion to Rp67 billion.
Therefore, the bank recorded a decrease in net
income by 65.97% from Rp42 billion to Rp14 billion.

268 Corporate Bonds
idA+
BBKP PT Bank Bukopin Tbk. Negative
Sector : Finance Bank Bukopin Building
Sub Sector : Bank Jln. M.T. Haryono Kav. 50 - 51
Website : www.bukopin.co.id Jakarta 12770
Corporate Sec. : Ariesyanti Budi Prartiwi Phone : (021) 798-8266, 798-9837
Email Corporate Sec. : corsec@bukopin.co.id; investor.relations@bukopin.co.id Fax : (021)798-0625
Bank Bukopin is one of medium-size FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
In do nesia n pr iva te ba nk tha t covers BALANCE SHEETS Dec-2016 Dec-2017 Chg %
covers individuals, cooperatives, enterprises, State Owned Enterprises
Cash on Hand 679,665 678,480 -0.17 q
(“BUMN”) and government institutions customers. The Bank divides
its business segments into retail business (micro, SME and
consumers) and commercial. Retail segments are their focus while Marketable Securities 12,467,351 11,200,487 -10.16 q
commercial segment is expected to be their balancer. Loans 68,340,059 70,479,820 3.13 p
The Company will maintain its business activity on funding, lending
and fee-based income through strategies that focus on areas such as
performance enhancement, qualified asset growth, deposit structure, Total Assets 102,778,070 106,442,999 3.57 p
profit based on economic scale optimization, developing digital Deposits 85,917,027 90,170,805 4.95 p
banking product and collaborating with fintech industry. Fund Borrowings 1,295,106 846,980 -34.60 q
BOARD OF COMMISSIONERS Authorized Capital (Mil. Sh) 22,888 22,888 - 
1. Mustafa Abubakar Authorized Capital 2,500,000 2,500,000 - 
2. Deddy S.A. Kodir Paid up Capital 1,119,908 1,119,908 - 
3. Karya Budiana * Paid up Capital (Mil. Sh) 9,087 9,087 - 
4. Margustienny * Par Value (Rp) 10,000 & 100 10,000 & 100 - 
5. Muhammad Subhan Aksa Retained Earnings 2,902,041 2,712,306 -6.54 q
6. Mulia Panusunan Nasution * Total Equity …*) 6,910,000 6,758,952 -2.19 q
7. Susiwijono Non Controlling Interest - - - 
*) Independent Commissioner Total Equity 6,910,000 6,758,952 -2.19 q
BOARD OF DIRECTORS INCOME STATEMENTS

1. Eko Rachmansyah Gindo Total Interest Income 9,386,150 9,623,094 2.52 p
2. Adhi Brahmantya Interest Expenses 5,815,627 6,489,782 11.59 p
3. Hari Wurianto Other Operating Revenue 631,726 767,409 21.48 p
4. Heri Purwanto Other Operating Expenses 2,911,604 2,965,685 1.86 p
5. Mikrowa Kirana Income from Operations 476,571 121,583 -74.49 q
6. Muhammad Rachmat Kaimuddin Non-Operating Revenues -32,406 236 N/A p
7. Rivan Achmad Purwantono Earning Before Tax 444,165 121,819 -72.57 q
AUDIT COMMITTEE Comprehensive Income 1,376,735 174,934 -87.29 q
1. Margustienny Net Income … *) 183,536 135,279 -26.29 q
2. Azrul Andaliza
3. Deddy SA. Kodir FINANCIAL RATIOS
4. Eddy Hutarso DER (X) 13.87 14.75 6.30 p
5. Eddy Rizal ROA (%) 0.17 0.13 -25.65 q
NPM (%) 1.88 1.41 -24.89 q
SHAREHOLDERS
1. Public 40.48%
2. PT Bosowa Corporindo 30.00%
3. Kopelindo 18.09%

Corporate Bonds 269
AS OF JUNE 2018
Coupon Coupon
Obligasi
06-Sep-18
BBKP01SBCN1 06-Dec-18 idBBB+
1. Berkelanjutan I 1,500,000 07-Mar-12 06-Mar-19 7 Mandiri
IDA000051205 06-Mar-19 Stable
BBKP Tahap I Tahun (Persero) Tbk.
Quarterly -
2012
Obligasi
30-Sep-18
BBKP02SBCN1 30-Dec-18 idBBB
2. Berkelanjutan II 400,000 01-Jul-15 30-Jun-22 7 Mandiri
BBKP Tahap I Tahun (Persero) Tbk.
Quarterly 30-Jun-19
2015
Obligasi
28-Aug-18
BBKP02SBCN2 28-Nov-18 idBBB
3. Berkelanjutan II 1,405,000 01-Mar-17 28-Feb-24 7 Mandiri
IDA000078703 28-Feb-19 Stable
BBKP Tahap II (Persero) Tbk.
Quarterly 28-May-19
Tahun 2017
TRADING HIGHLIGHT
BBKP01SBCN1
ISIN CODE : IDA000051205 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19


600 100
450 75 Trading days 14 7 8 12 23 24
Turnover Ratio (%) 87.47 37.50 54.93 82.67 150.13 145.01
300 50 CTP Price - High 100.450 101.200 101.770 101.119 102.600 107.220
Date 12-Jan 19-Jun 12-Sep 26-Oct 20-Mar 16-May
150 25
CTP Price - Low 98.800 99.300 100.000 100.000 98.500 99.350
- - Date 20-Jan 19-Jun 21-Aug 20-Dec 02-Mar 28-May
IBPA Fair Yield (%) 9.1836 8.5706 8.0001 8.5483 7.1978 6.4912
Mod. Duration (yrs) 1.739 1.556 1.328 1.107 0.887 0.659
107 10.0
Convexity (yrs) 3.612 2.908 2.155 1.534 1.022 0.603
105 9.0 Sensitivity (%) 0.017 0.016 0.013 0.011 0.009 0.007
103 8.0 This series will mature on 6 March 2019, had average turnover of 92.95% per quarter and
101 7.0
99 6.0
102.6000%.
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

270 Corporate Bonds
BBKP02SBCN1 Listing Date Maturity Date
ISIN CODE : IDA000069009 Jul-15 Jun-22


Volume Volume (Rp bn) 178.50 109.50 63.00 195.00 10.40 -
160 24
Frequency Frequency (X) 28 9 9 17 12 -
120 18 Trading days 9 5 2 4 2 -
Turnover Ratio (%) 178.50 109.50 63.00 195.00 10.40 -
80 12 CTP Price - High 106.030 106.314 107.500 109.850 111.500 N/A
Date 21-Feb 12-May 21-Jul 08-Nov 26-Feb N/A
40 6
CTP Price - Low 100.000 100.000 104.390 104.390 102.500 N/A
- - Date 31-Mar 19-May 27-Jul 27-Dec 21-Mar N/A
IBPA Fair Yield (%) 10.2432 10.1437 9.6310 9.4702 9.6317 10.5393
Mod. Duration (yrs) 3.916 3.697 3.557 3.416 3.261 3.057
113 12.0
Convexity (yrs) 19.013 17.293 15.914 14.598 13.259 11.700
110 11.0 Sensitivity (%) 0.039 0.037 0.036 0.034 0.033 0.031
104 9.0
observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest
and peaked at 111.5000%. While the IBPA fair price for this series was between 100.6861%
101 8.0
and 110.1347%.
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBKP02SBCN2
ISIN CODE : IDA000078703 Mar-17 Feb-24


600 40
450 30 Trading days 3 14 11 10 6 12
Turnover Ratio (%) 17.94 168.28 72.17 31.32 7.40 49.31
300 20 CTP Price - High 101.170 103.000 104.500 106.620 110.800 107.000
Date 20-Mar 26-May 19-Jul 13-Dec 25-Jan 16-Apr
150 10
CTP Price - Low 100.000 50.000 100.000 100.000 100.000 100.000
- - Date 02-Mar 10-May 27-Jul 27-Dec 16-Jan 04-May
IBPA Fair Yield (%) 10.5650 10.9417 10.4966 9.6050 9.9458 10.7527
Mod. Duration (yrs) 4.777 4.657 4.545 4.466 4.317 4.101
112 12.0
Convexity (yrs) 29.385 27.794 26.289 25.100 23.384 21.218
99 11.0 Sensitivity (%) 0.048 0.047 0.045 0.045 0.043 0.041
86 10.0 This series will mature on 28 February 2024, had average turnover of 54.74% per quarter
73 9.0
60 8.0
96.7286% and 107.6568%.
47 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 271
BBKP01SBCN1 328 141 206 310 65.6%
BBKP02SBCN1 179 110 63 195 136.5%
BBKP02SBCN2 63 591 254 110 72.4%
- 150 300 450 600 750 900 1,050 1,200 1,350 1,500

272 Corporate Bonds

Established in 1970, PT Bank Bukopin Tbk. (BBKP) is a No. Company Total Revenue Net Profit Revenue
commercial bank, which is indirectly related to (Rp Bill) Margins (%) Growth (%)
BULOG, a government institution responsible for the 1. PT Bank Bukopin Tbk. 9,623 1.4 2.5
price stability of the basic commodities. BBKP went 2. PT Bank Pembangunan Daerah Maluku dan Maluku Utara 753 18.9 7.7
public in July 2006. 3. PT Bank Rakyat Indonesia Agroniaga Tbk. 1,252 11.2 29.7
4. PT Bank Victoria International Tbk. 2,293 5.9 6.1
Currently, BBKP business activities are funding and 5. PT Bank Capital Indonesia Tbk. 1,290 6.7 4.2
lending that focus on four main pillars, namely Micro Financial Statement as of Fiscal Year 2017
Business, Small and Medium Enterprises (SMEs)
Business, Consumer Business, and Commercial Historical Corporate Ratings
Business. No. Rating Agency Rating Rating Status Rating Date Outlook
As of 2016, BBKP’s controlling shareholder was PT. 1. Pefindo idA+ Affirmed 16-Apr-18 Negative*
Bosowa Corporindo (30.00%), Employees 2. Pefindo idA+ Affirmed 12-Jun-17 Stable

3. Pefindo idA+ Affirmed 18-Jun-16 Stable
Cooperatives of Bulog Indonesia, KOPELINDO
4. Pefindo idA+ Affirmed 5-Apr-16 Stable
(18.09%), Government of Republic of Indonesia
5. Pefindo idA+ Affirmed 1-Jun-15 Stable
(11.43%), and Public (40.48%).
SWOT Analysis
- Strong market position in the - Limited infrastructure such as
banking industry branches, integrated services, and
- Strategic business partnerships channeling in rural area
with a number of SOEs - Decreasing asset quality
- Strong capitalization
Financial Analysis
In 2017, BBKP's total assets increased to Rp106.44
trillion from Rp102.78 trillion in 2016 or rose by
3.57%. The increase in total assets in particular
derived from the Loans and Sharia O pportunities T hreats
financing/receivable which grew by 3.13% to Rp70.48
trillion. While, third party deposits increased by 5.62% - Business opportunities derived - Tight competition in banking
to Rp88.59 trillion in 2017. from trade finance and sharia industry
products - Uncertainty in macro-economic
However, BBKP's net income for the year dropped by - Government support for SME’s condition
23.00% from Rp177 billion in 2016 to Rp136 billion in development
2017. The decreade was derived from interest
expenses and sharia charges which rose by 11.59% to
Rp6.49 trillion in 2017. And the Bank’s gross NPL
stood at 8.54% or increased from 4.80% at the end
2016.
*Due to deterioration in asset quality

Corporate Bonds 273
idAAA
BBNI PT Bank Negara Indonesia (Persero) Tbk. Stable
Sector : Finance BNI Building 24th. Floor
Sub Sector : Bank Jln. Jenderal Sudirman Kav. 1
Website : www.bni.co.id Jakarta 10220
Corporate Sec. : Kiryanto Phone : (021) 572-8525
Email Corporate Sec. : kiryanto@bni.co.id Fax : (021) 572-8053
PT Bank Negara Indonesia (Persero) Tbk. was FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
originally established on July 5th, 1946, PT BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Bank Negara Indonesia (Persero) Tbk. or BNI
Cash on Hand 11,167,643 11,577,664 3.67 p
was the first state-owned bank that was established after the
Placements with Other Banks 33,661,668 28,592,738 -15.06 q
independence of Republic of Indonesia. Subsequently, the company
became “Bank Negara Indonesia 1946” and changed its status to a Marketable Securities 23,764,750 36,049,899 51.69 p
state-owned commercial bank. Loans 376,594,527 426,789,981 13.33 p
Investments 57,169 713,423 1,147.92 p
The company’s scope of activity is to engage in general banking
services. The company's major products and services include credit
cards, saving accounts, current accounts and fixed deposits, as well as Total Assets 603,031,880 709,330,084 17.63 p
various types of loans, such as housing loans and other consumer Deposits 425,188,266 504,430,731 18.64 p
loans. Fund Borrowings 32,388,502 44,722,165 38.08 p
As of December 31st, 2017, BNI has 200 domestic branches, 1,085 Total Liabilities 492,701,125 584,086,818 18.55 p
sub-branches and 848 other outlets. In addition, BNI’s network also Authorized Capital (Mil. Sh) 34,503 34,503 - 
includes 5 overseas branches located in Singapore, Hong Kong, Authorized Capital 15,000,000 15,000,000 - 
Tokyo, London and Seoul and 1 agency in New York. Paid up Capital 9,054,807 9,054,807 - 
Awards: Excellence in Enterprise Innovation, Gold Winner Corporate Paid up Capital (Mil. Sh) 18,649 18,649 - 
Branding Kategori Corporate Communication, Best Community Par Value (Rp) 7500 & 7500 & 375 7500 & 7500 & 375 - 
Involvement and Development, The Best Banking Technology Retained Earnings 50,798,322 60,313,505 18.73 p
Pioneer In Indonesia, Best Talent Management, The Best Performance Total Equity …*) 87,157,334 98,592,289 13.12 p
in ATM Bersama Awards 2017, Most Trusted Company Based on
Non Controlling Interest 2,096,666 2,311,015 10.22 p
Corporate Governance Perception index (CGPI), Best State Owned
Total Equity 89,254,000 100,903,304 13.05 p
Enterprise (SOE) etc.
BOARD OF COMMISSIONERS INCOME STATEMENTS

1. Ari Kuncoro * Total Interest Income 43,768,439 48,177,849 10.07 p
2. Ahmad Fikri Assegaf * Interest Expenses 13,773,377 16,240,086 17.91 p
3. Bistok Simbolon Other Operating Revenue 9,962,683 11,507,024 15.50 p
4. Joni Swastanto Other Operating Expenses 19,216,843 20,863,357 8.57 p
5. Marwanto Harjowiryono Income from Operations 14,229,332 17,222,663 21.04 p
6. Pataniari Siahaan * Non-Operating Revenues 73,573 -57,276 N/A q
7. Revrisond Baswir * Earning Before Tax 14,302,905 17,165,387 20.01 p
8. Sigit Widyawan * Income for the periods 11,410,196 13,770,592 20.69 p
9. Wahyu Kuncoro Comprehensive Income 12,332,684 15,617,639 26.64 p
*) Independent Commissioner Net Income … *) 11,338,748 13,616,476 20.09 p
BOARD OF DIRECTORS FINANCIAL RATIOS

1. Achmad Baiquni DER (X) 5.52 5.79 4.86 p
2. Adi Sulistyowati ROA (%) 1.89 1.94 2.60 p
3. Anggoro Eko Cahyo NPM (%) 26.07 28.58 9.64 p
4. Bob Tyasika Ananta EBITDA Coverage (X) 32.51 35.75 9.96 p
5. Catur Budi Harto *) … attributable to owners of the parent entity
6. Dadang Setiabudi
7. Endang Hidayatullah SHAREHOLDERS
8. Herry Sidharta 1. Republic of Indonesia (Class A Dwiwarna Share) 1 share
9. Putrama Wahju Setiawan 2. Republic of Indonesia (Class C) 58.84%
10. Rico Rizal Budidarmo 3. Foreign Investment Entity (Class C) 22.96%
11. Tambok P.S. Simanjuntak 4. Corporate (Class C) 14.59%
5. Public (Class C) 2.07%
AUDIT COMMITTEE 6. Republic of Indonesia (Class B) 1.16%
1. Pataniari Siahaan 3. Donnaria Silalahi 7. Public (Class B) 0.35%
2. Ahmad Fikri Assegaf 4. Lungguk Gultom 8. Directors and Employees (Class B) 0.03%

274 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
11-Jul-18 PT Bank
Obligasi
BBNI01CN1 8.00% 11-Oct-18 Rakyat idAAA
1. Berkelanjutan I BNI 3,000,000 12-Jul-17 11-Jul-22 5
IDA000082903 11-Jan-19 Indonesia Stable
Tahun 2017
TRADING HIGHLIGHT
BBNI01CN1
ISIN CODE : IDA000082903 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22


600 160
450 120 Trading days - - 36 26 33 20
Turnover Ratio (%) - - 83.22 27.66 13.63 28.48
Date N/A N/A 29-Sep 20-Oct 15-Mar 15-May
150 40
- - Date N/A N/A 16-Aug 20-Dec 12-Jan 25-May
IBPA Fair Yield (%) - - 7.2219 6.8389 6.8539 8.7594
Mod. Duration (yrs) - - 3.898 3.738 3.563 3.333
110 10.0
Convexity (yrs) - - 18.141 16.609 15.052 13.241
107 9.0 Sensitivity (%) - - 0.039 0.037 0.036 0.033
104 8.0 This bond series was traded in 115 trading days during the period of 2017 to Q2-2018.
The average trading volume was Rp191.24 billion/quarter with the average trading
101 7.0
frequency was 58 times/quarter during the period. The IBPA fair prices for this series were
95.7399% at the lowest and 105.8500% at the highest. While IBPA yield for this series
98 6.0
were ranging from 6.4757% at the lowest and 9.2774% at the highest.
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBNI01CN1 624 207 27.7%
- 300 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000

Corporate Bonds 275

PT Bank Negara Indonesia (Persero) Tbk. was No. Company Total Revenue Net Profit Revenue
originally established in Indonesia as a central bank (Rp Bill) Margins (%) Growth (%)
under the name of Bank Negara Indonesia. Pursuant 1. PT Bank Rakyat Indonesia (Persero) Tbk. 102,899 28.2 9.5
to Law No. 17 In 1968, BNI became Bank Negara 2. PT Bank Mandiri (Persero) Tbk. 79,502 27.0 3.6
Indonesia 1946, with the status of a State-owned 3. PT Bank Negara Indonesia (Persero) Tbk. 48,178 28.6 10.1
Commercial Bank. BNI offers deposit and loan 4. PT Bank CIMB Niaga Tbk. 20,403 14.6 (4.3)
facilities for the corporate, medium, and small 5. PT Bank Tabungan Negara (Persero) Tbk. 19,272 15.7 12.4
segments. Many of the products and services have Financial Statement as of Fiscal Year 2017
been adapted to the needs of customers from
childhood, through adolescence and adulthood, until Historical Corporate Ratings
retirement. No. Rating Agency Rating Rating Status Rating Date Outlook
Currently, the Government of the Republic of 1. Pefindo idAAA Affirmed 11-Apr-18 Stable
Indonesia owns 60% of BNI shares, while the public, 2. Pefindo idAAA Affirmed 9-Jun-17 Stable
3. Pefindo idAAA Assigned 6-Apr-16 Stable
both individuals and institutions, own the remaining
4. Fitch Ratings AA+(idn) Affirmed 8-Aug-17 Stable
40% domestic and foreign. BNI is now the 4th largest
5. Fitch Ratings AA+(idn) Affirmed 23-Aug-16 Stable
national bank in Indonesia, based on total assets,
total loans and total third-party funds. To provide
SWOT Analysis
financial services in an integrated manner, BNI is
supported by a number of subsidiaries, namely Bank
BNI Syariah, BNI Multifinance, BNI Sekuritas, BNI Life S trengths W eaknesses
Insurance, and BNI Remittance.
- Critical importance to the - Moderate asset quality profile
Government of Indonesia - Decreasing net interest margin
-Strong business position
-Strong profitability
- Favourable funding mix
Financial Analysis
Interest & sharia incomes grew 10.07% in 2017 to
Rp48.18 trillion from Rp43.77 trillion. While interest &
sharia expenses was up 17.91% from Rp13.77 trillion
in 2016 to Rp16.24 trillion in 2017. Therefore the bank O pportunities T hreats
managed to increase net interest income by 6.48%
from Rp30.00 trillion to Rp31.94 trillion. The positive Growing market size of commercial -Unfavorable global macroeconomic
growth of interest income was backed by funding and SME segments conditions
expansion as seen from increasing third party -Potential to develop branch -Tough competition in banking
deposits by 17.99% to Rp404.99 trillion. Funding network infrastructure, e-Channel industry
expansion was followed by increasing third party services stabilization, innovative -Increasing industry Non-
loans by 12.64% to Rp354.90 trillion. Credit expansion product and digital banking based Performing Loan
was followed by improving asset quality as reflected services
from lower gross NPL from 3.00% to 2.30%. The
bank's profitability also came from fee based income
which rose 13.00% to Rp7.31 trillion. This made
operating income grow by 21.04% to Rp17.22 trillion.
As a result, net income increased 20.69% from
Rp11.41 trillion to Rp13.77 trillion.

276 Corporate Bonds
idAAA
BBRI PT Bank Rakyat Indonesia (Persero) Tbk. Stable
Sector : Finance BRI I Building, 20th Fl.
Sub Sector : Bank Jln. Jend. Sudirman No. 44 - 46
Website : www.bri.co.id / www.ir-bri.com Jakarta 10210
Corporate Sec. : Bambang Tribaroto Phone : (021) 251-0244, 250-0124, 251-0315, 575-1966
Email Corporate Sec. : corsec@bri.co.id / ir@bri.co.id Fax : (021) 570-0916, 575-2010
Bank Rakyat Indonesia (BRI) is one of the FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
largest state-owned banks in Indonesia. BRI BALANCE SHEETS Dec-2016 Dec-2017 Chg %
was established in Purwokerto, Central Java, as Cash on Hand 25,212,024 24,797,782 -1.64 q
a financial institution that served people of Indonesian nationality
(native Indonesians). The institution was incorporated on December
16, 1895, and the date is now commemorated as the anniversary of Marketable Securities 133,620,714 204,929,704 53.37 p
BRI. Loans 621,286,679 689,559,288 10.99 p
Investments 2,439 73,821 2,926.69 p
Since its establishment, BRI consistently focuses on micro, small and
medium enterprises (SMEs), and became the pioneer of microfinance
in Indonesia. The Bank maintains its commitment until today, and Total Assets 1,003,644,426 1,126,248,442 12.22 p
with the support of its experience in delivering banking services, Deposits 756,755,912 847,249,817 11.96 p
especially in the SME segment, BRI has been able to record the Fund Borrowings 35,008,781 29,403,009 -16.01 q
achievement of being the most profitable bank in 11 years in a row. Total Liabilities 856,831,836 958,900,948 11.91 p
Such an achievement is the result of hard work of all BRI employees
Authorized Capital (Mil. Sh) 60,000 300,000 400.00 p
who ceaselessly innovate and develop banking products and services
for all business segments. Authorized Capital 15,000,000 15,000,000 - 
Paid up Capital 6,167,291 6,167,291 - 
BRI also brought its technology-based banking services to every Paid up Capital (Mil. Sh) 24,669 123,346 400.00 p
corner of the country, even to the small islands of the archipelago. In
Par Value (Rp) 250 50 -80.00 q
2015, BRI launched Teras BRI Kapal, the world’s first ever sea-floating
banking service. Then, in 2016, a new history was made. On June 18, Retained Earnings 125,309,471 143,827,697 14.78 p
2016 18:38 pm Kourou time, French Guiana, BRI launched BRIsat, Total Equity …*) 146,421,342 166,748,817 13.88 p
making it the first bank in the world that owns and operates its own Non Controlling Interest 391,248 598,677 53.02 p
satellite. Total Equity 146,812,590 167,347,494 13.99 p
BRI continues to expand its network. To strengthen its business
existence in the global arena, BRI opened overseas units. In 2015, BRI INCOME STATEMENTS
opened an overseas branch office in Singapore, following the Total Interest Income 93,995,015 102,899,292 9.47 p
existing overseas unit, such as BRI New York Agency, BRI Cayman Interest Expenses 28,576,716 29,893,805 4.61 p
Island Branch, Hong Kong Representative Office, and BRI Remittance
Other Operating Revenue 16,998,789 19,091,067 12.31 p
Hong Kong. In 2017, BRI opened a branch office in Timor Leste.
BRI also begins operating the Overseas Unit at Timor Leste in 2017, Income from Operations 33,964,542 36,805,834 8.37 p
and officially launched Teras BRI Kapal Bahtera Seva II and Teras BRI Non-Operating Revenues 9,228 216,323 2,244.20 p
Kapal Bahtera Seva III to reach the communities in the coastal areas
Earning Before Tax 33,973,770 37,022,157 8.97 p
of Labuan Bajo and Halmahera. In addition, BRI convened the
Extraordinary General Meeting of Shareholders on 18 October 2017 Income for the periods 26,227,991 29,044,334 10.74 p
that has approved the stock split from previously Rp250 per share to Comprehensive Income 41,380,007 30,877,015 -25.38 q
Rp50 per share (Ratio 1:5). The share was initially traded on 10 Net Income … *) 26,195,772 28,996,535 10.69 p
November 2017, at the same time of the 14th Anniversary of BRI
shares listed at the stock exchange.
FINANCIAL RATIOS
DER (X) 5.84 5.73 -1.82 q
AUDIT COMMITTEE ROA (%) 2.61 2.58 -1.32 q
1. A. Fuad Rahmany NPM (%) 27.90 28.23 1.16 p
2. A. Sony Keraf EBITDA Coverage (X) 36.13 35.77 -1.01 q
3. I Gde Yadnya Kusuma *) … attributable to owners of the parent entity
4. Pamuji Gesang Raharjo
5. Rofikoh Rokhim SHAREHOLDERS
6. Sunuaji Noor Widiyanto 1. Republic of Indonesia (Class A Dwiwarna Share) 1 share
2. Republic of Indonesia (Class B) 56.75%
3. Public (Class B) 43.25%

Corporate Bonds 277

1. Andrinof A. Chaniago * 1. Suprajarto
2. A. Fuad Rahmany * 2. Ahmad Solichin Lutfiyanto
3. A. Sonny Keraf * 3. Handayani
4. Gatot Trihargo 4. Haru Koesmahargyo
5. Hadiyanto 5. Indra Utoyo
6. Jeffry J. Wurangin 6. Kuswiyoto
7. Mahmud * 7. Mohammad Irfan
8. Nicolaus Teguh Budi Harjanto 8. Osbal Saragi Rumahoro
9. Rofikoh Rokhim * 9. Priyastomo
*) Independent Commissioner 10. R. Sophia Alizsa
11. Sis Apik Wijayanto
12. Supari
AS OF JUNE 2018
Coupon Coupon

BBRI01BCN1 Berkelanjutan I 9.20% - Negara idAAA
1. 925,000 06-Jul-15 03-Jul-18 3
IDA0000692B4 Bank BRI Tahap I - Indonesia Stable

BBRI01CCN1 Berkelanjutan I 9.50% 03-Oct-18 Negara idAAA
2. 1,420,000 06-Jul-15 03-Jul-20 5
IDA0000692C2 Bank BRI Tahap I 03-Jan-19 Indonesia Stable

BBRI01BCN2 Berkelanjutan I 9.25% 04-Nov-18 Negara idAAA
3. 1,018,500 05-Feb-16 04-Feb-19 3
IDA0000716B1 Bank BRI Tahap II 04-Feb-19 Indonesia Stable

BBRI01CCN2 Berkelanjutan I 9.60% 04-Nov-18 Negara idAAA
4. 2,823,500 05-Feb-16 04-Feb-21 5
IDA0000716C9 Bank BRI Tahap II 04-Feb-19 Indonesia Stable

BBRI01BCN3 Berkelanjutan I 8.20% 25-Nov-18 Negara idAAA
5. 2,437,000 26-May-16 25-May-19 3
IDA0000729B4 Bank BRI Tahap III 25-Feb-19 Indonesia Stable

BBRI01CCN3 Berkelanjutan I 8.70% 25-Nov-18 Negara idAAA
6. 701,000 26-May-16 25-May-21 5
IDA0000729C2 Bank BRI Tahap III 25-Feb-19 Indonesia Stable

BBRI02BCN1 Berkelanjutan II 8.00% 01-Dec-18 Negara idAAA
7. 964,000 02-Dec-16 01-Dec-19 3
IDA0000780B7 Bank BRI Tahap I 01-Mar-19 Indonesia Stable
Tahun 2016 Quarterly 01-Jun-19 (Persero) Tbk.

BBRI02CCN1 Berkelanjutan II 8.20% 01-Dec-18 Negara idAAA
8. 193,000 02-Dec-16 01-Dec-21 5
IDA0000780C5 Bank BRI Tahap I 01-Mar-19 Indonesia Stable

BBRI02DCN1 Berkelanjutan II 8.65% 01-Dec-18 Negara idAAA
9. 477,000 02-Dec-16 01-Dec-23 7
IDA0000780D3 Bank BRI Tahap I 01-Mar-19 Indonesia Stable

BBRI02ECN1 Berkelanjutan II 8.90% 01-Dec-18 Negara idAAA
10. 2,350,000 02-Dec-16 01-Dec-26 10
IDA0000780E1 Bank BRI Tahap I 01-Mar-19 Indonesia Stable

278 Corporate Bonds
Coupon Coupon

BBRI02BCN2 Berkelanjutan II 8.10% 11-Oct-18 Negara idAAA
11. 1,743,500 12-Apr-17 11-Apr-20 3
IDA0000800B3 Bank BRI Tahap II 11-Jan-19 Indonesia Stable

BBRI02CCN2 Berkelanjutan II 8.30% 11-Oct-18 Negara idAAA
12. 925,000 12-Apr-17 11-Apr-22 5
IDA0000800C1 Bank BRI Tahap II 11-Jan-19 Indonesia Stable

BBRI02DCN2 Berkelanjutan II 8.80% 11-Oct-18 Negara idAAA
13. 1,300,500 12-Apr-17 11-Apr-27 10
IDA0000800D9 Bank BRI Tahap II 11-Jan-19 Indonesia Stable
Tahun 2017 Seri D Quarterly 11-Apr-19 (Persero) Tbk.

BBRI02ACN3 Berkelanjutan II 7.60% 24-Nov-18 Negara idAAA
14. 980,500 25-Aug-17 24-Aug-20 3
IDA0000841A9 Bank BRI Tahap III 24-Feb-19 Indonesia Stable
Tahun 2017 Seri A Quarterly 24-May-19 (Persero) Tbk.

BBRI02BCN3 Berkelanjutan II 8.00% 24-Nov-18 Negara idAAA
15. 1,652,500 25-Aug-17 24-Aug-22 5
IDA0000841B7 Bank BRI Tahap III 24-Feb-19 Indonesia Stable

BBRI02CCN3 Berkelanjutan II 8.25% 24-Nov-18 Negara idAAA
16. 2,517,000 25-Aug-17 24-Aug-24 7
IDA0000841C5 Bank BRI Tahap III 24-Feb-19 Indonesia Stable

BBRI02ACN4 Berkelanjutan II 6.65% 21-Nov-18 Negara idAAA
17. 1,837,000 22-Feb-18 21-Feb-23 5
IDA0000880A7 Bank BRI Tahap IV 21-Feb-19 Indonesia Stable

BBRI02BCN4 Berkelanjutan II 6.90% 21-Nov-18 Negara idAAA
18. 605,000 22-Feb-18 21-Feb-25 7
IDA0000880B5 Bank BRI Tahap IV 21-Feb-19 Indonesia Stable
26-Sep-18 PT Bank
Obligasi
BBRI03SB 7.70% 26-Dec-18 Negara idAA
19. Subordinasi III Bank 500,000 27-Jun-18 26-Jun-23 5
BRI Tahun 2018

Corporate Bonds 279
TRADING HIGHLIGHT
BBRI01BCN1


260 20
195 15 Trading days - - 9 3 1 2
Turnover Ratio (%) - - 133.19 20.76 4.32 5.19
Date N/A N/A 12-Jul 15-Dec 04-Jan 07-May
65 5
- - Date N/A N/A 25-Sep 23-Nov 04-Jan 11-Apr
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price 101.699 101.820 101.600 101.343 100.841 100.095
IBPA Fair Yield (%) 7.7478 7.3478 7.0217 6.5058 5.9260 6.0134
Mod. Duration (yrs) 1.152 0.956 0.716 0.487 0.252 0.011
104 10.0
Convexity (yrs) 1.676 1.185 0.706 0.363 0.127 0.003
103 9.0 Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
102 8.0 This bond series was traded only in 15 trading days during the period of 2017 to Q2-
2018. The average trading volume was Rp63 billion/quarter with the average trading
101 7.0
100 6.0
99 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBRI01CCN1 Listing Date Maturity Date


120 40
90 30 Trading days 3 7 11 8 7 9
Turnover Ratio (%) 11.27 14.72 25.85 35.97 12.85 9.40
60 20 CTP Price - High 103.000 109.000 108.500 107.500 108.700 108.500
Date 30-Jan 16-Jun 06-Jul 12-Oct 20-Mar 09-Apr
30 10
CTP Price - Low 100.000 104.200 104.650 104.000 104.000 103.000
- - Date 06-Feb 06-Jun 12-Jul 11-Oct 15-Mar 06-Jun
IBPA Fair Yield (%) 8.3935 8.2139 7.4665 7.0994 7.2141 8.6376
Mod. Duration (yrs) 2.726 2.568 2.373 2.185 1.987 1.776
109 10.0
Convexity (yrs) 8.927 7.895 6.747 5.723 4.751 3.821
107 9.0 Sensitivity (%) 0.027 0.026 0.024 0.022 0.020 0.018
105 8.0 This sustainable bonds was first listed on 6 July 2015 and will be matured on 3 July 2020.
This series has an outstanding amount of Rp1.42 trillion with fixed coupon per annum at
103 7.0
9.50%. During the period of 2017 to Q2-2018, total volume traded amounted to
Rp390.700 billion in 45 of total trading days. The market prices for this series observed
101 6.0
99 5.0
100.6703% and 107.0224%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

280 Corporate Bonds
BBRI01BCN2 Listing Date Maturity Date
ISIN CODE : IDA0000716B1 Feb-16 Feb-17 Feb-18 Feb-19


600 60
450 45 Trading days 5 9 10 21 15 17
Turnover Ratio (%) 123.32 71.40 74.93 106.56 214.45 148.21
300 30 CTP Price - High 102.500 102.600 106.000 107.350 104.700 102.630
Date 23-Mar 19-Jun 05-Jul 30-Nov 08-Mar 10-Apr
150 15
CTP Price - Low 101.200 100.000 101.550 100.000 100.000 100.800
- - Date 03-Jan 03-May 01-Aug 20-Nov 08-Mar 03-May
IBPA Fair Yield (%) 7.7636 7.6037 7.1802 6.8149 6.1897 7.6603
Mod. Duration (yrs) 1.661 1.473 1.244 1.025 0.802 0.570
108 10.0
Convexity (yrs) 3.325 2.639 1.919 1.340 0.858 0.472
106 9.0 Sensitivity (%) 0.017 0.015 0.012 0.010 0.008 0.006
104 8.0 This series, matured on 4 February 2019, had average trading volume was Rp313.56
billion/quarter with average frequency about 32 times/quarter during the period of 2017
102 7.0
to Q2-2018 The market price for this series observed through the Centralized Trading
Platform (CTP) was between 100.0000% at the lowest and peaked at 107.3500% while the
100 6.0
range of IBPA fair price for this series that stood between 100.9432% and 103.0142%. The
yield valued by IBPA for this series was 6.0746% at the lowest, and 8.4686% at the highest.
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBRI01CCN2
ISIN CODE : IDA0000716C9 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21


340 60
255 45 Trading days 5 4 9 16 10 5
Turnover Ratio (%) 58.93 11.76 25.16 36.87 12.58 18.58
170 30 CTP Price - High 103.800 110.200 109.450 111.550 110.000 108.250
Date 16-Mar 19-Jun 30-Aug 14-Dec 05-Mar 18-May
85 15
CTP Price - Low 100.500 104.910 99.990 103.000 107.250 103.047
- - Date 09-Mar 19-Jun 20-Jul 30-Oct 05-Jan 28-May
IBPA Fair Yield (%) 8.3127 8.1067 7.7289 6.9871 7.2998 8.6921
Mod. Duration (yrs) 3.160 3.011 2.822 2.649 2.457 2.248
113 11.0
Convexity (yrs) 11.963 10.811 9.485 8.335 7.174 6.028
110 10.0 Sensitivity (%) 0.032 0.030 0.028 0.026 0.025 0.022
107 9.0 This sustainable bonds was first listed on 5 February 2016 and will be matured on 4
February 2021. This series has an outstanding amount of Rp2.82 trillion with fixed coupon
104 8.0
per annum at 9.60%. During the period of 2017 to Q2-2018, total volume traded reached
Rp1.16 trillion in 49 of total trading days. The market prices for this series observed
101 7.0
98 6.0
101.2941% and 107.6030%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 281


1200 80
900 60 Trading days 7 7 15 6 7 15
Turnover Ratio (%) 36.11 29.40 38.67 9.03 5.58 211.16
600 40 CTP Price - High 101.070 100.750 104.000 102.200 103.000 102.300
Date 13-Feb 23-May 26-Sep 18-Oct 05-Mar 17-Apr
300 20
CTP Price - Low 100.030 97.500 99.750 100.000 100.000 101.000
- - Date 12-Jan 31-May 12-Jul 21-Dec 09-Mar 25-May
IBPA Fair Yield (%) 7.7302 8.2476 7.3097 6.8851 6.7779 6.6121
Mod. Duration (yrs) 1.941 1.751 1.527 1.310 1.088 0.861
105 10.0
Convexity (yrs) 4.452 3.641 2.802 2.099 1.485 0.969
103 9.0 Sensitivity (%) 0.019 0.018 0.015 0.013 0.011 0.009
101 8.0 This sustainable bonds, matured on 25 May 2019, had average trading volume was
Rp335.03 billion/quarter with average frequency about 29 times/quarter during the
99 7.0
period of 2017 to Q2-2018 The market price for this series observed through the
Centralized Trading Platform (CTP) was between 97.5000% at the lowest and peaked at
97 6.0
104.0000% while the range of IBPA fair price for this series that stood between 99.5249%
and 102.1000%. The yield valued by IBPA for this series was 6.2953% at the lowest, and
95 5.0
8.4736% at the highest.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBRI01CCN3


100 60
75 45 Trading days 4 6 10 14 2 6
Turnover Ratio (%) 26.25 57.63 35.57 70.47 14.07 10.65
50 30 CTP Price - High 102.900 105.000 106.700 106.500 105.825 104.228
25 15
CTP Price - Low 100.000 101.620 100.000 100.260 104.780 102.900
- - Date 13-Jan 10-Apr 19-Jul 29-Nov 27-Feb 20-Apr
IBPA Fair Yield (%) 8.1136 7.8775 7.5866 6.9900 7.1492 8.7089
Mod. Duration (yrs) 3.436 3.288 3.097 2.923 2.732 2.519
107 10.0
Convexity (yrs) 13.998 12.753 11.301 10.037 8.768 7.471
105 9.0 Sensitivity (%) 0.034 0.033 0.031 0.029 0.027 0.025
103 8.0 This sustainable bond series will mature on 25 May 2021, had average turnover of 35.77%
per quarter and traded in 42 trading days during 2017 to Q2-2018 period. The market
101 7.0
price for this series observed through the Centralized Trading Platform (CTP) was
100.0000% at the lowest and peaked at 106.7000%. While the IBPA fair price for this series
99 6.0
was between 98.0889% and 105.8784%.
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

282 Corporate Bonds


20 8
15 6 Trading days - 3 2 3 1 2
Turnover Ratio (%) - 9.54 9.13 9.13 0.41 0.83
10 4 CTP Price - High N/A 100.450 100.000 102.500 102.224 102.175
Date N/A 21-Apr 24-Aug 09-Nov 19-Mar 03-Apr
5 2
CTP Price - Low N/A 100.000 99.494 100.830 102.224 101.415
- - Date N/A 16-Jun 02-Aug 08-Nov 19-Mar 24-May
IBPA Fair Yield (%) 8.2970 8.1109 7.5498 7.1087 7.0827 8.4494
Mod. Duration (yrs) 2.362 2.185 1.967 1.760 1.546 1.322
103 10.0
Convexity (yrs) 6.532 5.590 4.558 3.674 2.865 2.131
102 9.0 Sensitivity (%) 0.024 0.022 0.020 0.018 0.015 0.013
101 8.0 This sustainable bond series was traded only in 11 trading days during the period of 2017
to Q2-2018. The total trading volume was Rp70 billion during the period. The IBPA fair
100 7.0
prices for this series were 98.0455% at the lowest and 101.9699% at the highest. While
IBPA yield for this series were ranging from 6.8378% at the lowest and 8.7855% at the
99 6.0
highest.
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBRI02CCN1
ISIN CODE : IDA0000780C5 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21


340 16
255 12 Trading days 2 1 1 3 6 4
Turnover Ratio (%) 16.58 4.15 8.29 16.58 688.08 833.16
170 8 CTP Price - High 99.750 100.750 100.400 103.850 104.250 104.650
Date 08-Mar 29-May 19-Jul 11-Oct 06-Feb 06-Apr
85 4
CTP Price - Low 99.700 100.700 99.150 101.020 102.100 101.730
- - Date 08-Mar 29-May 19-Jul 13-Oct 23-Jan 06-Apr
IBPA Fair Yield (%) 8.5180 8.3521 7.8052 7.5360 7.6962 8.7266
Mod. Duration (yrs) 3.811 3.668 3.490 3.318 3.133 2.925
105 10.0
Convexity (yrs) 17.245 15.890 14.342 12.918 11.501 10.040
103 9.0 Sensitivity (%) 0.038 0.037 0.035 0.033 0.031 0.029
101 8.0 This sustainable bond series was first listed on 2 December 2016 and matured on 1
December 2021. From 2017 to the first half of year 2018, total trading volume reached
99 7.0
Rp756 billion in 17 of total trading days. The CTP market price for this series during the
period was within the range of 99.1500% – 104.6500%. Meanwhile IBPA fair price ranged
97 6.0
from 96.3341% to 103.6706%. IBPA yield for this series were 7.1007% at the lowest and
95 5.0
was Rp193 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 283
BBRI02DCN1 Listing Date Maturity Date
ISIN CODE : IDA0000780D3 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23


Volume Volume (Rp bn) 60.00 - - 20.00 - -
60 8
Frequency Frequency (X) 6 - - 2 - -
45 6 Trading days 1 - - 1 - -
Turnover Ratio (%) 50.31 - - 16.77 - -
30 4 CTP Price - High 100.750 N/A N/A 100.750 N/A N/A
Date 28-Feb N/A N/A 09-Oct N/A N/A
15 2
CTP Price - Low 100.150 N/A N/A 100.750 N/A N/A
- - Date 28-Feb N/A N/A 09-Oct N/A N/A
IBPA Fair Yield (%) 8.6473 8.4020 7.9898 7.7817 8.0372 8.9053
Mod. Duration (yrs) 4.991 4.886 4.745 4.605 4.442 4.235
106 10.0
Convexity (yrs) 30.713 29.213 27.407 25.684 23.829 21.712
104 9.0 Sensitivity (%) 0.050 0.049 0.047 0.046 0.044 0.042
102 8.0 The bond series BBRI02DCN1, was first listed on 02 December 2016 with nominal value of
Rp477.00 billion and fixed interest rate of 8.65 % per annum. This series had traded 8
100 7.0
times in 2 trading days with total volume booked of Rp80.00 billion during the year 2017
until Q2-2018. Based on the market price (Centralized Trading Platform), from 2017 to Q2-
98 6.0
2018 this series was traded between 100.1500 - 100.7500 while the IBPA fair price was
between 96.4946- 105.4113, the fair yield for this series was between 7.5007 - 9.4168.
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBRI02ECN1
ISIN CODE : IDA0000780E1 Dec-16 Dec-18 Dec-20 Dec-22 Dec-24 Dec-26


80 8
60 6 Trading days 1 1 1 2 - -
Turnover Ratio (%) 3.40 11.57 13.62 11.91 - -
40 4 CTP Price - High 100.650 100.020 103.500 106.125 N/A N/A
Date 29-Mar 12-Jun 17-Jul 06-Nov N/A N/A
20 2
CTP Price - Low 100.100 100.000 100.500 104.000 N/A N/A
- - Date 29-Mar 12-Jun 17-Jul 18-Oct N/A N/A
IBPA Fair Yield (%) 8.8790 8.8059 8.3618 8.1731 8.4459 9.3093
Mod. Duration (yrs) 6.394 6.318 6.244 6.150 6.004 5.768
108 11.0
Convexity (yrs) 53.565 51.941 50.303 48.490 46.142 42.870
105 10.0 Sensitivity (%) 0.064 0.063 0.062 0.062 0.060 0.058
102 9.0 This series has an outstanding amount of Rp2.35 trillion with fixed coupon per annum at
8.90%. From the beginning of 2017 to the end of June 2018, the trading volume for the
99 8.0
series was Rp238.00 billion and the total trading frequency was 19 times. The market
96 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

284 Corporate Bonds
ISIN CODE : IDA0000800B3 Apr-17 Apr-18 Apr-19 Apr-20


600 60
450 45 Trading days - 6 18 9 14 14
Turnover Ratio (%) - 104.57 124.00 28.94 96.73 84.46
300 30 CTP Price - High N/A 103.000 105.000 106.000 105.000 103.400
Date N/A 20-Jun 12-Jul 10-Nov 23-Jan 03-Apr
150 15
CTP Price - Low N/A 100.000 100.390 101.500 100.700 99.500
- - Date N/A 12-Jun 20-Jul 23-Oct 02-Mar 28-May
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - 100.040 102.023 102.477 102.761 98.941
IBPA Fair Yield (%) - 8.0826 7.2180 6.9168 6.6365 8.7393
Mod. Duration (yrs) - 2.444 2.239 2.040 1.835 1.613
107 11.0
Convexity (yrs) - 7.057 5.936 4.942 4.025 3.142
105 10.0 Sensitivity (%) - 0.024 0.022 0.020 0.018 0.016
103 9.0 This sustainable bond series was traded in 61 trading days during the period of 2017 to
Q2-2018. The total trading volume reached Rp1.91 trillion during the period. The IBPA fair
101 8.0
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBRI02CCN2


28 12
21 9 Trading days - 2 - 3 4 5
Turnover Ratio (%) - 3.03 - 4.58 2.03 13.43
Date N/A 02-May N/A 29-Dec 27-Feb 03-Apr
7 3
- - Date N/A 21-Jun N/A 14-Nov 22-Mar 30-May
IBPA Fair Yield (%) - 8.3008 7.8352 7.5828 7.7653 8.7437
Mod. Duration (yrs) - 3.862 3.693 3.528 3.350 3.144
111 10.0
Convexity (yrs) - 17.920 16.319 14.843 13.353 11.785
108 9.0 Sensitivity (%) - 0.039 0.037 0.035 0.034 0.031
105 8.0 This series will mature on 11 April 2022, had average turnover of 3.85% per quarter and
102 7.0
observed through the Centralized Trading Platform (CTP) was 100.0000% at the lowest
and peaked at 109.2000%. While the IBPA fair price for this series was between 96.9952%
99 6.0
and 103.5739%.
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 285
BBRI02DCN2
ISIN CODE : IDA0000800D9 Apr-17 Apr-19 Apr-21 Apr-23 Apr-25 Apr-27


1000 160
750 120 Trading days - 2 9 28 24 19
Turnover Ratio (%) - 49.83 96.58 313.42 7.17 15.72
500 80 CTP Price - High N/A 100.098 103.800 109.550 109.600 111.500
Date N/A 30-May 18-Jul 14-Dec 09-Feb 19-Apr
250 40
CTP Price - Low N/A 100.083 100.000 102.300 104.650 100.800
- - Date N/A 30-May 04-Aug 16-Nov 22-Jan 05-Jun
IBPA Fair Yield (%) - 8.6609 8.3970 8.0082 8.4872 9.3485
Mod. Duration (yrs) - 6.428 6.339 6.276 6.107 5.862
113 11.0
Convexity (yrs) - 54.617 52.774 51.268 48.593 45.146
109 10.0 Sensitivity (%) - 0.064 0.063 0.063 0.061 0.059
105 9.0 This series was listed since 12 April 2017 with nominal value of Rp1.30 trillion with fixed
interest rate of 8.80 % per annum. While quarterly average turnover ratio reached 11.44 %
101 8.0
on the first half 2018. This series had traded 297 times in 82 trading days with total
volume booked of Rp1569.42 billion until Q2-2018. Based on the market price
97 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBRI02ACN3 Listing Date Maturity Date
ISIN CODE : IDA0000841A9 Aug-17 Aug-18 Aug-19 Aug-20


240 20
180 15 Trading days - - 10 8 9 11
Turnover Ratio (%) - - 54.48 42.59 75.27 116.27
Date N/A N/A 29-Sep 10-Oct 14-Feb 04-Apr
60 5
- - Date N/A N/A 30-Aug 13-Dec 08-Jan 09-May
IBPA Fair Yield (%) - - 6.9343 6.8154 7.3762 8.6590
Mod. Duration (yrs) - - 2.572 2.373 2.164 1.946
110 10.0
Convexity (yrs) - - 7.707 6.568 5.483 4.463
107 9.0 Sensitivity (%) - - 0.026 0.024 0.022 0.019
104 8.0 This sustainable bond series will mature on 24 August 2020, had average turnover of
48.10% per quarter and traded in 38 trading days during 2017 to Q2-2018 period. The
101 7.0
100.4000% at the lowest and peaked at 108.7500%. While the IBPA fair price for this series
98 6.0
was between 97.4930% and 102.0144%.
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

286 Corporate Bonds
ISIN CODE : IDA0000841B7 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22


240 80
180 60 Trading days - - 17 17 25 7
Turnover Ratio (%) - - 68.88 18.54 66.50 57.27
Date N/A N/A 12-Sep 20-Nov 16-Mar 05-Apr
60 20
- - Date N/A N/A 20-Sep 21-Nov 16-Jan 04-Jun
IBPA Fair Yield (%) - - 7.6736 7.4989 7.8316 8.7683
Mod. Duration (yrs) - - 4.002 3.838 3.657 3.450
110 10.0
Convexity (yrs) - - 19.001 17.407 15.775 14.060
107 9.0 Sensitivity (%) - - 0.040 0.038 0.037 0.035
Q2-2018. The total trading volume reached Rp872.49 billion during the period. The IBPA
101 7.0
fair prices for this series were 95.5914% at the lowest and 104.5499% at the highest. While
in the market, observed through IDX Centralized Trading Platform (CTP), this series was
98 6.0
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBRI02CCN3
ISIN CODE : IDA0000841C5 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24


800 140
600 105 Trading days - - 10 37 42 17
Turnover Ratio (%) - - 30.65 139.02 49.31 17.45
Date N/A N/A 28-Sep 21-Dec 07-Feb 19-Apr
200 35
- - Date N/A N/A 20-Sep 14-Nov 13-Mar 27-Apr
IBPA Fair Yield (%) - - 7.8929 7.6291 8.1460 9.0067
Mod. Duration (yrs) - - 5.204 5.076 4.902 4.690
112 10.0
Convexity (yrs) - - 33.248 31.453 29.304 26.905
108 9.0 Sensitivity (%) - - 0.052 0.051 0.049 0.047
104 8.0 The bond series BBRI02CCN3, was first listed on 25 August 2017 with nominal value of
Rp2.52 trillion and fixed interest rate of 8.25 % per annum. This series had traded 427
100 7.0
96 6.0
was between 94.2192- 106.8000, the fair yield for this series was between 6.9503 - 9.4999.
92 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 287
BBRI02ACN4 Listing Date Maturity Date
ISIN CODE : IDA0000880A7 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23


180 8
135 6 Trading days - - - - 3 2
Turnover Ratio (%) - - - - 43.55 17.86
45 2
IBPA Fair Yield (%) - - - - 7.0711 8.8131
Mod. Duration (yrs) - - - - 4.109 3.872
102 10.0
Convexity (yrs) - - - - 19.698 17.571
99 9.0 Sensitivity (%) - - - - 0.041 0.039
96 8.0 This sustainable bond series was traded only in 5 trading days during the period of 2017
to Q2-2018. The total trading volume was Rp282 billion during the period. The IBPA fair
93 7.0
prices for this series were 98.9561% at the lowest and 100.0000% at the highest. While
IBPA yield for this series were ranging from 6.6500% at the lowest and 9.3389% at the
90 6.0
highest.
87 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBRI02BCN4
ISIN CODE : IDA0000880B5 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25


600 40
450 30 Trading days - - - - 11 10
Turnover Ratio (%) - - - - 156.17 345.92
150 10
- - Date N/A N/A N/A N/A 27-Feb 07-May
IBPA Fair Yield (%) - - - - 6.9846 8.1291
Mod. Duration (yrs) - - - - 5.406 5.164
105 9.0
Convexity (yrs) - - - - 35.085 32.194
102 8.0 Sensitivity (%) - - - - 0.054 0.052
99 7.0 This sustainable bond series was first listed on 22 February 2018 and matured on 21
February 2025. From this series listing to the first half of year 2018, total trading volume
96 6.0
reached Rp759.40 billion in 21 of total trading days. The CTP market price for this series
during the period was within the range of 93.0000% – 103.6000%. Meanwhile IBPA fair
93 5.0
price ranged from 91.4239% to 100.7118%. IBPA yield for this series were 6.7711% at the
lowest and 8.6068% at the highest. By the end of June 2018, the outstanding amount of
90 4.0
this series was Rp605 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

288 Corporate Bonds
BBRI03SB Listing Date Maturity Date


4 4
3 3 Trading days - - - - - -
1 1
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 1IBPA Fair Price - - - - - -
Last Date - - - - - -
102 10.0
Convexity (yrs) - - - - - 19.792
101 9.0 Sensitivity (%) - - - - - 0.041
100 8.0 This series was first listed in 27 June 2018 and will be matured in 26 June 2023. There was
no trading for this series since it was listed until the second quarter of 2018. The IBPA fair
99 7.0
price for this series during the period was within the range of 98.6922 – 100.0000.
Meanwhile IBPA yield for this series were 7.7000% at the lowest and 8.0204% at the
98 6.0
highest. This series issued with nominal amount of Rp500.00 billion and have fixed
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 289
BBRI01BCN1 308 48 38.5%
BBRI01CCN1 52 92 128 22.0%
BBRI01BCN2 314 182 191 271 94.1%
BBRI01CCN2 416 83 178 260 33.2%
BBRI01BCN3 220 179 236 55 28.3%
BBRI01CCN3 46 101 62 124 47.5%
BBRI02BCN1 7.0%
BBRI02CCN1 11.4%
BBRI02DCN1 60 16.8%
BBRI02ECN1 68 80 70 10.1%
BBRI02BCN2 456 540 126 64.4%
BBRI02CCN2 1.9%
BBRI02DCN2 162 314 1,019 115.0%
BBRI02ACN3 134 104 24.3%
BBRI02BCN3 285 77 21.9%
BBRI02CCN3 193 875 42.4%
- 300 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000

290 Corporate Bonds

PT Bank Rakyat Indonesia Tbk. (BBRI) is one of No. Company Total Revenue Net Profit Revenue
Indonesia's banks with biggest unit system for micro (Rp Bill) Margins (%) Growth (%)
funding and consumer sector growth, small to 1. PT Bank Rakyat Indonesia (Persero) Tbk. 102,899 28.2 9.5
medium enterprises, and agribusiness. Since its 2. PT Bank Mandiri (Persero) Tbk. 79,502 27.0 3.6
inception, BBRI has committed to focus on banking 3. PT Bank Negara Indonesia (Persero) Tbk. 48,178 28.6 10.1
services in micro, small, and medium enterprises 4. PT Bank CIMB Niaga Tbk. 20,403 14.6 (4.3)
(MSME’s). This commitment is reflected in the 5. PT Bank Tabungan Negara (Persero) Tbk. 19,272 15.7 12.4
allocation of loans for the sectors that affect the Financial Statement as of Fiscal Year 2017
livelihood of the population and other financial
services that the Bank offers to the community. It Historical Corporate Ratings
keeps its small and midsized business loan levels at No. Rating Agency Rating Rating Status Rating Date Outlook
about 80% of its total lending portfolio.
Since 2016, BBRI has became the first bank in the 2. Pefindo idAAA Affirmed 3-Aug-17 Stable
3. Pefindo idAAA Assigned 24-Aug-16 Stable
world that launched its own satelite named BRIsat to
4. Fitch Ratings AAA(idn) Affirmed 8-Aug-18 Stable
support its operational which by the end of 2017
5. Fitch Ratings AAA(idn) Affirmed 9-Jan-17 Stable
consisted of 10,646 network units and 329,654 e-
channel networks.
SWOT Analysis
At the end of December 2017, the shareholder
compositions of BBRI were government of Indonesia S trengths W eaknesses
(56.75%) and public (43.25%).
- Superior business position - Capitalization level is considered
- Strong Profitability moderate
- Strong support from Indonesia - Decreasing asset quality
Government
Financial Analysis
trillion from Rp100.08 trillion. While interest expense
was up moderately by 4.03% from Rp27.54 trillion in
2016 to Rp28.65 trillion in 2017. Therefore the bank O pportunities T hreats
managed to increase net interest income by 11.93%
from Rp63.82 trillion to Rp71.43 trillion. The positive - Government support for micro - Unfavorable economic condition
growth of interest income was backed by funding credit - Tight competition in SME’s
expansion as seen from increasing third party - Digital banking business potentials banking segment and fintech
deposits by 11.55% to Rp841.66 trillion. Funding companies
expansion was followed by increasing net third party
loans by 10.99% to Rp689.56 trillion. Credit
expansion, however, was followed by decreasing
asset quality as reflected from higher gross NPL from
2.03% to 2.10%. The bank's profitability also came
from fee based income which rose 13.22% to Rp10.44
trillion. This made operating income grow by 8.37%
to Rp36.81 trillion. As a result, net income increased
10.74% from Rp26.23 trillion to Rp29.04 trillion.

Corporate Bonds 291
IdAA+
BBTN PT Bank Tabungan Negara (Persero) Tbk. Stable
Sector : Finance Menara Bank BTN
Sub Sector : Bank Jln. Gajah Mada No. 1
Website : www.btn.co.id Jakarta 10130
Corporate Sec. : Agus Susanto Phone : (021) 633-6789, ext. 2003
Email Corporate Sec. : agus.susanto@btn.co.id Fax : (021) 633-6719
Bank BTN is the largest mortgage provider in FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Indonesia with 37.47% of market share in BALANCE SHEETS Dec-2016 Dec-2017 Chg %
mortgages as of March 31, 2018. We have
Cash on Hand 1,006,682 1,027,554 2.07 
consistently focused on the housing finance, since we pioneered the
first mortgage in Indonesia on December 10, 1976. Bank BTN offers
two types of mortgages. First, government mortgage program which Marketable Securities 4,171,700 7,706,031 84.72 
is mortgage program supported by the government to help low Loans 162,330,347 196,634,594 21.13 
income people to buy houses, and second is commercial mortgage. Investments - - - 
We dominate the market share of government mortgage program Property, Plant and Equipment 4,659,379 4,837,319 3.82 
with more than 94,12% of market share. We are also a pioneer of
Total Assets 214,168,479 261,365,267 22.04 
mortgage securitization in Indonesia. After having a strict
Deposits 159,987,717 192,473,793 20.31 
administrative process & meeting legal and regulatory requirements
of mortgage securitization, we successfully launched the first Fund Borrowings 4,999,616 7,991,053 59.83 
mortgage securitization in 2009. As of June 30, 2018, we have Total Liabilities 182,828,998 223,937,463 22.48 
conducted mortgage securitization for 11 (eleven) times with rating Authorized Capital (Mil. Sh) 20,478 20,478 -0.00 
idAAA. Authorized Capital 10,239,216 10,239,216 -0.00 
The Government of Indonesia is our largest shareholder with 60.00% Paid up Capital 5,295,000 5,295,000 - 
ownership. Bank BTN is the fifth-largest bank in Indonesia in terms of Paid up Capital (Mil. Sh) 10,590 10,590 - 
asset , loans and deposits. We have been actively involved in financial Par Value (Rp) 500 500 - 
inclusion programs. In 2010, the World Savings Banks Institute (WSBI), Retained Earnings 9,008,204 11,511,889 27.79 
cooperating with the Bill & Melinda Gates Foundation, granted Bank
Total Equity …*) 19,130,536 21,663,434 13.24 
BTN to participate in the WSBI doubling savings accounts program to
improve financial access to the poor. Bank BTN was listed in Indonesia
Stock Exchange on December 17, 2009. Being a public company Total Equity 19,130,536 21,663,434 13.24 
allows us to improve the quality of governance and transparency. We
have committed to maintain our business activity by applying Good INCOME STATEMENTS
Corporate Governance principles as the guide. In 2018, Bank BTN Total Interest Income 17,138,819 19,271,582 12.44 
became The Best State-Owned Enterprises in GCG Practices at the 7th
Interest Expenses 8,975,274 9,930,642 10.64 
Anugerah BUMN 2018 held by BUMN Track.
Other Operating Revenue 1,282,822 1,605,931 25.19 
In line with the growth of the Indonesian population, the number of Other Operating Expenses 5,386,604 6,170,567 14.55 
housings or residencies backlog keeps increasing. Housing is the Income from Operations 3,352,232 3,891,903 16.10 
basic needs of the community. Based on the Statistics Indonesia
Non-Operating Revenues -22,148 30,348 N/A 
(BPS), the backlog number reached 11.4 million house units, which
still needs to be fulfilled by the Government. To reduce the amount of Earning Before Tax 3,330,084 3,861,555 15.96 
backlog, Bank BTN participated in the One Million Houses Program, Income for the periods 2,618,905 3,027,466 15.60 
proclaimed by President Joko Widodo in the Nawacita Program (9 Comprehensive Income 5,631,617 3,056,679 -45.72 
Development Priorities Agenda). The Company has two main roles Net Income … *) 2,618,905 3,027,466 15.60 
and is the motor in realizing the One Million Houses Program. First,
the Company is a financing institution that provides lending products
FINANCIAL RATIOS
to all parties related to housing construction, both in terms of supply
and demand. Secondly, the Company is an initiator and integrator of DER (X) 9.56 10.34 8.16 
cooperation in between institution in increasing the houses supply. As ROA (%) 1.22 1.16 -5.27 
the major player in the national housing finance, the Company will NPM (%) 15.28 15.71 2.81 
continue to increase its capacity by committing to enhancing the EBITDA Coverage (X) 19.56 20.20 3.25 
synergy, competitiveness, and added value through digital-based
transformation. This is performed to strengthen the Company’s core
business in the housing finance field, particularly to encourage the SHAREHOLDERS
fulfillment of the One Million Houses Program, through housing 1. Republic of Indonesia (Class A Dwiwarna Share) 1 share
finance and its derivative industries. Along with the rapid business
changes and competitive competition in the banking sector, the
Company does not have a choice but to enter and compete in the 3. Public 40.00%
competition, by preparing the Bank's digital banking business. The
Company's focus on making the digital banking-based transformation AUDIT COMMITTEE
is conducted by improving the business process in order to provide 1. Kamaruddin Sjam 5. Lucky Fathul Aziz Hadibrata
faster service to the public with excellent quality. 2. Adi Prakorso 6. Rachmat Supratman
3. Garuda Wiko 7. Sondang Gayatri
4. I Wayan Agus Mertayasa

292 Corporate Bonds

1. I Wayan Agus Mertayasa * 1. Maryono
2. Iman Sugema 2. Andi Nirwoto
3. Maurin Sitorus 3. Budi Satria
4. Sumiyati 4. Dasuki Amsir
5. Parman Nataatmadja 5. Iman Nugroho Soeko
6. Arie Coerniadi * 6. Nixon L.P. Napitupulu
7. Lucky Fathul Aziz Hadibrata * 7. Oni Febriarto Rahardjo
8. Kamaruddin Sjam * 8. R. Mahelan Prabantarikso
9. Garuda Wiko * 9. Yossi Istanto
AS OF JUNE 2018
Coupon Coupon
11-Sep-18
BBTN14 Obligasi XIV Bank 10.25% 11-Dec-18 PT Bank Mega idAA+
1. 1,650,000 14-Jun-10 11-Jun-20 10
IDA000044804 BTN Tahun 2010 11-Mar-19 Tbk. Stable
Quarterly 11-Jun-19
28-Sep-18
BBTN15 Obligasi XV Bank 9.50% 28-Dec-18 PT Bank Mega idAA+
2. 1,300,000 30-Jun-11 28-Jun-21 10
IDA000048508 BTN Tahun 2011 28-Mar-19 Tbk. Stable
Quarterly 28-Jun-19
Obligasi 05-Sep-18
BBTN01CN1 Berkelanjutan I 7.90% 05-Dec-18 PT Bank Mega idAA+
3. 2,000,000 06-Jun-12 05-Jun-22 10
IDA000052104 Bank BTN Tahap I 05-Mar-19 Tbk. Stable
Obligasi 27-Sep-18
BBTN01CN2 Berkelanjutan I 7.90% 27-Dec-18 PT Bank Mega idAA+
4. 2,000,000 28-Mar-13 27-Mar-23 10
IDA000057608 Bank BTN Tahap II 27-Mar-19 Tbk. Stable
Obligasi 08-Jul-18
BBTN02ACN1 Berkelanjutan II 9.63% - PT Bank Mega idAA+
5. 900,000 09-Jul-15 08-Jul-18 3
IDA0000696A7 Bank BTN Tahap I - Tbk. Stable
tahun 2015 Seri A Quarterly -
Obligasi 08-Jul-18
BBTN02BCN1 Berkelanjutan II 9.88% 08-Oct-18 PT Bank Mega idAA+
6. 500,000 09-Jul-15 08-Jul-20 5
IDA0000696B5 Bank BTN Tahap I 08-Jan-19 Tbk. Stable
tahun 2015 Seri B Quarterly 08-Apr-19
Obligasi 08-Jul-18
BBTN02CCN1 Berkelanjutan II 10.00% 08-Oct-18 PT Bank Mega idAA+
7. 800,000 09-Jul-15 08-Jul-22 7
IDA0000696C3 Bank BTN Tahap I 08-Jan-19 Tbk. Stable
tahun 2015 Seri C Quarterly 08-Apr-19
Obligasi 08-Jul-18
BBTN02DCN1 Berkelanjutan II 10.50% 08-Oct-18 PT Bank Mega idAA+
8. 800,000 09-Jul-15 08-Jul-25 10
IDA0000696D1 Bank BTN Tahap I 08-Jan-19 Tbk. Stable
tahun 2015 Seri D Quarterly 08-Apr-19
Obligasi 30-Aug-18
BBTN02ACN2 Berkelanjutan II 8.20% 30-Nov-18 PT Bank Mega idAA+
9. 1,347,000 31-Aug-16 30-Aug-19 3
IDA0000755A1 Bank BTN Tahap II 02-Mar-19 Tbk. Stable
tahun 2016 Seri A Quarterly 02-Jun-19
Obligasi 30-Aug-18
BBTN02BCN2 Berkelanjutan II 8.75% 30-Nov-18 PT Bank Mega idAA+
10. 1,653,000 31-Aug-16 30-Aug-21 5
IDA0000755B9 Bank BTN Tahap II 02-Mar-19 Tbk. Stable
tahun 2016 Seri B Quarterly 02-Jun-19

Corporate Bonds 293
Coupon Coupon
Obligasi 13-Jul-18
PT Bank
BBTN03ACN1 Berkelanjutan III 8.30% 13-Oct-18 idAA+
11. 1,466,000 14-Jul-17 13-Jul-20 3 Mandiri
IDA0000833A6 Bank BTN Tahap I 13-Jan-19 Stable
(Persero) Tbk.
Obligasi 13-Jul-18
PT Bank
BBTN03BCN1 Berkelanjutan III 8.50% 13-Oct-18 idAA+
12. 1,295,000 14-Jul-17 13-Jul-22 5 Mandiri
IDA0000833B4 Bank BTN Tahap I 13-Jan-19 Stable
(Persero) Tbk.
Obligasi 13-Jul-18
PT Bank
BBTN03CCN1 Berkelanjutan III 8.70% 13-Oct-18 idAA+
13. 853,000 14-Jul-17 13-Jul-24 7 Mandiri
IDA0000833C2 Bank BTN Tahap I 13-Jan-19 Stable
(Persero) Tbk.
Obligasi 13-Jul-18
PT Bank
BBTN03DCN1 Berkelanjutan III 8.90% 13-Oct-18 idAA+
14. 1,386,000 14-Jul-17 13-Jul-27 10 Mandiri
IDA0000833D0 Bank BTN Tahap I 13-Jan-19 Stable
(Persero) Tbk.
Tahun 2017 Seri D Quarterly 13-Apr-19
TRADING HIGHLIGHT
BBTN14


100 16
75 12 Trading days 3 3 2 4 2 3
Turnover Ratio (%) 12.12 16.00 3.39 28.36 7.27 3.15
50 8 CTP Price - High 104.810 105.670 104.220 107.150 107.050 105.650
Date 03-Jan 12-Jun 26-Jul 06-Dec 18-Jan 18-Apr
25 4
CTP Price - Low 103.500 104.143 104.169 103.500 101.300 105.630
- - Date 19-Jan 07-Apr 02-Aug 05-Dec 08-Mar 17-Apr
IBPA Fair Yield (%) 8.8027 8.4695 8.1502 7.8557 7.5259 8.7959
Mod. Duration (yrs) 2.700 2.543 2.343 2.153 1.958 1.747
109 10.0
Convexity (yrs) 8.657 7.653 6.499 5.494 4.556 3.652
107 9.0 Sensitivity (%) 0.027 0.025 0.023 0.022 0.020 0.017
105 8.0 The bond series BBTN14, was first listed on 14 June 2010 and matured on 11 June 2020.
From 2017 to the first half of year 2018, total volume traded amounted to Rp290.00 billion
103 7.0
within the range of 101.3000 – 107.1500. Meanwhile IBPA fair price ranged from 101.8817
101 6.0
to 105.9269. IBPA yield for this series were 7.4920% at the lowest and 9.5991% at the
highest. By the end of June 2018, the outstanding amount of this series was Rp1.65 trillion.
99 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

294 Corporate Bonds
BBTN15 Listing Date Maturity Date


24 8
18 6 Trading days 1 3 2 4 1 2
Turnover Ratio (%) 0.62 6.15 4.92 8.62 2.46 1.23
12 4 CTP Price - High 99.040 105.000 102.100 106.550 104.020 104.610
Date 30-Jan 08-Jun 16-Aug 07-Nov 09-Feb 30-Apr
6 2
CTP Price - Low 99.020 101.000 102.070 102.090 104.000 104.570
- - Date 30-Jan 07-Jun 15-Aug 31-Oct 09-Feb 27-Apr
IBPA Fair Yield (%) 8.9371 8.5117 8.3297 8.3629 7.9211 8.9772
Mod. Duration (yrs) 3.468 3.255 3.142 2.963 2.787 2.582
107 11.0
Convexity (yrs) 14.298 12.804 11.644 10.334 9.120 7.842
105 10.0 Sensitivity (%) 0.035 0.033 0.031 0.030 0.028 0.026
103 9.0 The bond series BBTN15, was first listed on 30 June 2011 with nominal value of Rp1.30
trillion and fixed interest rate of 9.50 % per annum. This series had traded 24 times in 13
101 8.0
99 7.0
99.0969- 105.2360, the fair yield for this series was between 7.7470 - 9.7505.
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBTN01CN1


180 28
135 21 Trading days - 3 5 11 8 5
Turnover Ratio (%) - 5.40 7.60 40.80 13.00 23.20
90 14 CTP Price - High N/A 97.550 100.850 102.340 101.480 100.688
Date N/A 25-Apr 18-Sep 25-Oct 15-Feb 20-Apr
45 7
CTP Price - Low N/A 95.760 96.980 96.910 98.350 96.740
- - Date N/A 07-Apr 21-Jul 29-Nov 27-Mar 20-Jun
IBPA Fair Yield (%) 9.0220 8.7193 8.4662 7.3543 8.2901 9.1063
Mod. Duration (yrs) 4.155 4.024 3.848 3.704 3.507 3.303
104 11.0
Convexity (yrs) 20.605 19.203 17.503 16.115 14.443 12.824
101 10.0 Sensitivity (%) 0.042 0.040 0.038 0.037 0.035 0.033
98 9.0 The bond code BBTN01CN1 issued as much as Rp2.00 trillion with interest rate of 7.90%
per annum. This bond is effective from 06 June 2012 to 05 June 2022. During 2017, the
95 8.0
market price (Centralized Trading Platform) was traded between 95.7595 and 102.3400,
while in year 2018 this bond was traded between 96.7400 and 101.4800. Total volume
92 7.0
amounted to Rp450.00 billion and transacted 90 times. IBPA fair price during year 2017-
2018 with maximum price at 103.0556 while IBPA yield amounted the minimum yield at
89 6.0
7.0797 %.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 295
BBTN01CN2


100 16
75 12 Trading days 1 1 4 5 - 4
Turnover Ratio (%) 8.00 9.60 2.40 24.00 - 12.10
50 8 CTP Price - High 93.650 95.053 101.220 100.650 N/A 100.700
Date 08-Mar 07-Apr 18-Sep 04-Dec N/A 13-Apr
25 4
CTP Price - Low 93.450 95.033 97.650 100.100 N/A 99.850
- - Date 08-Mar 07-Apr 04-Sep 27-Nov N/A 24-Apr
IBPA Fair Yield (%) 9.0776 8.7432 8.5748 8.3431 8.3494 9.2114
Mod. Duration (yrs) 4.679 4.471 4.396 4.243 4.079 3.873
103 11.0
Convexity (yrs) 26.348 24.375 23.009 21.340 19.647 17.738
100 10.0 Sensitivity (%) 0.047 0.045 0.044 0.042 0.041 0.039
94 8.0
91 7.0
88 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBTN02ACN1


60 8
45 6 Trading days 2 1 1 2 1 2
Turnover Ratio (%) 15.11 0.44 0.44 3.56 8.89 28.89
30 4 CTP Price - High 102.200 102.000 101.570 101.490 101.750 100.910
Date 24-Jan 09-Jun 29-Sep 09-Nov 13-Feb 11-Apr
15 2
CTP Price - Low 101.150 101.980 101.550 101.440 101.750 100.330
- - Date 24-Jan 09-Jun 29-Sep 31-Oct 13-Feb 15-May
IBPA Fair Yield (%) 8.1594 7.5740 7.2202 6.6446 6.0044 6.1165
Mod. Duration (yrs) 1.161 0.967 0.728 0.499 0.265 0.025
103 10.0
Convexity (yrs) 1.701 1.210 0.726 0.379 0.137 0.007
102 9.0 Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
100 7.0
on the first half 2018. This series had traded 19 times in 9 trading days with total volume
booked of Rp129.00 billion until Q2-2018. Based on the market price (Centralized Trading
99 6.0
Platform), from 2017 to Q2-2018 this series was traded between 100.3300 - 102.2000 while
the IBPA fair price was between 100.0887 - 102.1200, the fair yield for this series was
98 5.0
between 5.6815% - 9.1367%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

296 Corporate Bonds
BBTN02BCN1


60 12
45 9 Trading days 1 2 3 4 2 4
Turnover Ratio (%) 48.00 8.00 14.40 17.60 1.60 33.60
30 6 CTP Price - High 103.800 103.750 105.750 106.450 104.050 105.228
15 3
CTP Price - Low 103.000 103.730 101.901 100.000 104.030 102.670
- - Date 29-Mar 16-Jun 02-Aug 24-Oct 09-Mar 31-May
IBPA Fair Yield (%) 8.6678 8.5631 8.1650 7.6315 7.7322 8.9597
Mod. Duration (yrs) 2.722 2.565 2.369 2.185 1.989 1.781
108 10.0
Convexity (yrs) 8.926 7.898 6.741 5.734 4.769 3.847
106 9.0 Sensitivity (%) 0.027 0.026 0.024 0.022 0.020 0.018
104 8.0 The bond series BBTN02BCN1, was first listed on 09 July 2015 and matured on 08 July
2020. From 2017 to the first half of year 2018, total volume traded amounted to Rp154.00
102 7.0
100 6.0
98 5.0
billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBTN02CCN1


20 8
15 6 Trading days - 1 3 4 - 1
Turnover Ratio (%) - 7.00 6.50 10.50 - 3.00
Date N/A 10-Apr 21-Jul 27-Dec N/A 05-Jun
5 2
- - Date N/A 10-Apr 27-Jul 17-Oct N/A 05-Jun
IBPA Fair Yield (%) 9.0290 8.7224 8.6386 8.1573 8.1958 8.9664
Mod. Duration (yrs) 4.004 3.888 3.721 3.577 3.414 3.220
109 11.0
Convexity (yrs) 19.871 18.593 16.980 15.607 14.172 12.621
107 10.0 Sensitivity (%) 0.040 0.039 0.037 0.036 0.034 0.032
105 9.0 The bond code BBTN02CCN1 issued as much as Rp800.00 billion with interest rate of
10.00% per annum. This bond is effective from 09 July 2015 to 08 July 2022. During 2017,
103 8.0
101 7.0
volume amounted to Rp54.00 billion and transacted 19 times. IBPA fair price during year
2017-2018 with maximum price at 107.9057 while IBPA yield amounted the minimum yield
99 6.0
at 7.8828 %.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 297
BBTN02DCN1
ISIN CODE : IDA0000696D1 Jul-15Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24Jul-25


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 9.1714 8.8516 8.8177 8.6348 8.7149 9.5454
Mod. Duration (yrs) 5.481 5.421 5.292 5.188 5.060 4.849
113 12.0
Convexity (yrs) 39.664 38.417 36.476 34.839 33.014 30.480
110 11.0 Sensitivity (%) 0.055 0.054 0.053 0.052 0.051 0.049
104 9.0
111.8360 and the fair yield for this series was between 8.3540 - 10.3218.
101 8.0
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBTN02ACN2 Listing Date Maturity Date
ISIN CODE : IDA0000755A1 Aug-16 Aug-18


24 8
18 6 Trading days 3 1 - 3 - 1
Turnover Ratio (%) 7.13 1.48 - 7.72 - 1.19
Date 14-Feb 18-May N/A 20-Nov N/A 17-May
6 2
- - Date 27-Jan 18-May N/A 23-Oct N/A 17-May
IBPA Fair Yield (%) 8.6461 8.2844 7.9459 7.5040 7.0874 8.4019
Mod. Duration (yrs) 2.148 1.973 1.750 1.537 1.320 1.097
102 11.0
Convexity (yrs) 5.429 4.583 3.638 2.838 2.126 1.506
101 10.0 Sensitivity (%) 0.021 0.020 0.018 0.015 0.013 0.011
100 9.0 The bond series BBTN02ACN2, was first listed on 31 August 2016 and matured on 30
August 2019. From 2017 to the first half of year 2018, total volume traded amounted to
99 8.0
Rp59.00 billion with 8 of total trading days. The CTP market price for this series during the
period was within the range of 99.0800 – 101.1000. Meanwhile IBPA fair price ranged from
98 7.0
97 6.0
trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

298 Corporate Bonds
BBTN02BCN2


100 12
75 9 Trading days 4 - 3 5 2 6
Turnover Ratio (%) 6.90 - 16.94 13.55 9.92 28.07
50 6 CTP Price - High 100.700 N/A 101.550 104.450 105.500 103.438
Date 17-Jan N/A 18-Jul 07-Dec 02-Feb 24-Apr
25 3
CTP Price - Low 100.000 N/A 100.350 100.750 102.250 102.900
- - Date 17-Jan N/A 06-Jul 23-Nov 19-Mar 08-May
IBPA Fair Yield (%) 8.5631 8.6812 8.3558 8.2126 7.9162 8.0769
Mod. Duration (yrs) 3.604 3.457 3.273 3.096 2.917 2.727
108 11.0
Convexity (yrs) 15.460 14.157 12.666 11.304 10.012 8.744
105 10.0 Sensitivity (%) 0.036 0.035 0.033 0.031 0.029 0.027
102 9.0 This series was listed since 31 August 2016 with nominal value of Rp1.65 trillion with fixed
99 8.0
96 7.0
93 6.0
between 7.6613% - 9.8353%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBTN03ACN1 Listing Date Maturity Date


280 160
210 120 Trading days - - 13 16 21 19
Turnover Ratio (%) - - 88.68 68.92 25.63 11.26
Date N/A N/A 12-Sep 06-Nov 22-Feb 03-Apr
70 40
- - Date N/A N/A 30-Aug 19-Dec 21-Mar 30-Apr
IBPA Fair Yield (%) - - 7.1658 7.1850 7.5670 8.8191
Mod. Duration (yrs) - - 2.437 2.240 2.036 1.822
107 10.0
Convexity (yrs) - - 7.026 5.946 4.932 3.977
105 9.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
103 8.0 The bond series BBTN03ACN1, was first listed on 14 July 2017 and matured on 13 July
101 7.0
99 6.0
97 5.0
trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 299
BBTN03BCN1


360 120
270 90 Trading days - - 18 6 18 16
Turnover Ratio (%) - - 132.82 59.92 5.00 2.67
Date N/A N/A 20-Sep 16-Nov 10-Jan 04-Apr
90 30
- - Date N/A N/A 19-Jul 24-Oct 03-Jan 21-Jun
IBPA Fair Yield (%) - - 7.2085 8.1108 8.1990 9.1095
Mod. Duration (yrs) - - 3.871 3.679 3.508 3.305
106 11.0
Convexity (yrs) - - 17.976 16.238 14.724 13.091
104 10.0 Sensitivity (%) - - 0.039 0.037 0.035 0.033
102 9.0 The bond code BBTN03BCN1 issued as much as Rp1.30 trillion with interest rate of 8.50%
per annum. This bond is effective from 14 July 2017 to 13 July 2022. During 2017, the
100 8.0
98 7.0
96 6.0
7.0341 %.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BBTN03CCN1 Listing Date Maturity Date


60 20
45 15 Trading days - - 1 4 5 9
Turnover Ratio (%) - - 1.88 33.29 5.16 24.67
Date N/A N/A 26-Jul 05-Dec 27-Feb 10-Apr
15 5
- - Date N/A N/A 26-Jul 30-Nov 23-Jan 31-May
IBPA Fair Yield (%) - - 8.7261 8.5273 8.5760 9.4091
Mod. Duration (yrs) - - 4.993 4.868 4.725 4.517
109 11.0
Convexity (yrs) - - 31.185 29.467 27.647 25.356
106 10.0 Sensitivity (%) - - 0.050 0.049 0.047 0.045
103 9.0 The bond series BBTN03CCN1, was first listed on 14 July 2017 with nominal value of
100 8.0
97 7.0
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

300 Corporate Bonds
BBTN03DCN1
ISIN CODE : IDA0000833D0 Jul-17 Jul-19 Jul-21 Jul-23 Jul-25 Jul-27


120 12
90 9 Trading days - - 1 2 - -
Turnover Ratio (%) - - 2.89 40.40 - -
Date N/A N/A 16-Aug 21-Dec N/A N/A
30 3
- - Date N/A N/A 16-Aug 05-Oct N/A N/A
IBPA Fair Yield (%) - - 8.8038 8.7784 8.9295 9.7476
Mod. Duration (yrs) - - 6.383 6.282 6.157 5.914
107 11.0
Convexity (yrs) - - 54.059 52.100 49.902 46.434
104 10.0 Sensitivity (%) - - 0.064 0.063 0.062 0.059
98 8.0
95 7.0
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 301
BBTN14 50 66 117 15.0%
BBTN15 220 28 5.1%
BBTN01CN1 2738 204 13.5%
BBTN01CN2 40 48 120 11.0%
BBTN02ACN1 34 4.9%
BBTN02BCN1 60 18 22.0%
BBTN02CCN1 21 6.0%
BBTN02DCN1 0.0%
BBTN02ACN2 26 4.1%
BBTN02BCN2 29 70 56 9.3%
BBTN03ACN1 325 253 39.4%
BBTN03BCN1 430 194 48.2%
BBTN03CCN1 71 8.8%
BBTN03DCN1 140 10.8%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

302 Corporate Bonds

PT Bank Tabungan Negara (Persero) Tbk. (BBTN) was No. Company Total Revenue Net Profit Revenue
established in 1897 under the name Postspaarbank. (Rp Bill) Margins (%) Growth (%)
The government then changed the name into Bank 1. PT Bank Rakyat Indonesia (Persero) Tbk. 102,899 28.2 9.5
Tabungan Pos in 1950 and finally changed into Bank 2. PT Bank Mandiri (Persero) Tbk. 79,502 27.0 3.6
Tabungan Negara in 1963. 3. PT Bank Negara Indonesia (Persero) Tbk. 48,178 28.6 10.1
4. PT Bank CIMB Niaga Tbk. 20,403 14.6 (4.3)
The bank has been focused on the housing finance, 5. PT Bank Tabungan Negara (Persero) Tbk. 19,272 15.7 12.4
particularly through the Home Ownership Loan Financial Statement as of Fiscal Year 2017
(mortgage), both Subsidized Mortgages and Non-
Subsidized Mortgages. The bank conducts its Historical Corporate Ratings
financing housing sector through three main No. Rating Agency Rating Rating Status Rating Date Outlook
products which are consumer banking, commercial
banking, and Islamic banking. 1. Pefindo IdAA+ Affirmed 2-Mar-18 Stable
2. Pefindo IdAA+ Affirmed 30-Mar-17 Stable
3. Pefindo IdAA+ Affirmed 10-Mar-17 Stable
The company has been the leading of housing loan
4. Pefindo IdAA+ Affirmed 18-Jul-16 Stable
market (KPR) in Indonesia with market share of
5. Pefindo IdAA Affirmed 9-Jun-15 Stable
36.30% in 2017. The company also a leader in the role
of disbursing subsidized KPR for low-income
SWOT Analysis
communities with 95,42% of subsidy amount
disbursed. The company is also the main contributor
in government’s one million housing program in S trengths W eaknesses
which in 2017, the company disbursed 667,312
-Strong and proven support from -Moderate profitability
houses.
the controlling shareholder by -Average asset quality
Government of Indonesia
As of December 2017, BBTN’s shareholders are
-Very strong business position in
Government (60.00%) and Public (40.00%).
mortgage loan segment
-Strong relationships with housing
business stakeholders
Financial Analysis
Net Interest Margin (NIM) fell slightly to 4.76% in
2017 from 4.98% in 2016. The decrease in NIM was
driven by increasing interest expense by 10.53% from
Rp8.87 trillion in 2016 to Rp9.81 trillion in 2017. While O pportunities T hreats
the bank managed to increased interest income by
11.79% from Rp16.50 trillion to Rp18.45 trillion. The -Government housing program -Tight competition in non-
positive growth of interest revenue was backed by -Growth digital banking business subsidized mortgage loan segment
the growth in the bank’s third party deposits by -Consolidated property market
19.83% to Rp177.09 trillion. The bank’s asset quality
improved as reflected by decreasing net Non
Performing Loan (NPL) to 1.66% from 1.85%.
However the bank's Capital Adequacy Ratio (CAR)
decreased from 20.34% to 18.87%.

Corporate Bonds 303
BCAF PT BCA Finance AAA(idn)

Stable
Sector : Finance Wisma BCA Pondok Indah 2nd Floor
Sub Sector : Financial Institution Jln. Metro Pondok Indah No. 10
Website : www.bcafinance.co.id Jakarta 12310
Corporate Sec. : Bambang Prastyanto Phone : (021) 2997-3100
Email Corporate Sec. : corporate_planning@bcafinance.co.id Fax : (021) 2997-3200
BCA Finance (“Company”) was established in FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
1981 under the name PT Central Sari BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Metropolitan Leasing Corporation (CSML). ). At its inception, the
Company’s shareholders consisted of PT Bank Central Asia and
Japan Leasing Corporation. At that time the company still focused its
business on commercial finances such as the production machines, Consumer Financing Receivables 6,622,692 6,977,632 5.36 p
heavy equipment, and transportation. Property, Plant and Equipment 197,813 268,528 35.75 p
Total Assets 8,151,864 8,438,891 3.52 p
By the Decree of the Minister of Finance of the Republic of Indonesia
No. 441/KMK.017/1995 dated 14 September 1995 and Decree of the Fund Borrowings 1,676,397 2,508,475 49.63 p
Minister of Finance of the Republic of Indonesia No. KEP- Total Liabilities 5,249,823 4,545,885 -13.41 q
034/KM.5/2006 dated 20 February 2006, the Company obtained a Authorized Capital (Mil. Sh) 50.0 50.0 - 
renewed business license as a finance institution to conduct activities Authorized Capital 500,000 500,000 - 
in Leasing, Factoring, Credit Card, and Consumer Financing. Paid up Capital 200,000 200,000 - 
Subsequently in 2001 the Company changed its name to PT Central Paid up Capital (Mil. Sh) 20.0 20.0 - 
Sari Finance (CSF), followed by a change of ownership, where PT Par Value (Rp) 10,000 10,000 - 
Bank Central Asia (BCA) becomes the majority shareholder, as well as Retained Earnings 2,702,041 3,693,006 36.67 p
changes in business focus to automotive financing especially four Total Equity …*) 2,902,041 3,893,006 34.15 p
wheel vehicles. Finally, pursuant to the Decree of the Minister of Law
and Human Rights of the Republic of Indonesia No.C-08091
HT.01.04.TH.2005, as of 28 March 2005 the Company changed its Total Equity 2,902,041 3,893,006 34.15 p
name to PT BCA Finance.
INCOME STATEMENTS
Along with the name change, the Company’s performance grew
Total Revenues 2,639,418 3,117,877 18.13 p
sharply, as reflected in the amount of new financing that consistently
rose from year to year, which reached Rp3.3 trillion in 2005 to Rp33.8 Expenses 1,127,131 1,187,000 5.31 p
trillion in 2017, or grew more than 1000%. This achievement is Interest Expenses 295,568 227,274 -23.11 q
inseparable from the full support given by its parent company, PT Earning Before Tax 1,512,287 1,930,877 27.68 p
BCA Tbk. EBITDA 1,821,897 2,182,174 19.77 p
The Company still focuses on automotive financing and continuously Income for the periods 1,138,699 1,453,374 27.63 p
expand its market share. Some of these efforts are such as Comprehensive Income 1,132,366 1,445,965 27.69 p
application of appropriate strategies, expansion by opening new Net Income … *) 1,138,699 1,453,374 27.63 p
branches, and provision of its best service to customers. The
Company’s marketing network is relatively broad, up to December
FINANCIAL RATIOS
2017, it has 63 business networks that are scattered in 58 major cities
throughout Indonesia. DER (X) 1.81 1.17 -35.45 q
ROA (%) 13.97 17.22 23.29 p
1. Consumer Vehicle Financing
NPM (%) 43.14 46.61 8.05 p
This product is customized for individuals who wish to purchase
vehicles for non-commercial purposes. The Company provides
various Consumer Financing products to suit different needs and *) … attributable to owners of the parent entity
lifestyles.
SHAREHOLDERS
2. Business Vehicle Financing
The product is suitable for businesses that need to finance large 1. PT Bank Central Asia Tbk. 99.58%
number of vehicle. 2. BCA Finance Ltd. (Hongkong) 0.42%
3. Vehicle Financial Leasing

This product is intended for businesses, which prefer lease
AUDIT COMMITTEE
financing and is most suited for the financing of commercial 1. Adhi Gunawan Budirahardjo
vehicle for business purposes. 2. Daan Rahardja
3. Mendari Handaya

1. Jacobus Sindu Adisuwono 1. Roni Haslim
2. Adhi Gunawan Budirahardjo * 2. Amirdin Halim
3. Sulistiyowati * 3. Lim Handoyo
*) Independent Commissioner 4. Petrus Santoso Karim
5. Sugito Lie

304 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi 21-Sep-18
BCAF02BCN2 Berkelanjutan II BCA 8.15% 21-Dec-18 PT Bank Mega AAA(idn)
1. 250,000 22-Jun-16 21-Jun-19 36
IDA0000734B4 Finance Tahap II 21-Mar-19 Tbk. Stable
TRADING HIGHLIGHT
BCAF02BCN2
ISIN CODE : IDA0000734B4 Jun-16 Jun-17 Jun-18 Jun-19


Volume Volume (Rp bn) - 60.00 - - 140.00 64.00
120 16
Frequency Frequency (X) - 15 - - 11 7
90 12 Trading days - 5 - - 2 3
Turnover Ratio (%) - 96.00 - - 224.00 102.40
60 8 CTP Price - High N/A 101.1000 N/A N/A 102.2000 100.8900
Date N/A 22-Jun N/A N/A 13-Feb 26-Apr
30 4
CTP Price - Low N/A 100.4500 N/A N/A 101.7500 100.1600
- - Date N/A 26-Apr N/A N/A 13-Feb 02-Apr
IBPA Fair Yield (%) 8.1863 7.5561 7.3800 6.9219 6.8278 8.1128
Mod. Duration (yrs) 2.009 1.826 1.598 1.382 1.159 0.930
105 10.0
Convexity (yrs) 4.739 3.930 3.041 2.308 1.663 1.108
103 9.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
whole 2017 to Q2-2018 period was about 70.40% and was traded in 10 trading days
99 7.0
during the period. The average trading volume during the period was Rp44.00
97 6.0
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
billion.
BCAF02BCN2 24.0%
- 25 50 75 100 125 150 175 200 225 250

Corporate Bonds 305

PT BCA Finance (BCAF) was established in 1981 under No. Company Total Revenue Net Profit Revenue
the name of PT Central Sari Metropolitan Leasing (Rp Bill) Margins (%) Growth (%)
Corporation (CSML). Initially, PT Bank Central Asia 1. PT BFI Finance Indonesia Tbk. 4,042 29.4 25.3
and Japan Leasing Corporation were BCAF’s 2. PT Oto Multiartha 3,940 6.9 11.4
shareholders. At that time, BCAF was focusing its 3. PT Sarana Multi Infrastruktur (Persero) 3,155 40.0 35.4
business on commercial finance, such as financing for 4. PT Toyota Astra Financial Services 3,127 0.6 20.9
production machines, heavy equipment, and 5. PT BCA Finance 3,118 46.6 18.1
transportation. Up to now, the car financing sector Financial Statement as of Fiscal Year 2017
remains BCAF core business. In maintaining an
ongoing positive performance and to realize BCAF’s Historical Corporate Ratings
mission of providing the best value to stakeholders, No. Rating Agency Rating Rating Status Rating Date Outlook
BCAF consistently implement four strategies covering:
operational excellence, most competitive price, 1. Fitch Ratings AAA(idn) Affirmed 12-Apr-18 Stable
prudent principle, and mutual relationship. 2. Fitch Ratings AAA(idn) Affirmed 21-Apr-17 Stable
3. Fitch Ratings AAA(idn) Affirmed 3-May-16 Stable
4. Pefindo idAAA Affirmed 13-Nov-17 Stable
As of December 2017, BCAF is owned by PT Bank
5. Pefindo idAAA Affirmed 11-Nov-16 Stable
Central Asia Tbk. (BBCA, 99.58%) and BCA Finance
Limited Hong Kong (0.42%).
SWOT Analysis
- Strong support from shareholder - Limited number of branch and
(BCA) and important role to BCA's network
portfolio of car loans market - Concentration risk in consumer
- Very strong market position in the financing income
car financing industry
- Favorable assets quality indicators
- High margin compare to its peers
Financial Analysis
In 2017, net income amounted to Rp1.45 trillion, an
increase by Rp314.68 billion or 27.63% from 2016.
The increase in net income was based on higher
revenues than the increase in expenses. Total revenue O pportunities T hreats
was Rp3.12 trillion, an increase of Rp478.46 billion or
18.13% from the figure in 2016. The increase was - Growing automotive industry - Domestic automotive industry slow
mainly due to increasing in consumer financing - Expansion opportunity outside Java down
income that reached Rp2.57 trillion, grew by 18.36% area - Increasingly fierce market
compared to 2016. The increase in consumer - Sustainable development of competition including price
financing income was in line with the increase of enterprise information technology variations, features, product options,
consumer financing receivables in part of BCAF’s system and easy access to finance
assets. Total consumer financing receivables on Dec
31, 2017 was Rp6.98 trillion, increased by Rp354.94
billion (+5.36%) compared with the previous year.
Furthermore, the increase in net fixed assets by
Rp70.72 billion or grew 35.75% compared to 2016
also contributed to the increase in BCAF assets.
Hence, total assets as on Dec 31, 2017 was Rp8.44
trillion, increased by Rp287.03 billion (3.52%) from
2016. As multi finance company, BCAF performance
showed a very good level of collectability, by
maintaining the NPF ratio under 1% which is worth
0.39%.

306 Corporate Bonds
idBBB
BCAP PT MNC Kapital Indonesia Tbk. Stable
Sector : Finance MNC Financial Center 21st Floor
Sub Sector : Others Jln. Kebon Sirih No. 21-27
Website : www.mncfinancialservices.com Jakarta 10340
Corporate Sec. : Deisy Christina Phone : (021) 2970-9700
Email Corporate Sec. : corsec.mncfinancialservices@mncgroup.com Fax : (021) 398-36886
PT MNC Kapital Indonesia Tbk (BCAP) or FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
better known as MNC Financial Services BALANCE SHEETS Dec-2016 Dec-2017 Chg %
was established on July 15, 1999. MNC
Financial Services initially focused on the
Receivables 4,691,544 4,348,822 -7.31 q
brokerage and underwriting businesses and subsequently expanded
into research & advisory services to meet the market demand. BCAP Inventories - - - 
then repositioned its business and became a strategic investment Current Assets - - - 
company with subsidiaries in the financial services industry. Property, Plant and Equipment 224,300 263,440 17.45 p
In 2001, MNC Financial Services went public on the Indonesia Stock Total Assets 22,216,019 19,883,263 -10.50 q
Exchange. It currently provides a full range of banking services, Fund Borrowings 2,797,893 2,958,019 5.72 p
consumer finance and leasing services, securities-related services, Total Liabilities 15,810,740 14,255,743 -9.84 q
asset management services, general insurance services and life Authorized Capital (Mil. Sh) 15,000 15,000 - 
insurance services through MNC Kapital’s subsidiaries, including PT Authorized Capital 1,500,000 1,500,000 - 
Bank MNC Internasional Tbk (“MNC Bank”), PT MNC Finance (“MNC
Paid up Capital 547,284 547,284 0.00 p
Finance”), PT MNC Guna Usaha Indonesia (“MNC Leasing”), PT MNC
Sekuritas (“MNC Securities”), PT MNC Asset Management (“MNC Paid up Capital (Mil. Sh) 5,473 5,473 0.00 p
Asset Management”), PT MNC Asuransi Indonesia (“MNC Insurance”), Par Value (Rp) 100 100 - 
and PT MNC Life Assurance (“MNC Life”). MNC Financial Services Retained Earnings 404,332 69,678 -82.77 q
provides products and services in the following business units: Total Equity …*) 5,263,055 4,885,283 -7.18 q
1. MNC Bank, a fully licensed bank, is primarily focused on retail and Non Controlling Interest 1,142,224 742,237 -35.02 q
consumer banking segment, which includes consumer lending and Total Equity 6,405,279 5,627,520 -12.14 q
retail funding, as well as a small to medium enterprises segment
supported by commercial and corporate business segment. INCOME STATEMENTS
2. MNC Finance, focuses on consumer financing with the majority Total Revenues 2,287,344 2,386,245 4.32 p
portfolio in used car financing, used car refinancing (MNC Express),
Expenses 2,345,139 3,366,964 43.57 p
multipurpose financing (property) and factoring.
3. MNC Leasing, focuses on corporate clients with financial leasing Interest Expenses 859,693 963,534 12.08 p
for heavy equipment, machinery and medical equipment including Operating Profit - - - 
factoring & operating lease as well as Sharia based leasing. Other Income (Expenses) - - - 
4. MNC Sekuritas, primarily engaged in the provision of various Earning Before Tax -57,795 -980,719 -1,596.89 q
securities-related services, including: (i) brokerage and securities EBITDA 850,024 38,069 -95.52 q
trading services including equity instruments, debt instruments,
Income for the periods -38,941 -737,629 -1,794.22 q
margin trading and online trading; (ii) corporate finance and
financial advisory services, including underwriting, restructuring, Comprehensive Income -100,543 -779,107 -674.90 q
origination and syndication, of both equity and fixed income Net Income … *) -45,713 -334,654 -632.08 q
products, and (iii) research and business development services,
including market research and analysis. FINANCIAL RATIOS
5. MNC Asset Management, offers services ranging from mutual
DER (X) 2.47 2.53 2.63 p
funds, private equity to managing unit-linked funds. It also
ROA (%) -0.18 -3.71 q
-2,016.46
manages its customers’ discretionary accounts each of which is
tailored to meet each investor’s specific investment objectives and NPM (%) -1.70 -30.91 q
-1,715.71
needs. It focuses on providing high-quality asset management EBITDA Coverage (X) 0.99 0.04 -96.00 q
services and aims to maintain a leading position in the industry. *) … attributable to owners of the parent entity
6. MNC Insurance, provides a diverse range of innovative general
insurance products targeting retail and corporate clients. MNC Kapital Indonesia developed several strategies:
7. MNC Life, offers a wide range of protection covering the traditional
Creating a one-stop financial service centre (financial supermarket);
life and health insurance products as well as wealth accumulation
Maximizing value creation and creating greater synergies amongst
and unit link products.
subsidiaries; Developing an integrated online system (digitalization);
MNC Kapital Indonesia is the majority shareholder of MNC Finance, Strengthening market penetrations; Focusing on retail businesses;
MNC Leasing, MNC Sekuritas, MNC Asset Management, MNC Implementing better risk management, corporate governance &
Insurance, MNC Life, and one of the controlling shareholder of MNC lowering acquisition cost as well as cost of funds; Expanding
Bank. investments through inorganic means (mergers and acquisitions).
MNC Kapital Indonesia is capitalizing on distinctive advantages to
achieve high growth:
Benefit of the strong impact of the MNC Brand; Creating synergies
amongst subsidiaries; and Owned an integrated digital
infrastructure & branch offices.

Corporate Bonds 307
AUDIT COMMITTEE SHAREHOLDERS

1. Nelson Tambupolon 1. PT MNC Investama Tbk. 69.69%
2. A.J. Benny Mokalu 2. Public 13.93%
3. Andrea Frans Tambunan 3. UOB Kay Hian (Hong kong) Ltd. 9.22%
4. Darma Putra 4. HT Capital Investment Ltd. 7.10%
5. Tien 5. Darma Putra 0.04%
6. Tien 0.02%
BOARD OF COMMISSIONERS 7. Natalia Purnama 0.00001%
1. Nelson Tambupolon *
2. A.J. Benny Mokalu * BOARD OF DIRECTORS
3. Darma Putra 1. Wito Mailoa
4. Henry Suparman 2. Jessica Herliani Tanoesoedibjo
5. Mashudi Hamka 3. Mahjudin
6. Tien 4. Natalia Purnama
AS OF JUNE 2018
Coupon Coupon
Obligasi 05-Jul-18
BCAP01CN1 Berkelanjutan I 12.00% - PT Bank CIMB idBBB
1. 225,000 08-Jul-13 05-Jul-18 5
IDA000060305 BCAP Tahap I Tahun - Niaga Tbk. Stable
2013 Quarterly -
TRADING HIGHLIGHT
BCAP01CN1


60 12
45 9 Trading days - - 2 3 1 1
Turnover Ratio (%) - - 5.33 100.44 7.11 35.56
Date N/A N/A 21-Jul 30-Oct 16-Jan 06-Jun
15 3
- - Date N/A N/A 14-Sep 16-Oct 16-Jan 06-Jun
IBPA Fair Yield (%) 10.6463 10.1813 9.4805 8.8383 8.4099 8.5069
Mod. Duration (yrs) 1.127 0.940 0.708 0.485 0.254 0.016
110 12.0
Convexity (yrs) 1.626 1.157 0.695 0.361 0.128 0.004
107 11.0 Sensitivity (%) 0.011 0.009 0.007 0.005 0.003 0.000
interest rate of 12.00 % per annum. While quarterly average turnover ratio reached 21.33
101 9.0
% on the first half 2018. This series had traded 19 times in 7 trading days with total
volume booked of Rp83.50 billion until Q2-2018. Based on the market price (Centralized
98 8.0
Trading Platform), from 2017 to Q2-2018 this series was traded between 97.7100 -
108.3100 while the IBPA fair price was between 100.0577 - 102.0083, the fair yield for this
95 7.0
series was between 8.0535% - 11.7840%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

308 Corporate Bonds
BCAP01CN1 3 57 26.4%
- 25 50 75 100 125 150 175 200 225

Corporate Bonds 309

PT MNC Kapital Indonesia Tbk. (BCAP) was founded No. Company Total Revenue Net Profit Revenue
by one of Indonesia’s prominent conglomerates, Hary (Rp Bill) Margins (%) Growth (%)
Tanoesoedibjo, in 1989. BCAP started its business as 1. PT MNC Kapital Indonesia Tbk. 2,386 (30.9) 4.3
a brokerage house and subsequently expanded into 2. PT Danareksa (Persero) 446 (33.1) (29.9)
an asset management business in 1996. But today,
BCAP has become an investment holding company
that has seven subsidiaries that engage in securities,
asset management, consumer financing, lease Financial Statement as of Fiscal Year 2017
financing, life insurance, non-life insurance, and
banking business (PT Bank MNC International Tbk). In Historical Corporate Ratings
2017, the Company inaugurated MNC Financial No. Rating Agency Rating Rating Status Rating Date Outlook
Services integrated branch offices in Surabaya,
Pekanbaru, and Medan to provide a “one-stop” 1. Pefindo idBBB Affirmed 14-Mar-18 Stable
financial service stemming from its seven business 2. Pefindo idBBB Affirmed 12-Apr-17 Stable
3. Pefindo idBBB Affirmed 13-Apr-16 Stable
units to the customers.
By the end of December 2017, the shareholders

composition of BCAP are PT MNC Investama Tbk.
SWOT Analysis
69.88%, UOB Kay Hian (Hongkong) Ltd 9.24%, HT
Capital Investment Ltd 7.12%, and Public with 13.76%
shares ownerships. S trengths W eaknesses
- Strong capitalization - High dependence on the Group
- Strong impact from the MNC Brand and its founder
- Adequate liquidity and financial - The higher net loss than before
flexibility.
Financial Analysis
The Company was able to record an operating
revenue growth of 4.32% from Rp2.29 trillion in 2016
to Rp2.39 trillion in 2017. The banking segment still
dominated the income composition amounting to O pportunities T hreats
46.83%, followed by consumer financing of 31.47%,
insurance amounting to 14.34%, and investment - Rising middle income class - Increasing competition in financial
amounting to 7.36%. The amount of expenses in - Cross selling opportunity among services industry
2017 increased 43.57% to Rp3.37 trillion and the MNC Group. - Increasing Non Performing Loans
Company’s consolidated loss before tax increased to - Potential growth with an integrated (NPL)
Rp980.72 billion. This loss before tax increase was digital infrastructure
due to an increase in the provision for impairment
losses of MNC Bank from Rp29.9 billion in 2016 to
Rp838.3 billion in 2017. Higher provisions for
impairment losses were made in respect of loans
made by the Bank before its acquisition in 2014. The
Company’s total assets in 2017 recorded a decrease
of 10.50% amounting to Rp19.88 trillion. A decrease
also occurred in Company liabilities amounting to
9.84% from Rp15.81 trillion in 2016 to Rp14.26 trillion
in 2017. The Company’s equity also decrease by
12.14% amounting to Rp5.63 trillion in 2017.

310 Corporate Bonds
idAA-
BDKI PT Bank DKI Stable
Sector : Finance
Sub Sector : Bank Jln. Suryopranoto No. 8
Website : www.bankdki.co.id Jakarta Pusat 10130
Corporate Sec. : Zulfarshah Phone : (021) 2314-567
Email Corporate Sec. : zulfarshah@bdki.co.id; zulfarshahbdki@yahoo.com Fax : (021) 3517-660
Bank DKI is a Commercial Bank owned by FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
DKI Jakarta Provincial Government and PD BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Pasar Jaya. According to Article of Association, Bank DKI having a
Cash on Hand 837,133 759,219 -9.31 q
characteristic as Regional Development Bank that holds agent of
development roles. Bank DKI established since April 11st, 1961 and
having several legal status and corporate name alteration from the Marketable Securities 4,482,963 9,741,563 117.30 p
beginning of establishment named as PT Bank Pembangunan Daerah Loans 24,000,400 26,454,160 10.22 p
Djakarta Raya into Regional Enterpise at 1978 than altered into PT Investments 11,537 11,537 - 
Bank Daerah Khusus Ibukota Jakarta Raya in 1999 till recently Property, Plant and Equipment 1,351,171 1,398,644 3.51 p
becoming PT Bank DKI since 2008.
Total Assets 40,567,427 51,417,045 26.74 p
Bank DKI is also foreign exchange bank since 1992 and since 2004 Deposits 25,872,525 35,344,791 36.61 p
having Sharia Business Unit. Bank DKI provide many product and Fund Borrowings 764,863 816,387 6.74 p
banking services for multiple communities and business
segmentation with a variety of banking and product services for Total Liabilities 29,714,652 39,762,304 33.81 p
consumer, retail, SME, corporate, commercial, syndicated, and Authorized Capital (Mil. Sh) 12 12 - 
treasury and also sharia banking segmentation. Authorized Capital 11,500,000 11,500,000 - 
In line with our effort to achieve Vision “To Become Modern Bank Paid up Capital 4,431,159 4,431,159 - 
with High Value and Balance Pro fit & Jakarta’s Development,” Paid up Capital (Mil. Sh) 4 4 - 
BankDKI also participates in realizing vission of the DKI Jakarta
Par Value (Rp) 1,000,000 1,000,000 - 
Provincial Government to develop Jakarta as developed, sustainable
and civilized city. Retained Earnings 1,982,946 2,501,591 26.16 p
Total Equity …*) 7,396,445 8,203,337 10.91 p
Spirit to support a sustainable regional economy was also manifested
in provision of financial service access to support financial inclusion Non Controlling Interest - - - 
in DKI Jakarta. Various financial service education had been done for Total Equity 7,396,445 8,203,337 10.91 p
various levels of the society in DKI Jakarta during 2017. The activities
were realization of Less-Cash program initiated by DKI Jakarta
Government via JakartaOne system. System interaction and close INCOME STATEMENTS
relation with DKI Jakarta Provincial Government had resulted Total Interest Income 3,673,255 3,565,493 -2.93 q
appreciation from Ministry of Internal Affairs and Ministry of Finance Interest Expenses 1,173,111 1,483,391 26.45 p
to Bank DKI as Model BPD in supporting regional treasury
management..
In 2017, Bank DKI has formulated business development objectives Income from Operations 891,109 925,822 3.90 p
and strategy which are in line with Corporate Plan 2016 – 2020,
referring to 6 (six) aspects, such as (1) Financial, (2) Business, (3) Non-Operating Revenues 23,614 40,987 73.57 p
Process, (4) Products, (5) GCG & Risk and (6) Human Capital Earning Before Tax 914,723 966,809 5.69 p
Development, where overall perspective becomes theme of strategic Income for the periods 645,107 712,177 10.40 p
policy in 2017, “to strengthen foundation, launch new products and
Comprehensive Income 1,080,155 1,000,424 -7.38 q
services to have high-quality growth.”.
Net Income … *) 645,107 712,177 10.40 p
Rapid growth of technology has triggered shifting on public lifestyle.
This is also occurred in modern society with higher expectation on
modern banking products and services which offers simplicity and FINANCIAL RATIOS
convenience in transaction. It is also recognized by Bank DKI that DER (X) 4.02 4.85 20.65 p
responds to the needs of modern society in conducting banking
ROA (%) 1.59 1.39 -12.90 q
transactions by bringing innovation of digital banking products and
services by launching JakOne Mobile with various features that NPM (%) 17.56 19.97 13.73 p
facilitate banking transactions such as mobile banking, mobile wallet, EBITDA Coverage (X) 24.26 25.97 7.04 p
scan to pay and opening bank account by online. *) … attributable to owners of the parent entity
BOARD OF COMMISSIONERS BOARD OF DIRECTORS SHAREHOLDERS

1. Ilya Avianti 1. Kresno Sediarsi 1. Province of DKI Jakarta (Class B) 95.47%
2. Basuki Setyadjid 2. Antonius Widodo Mulyono 2. Province of DKI Jakarta (Class A Monumen Nasional) 4.51%
3. Lukman Hakim * 3. Budi Mulyo Utomo 3. PD Pasar Jaya (Class B) 0.02%
4. Michael Rolandi C. Brata 4. Farel Tua Silalahi
*) Independent Commissioner 5. Priagung Suprapto AUDIT COMMITTEE
6. Sigit Prastowo 1. Ahdi Jumhari Luddin
2. Trisniati Anwar
3. Sofyan Nasution
4. Supiyanto

Corporate Bonds 311
AS OF JUNE 2018
Coupon Coupon
Obligasi 30-Sep-18
PT Bank
BDKI01CN1 Berkelanjutan I 9.25% 30-Dec-18 idAA-
1. 1,000,000 01-Jul-16 30-Jun-21 5 Mandiri
IDA000074504 Bank DKI Tahap I 30-Mar-19 Stable
(Persero) Tbk.
TRADING HIGHLIGHT
BDKI01CN1
ISIN CODE : IDA000074504 Jul-16 Jun-21


100 12
75 9 Trading days 3 2 - 5 4 5
Turnover Ratio (%) 15.20 36.80 - 41.60 46.40 40.00
50 6 CTP Price - High 100.010 102.300 N/A 103.950 104.750 104.038
Date 07-Feb 16-Jun N/A 10-Nov 19-Mar 20-Apr
25 3
CTP Price - Low 96.600 100.000 N/A 99.520 100.380 100.200
- - Date 13-Mar 12-Jun N/A 27-Oct 26-Mar 06-Jun
IBPA Fair Yield (%) 9.8604 9.8172 9.2541 8.9624 8.3607 9.3709
Mod. Duration (yrs) 3.465 3.244 3.070 2.902 2.733 2.531
107 12.0
Convexity (yrs) 14.272 12.733 11.371 10.126 8.953 7.697
104 11.0 Sensitivity (%) 0.035 0.032 0.031 0.029 0.027 0.025
101 10.0 The bond series BDKI01CN1, was first listed on 01 July 2016 with nominal value of Rp1.00
98 9.0
2018. Based on the market price (Centralized Trading Platform), from 2017 to Q2-2018
95 8.0
this series was traded between 96.6000 - 104.7500 while the IBPA fair price was between
92 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BDKI01CN1 38 92 104 23.4%
- 100 200 300 400 500 600 700 800 900 1,000

312 Corporate Bonds

Bank DKI (BDKI) is commercial bank and regional No. Company Total Revenue Net Profit Revenue
owned enterprises which whole shares owned by DKI (Rp Bill) Margins (%) Growth (%)
Jakarta Provincial Government and PD Pasar Jaya. 1. PT Bank Pan Indonesia Tbk. 17,483 11.5 0.2
BDKI engages in conventional & sharia banking 2. PT Bank Pembangunan Daerah Sumatera Utara 3,209 19.6 3.2
activities ranging from commercial banking, retail 3. PT Bank DKI 3,565 20.0 (2.9)
banking, consumer banking, treasury banking, and 4. PT Bank BRISyariah 2,817 3.6 6.9
micro banking. In addition, BDKI also offers modern
banking services such as cash management system, Financial Statement as of Fiscal Year 2017
ATM & debit card, and its special feature of JakCard,
a multi-purpose pre-paid card that can be used for Historical Corporate Ratings
Transjakarta e-ticketing system and transaction in No. Rating Agency Rating Rating Status Rating Date Outlook
some partnered merchants. Other services include
bill payment services, tax payments, online banking 1. Pefindo idAA- Upgraded* 13-Mar-18 Stable
services, and safe deposit boxes. As of 31 December 2. Pefindo idA+ Affirmed 13-Mar-17 Positive**
3. Pefindo idA+ Downgraded*** 11-Mar-16 Stable
2017, BDKI supported by 478 office networks located
4. Pefindo idAA- Affirmed 29-Sep-15 Negative***
in Jakarta and the other big cities across Indonesia,
5. Pefindo idAA- Affirmed 12-Mar-15 Stable
supported by 3,359 dedicated employees.
SWOT Analysis
As of December 31, 2017, BDKI’s shareholder
structure comprised of Provincial Government of
Jakarta (or Pemda DKI, 99.98%) and PD Pasar Jaya S trengths W eaknesses
(0.02%).
- Strong support from DKI Jakarta - Less marketing strategy/ campaign
province government conducted
- Improving asset quality - Weakening net interest margin
- One of leading regional banks with
digital banking services
Financial Analysis
Total asset grew 26.74% from Rp40.57 trillion in 2016
to Rp51.42 trillion in 2017. The asset growth was
mainly driven by deposit from customers that
increased 39.94% to Rp35.27 trillion. Despite O pportunities T hreats
increaseing deposit from customers, the bank
recorded a slight decrease in interest and sharia - Potential funding for DKI Jakarta - Challenging macro-economic
income which was by 2.93% from Rp3.67 trillion to province government projects condition
Rp3.57 trillion. While interest and sharia expenses - Potential for expansion to other - Intense competition among
rose 26.45% to Rp1.17 trillion. This brought net cities in Indonesia regional development banks,
interest income down by 16.72% to Rp2.08 trillion. - Digital banking business potentials commercial banks, and fintech
Although net interest income dropped, the bank companies
managed to gain from other operating income that
eventually lifted its operating income from Rp891
billion to Rp926 billion. As a result the bank recorded
a 10.40% year on year increase in net income to
Rp712 billion. In terms of financial ratios, overall, Bank
DKI showed positive condition as reflected by higher
CAR (29.90% from 29.80%) and improving asset
*Rating upgrade was due to sustainable recovery in asset quality indicators
quality (gross NPL down from 5.40% to 3.80%).
**The positive outlook was driven by its substantial and sustainable asset quality improvement
***The downgrade was due to the weakening assets quality and profitability indicators which are
unlikely to undergone substantial recovery in the near term
***The negative outlook was due to increasing trend of non-performing loans (NPL) and special
mentioned loans (SML)

Corporate Bonds 313
idAAA
BEXI Lembaga Pembiayaan Ekspor Indonesia Stable
Sector : Finance Indonesia Stock Exchange Building, Tower II, 8th Floor
Sub Sector : Bank Jln. Jend. Sudirman Kav. 52-53
Website : www.indonesiaeximbank.go.id Jakarta 12190
Corporate Sec. : Enny Listyorini Phone : (021) 8065-5555
Email Corporate Sec. : corsec@bankdki.co.id Fax : (021) 8065-5500
Indonesia Eximbank is a financial institution FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
owned by the Government of the Republic BALANCE SHEETS Dec-2016 Dec-2017 Chg %
of Indonesia, It has been established pursuant to the Act of the
Cash on Hand 595 346 -41.85 
Republic of Indonesia No. 2 of 2009 (Act 2/2009) on the Lembaga
Placements with Other Banks 9,566,214 7,825,104 -18.20 
Pembiayaan Ekspor Indonesia (Indonesia Eximbank). Lembaga
Pembiayaan Ekspor Indonesia carries out its activities under the name Marketable Securities 1,504,655 1,559,124 3.62 
Indonesia Eximbank. Indonesia Eximbank is wholly-owned (100%) by Loans 86,525,882 98,067,332 13.34 
the Government of Indonesia. Investments - - - 
Property, Plant and Equipment 1,159,699 1,160,462 0.07 
Indonesia Eximbank was established by the Government to deal with
National Export Financing (PEN), aiming to support the Government’s Total Assets 100,669,017 110,475,577 9.74 
policy to encourage national export program. Indonesia Eximbank Deposits - - - 
perform its mandate through providing Financing, Guarantee, Fund Borrowings 38,499,396 44,530,307 15.66 
Insurance, and Advisory Services to support export oriented sector, Total Liabilities 83,228,452 89,207,566 7.18 
both legal and non-legal entities, including individuals who are
Government Capital Contribution 14,692,188 18,844,186 28.26 
domiciled either inside or outside the territory of the Republic of
Retained Earnings 2,761,628 2,443,873 -11.51 
Indonesia. National Export Financing can also be based on the
principles of Sharia. Total Equity …*) 17,440,565 21,268,011 21.95 
In the event that the LPEI’s (EximBank’s) capital becomes less than
Total Equity 17,440,565 21,268,011 21.95 
Rp4,000,000,000,000.00 (four trillion rupiah), the Government shall
cover such deficiency from the State Budget based on the applicable
mechanism. INCOME STATEMENTS
Total Interest Income 6,480,420 7,327,072 13.06 
Indonesia Eximbank has also been appointed to carry out special
Interest Expenses 4,229,466 4,947,856 16.99 
assignment from Government which called National Interest Account
(NIA). The implementation of NIA is in line with the Government’s Other Operating Revenue 332,359 387,196 16.50 
2015 Economic Policy Package, to increase competitiveness and value Other Operating Expenses 585,076 611,424 4.50 
added of Indonesian products to support the growth of the domestic Income from Operations 1,799,173 1,225,190 -31.90 
industry and has the potential for the long-term development of Non-Operating Revenues 14,102 16,086 14.07 
exports.
Earning Before Tax 1,813,275 1,241,276 -31.55 
Indonesia Eximbank provides The Export-oriented Kredit Usaha Income for the periods 1,410,370 1,016,608 -27.92 
Rakyat (KURBE) Program as the form to support the government Comprehensive Income 1,457,234 1,009,811 -30.70 
program in the Economic Policy Package Volume XI on 2016. The Net Income … *) 1,410,370 1,016,608 -27.92 
financing provided by Indonesia Eximbank without any security
remuneration subsidy or interest subsidy for business agents with
export-oriented for micro, small and medium (UMKM) scales. The FINANCIAL RATIOS
KURBE Program may become the stimulus to increase the national DER (X) 4.77 4.19 -12.11 
export volume and provide export competitiveness based on UMKM ROA (%) 1.40 0.92 -34.32 
and increase the quality and added value for export products. NPM (%) 21.76 13.87 -36.25 
Indonesia Eximbank head office is located in Jakarta and it has 4 EBITDA Coverage (X) 27.76 16.72 -39.77 
regional offices (Medan, Surabaya, Makassar, and Surakarta) and 3 *) … attributable to owners of the parent entity
representative offices (Balikpapan, Batam, and Denpasar).
SHAREHOLDERS
MANAGING DIRECTORS
1. Dwi Wahyudi AUDIT COMMITTEE
2. Arif Setiawan 1. Arlinda Imbang Jaya
3. Bonifacius Prasetyo 2. Deddy Supriyanto
4. Indra Wijaya Supriadi 3. Setiawan Kriswanto
5. Raharjo Adisusanto
BOARD OF DIRECTORS
1. Sinthya Roesly
2. Arif Budimanta
3. Arlinda Imbang Jaya
4. Felia Salim

314 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi 20-Sep-18
PT Bank
BEXI01CCN1 Berkelanjutan I BEXI 8.50% 20-Dec-18 idAAA
1. 2,805,000 21-Dec-11 20-Dec-18 7 Mandiri
IDA0000503C1 Tahap I Tahun 2011 - Stable
(Persero) Tbk.
Seri C Quarterly -
Obligasi 05-Sep-18
PT Bank
BEXI02DCN1 Berkelanjutan BEXI 9.75% 05-Dec-18 idAAA
2. 1,469,000 06-Jun-14 05-Jun-19 5 Mandiri
IDA0000634D2 II Tahap I Tahun 05-Mar-19 Stable
(Persero) Tbk.
2014 Seri D Quarterly 05-Jun-19
Obligasi 16-Jul-18
PT Bank
BEXI02CCN3 Berkelanjutan BEXI 9.75% 16-Oct-18 idAAA
3. 828,000 17-Oct-14 16-Oct-19 5 Mandiri
IDA0000649C2 II Tahap III Tahun 16-Jan-19 Stable
(Persero) Tbk.
2014 Seri C Quarterly 16-Apr-19
Obligasi 07-Jul-18
PT Bank
BEXI02BCN4 Berkelanjutan BEXI 9.75% 07-Oct-18 idAAA
4. 700,000 08-Jan-15 07-Jan-20 5 Mandiri
IDA0000660B1 II Tahap IV Tahun 07-Jan-19 Stable
(Persero) Tbk.
2015 Seri B Quarterly 07-Apr-19
Obligasi 13-Sep-18
PT Bank
BEXI02CCN5 Berkelanjutan BEXI 9.50% 13-Dec-18 idAAA
5. 2,727,000 16-Mar-15 13-Mar-20 5 Mandiri
IDA0000671C6 II Tahap V Tahun 13-Mar-19 Stable
(Persero) Tbk.
2015 Seri C Quarterly 13-Jun-19
Obligasi 16-Jun-18
PT Bank
BEXI02BCN6 Berkelanjutan BEXI 9.20% 16-Sep-18 idAAA
6. 309,000 17-Sep-15 16-Sep-18 3 Mandiri
IDA0000700B5 II Tahap VI Tahun - Stable
(Persero) Tbk.
2015 Seri B Quarterly -
Obligasi 16-Jun-18
PT Bank
BEXI02CCN6 Berkelanjutan BEXI 9.50% 16-Sep-18 idAAA
7. 913,000 17-Sep-15 16-Sep-20 5 Mandiri
IDA0000700C3 II Tahap VI Tahun 16-Dec-18 Stable
(Persero) Tbk.
2015 Seri C Quarterly 16-Mar-19
Obligasi 19-Aug-18
PT Bank
BEXI02BCN7 Berkelanjutan BEXI 9.25% 19-Nov-18 idAAA
8. 1,647,000 22-Feb-16 19-Feb-19 3 Mandiri
IDA0000717B9 II Tahap VII Tahun 19-Feb-19 Stable
(Persero) Tbk.
Obligasi 19-Aug-18
PT Bank
BEXI02CCN7 Berkelanjutan BEXI 9.60% 19-Nov-18 idAAA
9. 1,732,250 22-Feb-16 19-Feb-21 5 Mandiri
IDA0000717C7 II Tahap VII Tahun 19-Feb-19 Stable
(Persero) Tbk.
Obligasi 08-Sep-18
PT Bank
BEXI03BCN1 Berkelanjutan BEXI 8.20% 08-Dec-18 idAAA
10. 1,060,000 09-Jun-16 08-Jun-19 3 Mandiri
IDA0000732B8 III Tahap I Tahun 08-Mar-19 Stable
(Persero) Tbk.
2016 Seri B Quarterly 08-Jun-19
Obligasi 08-Sep-18
PT Bank
11. 2,252,000 09-Jun-16 08-Jun-21 5 Mandiri
IDA0000732C6 III Tahap I Tahun 08-Mar-19 Stable
(Persero) Tbk.
Obligasi 25-Aug-18
PT Bank
12. 956,000 26-Aug-16 25-Aug-19 3 Mandiri
IDA0000754B2 III Tahap II Tahun 25-Feb-19 Stable
(Persero) Tbk.
13. 1,582,000 26-Aug-16 25-Aug-21 5 Mandiri
IDA0000754C0 III Tahap II Tahun 25-Feb-19 Stable
(Persero) Tbk.
Obligasi 22-Aug-18
PT Bank
14. 540,000 23-Nov-16 22-Nov-19 3 Mandiri
IDA0000774B0 III Tahap III Tahun 22-Feb-19 Stable
(Persero) Tbk.

Corporate Bonds 315
Coupon Coupon
Obligasi 22-Aug-18
PT Bank
15. 282,000 23-Nov-16 22-Nov-21 5 Mandiri
IDA0000774C8 III Tahap III Tahun 22-Feb-19 Stable
(Persero) Tbk.
Obligasi 22-Aug-18
PT Bank
BEXI03DCN3 Berkelanjutan BEXI 8.50% 22-Nov-18 idAAA
16. 1,038,000 23-Nov-16 22-Nov-23 7 Mandiri
IDA0000774D6 III Tahap III Tahun 22-Feb-19 Stable
(Persero) Tbk.
2016 Seri D Quarterly 22-May-19
Obligasi 23-Aug-18
PT Bank
17. 1,339,000 24-Feb-17 23-Feb-20 3 Mandiri
IDA0000790B6 III Tahap IV Tahun 23-Feb-19 Stable
(Persero) Tbk.
Obligasi 23-Aug-18
PT Bank
18. 748,000 24-Feb-17 23-Feb-22 5 Mandiri
IDA0000790C4 III Tahap IV Tahun 23-Feb-19 Stable
(Persero) Tbk.
Obligasi 23-Aug-18
PT Bank
BEXI03DCN4 Berkelanjutan BEXI 9.20% 23-Nov-18 idAAA
19. 1,007,000 24-Feb-17 23-Feb-24 7 Mandiri
IDA0000790D2 III Tahap IV Tahun 23-Feb-19 Stable
(Persero) Tbk.
2017 Seri D Quarterly 23-May-19
Obligasi 23-Aug-18
PT Bank
BEXI03ECN4 Berkelanjutan BEXI 9.40% 23-Nov-18 idAAA
20. 1,266,000 24-Feb-17 23-Feb-27 10 Mandiri
IDA0000790E0 III Tahap IV Tahun 23-Feb-19 Stable
(Persero) Tbk.
2017 Seri E Quarterly 23-May-19
Obligasi 15-Aug-18
PT Bank
BEXI03ACN5 Berkelanjutan BEXI 7.60% 15-Nov-18 idAAA
21. 1,000,000 16-Aug-17 15-Aug-20 3 Mandiri
IDA0000837A7 III Tahap V Tahun 15-Feb-19 Stable
(Persero) Tbk.
2017 Seri A Quarterly 15-May-19
Obligasi 15-Aug-18
PT Bank
22. 436,000 16-Aug-17 15-Aug-22 5 Mandiri
IDA0000837B5 III Tahap V Tahun 15-Feb-19 Stable
(Persero) Tbk.
Obligasi 15-Aug-18
PT Bank
23. 1,786,000 16-Aug-17 15-Aug-24 7 Mandiri
IDA0000837C3 III Tahap V Tahun 15-Feb-19 Stable
(Persero) Tbk.
Obligasi 14-Aug-18
PT Bank
BEXI03ACN6 Berkelanjutan BEXI 6.35% 14-Nov-18 idAAA
24. 610,000 15-Feb-18 14-Feb-21 3 Mandiri
IDA0000876A5 III Tahap VI Tahun 14-Feb-19 Stable
(Persero) Tbk.
2018 Seri A Quarterly 14-May-19
Obligasi 14-Aug-18
PT Bank
25. 1,650,000 15-Feb-18 14-Feb-23 5 Mandiri
IDA0000876B3 III Tahap VI Tahun 14-Feb-19 Stable
(Persero) Tbk.
Obligasi 14-Aug-18
PT Bank
26. 206,000 15-Feb-18 14-Feb-25 7 Mandiri
IDA0000876C1 III Tahap VI Tahun 14-Feb-19 Stable
(Persero) Tbk.
Obligasi 06-Sep-18
PT Bank
BEXI04ACN1 Berkelanjutan BEXI 7.50% 06-Dec-18 idAAA
27. 933,000 07-Jun-18 06-Jun-21 3 Mandiri
IDA0000909A4 IV Tahap I Tahun 06-Mar-19 Stable
(Persero) Tbk.
2018 Seri A Quarterly 06-Jun-19
Obligasi 06-Sep-18
PT Bank
BEXI04BCN1 Berkelanjutan BEXI 7.70% 06-Dec-18 idAAA
28. 35,000 07-Jun-18 06-Jun-23 5 Mandiri
IDA0000909B2 IV Tahap I Tahun 06-Mar-19 Stable
(Persero) Tbk.
2018 Seri B Quarterly 06-Jun-19

316 Corporate Bonds
Coupon Coupon
Obligasi 06-Sep-18
PT Bank
29. 1,711,000 07-Jun-18 06-Jun-25 7 Mandiri
IDA0000909C0 IV Tahap I Tahun 06-Mar-19 Stable
(Persero) Tbk.
Sukuk Mudharabah 16-Sep-18

PT Bank
SMBEXI01ACN1 Berkelanjutan BEXI I 6.15% 16-Dec-18 idAAA(sy)
30. 135,000 07-Jun-18 16-Jun-19 370 Mandiri
IDJ0000107A6 Tahap I Tahun 2018 16-Mar-19 Stable
(Persero) Tbk.
Seri A Quarterly 16-Jun-19
Sukuk Mudharabah 06-Sep-18

PT Bank
SMBEXI01BCN1 Berkelanjutan BEXI I 7.50% 06-Dec-18 idAAA(sy)
31. 365,000 07-Jun-18 06-Jun-21 3 Mandiri
IDJ0000107B4 Tahap I Tahun 2018 06-Mar-19 Stable
(Persero) Tbk.
Seri B Quarterly 06-Jun-19
TRADING HIGHLIGHT
BEXI01CCN1
ISIN CODE : IDA0000503C1 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18


600 20
450 15 Trading days 2 5 10 7 9 5
Turnover Ratio (%) 3.14 29.95 76.15 28.24 24.53 15.26
300 10 CTP Price - High 101.290 102.150 102.600 102.640 102.750 101.790
Date 30-Mar 03-May 28-Sep 04-Oct 01-Feb 03-Apr
150 5
CTP Price - Low 100.650 100.000 100.500 101.250 101.600 100.600
- - Date 01-Feb 15-Jun 09-Aug 20-Oct 22-Feb 22-Jun
IBPA Fair Yield (%) 8.0021 7.6666 6.5642 6.6411 6.1071 7.3509
Mod. Duration (yrs) 1.583 1.390 1.156 0.929 0.699 0.462
103 10.0
Convexity (yrs) 2.993 2.334 1.654 1.108 0.667 0.328
102 9.0 Sensitivity (%) 0.016 0.014 0.012 0.009 0.007 0.005
101 8.0 This series was listed since 21 December 2011 with nominal value of Rp2.81 trillion with
fixed interest rate of 8.50 % per annum. While quarterly average turnover ratio reached
100 7.0
19.89 % on the first half 2018. This series had traded 80 times in 38 trading days with total
99 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 317
BEXI02DCN1 Listing Date Maturity Date
ISIN CODE : IDA0000634D2 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19


Volume Volume (Rp bn) 38.00 50.00 5.00 - 10.00 -
60 4
Frequency Frequency (X) 2 4 1 - 2 -
45 3 Trading days 1 2 1 - 1 -
Turnover Ratio (%) 10.35 13.61 1.36 - 2.72 -
30 2 CTP Price - High 103.500 104.500 104.200 N/A 103.925 N/A
Date 04-Jan 03-May 22-Aug N/A 29-Jan N/A
15 1
CTP Price - Low 103.500 103.800 104.200 N/A 103.910 N/A
- - Date 04-Jan 30-May 22-Aug N/A 29-Jan N/A
IBPA Fair Yield (%) 8.1731 7.8978 7.3621 6.5297 6.7985 8.0656
Mod. Duration (yrs) 1.939 1.760 1.538 1.327 1.108 0.881
105 10.0
Convexity (yrs) 4.472 3.693 2.852 2.157 1.537 1.011
104 9.0 Sensitivity (%) 0.019 0.018 0.015 0.013 0.011 0.009
whole 2017 to Q2-2018 period was about 4.67% and was traded in 5 trading days during
102 7.0
the period. The average trading volume during the period was Rp17.17 billion/quarter. The
market price that was observed through Centralized Trading Platform (CTP) during the
101 6.0
whole period was between 103.5000 and 104.5000. Meanwhile, the range IBPA fair price at
the same year for this series was ranging from 101.3562 to 104.4998. The outstanding
100 5.0
amount of this series by the end of June 2018 was Rp1.47 trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI02CCN3


36 8
27 6 Trading days - - - 3 - -
Turnover Ratio (%) - - - 19.32 - -
9 2
- - Date N/A N/A N/A 20-Dec N/A N/A
IBPA Fair Yield (%) 8.2697 8.0353 7.4913 7.1711 7.0179 8.3771
Mod. Duration (yrs) 2.198 2.027 1.816 1.614 1.406 1.187
105 10.0
Convexity (yrs) 5.793 4.929 3.979 3.166 2.431 1.769
104 9.0 Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.012
103 8.0 The bond series BEXI02CCN3, was first listed on 17 October 2014 and matured on 16
October 2019. From 2017 to the first half of year 2018, total volume traded amounted to
102 7.0
Rp40.00 billion with 3 of total trading days. The CTP market price for this series during the
period was within the range of 104.2000 – 104.2500. Meanwhile IBPA fair price ranged
101 6.0
100 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

318 Corporate Bonds
BEXI02BCN4
ISIN CODE : IDA0000660B1 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 8.3169 8.1037 7.5531 7.1439 7.1312 8.4974
Mod. Duration (yrs) 2.362 2.197 1.990 1.794 1.589 1.374
10.0
Convexity (yrs) 6.705 5.787 4.771 3.893 3.082 2.336
105 9.0 Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
8.0 This series was first listed in 08 January 2015 and will be matured in 07 January 2020.
103 7.0
6.0
101 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI02CCN5


320 24
240 18 Trading days 4 4 5 8 12 4
Turnover Ratio (%) 8.80 9.68 6.33 15.86 58.24 32.27
160 12 CTP Price - High 103.600 104.150 104.500 104.950 106.400 105.650
Date 22-Mar 12-May 10-Aug 16-Oct 25-Jan 11-Apr
80 6
CTP Price - Low 102.870 103.600 98.500 103.500 104.600 102.510
- - Date 13-Feb 15-Jun 06-Jul 25-Oct 23-Jan 08-May
IBPA Fair Yield (%) 8.0733 8.1499 7.6622 7.0898 7.2107 8.3898
Mod. Duration (yrs) 2.552 2.382 2.174 1.978 1.772 1.557
107 10.0
Convexity (yrs) 7.671 6.673 5.576 4.630 3.739 2.913
105 9.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
101 7.0
99 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 319
BEXI02BCN6
ISIN CODE : IDA0000700B5 Sep-15 Sep-16 Sep-17 Sep-18


40 8
30 6 Trading days 1 4 5 1 1 1
Turnover Ratio (%) 1.55 21.23 32.36 0.78 25.89 58.25
20 4 CTP Price - High 102.000 102.570 102.700 102.300 101.480 100.800
Date 17-Mar 20-Jun 22-Sep 30-Nov 23-Mar 22-May
10 2
CTP Price - Low 102.000 102.000 100.000 102.300 101.450 100.700
- - Date 17-Mar 19-Jun 11-Jul 30-Nov 23-Mar 22-May
IBPA Fair Yield (%) 7.6236 7.4853 6.9077 6.4343 6.1713 6.7007
Mod. Duration (yrs) 1.352 1.155 0.915 0.686 0.451 0.210
103 10.0
Convexity (yrs) 2.225 1.653 1.080 0.646 0.316 0.096
102 9.0 Sensitivity (%) 0.014 0.012 0.009 0.007 0.005 0.002
101 8.0 This series was listed since 17 September 2015 with nominal value of Rp309.00 billion with
100 7.0
99 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI02CCN6
ISIN CODE : IDA0000700C3 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20


28 4
21 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 14.90
7 1
IBPA Fair Yield (%) 8.4183 8.2479 7.6816 7.3324 7.3965 8.8717
Mod. Duration (yrs) 2.924 2.766 2.570 2.382 2.185 1.972
108 11.0
Convexity (yrs) 10.096 9.001 7.767 6.671 5.624 4.604
106 10.0 Sensitivity (%) 0.029 0.028 0.026 0.024 0.022 0.020
104 9.0 The bond series BEXI02CCN6, was first listed on 17 September 2015 and matured on 16
September 2020. From 2017 to the first half of year 2018, total volume traded amounted
102 8.0
100 7.0
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

320 Corporate Bonds
BEXI02BCN7


260 16
195 12 Trading days 2 - 2 1 3 5
Turnover Ratio (%) 3.64 - 4.86 4.86 26.72 77.72
130 8 CTP Price - High 102.050 N/A 102.340 102.160 102.760 102.160
Date 03-Mar N/A 15-Sep 13-Oct 12-Jan 03-May
65 4
CTP Price - Low 101.793 N/A 102.320 102.140 101.940 101.100
- - Date 28-Feb N/A 15-Sep 13-Oct 19-Mar 22-Jun
IBPA Fair Yield (%) 7.8039 7.7595 7.5370 6.7393 7.0103 7.4673
Mod. Duration (yrs) 1.701 1.514 1.284 1.067 0.841 0.611
104 10.0
Convexity (yrs) 3.471 2.768 2.028 1.437 0.932 0.529
103 9.0 Sensitivity (%) 0.017 0.015 0.013 0.011 0.008 0.006
102 8.0 This series was listed since 22 February 2016 with nominal value of Rp1.65 trillion with
101 7.0
100 6.0
99 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI02CCN7 Listing Date Maturity Date


60 8
45 6 Trading days 3 - 3 2 2 2
Turnover Ratio (%) 15.01 - 5.77 13.85 3.46 9.24
30 4 CTP Price - High 103.350 N/A 105.500 105.318 106.665 105.853
Date 08-Mar N/A 19-Jul 21-Nov 29-Jan 20-Apr
15 2
CTP Price - Low 100.400 N/A 104.830 105.108 100.000 105.816
- - Date 06-Feb N/A 15-Sep 13-Nov 22-Feb 19-Apr
IBPA Fair Yield (%) 8.4884 8.3005 8.0336 7.4055 7.5189 8.6987
Mod. Duration (yrs) 3.198 3.049 2.859 2.684 2.495 2.289
108 11.0
Convexity (yrs) 12.212 11.050 9.702 8.535 7.375 6.222
106 10.0 Sensitivity (%) 0.032 0.030 0.029 0.027 0.025 0.023
104 9.0 This series was first listed on 22 February 2016 and will be matured on 19 February 2021.
This series was issued with nominal amount of Rp1.73 trillion with fixed interest rate per
102 8.0
was traded 25 times in 12 trading days. The average trading volume of this series during
100 7.0
the period was Rp34.17 billion per quarter and the average trading frequency was 4 times
per quarter. During the period, this series was traded at its market prices ranging from
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 321
BEXI03BCN1


220 80
165 60 Trading days 4 10 28 29 14 19
Turnover Ratio (%) 48.11 70.94 96.61 51.15 16.07 66.53
110 40 CTP Price - High 100.320 101.150 103.850 103.500 103.800 102.190
55 20
CTP Price - Low 99.950 98.000 100.800 100.250 100.400 99.650
IBPA Fair Yield (%) 8.0262 7.7520 7.3695 7.0035 6.8084 8.0747
Mod. Duration (yrs) 1.974 1.789 1.562 1.345 1.124 0.894
105 10.0
Convexity (yrs) 4.591 3.786 2.919 2.201 1.572 1.033
103 9.0 Sensitivity (%) 0.020 0.018 0.016 0.013 0.011 0.009
99 7.0
97 6.0
(CTP) during the whole period was between 98.0000 and 103.8500. Meanwhile, the range
IBPA fair price at the same year for this series was ranging from 98.4915 to 102.0900. The
95 5.0
outstanding amount of this series by the end of June 2018 was Rp1.06 trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISIN CODE : IDA0000732C6 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21


180 32
135 24 Trading days 8 9 11 8 8 3
Turnover Ratio (%) 36.59 33.92 19.07 7.50 38.72 7.13
90 16 CTP Price - High 102.000 105.700 107.000 105.600 106.900 104.700
Date 06-Mar 15-Jun 29-Sep 27-Nov 06-Mar 03-Apr
45 8
CTP Price - Low 100.000 101.600 101.600 101.260 102.830 101.800
- - Date 10-Feb 30-May 10-Jul 27-Oct 22-Mar 26-Apr
IBPA Fair Yield (%) 8.1994 8.1562 8.0945 7.5428 7.6130 8.7102
Mod. Duration (yrs) 3.470 3.318 3.124 2.950 2.762 2.554
109 10.0
Convexity (yrs) 14.239 12.962 11.479 10.207 8.939 7.659
106 9.0 Sensitivity (%) 0.035 0.033 0.031 0.030 0.028 0.026
103 8.0 The bond series BEXI03CCN1, was first listed on 09 June 2016 with nominal value of
100 7.0
97 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

322 Corporate Bonds
BEXI03BCN2


220 12
165 9 Trading days 3 4 1 3 2 6
Turnover Ratio (%) 14.64 104.60 16.74 33.47 25.10 58.58
110 6 CTP Price - High 99.433 100.750 101.400 101.540 101.790 101.790
Date 13-Feb 24-May 24-Aug 28-Dec 27-Mar 15-May
55 3
CTP Price - Low 99.220 100.000 101.350 101.397 101.750 101.350
IBPA Fair Yield (%) 7.9579 7.5733 7.4458 6.9968 6.9383 8.2756
Mod. Duration (yrs) 2.149 1.968 1.743 1.531 1.312 1.085
102 10.0
Convexity (yrs) 5.425 4.560 3.607 2.813 2.102 1.477
101 9.0 Sensitivity (%) 0.021 0.020 0.017 0.015 0.013 0.011
100 8.0 The bond series BEXI03BCN2, was first listed on 26 August 2016 and matured on 25
99 7.0
98 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18


240 16
180 12 Trading days - 9 4 3 6 4
Turnover Ratio (%) - 75.73 12.69 15.17 57.68 48.55
120 8 CTP Price - High N/A 104.000 103.800 103.500 105.245 103.438
Date N/A 19-Jun 19-Jul 01-Nov 20-Feb 20-Apr
60 4
CTP Price - Low N/A 100.250 100.313 101.540 101.220 97.800
- - Date N/A 07-Apr 02-Aug 13-Oct 21-Feb 23-May
IBPA Fair Yield (%) 8.4999 7.7133 7.7822 7.4984 7.6402 8.7171
Mod. Duration (yrs) 3.618 3.485 3.289 3.113 2.926 2.718
106 11.0
Convexity (yrs) 15.528 14.311 12.739 11.382 10.043 8.681
104 10.0 Sensitivity (%) 0.036 0.035 0.033 0.031 0.029 0.027
100 8.0
98 7.0
96 6.0
between 7.1584% - 9.3886%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 323
BEXI03BCN3


1200 28
900 21 Trading days 12 1 2 2 - -
Turnover Ratio (%) 971.85 277.78 88.89 2.96 - -
600 14 CTP Price - High 100.300 100.190 102.250 101.950 N/A N/A
Date 20-Feb 02-Jun 28-Sep 28-Nov N/A N/A
300 7
CTP Price - Low 99.550 100.000 101.200 101.800 N/A N/A
- - Date 04-Jan 02-Jun 23-Aug 29-Nov N/A N/A
IBPA Fair Yield (%) 7.5959 8.0673 7.5204 7.0998 7.0704 8.4364
Mod. Duration (yrs) 2.348 2.164 1.946 1.738 1.523 1.299
103 10.0
Convexity (yrs) 6.456 5.490 4.465 3.588 2.788 2.064
102 9.0 Sensitivity (%) 0.023 0.022 0.019 0.017 0.015 0.013
101 8.0 This series has an outstanding amount of Rp540.00 billion with fixed coupon per annum at
100 7.0
99 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI03CCN3


Volume Volume (Rp bn) - 23.40 4.30 - 35.00 10.00
32 8
Frequency Frequency (X) - 6 1 - 7 2
24 6 Trading days - 2 1 - 2 2
Turnover Ratio (%) - 33.19 6.10 - 49.65 14.18
16 4 CTP Price - High N/A 101.850 103.700 N/A 104.750 99.650
Date N/A 16-Jun 26-Sep N/A 20-Feb 21-May
8 2
CTP Price - Low N/A 100.500 103.700 N/A 103.000 99.630
- - Date N/A 17-May 26-Sep N/A 24-Jan 18-May
IBPA Fair Yield (%) 8.5164 8.3511 7.8031 7.5327 7.6912 8.4829
Mod. Duration (yrs) 3.787 3.644 3.466 3.293 3.108 2.904
105 10.0
Convexity (yrs) 17.053 15.705 14.166 12.750 11.342 9.912
103 9.0 Sensitivity (%) 0.038 0.036 0.035 0.033 0.031 0.029
101 8.0 This series was listed since 23 November 2016 with nominal value of Rp282.00 billion with
99 7.0
97 6.0
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

324 Corporate Bonds
BEXI03DCN3
ISIN CODE : IDA0000774D6 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23


Volume Volume (Rp bn) - 2.00 12.00 4.00 - -
12 8
Frequency Frequency (X) - 1 6 2 - -
9 6 Trading days - 1 1 2 - -
Turnover Ratio (%) - 0.77 4.62 1.54 - -
6 4 CTP Price - High N/A 100.750 102.230 102.210 N/A N/A
Date N/A 26-May 11-Sep 15-Nov N/A N/A
3 2
CTP Price - Low N/A 100.750 101.100 102.190 N/A N/A
- - Date N/A 26-May 11-Sep 14-Nov N/A N/A
IBPA Fair Yield (%) 8.6456 8.4012 8.2453 7.7787 8.0334 8.9020
Mod. Duration (yrs) 4.982 4.876 4.722 4.594 4.430 4.223
105 11.0
Convexity (yrs) 30.596 29.090 27.173 25.553 23.697 21.583
103 10.0 Sensitivity (%) 0.050 0.049 0.047 0.046 0.044 0.042
101 9.0 The bond series BEXI03DCN3, was first listed on 23 November 2016 with nominal value of
Rp1.04 trillion and fixed interest rate of 8.50 % per annum. This series had traded 9 times
99 8.0
in 4 trading days with total volume booked of Rp18.00 billion during the year 2017 until
Q2-2018. Based on the market price (Centralized Trading Platform), from 2017 to Q2-2018
97 7.0
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI03BCN4


1000 36
750 27 Trading days 3 17 19 6 6 9
Turnover Ratio (%) 11.95 292.76 332.22 30.78 11.35 47.80
500 18 CTP Price - High 100.500 102.100 106.300 103.150 105.500 102.902
250 9
CTP Price - Low 100.000 100.050 100.160 102.500 102.030 100.350
- - Date 27-Feb 18-Apr 19-Jul 09-Nov 15-Mar 04-Jun
IBPA Fair Yield (%) 8.1343 8.3771 7.0270 6.7820 7.1887 8.6718
Mod. Duration (yrs) 2.527 2.351 2.147 1.944 1.732 1.512
107 10.0
Convexity (yrs) 7.503 6.492 5.427 4.468 3.575 2.756
105 9.0 Sensitivity (%) 0.025 0.024 0.021 0.019 0.017 0.015
101 7.0
99 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 325
BEXI03CCN4


140 20
105 15 Trading days 1 5 6 1 2 6
Turnover Ratio (%) 21.39 49.20 80.21 21.39 0.53 1.50
70 10 CTP Price - High 100.900 103.020 106.500 104.490 105.900 105.200
Date 03-Mar 16-Jun 18-Aug 28-Dec 08-Feb 28-May
35 5
CTP Price - Low 100.400 100.000 102.400 104.470 104.000 104.000
- - Date 03-Mar 09-Jun 07-Aug 28-Dec 22-Jan 20-Apr
IBPA Fair Yield (%) 8.2913 8.1080 7.9247 7.6110 7.7412 8.7369
Mod. Duration (yrs) 3.916 3.780 3.601 3.437 3.260 3.055
108 10.0
Convexity (yrs) 18.410 17.055 15.440 14.012 12.573 11.062
106 9.0 Sensitivity (%) 0.039 0.038 0.036 0.034 0.033 0.031
104 8.0 This series was listed since 24 February 2017 with nominal value of Rp748.00 billion with
102 7.0
100 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI03DCN4
ISIN CODE : IDA0000790D2 Feb-17 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24


28 4
21 3 Trading days 1 - 2 - - -
Turnover Ratio (%) 1.99 - 13.51 - - -
Date 15-Mar N/A 26-Sep N/A N/A N/A
7 1
- - Date 15-Mar N/A 19-Sep N/A N/A N/A
IBPA Fair Yield (%) 8.8325 8.4106 8.0151 7.8101 8.0720 8.9362
Mod. Duration (yrs) 5.039 4.952 4.818 4.685 4.525 4.319
111 11.0
Convexity (yrs) 31.734 30.369 28.586 26.880 25.017 22.853
108 10.0 Sensitivity (%) 0.050 0.050 0.048 0.047 0.045 0.043
105 9.0 The bond series BEXI03DCN4, was first listed on 24 February 2017 with nominal value of
102 8.0
99 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

326 Corporate Bonds
BEXI03ECN4 Listing Date Maturity Date
ISIN CODE : IDA0000790E0 Feb-17 Feb-19 Feb-21 Feb-23 Feb-25 Feb-27


120 28
90 21 Trading days 4 - 1 3 6 11
Turnover Ratio (%) 22.05 - 2.53 12.95 15.04 39.87
60 14 CTP Price - High 102.350 N/A 101.280 107.469 114.560 113.979
Date 23-Mar N/A 12-Jul 27-Dec 31-Jan 18-May
30 7
CTP Price - Low 100.000 N/A 101.250 104.070 110.600 106.600
- - Date 15-Mar N/A 12-Jul 30-Oct 21-Mar 06-Jun
IBPA Fair Yield (%) 8.9467 8.7243 8.3913 8.1818 8.4726 9.3348
Mod. Duration (yrs) 6.395 6.343 6.261 6.175 6.030 5.791
117 11.0
Convexity (yrs) 54.262 52.918 51.195 49.464 47.103 43.769
113 10.0 Sensitivity (%) 0.064 0.063 0.063 0.062 0.060 0.058
109 9.0 This series was listed since 24 February 2017 with nominal value of Rp1.27 trillion with
105 8.0
101 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI03ACN5
ISIN CODE : IDA0000837A7 Aug-17 Aug-18 Aug-19 Aug-20


380 20
285 15 Trading days - - 7 10 4 4
Turnover Ratio (%) - - 132.78 64.72 24.34 182.38
Date N/A N/A 21-Aug 24-Nov 22-Mar 16-Apr
95 5
- - Date N/A N/A 21-Aug 22-Dec 07-Feb 24-May
IBPA Fair Yield (%) - - 7.1923 6.7321 7.4698 8.6558
Mod. Duration (yrs) - - 2.545 2.349 2.139 1.922
105 10.0
Convexity (yrs) - - 7.561 6.450 5.368 4.363
103 9.0 Sensitivity (%) - - 0.025 0.023 0.021 0.019
101 8.0 The bond series BEXI03ACN5, was first listed on 16 August 2017 and matured on 15
99 7.0
97 6.0
95 5.0
was Rp1.00 trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 327
BEXI03BCN5 Listing Date Maturity Date


180 8
135 6 Trading days - - 5 1 1 -
Turnover Ratio (%) - - 201.83 18.35 45.87 -
Date N/A N/A 25-Sep 22-Dec 01-Feb N/A
45 2
- - Date N/A N/A 20-Sep 22-Dec 01-Feb N/A
IBPA Fair Yield (%) - - 7.4022 7.6255 7.8273 8.7664
Mod. Duration (yrs) - - 3.993 3.816 3.638 3.431
104 10.0
Convexity (yrs) - - 18.902 17.229 15.625 13.916
102 9.0 Sensitivity (%) - - 0.040 0.038 0.036 0.034
100 8.0 The bond code BEXI03BCN5 issued as much as Rp436.00 billion with interest rate of 7.90%
per annum. This bond is effective from 16 August 2017 to 15 August 2022. During 2017,
98 7.0
96 6.0
94 5.0
at 7.1700 %.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI03CCN5
ISIN CODE : IDA0000837C3 Aug-17 Aug-19 Aug-21 Aug-23


80 28
60 21 Trading days - - 3 14 21 4
Turnover Ratio (%) - - 9.29 21.31 9.92 5.21
Date N/A N/A 16-Aug 22-Dec 20-Feb 31-May
20 7
- - Date N/A N/A 27-Sep 18-Oct 22-Jan 26-Apr
IBPA Fair Yield (%) - - 8.1201 7.8821 8.1424 9.0031
Mod. Duration (yrs) - - 5.166 5.038 4.878 4.666
108 11.0
Convexity (yrs) - - 32.858 31.070 29.060 26.672
105 10.0 Sensitivity (%) - - 0.052 0.050 0.049 0.047
102 9.0 The bond series BEXI03CCN5, was first listed on 16 August 2017 with nominal value of
99 8.0
96 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

328 Corporate Bonds
BEXI03ACN6
ISIN CODE : IDA0000876A5 Feb-18 Feb-21


220 12
165 9 Trading days - - - - 2 9
Turnover Ratio (%) - - - - 65.57 170.49
55 3
IBPA Fair Yield (%) - - - - 7.5153 8.3456
Mod. Duration (yrs) - - - - 2.577 2.361
102 10.0
Convexity (yrs) - - - - 7.682 6.472
100 9.0 Sensitivity (%) - - - - 0.026 0.024
This series was issued with nominal amount of Rp610.00 billion with fixed interest rate per
96 7.0
was traded 15 times in 11 trading days. The average trading volume of this series during
94 6.0
the period was Rp60.00 billion per quarter and the average trading frequency was 3 times
per quarter. During the period, this series was traded at its market prices ranging from
92 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI03BCN6 Listing Date Maturity Date
ISIN CODE : IDA0000876B3 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23


800 12
600 9 Trading days - - - - 7 3
Turnover Ratio (%) - - - - 181.82 67.88
200 3
IBPA Fair Yield (%) - - - - 7.6189 8.8111
Mod. Duration (yrs) - - - - 4.070 3.849
103 10.0
Convexity (yrs) - - - - 19.399 17.398
100 9.0 Sensitivity (%) - - - - 0.041 0.039
94 7.0
series was Rp1.03 trillion and the total trading frequency was 25 times. The market prices
for this series were 100.0000 at the lowest and 100.2000 at the highest. IBPA valued the
91 6.0
fair prices for this series were 90.1821 for the lowest and 100.0000 for the highest. At the
same period, the fair yield for this series was ranging from 6.7000% to 9.3370%.
88 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 329
BEXI03CCN6
ISIN CODE : IDA0000876C1 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23 Feb-24 Feb-25


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - 7.6431 9.0749
Mod. Duration (yrs) - - - - 5.348 5.093
105 11.0
Convexity (yrs) - - - - 34.511 31.522
101 10.0 Sensitivity (%) - - - - 0.054 0.051
97 9.0 This series was listed since 15 February 2018 with nominal value of Rp206.00 billion with
fixed interest rate of 6.90 % per annum. From the beginning of 2017 to the end of June
93 8.0
2018, this series was not traded at all. However, the IBPA fair price was between 87.0821 -
100.0000 and the fair yield for this series was between 6.9000 - 9.5521.
89 7.0
85 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI04ACN1
ISIN CODE : IDA0000909A4 Jun-18 Jun-19 Jun-20 Jun-21


180 8
135 6 Trading days - - - - - 2
Turnover Ratio (%) - - - - - 86.14
45 2
IBPA Fair Yield (%) - - - - - 7.7285
102 10.0
Convexity (yrs) - - - - - 7.829
101 9.0 Sensitivity (%) - - - - - 0.026
100 8.0 The bond series BEXI04ACN1, was first listed on 07 June 2018 with nominal value of
99 7.0
98 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

330 Corporate Bonds
BEXI04BCN1


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - - 8.0482
101 10.0
Convexity (yrs) - - - - - 19.216
100 9.0 Sensitivity (%) - - - - - 0.040
99 8.0 This series was first listed in 07 June 2018 and will be matured in 06 June 2023. There was
98 7.0
97 6.0
highest. This series issued with nominal amount of Rp35.00 billion and have fixed interest
rate per annum at 7.700%.
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BEXI04CCN1
ISIN CODE : IDA0000909C0 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25


60 32
45 24 Trading days - - - - - 6
Turnover Ratio (%) - - - - - 12.98
15 8
IBPA Fair Yield (%) - - - - - 8.7045
103 10.0
Convexity (yrs) - - - - - 32.825
101 9.0 Sensitivity (%) - - - - - 0.052
99 8.0 This series listed on 7 June 2018, and matured on 6 June 2025. This series issued with
nominal amount of Rp1.756 trilion and have fixed interest rate 8.30% p.a. Average trading
97 7.0
volume for this series reached Rp9.5 billion/quarter on 2018. Based on the market price
(Centralized Trading Platform), this series was traded between 101.32000% – 102.1000%
95 6.0
while the IBPA fair price was between 95.5540% – 100.000%. The IBPA fair yield for this
series was between 8.3000% – 9.1724%.
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 331
SMBEXI01ACN1
ISIN CODE : IDJ0000107A6 Jun-18 Oct-18 Feb-19 Jun-19


140 16
105 12 Trading days - - - - - 4
Turnover Ratio (%) - - - - - 491.85
35 4
IBPA Fair Yield (%) - - - - - 6.6105
103 9.0
Convexity (yrs) - - - - - 1.098
102 8.0 Sensitivity (%) - - - - - 0.009
101 7.0 This series has an outstanding amount of Rp135 billion with fixed coupon per annum at
6.15%. From this series listed on June, 7th 2018, to the end of June 2018, the total trading
100 6.0
volume for the series was Rp166 billion and the total trading frequency was 15 times. The
market prices for this series observed through CTP (Centralized Trading Platform) were
99 5.0
99.9900 at the lowest and 100.0500 at the highest. IBPA valued the fair prices for this
series were 99.5642 for the lowest and 100.0000 for the highest. At the same period, the
98 4.0
fair yield for this series was ranging from 6.1488% to 6.6105%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SMBEXI01BCN1
ISIN CODE : IDJ0000107B4 Jun-18 Jun-19 Jun-20 Jun-21


4 4
3 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 2.19
1 1
IBPA Fair Yield (%) - - - - - 7.8391
101 10.0
Convexity (yrs) - - - - - 7.823
100 9.0 Sensitivity (%) - - - - - 0.026
7.50%. From this series listed on June, 7th 2018, to the end of June 2018, there was not
98 7.0
traded at all. IBPA valued the fair prices for this series were 98.0701 for the lowest and
100.0000 for the highest. At the same period, the fair yield for this series was ranging from
97 6.0
7.5000% to 8.2454%.
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

332 Corporate Bonds
BEXI01CCN1 210 534 198 34.4%
BEXI02DCN1 50 6.3%
BEXI02CCN3 4.8%
BEXI02BCN4
BEXI02CCN5 60 6643 108 10.2%
BEXI02BCN6 14.0%
BEXI02CCN6
BEXI02BCN7 3.3%
BEXI02CCN7 65 60 8.7%
BEXI03BCN1 128 188 256 136 66.7%
BEXI03CCN1 206 191 107 42 24.3%
BEXI03BCN2 35 250 40 80 42.4%
BEXI03CCN2 300 5060 25.9%
BEXI03BCN3 1,312 375 120 335.4%
BEXI03CCN3 9.8%
BEXI03DCN3 1.7%
BEXI03BCN4 40 980 1,112 103 166.9%
BEXI03CCN4 92 150 40 43.0%
BEXI03DCN4 3.9%
BEXI03ECN4 70 9.4%
BEXI03ACN5 332 162 49.4%
BEXI03BCN5 220 20 55.0%
BEXI03CCN5 95 7.7%
- 300 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000

Corporate Bonds 333

Lembaga Pembiayaan Ekspor Indonesia (Indonesia No. Company Total Revenue Net Profit Revenue
Eximbank) is a special institution set up by Indonesia (Rp Bill) Margins (%) Growth (%)
government. Shareholder of Indonesia Eximbank was 1. PT Pegadaian (Persero) 10,523 23.9 8.4
100% of Indonesia’s Government. Indonesia 2. PT Adira Dinamika Multi Finance Tbk. 9,137 15.4 8.6
Eximbank provides financing facilities, guarantees and 3. PT Federal International Finance 8,735 22.9 5.0
insurance for exporters through conventional and 4. Lembaga Pembiayaan Ekspor Indonesia 7,327 13.9 13.1
sharia based principle. 5. PT Astra Sedaya Finance 5,570 17.2 4.7
The products and services offered include domestic
financing, working capital export financing, Historical Corporate Ratings
investment export financing, warehouse receipt No. Rating Agency Rating Rating Status Rating Date Outlook
financing, export bill purchasing, letter of credit, trust
receipt, suppliers bill purchasing, plasma farm 1. Pefindo idAAA Affirmed 15-Mar-18 Stable
plantation loan, project financing, export insurance 2. Pefindo idAAA Affirmed 6-Jun-17 Stable
3. Pefindo idAAA Affirmed 11-Jul-16 Stable
products that can provide protection against the risk
of failure of payments from exports. Indonesia
5. Pefindo idAAA Affirmed 1-Feb-16 Stable
Eximbank also provides financing to overseas buyers
in the form of Buyer’s Credit.
SWOT Analysis
In 2017, Indonesia Eximbank received the National
Interest Account from the government under the S trengths W eaknesses
Finance Minister’s Decree to provide export financing
- Strong position in the export - Limitation in accessing interbank
for the passengers train carriages, export financing of
financing segment financial market as it is not a
aircrafts, and foster export to the African countries
- Strong support from Indonesia’s banking institution
government
- Offering integrated services, i.e.
financing, insurance, and guarantee.
Financial Analysis
BEXI recorded total assets of Rp110.48 trillion in 2017,
an increase by 9.74% compared to 2016 figure of
Rp100.67 trillion. This increase was mainly driven by
increasing net financing and receivables amounted to O pportunities T hreats
Rp98.07 trillion, an increase of 13.34% compared to
2016 figure of Rp86.53 trillion. Its portfolio consists of - Having large distribution networks - Geopolitical tension in several
conventional and sharia financing. in the industry regions that may disrupt export
- Growing export insurance demand activities
From the revenue side, total Interest Income and - Strategic partner for banking, - Fluctuation of export commodity
Income from Sharia amounted to Rp7.33 trillion, grew insurance, and other export price in the global market
13.06% from 2016 figure of Rp6.48 trillion. That financing agencies in developing
increase was mainly driven by increasing in interest export oriented products.
income amounted to Rp6.04 trillion, grew 9.68%
compared to 2016 which amounted to Rp5.51 trillion.
In 2017, Interest Expense was amounted to Rp4.95
trillion, increased by 16.99% from Rp4.23 trillion in
2016. An increase in expenses which greater than
revenue results in a decrease in net income. As of Dec
2017, BEXI posted net income for the year of Rp1.02
trillion, decreased by 27.92% from 2016 at Rp1.41
trillion. In 2017, BEXI’s net NPL ratio was 4.78%,
remained below 5% of Financial Services Authority
(OJK) threshold, from financing disbursement.

334 Corporate Bonds
AA-(idn)
BFIN PT BFI Finance Indonesia Tbk. Stable
Sector : Finance BFI Tower - Sunburst CBD Lot .1.2, 5th Fl.
Sub Sector : Financial Institution Jln. Kapt. Soebijanto Djojohadikusumo BSD City
Website : www.bfi.co.id Tangerang Selatan, 15322
Corporate Sec. : Sudjono Phone : (021) 2965-0300, 2965-0500
Email Corporate Sec. : corsec@bfi.co.id Fax : (021) 2966-0757, 2966-0758
BFI Finance Indonesia Tbk. primarily engaged in providing FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
financing services for the purpose of investment, working Dec-2016 Dec-2017 Chg %
BALANCE SHEETS
capital and multipurposes. Established in 1982, the
Company is one of the pioneer finance companies in
Indonesia and has since grown to be one of the major players in the Other Receivables 170,660 236,788 38.75 p
industry, particularly in automotive financing and equipment leasing Consumer Financing Receivables 4,462,184 5,916,685 32.60 p
industry. The largest BFI's shareholder, Trinugraha Capital, acquired a non- Property, Plant and Equipment 414,143 457,376 10.44 p
controlling stake of 45% of the Company’s shares in 2011. It is a fund
Total Assets 12,476,256 16,483,273 32.12 p
management company consists of TPG Capital, Northstar Group and
Garibaldi 'Boy' Thohir. Other shareholders are mainly institutional funds. Fund Borrowings 4,690,939 6,819,052 45.37 p
BFI’s main business is automotive financing, which contributes 85% of its Total Liabilities 8,221,572 11,579,007 40.84 p
total managed receivables (used car: 71%, new car: 6% and motor cycle: Authorized Capital (Mil. Sh) 2,000.0 20,000.0 900.00 p
8%) followed by heavy equipment and machinery financing with 13% Authorized Capital 500,000 500,000 - 
contribution and property financing which donates 2%.
Paid up Capital 399,178 399,178 - 
As of 31 December 2017, BFI has 342 outlets (branches and kiosks)
Paid up Capital (Mil. Sh) 1,596.7 15,967.1 900.00 p
located throughout Indonesia and more than 9,000 employees. BFI
reported total assets of Rp16.5 trillion (USD1.2 billion equivalent), a total Par Value (Rp) 250 25 -90.00 q
net receivables portfolio of Rp15.2 trillion (USD1.1 billion) and total equity Retained Earnings 3,636,645 4,315,366 18.66 p
of Rp4.9 trillion (USD362 million). Total Equity …*) 4,254,684 4,904,266 15.27 p
The Company has received multiple awards in recognition of its excellent Non Controlling Interest - 1 - p
performance in the multifinance industry, among others: Total Equity 4,254,684 4,904,266 15.27 p
1. Awarded the HR Asia Awards Indonesia “Best Companies to Work for in
Asia 2017” by HR Asia.
2. Awarded “Indonesia CSR Award 2017” for Public Multifinance Company INCOME STATEMENTS
Category by Economic Review magazine, 2017. Total Revenues 3,227,109 4,042,317 25.26 p
3. Awarded "Indonesia Most Admire Companies (IMACO) Award 2017" for Expenses 2,202,146 2,554,531 16.00 p
the Multifinance Company Category by Warta Ekonomi.
4. Corpoprate Image Award "The Best In Building and Managing
Corporate Image" for the Heavy Equipment Leasing category by frontier Earning Before Tax 1,024,963 1,487,786 45.16 p
Consulting Group in Collaboration with TEMPO magazine based on EBITDA 1,888,500 2,459,418 30.23 p
Indonesia's Most Admire Companies (IMAC) 2017. Income for the periods 798,365 1,187,510 48.74 p
5. Awarded "Indonesia Digital Innovation Award 2017" for the
Multifinance Category by Warta Ekonomi magazine 2017.
Comprehensive Income 735,321 1,158,370 57.53 p
6. Awarded "Best Multifinace Company for The Large Multifinance Net Income … *) 798,365 1,187,510 48.74 p
Company Category" (asset above Rp10 trilion) in Bisnis Indonesia
Financial Award 2017 (BIFA 2017) by Bisnis Indonesia Daily 2017.
FINANCIAL RATIOS
7. Awarded Marketing Award 2017 for "The Best Innovation In Marketing"
category by MARKETING magazine 2017. DER (X) 1.93 2.36 22.18 p
8. Infobank Multifinance Awards 2017 as The Multifinance Company with ROA (%) 6.40 7.20 12.58 p
Excellent Financial Performance in 2016 and ranked Number One for NPM (%) 24.74 29.38 18.75 p
The Category of "Multifinance Companies with Assets of Rp10 trilion
and above" by Infobank magazine
9. Awarded "Best of The Best Awards 2017" Ranked 29th of the Top 50 *) … attributable to owners of the parent entity
Best Performing Listed Companies in Indonesia from Forbes Indonesia
magazine. SHAREHOLDERS
10.Awarded "Indonesia GCG Award-III-2017" ranked Gold by Economic
1. Public 42.74%
Review magazine.
11.Awarded "Indonesia Multifinance Consumer Choice Award 2017" as the 2. Trinugraha Capital Co. & SCA 42.80%
Multifinance Company with Outstanding Performance for the Category 3. DB Spore DCS a/c NTAsian 8.18%
of Assets above Rp10 trilion by Warta Ekonomi magazine. 4. PT BFI Finance Indonesia Tbk. 6.28%
12.Awarded "The Best Five Multifinance Companies in 2017" for the
category of assets above Rp 5 trilion by APPI.
13.Indonesia's Top 100 Most Valuable Brands 2017 by Brand Finance and AUDIT COMMITTEE
SWA magazine. 1. Emmy Yuhassarie
14.First Prize in "The IICD CG Appreciation" in The Best Overall Category 2. Edy Sugito
and The Top 50 public Companies with Middle Market Capitalization
3. Friso Palilingan
and The Best GCG Practices (Top 50 MidCap PLCs) by the Indonesian
Institute for Corporate Directorship (IICD)
15.TOP CSR 2017 for the Special Category of SDGs Poor & Dropouts
Children Empowerment and TOP Leader in CSR Commitment for Mr.
Francis Lay Sioe Ho (President Director & CEO of BFI Finance) by
BusinessNews Indonesia.

Corporate Bonds 335

1. Kusmayanto Kadiman 5. Emmy Yuhassarie * 1. Francis Lay Sioe Ho 4. Sudjono
2. Alfonso Napitupulu * 6. Johanes Sutrisno * 2. Andrew Adiwijanto 5. Sutadi
3. Cornellius Henry Kho 7. Sunata Tjiterosampurno 3. Sigit Hendra Gunawan
4. Dominic John Picone *) Independent Commissioner
AS OF JUNE 2018
Coupon Coupon

BFIN02CCN3 Berkelanjutan II 10.75% 25-Nov-18 Tabungan AA-(idn)
1. 658,000 26-Feb-16 25-Feb-19 3
IDA0000718C5 BFIN Tahap III 25-Feb-19 Negara Stable
Tahun 2016 Seri C Quarterly - (Persero) Tbk.

BFIN03BCN1 Berkelanjutan III 8.80% 25-Oct-18 Tabungan AA-(idn)
2. 550,000 26-Oct-16 25-Oct-19 3
IDA0000768B2 BFIN Tahap I Tahun 25-Jan-19 Negara Stable

BFIN03CCN1 Berkelanjutan III 9.10% 25-Oct-18 Tabungan AA-(idn)
3. 133,000 26-Oct-16 25-Oct-21 5
IDA0000768C0 BFIN Tahap I Tahun 25-Jan-19 Negara Stable
2016 Seri C Quarterly 25-Apr-19 (Persero) Tbk.

BFIN03BCN2 Berkelanjutan III 9.15% 02-Dec-18 Tabungan AA-(idn)
4. 460,000 03-Mar-17 02-Mar-20 3
IDA0000791B4 BFIN Tahap II Tahun 02-Mar-19 Negara Stable
2017 Seri B Quarterly 02-Jun-19 (Persero) Tbk.

BFIN03ACN3 Berkelanjutan III 6.75% 19-Nov-18 Tabungan AA-(idn)
5. 335,000 10-Nov-17 19-Nov-18 370
IDA0000856A7 BFIN Tahap III - Negara Stable

BFIN03BCN3 Berkelanjutan III 7.25% 09-Nov-18 Tabungan AA-(idn)
6. 100,000 10-Nov-17 09-Nov-19 2
IDA0000856B5 BFIN Tahap III 09-Feb-19 Negara Stable

BFIN03CCN3 Berkelanjutan III 7.75% 09-Nov-18 Tabungan AA-(idn)
7. 400,000 10-Nov-17 09-Nov-20 3
IDA0000856C3 BFIN Tahap III 09-Feb-19 Negara Stable

BFIN03ACN4 Berkelanjutan III BFIN 6.40% 16-Dec-18 Tabungan AA-(idn)
8. 946,000 07-Mar-18 16-Mar-19 370
IDA0000883A1 Tahap IV Tahun 2018 16-Mar-19 Negara Stable
Seri A Quarterly - (Persero) Tbk.

BFIN03BCN4 Berkelanjutan III BFIN 7.25% 06-Dec-18 Tabungan AA-(idn)
9. 253,000 07-Mar-18 06-Mar-20 2
IDA0000883B9 Tahap IV Tahun 2018 06-Mar-19 Negara Stable
Seri B Quarterly 06-Jun-19 (Persero) Tbk.

BFIN03CCN4 Berkelanjutan III BFIN 7.60% 06-Dec-18 Tabungan AA-(idn)
10. 966,000 07-Mar-18 06-Mar-21 3
IDA0000883C7 Tahap IV Tahun 2018 06-Mar-19 Negara Stable
Seri C Quarterly 06-Jun-19 (Persero) Tbk.

BFIN04ACN1 Berkelanjutan IV 6.75% 06-Oct-18 Tabungan AA-(idn)
11. 188,000 27-Jun-18 06-Jul-19 370
IDA0000913A6 BFIN Tahap I Tahun 06-Jan-19 Negara Stable
2018 Seri A Quarterly 06-Apr-19 (Persero) Tbk.

BFIN04BCN1 Berkelanjutan IV 7.75% 26-Dec-18 Tabungan AA-(idn)
12. 552,000 27-Jun-18 26-Jun-21 3
IDA0000913B4 BFIN Tahap I Tahun 26-Mar-19 Negara Stable
2018 Seri B Quarterly 26-Jun-19 (Persero) Tbk.

336 Corporate Bonds
TRADING HIGHLIGHT
BFIN02CCN3
ISIN CODE : IDA0000718C5 Feb-16 Feb-19


800 24
600 18 Trading days - 2 - - 7 3
Turnover Ratio (%) - 486.32 - - 54.47 29.30
Date N/A 24-May N/A N/A 26-Feb 22-May
200 6
- - Date N/A 25-Apr N/A N/A 08-Jan 07-Jun
IBPA Fair Yield (%) 8.6716 8.3693 7.8168 7.3167 7.0917 8.2707
Mod. Duration (yrs) 1.693 1.512 1.288 1.074 0.853 0.624
105 11.0
Convexity (yrs) 3.460 2.775 2.048 1.458 0.956 0.549
104 10.0 Sensitivity (%) 0.017 0.015 0.013 0.011 0.009 0.006
10.75%. In 2017 until Semester I 2018, the trading volume for the series was Rp937.8
102 8.0
billion and the total trading frequency was 41 times. The market prices for this series were
100.0000% at the lowest and 104.0500% at the highest. IBPA valued the fair prices for this
101 7.0
series were 100.6795% for the lowest and 104.2024% for the highest. At the same period,
the fair yield for this series was ranging from 6.6689% to 10.3880%.
100 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BFIN03BCN1 Listing Date Maturity Date


800 28
600 21 Trading days 9 - 1 1 2 2
Turnover Ratio (%) 566.40 - 47.85 43.64 12.09 7.95
400 14 CTP Price - High 100.3700 N/A 100.0400 100.0200 101.4400 100.4300
Date 20-Feb N/A 28-Jul 31-Oct 26-Mar 06-Jun
200 7
CTP Price - Low 100.0000 N/A 100.0200 100.0000 100.9000 100.0000
- - Date 23-Jan N/A 28-Jul 31-Oct 25-Jan 25-Apr
IBPA Fair Yield (%) 8.8591 8.6639 8.0986 7.6688 7.6723 8.9393
Mod. Duration (yrs) 2.239 2.066 1.852 1.648 1.437 1.217
103 11.0
Convexity (yrs) 5.962 5.075 4.104 3.274 2.519 1.841
101 10.0 Sensitivity (%) 0.022 0.021 0.019 0.016 0.014 0.012
99 9.0 This series listed on 26 October 2016, and matured on 25 October 2019. This series issued
with nominal amount of Rp550 billion and have fixed interest rate per annum at 8.80%.
97 8.0
Average trading volume for this series reached Rp155.36 billion/quarter from 2017 to
Semester I 2018. Based on the market price (Centralized Trading Platform), this series was
95 7.0
traded between 100.0000% – 101.4400% while the IBPA fair price was between 95.7395%
– 102.2476%. The IBPA fair yield for this series was between 7.4186% – 10.5695%.
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 337
BFIN03CCN1


4 4
3 3 Trading days - 1 - - - -
Turnover Ratio (%) - 9.02 - - - -
Date N/A 27-Apr N/A N/A N/A N/A
1 1
- - Date N/A 27-Apr N/A N/A N/A N/A
IBPA Fair Yield (%) 9.1164 9.0010 8.4445 8.1601 8.4555 9.4635
Mod. Duration (yrs) 3.642 3.504 3.333 3.166 2.984 2.783
106 12.0
Convexity (yrs) 16.043 14.763 13.308 11.969 10.619 9.245
103 11.0 Sensitivity (%) 0.036 0.035 0.033 0.032 0.030 0.028
9.10%. In 2017 until Semester I 2018, the trading volume for the series was Rp3 billion
97 9.0
and the total trading frequency was 3 times. The market prices for this series were
100.0000%. IBPA valued the fair prices for this series were 93.4688% for the lowest and
94 8.0
103.9236% for the highest. At the same period, the fair yield for this series was ranging
from 7.8834% to 10.8593%.
91 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BFIN03BCN2


180 12
135 9 Trading days 1 1 1 5 1 -
Turnover Ratio (%) 3.48 173.91 34.78 27.83 8.70 -
90 6 CTP Price - High - 100.0000 101.3500 102.1000 100.0175 N/A
Date - 22-Jun 28-Aug 17-Oct 23-Mar N/A
45 3
CTP Price - Low - 100.0000 101.2500 100.0000 100.0000 N/A
- - Date - 22-Jun 28-Aug 19-Dec 23-Mar N/A
IBPA Fair Yield (%) 8.7670 8.7676 8.2335 7.7946 7.8588 9.1644
Mod. Duration (yrs) 2.523 2.354 2.147 1.949 1.743 1.528
106 11.0
Convexity (yrs) 7.512 6.527 5.442 4.502 3.624 2.814
104 10.0 Sensitivity (%) 0.025 0.024 0.021 0.019 0.017 0.015
100 8.0
98 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

338 Corporate Bonds
BFIN03ACN3


1000 12
750 9 Trading days - - - 2 - -
Turnover Ratio (%) - - - 1480.60 - -
Date N/A N/A N/A 20-Nov N/A N/A
250 3
IBPA Fair Yield (%) - - - 7.1069 6.8720 7.5916
Mod. Duration (yrs) - - - 0.849 0.616 0.378
102 9.0
Convexity (yrs) - - - 0.943 0.536 0.236
101 8.0 Sensitivity (%) - - - 0.008 0.006 0.004
100 7.0 This bond listed with nominal value of Rp335 billion and interest rates of 6.75% per
annum. This bond was effective from 10 November 2017 to 19 November 2018. Based on
99 6.0
the market price (Centralized Trading Platform) during 2017 to Semester I 2018, this bond
was traded between 100.0000% and 100.0500%. In the same period, IBPA fair price
98 5.0
recorded at range 99.5991% - 100.2845%. This bond was traded with total volume
amounted to Rp1.24 trillion and transacted 11 times.
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BFIN03BCN3
ISIN CODE : IDA0000856B5 Nov-17 Nov-18 Nov-19


40 12
30 9 Trading days - - - 1 4 -
Turnover Ratio (%) - - - 160.00 180.00 -
20 6 CTP Price - High N/A N/A N/A - 100.1000 N/A
Date N/A N/A N/A - 07-Feb N/A
10 3
CTP Price - Low N/A N/A N/A - 99.6800 N/A
- - Date N/A N/A N/A - 31-Jan N/A
IBPA Fair Yield (%) - - - 7.6851 7.3321 9.0130
Mod. Duration (yrs) - - - 1.707 1.493 1.266
101 10.0
Convexity (yrs) - - - 3.467 2.683 1.968
100 9.0 Sensitivity (%) - - - 0.017 0.015 0.013
99 8.0 This series listed on 10 November 2017, and matured on 9 November 2019. This series
98 7.0
7.25%. Average trading volume for this series reached Rp14.166 billion/quarter from 2017
to Semester I 2018. Based on the market price (Centralized Trading Platform), this series
97 6.0
was traded between 99.600% – 100.1000% while the IBPA fair price was between
97.7303% – 100.5972%. The IBPA fair yield for this series was between 6.9136% – 9.0130%.
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 339
BFIN03CCN3
ISIN CODE : IDA0000856C3 Nov-17 Nov-18 Nov-19 Nov-20


800 20
600 15 Trading days - - - 6 6 -
Turnover Ratio (%) - - - 886.00 702.00 -
Date N/A N/A N/A 18-Dec 01-Mar N/A
200 5
- - Date N/A N/A N/A 22-Dec 28-Feb N/A
IBPA Fair Yield (%) - - - 7.6791 7.5315 9.3328
Mod. Duration (yrs) - - - 2.519 2.321 2.102
103 10.0
Convexity (yrs) - - - 7.430 6.321 5.210
101 9.0 Sensitivity (%) - - - 0.025 0.023 0.021
issued with nominal amount of Rp400 billion and have fixed interest rate per annum at
97 7.0
95 6.0
was traded between 100.0000 – 100.5000 while the IBPA fair price was between 96.0760%
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BFIN03ACN4
ISIN CODE : IDA0000883A1 Mar-18 Jul-18 Nov-18 Mar-19


1400 60
1050 45 Trading days - - - - 7 6
Turnover Ratio (%) - - - - 654.55 35.60
350 15
IBPA Fair Yield (%) - - - - 6.2419 8.3073
Mod. Duration (yrs) - - - - 0.926 0.688
115 9.0
Convexity (yrs) - - - - 1.098 0.647
111 8.0 Sensitivity (%) - - - - 0.009 0.007
6.40%. In 2017 until Semester I 2018, the trading volume for the series was Rp1.632
103 6.0
trillion and the total trading frequency was 69 times. The market prices for this series were
99 5.0
95 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

340 Corporate Bonds
BFIN03BCN4 Listing Date Maturity Date
ISIN CODE : IDA0000883B9 Mar-18 Mar-19 Mar-20


28 4
21 3 Trading days - - - - 1 -
Turnover Ratio (%) - - - - 47.43 -
Date N/A N/A N/A N/A 12-Mar N/A
7 1
IBPA Fair Yield (%) - - - - 7.0167 9.1685
Mod. Duration (yrs) - - - - 1.785 1.558
103 10.0
Convexity (yrs) - - - - 3.757 2.895
101 9.0 Sensitivity (%) - - - - 0.018 0.016
annum. This bond was effective from 7 March November 2018 to 6 March 2020. Based on
97 7.0
95 6.0
amounted to Rp30 billion and transacted 3 times.
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BFIN03CCN4
ISIN CODE : IDA0000883C7 Mar-18 Mar-19 Mar-20 Mar-21


800 12
600 9 Trading days - - - - 5 4
Turnover Ratio (%) - - - - 339.54 241.82
200 3
IBPA Fair Yield (%) - - - - 7.5042 9.3798
Mod. Duration (yrs) - - - - 2.599 2.378
103 11.0
Convexity (yrs) - - - - 7.852 6.600
101 10.0 Sensitivity (%) - - - - 0.026 0.024
annum. This bond was effective from 7 March 2018 to 6 March 2021. Based on the market
97 8.0
price (Centralized Trading Platform) during 2017 to Semester I 2018, this bond was traded
between 100.0000% and 100.0500%. In the same period, IBPA fair price recorded at range
95 7.0
94.9787% - 100.2981%. This bond was traded with total volume amounted to Rp1.404
trillion and transacted 19 times.
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 341
BFIN04ACN1 Listing Date Maturity Date
ISIN CODE : IDA0000913A6 Jun-18 Jul-19


20 4
15 3 Trading days - - - - - 2
Turnover Ratio (%) - - - - - 42.55
5 1
Last Date - - - - - -
103 10.0
Convexity (yrs) - - - - - 1.191
102 9.0 Sensitivity (%) - - - - - 0.010
101 8.0 This series listed on 27 June 2018, and matured on 6 July 2019. This series listed with
nominal amount of Rp188.00 billion and have fixed interest rate per annum at 6.75%. The
100 7.0
market price for this bond observed through the Centralized Trading Platform (CTP) was
at 100.000% during 2017 and Semester I 2018. IBPA fair price booked 99.7925% to
99 6.0
100.0000%. Meanwhile, the yield valued by IBPA was 6.7486% at the lowest, and 6.9608%
at the highest. At the same period, the average volume recorded by Rp3.33
98 5.0
billion/quarter and transacted 2 times until Semester I 2018.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BFIN04BCN1


300 4
225 3 Trading days - - - - - 2
Turnover Ratio (%) - - - - - 264.49
75 1
Last Date - - - - - -
103 11.0
Convexity (yrs) - - - - - 8.119
102 10.0 Sensitivity (%) - - - - - 0.026
series has an outstanding amount of Rp552 billion with fixed coupon at 7.75% per
100 8.0
annum. The IBPA prices for this series, throughout 2017 and Semester I 2018 were
100.0000% at the lowest and 100.0200% at the highest. At the same period, the fair yield
99 7.0
for this series was ranging from 7.7422% to 7.7500%.
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

342 Corporate Bonds
BFIN02CCN3 800 121.6%
BFIN03BCN1 779 66 60 164.5%
BFIN03CCN1 2.3%
BFIN03BCN2 200 40 32 60.0%
BFIN03ACN3 1,240 370.1%
BFIN03BCN3 40 40.0%
BFIN03CCN3 886 221.5%
- 250 500 750 1,000 1,250 1,500

Corporate Bonds 343

PT BFI Finance Indonesia Tbk. (BFIN) has operated No. Company Total Revenue Net Profit Revenue
consumer financing business since 1982. BFIN’s scope (Rp Bill) Margins (%) Growth (%)
of activity is to conduct a financing business by 1. PT BFI Finance Indonesia Tbk. 4,042 29.4 25.3
providing funds or capital goods in the form of 2. PT Oto Multiartha 3,940 6.9 11.4
finance lease, consumer financing, factoring, and 3. PT Sarana Multi Infrastruktur (Persero) 3,155 40.0 35.4
credit card business. 4. PT Toyota Astra Financial Services 3,127 0.6 20.9
5. PT BCA Finance 3,118 46.6 18.1
BFIN focuses its business on consumer financing of Financial Statement as of Fiscal Year 2017
four- and two-wheeled vehicles, targeted at the low
to middle income households. It also offers Finance Historical Corporate Ratings
Lease of heavy equipment and non-heavy equipment. No. Rating Agency Rating Rating Status Rating Date Outlook
Geographically, its business spans across Indonesia,
and is one of the most diversified multi finance 1. Fitch Ratings AA-(idn) Affirmed 22-Nov-17 Stable
companies in the country. 2. Fitch Ratings AA-(idn) Upgraded* 25-Nov-16 Positive**

3. Fitch Ratings A+(idn) Assigned 3-Aug-16 Positive
4. Fitch Ratings A+(idn) Assigned 3-Feb-16 Positive
Now, BFI has grown into one of the biggest finance
5. Fitch Ratings A+(idn) Affirmed 2-Dec-15 Stable
companies with the widest network and product
range, supported by 9,884 employees in 342 outlets
SWOT Analysis
all across Indonesia.
At the end of 2017, BFIN is 42.80% owned by S trengths W eaknesses

Trinugraha Capital, 6.28% by PT BFI Finance Indonesia
- Solid capitalization and - Limited channeling credit from
Tbk., 8.18% by NT Asian Discovery Fund, and 42.74%
manageable asset quality banks
by public.
- Sustained sound financial - Relatively below average asset
performance and balance sheet quality
- Long experience in the multi
finance industry
- Good diversified funding profile
Financial Analysis
BFIN booked an increase in profit for the year of
Rp389.15 billion to Rp1.19 trillion, up by 48.74% from
the previous year’s figure. This was mainly
contributed by the increase in total revenue of O pportunities T hreats
Rp815.21 billion or grew by 25.26% compared to the
previous year. Increase in total revenue was mainly - Growing demand outside Java - Tight competition in the industry
driven by increasing from finance lease income by - Digital strategy implementation - Declining of purchasing power
36.18% from Rp1.68 trillion to Rp2.28 trillion, as well with online financing - Global economic uncertainty
as Consumer Financing Income which grew by - Growing middle-income statement
15.18% from Rp1.44 trillion to Rp1.65 trillion. Finance
lease income became the biggest contributor for
BFIN’s total revenues with portion at 40.92% of total
revenues.
On the other side, BFIN’s total assets in 2017

amounted to Rp16.48 trillion, or grew by 32.13%
compared to 2016. The largest contributor came from
net investments in finance lease receivables which
*The upgrade of BFIN ratings reflects its sustained sound financial performance and balance sheet
grew by 32.50% to Rp9.44 trillion. Furthermore, the
as reflected in the improvement in profitability and capitalisation ratios
Non Performing Financing (NPF) ratio at level 0.95%. **The positive outlook caused by sustainable growth that results in a greater market share while
That result indicated that the assets quality from BFIN maintaining solid asset quality
was very good.

344 Corporate Bonds
BIIF PT Maybank Indonesia Finance AA+(idn)

Stable
Sector : Finance Wisma Eka Jiwa, 10th Floor
Sub Sector : Financial Institution Jln. Mangga Dua Raya
Website : www.maybankfinance.co.id Jakarta 10730
Corporate Sec. : Sufiana Phone : (021) 6230-0088
Email Corporate Sec. : sufi@maybankfinance.co.id Fax : (021) 6230-0099
PT BII Finance Center was established on FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
February 13, 1991, based on notarial deed BALANCE SHEETS Dec-2016 Dec-2017 Chg %
No. 163 in Jakarta, as a company which
having licenses in consumer finance, leasing, factoring and credit
card (multi finance). Maybank Indonesia Finance (formerly PT BII
Finance Center) obtain strong support from sole shareholder, PT Consumer Financing Receivables 5,752,163 6,386,203 11.02 p
Bank Maybank IndonesiaTbk. Property, Plant and Equipment 41,523 37,847 -8.85 q
(Maybank Indonesia) and the ultimate parent, Malayan Banking Total Assets 6,253,753 7,075,984 13.15 p
Berhad (Maybank). Based on notarial deed no . 105 dated November Fund Borrowings - - - 
18, 2015 PT BII Finance Center name changes into PT Maybank Total Liabilities 4,948,196 5,504,744 11.25 p
Indonesia Finance (MIF). Authorized Capital (Mil. Sh) 60.0 60.0 - 
Currently Maybank Finance operates in financing four wheelers Authorized Capital 60,000 60,000 - 
vehicles, heavy equipments and industrial machineries, which was Paid up Capital 32,370 32,370 - 
supported by authorized dealers of various brands and showrooms
Paid up Capital (Mil. Sh) 32.4 32.4 - 
throughout Indonesia.
Par Value (Rp) 1,000 1,000 - 
Maybank Finance had 33 branches and 9 representative offices
spread out in major cities in Indonesia.
Total Equity …*) 1,305,557 1,571,240 20.35 p
MIF has strong asset quality shown by the NPL (overdue more than
90 days) ratio remained low at 0.26% of total net managed
receivables at end-2017 and 0.39% at end-2016. Total Equity 1,305,557 1,571,240 20.35 p
In 2017, total asset was Rp7,076 billion, which was increased by

Rp823 billion (13%) compared to previous year while the total asset INCOME STATEMENTS
was Rp6,253 billion in Dec 2016 increased by Rp1,324 billion (27%) Total Revenues 946,522 1,088,120 14.96 p
compared to Dec 2015. Expenses 611,563 729,438 19.27 p
Income after tax in 2017 was Rp267 billion which was increased by Interest Expenses 356,615 449,534 26.06 p
Rp19 billion (7.42%) compared to previous year and in Dec 2016 was Earning Before Tax 334,959 358,682 7.08 p
Rp248 billion which was increased by Rp0.8 billion (0.35%) compared EBITDA 699,835 815,610 16.54 p
to Dec 2015. MIF’s profitability remained healthy, with ROA at 3.77%
in 2017 (end-2016: 3.97%).
MIF had achieved Awards from Infobank since 2007 until 2016 and
Net Income … *) 248,394 266,830 7.42 p
Golden Trophy for 8 consecutive years as the best performance for
finance company, IFSA award since 2010 until 2013 and 2015,
Majalah Investor Award 2011 until 2015, Indonesia Multifinance FINANCIAL RATIOS
Award (IMA) in 2013 and 2014 and Warta Ekonomi award in 2014 DER (X) 3.79 3.50 -7.56 q
and 2017, The Best Financial Performance 2016, TOP MULTIFINANCE ROA (%) 3.97 3.77 -5.06 q
AWARD 2017, Top Financial Performance with an Asset 5-10T, Warta NPM (%) 26.24 24.52 -6.56 q
Ekonomi AWARD 2017 Multifinance Company With Very Good
Performance Asset Between Rp5-10T, Economic Review 2018 - Top 7
the Best Multifinance Non Tbk and Multifinance Company - Non Tbk *) … attributable to owners of the parent entity
with score : 79,75 GOLD, Economic Review 2018 3rd Rank
Multifinance Company- Non Tbk., TOP MULTIFINANCE 2018 TOP SHAREHOLDERS
Bank in category of Millenial Human Capital Improvement 2018, TOP 1. PT Bank Maybank Indonesia Tbk. 99.99%
MULTIFINANCE 2018 TOP Multifinance 2018, Asset Rp5 – 10 Triliun, 2. Koperasi Karyawan PT Bank Maybank Indonesia Tbk. 0.01%
TOP MULTIFINANCE 2018 TOP CEO MULTIFINANCE 2018.
AUDIT COMMITTEE
1. Deswandhy Agusman
BOARD OF DIRECTORS 2. Hadi Indraprasta
1. Alexander 3. Herwan Ng
2. Arief Soerendro
3. Miki Effendi BOARD OF COMMISSIONERS
1. Deswandhy Agusman *
2. Ghazali Bin Mohd. Rasad
3. Jenny Wiriyanto

Corporate Bonds 345
AS OF JUNE 2018
Coupon Coupon
Obligasi 12-Aug-18
10.35% PT Bank
BIIF01ACN1 Berkelanjutan I BII 12-Nov-18 AA+(idn)
1. 300,000 13-Nov-15 12-Nov-18 3 Mandiri
IDA0000705A6 Finance Tahap I - Stable
(Persero) Tbk.
Obligasi 12-Aug-18
10.90% PT Bank
BIIF01BCN1 Berkelanjutan I BII 12-Nov-18 AA+(idn)
2. 200,000 13-Nov-15 12-Nov-20 5 Mandiri
IDA0000705B4 Finance Tahap I 12-Feb-19 Stable
(Persero) Tbk.
Tahun 2015 Seri B Quarterly 12-May-19
Obligasi
13-Jul-18
Berkelanjutan I 9.10% PT Bank
BIIF01ACN2 13-Oct-18 AA+(idn)
3. Maybank Finance 750,000 14-Apr-16 13-Apr-19 3 Mandiri
IDA0000723A9 13-Jan-19 Stable
Quarterly 13-Apr-19
2016 Seri A
Obligasi
13-Jul-18
BIIF01BCN2 13-Oct-18 AA+(idn)
4. Maybank Finance 350,000 14-Apr-16 13-Apr-21 5 Mandiri
IDA0000723B7 13-Jan-19 Stable
Quarterly 13-Apr-19
2016 Seri B
Obligasi
03-Aug-18
BIIF01ACN3 03-Nov-18 AA+(idn)
5. Maybank Finance 800,000 04-Nov-16 03-Nov-19 3 Mandiri
Tahap III Tahun (Persero) Tbk.
Quarterly 03-May-19
2016 Seri A
Obligasi
03-Aug-18
BIIF01BCN3 03-Nov-18 AA+(idn)
Tahap III Tahun (Persero) Tbk.
Quarterly 03-May-19
2016 Seri B
Obligasi
15-Aug-18
7. Maybank Finance 1,150,000 16-Nov-17 15-Nov-20 3 Mandiri
Tahap IV Tahun (Persero) Tbk.
Quarterly 15-May-19
2017 Seri A
Obligasi
15-Aug-18
Tahap IV Tahun (Persero) Tbk.
Quarterly 15-May-19
2017 Seri B
Obligasi
17-Aug-18
Berkelanjutan II 7.75% PT Bank
9. Maybank Finance 400,000 18-May-18 17-May-21 3 Mandiri
Tahap I Tahun 2018 (Persero) Tbk.
Quarterly 17-May-19
Seri A
Obligasi
17-Aug-18
10. Maybank Finance 100,000 18-May-18 17-May-23 5 Mandiri
Tahap I Tahun 2018 (Persero) Tbk.
Quarterly 17-May-19
Seri B

346 Corporate Bonds
TRADING HIGHLIGHT
BIIF01ACN1
ISIN CODE : IDA0000705A6 Nov-15 Nov-16 Nov-17 Nov-18


60 12
45 9 Trading days - - - 3 7 2
Turnover Ratio (%) - - - 54.67 88.40 50.67
Date N/A N/A N/A 13-Nov 08-Jan 12-Apr
15 3
- - Date N/A N/A N/A 20-Nov 28-Mar 15-May
IBPA Fair Yield (%) 8.3630 7.8506 7.2851 6.8015 6.4119 7.1956
Mod. Duration (yrs) 1.459 1.272 1.040 0.819 0.591 0.357
105 10.0
Convexity (yrs) 2.601 2.001 1.378 0.892 0.503 0.217
104 9.0 Sensitivity (%) 0.015 0.013 0.010 0.008 0.006 0.004
annum. This bond was effective from 13 Novemver 2015 to 12 Novemver 2018. Based on
102 7.0
the market price (Centralized Trading Platform) during 2017 and Semester I 2018, this
bond was traded between 101.0000% and 104.0300%. At the same period, IBPA fair price
101 6.0
recorded at range 101.1934% - 103.5331%. In addition, this bond series was traded with
total volume amounted to Rp41 billion and transacted 25 times from January 2017 to
100 5.0
June 2018.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BIIF01BCN1 Listing Date Maturity Date
ISIN CODE : IDA0000705B4 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20


60 8
45 6 Trading days - - 1 2 2 -
Turnover Ratio (%) - - 148.00 16.00 26.00 -
Date N/A N/A 25-Jul 06-Dec 23-Mar N/A
15 2
- - Date N/A N/A 25-Jul 07-Dec 24-Jan N/A
IBPA Fair Yield (%) 8.8637 8.5974 8.0206 7.8323 7.7047 8.8886
Mod. Duration (yrs) 2.949 2.803 2.618 2.439 2.254 2.050
112 11.0
Convexity (yrs) 10.496 9.436 8.221 7.124 6.084 5.053
109 10.0 Sensitivity (%) 0.029 0.028 0.026 0.024 0.023 0.021
series has an outstanding amount of Rp552 billion with fixed coupon at 7.75% per
103 8.0
annum. The IBPA prices for this series, throughout 2017 and Semester I 2018 were
100 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 347
BIIF01ACN2
ISIN CODE : IDA0000723A9 Apr-16 Apr-17 Apr-18 Apr-19


600 36
450 27 Trading days 4 9 13 6 8 12
Turnover Ratio (%) 120.00 122.67 138.77 200.00 114.67 308.59
300 18 CTP Price - High 101.6738 101.8334 102.6000 102.6053 102.9000 102.7700
Date 08-Feb 19-Jun 29-Sep 19-Dec 05-Feb 17-Apr
150 9
CTP Price - Low 100.0500 100.5400 101.0000 100.2000 102.5000 101.1900
- - Date 03-Jan 20-Jun 23-Aug 19-Dec 16-Mar 02-Apr
IBPA Fair Yield (%) 8.5687 8.0959 7.6827 6.9890 6.5424 7.3485
Mod. Duration (yrs) 1.806 1.625 1.401 1.189 0.970 0.743
104 10.0
Convexity (yrs) 3.929 3.198 2.411 1.770 1.215 0.752
103 9.0 Sensitivity (%) 0.018 0.016 0.014 0.012 0.010 0.007
102 8.0 This series listed on 14 April 2016, and matured on 13 April 2019. This series issued with
101 7.0
100 6.0
traded between 100.500% – 102.9000% while the IBPA fair price was between 100.4267%
99 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BIIF01BCN2
ISIN CODE : IDA0000723B7 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21


Volume Volume (Rp bn) 2.00 - - 12.00 - 12.00
12 4
Frequency Frequency (X) 1 - - 2 - 2
9 3 Trading days 1 - - 2 - 1
Turnover Ratio (%) 2.29 - - 13.71 - 13.71
6 2 CTP Price - High 101.5000 N/A N/A 102.2700 N/A 101.7500
Date 26-Jan N/A N/A 25-Oct N/A 02-Apr
3 1
CTP Price - Low 101.5000 N/A N/A 102.2500 N/A 101.7300
- - Date 26-Jan N/A N/A 24-Oct N/A 02-Apr
IBPA Fair Yield (%) 8.9144 8.6490 8.0773 7.7663 7.8543 8.9506
Mod. Duration (yrs) 3.272 3.129 2.948 2.773 2.588 2.384
107 11.0
Convexity (yrs) 12.918 11.749 10.406 9.187 7.996 6.801
105 10.0 Sensitivity (%) 0.033 0.031 0.029 0.028 0.026 0.024
103 9.0 The series issued which amounted to Rp350 billion with interest rates of 9.35% per
annum. This bond was listed from 14 April 2016 and matured in 13 April 2021. From
101 8.0
January 2017 to June 2018, IBPA fair price recorded at range 99.6897% - 105.2701%, while
the CTP recorded at level 101.5000% - 102.2700%. At the same period, the total volume
99 7.0
recorded by Rp26.00 billion and transacted once per quarter.
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

348 Corporate Bonds
BIIF01ACN3


1400 80
1050 60 Trading days 14 8 5 25 15 11
Turnover Ratio (%) 803.50 92.50 61.00 470.00 229.00 168.00
700 40 CTP Price - High 100.3500 100.9500 101.1708 101.7000 102.4475 102.3000
Date 25-Jan 20-Jun 07-Sep 16-Oct 31-Jan 17-Apr
350 20
CTP Price - Low 97.7500 99.5500 99.0000 100.0350 101.5453 99.9700
IBPA Fair Yield (%) 8.5698 7.9595 7.7978 7.5346 6.9286 8.6873
Mod. Duration (yrs) 2.276 2.104 1.884 1.677 1.467 1.243
105 11.0
Convexity (yrs) 6.121 5.229 4.223 3.372 2.611 1.910
103 10.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.012
99 8.0
97 7.0
amounted to Rp3.648 trillion and transacted 205 times.
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BIIF01BCN3


Volume Volume (Rp bn) - 9.00 - - 28.00 -
24 4
Frequency Frequency (X) - 1 - - 2 -
18 3 Trading days - 1 - - 2 -
Turnover Ratio (%) - 12.00 - - 37.33 -
12 2 CTP Price - High N/A 100.0000 N/A N/A 105.0000 N/A
Date N/A 25-Apr N/A N/A 24-Jan N/A
6 1
CTP Price - Low N/A 100.0000 N/A N/A 100.0000 N/A
- - Date N/A 25-Apr N/A N/A 25-Jan N/A
IBPA Fair Yield (%) 8.9719 8.8236 8.1402 7.8629 8.0241 9.0202
Mod. Duration (yrs) 3.686 3.546 3.376 3.207 3.026 2.822
106 11.0
Convexity (yrs) 16.343 15.045 13.582 12.217 10.856 9.457
104 10.0 Sensitivity (%) 0.037 0.035 0.034 0.032 0.030 0.028
issued with nominal amount of Rp300 billion and have fixed interest rate per annum at
100 8.0
98 7.0
was traded between 100.0000 – 105.0000 while the IBPA fair price was between 97.2573%
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 349
BIIF01ACN4


600 40
450 30 Trading days - - - 4 24 15
Turnover Ratio (%) - - - 145.39 221.68 246.25
Date N/A N/A N/A 16-Nov 27-Feb 17-Apr
150 10
- - Date N/A N/A N/A 29-Nov 05-Jan 31-May
IBPA Fair Yield (%) - - - 7.4592 7.7079 8.8900
Mod. Duration (yrs) - - - 2.540 2.338 2.124
105 10.0
Convexity (yrs) - - - 7.540 6.403 5.305
103 9.0 Sensitivity (%) - - - 0.025 0.023 0.021
listed with nominal amount of Rp1.15 trillion and have fixed interest rate per annum at
99 7.0
7.65%. The market price for this bond observed through the Centralized Trading Platform
(CTP) was between 97.0000% at the lowest and peaked at 103.2000%. However, IBPA fair
97 6.0
price booked 96.7454% to 100.8504%. Meanwhile, the yield valued by IBPA was 7.3168%
at the lowest, and 9.1867% at the highest. Until Semester I 2018, the average volume
95 5.0
recorded by Rp293.88 billion/quarter and transacted 18 times/quarter.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BIIF01BCN4


36 8
27 6 Trading days - - - - 1 1
Turnover Ratio (%) - - - - 80.00 320.00
9 2
IBPA Fair Yield (%) - - - 8.0098 8.2751 8.9875
Mod. Duration (yrs) - - - 3.975 3.799 3.598
103 11.0
Convexity (yrs) - - - 18.773 17.109 15.358
101 10.0 Sensitivity (%) - - - 0.040 0.038 0.036
97 8.0
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

350 Corporate Bonds
BIIF02ACN1 Listing Date Maturity Date
ISIN CODE : IDA0000904A5 May-18 May-19 May-20 May-21


100 8
75 6 Trading days - - - - - 4
Turnover Ratio (%) - - - - - 123.70
25 2
IBPA Fair Yield (%) - - - - - 8.0198
102 11.0
Convexity (yrs) - - - - - 7.505
101 10.0 Sensitivity (%) - - - - - 0.025
100 9.0 This series listed on 18 May 2018, and matured on 17 May 2021. This series listed with
nominal amount of Rp400 billion and have fixed interest rate per annum at 7.75%. The
99 8.0
between 100.8500% at the lowest and peaked at 101.0000%. However, IBPA fair price
98 7.0
booked 98.3045% to 100.4175%. Meanwhile, the yield valued by IBPA was 7.5198% at the
lowest, and 8.4164% at the highest. Until Semester I 2018, the average volume recorded
97 6.0
by Rp20.616 billion/quarter and transacted 2 times/quarter.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BIIF02BCN1
ISIN CODE : IDA0000904B3 May-18 May-19 May-20 May-21 May-22 May-23


4 8
3 6 Trading days - - - - - 7
Turnover Ratio (%) - - - - - 12.20
1 2
IBPA Fair Yield (%) - - - - - 8.2721
105 11.0
Convexity (yrs) - - - - - 18.604
103 10.0 Sensitivity (%) - - - - - 0.040
annum. This bond was effective from 18 May 2018 to 17 May 2023. Based on the market
99 8.0
97 7.0
billion and transacted 8 times.
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 351
BIIF01ACN1 41 13.7%
BIIF01BCN1 74 41.0%
BIIF01ACN2 225 230 260 375 145.4%
BIIF01BCN2 4.0%
BIIF01ACN3 1,607 185 122 940 356.8%
BIIF01BCN3 3.0%
BIIF01ACN4 418 36.3%
BIIF01BCN4
- 300 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000

352 Corporate Bonds

PT Maybank Indonesia Finance previously PT BII No. Company Total Revenue Net Profit Revenue
Finance Center was established on February 13, 1991 (Rp Bill) Margins (%) Growth (%)
under the name PT BII Finance Center. Maybank 1. PT Sinar Mas Multifinance 1,364 14.2 52.4
Finance carries out business in Investment Financing, 2. PT Sarana Multigriya Finansial (Persero) 1,179 33.7 20.3
Capital Financing, Multipurpose Financing, and other. 3. PT Maybank Indonesia Finance 1,088 24.5 15.0
Maybank Finance also carry out Sharia-based
financing business activities. Maybank finance’s main
activities include four-wheel vehicle financing, namely Financial Statement as of Fiscal Year 2017
new car financing. Maybank Finance also financed
heavy equipment and industrial machineries. Historical Corporate Ratings
No. Rating Agency Rating Rating Status Rating Date Outlook

Maybank Finance currently has branches and
representative offices in several provinces across 1. Fitch Ratings AA+(idn) Affirmed 16-Mar-18 Stable
Indonesia, including Aceh, North Sumatra, West 2. Fitch Ratings AA+(idn) Affirmed 29-Mar-17 Stable
3. Fitch Ratings AA+(idn) Affirmed 14-Apr-16 Stable
Sumatra, Riau, South Sumatra, Jambi, Lampung, DKI
4. Fitch Ratings AA+(idn) Affirmed 8-Oct-15 Stable
Jakarta, West Java, Central Java, Yogyakarta, East Java,
5. Fitch Ratings AA+(idn) Affirmed 15-Apr-15 Stable
Bali, Lombok, East Kalimantan, West Kalimantan,
Central Kalimantan, South Sulawes, and North
SWOT Analysis
Sulawesi.
BIIF share is owned by PT Bank Maybank Indonesia S trengths W eaknesses

Tbk. (BII) of 99.99%, and the remaining 0.01% is
- Strong support from PT Bank - Moderate profitability growth
owned by the Bank Internasional Indonesia Employee
Maybank Indonesia
Cooperatives.
- Good position in the industry
- Strategic role to the parent in
supporting the bank's business
expansion
Financial Analysis
BIIF recorded total revenues for Rp1.09 trillion,
increased by 14.96% from Rp946.52 billion in 2016.
The increasing revenue was caused by increasing
consumer financing income to Rp1.02 trillion O pportunities T hreats
(+15.34%) and finance lease income to Rp34.33
billion (+43.16%). Besides, BIIF’s operating expense in - Continuous network expansion - Domestic automotive industry slow
2017 increased 19.27% from Rp611.56 billion in 2016 along with more focused and down
to Rp729.44 billion in 2017. The rising numbers were intensive credit evaluation capability - Tight competition in the industry
caused by increasing financing expenses, employees’ - Cooperates exclusively with - Improving transportation
expenses, and impairment losses expenses. A more strategic partners infrastructure in Greater Jakarta area
significant increase in revenues than its expenses led
to an increase in net profit for the year from Rp248.39
billion in 2016 to Rp266.83 billion in 2017, or grew by
7.42%. In 2017, BIIF’s NPL is improve 13 basis point
compared to previous year, on level 0.26%. This was
caused by improvement of asset’s quality. On the
other side, BIIF’s total assets in 2017 was amounted
to Rp7.08 trillion, increasing 13.15% from Rp6.25
trillion in 2016. The largest contribution to this surge
was the increasing in net consumer financing
receivables which went up 11.02% from Rp5.75
trillion in 2016 to Rp6.39 trillion in 2017.

Corporate Bonds 353
idAA-
BJBR PT BPD Jawa Barat dan Banten Tbk. Stable
Sector : Finance Menara Bank BJB
Sub Sector : Bank Jln. Naripan No. 12 - 14
Website : www.bankbjb.co.id Bandung 40111
Corporate Sec. : Hakim Putratama Phone : (022) 423-4868
Email Corporate Sec. : ir@bankbjb.co.id Fax : (022) 420-6090
PT Bank Pembangunan Daerah Jawa Barat FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
dan Banten Tbk. known as bank bjb, is a BALANCE SHEETS Dec-2016 Dec-2017 Chg %
commercial bank owned by the Provincial
Cash on Hand 2,215,341 2,513,053 13.44 p
G o v e r n m en t W e s t J a v a , P ro vi n c i a l
Government of Banten, all city and regency governments in West
Java and Banten, and the public. The establishment of bank bjb Marketable Securities 9,206,598 8,037,656 -12.70 q
initiated from NV DENIS (De Erste Nederlansche Indische Loans 62,754,600 70,454,374 12.27 p
shareholding), which was based in Bandung, engaged in mortgages Investments 30,681 30,681 - 
and one of the Dutch-owned companies nationalized under Property, Plant and Equipment 2,740,397 2,925,337 6.75 p
Government Regulation (PP) of the Republic of Indonesia (GoI) No.
Total Assets 102,318,457 114,980,168 12.37 p
33 of 1960 about the determination of Dutch Companies in
Deposits 79,153,531 87,281,096 10.27 p
Indonesia.
Fund Borrowings 246,055 2,677,694 988.25 p
Bank Jabar Banten sharia banking unit was spun off and became a Total Liabilities 87,019,826 98,820,526 13.56 p
independent subsidiary called “Bank Jabar Banten Syariah” based on
the business license from Bank Indonesia and in accordance with the
Governor of Bank Indonesia Decree No.12/35/KEP.GBI/2010 dated Authorized Capital 4,000,000 4,000,000 - 
April 30, 2010 regarding business license for PT Bank Jabar Banten Paid up Capital 2,424,073 2,424,073 - 
Syariah. Based on the Letter from the Chairman of Bapepam-LK No. Paid up Capital (Mil. Sh) 9,696 9,696 - 
S-5901 / BL / 2010 On June 29, 2010 Notice Effective Registration Par Value (Rp) 250 250 - 
Statement on Bank Jabar Banten carry out the initial public offering Retained Earnings 4,933,645 5,282,711 7.08 p
shares at an offering price of Rp600,00 (six hundred Rupiah) per
Total Equity …*) 9,631,827 10,064,435 4.49 p
share which are listed in the Indonesia Stock Exchange on July 8,
2010. Based on the results of the General Meeting Extraordinary Non Controlling Interest 42,401 40,540 -4.39 q
Shareholders (EGM) of PT Bank Pembangunan Daerah Jawa Barat Total Equity 9,674,228 10,104,975 4.45 p
and Banten No. 26, April 21, 2010, Bank Indonesia Letter No. 12/78 /
APBU / Bd dated June 30, 2010 regarding Logo Change Plan, and INCOME STATEMENTS
Directors Decree No. 1337 / SK / DIR-PPN / 2010 dated July 5, 2010, Total Interest Income 10,677,875 11,487,572 7.58 p
the call name “Bank Jabar Banten” has been officially changed to
Interest Expenses 4,599,263 5,194,717 12.95 p
“bank bjb” on August 2, 2010.
Bank bjb is a pioneer among regional development banks as the first
to conduct an IPO, on the Indonesian Stock Exchange (IDX) on July 8,
2010. The funds from the Offering were used by bank BJB to Income from Operations 1,520,309 1,700,639 11.86 p
strengthening the Company’s capital to support loan expansion, Non-Operating Revenues -56,401 -68,674 -21.76 q
especially in the SME sector, expansion of networks and information Earning Before Tax 1,463,908 1,631,965 11.48 p
technology development. Future bank bjb plans include to focus Income for the periods 1,153,225 1,211,405 5.04 p
growth in the SME sector with the support of existing consumer
Comprehensive Income 2,741,103 1,295,004 -52.76 q
sectors. bank bjb’s Initial Public Offering obtained relatively large
Net Income … *) 1,154,421 1,212,036 4.99 p
interest from both domestic and foreign investors. In the Initial
Public Offering of 1, 2 and 5 July 2010, the demand for bank bjb
shares was oversubscribed by 11.2 times in the pooling portion. FINANCIAL RATIOS
DER (X) 9.00 9.78 8.72 p
AUDIT COMMITTEE ROA (%) 1.13 1.05 -6.52 q
1. Suwarta NPM (%) 10.80 10.55 -2.36 q
2. Erie Febrian EBITDA Coverage (X) 14.24 14.80 3.98 p
3. Mokhamad Anwar *) … attributable to owners of the parent entity
4. Yayat Sutaryat
SHAREHOLDERS
1. Province of West Java (Class A) 38.26%
2. Public (Class B) 25.00%
3. Municipal & Regional Gov. of West Java (Class A) 23.61%
4. Municipal & Regional Gov. of Banten (Class A) 7.76%
5. Province of Banten (Class A) 5.37%

354 Corporate Bonds

1. Klemi Subiyantoro * 1. Ahmad Irfan
2. Muhadi 2. Agus Gunawan
3. Rudhyanto Mooduto * 3. Agus Mulyana
4. Suwarta * 4. Fermiyanti
5. Yayat Sutaryat * 5. Nia Kania
*) Independent Commissioner 6. Suartini
AS OF JUNE 2018
Coupon Coupon
Obligasi 06-Sep-18
BJBR01ACN1 Berkelanjutan I 7.50% 06-Dec-18 PT Bank Mega idAA-
1. 251,700 07-Dec-17 06-Dec-20 3
IDA0000870A8 Bank BJB Tahap I 06-Mar-19 Tbk. Stable
Obligasi
06-Sep-18
Subordinasi 9.60%
BJBR01ASBCN1 06-Dec-18 PT Bank Mega idA
2. Berkelanjutan I 307,000 07-Dec-17 06-Dec-22 5
Bank BJB Tahap I
Quarterly 06-Jun-19
Tahun 2017 Seri A
Obligasi 06-Sep-18
BJBR01BCN1 Berkelanjutan I 8.15% 06-Dec-18 PT Bank Mega idAA-
3. 468,300 07-Dec-17 06-Dec-22 5
IDA0000870B6 Bank BJB Tahap I 06-Mar-19 Tbk. Stable
Obligasi
06-Sep-18
Subordinasi 9.90%
BJBR01BSBCN1 06-Dec-18 PT Bank Mega idA
4. Berkelanjutan I 693,000 07-Dec-17 06-Dec-24 7
Bank BJB Tahap I
Quarterly 06-Jun-19
Tahun 2017 Seri B
Obligasi 06-Sep-18
BJBR01CCN1 Berkelanjutan I 8.85% 06-Dec-18 PT Bank Mega idAA-
5. 780,000 07-Dec-17 06-Dec-24 7
IDA0000870C4 Bank BJB Tahap I 06-Mar-19 Tbk. Stable
Tahun 2017 Seri C Quarterly 06-Jun-19

Corporate Bonds 355
TRADING HIGHLIGHT
BJBR01ACN1


80 16
60 12 Trading days - - - 5 3 -
Turnover Ratio (%) - - - 146.21 143.03 -
Date N/A N/A N/A 11-Dec 26-Mar N/A
20 4
- - Date N/A N/A N/A 11-Dec 01-Mar N/A
IBPA Fair Yield (%) - - - 7.3260 8.0763 9.3444
Mod. Duration (yrs) - - - 2.603 2.396 2.180
104 10.0
Convexity (yrs) - - - 7.874 6.685 5.559
102 9.0 Sensitivity (%) - - - 0.026 0.024 0.022
98 7.0
96 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BJBR01ASBCN1 Listing Date Maturity Date
ISIN CODE : IDA0000871A6 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22


20 8
15 6 Trading days - - - 1 - 3
Turnover Ratio (%) - - - 3.91 - 29.97
Date N/A N/A N/A 14-Dec N/A 09-Apr
5 2
- - Date N/A N/A N/A 14-Dec N/A 23-May
IBPA Fair Yield (%) - - - 9.4576 9.5015 10.3944
Mod. Duration (yrs) - - - 3.876 3.719 3.523
104 12.0
Convexity (yrs) - - - 18.192 16.679 14.981
102 11.0 Sensitivity (%) - - - 0.039 0.037 0.035
annum. This bond was effective from 7 December 2017 to 6 December 2022. Based on
98 9.0
the market price (Centralized Trading Platform) during 2017 and Semester I 2018, this
bond was traded between 100.0000% and 103.9000%. At the same period, IBPA fair price
96 8.0
total volume amounted to Rp26 billion and transacted 8 times from January 2017 to June
94 7.0
2018.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

356 Corporate Bonds
BJBR01BCN1


124 32
93 24 Trading days - - - 1 8 1
Turnover Ratio (%) - - - 0.85 128.11 8.54
62 16 CTP Price - High N/A N/A N/A - 104.500 100.020
Date N/A N/A N/A - 05-Jan 17-May
31 8
CTP Price - Low N/A N/A N/A - 102.000 100.000
- - Date N/A N/A N/A - 26-Mar 17-May
IBPA Fair Yield (%) - - - 7.9889 8.7336 9.6213
Mod. Duration (yrs) - - - 4.015 3.828 3.624
107 11.0
Convexity (yrs) - - - 19.136 17.374 15.594
104 10.0 Sensitivity (%) - - - 0.040 0.038 0.036
101 9.0 This bond listed with nominal value of Rp468.3 billion and interest rates of 8.15% per
annum. This bond was effective from 7 December 2017 to 6 December 2022. Based on
98 8.0
95 7.0
amounted to Rp160.99 billion and transacted 41 times.
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BJBR01BSBCN1
ISIN CODE : IDA0000871B4 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24


60 12
45 9 Trading days - - - 2 4 12
Turnover Ratio (%) - - - 3.46 10.39 32.44
15 3
IBPA Fair Yield (%) - - - 9.7586 9.8494 10.6921
Mod. Duration (yrs) - - - 4.954 4.822 4.620
104 12.0
Convexity (yrs) - - - 31.004 29.241 26.935
102 11.0 Sensitivity (%) - - - 0.050 0.048 0.046
98 9.0
96 8.0
94.2066% – 102.1165%. The IBPA fair yield for this series was between 9.4765% –
94 7.0
11.1725%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 357
BJBR01CCN1


4 4
3 3 Trading days - - - - 1 -
Turnover Ratio (%) - - - - 0.51 -
Date N/A N/A N/A N/A 17-Jan N/A
1 1
- - Date N/A N/A N/A N/A 17-Jan N/A
IBPA Fair Yield (%) - - - 8.6755 9.0590 9.8898
Mod. Duration (yrs) - - - 5.125 4.967 4.759
105 12.0
Convexity (yrs) - - - 32.568 30.519 28.112
102 11.0 Sensitivity (%) - - - 0.051 0.050 0.048
2024. This series has an outstanding amount of Rp780 billion with fixed coupon at 8.85%
96 9.0
per annum. The IBPA prices for this series, throughout 2017 and the Semester I 2018 were
93 8.0
90 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BJBR01ACN1 92 36.6%
BJBR01ASBCN1 1.0%
BJBR01BCN1 0.2%
BJBR01BSBCN1 6 0.9%
BJBR01CCN1
- 80 160 240 320 400 480 560 640 720 800

358 Corporate Bonds

PT Bank Pembangunan Daerah Jawa Barat dan No. Company Total Revenue Net Profit Revenue
Banten Tbk., known as Bank BJB provides dual (Rp Bill) Margins (%) Growth (%)
banking services which are conventional and sharia 1. PT Bank Maybank Indonesia Tbk. 14,803 12.6 (0.4)
banking services to individuals, small and medium 2. PT BPD Jawa Barat dan Banten Tbk. 11,488 10.5 7.6
sized businesses, and corporations in Indonesia. 3. PT Bank Permata Tbk. 11,198 6.7 (22.2)
4. PT Bank Tabungan Pensiunan Nasional Tbk. 14,046 10.1 2.6
The bank offers various funding products including 5. PT Bank OCBC NISP Tbk. 11,037 19.7 8.2
current accounts, saving accounts, certificates of Financial Statement as of Fiscal Year 2017
deposits, interbank call money accounts, and time
deposits. The bank also provides various loan Historical Corporate Ratings
products ranging from consumer, micro, commercial, No. Rating Agency Rating Rating Status Rating Date Outlook
and mortgages.
1. Pefindo idAA- Affirmed 6-Sep-17 Stable
At the end of 2017, Bank BJB operated 65 branch 2. Pefindo idAA- Affirmed 9-Nov-16 Stable
3. Pefindo idAA- Affirmed 10-Nov-15 Stable
offices, 309 sub branch offices, 340 cash offices, 152
4. Pefindo idAA- Affirmed 6-Nov-14 Negative
payment points, 11 mobile cash units, and 1,386
5. Pefindo idAA- Affirmed 4-Nov-13 Stable
ATMs.
SWOT Analysis
By the end of 2017, the bank’s shareholders consisted
of West Java Provincial Government (38.26%),
Bandung City Government (7.02%), Banten Provincial S trengths W eaknesses
Government (5.37%), and public (5.44%).
- Strong captive market in West Java - Insufficient IT infrastructure
& Banten region. - Decreasing asset quality
- Strong support from provincial
government.
- Very strong capitalization profile
- Wide products and services
diversification
Financial Analysis
Total asset grew 12.37% from Rp102.32 trillion in
2016 to Rp114.98 trillion in 2017. The asset growth
was mainly driven by deposit from customers that
increased 13.03% to Rp69.57 trillion. Increaseing O pportunities T hreats
deposit from customers drove interest and sharia
income up which was by 7.47% from Rp10.63 trillion -The credit segment market share is - Strong competition from
to Rp11.42 trillion. While interest and sharia expenses still wide open in West Java and commercial banks and other
rose 13.01% to Rp5.20 trillion. This made net interest Banten regions regional development banks
income increase slightly by 3.24% to Rp6.22 trillion. - Growing market size of commercial - Industry liquidity pressure
In line with rising interest income, the bank also and micro segments. - Deposit interest rate capping
managed to gain from other operating income that - Selected as a Perception Bank to
eventually lifted its operating income from Rp1.52 accommodate repatriation funds
trillion to Rp1.70 trillion. As a result the bank from Tax Amnesty program
recorded a 5.04% year on year increase in net income
to Rp1.21 trillion. In terms of financial ratios, overall,
Bank DKI showed positive condition as reflected by
higher CAR (up to 18.47% from 18.43%) and
improving asset quality (gross NPL down from 1.69%
to 1.54%).

Corporate Bonds 359
idAA-
BJTG PT Bank Pembangunan Daerah Jawa Tengah Stable
Sector : Finance
Sub Sector : Bank Jln. Pemuda 142
Website : www.bankjateng.co.id Semarang, Jateng 50132
Corporate Sec. : Suldiarta Phone : (024) 354-7541
Email Corporate Sec. : humas@bankjateng.co.id Fax : (024) 355-4025
Bank Pembangunan Daerah Jawa Tengah FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
was established in Semarang under the BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Letter of Approval of the Minister of General
Cash on Hand 1,138,827 1,051,546 -7.66 q
Government and Regional Autonomy No.
DU57/1/35 dated March 13, 1963 and business permit from the
Minister of Central Bank Affair No. 4/ Kep/ MUBS/ 63 dated March Marketable Securities 2,550,533 6,045,562 137.03 p
14, 1963 as Central Java operating basis. Starting on April 6, 1963, Loans 35,877,502 42,072,886 17.27 p
located at Bapindo Building, Jl. Pahlawan No. 3 Semarang as its Head Investments 1,052 1,052 - 
Office, Bank Pembangunan Daerah Jawa Tengah operated for the Property, Plant and Equipment 1,505,478 1,607,086 6.75 p
very first time.
Total Assets 51,245,700 61,466,427 19.94 p
The establishment of Bank Pembangunan Daerah Jawa Tengah was Deposits 41,792,899 49,108,774 17.51 p
aimed at managing the regional monetary and assisting in improving Fund Borrowings 2,066,520 2,473,196 19.68 p
regional economics through loan distributions to small enterprises. Total Liabilities 45,653,518 54,816,028 20.07 p
Bank Pembangunan Daerah Jawa Tengah is a Bank co-owned by the Authorized Capital (Mil. Sh) 5 5 - 
Provincial Government of Central Java and City/ Regency Authorized Capital 5,000,000 5,000,000 - 
Governments in Central Java. Since established Bank Jateng had Paid up Capital 1,868,489 2,960,661 58.45 p
never underwent a name change. Paid up Capital (Mil. Sh) 2 3 58.45 p
Later in 1999, under the Central Java Provincial Regulation No. 6 of Par Value (Rp) 1,000,000 1,000,000 - 
1998 and Deed of Establishment No. 1 dated May 01, 1999 and Retained Earnings 2,543,808 2,406,510 -5.40 q
ratified based on the Decree of the Minister of Justice of the Total Equity …*) 5,592,182 6,650,399 18.92 p
Republic of Indonesia No. C2.8223.HT.01.01 of 1999 dated May 15,
1999, the Bank was then changed into a Limited Liability Company.
Total Equity 5,592,182 6,650,399 18.92 p
On May 7, 1999, PT Bank Pembangunan Daerah Jawa Tengah
participated in Banking Recapitalization Program.
INCOME STATEMENTS
BOARD OF COMMISSIONERS Total Interest Income 5,304,605 5,924,570 11.69 p
1. Kodradi * Interest Expenses 2,231,995 2,579,872 15.59 p
2. FX. Sugiyanto * Other Operating Revenue 247,292 429,851 73.82 p
3. Sri Puryono Karto Soedarmo Other Operating Expenses 1,837,932 2,039,607 10.97 p
*) Independent Commissioner Income from Operations 1,341,154 1,614,145 20.35 p
Non-Operating Revenues 1,720 32,458 1,787.38 p
BOARD OF DIRECTORS Earning Before Tax 1,342,873 1,646,603 22.62 p
1. Supriyatno Income for the periods 980,770 1,191,497 21.49 p
2. Dwi Agus Pramudya Comprehensive Income 2,209,350 1,412,222 -36.08 q
3. Hanawijaya Net Income … *) 980,770 1,191,497 21.49 p
4. Ony Suharsono
5. Pujiono FINANCIAL RATIOS
6. Rahadi Widayanto DER (X) 8.16 8.24 0.96 p
ROA (%) 1.91 1.94 1.29 p
AUDIT COMMITTEE NPM (%) 18.49 20.11 8.77 p
1. Kodradi EBITDA Coverage (X) 25.28 27.24 7.76 p
2. Casytha Arriwi Kathmandu *) … attributable to owners of the parent entity
3. Dwi Ratmono
SHAREHOLDERS
1. Province of Jawa Tengah 53.29%
2. Regencies and cities of Jawa Tengah 46.71%

360 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
18-Sep-18
Obligasi PT Bank
BJTG01SB 12.25% 18-Dec-18 idA
1. Subordinasi I Bank 500,000 21-Dec-15 18-Dec-22 7 Mandiri
Jateng Tahun 2015 (Persero) Tbk.
Quarterly 18-Jun-19
TRADING HIGHLIGHT
BJTG01SB
ISIN CODE : IDA000071203 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22


140 32
105 24 Trading days 1 2 6 6 8 6
Turnover Ratio (%) 1.60 9.60 81.60 84.00 122.40 121.60
70 16 CTP Price - High 107.420 107.920 110.300 113.900 114.950 113.000
Date 23-Mar 11-Apr 03-Jul 17-Nov 30-Jan 30-May
35 8
CTP Price - Low 107.400 107.500 108.000 105.000 109.000 108.790
- - Date 23-Mar 16-Jun 05-Sep 27-Nov 02-Mar 14-May
IBPA Fair Yield (%) 10.3008 10.1583 9.4809 9.0564 8.9939 10.3976
Mod. Duration (yrs) 4.136 4.031 3.903 3.775 3.630 3.427
116 12.0
Convexity (yrs) 21.541 20.301 18.903 17.565 16.161 14.444
113 11.0 Sensitivity (%) 0.041 0.040 0.039 0.038 0.036 0.034
listed with nominal amount of Rp500 billion and have fixed interest rate per annum at
107 9.0
12.25%. The market price for this bond observed through the Centralized Trading
Platform (CTP) was between 105.0000% at the lowest and peaked at 114.9500%. However,
104 8.0
IBPA fair price booked 103.9737% to 114.0768%. Meanwhile, the yield valued by IBPA was
8.6791% at the lowest, and 11.3226% at the highest. Until Semester I 2018, the average
101 7.0
volume recorded by Rp87.66 billion/quarter and transacted 19 times/quarter.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BJTG01SB 212 102 105 44.2%
- 50 100 150 200 250 300 350 400 450 500

Corporate Bonds 361

PT. BPD Jawa Tengah, also known as Bank Jateng is a No. Company Total Revenue Net Profit Revenue
regional development bank and was established in (Rp Bill) Margins (%) Growth (%)
1963. Currently, Bank Jateng has been the second 1. PT Bank UOB Indonesia 7,268 1.1 (1.8)
largest among regional development banks in 2. PT Bank Mayapada Internasional Tbk. 6,984 9.7 15.8
Indonesia with Rp61.47 trillion of total assets. 3. PT Bank Pembangunan Daerah Jawa Tengah 5,925 20.1 11.7
4. PT Bank KEB Hana Indonesia 2,616 28.4 19.4
Bank Jateng line of business covers third party fund, 5. PT BPD Sumatera Barat 2,261 13.3 (1.4)
financing/loans, and Bank Jateng services. In terms of Financial Statement as of Fiscal Year 2017
business segment, Bank Jateng offers conventional
banking, sharia banking, and conventional services. Historical Corporate Ratings
Over the past three years, the bank has been more No. Rating Agency Rating Rating Status Rating Date Outlook
focused on micro, small, and medium enterprises
(MSMEs) segment. 1. Pefindo idAA- Upgraded* 24-Aug-17 Stable
2. Pefindo idA+ Affirmed 9-Sep-16 Stable
3. Pefindo idA+ Affirmed 3-Dec-15 Stable
The major and controlling shareholders as of 31
4. Pefindo idA+ Assigned 9-Feb-15 Stable
December 2016 were Provincial Government of
5. Pefindo idA+ Assigned 24-Dec-13 Stable
Central Java with 56.42% of shares, and the remainig
shares were owned by Regency Governments of
SWOT Analysis
Central Java and the City Government of Central Java.
-Strong market position in Central -Decreasing asset quality
Java region -Insufficient IT infrastructure
-Strong support from provincial
government
-Improving capitalization profile
Financial Analysis
Bank Jateng recorded an increase in net income by
21.49% from Rp981 billion in 2016 to Rp1,192 billion
in 2017. The increase in net income was in line with
the bank’s net interest income that rose by 8.86% O pportunities T hreats
from Rp3,073 billion in 2016 to Rp3,345 billion in
2017. Total third party loans increased by 17.36% to -Growing market size of MSMEs -Challenging and unstable external
Rp42.41 trillion in 2017. As a result, the bank’s total segments macroeconomic
assets rose by 19.94% to Rp61.47 trillion. However, -The increase in government -Stricter challenges and business
the quality of assets increased slightly as shown by infrastructure development competition
slightly higher gross Non Performing Loan (NPL) from -Strong government commitment to -Increasing political risk due to
1.45% in 2016 to 1.64% in 2017. As a consequence, increase financial inclusion regional general election
Bank Jateng posted a decrease in Net Interest Margin
(NIM) to 5.73% from 7.01%. Overall, the bank
recorded an increase in Capital Adequacy Ratio (CAR)
from 20.25% in 2015 to 20.41% in 2017.
*Due to stronger presence in the banking industry

362 Corporate Bonds
A-
BLAM PT Bank Pembangunan Daerah Lampung Stable
Sector : Finance
Sub Sector : Bank Jln. Wolter Monginsidi No. 182
Website : www.banklampung.co.id Bandar Lampung
Corporate Sec. : Ahmad Jahri Phone : (0721) 4820-32, 4861-23, 4868-36, 4871-75
Email Corporate Sec. : corsec@banklampung.co.id Fax : (0721) 4855-30, 4827-03, 4879-73
PT Bank Pembangunan Daerah Lampung is a FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
bank owned by Lampung regional BALANCE SHEETS Dec-2016 Dec-2017 Chg %
government, where at its establishment was
Cash on Hand 194,100 264,159 36.09 p
in form of Regional Government Company
Placements with Other Banks 349,883 599,883 71.45 p
according to Law number 13 in 1962 about
the main provisions of Regional Development Bank, and it was Marketable Securities 246,739 271,074 9.86 p
established based on the Decree of Lampung governor number 10- Loans 3,719,318 4,076,523 9.60 p
A/1964 dated 1 August 1964 by the tittle of Bank Pembangunan Investments 579 579 - 
Daerah Lampung, and it was validated by Minister of Domestic Affair Property, Plant and Equipment 29,942 29,253 -2.30 q
of Republic Indonesia with The Validation Letter Number :
Total Assets 5,367,474 5,979,451 11.40 p
Des.57/7/3/150 dated 26 August 1965, and it received Business
Deposits 3,947,946 4,301,558 8.96 p
Permit from Minister of Central Bank of Republic of Indonesia
Number Kep.66/UBS/1965 dated 13 August 1965. Bank Lampung Fund Borrowings 7,045 607,382 8,521.46 p
started to operate in 31 Januari 1966. Total Liabilities 4,640,266 5,170,097 11.42 p
Authorized Capital (Mil. Sh) 50 50 - 
Lampung Bank has drafted Improvement of Bank Business Plan for
2017-2019 by being oriented to its predetermined targets. The frame Authorized Capital 500,000 500,000 - 
of thingking to use in drafting improvement of Bank Business Plan Paid up Capital 201,661 212,211 5.23 p
2017-2019 is that the Lampung Bank objective to improve Paid up Capital (Mil. Sh) 20 21 5.23 p
performance in accordance to its vision and mission can be achieved Par Value (Rp) 10,000 10,000 - 
with a target to turn back the bank healthy level in the quarter III of Retained Earnings 523,797 586,172 Pastikan
11.91 Link
p Grafik sudah bena
2016 from composite rating 3 (moderate) into composite rating 2
Total Equity …*) 727,208 809,354 11.30 p
(low to modetare).
PT Bank Pembangunan Daerah Lampung is owned by the Lampung Total Equity 727,208 809,354 11.30 p
Province Government, together with the Government of
Municipalities and Regencies Throughout Lampung and also
INCOME STATEMENTS
SAIRASAN Cooperative.
Total Interest Income 745,575 694,839 -6.80 q
Operational Network: Interest Expenses 325,141 306,711 -5.67 q
• 1 Headquarter Other Operating Revenue 60,836 64,205 5.54 p
• 1 Main Branch Office
Other Operating Expenses 272,240 260,644 -4.26 q
• 5 Branch Offices
• 26 Supporting Branch Offices Income from Operations 209,029 191,690 -8.30 q
• 37 Cash Offices Non-Operating Revenues -7,259 -9,068 -24.92 q
• 1 Unit ATM Mobile Earning Before Tax 201,771 182,622 -9.49 q
• 77 Unit ATM Terminals Income for the periods 146,595 129,492 -11.67 q
BOARD OF COMMISSIONERS Net Income … *) 146,595 129,492 -11.67 q
1. -
2. Lukman Hakim * FINANCIAL RATIOS
3. Zaidirina DER (X) 6.38 6.39 0.11 p
*) Independent Commissioner ROA (%) 2.73 2.17 -20.71 q
NPM (%) 19.66 18.64 -5.22 q
BOARD OF DIRECTORS EBITDA Coverage (X) 28.04 27.59 -1.60 q
1. Eria Desomsoni *) … attributable to owners of the parent entity

1. Lukman Hakim 1. Regencies and Cities of Lampung (Class A) 61.89%
2. Einde Evana 2. Province of Lampung (Class A) 36.30%
3. Muhammad Herjuno 3. Koperasi Sai Rasan (Class B) 1.81%

Corporate Bonds 363
AS OF JUNE 2018
Coupon Coupon
07-Jul-18
Obligasi IV Bank PT Bank
BLAM04 9.60% 07-Oct-18 idA-
1. Lampung Tahun 610,000 10-Jul-17 07-Jul-22 5 Mandiri
2017 (Persero) Tbk.
Quarterly 07-Apr-19
TRADING HIGHLIGHT
BLAM04


600 80
450 60 Trading days - - 26 11 5 18
Turnover Ratio (%) - - 396.07 133.11 53.11 227.02
150 20
- - Date N/A N/A 19-Jul 28-Dec 26-Mar 28-May
IBPA Fair Yield (%) - - 9.0860 8.8374 9.6218 10.0548
Mod. Duration (yrs) - - 3.728 3.578 3.396 3.209
106 12.0
Convexity (yrs) - - 17.015 15.596 14.046 12.538
104 11.0 Sensitivity (%) - - 0.037 0.036 0.034 0.032
102 10.0 This series was actively traded from 10 July 2017 and will be matured on 7 July 2022. This
series was traded throughout 2017 until Semester I 2018 and reached at Rp1.234 trillion.
100 9.0
The CTP market price for this series during the period was in between 97.8100% and
105.300%. Meanwhile, IBPA fair price was ranging from 96.3348% to 103.8089%. On the
98 8.0
other side, IBPA yield for this series were 10.7332% at the lowest and 8.5628% at the
highest. By the end of June 2018, the outstanding amount of this series was Rp610 billion.
96 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BLAM04 604 203 132.3%
- 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 850

364 Corporate Bonds

PT BPD Lampung (Bank Lampung) was the regional No. Company Total Revenue Net Profit Revenue
bank of Lampung that established in 1964. The (Rp Bill) Margins (%) Growth (%)
objectives of BPD Lampung establishment to manage 1. PT Bank Pembangunan Daerah Lampung 695 18.6 (6.8)
the regional finance as the treasury of regional cash 2. PT Bank BNI Syariah 3,189 9.6 13.8
fund and help encouraging economy growth in 3. PT Bank Kesejahteraan Ekonomi 452 3.2 19.6
province of Lampung. Bank Lampung was engaged in
commercial banking with most of its service directed
to Lampung’s government and its employees. Financial Statement as of Fiscal Year 2017
Until the end of 2017, Bank Lampung had 71 office Historical Corporate Ratings
networks that contained of 1 headquarter, 1 main No. Rating Agency Rating Rating Status Rating Date Outlook
branch office, 5 branch offices, 27 supporting branch
offices, 37 cashier offices, 1 unit of mobile banking 1. Pefindo A- Affirmed 12-May-17 Stable
car, and 76 ATMs. 2. Pefindo A- Affirmed 11-May-16 Stable

3. Pefindo A- Affirmed 12-May-15 Stable
4. Fitch Ratings A(idn) Affirmed 22-Jan-18 Stable
As of December 31, 2016, BPD Lampung is owned by
Provincial Government of Lampung (38.20%), all
municipal government in Lampung (12.93%), all
SWOT Analysis
district government of Lampung (47.18%), and the
Sairasan Cooperation (1.74%).
- Strong support from provincial - Less diversified funding source
government of Lampung - Underdeveloped non captive
- Strong captive market market
- Limited product and service
differentiation
Financial Analysis
Interest income decreased 7.21% in 2017 to
Rp694.84 billion from Rp748.85 trillion. While interest
expense was down 5.67% from Rp325.14 billion in
2016 to Rp306.71 billion in 2017. Therefore net O pportunities T hreats
interest income was down by 8.40% from Rp423.71
billion to Rp388.13 billion. Funding from customers - Growing market size of commercial - Tight competition in the region
increased 23.90% to Rp4.23 trillion. Funding and micro segments - The slowing trend of bank lending
expansion was followed by increasing net lending by - Growing household consumption growth
9.41% to Rp4.12 trillion. Credit expansion was - Subdued domestic economic
followed by improving asset quality as reflected from growth
lower gross NPL from 1.25% to 0.99%. The bank
operating income decreased 8.30% to Rp191.69
billion. As a result, net income dropped 11.67% from
Rp146.60 billion to Rp129.49 billion.

Corporate Bonds 365
A(idn)
BMLK PT Bank Pembangunan Daerah Maluku dan Maluku Utara
Stable
Sector : Finance
Sub Sector : Bank Jln. Raya Pattimura No. 9
Website : www.bankmaluku.co.id Ambon 97124
Corporate Sec. : Jonito de Fretes Phone : (0911) 3154-98, 3542-14
Email Corporate Sec. : petro.tentua@bankmaluku.co.id Fax : (0911) 3154-97, 3457-19
PT Bank Pembangunan Daerah Maluku dan FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Maluku Utara is owned by the Maluku BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Province and North Maluku Provincial
Cash on Hand 201,594 208,905 3.63 p
Government and also City/regencial Government on whole Maluku
and North Maluku province. Corporate Objectives as set in Statutes
Article 3 is to do business in banking sector. The objective based on Marketable Securities 240,682 443,498 84.27 p
the Ministry of Internal Affair No. 62 of 1999 on 2 September 1999 Loans 3,310,118 3,840,404 16.02 p
which regulates Main Duties and Functions of Regional Investments - - - 
Development Bank is to develop the economy and move Regional Property, Plant and Equipment 52,106 49,736 -4.55 q
Development Bank through its activities as bank. To carry out these
Total Assets 5,644,094 6,369,510 12.85 p
basic tasks, here are some function of Regional Development Banks,
Deposits 4,466,999 4,739,708 6.10 p
they are as:
Fund Borrowings 27,415 21,932 -20.00 q
a. Driving the creation of economic growth and regional
development level in order to improve people’s living standard. Total Liabilities 4,912,931 5,476,355 11.47 p
b. regional Cash Holder and/or local finance manager Authorized Capital (Mil. Sh) 1 1 - 
c. As one local revenue source Authorized Capital 1,000,000 1,000,000 - 
Paid up Capital 289,500 311,450 7.58 p
The company’s goal as set out in the Minister of Finance Decree No.
62 of 1999 on 2 September 1999 has been set forth in the Vision Paid up Capital (Mil. Sh) 0 0 7.58 p
and Mission of Bank Maluku Maluku Utara. Par Value (Rp) 1,000,000 1,000,000 - 
Retained Earnings 420,581 562,752 33.80 p
The strategic steps to be taken by the Bank refers to the
Total Equity …*) 731,163 893,155 22.16 p
strengthening of some important aspects as described in the
Framework of BPD Program, such as: Non Controlling Interest - - - 
a. Strengthening the Foundation, by taking 4 strategies, among Total Equity 731,163 893,155 22.16 p
others: Organization Management, HR and Company Culture
Development, Management of IT, Development and INCOME STATEMENTS
Standardization of SOP, Strengthening Implementation of GCG Total Interest Income 699,145 752,695 7.66 p
and the implementation of risk management and internal controls Interest Expenses 236,311 249,052 5.39 p
to support the operating effectiveness and competitiveness.
b. Business Process Developments: Product development,
Management Service, encourage the growth of SME loans, Other Operating Expenses 279,489 307,472 10.01 p
productive credit with value-chain based in line with industry Income from Operations 218,013 224,153 2.82 p
which focus in the area, encourage growth of DPK with low cost Non-Operating Revenues -17,985 -12,961 27.94 p
based and product diversification of DPK non Regional Earning Before Tax 200,028 211,193 5.58 p
Government, strengthen the position of Corporate Brand in Income for the periods 140,674 142,171 1.06 p
Maluku and North Maluku Province, synergize the position
between PT Bank Maluku Malut, BPR, and LKM with Linkage
Program and APEX BPR, encouraging expansion of branch Net Income … *) 140,674 142,171 1.06 p
network to improve public access to the services of PT Bank
Maluku Malut, reduce risks for banks in securities transactions, FINANCIAL RATIOS
Strengthening Liquidity and Capital, in an effort to strengthen the DER (X) 6.72 6.13 -8.75 q
Bank of resistance in the face of crisis and as capital for the Bank ROA (%) 2.49 2.23 -10.45 q
to carry out the development, especially the core capital reached
NPM (%) 20.12 18.89 -6.13 q
Rp1 Trill. in 2018 that brought the Company into the category
BOOK II. EBITDA Coverage (X) 31.18 29.78 -4.50 q
In the Business Plan, Bank Maluku Malut has set a mediumterm
target that to achieve as Regional Champion in Maluku and North
Maluku. As a Regional Champion Bank Maluku Malut should be able
SHAREHOLDERS
to become a leading bank in the region through competitive 1. Regencies and Cities of Maluku & North Maluku 41.59%
products and services, with an extensive network that is managed 2. Province of Maluku (Class A) 33.12%
professionally in order to spur regional economic growth through 3. Province of Maluku (Class B) 24.08%
efforts to strengthen institutional resilience, the ability of an agent 4. Province of North Maluku (Class A) 1.21%
AUDIT COMMITTEE
1. Nadjib Bachmid
2. Jusuf Anthoni de Fretes
3. Jusuf Latuconsina

366 Corporate Bonds

1. Nadjib Bachmid 1. Arief Burhanudin Waliulu
2. Izaac Alexander Bachmid * 2. Aletha Da Costa
3. Jusuf Latuconsina 3. Izaac Balthazar Thenu
AS OF JUNE 2018
Coupon Coupon
Obligasi II Bank
18-Sep-18
Pembangunan 7.50% PT Bank
BMLK02A 18-Dec-18 A(idn)
1. Daerah Maluku dan 50,000 11-Dec-17 18-Dec-18 370 Mandiri
IDA0000872A4 - Stable
Maluku Utara (Persero) Tbk.
Quarterly -
Tahun 2017 Seri A
Obligasi II Bank
08-Sep-18
BMLK02B 08-Dec-18 A(idn)
IDA0000872B2 08-Mar-19 Stable
Quarterly 08-Jun-19
Tahun 2017 Seri B
Obligasi II Bank
08-Sep-18
BMLK02C 08-Dec-18 A(idn)
IDA0000872C0 08-Mar-19 Stable
Quarterly 08-Jun-19
Tahun 2017 Seri C
TRADING HIGHLIGHT
BMLK02A


60 20
45 15 Trading days - - - 7 3 5
Turnover Ratio (%) - - - 568.00 34.40 256.00
15 5
IBPA Fair Yield (%) - - - 7.5107 7.9623 8.6571
Mod. Duration (yrs) - - - 0.925 0.692 0.455
106 10.0
Convexity (yrs) - - - 1.097 0.654 0.320
104 9.0 Sensitivity (%) - - - 0.009 0.007 0.005
100 7.0
7.50%. The market price for this bond observed through the Centralized Trading Platform
(CTP) was between 99.3900% at the lowest and peaked at 104.2900%. However, IBPA fair
98 6.0
price booked 99.3324% to 100.1229%. Meanwhile, the yield valued by IBPA was 7.3524%
at the lowest, and 8.6571% at the highest. Until Semester I 2018, the average volume
96 5.0
recorded by Rp17.883 billion/quarter and transacted 7 times/quarter.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 367
BMLK02B Listing Date Maturity Date


36 40
27 30 Trading days - - - 2 12 2
Turnover Ratio (%) - - - 109.33 40.00 32.00
18 20 CTP Price - High N/A N/A N/A 101.700 103.750 -
Date N/A N/A N/A 11-Dec 05-Jan -
9 10
CTP Price - Low N/A N/A N/A 100.100 100.105 -
- - Date N/A N/A N/A 21-Dec 03-Jan -
IBPA Fair Yield (%) - - - 8.7692 9.0986 10.3266
Mod. Duration (yrs) - - - 2.554 2.358 2.153
105 12.0
Convexity (yrs) - - - 7.661 6.539 5.469
103 11.0 Sensitivity (%) - - - 0.026 0.024 0.022
99 9.0
97 8.0
95 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BMLK02C


160 80
120 60 Trading days - - - 1 14 9
Turnover Ratio (%) - - - 93.33 45.33 248.00
Date N/A N/A N/A - 15-Jan 05-Jun
40 20
- - Date N/A N/A N/A - 26-Mar 27-Apr
IBPA Fair Yield (%) - - - 9.0756 9.5032 10.3949
Mod. Duration (yrs) - - - 3.916 3.745 3.548
107 12.0
Convexity (yrs) - - - 18.464 16.848 15.133
104 11.0 Sensitivity (%) - - - 0.039 0.037 0.035
98 9.0
95 8.0
94.1720% – 101.7147%. The IBPA fair yield for this series was between 8.8131% –
92 7.0
10.9219%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

368 Corporate Bonds
BMLK02A 71 142.0%
BMLK02B 41 27.3%
BMLK02C 70 23.3%
- 30 60 90 120 150 180 210 240 270 300

Corporate Bonds 369

PT Bank Pembangunan Daerah Maluku dan Maluku No. Company Total Revenue Net Profit Revenue
Utara (Bank Maluku Malut) established for the first (Rp Bill) Margins (%) Growth (%)
time on October 25, 1961, as PT Bank Pembangunan 1. PT Bank Bukopin Tbk. 9,623 1.4 2.5
Daerah Maluku. The bank offers saving accounts, 2. PT Bank Pembangunan Daerah Maluku dan Maluku Utara 753 18.9 7.7
current accounts, and time deposits. The company 3. PT Bank Rakyat Indonesia Agroniaga Tbk. 1,252 11.2 29.7
also provides consumer, working capital, investment, 4. PT Bank Victoria International Tbk. 2,293 5.9 6.1
and syndicated loans. 5. PT Bank Capital Indonesia Tbk. 1,290 6.7 4.2
Until the end of 2017, Bank Maluku Malut had 63
office networks in Maluku, North Maluku, and Jakarta Historical Corporate Ratings
that consisted of 1 head office, 17 main branch No. Rating Agency Rating Rating Status Rating Date Outlook
offices, 25 sub branch offices, 20 cashier offices, 25
unit of mobile banking cars, and 71 ATMs. 1. Fitch Ratings A(idn) Affirmed 22-Jan-18 Stable
3. Fitch Ratings A(idn) Affirmed 1-Feb-16 Stable
As of December 31, 2017, BPD Lampung is owned by
Government of Maluku Province (43.62%),
Government of North Maluku Province (1.59%),
Municipality of Ambon（4.84%), and the remaining
SWOT Analysis
shares were owned by regencies government in
Maluku.
- Strong support from provincial - Less diversified funding source
government of Maluku - Underdeveloped non captive
- Strong captive market market
- Limited product and service
differentiation
Financial Analysis
billion from Rp699.15 billion. While interest expense
was up 5.39% from Rp236.31 billion in 2016 to
Rp249.05 billion in 2017. The bank managed to O pportunities T hreats
increase its net interest income by 8.82% from
Rp462.83 billion to Rp503.64 billion. The positive - Growing market size of commercial - Tight competition in the region
growth of interest income was backed by increasing and micro segments - Tight global monetary policy
deposit from customers by 14.10% to Rp4.41 trillion. - Growing household consumption - Subdued domestic economic
The bank lending expansion was quite faster as growth
shown by 16.02% increase in net loans to Rp3.84
trillion. Lending expansion was followed by improving
asset quality as shown by decreasing gross NPL from
1.95% to 1.58%. Operating income grew very slightly
by 2.82% to Rp224.15 billion. As a result, net income
increased 1.06% from Rp140.67 billion to Rp142.17
billion.

370 Corporate Bonds
idAAA
BMRI PT Bank Mandiri (Persero) Tbk. Stable
Sector : Finance Plaza Mandiri
Sub Sector : Bank Jln. Jend. Gatot Subroto Kav. 36 - 38
Website : www.bankmandiri.co.id Jakarta 12190
Corporate Sec. : Rohan Hafas Phone : (021) 5291-3321
Email Corporate Sec. : CMA@bankmandiri.co.id Fax : (021) 5296-4024
Bank Mandiri was formed on 2 October FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
19 98 , a s part of th e g overnmen t of BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Indonesia’s bank restructuring program. Cash on Hand 22,906,775 24,268,563 5.94 p
Bank Mandiri is the largest bank in Indonesia. Bank Mandiri offers a
comprehensive range of financial solutions to private and state-
owned large and medium corporations, small & micro businesses as Marketable Securities 56,551,643 59,609,972 5.41 p
well as retail consumers. Amidst the various external challenges, Loans 616,706,193 678,292,520 9.99 p
Mandiri Group successfully achieved a number of important Investments 245,136 333,312 35.97 p
milestones in 2017. There were some achievements that should be Property, Plant and Equipment 35,663,290 36,618,753 2.68 p
appreciated in 2017, asset growth by 8.3% amounting to Rp1,124.70 Total Assets 1,038,706,009 1,124,700,847 8.28 p
trillion in 2017. Third party funds, both from demand deposits,
Deposits 711,399,426 757,933,489 6.54 p
savings and time deposits in 2017 increased by 7.0% amounting to
Rp815.80 trillion. Fund Borrowings 35,882,757 35,703,679 -0.50 q
In 2017, Bank Mandiri underwent Transformation Phase III, which Authorized Capital (Mil. Sh) 32,000 64,000 100.00 p
lasts from 2015 to 2020. In this phase, Bank Mandiri
intended to consolidate its vision of becoming "Indonesia's best, Paid up Capital 11,666,667 11,666,667 - 
ASEAN's prominent" bank as proven by the measures it took to deal Paid up Capital (Mil. Sh) 23,333 46,667 100.00 p
with any challenges it encountered in the previous year. Those
Par Value (Rp) 500 250 -50.00 q
measures yielded fruitful results in 2017, as indicated by the
achievement of increased financial performance. Direction for the
realization of the Company's vision becomes increasingly certain Total Equity …*) 150,453,938 166,718,843 10.81 p
with the commencement of the implementation of the so-called Non Controlling Interest 2,915,785 3,287,289 12.74 p
'Corporate Plan Restart' as of September 2016 and the declaration of Total Equity 153,369,723 170,006,132 10.85 p
Bank Mandiri as a candidate to be awarded the Qualified ASEAN
Bank license by Bank Malaysia. Moreover, the profits generated by
INCOME STATEMENTS
Bank Mandiri are also supported by good synergy between Bank
Total Interest Income 76,709,888 79,501,530 3.64 p
Mandiri and 11 (eleven) subsidiaries by way of conglomeration.
The achievement of Bank Mandiri was consistent with the spirit of Other Operating Revenue 19,286,425 22,281,641 15.53 p
bringing prosperity to the whole nation and becoming the pride of
the nation. Bank Mandiri c onsistently makes a contribution to
support infrastructure financing, which constitutes the national Income from Operations 18,612,727 27,169,751 45.97 p
development agenda, to support the Government's attempts to Non-Operating Revenues -39,762 -12,888 67.59 p
improve public wealth, to encourage the economic growth in the Earning Before Tax 18,572,965 27,156,863 46.22 p
real sector through disbursement of its Kredit Usaha Rakyat (KUR), Income for the periods 14,650,163 21,443,042 46.37 p
and to contribute to increased public wealth through its 'Mandiri Comprehensive Income 40,345,048 23,321,035 -42.20 q
Hadir untuk Negeri' program.
Net Income … *) 13,806,565 20,639,683 49.49 p
1. Hartadi Agus Sarwono 1. Kartika Wirjoatmodjo FINANCIAL RATIOS
2. Ardan Adiperdana 2. Agus Dwi Handaya DER (X) 5.38 5.22 -2.84 q
3. Askolani 3. Ahmad Siddik Badruddin ROA (%) 1.41 1.91 35.18 p
4. Bangun Sarwito Kusmulyono * 4. Alexandra Askandar NPM (%) 19.10 26.97 41.23 p
5. Goei Siauw Hong * 5. Darmawan Junaidi EBITDA Coverage (X) 24.26 34.18 40.85 p
6. Imam Apriyanto Putro 6. Donsuwan Simatupang *) … attributable to owners of the parent entity
7. Makmur Keliat * 7. Hery Gunardi
8. R. Widyo Pramono 8. Panji Irawan SHAREHOLDERS
*) Independent Commissioner 9. Rico Usthavia Frans 1. Republic of Indonesia (Class A Dwiwarna Share) 1 share
10. Royke Tumilaar 2. Republic of Indonesia 60.00%
11. Sulaiman Arif Arianto 3. Public 40.00%
AUDIT COMMITTEE
1. B.S. Kusmulyono 4. Goei Siauw Hong
2. Bambang Ratmanto 5. Hartadi Agus Sarwono
3. Budi Sulistio 6. Makmur Keliat

Corporate Bonds 371
AS OF JUNE 2018
Coupon Coupon
Obligasi 03-Jun-18 PT Bank

BMRI01ACN1 Berkelanjutan I 7.95% 03-Sep-18 Tabungan idAAA
1. 1,100,000 03-Oct-16 03-Sep-21 5
IDA0000763A5 Bank Mandiri Tahap 03-Dec-18 Negara Stable
I Tahun 2016 Seri A Quarterly 03-Mar-19 (Persero) Tbk.

BMRI01BCN1 Berkelanjutan I 8.50% 30-Sep-18 Tabungan idAAA
2. 1,500,000 03-Oct-16 30-Sep-23 7
IDA0000763B3 Bank Mandiri Tahap 30-Dec-18 Negara Stable
I Tahun 2016 Seri B Quarterly 30-Mar-19 (Persero) Tbk.

BMRI01CCN1 Berkelanjutan I 8.65% 30-Sep-18 Tabungan idAAA
3. 2,400,000 03-Oct-16 30-Sep-26 10
IDA0000763C1 Bank Mandiri Tahap 30-Dec-18 Negara Stable
I Tahun 2016 Seri C Quarterly 30-Mar-19 (Persero) Tbk.

BMRI01ACN2 Berkelanjutan I 8.00% 15-Dec-18 Tabungan idAAA
4. 1,000,000 16-Jun-17 15-Jun-22 5
IDA0000814A6 Bank Mandiri Tahap 15-Mar-19 Negara Stable
II Tahun 2017 Seri A Quarterly 15-Jun-19 (Persero) Tbk.

BMRI01BCN2 Berkelanjutan I 8.50% 15-Dec-18 Tabungan idAAA
5. 3,000,000 16-Jun-17 15-Jun-24 7
IDA0000814B4 Bank Mandiri Tahap 15-Mar-19 Negara Stable
II Tahun 2017 Seri B Quarterly 15-Jun-19 (Persero) Tbk.

BMRI01CCN2 Berkelanjutan I 8.65% 15-Dec-18 Tabungan idAAA
6. 1,000,000 16-Jun-17 15-Jun-27 10
IDA0000814C2 Bank Mandiri Tahap 15-Mar-19 Negara Stable
II Tahun 2017 Seri C Quarterly 15-Jun-19 (Persero) Tbk.

BMRI01DCN2 Berkelanjutan I 7.80% 15-Dec-18 Tabungan idAAA
7. 1,000,000 16-Jun-17 15-Jun-20 3
IDA0000814D0 Bank Mandiri Tahap 15-Mar-19 Negara Stable
II Tahun 2017 Seri D Quarterly 15-Jun-19 (Persero) Tbk.

372 Corporate Bonds
TRADING HIGHLIGHT
BMRI01ACN1
ISIN CODE : IDA0000763A5 Oct-16 Sep-21


140 12
105 9 Trading days 3 3 7 4 5 4
Turnover Ratio (%) 9.27 62.36 32.00 18.18 21.45 8.36
70 6 CTP Price - High 98.700 100.700 101.400 101.320 102.900 98.850
Date 27-Feb 12-Jun 07-Sep 05-Dec 02-Feb 28-May
35 3
CTP Price - Low 96.980 100.100 100.000 99.980 101.020 98.300
- - Date 17-Mar 12-Jun 27-Jul 07-Nov 05-Jan 28-May
IBPA Fair Yield (%) 8.6069 7.8115 7.4933 7.4040 7.5760 8.8249
Mod. Duration (yrs) 3.733 3.529 3.344 3.166 2.979 2.768
103 10.0
Convexity (yrs) 16.372 14.823 13.279 11.875 10.507 9.095
101 9.0 Sensitivity (%) 0.037 0.035 0.033 0.032 0.030 0.028
99 8.0 This bond listed with nominal value of Rp1.1 trillion and interest rates of 7.95% per
annum. This bond was effective from 3 October 2016 to 3 September 2021. Based on the
97 7.0
market price (Centralized Trading Platform) during 2017 and Semester I 2018, this bond
was traded between 96.9800% and 102.9000%. At the same period, IBPA fair price
95 6.0
total volume amounted to Rp407 billion and transacted 46 times from January 2017 to
93 5.0
June 2018.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BMRI01BCN1 Listing Date Maturity Date
ISIN CODE : IDA0000763B3 Oct-16 Sep-23


8 4
6 3 Trading days 1 1 1 1 1 2
Turnover Ratio (%) 1.07 0.53 1.60 0.53 0.27 1.60
4 2 CTP Price - High 98.850 100.650 100.020 103.250 106.100 101.500
Date 23-Feb 30-May 19-Jul 16-Oct 22-Jan 05-Apr
2 1
CTP Price - Low 98.800 99.900 100.000 103.250 105.000 100.500
- - Date 23-Feb 30-May 19-Jul 16-Oct 22-Jan 04-Apr
IBPA Fair Yield (%) 8.6355 8.3925 7.9717 7.7610 8.0111 8.8833
Mod. Duration (yrs) 4.945 4.735 4.593 4.453 4.289 4.082
107 11.0
Convexity (yrs) 29.801 27.700 25.930 24.243 22.435 20.380
104 10.0 Sensitivity (%) 0.049 0.047 0.046 0.045 0.043 0.041
101 9.0 The series issued which amounted to Rp1.5 trillion with interest rates of 8.50% per
annum. This bond was listed from 3 October 2016 and matured in 30 September 2023.
98 8.0
From January 2017 to June 2018, IBPA fair price recorded at range 94.7163% - 104.6927%,
while the CTP recorded at level 98.8000% - 106.1000%. At the same period, the total
95 7.0
volume recorded by Rp21.00 billion and transacted 2 times/quarter.
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 373
BMRI01CCN1
ISIN CODE : IDA0000763C1 Oct-16 Oct-18 Oct-20 Oct-22 Oct-24


120 16
90 12 Trading days 1 3 4 3 6 7
Turnover Ratio (%) 1.67 4.58 6.33 9.17 8.67 22.83
60 8 CTP Price - High 100.025 100.800 100.650 105.500 111.850 113.000
Date 03-Jan 26-Apr 18-Jul 24-Oct 21-Mar 13-Apr
30 4
CTP Price - Low 100.025 98.700 99.630 100.000 100.000 102.840
- - Date 03-Jan 18-May 03-Jul 23-Oct 16-Jan 24-Apr
IBPA Fair Yield (%) 8.8656 8.6612 8.3190 8.1505 8.4258 9.2070
Mod. Duration (yrs) 6.405 6.206 6.118 6.020 5.874 5.636
115 11.0
Convexity (yrs) 53.040 50.460 48.678 46.845 44.522 41.307
110 10.0 Sensitivity (%) 0.064 0.062 0.061 0.060 0.059 0.056
2024. This series has an outstanding amount of Rp780 billion with fixed coupon at 8.85%
100 8.0
per annum. The IBPA prices for this series, throughout 2017 and the Semester I 2018 were
95 7.0
90 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BMRI01ACN2
ISIN CODE : IDA0000814A6 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22


300 80
225 60 Trading days - 2 19 19 20 10
Turnover Ratio (%) - 11.20 140.00 59.57 39.68 16.69
150 40 CTP Price - High N/A 100.500 105.000 107.000 105.675 107.400
Date N/A 21-Jun 25-Sep 29-Nov 29-Jan 13-Apr
75 20
CTP Price - Low N/A 100.450 99.900 101.800 101.000 100.780
- - Date N/A 21-Jun 15-Aug 16-Nov 05-Mar 18-Apr
IBPA Fair Yield (%) - 7.9786 7.5246 6.8877 7.7978 8.7546
Mod. Duration (yrs) - 4.067 3.894 3.737 3.539 3.332
109 10.0
Convexity (yrs) - 19.546 17.859 16.366 14.680 13.026
106 9.0 Sensitivity (%) - 0.041 0.039 0.037 0.035 0.033
series has an outstanding amount of Rp1 trillion with fixed coupon at 8.00% per annum.
100 7.0
The IBPA prices for this series, throughout 2017 and the Semester I 2018 were 92.9096%
at the lowest and 102.4939% at the highest. At the same period, the fair yield for this
97 6.0
series was ranging from 8.3686% to 10.3721%.
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

374 Corporate Bonds
BMRI01BCN2
ISIN CODE : IDA0000814B4 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24


300 100
225 75 Trading days - 1 1 27 9 3
Turnover Ratio (%) - 0.80 1.33 49.15 1.49 0.07
150 50 CTP Price - High N/A - 101.500 107.500 111.600 104.950
Date N/A - 25-Aug 28-Nov 21-Feb 09-May
75 25
CTP Price - Low N/A - 100.800 101.900 103.010 102.250
- - Date N/A - 25-Aug 13-Oct 10-Jan 02-May
IBPA Fair Yield (%) - 8.4572 8.0124 7.1730 8.1180 8.9794
Mod. Duration (yrs) - 5.216 5.086 4.987 4.791 4.581
111 10.0
Convexity (yrs) - 33.461 31.626 30.130 27.837 25.520
108 9.0 Sensitivity (%) - 0.052 0.051 0.050 0.048 0.046
nominal amount of Rp3 trillion and have fixed interest rate per annum at 8.50%. Average
102 7.0
trading volume for this series reached Rp264.66 billion/quarter from 2017 to Semester I
2018. Based on the market price (Centralized Trading Platform), this series was traded
99 6.0
between 100.8000 – 111.6000 while the IBPA fair price was between 95.5784% –
108.0554%. The IBPA fair yield for this series was between 6.920% – 9.4784%.
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BMRI01CCN2


400 80
300 60 Trading days - - - 3 12 18
Turnover Ratio (%) - - - 192.40 31.56 36.76
Date N/A N/A N/A 17-Oct 06-Mar 18-Apr
100 20
- - Date N/A N/A N/A 13-Oct 23-Feb 25-Apr
IBPA Fair Yield (%) - 8.6136 8.4301 8.2439 8.5070 9.3668
Mod. Duration (yrs) - 6.631 6.531 6.444 6.300 6.055
116 11.0
Convexity (yrs) - 57.301 55.286 53.462 51.020 47.478
111 10.0 Sensitivity (%) - 0.066 0.065 0.064 0.063 0.061
106 9.0 This series listed on 16 June 2017, and matured on 15 June 2027. This series listed with
nominal amount of Rp1 trillion and have fixed interest rate per annum at 8.65%. The
101 8.0
between 98.2500% at the lowest and peaked at 103.2500%. However, IBPA fair price
96 7.0
booked 93.3444% to 105.1086%. Meanwhile, the yield valued by IBPA was 7.8732% at the
lowest, and 9.7725% at the highest. Until Semester I 2018, the average volume recorded
91 6.0
by Rp108.63 billion/quarter and transacted 23 times/quarter.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 375
BMRI01DCN2
ISIN CODE : IDA0000814D0 Jun-17 Jun-18 Jun-19 Jun-20


240 8
180 6 Trading days - - 2 3 - -
Turnover Ratio (%) - - 35.20 115.20 - -
Date N/A N/A 18-Aug 16-Oct N/A N/A
60 2
- - Date N/A N/A 16-Aug 24-Oct N/A N/A
IBPA Fair Yield (%) - 7.8613 7.6425 7.2721 7.3105 8.6286
Mod. Duration (yrs) - 12.728 12.473 12.239 11.992 11.704
87 10.0
Convexity (yrs) - 165.113 158.631 152.789 146.751 139.836
85 9.0 Sensitivity (%) - 0.127 0.125 0.122 0.120 0.117
83 8.0 This bond listed with nominal value of Rp1 trillion with zero coupn interest. This bond was
effective from 16 June 2017 to 15 Junw 2020. Based on the market price (Centralized
81 7.0
Trading Platform) during 2017 to Semester I 2018, this bond was traded between
100.0000% and 100.0500%. In the same period, IBPA fair price recorded at range
79 6.0
81.0000% - 83.1000%. This bond was traded with total volume amounted to Rp376 billion
and transacted 8 times.
77 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BMRI01ACN1 26 172 88 50 30.5%
BMRI01BCN1 0.9%
BMRI01CCN1 28 55 5.4%
BMRI01ACN2 350 149 52.7%
BMRI01BCN2 369 12.8%
BMRI01CCN2 481 48.1%
BMRI01DCN2 88 288 37.6%
- 300 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000

376 Corporate Bonds

PT Bank Mandiri (Persero) Tbk. is one of the leading No. Company Total Revenue Net Profit Revenue
banking and financial service providers with the (Rp Bill) Margins (%) Growth (%)
second largest total assets in Indonesia. BMRI is still 1. PT Bank Rakyat Indonesia (Persero) Tbk. 102,899 28.2 9.5
believed as one of the largest SOEs commercial bank 2. PT Bank Mandiri (Persero) Tbk. 79,502 27.0 3.6
in Indonesia, in terms of total assets, loans, and 3. PT Bank Negara Indonesia (Persero) Tbk. 48,178 28.6 10.1
deposit. By the end of 2017, BMRI had Rp1,124.70 4. PT Bank CIMB Niaga Tbk. 20,403 14.6 (4.3)
trillion of total assets and employed 38,307 people 5. PT Bank Tabungan Negara (Persero) Tbk. 19,272 15.7 12.4
across Indonesia. The core business of BMRI has been Financial Statement as of Fiscal Year 2017
lending, funding, and other banking services in a
wide array of segments which include corporations, Historical Corporate Ratings
commercials and businesses, micro, retail, consumer, No. Rating Agency Rating Rating Status Rating Date Outlook
treasury, financial institution, special asset
management, & institutional banking. 1. Pefindo idAAA Affirmed 4-May-18 Stable
2. Pefindo idAAA Affirmed 8-May-17 Stable
3. Pefindo idAAA Affirmed 5-Oct-15 Stable
BMRI has also been supported by its subsidiaries in
4. Fitch Ratings AAA(idn) Affirmed 8-Aug-17 Stable
various segments which are sharia segment (Bank
Syariah Mandiri), micro banking (Bank Sinar Harapan
Bali), capital market (Mandiri Sekuritas and Mandiri
SWOT Analysis
Manajemen Investasi), financing (Mandiri Tunas
Finance), life insurance (AXA Mandiri Financial
Services), and general insurance (Mandiri AXA S trengths W eaknesses
General Insurance), and other segments.
-Superior business position and -Higher cost of fund
brand -Decreasing profitability
-Supported by solid group business -Moderate asset quality
-Strong and proven support from its
controlling shareholder (Government
of Indonesia)
-Very strong capitalization and
liquidity profile
Financial Analysis
Interest & sharia income grew 3.64% in 2017 to
Rp79.50 trillion from Rp76.71 trillion. While interest
expense was up 9.20% from Rp24.88 trillion in 2016
to Rp27.17 trillion in 2017. The bank managed to O pportunities T hreats
increase net interest income slightly by 0.97% from
Rp51.83 trillion to Rp52.33 trillion. The positive Growing market size of commercial -Increasing interest rate
growth of interest income was backed by increasing and SME segments -Uncertainty of global economic
third party deposits by 6.77% to Rp749.58 trillion. The -Potential to develop branch condition
bank lending expansion was quite faster as shown by network infrastructure, e-Channel -Volatility of commodity prices that
28.19% increase in net loans & sharia receivables to services stabilization, innovative affect corporate and commercial
Rp14.78 trillion. Lending expansion was followed by product and digital banking based loan segments
improving asset quality as shown by decreasing gross services
NPL from 3.96% to 3.45%. The bank also expanded
fee based income which rose 9.12% to Rp12.48
trillion. This made operating income grow quite
significantly by 45.97% to Rp27.17 trillion. As a result,
net income increased 46.37% from Rp14.65 trillion to
Rp21.44 trillion.

Corporate Bonds 377
idAA
BMTP PT Bank Mandiri Taspen Stable
Sector : Finance Jln. Melati No. 65
Sub Sector : Bank Denpasar
Website : www.bankmantap.co.id Bali 80233
Corporate Sec. : Bambang T. Pramusinto Phone : (0361) 227-076
Email Corporate Sec. : corporate.secretary@bankmantap.co.id Fax : (0361) 227-076
Brief History of the Company FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
The short-and medium-term development BALANCE SHEETS Dec-2016 Dec-2017 Chg %
directionand policy of Bank Mandiri Taspen is Cash on Hand 41,024 53,256 29.82 
to become the best and reliable partner in
empowering and prospering the people of Indonesia in creating
Marketable Securities 471,549 713,384 51.29 
business opportunities and welfare through the best products and
services. It is outlined in the strategic partnership between Bank Loans 4,907,919 10,444,408 112.81 
Mandiri as the majority shareholder and PT Taspen (Persero) in Bank Investments - - - 
Mandiri Taspen, focusing on the of loans for pensioners and MSMEs. Property, Plant and Equipment 132,923 227,527 71.17 
One of the strategic initiatives in realizing the vision and mission is by Total Assets 7,391,270 13,687,703 85.19 
expanding the national coverage of Bank Mandiri Taspen business.
Deposits 5,805,002 9,929,025 71.04 
In line with the established Corporate Plan, the Bank has a major Fund Borrowings - - - 
strategic initiative to realize its goal in 2021 to become “The Best Total Liabilities 6,242,008 12,180,065 95.13 
Pension Business Bank in Indonesia.” The established strategies Authorized Capital (Mil. Sh) 1,000 1,249 24.90 
include focusing on products and services as needed, being simple
Authorized Capital 500,000 624,500 24.90 
but competitive, and understanding customers’ demands in line with
their segments while providing optimal returns, services that provide Paid up Capital 500,000 624,500 24.90 
convenience and speed for customers, widespread network location Paid up Capital (Mil. Sh) 1,000 1,249 24.90 
and getting closer to the customers’ location so as to provide ease of Par Value (Rp) 500 500 - 
access for customers. Efforts made to achieve the direction Retained Earnings 177,884 335,398 88.55 
andbusiness development of Bank Mandiri Taspen are to strengthen Total Equity …*) 1,149,262 1,507,637 31.18 
system and infrastructure, build culture based on performance,
develop business, and strengthen the Capital.
Total Equity 1,149,262 1,507,637 31.18 
The strategic steps that will be taken are to expand the national office
network and mobile cash service with cars to reach service to bases of
INCOME STATEMENTS
pensioners in Indonesia. Besides, the Bank has also developed and
Total Interest Income 560,933 1,297,205 131.26 
accelerated new business productivity in the pensioner segment that
will become the main engine of growth of Bank Mandiri Taspen in the Interest Expenses 268,400 696,886 159.64 
future, supported by expertise owned by each strategic partner. Other Operating Revenue 44,361 156,455 252.68 
Other Operating Expenses 257,504 490,499 90.48 
Description of Name Changes
Until now, Bank Mantap has carried out the name change twice: Income from Operations 72,207 219,952 204.61 
Non-Operating Revenues -718 -1,146 -59.63 
First, the change of Bank name from PT Bank Sinar Harapan Bali to PT Earning Before Tax 71,489 218,806 206.07 
Bank Mandiri Taspen Pos based on amendment of Articles of
Income for the periods 50,670 160,047 215.86 
Association according to Deed No. 5 dated January 7, 2015 effective
on August 7, 2015. Comprehensive Income 50,145 160,909 220.89 
Net Income … *) 50,670 160,047 215.86 
Second, the change of Bank name from PT Bank Mandiri Taspen Pos
to PT Bank Mandiri Taspen pursuant to Deed No. 4 dated November
6, 2017 which is effective on December 23, 2017. FINANCIAL RATIOS
DER (X) 5.43 8.08 48.75 
BOARD OF COMMISSIONERS ROA (%) 0.69 1.17 70.56 
1. Abdul Rachman NPM (%) 9.03 12.34 36.58 
2. Agus Haryanto EBITDA Coverage (X) 12.87 16.96 31.72 
3. Edhi Chrystanto * *) … attributable to owners of the parent entity
4. Sukoriyanto Saputro *
5. Zudan Arif Fakrulloh * SHAREHOLDERS
*) Independent Commissioner 1. PT Bank Mandiri (Persero) Tbk. 59.44%
2. PT Taspen (Persero) 40.00%
BOARD OF DIRECTORS 3. Ida Bagus Made Putra Jandhana 0.56%
1. Josephus K. Triprakoso
2. Fajar Ari Setiawan AUDIT COMMITTEE
3. Iwan Soeroto 1. Sukoriyanto Saputro
4. Nurkholis Wahyudi 2. I Made Wiratmika
5. Paulus Endra Suyatna 3. Edhi Chrystanto

378 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
11-Jul-18 PT Bank
Obligasi I Bank
BMTP01A 8.50% 11-Oct-18 Tabungan AA(idn)
1. Mandiri Taspen Pos 1,500,000 12-Jul-17 11-Jul-20 36
IDA0000824A5 11-Jan-19 Negara Stable
Tahun 2017 Seri A
11-Jul-18 PT Bank
Obligasi I Bank
BMTP01B 8.75% 11-Oct-18 Tabungan AA(idn)
2. Mandiri Taspen Pos 500,000 12-Jul-17 11-Jul-22 60
IDA0000824B3 11-Jan-19 Negara Stable
Tahun 2017 Seri B
TRADING HIGHLIGHT
BMTP01A


1000 36
750 27 Trading days - - 11 13 3 4
Turnover Ratio (%) - - 261.87 323.47 24.00 48.53
Date N/A N/A 28-Sep 20-Dec 14-Feb 09-Apr
250 9
- - Date N/A N/A 11-Aug 09-Oct 25-Jan 21-May
IBPA Fair Yield (%) - - 7.3584 7.8947 7.8483 8.6952
Mod. Duration (yrs) - - 2.424 2.223 2.024 1.814
104 10.0
Convexity (yrs) - - 6.967 5.874 4.886 3.949
103 9.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
8.50%. In 2017 until Semester I 2018, the trading volume for the series was Rp2.467 trillion
101 7.0
100 6.0
99 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 379
BMTP01B Listing Date Maturity Date


180 12
135 9 Trading days - - 2 4 2 4
Turnover Ratio (%) - - 12.80 32.80 160.00 0.96
Date N/A N/A 19-Jul 13-Dec 02-Feb 07-Jun
45 3
- - Date N/A N/A 19-Jul 05-Oct 05-Feb 28-May
IBPA Fair Yield (%) - - 8.4799 8.2226 8.5212 9.4303
Mod. Duration (yrs) - - 3.811 3.655 3.481 3.279
105 11.0
Convexity (yrs) - - 17.565 16.085 14.555 12.942
103 10.0 Sensitivity (%) - - 0.038 0.037 0.035 0.033
99 8.0
97 7.0
traded between 97.9300% – 103.1500% while the IBPA fair price was between 96.0620% –
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BMTP01A 982 1,213 146.3%
BMTP01B 41 11.4%
- 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500

380 Corporate Bonds

Bank Mantap is the synergy of 2 (two) large SOEs, as No. Company Total Revenue Net Profit Revenue
reflected from its name, PT Bank Mandiri Taspen Pos. (Rp Bill) Margins (%) Growth (%)
The bank was first established in 1970 as Bank Pasar 1. PT Bank Woori Saudara Indonesia 1906 Tbk. 1,990 22.0 12.2
Sinar Harapan Bali. In 2008, Bank Mandiri acquired 2. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) 1,928 15.0 8.8
80% stake at the bank. In the late 2014, the bank was 3. PT Bank Mandiri Taspen 1,297 12.3 131.3
officially owned by three State Owned Banks which 4. PT Bank Pembangunan Daerah Nusa Tenggara Timur 1,277 19.3 1.6
were PT Bank Mandiri (Persero), PT Taspen (Persero), 5. PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat 2,006 26.9 5.5
and PT Pos Indonesia (Persero). in 2015 the bank Financial Statement as of Fiscal Year 2017
changed its name to PT Bank Mandiri Taspen Pos.
And eventually in 2017 the name changed to PT Bank Historical Corporate Ratings
Mandiri Taspen (Bank Mantap). No. Rating Agency Rating Rating Status Rating Date Outlook
Bank Mantap has specialized in the loan distribution 1. Pefindo idAA Affirmed 6-Sep-17 Stable
for the pensioners. In 2017, the pensioner loan 2. Pefindo idAA Upgraded* 13-Jul-17 Stable
3. Pefindo idA+ Affirmed 5-Oct-15 Stable
portfolio grew by 210.57% (YoY) from Rp2,740.30
4. Pefindo idA+ Assigned 22-Dec-15 Stable
billion in December 2016 to Rp8,510.60 billion at
5. Fitch Ratings AA(idn) Assigned 2-Mar-17 Stable
the end of 2017.
SWOT Analysis
The structure of Bank Mantap’s share ownership until
the end of 2017 is PT Bank Mandiri (Persero) Tbk.
with 59.44% share, PT Taspen (Persero) with 40% S trengths W eaknesses
share, and Made Putra Jandhana (0.56%).
- Strong support from Bank Mandiri - Below average profitability
- Strong synergy with parent - Less developed retail funding
companies
- Strong asset quality
Financial Analysis
Interest grew dramatically by 131.26% in 2017 to
Rp1.30 trillion from Rp561 billion. While interest
expense also increased significantly by 159.64% from
Rp268 billion in 2016 to Rp697 billion in 2017. The O pportunities T hreats
bank still managed to increase net interest income by
105.21% from Rp293 billion to Rp600 billion. The - Growing potentials of public funds, - Intense competition in UMKM
positive growth of interest income was backed by micro credit financing, UMKM, and segment
increasing third party deposits by 72.20% to Rp9.73 retairement segments - The emergence of fintech
trillion. The bank lending expansion was quite faster - Stable pension segment companies
as shown by 112.81% increase in net loans to Rp10.44 - More stringent regulation in the
trillion. Lending expansion was followed by banking sector
decreasing asset quality as shown by higher gross
NPL from 0.43% to 0.65%. The bank also expanded
non operating income which rose 106.54% to Rp625
billion. This made operating income grow quite
significantly by 204.61% to Rp220 billion. As a result,
net income increased 215.86% from Rp51 billion to
Rp160 billion.
*The upgrade was due to stronger support from Bank Mandiri and stronger synergy with BMRI

Corporate Bonds 381
idA+
BMTR PT Global Mediacom Tbk. Stable
Sector : Trade, Services & Investment MNC Tower, 27th - 29th Fl.
Sub Sector : Investment Company Jln. Kebon Sirih No. 17 - 19
Website : www.mediacom.co.id Jakarta 10340
Corporate Sec. : Ajun Sri Damayanti Phone : (021) 390-0065
Email Corporate Sec. : ajun.damayanti@mncgroup.com Fax : (021) 392-7859
As one of Indonesia’s leading integrated FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
media companies, PT Global Mediacom Tbk. BALANCE SHEETS Dec-2016 Dec-2017 Chg %
(‘BMTR,’ or ‘the Company’) holds the
country’s most extensive media portfolio.
Receivables 3,272,738 3,381,244 3.32 p
BMTR offers free-to-air (FTA) television, Pay-
TV and multimedia content, as well as online portals, newspapers and Inventories 2,180,567 2,925,139 34.15 p
magazines, radio and broadband Internet services. The Company also Current Assets 8,687,868 9,385,823 8.03 p
owns media-related businesses that support its core focus, such as Property, Plant and Equipment 8,551,320 11,386,096 33.15 p
talent management and advertising agencies.The majority of the Total Assets 24,624,431 27,694,734 12.47 p
Company’s revenue is contributed by two main lines of business.
Current Liabilities 7,338,634 4,294,191 -41.49 q
Content and advertising-based media, as managed by PT Media
Nusantara Citra Tbk. (MNCN), currently generates 62% of
Company revenues. Subscription-based media, as managed by PT Total Liabilities 10,712,447 13,568,375 26.66 p
MNC Sky Vision Tbk. (MSKY), currently generates 29% of Company Authorized Capital (Mil. Sh) 55,750 55,750 - 
revenues.MNCN manages four national FTA TV stations: RCTI, Authorized Capital 5,575,000 5,575,000 - 
MNCTV, GTV and iNews. MNCN also has a portfolio of MNC- Paid up Capital 1,419,862 1,419,862 -0.00 q
branded Pay-TV channels. Meanwhile, MSKY operated the Pay-TV
services Indovision, Top TV and OkeVision, and is the established
Par Value (Rp) 100 100 - 
leader in Pay-TV provision in Indonesia. BMTR’s media support and
infrastructure business is managed by PT Infokom Elektrindo Retained Earnings 6,171,880 6,588,210 6.75 p
(Infokom). Total Equity …*) 9,234,399 9,246,259 0.13 p
Non Controlling Interest 4,677,585 4,880,100 4.33 p
BMTR also holds growing businesses in new media. These include
the social media platform WeChat, the leading online news Total Equity 13,911,984 14,126,359 1.54 p
and entertainment portal Okezone.com, mobile game company
LeTang, and the 24-hour TV Home Shopping service on Indovision, INCOME STATEMENTS
Top TV and okeVision. These developing businesses currently Total Revenues 10,459,641 10,829,450 3.54 p
generate 7% of Company revenues. Gross Profit 4,219,747 5,282,744 25.19 p
The Company is a publicly-listed company and its shares have Interest Expenses 580,847 761,905 31.17 p
been listed on the Indonesia Stock Exchange (IDX) since 1995, Total Operating Expenses 2,807,572 3,256,675 16.00 p
with ticker symbol BMTR. The Company’s Articles of Association Operating Profit 1,412,175 2,026,069 43.47 p
state that BMTR’s purpose and objective is to engage in the Earning Before Tax 1,412,175 2,026,069 43.47 p
mining, transportation, agriculture, telecommunications, real estate,
EBITDA 3,228,211 4,167,428 29.09 p
architecture, construction, printing, services and trade industries, as
well as media and investments. Income for the periods 786,540 1,054,125 34.02 p
Net Income … *) 203,902 493,835 142.19 p
1. Rosano Barack FINANCIAL RATIOS
2. Beti Puspitasari Santoso * DER (X) 0.59 0.75 27.35 p
3. John Aristianto Prasetio * ROA (%) 3.19 3.81 19.16 p
4. Mohamed Idwan Ganie * NPM (%) 7.52 9.73 29.44 p
*) Independent Commissioner EBITDA Coverage (X) 5.56 5.47 -1.58 q
BOARD OF DIRECTORS
1. Hary Tanoesoedibjo SHAREHOLDERS
2. Christophorus Taufik Siswandi 1. PT MNC Investama Tbk. 54.20%
3. David Fernando Audy 2. Public & Koperasi 45.10%
4. Indra Pudjiastuti 3. Hary Tanoesoedibjo 0.23%
5. Oerianto Guyandi 4. Rosano Barack 0.22%
6. Syafril Nasution 5. Indra Pudjiastuti 0.16%
6. Oerianto Guyandi 0.09%
AUDIT COMMITTEE
1. Beti Puspitasari Santoso
2. John Aristianto Prasetio
3. Sutanto

382 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi
07-Jul-18 PT Bank
BMTR01ACN1 07-Oct-18 Rakyat idA+
1. Global Mediacom 804,800 10-Jul-17 07-Jul-22 5
IDA0000827A8 07-Jan-19 Indonesia Negative
Tahap I Tahun 2017
Seri A
Obligasi
07-Jul-18 PT Bank
BMTR01BCN1 07-Oct-18 Rakyat idA+
IDA0000827B6 07-Jan-19 Indonesia Negative
Tahap I Tahun 2017
Seri B
Obligasi
07-Jul-18 PT Bank
BMTR01CCN1 07-Oct-18 Rakyat idA+
IDA0000827C4 07-Jan-19 Indonesia Negative
Tahap I Tahun 2017
Seri C
Sukuk Ijarah
Rp24.500.750.000 / 07-Jul-18 PT Bank
Berkelanjutan I
SIBMTR01ACN1 year 07-Oct-18 Rakyat idA+(sy)
IDJ0000092A0 07-Jan-19 Indonesia Negative
Tahap I Tahun 2017
Seri A
Sukuk Ijarah
Rp1.645.000.000 / 07-Jul-18 PT Bank
Berkelanjutan I
SIBMTR01BCN1 year 07-Oct-18 Rakyat idA+(sy)
IDJ0000092B8 07-Jan-19 Indonesia Negative
Tahap I Tahun 2017
Seri B
Sukuk Ijarah
Rp2.754.000.000 / 07-Jul-18 PT Bank
Berkelanjutan I
SIBMTR01CCN1 year 07-Oct-18 Rakyat idA+(sy)
IDJ0000092C6 07-Jan-19 Indonesia Negative
Tahap I Tahun 2017
Seri C
Obligasi
19-Jun-18 PT Bank
BMTR01CN2 19-Sep-18 Rakyat idA+
7. Global Mediacom 250,000 20-Sep-17 19-Sep-20 3
IDA000084305 19-Dec-18 Indonesia Negative
Tahap II Tahun
Quarterly 19-Mar-19 (Persero) Tbk.
2017
Sukuk Ijarah Ijarah Fee
19-Jun-18 PT Bank
Berkelanjutan I Installment of Rp9,6
SIBMTR01CN2 19-Sep-18 Rakyat idA+(sy)
8. Global Mediacom 150,000 20-Sep-17 19-Sep-20 3 Milyar per year
IDJ000009600 19-Dec-18 Indonesia Negative
Tahap II Tahun
Quarterly 19-Mar-19 (Persero) Tbk.
2017

Corporate Bonds 383
TRADING HIGHLIGHT
BMTR01ACN1
ISIN CODE : IDA0000827A8 Jul-17 Jan-20 Jul-22


2400 120
1800 90 Trading days - - 27 32 21 13
Turnover Ratio (%) - - 836.55 1377.75 733.62 240.56
600 30
- - Date N/A N/A 19-Jul 14-Nov 26-Mar 23-Apr
IBPA Fair Yield (%) - - 11.6662 11.4991 11.5125 11.7268
Mod. Duration (yrs) - - 3.536 3.400 3.253 3.086
106 14.0
Convexity (yrs) - - 15.781 14.501 13.216 11.871
103 13.0 Sensitivity (%) - - 0.035 0.034 0.033 0.031
100 12.0 This series was actively traded from 10 July 2017 and will be matured on 7 July 2022. This
series was traded throughout 2017 until Semester I 2018 and reached at Rp4.455 trillion.
97 11.0
The CTP market price for this series during the period was in between 92.0000% and
106.0000%. Meanwhile, IBPA fair price was ranging from 97.4625% to 100.1300%. On the
94 10.0
other side, IBPA yield for this series were 7.9494% at the lowest and 8.5412% at the
91 9.0
billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BMTR01BCN1 Listing Date Maturity Date


4 4
3 3 Trading days - - - - 3 -
Turnover Ratio (%) - - - - 38.10 -
Date N/A N/A N/A N/A 09-Feb N/A
1 1
IBPA Fair Yield (%) - - 9.4550 9.2353 9.5015 10.3854
Mod. Duration (yrs) - - 4.151 4.026 3.878 3.686
113 13.0
Convexity (yrs) - - 21.972 20.548 18.998 17.217
110 12.0 Sensitivity (%) - - 0.042 0.040 0.039 0.037
nominal amount of Rp6.3 billion and have fixed interest rate 11.75% per annum. Average
104 10.0
trading volume for this series reached Rp100 million/quarter on 2018. Based on the
market price (Centralized Trading Platform), this series was traded between 99.0000% –
101 9.0
103.0000% while the IBPA fair price was between 99.6459% – 103.2315%. The IBPA fair
yield for this series was between 8.9556% – 11.8329%.
98 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

384 Corporate Bonds
BMTR01CCN1
ISIN CODE : IDA0000827C4 Jul-17 Apr-19 Jan-21 Oct-22 Jul-24


16 4
12 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 164.52 - -
4 1
IBPA Fair Yield (%) - - 9.5747 9.3736 9.6528 10.5098
Mod. Duration (yrs) - - 4.629 4.521 4.381 4.185
116 13.0
Convexity (yrs) - - 27.965 26.496 24.806 22.736
112 12.0 Sensitivity (%) - - 0.046 0.045 0.044 0.042
annum. This bond was effective from 10 July 2017 to 7 July 2024. Based on the market
104 10.0
price (Centralized Trading Platform) during 2017 and Semester I 2018, this bond was
traded between 112.5000% and 112.5200%. At the same period, IBPA fair price recorded
100 9.0
at range 99.5549.1934% - 114.1002%. In addition, this bond series was traded with total
volume amounted to Rp16 billion and transacted 2 times from January 2017 to June
96 8.0
2018.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIBMTR01ACN1
ISIN CODE : IDJ0000092A0 Jul-17 Jan-20 Jul-22


Volume Volume (Rp bn) - - 5.01 - - 305.00
260 12
Frequency Frequency (X) - - 6 - - 12
195 9 Trading days - - 3 - - 6
Turnover Ratio (%) - - 9.41 - - 572.64
130 6 CTP Price - High N/A N/A 101.0000 N/A N/A 104.4200
Date N/A N/A 24-Aug N/A N/A 24-May
65 3
CTP Price - Low N/A N/A 100.0000 N/A N/A 100.0000
- - Date N/A N/A 02-Aug N/A N/A 21-Jun
IBPA Fair Yield (%) - - 9.3493 9.1032 9.3272 10.2944
Mod. Duration (yrs) - - 3.611 3.470 3.310 3.120
112 12.0
Convexity (yrs) - - 16.279 14.946 13.565 12.065
109 11.0 Sensitivity (%) - - 0.036 0.035 0.033 0.031
106 10.0 This series was first listed on July, 10th 2017 and will be matured on July, 7th 2022. This
103 9.0
11.50%. This series, throughout 2017 and the first half of 2018 period, was traded in 9
trading days with 97% of average quarterly turnover. The total trading volume
100 8.0
throughout the period was Rp310 billion and the total trading frequency was 18
97 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 385
SIBMTR01BCN1
ISIN CODE : IDJ0000092B8 Jul-17 Jul-19 Jul-21 Jul-23


20 4
15 3 Trading days - - 2 - - -
Turnover Ratio (%) - - 571.43 - - -
Date N/A N/A 29-Sep N/A N/A N/A
5 1
- - Date N/A N/A 31-Aug N/A N/A N/A
IBPA Fair Yield (%) - - 9.4550 9.2353 9.5015 10.3854
Mod. Duration (yrs) - - 4.151 4.026 3.878 3.686
113 12.0
Convexity (yrs) - - 21.972 20.548 18.998 17.217
110 11.0 Sensitivity (%) - - 0.042 0.040 0.039 0.037
traded only in 2 trading days during 2017 to Q2-2018 period. The market price for this
104 9.0
101 8.0
99.6459% and 111.9767%.
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIBMTR01CCN1
ISIN CODE : IDJ0000092C6 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - 9.5747 9.3709 9.6528 10.5098
Mod. Duration (yrs) - - 4.629 4.521 4.381 4.185
116 13.0
Convexity (yrs) - - 27.965 26.497 24.806 22.736
112 12.0 Sensitivity (%) - - 0.046 0.045 0.044 0.042
series has an outstanding amount of Rp22.95 billion with fixed coupon per annum at
104 10.0
12.00%. This series, throughout 2017 and the first half of 2018 period, was not traded at
100 9.0
96 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

386 Corporate Bonds
BMTR01CN2
ISIN CODE : IDA000084305 Sep-17 Sep-18 Sep-19 Sep-20


600 16
450 12 Trading days - - 5 6 1 -
Turnover Ratio (%) - - 800.32 448.32 0.32 -
Date N/A N/A 29-Sep 28-Nov 05-Feb N/A
150 4
- - Date N/A N/A 20-Sep 14-Nov 05-Feb N/A
IBPA Fair Yield (%) - - 11.1364 8.8241 8.8507 10.1517
Mod. Duration (yrs) - - 2.497 2.341 2.152 1.947
107 12.0
Convexity (yrs) - - 7.443 6.511 5.506 4.524
105 11.0 Sensitivity (%) - - 0.025 0.023 0.022 0.019
103 10.0 This series listed on 20 September 2017, and matured on 19 September 2020. This series
101 9.0
11.00%. The market price for this bond observed through the Centralized Trading
Platform (CTP) was between 99.5000% at the lowest and peaked at 103.1000%. However,
99 8.0
IBPA fair price booked 99.1392% to 105.7451%. Meanwhile, the yield valued by IBPA was
8.5409% at the lowest, and 11.3441% at the highest. Until Semester I 2018, the average
97 7.0
volume recorded by Rp130.10 billion/quarter and transacted 5 times/quarter.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIBMTR01CN2
ISIN CODE : IDJ000009600 Sep-17 Sep-18 Sep-19 Sep-20


180 8
135 6 Trading days - - 4 3 3 -
Turnover Ratio (%) - - 557.33 256.00 48.00 -
Date N/A N/A 20-Sep 20-Oct 15-Jan N/A
45 2
- - Date N/A N/A 20-Sep 20-Oct 16-Jan N/A
IBPA Fair Yield (%) - - 11.1364 9.0231 8.8507 10.1517
Mod. Duration (yrs) - - 2.497 2.339 2.152 1.947
107 12.0
Convexity (yrs) - - 7.443 6.501 5.506 4.524
105 11.0 Sensitivity (%) - - 0.025 0.023 0.022 0.019
2018. The total trading volume was Rp323 billion during the period. The IBPA fair prices
101 9.0
for this series were 99.4468% at the lowest and 105.3197% at the highest. While in the
market, observed through IDX Centralized Trading Platform (CTP), this series was traded
99 8.0
between 100.0000% at the lowest and 105.0200% at the highest.
97 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 387
BMTR01ACN1 1,683 2,772 553.6%
BMTR01BCN1
BMTR01CCN1 41.1%
SIBMTR01ACN1 2.4%
SIBMTR01BCN1 142.9%
SIBMTR01CCN1
BMTR01CN2 500 280 312.2%
SIBMTR01CN2 209 96 203.3%
- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

388 Corporate Bonds

PT Global Mediacom Tbk. (BMTR) is the largest and No. Company Total Revenue Net Profit Revenue
most integrated media group in Southeast Asia. (Rp Bill) Margins (%) Growth (%)
BMTR’s content strategy is proudly built upon the 1. PT Global Mediacom Tbk. 10,829 9.7 3.5
idea that “content is king” by giving audiences the
most compelling, inventive and high quality
programming available. As one of leading integrated
media companies in Indonesia, BMTR offers a
portfolio of media that is essentially the most Financial Statement as of Fiscal Year 2017
extensive in the nation, featuring television, Pay-TV,
content business, internet, newspaper, radio, Historical Corporate Ratings
magazines, tabloids and media-related business such No. Rating Agency Rating Rating Status Rating Date Outlook
as artist management and advertising agency.
BMTR’s two core operating subsidiaries, PT Media 2. Pefindo idA+ Affirmed 18-Apr-17 Stable*
3. Pefindo idA+ Affirmed 14-Apr-16 Negative
Nusantara Citra Tbk. (MNC) and PT MNC Sky Vision
Tbk. (MSKY), are the respective leaders in FTA
television and pay-TV.
SWOT Analysis
As of December 31, 2017, its major shareholders
consisted of PT MNC Investama Tbk. (54.20%), and
Public and Cooperatives (45.04%), while the S trengths W eaknesses
remaining shares are held by the company’s Board of
- A wide range of media services - High financial leverage
Directors as well as President Commissioner.
- Leading and largest media - Indirect access to operating cash
companies flow
- Good operating profitability
Financial Analysis
BMTR consolidated revenue amounted to Rp10.83
trillion in 2017, or grew by 3.54% from the previous
year. This increase was mainly due to increasing in
Advertising and content base from Rp6.50 trillion in O pportunities T hreats
2016 to Rp6.86 trillion in 2017. As in previous years,
advertising revenue from FTA TV and content was a - Growing digital media industry - Intense competition in the media
major revenue source, contributing 63.34% of - A more comprehensive industry
consolidated revenue. Meanwhile, consolidated direct programming strategy - Exposure to foreign currency
cost is down by 11.11% or Rp693.19 billion in 2017 to - Continuous synergy between volatility
Rp5.55 trillion from Rp6.24 trillion in 2016. BMTR also business units, and the centralization - Development of other competitor
gained on forex amounted to Rp23.16 billion from of overall Information Technology technologies in this industry
loss on forex in 2016 of Rp316.99 billion. As a result,
BMTR managed to record net income in 2017 at
Rp1.05 trillion or grew by Rp267.59 billion or 34.02%
compared to 2016.
*The stable outlook to reflect expected better operating performance

Corporate Bonds 389
idAAA
BNGA PT Bank CIMB Niaga Tbk. Stable
Sector : Finance Graha CIMB Niaga, 15th floor
Sub Sector : Bank Jln. Jend. Sudirman Kav. 58
Website : www.cimbniaga.com Jakarta
Corporate Sec. : Fransiska Oei Phone : (021) 250-5252, 250-5353
Email Corporate Sec. : corporate.secretary@cimbniaga.co.id Fax : (021) 252-6749, 250-5202
PT Bank CIMB Niaga Tbk. (CIMB Niaga) is the FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
second largest private bank in BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Indonesia in terms of assets, loans and customer funds. The Bank had
Cash on Hand 3,261,730 3,895,997 19.45 p
a market capitalization of Rp34 trillion and total assets of Rp266
trillion as of 31 December 2017. CIMB Niaga provides a variety of
complete and innovative products and services from consumer Marketable Securities 9,344,227 13,442,054 43.85 p
banking, MSME banking, and commercial banking to corporate Loans 165,923,435 174,421,016 5.12 p
banking supported by the Treasury and Transaction Banking and the Investments 3,574 3,659 2.38 p
branchless banking network. In addition, the Bank provides Property, Plant and Equipment 5,269,347 5,119,908 -2.84 q
commercial and Sharia products and services thought its Sharia
Total Assets 241,571,728 266,305,445 10.24 p
Business Unit, namely CIMB Niaga Syariah. At 2018, CIMB Niaga
Deposits 185,128,607 196,201,531 5.98 p
received BBB- international rating and AA+ national rating from Fitch
Ratings and AAA national rating from Pefindo. Fund Borrowings 5,436,073 5,809,723 6.87 p
CIMB Niaga was established on 26 September 1955 as PT Bank
Niaga. It became a public company following the listing of shares Authorized Capital (Mil. Sh) 50,886 50,886 - 
under ticker code BNGA with the Indonesia Stock Exchange on 29 Authorized Capital 2,900,000 2,900,000 - 
November 1989. In 1987, CIMB Niaga became the first bank in Paid up Capital 1,612,257 1,612,257 - 
Indonesia to launch services via the Automated Teller Machine (ATM) Paid up Capital (Mil. Sh) 25,132 25,132 - 
and in 1991 the first bank to provide online banking services.
Par Value (Rp) 5,000 & 50 5,000 & 50 - 
CIMB Niaga is a result of the merger of Lippo Bank to CIMB Niaga in Retained Earnings 22,277,379 25,070,779 12.54 p
2008. The majority of shares, or 97.9%, are owned by the CIMB Group
Total Equity …*) 34,206,804 36,950,115 8.02 p
Sdn Bhd, which is the fifth largest universal bank in the ASEAN region
with an extensive network in Malaysia, Singapore, Thailand and Non Controlling Interest 818 881 7.70 p
Cambodia, among others. This benefits CIMB Niaga in terms of the Total Equity 34,207,622 36,950,996 8.02 p
Bank’s well positioned in ASEAN regional network through the CIMB
Group. INCOME STATEMENTS
One of CIMB Niaga’s leading service is Transaction Banking, which Total Interest Income 21,324,648 20,403,384 -4.32 q
offers a range of products and services, as well as a list of Interest Expenses 9,230,618 8,000,005 -13.33 q
comprehensive solutions, for companies that manage their financial Other Operating Revenue 2,384,461 2,578,427 8.13 p
operations through both domestic and cross border transactions. The
solutions include Cash Management products, Remittances, Trade
Finance and Value Chain. Income from Operations 2,753,594 4,106,571 49.13 p
Non-Operating Revenues 97,114 48,449 -50.11 q
To realize the vision of making CIMB Niaga a leader in digital
banking services, the Bank remains focused on the development of Earning Before Tax 2,850,708 4,155,020 45.75 p
branchless banking through the optimisation of cutting edge Income for the periods 2,081,717 2,977,738 43.04 p
technology as well as an emphasis on customer experience – the Comprehensive Income 5,528,235 2,986,276 -45.98 q
qualities that distinguish the Bank in the market and identify CIMB Net Income … *) 2,081,687 2,977,675 43.04 p
Niaga’s digital banking services as one of the most comprehensive in
the national banking industry. The Bank’s Branchless banking services
FINANCIAL RATIOS
include: Phone Banking services 14041, Preferred Phone Banking 500
800, Go Mobile mobile banking, CIMB Clicks internet banking, Digital DER (X) 6.06 6.21 2.39 p
Lounge and Rekening Ponsel. In addition, CIMB Niaga has access to a ROA (%) 0.86 1.12 29.76 p
variety of national and regional ATMs, among others, through the NPM (%) 9.76 14.59 49.50 p
network of ATM Prima, ATM Bersama, Cirrus, VISA and MEPS. EBITDA Coverage (X) 12.91 20.13 55.87 p
In 2017, CIMB Niaga continued to innovate in line with its aspiration *) … attributable to owners of the parent entity
to be recognized as the leading digital bank by launching the New
Go Mobile, its mobile banking offering that provides a convenient
SHAREHOLDERS
way for customers to conduct transactions via their smart phones,
anytime and anywhere. The expanded features of The New Go
1. CIMB Group Sdn. Bhd. 91.48%
Mobile are designed to meet the needs of today’s banking 2. Public 8.52%
customers who increasingly prefer the digital way of banking. CIMB
Niaga is committed to provide positive end-to-end customer AUDIT COMMITTEE
experience at all times and in all service platforms, including the Go 1. Zulkifli M. Ali
Mobile. As of 31 December 2017, CIMB Niaga operated 542 offices in
2. Jeffrey Kairupan
its operational network, 4,500 units of ATM, 683 Cash Deposit &
3. Mawar IR. Napitupulu
Recycle Machines, 174 Multi Function Device and supported by
12,782 employees throughout Indonesia. 4. Yap Tjay Soen

390 Corporate Bonds

1. Dato' Sri Nazir Razak 1. Tigor M. Siahaan
2. Armida Salsiah Alisjahbana * 2. Fransiska Oei
3. David Richard Thomas 3. Hedy Lapian
4. Glenn Muhammad Surya Yusuf 4. John Simon
5. Jeffrey Kairupan * 5. Lani Darmawan
6. Primoehadi Notowidigdo * 6. Megawati Sutanto
7. Tengku Zafrul bin Tengku Abdul Aziz 7. Pandji P. Djajanegara
8. Zulkifli M. Ali * 8. Rahardja Alimhamzah
*) Independent Commissioner 9. Rita Mas'Oen
10. Vera Handajani
11. Wan Razly Abdullah
AS OF JUNE 2018 Pastikan Link Grafik sudah bena

Coupon Coupon
23-Sep-18
Obligasi
BNGA02SB 10.85% 23-Dec-18 PT Bank AA(idn)
1. Subordinasi II BNGA 1,600,000 27-Dec-10 23-Dec-20 10
IDA000046502 23-Mar-19 Permata Tbk. Stable
Tahun 2010
Quarterly 23-Jun-19
Obligasi 20-Aug-18
BNGA01CCn2 Berkelanjutan I 9.75% 20-Nov-18 PT Bank idAAA
2. 850,000 21-Nov-13 20-Nov-18 5
IDA0000608C8 BNGA Tahap II - Permata Tbk. Stable
Tahun 2013 Seri C Quarterly -
Obligasi 03-Aug-18
BNGA02BCN1 Berkelanjutan II 8.00% 03-Nov-18 PT Bank idAAA
3. 386,000 04-Nov-16 03-Nov-19 3
IDA0000771B6 BNGA Tahap I 03-Feb-19 Permata Tbk. Stable
Obligasi 03-Aug-18
BNGA02CCN1 Berkelanjutan II 8.25% 03-Nov-18 PT Bank idAAA
4. 182,000 04-Nov-16 03-Nov-21 5
IDA0000771C4 BNGA Tahap I 03-Feb-19 Permata Tbk. Stable
Tahun 2016 Seri C Quarterly 03-May-19
Obligasi 03-Jun-18
BNGA02ACN2 Berkelanjutan II 6.75% 03-Sep-18 PT Bank idAAA
5. 802,000 24-Aug-17 03-Sep-18 370
IDA0000840A1 BNGA Tahap II - Permata Tbk. Stable
Obligasi 23-Aug-18
6. 376,000 24-Aug-17 23-Aug-20 3
IDA0000840B9 BNGA Tahap II 23-Feb-19 Permata Tbk. Stable
Obligasi 23-Aug-18
7. 822,000 24-Aug-17 23-Aug-22 5 Pastikan Link Grafik sudah bena
IDA0000840C7 BNGA Tahap II 23-Feb-19 Permata Tbk. Stable
Obligasi 12-Aug-18
BNGA02ACN3 Berkelanjutan II 6.20% 12-Nov-18 PT Bank idAAA
8. 500,000 03-Nov-17 12-Nov-18 370
IDA0000854A2 BNGA Tahap III - Permata Tbk. Stable
Obligasi 02-Aug-18
9. 657,000 03-Nov-17 02-Nov-20 3
IDA0000854B0 BNGA Tahap III 02-Feb-19 Permata Tbk. Stable
Obligasi 02-Aug-18
10. 843,000 03-Nov-17 02-Nov-22 5
IDA0000854C8 BNGA Tahap III 02-Feb-19 Permata Tbk. Stable

Corporate Bonds 391
TRADING HIGHLIGHT
BNGA02SB


360 60
270 45 Trading days 19 11 15 23 10 14
Turnover Ratio (%) 106.73 67.00 58.25 78.03 38.60 59.08
180 30 CTP Price - High 105.120 106.770 108.050 108.450 108.300 107.700
Date 13-Feb 06-Apr 25-Sep 10-Nov 27-Mar 17-Apr
90 15
CTP Price - Low 97.000 101.750 100.000 100.000 104.750 102.000
- - Date 06-Jan 11-Apr 21-Jul 20-Oct 26-Mar 20-Apr
IBPA Fair Yield (%) 9.2756 9.0507 8.5342 8.1713 8.0227 8.6165
Mod. Duration (yrs) 3.055 2.909 2.724 2.548 2.363 2.163
110 11.0
Convexity (yrs) 11.159 10.068 8.814 7.693 6.616 5.554
107 10.0 Sensitivity (%) 0.031 0.029 0.027 0.025 0.024 0.022
101 8.0
98 7.0
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNGA01CCn2 Listing Date Maturity Date


120 20
90 15 Trading days 6 1 5 12 8 7
Turnover Ratio (%) 21.22 0.05 9.88 33.04 28.99 67.76
60 10 CTP Price - High 102.700 99.000 102.973 103.600 103.450 104.950
Date 08-Mar 26-Apr 07-Aug 02-Oct 13-Feb 04-May
30 5
CTP Price - Low 99.350 99.000 99.200 102.000 101.000 99.700
IBPA Fair Yield (%) 7.8254 7.6170 7.2848 6.5442 6.2779 7.0034
Mod. Duration (yrs) 1.489 1.299 1.065 0.843 0.615 0.379
106 10.0
Convexity (yrs) 2.693 2.074 1.434 0.937 0.536 0.238
104 9.0 Sensitivity (%) 0.015 0.013 0.011 0.008 0.006 0.004
102 8.0 The series was first listed on 21 Nov 2013 and will be matured on 20 Nov 2018. The series
100 7.0
98 6.0
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

392 Corporate Bonds
BNGA02BCN1


12 4
9 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 10.36
3 1
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price 99.324 99.886 100.945 101.573 101.426Pastikan
99.475
IBPA Fair Yield (%) 8.2807 8.0512 7.5058 7.0805 7.0439 8.4072
Mod. Duration (yrs) 2.286 2.109 1.891 1.684 1.470 1.246
105 11.0
Convexity (yrs) 6.160 5.247 4.246 3.392 2.616 1.918
103 10.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.012
101 9.0 The series was first listed on 4 November 2016 and will be matured on 3 November 2019.
The series has an outstanding amount of Rp386 billion with fixed coupon per annum at
99 8.0
97 7.0
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNGA02CCN1


Volume Volume (Rp bn) - - 3.00 - 27.00 45.00
40 8
Frequency Frequency (X) - - 2 - 9 8
30 6 Trading days - - 2 - 2 5
Turnover Ratio (%) - - 6.59 - 59.34 98.90
20 4 CTP Price - High N/A N/A 101.700 N/A 104.050 102.540
Date N/A N/A 20-Sep N/A 29-Jan 24-Apr
10 2
CTP Price - Low N/A N/A 101.700 N/A 103.000 102.102
- - Date N/A N/A 20-Sep N/A 14-Feb 18-May
98.626
IBPA Fair Yield (%) 8.5130 8.3489 7.8673 7.5256 7.6806 8.7237
Mod. Duration (yrs) 3.732 3.589 3.410 3.239 3.054 2.847
105 11.0
Convexity (yrs) 16.633 15.302 13.774 12.387 11.001 9.575
103 10.0 Sensitivity (%) 0.037 0.036 0.034 0.032 0.031 0.028
99 8.0
97 7.0
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 393
BNGA02ACN2
ISIN CODE : IDA0000840A1 Aug-17 Sep-18


1000 60
750 45 Trading days - - 7 10 2 2
Turnover Ratio (%) - - 572.07 82.54 41.90 39.40
Date N/A N/A 27-Sep 05-Oct 13-Mar 13-Apr
250 15
- - Date N/A N/A 06-Sep 22-Dec 20-Mar 07-May
IBPA Fair Yield (%) - - 6.5631 6.2295 6.1312 6.5937
Mod. Duration (yrs) - - 0.889 0.655 0.417 0.175
102 8.0
Convexity (yrs) - - 1.022 0.595 0.278 0.074
101 7.0 Sensitivity (%) - - 0.009 0.007 0.004 0.002
100 6.0 The series was first listed on 24 August 2017 and will be matured on 3 September 2018.
99 5.0
98 4.0
97 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNGA02BCN2


220 12
165 9 Trading days - - 3 4 3 5
Turnover Ratio (%) - - 268.09 176.60 63.83 170.21
55 3
- - Date N/A N/A 20-Sep 18-Dec 17-Jan 24-Apr
IBPA Fair Yield (%) - - 7.2311 7.3176 7.3753 8.6587
Mod. Duration (yrs) - - 2.563 2.363 2.159 1.942
102 10.0
Convexity (yrs) - - 7.664 6.523 5.464 4.446
101 9.0 Sensitivity (%) - - 0.026 0.024 0.022 0.019
100 8.0 The series was first listed on 24 August 2017 and will be matured on 23 August 2020. The
99 7.0
98 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

394 Corporate Bonds
BNGA02CCN2


160 16
120 12 Trading days - - 3 3 7 2
Turnover Ratio (%) - - 50.12 58.39 91.98 2.48
Date N/A N/A 28-Aug 29-Nov 09-Mar 26-Apr
40 4
- - Date N/A N/A 20-Sep 27-Nov 27-Mar 21-Jun
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - 101.646 103.566 101.172Pastikan
97.856
IBPA Fair Yield (%) - - 7.7421 7.2389 7.8311 8.7681
Mod. Duration (yrs) - - 3.987 3.833 3.645 3.439
109 10.0
Convexity (yrs) - - 18.897 17.375 15.703 13.996
106 9.0 Sensitivity (%) - - 0.040 0.038 0.036 0.034
103 8.0 This series will mature on 23 August 2022, had average turnover of 33.83% per quarter
100 7.0
97 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNGA02ACN3


800 24
600 18 Trading days - - - 6 - -
Turnover Ratio (%) - - - 728.40 - -
200 6
ar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - - - 100.056 99.915Pastikan
99.648
IBPA Fair Yield (%) - - - 6.1298 6.3354 7.1166
Mod. Duration (yrs) - - - 0.834 0.599 0.359
102 9.0
Convexity (yrs) - - - 0.913 0.510 0.218
101 8.0 Sensitivity (%) - - - 0.008 0.006 0.004
99 6.0
annum at 6.20%. The IBPA prices for this series, throughout 2017 and the first two
quarters of 2018 period, were 99.6011% at the lowest and 100.1686% at the highest. At
98 5.0
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 395
BNGA02BCN3 Listing Date Maturity Date


160 16
120 12 Trading days - - - 2 6 10
Turnover Ratio (%) - - - 91.32 93.15 116.29
Date N/A N/A N/A 12-Dec 15-Mar 19-Apr
40 4
- - Date N/A N/A N/A 16-Nov 12-Feb 05-Jun
IBPA Fair Yield (%) - - - 7.0623 7.2929 8.6794
Mod. Duration (yrs) - - - 2.514 2.311 2.094
104 10.0
Convexity (yrs) - - - 7.391 6.261 5.166
102 9.0 Sensitivity (%) - - - 0.025 0.023 0.021
98 7.0
96 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNGA02CCN3


60 4
45 3 Trading days - - - 1 - 1
Turnover Ratio (%) - - - 4.74 - 23.72
Date N/A N/A N/A 21-Nov N/A 24-Apr
15 1
- - Date N/A N/A N/A 21-Nov N/A 24-Apr
IBPA Fair Yield (%) - - - 7.1989 7.8645 8.7841
Mod. Duration (yrs) - - - 3.973 3.784 3.576
104 10.0
Convexity (yrs) - - - 18.721 16.967 15.181
102 9.0 Sensitivity (%) - - - 0.040 0.038 0.036
98 7.0
96 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

396 Corporate Bonds
BNGA02SB 427 268 233 312 77.5%
BNGA01CCn2 450 70 16.0%
BNGA02BCN1 0.0%
BNGA02CCN1 1.6%
BNGA02ACN2 1,147 166 163.7%
BNGA02BCN2 252 166 111.2%
BNGA02CCN2 103 120 27.1%
BNGA02ACN3 911 182.1%
BNGA02BCN3 150 22.8%
BNGA02CCN3 1.2%
- 200 400 600 800 1,000 1,200 1,400 1,600

Corporate Bonds 397

PT Bank CIMB Niaga Tbk. (BNGA) is the fifth largest No. Company Total Revenue Net Profit Revenue
bank in terms of assets, deposits, lending and branch (Rp Bill) Margins (%) Growth (%)
distribution network in Indonesia, which was formed 1. PT Bank Rakyat Indonesia (Persero) Tbk. 102,899 28.2 9.5
by a merger between PT Bank Niaga Tbk. and PT 2. PT Bank Mandiri (Persero) Tbk. 79,502 27.0 3.6
Bank Lippo Tbk. BNGA also has the 7th widest 3. PT Bank Negara Indonesia (Persero) Tbk. 48,178 28.6 10.1
network of branches among Indonesian banks. In 4. PT Bank CIMB Niaga Tbk. 20,403 14.6 (4.3)
2016, the bank’s core capital exceed Rp30.00 trillion 5. PT Bank Tabungan Negara (Persero) Tbk. 19,272 15.7 12.4
which in turn upgraded its status from BUKU III bank Financial Statement as of Fiscal Year 2017
to BUKU IV bank.
CIMB Niaga offers comprehensive conventional and No. Rating Agency Rating Rating Status Rating Date Outlook
sharia banking in consumer banking, Micro, Small
and Medium enterprises (MSMEs), and treasury 1. Pefindo idAAA Affirmed 4-Aug-17 Stable
segments as well as payment system services that 2. Pefindo idAAA Affirmed 25-Aug-16 Stable
are supported by branch office network and
branchless banking throughout Indonesia. CIMB
5. Fitch Ratings AAA(idn) Affirmed 29-Mar-17 Stable
Niaga also has sharpened its focus on the
development of its branchless banking by a digital
SWOT Analysis
lounge and mobile phone account (Rekening
Ponsel).
As of the end of 2017. The shareholders of the bank
-Strong support from CIMB Group -Moderate asset quality
are CIMB Group Sdn Bhd (91.48%), PT Commerce
Sdn Bhd -Moderate Net Interest Margin
Kapital (1.02%), and Public (7.50%).
-Strong business position with wide growth
network coverage
-Diversified and innovative digital
banking provider
Financial Analysis
PT Bank CIMB Niaga Tbk. recorded a 4.32% decrease
in interest income from Rp21.33 trillion in 2016 to
Rp20.40 trillion in 2017. On the other hands, interest
expenses fell by 13.33% to Rp8.00 trillion. Therefore O pportunities T hreats
the bank managed to grow its net interest income by
2.56% to Rp12.40 trillion. Despite limited growth in -Increasing income per capita that -Challenging macroeconomic
net interest income, overall the operating income drives consumer and wealth conditions
grew quite significantly by 49.13% from Rp2.75 management segments -Tight competition with banking and
trillion to Rp4.11 trillion. Hence the bank's net income -High growth potential of digital fintech companies
rose by 43.04% to Rp2.98 trillion. banking services
-Growing fee based income services

398 Corporate Bonds
idAAA
BNII PT Bank Maybank Indonesia Tbk. Stable
Sector : Finance Sentral Senayan III, 25th Fl.
Sub Sector : Bank Jln. Asia Afrika No. 8, Gelora Bung Karno Senayan
Website : www.maybank.co.id Jakarta Pusat 10270
Corporate Sec. : Budi Santoso Phone : (021) 292-28888
Email Corporate Sec. : BSantoso@maybank.co.id Fax : (021) 2922-8730
PT Bank Maybank Indonesia Tbk. (the FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
“Bank”) was established on 15 May 1959 BALANCE SHEETS Dec-2016 Dec-2017 Chg %
under the name of PT Bank Internasional
Cash on Hand 1,470,208 1,327,144 -9.73 q
Indonesia Tbk. After obtaining a license as a foreign exchange bank
in 1988, Bank had its shares listed on the Jakarta Stock Exchange and
Surabaya Stock Exchange (now merged as Indonesia stock Exchange) Marketable Securities 2,572,502 5,304,126 106.19 p
in 1989. Loans 108,002,377 111,809,451 3.52 p
Investments 15,689,244 18,203,948 16.03 p
As a publicly listed company, Bank has grown to become one of
leading private banks in Indonesia. In 2008, the largest bank in
Malaysia that is also one of the leading financial groups in ASEAN, Total Assets 166,678,902 173,253,491 3.94 p
Malayan Banking Berhad (Maybank), acquired Bank through its Deposits 121,722,559 125,152,933 2.82 p
entirely owned subsidiary, Maybank Offshore Corporate services Fund Borrowings 2,350,380 5,054,291 115.04 p
(Labuan) Sdn. Bhd. (MOCS). Since then, Maybank has become the Total Liabilities 147,406,296 152,478,451 3.44 p
majority shareholder of Bank through two of its subsidiaries, Sorak
Financial Holdings Pte. Ltd. (Sorak) and MOCS. To comply with the
share sell down requirement of the authority, Maybank in June 2013 Authorized Capital 12,864,766 12,864,766 - 
sold 9% of its shares in Bank to public, and sold another 9.3% in Paid up Capital 3,665,370 3,665,370 - 
November 2013. Following this share sell down transactions, as of 30 Paid up Capital (Mil. Sh) 67,747 67,747 - 
June 2014 Maybank owns 78.98% shares in Bank while the public Par Value (Rp) 900 & 225 & 22.5 900 & 225 & 22.5 - 
holds 21.02%. Retained Earnings 9,040,872 10,435,758 15.43 p
The Bank changed its name from PT Bank Internasional Indonesia Total Equity …*) 19,016,216 20,463,769 7.61 p
Tbk. to become PT Bank Maybank Indonesia Tbk. (Maybank Non Controlling Interest 256,390 311,271 21.41 p
Indonesia) through the Bank’s General Meeting of Shareholders Total Equity 19,272,606 20,775,040 7.80 p
dated August 24, 2015 and has been approved by the Financial
Services Authority since September 23, 2015.
INCOME STATEMENTS
As of June 30, 2018 Bank is one of the largest banks in Indonesia with Total Interest Income 14,863,572 14,802,881 -0.41 q
390 branches including Shariah branches, micro functional offices Interest Expenses 7,433,269 7,100,731 -4.47 q
spread across Indonesia and one overseas branches (Mumbai, India)
Other Operating Revenue 2,658,696 2,731,981 2.76 p
and 1, 595 ATMs including CDM (Cash Deposit Machice) connected
with more than 20.000 ATMs under ATM PRIMA, ATM BERSAMA,
ALTO, CIRRUS, and to more than 3,500 Maybank ATMs in Malaysia , Income from Operations 2,589,259 2,504,221 -3.28 q
Singapore and Brunei. Non-Operating Revenues 24,524 15,469 -36.92 q
Earning Before Tax 2,613,783 2,519,690 -3.60 q
The Bank provides full range of financial services through its branch
and ATM network, phone banking, mobile banking and internet Income for the periods 1,967,276 1,860,845 -5.41 q
banking channels. Bank is listed on the Indonesia Stock Exchange Comprehensive Income 3,529,338 1,892,096 -46.39 q
(BNII) and is active in Community Financial Services and Global Net Income … *) 1,948,312 1,804,031 -7.41 q
Banking.
FINANCIAL RATIOS
BOARD OF COMMISSIONERS DER (X) 7.65 7.34 -4.04 q
1. Datuk Abdul Farid Alias ROA (%) 1.18 1.07 -9.00 q
2. Achjar Iljas * NPM (%) 13.24 12.57 -5.02 q
3. Budhi Dyah Sitawati * EBITDA Coverage (X) 17.42 16.92 -2.89 q
4. Edwin Gerungan *) … attributable to owners of the parent entity
5. Hendar *
6. Spencer Lee Tien Chye SHAREHOLDERS
*) Independent Commissioner 1. Sorak Financial Holdings Pte. Ltd. 45.02%
2. Maybank Offshore Corp. Serv. (Labuan) Sdn. Bhd. 33.96%
BOARD OF DIRECTORS 3. UBS AG London 18.31%
1. Taswin Zakaria 4. Public 2.71%
2. Effendi
3. Eri Budiono AUDIT COMMITTEE
4. Irvandi Ferizal 1. Hendar
5. Jenny Wiriyanto 2. Arief Adhi Sanjaya
6. Thilagavathy Nadason 3. Teuku Radja Sjahnan

Corporate Bonds 399
AS OF JUNE 2018
Coupon Coupon
Obligasi
06-Sep-18
BNII01SBCN1 06-Dec-18 AA(idn)
1. Berkelanjutan I 500,000 07-Dec-11 06-Dec-18 7 Mandiri
IDA000050009 - Stable
Bank BII Tahap I (Persero) Tbk.
Quarterly -
Tahun 2011
Obligasi
31-Jul-18
BNII01SBCN2 31-Oct-18 AA(idn)
2. Berkelanjutan I 1,000,000 01-Nov-12 31-Oct-19 7 Mandiri
Bank BII Tahap II (Persero) Tbk.
Quarterly 01-May-19
Tahun 2012
Obligasi
08-Jul-18
BNII02SBCN1 08-Oct-18 AA(idn)
3. Berkelanjutan II 1,500,000 10-Jul-14 08-Jul-21 7 Mandiri
Bank BII Tahap I (Persero) Tbk.
Quarterly 08-Apr-19
Tahun 2014
Obligasi
10-Sep-18
Subordinasi 9.63%
BNII02SBCN2 10-Dec-18 PT Bank Mega AA(idn)
4. Berkelanjutan II 800,000 13-Jun-16 10-Jun-23 7
IDA000073100 10-Mar-19 Tbk. Stable
Bank Maybank
Quarterly 10-Jun-19
Indonesia Tahap II
Sukuk Mudharabah
10-Sep-18
Berkelanjutan I Nisbah 37.27%
SMBNII01CN2 10-Dec-18 PT Bank Mega AAA(idn)
5. Bank Maybank 700,000 13-Jun-16 10-Jun-19 3
IDJ000007604 10-Mar-19 Tbk. Stable
Indonesia Tahap II
Quarterly 10-Jun-19
Tahun 2016
Obligasi
11-Jul-18
BNII02ACN1 11-Oct-18 AAA(idn)
6. Bank Maybank 435,000 12-Jul-17 11-Jul-22 5 Mandiri
Indonesia Tahap I (Persero) Tbk.
Quarterly 11-Apr-19
Tahun 2017
Obligasi
11-Jul-18
BNII02BCN1 11-Oct-18 AAA(idn)
Quarterly 11-Apr-19
Tahun 2017
Obligasi
11-Jul-18
BNII02CCN1 11-Oct-18 AAA(idn)
IDA0000834C0 11-Jan-19 Stable
Quarterly 11-Apr-19
Tahun 2017
Sukuk Mudharabah
11-Jul-18
Berkelanjutan II Nisbah 43.17% PT Bank
SMBNII02CN1 11-Oct-18 AAA(idn)
IDJ000009303 11-Jan-19 Stable
Quarterly 11-Apr-19
Tahun 2017
Obligasi
15-Sep-18
BNII02CN2 15-Dec-18 AAA(idn)
10. Bank Maybank 645,500 16-Mar-18 15-Mar-23 5 Mandiri
Indonesia Tahap II (Persero) Tbk.
Quarterly 15-Jun-19
Tahun 2018

400 Corporate Bonds
TRADING HIGHLIGHT
BNII01SBCN1


100 28
75 21 Trading days 5 6 7 8 16 4
Turnover Ratio (%) 36.00 35.20 48.00 38.40 75.20 80.00
50 14 CTP Price - High 102.220 102.200 102.950 103.580 103.120 105.390
Date 21-Mar 13-Jun 27-Sep 06-Dec 05-Jan 17-May
25 7
CTP Price - Low 101.000 100.700 100.720 101.500 100.000 99.980
- - Date 09-Jan 10-May 27-Jul 30-Nov 02-Feb 18-May
IBPA Fair Yield (%) 8.4971 8.3563 7.6007 6.7159 6.4514 7.3507
Mod. Duration (yrs) 1.527 1.337 1.107 0.886 0.658 0.423
107 10.0
Convexity (yrs) 2.818 2.187 1.535 1.021 0.601 0.284
105 9.0 Sensitivity (%) 0.015 0.013 0.011 0.009 0.007 0.004
103 8.0 The series was first listed on 7 December 2011 and will be matured on 6 December 2018.
101 7.0
99 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNII01SBCN2 Listing Date Maturity Date
ISIN CODE : IDA000054704 Nov-12 Oct-19


180 32
135 24 Trading days 10 9 2 8 4 6
Turnover Ratio (%) 36.80 86.40 2.40 8.80 16.80 14.08
90 16 CTP Price - High 101.050 101.750 102.820 102.580 103.250 102.250
Date 13-Mar 09-Jun 18-Sep 08-Nov 24-Jan 25-May
45 8
CTP Price - Low 99.150 100.250 100.280 95.780 101.900 100.900
- - Date 16-Mar 05-Apr 14-Jul 23-Nov 19-Jan 06-Jun
IBPA Fair Yield (%) 8.9036 8.7578 7.8347 7.9394 7.1973 8.5274
Mod. Duration (yrs) 2.242 2.071 1.863 1.657 1.449 1.230
104 10.0
Convexity (yrs) 5.990 5.109 4.154 3.311 2.561 1.880
102 9.0 Sensitivity (%) 0.022 0.021 0.019 0.017 0.014 0.012
100 8.0 The series was first listed on 1 November 2012 and will be matured on 31 October 2019.
98 7.0
96 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 401
BNII02SBCN1


36 8
27 6 Trading days 3 1 - 1 - 2
Turnover Ratio (%) 6.40 1.07 - 0.53 - 10.67
Date 21-Feb 16-Jun N/A 27-Dec N/A 17-Apr
9 2
- - Date 09-Jan 16-Jun N/A 27-Dec N/A 07-May
IBPA Fair Yield (%) 9.3465 8.9071 8.3339 8.0284 8.2135 9.2701
Mod. Duration (yrs) 3.314 3.189 3.023 2.861 2.686 2.490
115 11.0
Convexity (yrs) 13.582 12.483 11.174 9.974 8.778 7.560
112 10.0 Sensitivity (%) 0.033 0.032 0.030 0.029 0.027 0.025
109 9.0 This series was traded in 7 trading days during the period of 2017 to Q2-2018. The total
106 8.0
observed through IDX Centralized Trading Platform (CTP), this series was traded at
103 7.0
premium which were 101.0000% at the lowest and 109.1700% at the highest.
100 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNII02SBCN2
ISIN CODE : IDA000073100 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23


8 4
6 3 Trading days - - 1 1 - 2
Turnover Ratio (%) - - 2.00 2.00 - 4.00
4 2 CTP Price - High N/A N/A 102.020 104.700 N/A -
Date N/A N/A 28-Aug 14-Dec N/A -
2 1
CTP Price - Low N/A N/A 102.000 104.680 N/A -
- - Date N/A N/A 28-Aug 14-Dec N/A -
IBPA Fair Yield (%) 9.1872 9.0404 8.6009 8.3754 8.7389 9.5854
Mod. Duration (yrs) 4.621 4.510 4.368 4.229 4.063 3.865
110 11.0
Convexity (yrs) 26.402 24.969 23.299 21.715 20.000 18.123
107 10.0 Sensitivity (%) 0.046 0.045 0.044 0.042 0.041 0.039
101 8.0
98 7.0
traded at premium which were 101.2500% at the lowest and 104.7000% at the highest.
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

402 Corporate Bonds
SMBNII01CN2
ISIN CODE : IDJ000007604 Jun-16 Jun-17 Jun-18 Jun-19


280 60
210 45 Trading days 2 4 5 9 4 18
Turnover Ratio (%) 2.00 16.86 9.71 17.14 32.00 186.51
140 30 CTP Price - High 98.400 102.000 101.320 102.490 103.160 101.650
Date 07-Feb 12-Jun 22-Sep 29-Nov 22-Feb 24-Apr
70 15
CTP Price - Low 98.400 100.150 100.000 100.000 101.000 100.100
- - Date 07-Feb 17-Apr 24-Aug 14-Nov 23-Mar 17-Apr
IBPA Fair Yield (%) 8.1773 7.5350 7.4552 6.9071 6.7611 7.5911
Mod. Duration (yrs) 1.979 1.797 1.567 1.352 1.130 0.901
105 10.0
Convexity (yrs) 4.612 3.814 2.937 2.219 1.587 1.050
103 9.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.011 0.009
8.15%. From the beginning of 2017 to the end of June 2018, the total trading volume for
99 7.0
prices for this series observed through CTP (Centralized Trading Platform) were 98.4000 at
97 6.0
the lowest and 100.1000 at the highest. IBPA valued the fair prices for this series were
97.9089 for the lowest and 102.1618 for the highest. At the same period, the fair yield for
95 5.0
this series was ranging from 6.6396% to 9.1196%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNII02ACN1
ISIN CODE : IDA0000834A4 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22


400 24
300 18 Trading days - - 7 5 16 4
Turnover Ratio (%) - - 450.57 55.17 17.29 276.97
Date N/A N/A 29-Sep 01-Nov 15-Feb 11-Apr
100 6
- - Date N/A N/A 28-Jul 27-Dec 08-Mar 21-Jun
IBPA Fair Yield (%) - - 7.4509 7.6725 7.8105 8.7594
Mod. Duration (yrs) - - 3.892 3.716 3.540 3.333
108 10.0
Convexity (yrs) - - 18.094 16.461 14.906 13.241
105 9.0 Sensitivity (%) - - 0.039 0.037 0.035 0.033
102 8.0 The series was first listed on 12 July 2017 and will be matured on 11 July 2022. The series
99 7.0
96 6.0
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 403
BNII02BCN1


280 8
210 6 Trading days - - 2 1 - -
Turnover Ratio (%) - - 460.67 12.67 - -
Date N/A N/A 07-Sep 08-Dec N/A N/A
70 2
- - Date N/A N/A 07-Sep 08-Dec N/A N/A
IBPA Fair Yield (%) - - 8.0588 7.8579 8.1285 8.9895
Mod. Duration (yrs) - - 5.050 4.921 4.762 4.550
105 10.0
Convexity (yrs) - - 31.686 29.918 27.950 25.617
103 9.0 Sensitivity (%) - - 0.051 0.049 0.048 0.046
99 7.0
97 6.0
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNII02CCN1


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - 8.4391 8.2532 8.5148 9.3739
Mod. Duration (yrs) - - 6.464 6.380 6.237 5.987
105 11.0
Convexity (yrs) - - 55.044 53.261 50.833 47.255
102 10.0 Sensitivity (%) - - 0.065 0.064 0.062 0.060
99 9.0 This series will mature on 11 July 2027, but during the period of 2017 to the first semester
2018, there was no transaction for the series. IBPA fair prices for this series was 93.2789%
96 8.0
93 7.0
90 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

404 Corporate Bonds
SMBNII02CN1 Listing Date Maturity Date
ISIN CODE : IDJ000009303 Jul-17 Jul-18 Jul-19 Jul-20


60 8
45 6 Trading days - - 3 - 1 1
Turnover Ratio (%) - - 76.69 - 1.50 3.01
Date N/A N/A 04-Aug N/A 16-Mar 14-May
15 2
- - Date N/A N/A 17-Jul N/A 16-Mar 14-May
IBPA Fair Yield (%) - - 7.6542 7.2899 7.3357 8.6413
Mod. Duration (yrs) - - 2.440 2.245 2.042 1.825
102 11.0
Convexity (yrs) - - 7.023 5.955 4.945 3.982
101 10.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
7.85%. From this series listed on July, 12th 2017, to the end of June 2018, the total trading
99 8.0
volume for the series was Rp51 billion and the total trading frequency was 11 times. The
market prices for this series observed through CTP (Centralized Trading Platform) were
98 7.0
100.0000 at the lowest and 100.7300 at the highest. IBPA valued the fair prices for this
series were 98.0014 for the lowest and 101.6474 for the highest. At the same period, the
97 6.0
fair yield for this series was ranging from 7.0176% to 8.8366%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNII02CN2


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - 7.0851 8.8194
Mod. Duration (yrs) - - - - 4.137 3.902
105 10.0
Convexity (yrs) - - - - 20.005 17.871
102 9.0 Sensitivity (%) - - - - 0.041 0.039
99 8.0 This series has been listed since 16 March 2018 and will be matured on 15 March 2023.
During the period of 2017 and the first semester 2018, there was no transaction at all.
96 7.0
IBPA valuated the fair price for this series were 91.7107 at the lowest and 100.8901% at
the highest.
93 6.0
90 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 405
BNII01SBCN1 45 44 60 48 39.4%
BNII01SBCN2 92 216 22 33.6%
BNII02SBCN1 24 2.0%
BNII02SBCN2 1.0%
SMBNII01CN2 30 30 11.4%
BNII02ACN1 490 60 126.4%
BNII02BCN1 346 118.3%
BNII02CCN1
SMBNII02CN1 51 19.2%
- 250 500 750 1,000 1,250 1,500

406 Corporate Bonds

PT Bank Maybank Indonesia Tbk., formerly known as No. Company Total Revenue Net Profit Revenue
Bank International Indonesia (BII) is one of the largest (Rp Bill) Margins (%) Growth (%)
Banks in Indonesia with a wide network of 406 1. PT Bank Maybank Indonesia Tbk. 14,803 12.6 (0.4)
branches, including sharia branches spread across 2. PT BPD Jawa Barat dan Banten Tbk. 11,488 10.5 7.6
Indonesia and two overseas branches in India and 3. PT Bank Permata Tbk. 11,198 6.7 (22.2)
Mauritius. In 2008, Malayan Banking Berhad 4. PT Bank Tabungan Pensiunan Nasional Tbk. 14,046 10.1 2.6
(Maybank) acquired BII through its subsidiaries, Bhd 5. PT Bank OCBC NISP Tbk. 11,037 19.7 8.2
and Sorak Financial Holdings Pte.Ltd. In 24 August Financial Statement as of Fiscal Year 2017
2015, BII Bank officially announced the Bank’s new
logo ‘Maybank Indonesia” that is in line with the Historical Corporate Ratings
Maybank Group corporate identity hence providing No. Rating Agency Rating Rating Status Rating Date Outlook
added value to the customers.
As of December 31, 2017, the bank’s shareholders 2. Pefindo idAAA Affirmed 20-Mar-17 Stable
3. Pefindo idAAA Affirmed 13-Apr-16 Stable
consisted of Sorak Financial Holdings Pte.Ltd.
(45.02%), Maybank Offshore Corporate Services Sdn.
Bhd. (36.96%), UBS AG London (18.13%), and public
(2.71%).
SWOT Analysis
- Strong support from Maybank - Moderate profitability
Group - Below average asset quality profile
- Strong market position
- Strong liquidity profile
Financial Analysis
Interest & sharia income fell slightly 0.41% in 2017 to
Rp14.80 trillion from Rp14.86 trillion. While interest
expense was down 4.47% from Rp7.43 trillion in 2016
to Rp7.10 trillion in 2017. The bank managed to O pportunities T hreats
increase net interest income slightly by 3.66% from
Rp7.43 trillion to Rp7.70 trillion. The positive growth - Rapid growth of Micro, Small, and - Trend of credit quality
of interest income was backed by increasing deposits Medium Enterprises (MSMEs) and deterioration
from customers by 1.98% to Rp121.29 trillion. The Sharia segments - Tight liquidity
bank lending expansion was moderate as shown by - The increased “Sovereign Credit - More intense competition
3.52% increase in net loans & sharia receivables to Rating” for Indonesia to investment
Rp111.81 trillion. Lending expansion was followed by grade by S&P and the application of
improving asset quality as shown by decreasing gross BI’s Foreign Currency Reserve
NPL from 2.82% to 2.23%. However, the bank fee Requirements
based income dropped 39.37% from Rp790 billion to
Rp479 billion. This made operating income decrease
3.28% to Rp2.50 trillion. As a result, net income fell
5.41% from Rp1.97 trillion to Rp1.86 trillion.

Corporate Bonds 407
idAAA
BNLI PT Bank Permata Tbk. Stable
Sector : Finance World Trade Center II Building
Sub Sector : Bank Jln. Jend. Sudirman Kav. 29-31
Website : www.permatabank.com Jakarta 12920
Corporate Sec. : Katharine Grace Phone : (021) 523-7788, 523-7899
Email Corporate Sec. : kgrace@permatabank.co.id Fax : (021) 523-7244
PermataBank was establihed through a FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
merger of 5 banks under the oversight of BALANCE SHEETS Dec-2016 Dec-2017 Chg %
IBRA (Indonesian Banking Restructuring
Cash on Hand 2,070,557 1,940,485 -6.28 q
Agency), namely PT Bank Bali Tbk., PT Bank Universal Tbk., PT Bank
Prima Express, PT Bank Artamedia, and PT Bank Patriot in 2002.
Marketable Securities 3,227,881 976,045 -69.76 q
In 2004, Standard Chartered Bank and PT Astra International Tbk. Loans 94,782,664 90,020,985 -5.02 q
took over PermataBank and started a major transformation of the
Investments 2,488,861 - -100.00 q
organization. Subsequently, as a manifestation of their commitment
to PermataBank, these major shareholders increased their joint Property, Plant and Equipment 2,554,424 2,460,534 -3.68 q
ownership to 89.01% in 2006 and continued to support PermataBank. Total Assets 165,527,512 148,328,370 -10.39 q
PT Astra International Tbk is a leading Indonesian company with Deposits 132,964,295 113,985,550 -14.27 q
extensive experinece in the domestic market, whilst Standard Fund Borrowings - 36,017 - p
Chartered Bank is a well-respected international bank with market Total Liabilities 146,237,906 126,817,628 -13.28 q
leading expertise and global experince. The unique combination of
Authorized Capital (Mil. Sh) 42,139 97,339 131.00 p
our strategic shareholders has created a synergy to become one of
our core strengths, one that is unique in the Indonesian banking Authorized Capital 5,600,000 12,500,000 123.21 p
industry. Paid up Capital 3,125,134 3,837,985 22.81 p
Paid up Capital (Mil. Sh) 22,340 28,043 25.53 p
Throughout its growth journey, PermataBank has the vision to be the
Par Value (Rp) 12,500 & 125 12,500 & 125 - 
bank of choice, nurturing relationships
Retained Earnings -1,981,321 -1,333,390 32.70 p
and creating value for its stakeholders; and PRICE (Partnership, Total Equity …*) 19,289,597 21,510,733 11.51 p
Responsiveness, Innovation, Caring, Exchellence), as the main value,
Non Controlling Interest 9 9 - 
which become PermataBank’s principle beliefs and guides the way for
PermataBankers to work and behave. Total Equity 19,289,606 21,510,742 11.51 p
At the moment, PermataBank has grown as a leading private bank

INCOME STATEMENTS
which offers inovative and comprehensive products and services.
Total Interest Income 14,398,570 11,198,146 -22.23 q
PermataBank is confident in living up to its commitment to offer the
most innovative banking solutions supported with excellent service Interest Expenses 8,515,129 5,973,920 -29.84 q
quality that best meet the needs of all PermataBank customers.. Other Operating Revenue 2,268,779 3,355,959 47.92 p
Other Operating Expenses 4,578,598 4,501,955 -1.67 q
BOARD OF COMMISSIONERS Income from Operations -8,634,034 951,132 N/A p
1. Sebastian Ramon Arcuri Non-Operating Revenues - - - 
2. David Allen Worth * Earning Before Tax -8,634,034 951,132 N/A p
3. Haryanto Sahari * Income for the periods -6,483,084 748,433 N/A p
4. Ian Charles Anderson Comprehensive Income -6,518,768 725,686 N/A p
5. Mark Spencer Greenberg Net Income … *) -6,483,084 748,433 N/A p
6. Rahmat Waluyanto *
7. Suparno Djasmin FINANCIAL RATIOS
8. Zulkifli Zaini * DER (X) 7.58 5.90 -22.23 q
*) Independent Commissioner ROA (%) -3.92 0.50 N/A p
NPM (%) -45.03 6.68 N/A p
BOARD OF DIRECTORS EBITDA Coverage (X) -59.96 8.49 N/A p
1. Ridha DM. Wirakusumah *) … attributable to owners of the parent entity
2. Abdy Dharma Salimin
3. Achmad Kusna Permana SHAREHOLDERS
4. Darwin Wibowo 1. Standard Chartered Bank 44.56%
5. Dhien Tjahajani 2. PT Astra International Tbk. 44.56%
6. Indri Koesindrijastoeti Hidayat 3. Public 10.88%
7. Isdar Andre Marwan
8. Julian Loong Choon Fong AUDIT COMMITTEE
9. Lea Setianti Kusumawijaya 1. David Allen Worth
10. Loh Tee Boon 2. Adi Pranoto Leman
3. Handy Effendy Halim
4. Haryanto Sahari

408 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi
15-Sep-18
Subordinasi 8.90%
BNLI01SBCN1 15-Dec-18 PT Bank CIMB idAA+
1. Berkelanjutan I 700,000 18-Jun-12 15-Jun-19 7
IDA000052609 15-Mar-19 Niaga Tbk. Stable
Bank Permata
Quarterly 15-Jun-19
Tahap I Tahun 2012
Obligasi
20-Sep-18
Subordinasi 9.40%
2. Berkelanjutan I 1,800,000 20-Dec-12 20-Dec-19 7
Bank Permata
Quarterly 20-Jun-19
Tahap II Tahun
Obligasi
24-Sep-18
Subordinasi 12.00%
3. Berkelanjutan II 860,000 27-Dec-13 24-Dec-20 7
Bank Permata
Quarterly 24-Jun-19
Tahap I Tahun 2013
Obligasi
24-Jul-18
Subordinasi 11.75%
BNLI02SBCN2 24-Oct-18 PT Bank CIMB idAA
4. Berkelanjutan II 700,000 27-Oct-14 24-Oct-21 7
IDA000065106 24-Jan-19 Niaga Tbk. Stable
Bank Permata
Quarterly 24-Apr-19
Tahap II Tahun
TRADING HIGHLIGHT
BNLI01SBCN1


200 36
150 27 Trading days 6 4 11 12 9 17
Turnover Ratio (%) 84.11 24.57 105.89 83.83 63.43 131.77
100 18 CTP Price - High 100.600 101.720 101.620 102.140 103.000 103.000
Date 01-Feb 12-May 23-Aug 29-Dec 05-Mar 21-Jun
50 9
CTP Price - Low 99.150 99.950 99.250 100.600 100.000 99.980
- - Date 01-Feb 15-Jun 15-Aug 09-Oct 17-Jan 05-Jun
IBPA Fair Yield (%) 8.5890 8.1936 8.2654 7.3473 6.7922 7.1128
Mod. Duration (yrs) 1.978 1.796 1.569 1.358 1.139 0.914
104 10.0
Convexity (yrs) 4.617 3.822 2.950 2.241 1.614 1.076
103 9.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.011 0.009
101 7.0
100 6.0
99 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 409
BNLI01SBCN2 Listing Date Maturity Date


1040 120
780 90 Trading days 21 11 4 14 7 10
Turnover Ratio (%) 276.44 167.33 3.56 21.87 18.09 44.44
520 60 CTP Price - High 102.040 101.670 101.200 103.160 104.150 103.198
Date 05-Jan 12-Jun 21-Aug 19-Dec 18-Jan 20-Apr
260 30
CTP Price - Low 99.000 100.400 100.000 100.000 100.000 101.500
- - Date 07-Feb 13-Jun 27-Jul 26-Oct 22-Feb 11-Apr
IBPA Fair Yield (%) 8.9445 8.8485 7.8299 7.6468 7.4192 8.1159
Mod. Duration (yrs) 2.371 2.199 1.991 1.787 1.579 1.361
106 11.0
Convexity (yrs) 6.617 5.689 4.682 3.795 2.989 2.253
104 10.0 Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
Q2-2018. The total trading volume was Rp2.39 trillion during the period. The IBPA fair
100 8.0
98 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNLI02SBCN1


28 12
21 9 Trading days 1 1 - 3 2 4
Turnover Ratio (%) 1.86 9.30 - 13.95 6.51 5.58
14 6 CTP Price - High 109.270 108.550 N/A 104.820 111.756 108.840
Date 24-Mar 09-Jun N/A 26-Oct 25-Jan 31-May
7 3
CTP Price - Low 109.250 108.050 N/A 100.000 110.000 107.450
- - Date 24-Mar 09-Jun N/A 24-Oct 26-Jan 20-Jun
IBPA Fair Yield (%) 9.0267 8.6137 8.0375 7.7049 7.7484 8.9076
Mod. Duration (yrs) 3.021 2.806 2.702 2.528 2.344 2.144
113 11.0
Convexity (yrs) 10.994 9.683 8.720 7.617 6.548 5.487
110 10.0 Sensitivity (%) 0.030 0.028 0.027 0.025 0.023 0.021
Q2-2018. The total trading volume was Rp80 billion during the period. The IBPA fair
104 8.0
101 7.0
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

410 Corporate Bonds
BNLI02SBCN2


260 20
195 15 Trading days 1 1 5 4 2 1
Turnover Ratio (%) 5.71 1.71 90.86 180.57 28.57 45.71
130 10 CTP Price - High 104.320 108.570 111.150 111.140 112.250 110.450
65 5
CTP Price - Low 104.300 108.550 107.975 109.500 111.500 110.270
- - Date 24-Mar 19-Jun 02-Aug 17-Nov 05-Feb 18-Apr
IBPA Fair Yield (%) 9.0196 8.9347 8.6732 8.0884 8.3107 9.3143
Mod. Duration (yrs) 3.501 3.372 3.205 3.056 2.885 2.692
113 11.0
Convexity (yrs) 15.182 13.996 12.605 11.400 10.141 8.840
111 10.0 Sensitivity (%) 0.035 0.034 0.032 0.031 0.029 0.027
Q2-2018. The total trading volume was Rp618 billion during the period. The IBPA fair
107 8.0
105 7.0
103 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNLI01SBCN1 147 43 185 147 74.6%
BNLI01SBCN2 1,244 753 16 98 117.3%
BNLI02SBCN1 30 6.3%
BNLI02SBCN2 3 159 316 69.7%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200

Corporate Bonds 411

PT Bank Permata Tbk. was established through a No. Company Total Revenue Net Profit Revenue
merger of five banks under the oversight of IBRA (Rp Bill) Margins (%) Growth (%)
(Indonesian Banking Restructuring Agency), namely 1. PT Bank Maybank Indonesia Tbk. 14,803 12.6 (0.4)
PT Bank Bali Tbk., PT Bank Universal Tbk., PT Bank 2. PT BPD Jawa Barat dan Banten Tbk. 11,488 10.5 7.6
Prima Express, PT Bank Artamedia, and PT Bank 3. PT Bank Permata Tbk. 11,198 6.7 (22.2)
Patriot in 2002. 4. PT Bank Tabungan Pensiunan Nasional Tbk. 14,046 10.1 2.6
5. PT Bank OCBC NISP Tbk. 11,037 19.7 8.2
Bank Permata products are categorized into liabilities, Financial Statement as of Fiscal Year 2017
asset, credit card and bancassurance, sharia banking
and commercial banking, and its services are Historical Corporate Ratings
categorized into e-channels, preferred banking, No. Rating Agency Rating Rating Status Rating Date Outlook
wealth management, cash management, securities
and agency services. 1. Pefindo idAAA Affirmed 4-Sep-17 Stable
2. Pefindo idAAA Affirmed 5-Sep-16 Stable
3. Pefindo idAAA Affirmed 4-Sep-15 Stable
At the end of 2017, the Bank supported by 327
4. Fitch Ratings AAA(idn) Affirmed 29-Sep-17 Stable
branch offices in 62 cities in Indonesia with more than
5. Fitch Ratings AAA(idn) Affirmed 3-Oct-16 Stable
100,000 ATM access conected with ATM Prima, ATM
Bersama, ALTO, CIRRUS, VISA and Master Card.
SWOT Analysis
As of 2017, the ownerships profile of Bank Permata
consisted of PT Astra International Tbk. (44.56%), S trengths W eaknesses
Standard Chartered Bank (44.56%), and Public
-Strong support by major -Below average asset quality
(10.88%).
shareholders (Standard -Below average profitability
Chartered Bank and Astra measures
International)
-Comprehensive distribution
network
-Strong market position especially in
corporate funding.
Financial Analysis
Total assets decreased 10.39% from Rp165.53 trillion
in 2016 to Rp148.33 trillion in 2017. This was driven
by decreasing total net loans distributed and sharia
receivables by 10.00% from Rp126.31 trillion to O pportunities T hreats
Rp113.68 trillion. This was in line to decreasing
interest & sharia income by 22.23% to Rp11.20 -Deepening opportunities through -Tightened liquidity due to
trillion. At the same time, interest and sharia expenses Astra Synergy tightening financial condition
dropped 29.84% to Rp5.97 trillion from Rp8.52 -Growing commercial and SME -Uncertainty global economic
trillion. However, the bank managed to increase other segments growth
operating income dramatically from Rp138.71 billion
to Rp1.59 trillion. That was driven by gain on sale of
loans that resulted in Rp1.31 trillion of income in
2017. The bank also managed to bring down its
operating cost by 54.55% from Rp16.79 trillion to
Rp7.63 trillion. As result, the bank successfully a net
profit of Rp748.43 billion in 2017.

412 Corporate Bonds
idA
BNTT PT Bank Pembangunan Daerah Nusa Tenggara Timur Stable
Sector : Finance Jln. W.J. Lalamentik 102
Sub Sector : Bank Kota Kupang
Website : www.bankntt.co.id Nusa Tenggara Timur
Corporate Sec. : Yunus Fredrik Tuwan Phone : (0380) 840-555
Email Corporate Sec. : corsec@bpdntt.co.id Fax : (0380) 840-567
BPD Nusa Tenggara Timur started to operate its FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
activity as the bank at July 17th, 1962 pursuant to BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Minister of Finance and Central Bank Decree No.
Cash on Hand 222,895 417,558 87.33 p
BUM 9-13/II dated February 5th, 1962 regarding
Placements with Other Banks 774,365 607,510 -21.55 q
Business License Approval to PT Bank
Pembangunan Daerah Nusa Tenggara Timur Marketable Securities 569,182 583,238 2.47 p
with the business place location in Kupang, Capital of East Nusa Loans 7,169,864 7,836,411 9.30 p
Tenggara Province. Investments - - - 
VISSION "to be Sound, Strong and Trusted Bank" Property, Plant and Equipment 133,392 141,963 6.43 p
MISSION: Total Assets 9,597,927 10,379,174 8.14 p
1. Economy Development pioneer. Deposits 7,493,071 7,756,662 3.52 p
2. Exploring regional potential source to be productively optimized Fund Borrowings 29,534 370,250 1,153.64 p
for NTT society welfare.
3. Increasing Local Revenue resources
4. Optimizing Bank intermediary function. Authorized Capital (Mil. Sh) 400 400 - 
Motto: "Serve more truly"
Paid up Capital 1,081,098 1,211,598 12.07 p
Currently, Bank NTT is continuosly indicating excellent perfomance in
Indonesian banking industry. Throughout 2013, the Company Paid up Capital (Mil. Sh) 108 121 12.07 p
recorded several key achievement both on the business as well as Par Value (Rp) 10,000 10,000 - 
operational aspects. In June 2011, the Company issued bonds Retained Earnings 523,778 565,400 Pastikan
7.95 Link
p Grafik sudah bena
amounting to Rp500 billion with fixed interest rate that will be posted Total Equity …*) 1,668,985 1,809,460 8.42 p
as long-term financing source regarding the Company's expansion Non Controlling Interest - - - 
plan. Afterwards, Bank NTT also succeeds in achieving Best Bank
Total Equity 1,668,985 1,809,460 8.42 p
predicete on Asset below Rp10 trillion category from Investor
magazine. Besides perfomance achievement, Bank NTT also
established partnership with various parties to enhance Company's INCOME STATEMENTS
service to the customers. The partnerships held by Bank NTT in 2013 Total Interest Income 1,256,441 1,276,716 1.61 p
such as APEX Bank towards Regional Champion Cooperation and Interest Expenses 300,395 320,465 6.68 p
Bank NTT & Jamsostek for Public Service Empowerment Partnership. Other Operating Revenue 41,540 54,520 31.25 p
Since Desember 21st, 2010, the Goverment launched a program for Other Operating Expenses 679,181 667,441 -1.73 q
Indonesian Regional Bank which is acknowledge as BPD Regional Income from Operations 318,405 343,359 7.84 p
Champion, which refers to a transformation program for Regional
Non-Operating Revenues 3,522 -1,721 N/A q
Bank in Indonesia to be a regional bank to provide positive
contribution on economic development of each region. BPD Regional Earning Before Tax 321,927 341,638 6.12 p
Champion has 3 pillars, Pillar-1: Institutional Resilience, Pillar-2: Income for the periods 233,844 246,236 5.30 p
Capacity of agent of regional economy development and Pillar-3: Comprehensive Income 233,245 228,089 -2.21 q
Ability of serving the customers demand. All of three pillars are Net Income … *) 233,844 246,236 5.30 p
developed upon 2 foundations which are risk management and good
corporate governance. For Bank NTT, Regional Champion program is
FINANCIAL RATIOS
a useful method to accelerate vision achievement as sound, strong
and trusted bank, and the mission as pioneer of public economy DER (X) 4.75 4.74 -0.31 q
engine, exploring regional source potential to bring welfare fo NTT's ROA (%) 2.44 2.37 -2.63 q
society, increase regional revenue and improve intermediary function. NPM (%) 18.61 19.29 3.63 p
As a company which is operated on financial service, Bank NTT in EBITDA Coverage (X) 25.34 26.89 6.12 p
carrying and developing its business activity always faces higher risk *) … attributable to owners of the parent entity
and business challenge. Within every fiscal year, Bank NTT continues
to improve and refine business activity, and the effort has indicated
SHAREHOLDERS
several improvements which is reflected from increasing working
profesionalism that increase business productivity.
1. Regencies and Cities of East Nusa Tenggara (Class A) 66.50%
2. Province of East Nusa Tenggara (Class A) 33.44%
3. Charles Amos Corputty (Class B) 0.03%
BOARD OF COMMISSIONERS BOARD OF DIRECTORS 4. Luther Oktovianus Wila Huky (Class B) 0.02%
1. Fransiskus Salem 1. Eduardus Bria Seran 5. Johan Christian Tallo (Class B) 0.01%
2. Petrus Elias Jemadu * 2. Absalom Sine
*) Independent Commissioner 3. Adrianus Ceme AUDIT COMMITTEE
4. Tomy Jeferson Ndolu 1. Petrus Elias Jemadu 3. Yosep Dasi Jawa
2. Dencik Syamsurizal

Corporate Bonds 413
AS OF JUNE 2018
Coupon Coupon
08-Jul-18
PT Bank
BNTT01D Obligasi I Bank NTT 11.50% - idA
1. 135,000 11-Jul-11 08-Jul-18 7 Mandiri
IDA0000492D5 Tahun 2011 Seri D - Stable
(Persero) Tbk.
Quarterly -
TRADING HIGHLIGHT
BNTT01D
ISIN CODE : IDA0000492D5 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 9.2317 8.9089 8.2945 7.7090 7.2815 7.2834
Mod. Duration (yrs) 1.144 0.954 0.720 0.495 0.263 0.025
104 11.0
Convexity (yrs) 1.666 1.187 0.715 0.374 0.136 0.007
103 10.0 Sensitivity (%) 0.011 0.010 0.007 0.005 0.003 0.000
102 9.0 This series has been listed since 11 July 2011 and will be matured on 8 July 2018. During
the period of 2017 and the first semester 2018, there was no transaction at all. IBPA
101 8.0
valuated the fair price for this series were 100.1058% at the lowest and 102.8518% at the
highest.
100 7.0
99 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BNTT01D
- 20 40 60 80 100 120 140

414 Corporate Bonds
BPD Nusa Tenggara Timur was established in 1962. No. Company Total Revenue Net Profit Revenue
The Bank engages in consumer banking, SME banking, (Rp Bill) Margins (%) Growth (%)
commercial and corporate banking, treasury banking, 1. PT Bank Woori Saudara Indonesia 1906 Tbk. 1,990 22.0 12.2
and a wide range of technology based products such 2. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) 1,928 15.0 8.8
as payroll services, Cash Deposit Machine (CDM), BPD 3. PT Bank Mandiri Taspen 1,297 12.3 131.3
net online, etc with most service being directed to the 4. PT Bank Pembangunan Daerah Nusa Tenggara Timur 1,277 19.3 1.6
government of East Nusa Tenggara (Nusa Tenggara 5. PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat 2,006 26.9 5.5
Timur) and its employees. Financial Statement as of Fiscal Year 2017
As of Dec 2017, the East Nusa Tenggara province Historical Corporate Ratings
government became the majority shareholder with
32.44% ownership then followed by Kupang regent
government as the second largest shareholder that 1. Pefindo idA Affirmed 10-Apr-18 Stable
owns 6.77% stakes, while the rest of stakes is owned 2. Pefindo idA Affirmed 11-Apr-17 Stable
by other East Nusa Tenggara municipal government. 3. Pefindo idA Upgraded* 7-Apr-16 Stable
SWOT Analysis
-Strong support from provincial -Insufficient human capital
government -Limited brand awareness
-Strong customer loyalty -Pressure in asset quality
-Strong capitalization
Financial Analysis
Bank NTT recorded an increase in interest income by
1.61% from Rp1.26 trillion in 2016 to Rp1.28 trillion in
2017. The higher interest income was in line with the
bank’s modest third party loan growth by 9.30% from
Deposit from customers rose by 3.20% to Rp7.01 - Government programs and fiscal - Pressure on liquidity and capital
trillion in 2017. However, interest expense increased by stimulus for provincial and villages requirement
6.68% to Rp320.47 billion. The bank's quality of assets development - Decreasing consumption and
dropped as reflected by increasing net Non - Prospects from municipality purchasing power
Performing Loan (NPL) from 0.77% in 2016 to 1.37% in government spending and projects - Higher competition pressure
2017. As a result, bank NTT recorded a decrease in Net - Prospect to increase fee based
Interest Margin (NIM) from 9.73% to 9.51%. income
*The upgrade was due to the bank’s continuously improving capitalization and profitability
profiles.

Corporate Bonds 415
idBBB
BPFI PT Batavia Prosperindo Finance Tbk. Stable
Sector : Finance Plaza Chase 15th Fl.
Sub Sector : Financial Institution Jln. Jend. Sudirman Kav. 21
Website : www.bpfi.co.id Jakarta 12920
Corporate Sec. : Indah Mulyawan Phone : (021) 520-0434
Email Corporate Sec. : indah@bpfi.co.id; indah.mulyawan@gmail.com Fax : (021) 520-9160
PT Batavia Prosperindo Finance Tbk. (BPF FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
or the Company), established in 1994, is a BALANCE SHEETS Dec-2016 Dec-2017 Chg %
m ul t if in an ce co mpan y h o ld in g th e
operating license for financial leasing,
receivable factoring, credit cards and cosumer financing.
Consumer Financing Receivables 610,434 1,157,589 89.63 p
The company initialy ventured in the consumer financing business for Property, Plant and Equipment 61,941 91,049 46.99 p
used passenger and commercial auto vehicles. In early 2012 BPF
Total Assets 1,037,602 1,571,343 51.44 p
expanded the scope of its business into heavy equipments financial
leasing, which included new and used equipments mainly in the Fund Borrowings 316,840 448,064 41.42 p
mining, infrastructure, plantation and rental sectors. Total Liabilities 533,797 949,598 77.90 p
Authorized Capital (Mil. Sh) 2,200.0 2,200.0 - 
BPF, together with its parent company, acquired an insurance
company, which was subsequently named PT Malacca Trust
Wuwungan Insurance, in 2011. Paid up Capital 136,063 158,259 16.31 p
Paid up Capital (Mil. Sh) 1,360.6 1,582.6 16.31 p
The company has held an initial public offering and PT Batavia
Par Value (Rp) 100 100 - 
Prosperindo Finance Tbk. has been officially listed as a public
company on the Indonesian Stock Exchange since June 2009, where
the company stock is traded as BPFI. Total Equity …*) 503,805 621,745 23.41 p
In mid-2013, and for the first time, the Company issued a corporate
Total Equity 503,805 621,745 23.41 p
bond named Obligasi Batavia Prosperindo Finance I, with a BBB
rating, which was listed in the Indonesian Stock Exchange in July 4,
2013. This fixed interest rate bond placed a total of Rp300 bilion in 3 INCOME STATEMENTS
tranches. Total Revenues 258,400 352,044 36.24 p
Expenses 216,659 292,857 35.17 p
Subsequently in June 28, 2016, the Company issued another
corporate bond named Obligasi Berkelanjutan I Batavia Prosperindo Interest Expenses 58,742 91,814 56.30 p
Finance Tahap I Tahun 2016, also with with a BBB rating. This fixed Earning Before Tax 44,129 62,194 40.94 p
interest rate bond placed a total of Rp200 bilion in 2 tranches. EBITDA 108,765 161,073 48.09 p
In 2017 the strategic steps deployed were as follows, (1) Issuance of
sustainable bonds phase II amounting IDR 300 Billion in may 2017. Comprehensive Income 34,588 37,316 7.89 p
This sustainable bonds was the secondor last phase, which the first Net Income … *) 33,913 48,979 44.43 p
phase issued in 2016 in amount idr 200 Billion. (2) Asset and liabilities
acquisition of PT Magna Finance Tbk in April 2017. FINANCIAL RATIOS
By the end of 2017 BPF Acquired 18 additional branch offices DER (X) 1.06 1.53 44.15 p
throughout Indonesia. BPF currently has 1 head office, 71 branch ROA (%) 3.27 3.12 -4.63 q
offices and representative offices throughout Indonesia, grouped NPM (%) 13.12 13.91 6.01 p
into 6 regions, namely:
 Western Java and Western Kalimantan
 Eastern Java, Bali and West Nusa Tenggara
 Northen Sumatra
 Southern Sumatra SHAREHOLDERS
 Eastern Kalimantan 1. PT Batavia Prosperindo Makmur 37.95%
 Sulawesi 2. PT Batavia Prosperindo Internasional 33.88%
3. Public (<5%) 22.55%
BOARD OF COMMISSIONERS 4. UOB Kay Hian Pte., Ltd. 5.62%
1. Irena Istary Iskandar
2. Christopher Joseph Clower AUDIT COMMITTEE
3. Desti Liliati * 1. Desti Liliati
*) Independent Commissioner 2. Emanuel Handoyo Pranadjaja
3. Jimmy Cakranegara
BOARD OF DIRECTORS
1. Markus Dinarto Pranoto
2. Hady Sutiono
3. Indah Mulyawan
4. Jasin Hermawan

416 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi
05-Aug-18
BPFI01CN2 05-Nov-18 PT Bank Mega idBBB
1. Batavia Prosperindo 300,000 08-May-17 05-May-20 36
IDA000080303 05-Feb-19 Tbk. Stable
Finance Tahap II
Quarterly 05-May-19
Tahun 2017
Obligasi
25-Sep-18
BPFI02CN1 25-Dec-18 PT Bank Mega idBBB
2. Batavia Prosperindo 300,000 26-Jun-18 25-Jun-21 3
Finance Tahap I
Quarterly 25-Jun-19
Tahun 2018
TRADING HIGHLIGHT
BPFI01CN2
ISIN CODE : IDA000080303 May-17 May-18 May-19 May-20


340 4
255 3 Trading days - 1 - - - -
Turnover Ratio (%) - 549.33 - - - -
Date N/A 21-Jun N/A N/A N/A N/A
85 1
- - Date N/A 21-Jun N/A N/A N/A N/A
IBPA Fair Yield (%) - 11.5408 10.9280 10.4920 10.2819 11.5593
Mod. Duration (yrs) - 2.390 2.200 2.018 1.828 1.624
102 13.0
Convexity (yrs) - 6.893 5.843 4.919 4.049 3.215
101 12.0 Sensitivity (%) - 0.024 0.022 0.020 0.018 0.016
100 11.0 The series was first listed on 8 May 2017 and will be matured on 5 May 2020. The series
99 10.0
98 9.0
97 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 417
BPFI02CN1 Listing Date Maturity Date
ISIN CODE : IDA000091003 Jun-18 Jun-19 Jun-20 Jun-21


4 4
3 3 Trading days - - - - - -
1 1
Last Date - - - - - -
102 13.0
Convexity (yrs) - - - - - 7.509
101 12.0 Sensitivity (%) - - - - - 0.025
100 11.0 The series was first listed on 26 June 2018 and will be matured on 25 June 2021. The
99 10.0
98 9.0
97 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BPFI01CN2 137.3%
- 50 100 150 200 250 300 350 400 450

418 Corporate Bonds

PT Batavia Prosperindo Finance Tbk. (BPFI), was No. Company Total Revenue Net Profit Revenue
established in 1994 and commenced operation with (Rp Bill) Margins (%) Growth (%)
the operating license for financial leasing, receivable 1. PT Indonesia Infrastucture Finance 645 (12.7) 18.6
factoring, credit cards and consumer financing. BPFI 2. PT Surya Artha Nusantara Finance 626 5.9 0.7
then joined Batavia Prosperindo Group in 2004 and 3. PT Chandra Sakti Utama Leasing 505 14.5 24.5
changed its name to PT Batavia Prosperindo Finance 4. PT Batavia Prosperindo Finance Tbk. 352 13.9 36.2
in 2007. Together with its holding company, BPFI
acquired an insurance company PT Malacca Trust Financial Statement as of Fiscal Year 2017
Wuwungan Insurance in 2011. In the following year,
BPFI began exploring the heavy equipment financing Historical Corporate Ratings
business segment, particularly relating to mining, No. Rating Agency Rating Rating Status Rating Date Outlook
infrastructure, plantation and rental sectors.
By the end of 2017, BPFI’s network has expanded into 2. Pefindo idBBB Affirmed 13-Mar-18 Stable
3. Pefindo idBBB Affirmed 14-Mar-17 Stable
71 branches and representative offices in 12 regions
4. Pefindo idBBB Affirmed 22-Mar-16 Stable
throughout Indonesia. In this year, BPFI issued the
second phase of sustainable bonds amounted to IDR
300billion of the total bonds value of IDR 500billion.
SWOT Analysis
As of 2017, PT Batavia Prosperindo Makmur became
the majority shareholder of BPFI with 36.05% S trengths W eaknesses
ownership. Other shareholdings consisted of: PT
- Established presence in the used - Below average asset quality
Batavia Prosperindo Internasional (35.81%), UOB Kay
car segment - Low operating efficiency
Hian Pte Ltd (11.96%), and public (16.18%).
- Strong capitalization - Pressure on growth
Financial Analysis
In 2017, BPFI recorded Rp352.04 billion in total
revenues. This was 36.24% higher than revenues in
2016 that reached Rp258.40 billion. The increasing
total revenue was supported by the increasing O pportunities T hreats
income from consumer financing by 52.25% to
Rp201.65 billion and increasing income from - Continued its business - Tight competition within the
administration fees by 16.12% to Rp98.08 billion. That diversification strategy by industry
increase in line with the increase in total units of conducting an exploration in the - Difficult business environment
vehicle financed. In this year, BPFI posted Rp292.86 property financing sector
billion in total expense or 35.17% higher than in 2016 - Plans to take over of BPFI
that reached Rp216.66 billion. Thus, because the subsidiaries (MTFI) to achieve the
increase in revenues was greater than its expenses, financing growth target
BPFI managed to record an increase in net income for
the year from Rp33.91 billion in 2016 to Rp48.98
billion in 2017 (+44.43%). As of December 2017, BPFI
recorded Rp1.57 trillion assets, grew by 51.44% from
the previous year. This was mainly driven by the
increase in factoring receivables by 92.90% from
Rp594.89 billion to Rp1.15 trillion in 2017. At the end
of 2017, BPFI NPL ratio stable at 1.5%.

Corporate Bonds 419
idAA+
BRIS PT Bank BRISyariah Stable
Sector : Finance Jln. Abdul Muis No.2-4
Sub Sector : Bank Jakarta Pusat 10160
Website : www.brisyariah.co.id
Corporate Sec. : Indriati Tri Handayani Phone : (021) 345-0226, 0227
Email Corporate Sec. : indriati.handayani@brisyariah.co.id Fax : (021) 351-8812, 344-1904
BRIsyariah is a modern retail Islamic bank FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
which is a subsidiary of the largest state- BALANCE SHEETS Dec-2016 Dec-2017 Chg %
owned bank in Indonesia, PT Bank Rakyat Indonesia (Persero) Tbk.
Cash on Hand 318,105 347,997 9.40 
(“BRI”). Since its present on November 17, 2008, as part of the desire
of BRI Group to deliver comprehensive banking services to the
Indonesian people. As one of subsidiary of BRI, BRIsyariah is the Marketable Securities 4,706,065 7,411,068 57.48 
largest in terms of its total asset among the other subsidiaries. With Loans 17,542,968 18,421,319 5.01 
total assets of Rp36,1 trillion (1H’18) and a team of diverse and highly Investments 4,706,065 7,411,068 57.48 
engaged employees, BRIsyariah provides a broad range of sharia Property, Plant and Equipment 140,816 177,935 26.36 
banking services to more than 2,5 million customers throughout
Total Assets 27,687,188 31,543,384 13.93 
Indonesia, BRIsyariah is the 4th largest sharia bank in Indonesia as
Deposits 6,279,040 6,533,329 4.05 
measured by assets which comes with a vision to become a leading
modern retail bank with a variety of financial services to suit the needs Fund Borrowings 100,000 - -100.00 
of customers with the easiest reach to provide trustworthy financial Total Liabilities 8,464,428 9,100,455 7.51 
solutions. Authorized Capital (Mil. Sh) 10,000 10,000 - 
BRIsyariah is the Islamic subsidiary of PT Bank Rakyat Indonesia
(Persero) Tbk. – or BRI and with strong support from Parent Company. Paid up Capital 1,979,000 1,979,000 - 
BRIsyariah has developed more than 1,100 Sharia Service Offices (KLS) Paid up Capital (Mil. Sh) 3,958 3,958 - 
throughout BRI network offices covered in 34 provinces in addition to Par Value (Rp) 500 500 - 
272 BRIsyariah physical network. BRIsyariah also leverage on its Retained Earnings 493,421 577,491 17.04 
parent’s strong network by capitalizing on the SOE financing from BRI.
Total Equity …*) 2,510,014 2,602,841 3.70 
BRIsyariah successfully done The Initial Public Offering (IPO) and listed Non Controlling Interest - - - 
on Indonesia Stock Exchange on May 9, 2018 and was also the third Total Equity 2,510,014 2,602,841 3.70 
Public Sharia Commercial Bank. BRIsyariah first tapped Islamic Capital
Market in 2016 by issuance of Subordinated Sukuk Mudharabah.
INCOME STATEMENTS
Furthermore, BRIsyariah is the first Sharia Bank set to disburse in
people’s business financing (Kredit Usaha Rakyat) as well as one of Total Interest Income 2,634,201 2,816,524 6.92 
the largest disburse of subsidize mortgage (FLPP). Interest Expenses 1,035,501 1,193,918 15.30 
Other Operating Revenue 127,967 149,003 16.44 
As part of its vision to become a prominent modern retail Bank in
Other Operating Expenses 1,168,424 1,178,743 0.88 
Indonesia and with strong liquidity after the utilize of proceed from
Sukuk Mudharabah and IPO, BRIsyariah are expanding the financing Income from Operations 239,232 139,494 -41.69 
business by focusing on Retail Consumer and Retail Micro with Non-Operating Revenues -623 11,463 N/A 
financing book stood at 65% from financing structure. With sizeable Earning Before Tax 238,609 150,957 -36.73 
SME and Commercial portion to leverage the asset. Despite ATM’s Income for the periods 170,209 101,091 -40.61 
card may be used in ATM Bersama and Prima, BRIsyariah has using
Comprehensive Income 170,202 92,827 -45.46 
BRI extensive ATM network with less administration fee and the only
Net Income … *) 170,209 101,091 -40.61 
Sharia Bank jointly with Himbara/Link ATMs.
Welcoming the digital banking era, BRIsyariah has developed BRIS

FINANCIAL RATIOS
Online service as a one stop digital service that can be easily accessed
DER (X) 3.37 3.50 3.68 
by customers for their daily needs via the gadgets. With BRIS Online
application, customers can make transfers and payment of various ROA (%) 0.61 0.32 -47.87 
bills, purchasing the tickets or payments, credit top-ups, electricity NPM (%) 6.46 3.59 -44.45 
tokens, Go-Pay, Tokopedia, etc. IT development continues to be EBITDA Coverage (X) 9.08 4.95 -45.47 
carried out to provide increasingly quality services to its customers. *) … attributable to owners of the parent entity

1. Hermanto Siregar 1. Moch. Hadi Santoso 1. PT Bank Rakyat Indonesia (Persero) Tbk. 100.00%
2. Eko Suwardi 2. Agus Katon Eko S 2. Yayasan Kesejahteraan Pekerja BRI 0.00%
3. Fahmi Subandi 3. Kokok Alun Akbar 3. #N/A
4. Komaruddin Hidayat 4. Widodo Januarso W.
*) Independent Commissioner 5. Wildan AUDIT COMMITTEE
1. Komaruddin Hidayat 4. Irdam Halim
2. Eko B Suharno 5. Ismir Kamili
3. Hermanto Siregar 6. Widuri Meintari Kusumawati

420 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Sukuk Mudharabah 16-Aug-18 PT Bank

SMBRIS01SB Subordinasi I Bank Nisbah 80.2013% 16-Nov-18 Negara A+(idn)
1. 1,000,000 17-Nov-16 16-Nov-23 7
IDJ000008206 BRISyariah Tahun 16-Feb-19 Indonesia Stable
2016 Quarterly 16-May-19 (Persero) Tbk.
TRADING HIGHLIGHT
SMBRIS01SB
ISIN CODE : IDJ000008206 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23


120 28
90 21 Trading days 7 7 2 1 1 4
Turnover Ratio (%) 50.00 33.20 4.00 6.40 3.20 12.00
60 14 CTP Price - High 101.400 101.300 100.020 101.500 105.200 101.038
Date 05-Jan 27-Apr 19-Jul 03-Nov 21-Mar 27-Apr
30 7
CTP Price - Low 98.200 100.000 98.000 100.600 102.000 95.400
- - Date 23-Feb 12-Jun 28-Aug 03-Nov 21-Mar 11-May
IBPA Fair Yield (%) 8.8845 9.6272 9.5007 9.2839 9.5580 10.5830
Mod. Duration (yrs) 4.879 4.723 4.577 4.447 4.291 4.086
107 12.0
Convexity (yrs) 29.671 27.770 25.963 24.363 22.615 20.560
104 11.0 Sensitivity (%) 0.049 0.047 0.046 0.044 0.043 0.041
98 9.0
average trading volume was Rp45.33 billion per quarter with the average frequency about
63 transactions per quarter. The market price for this series observed through the
95 8.0
Centralized Trading Platform (CTP) was 95.4000% at the lowest and peaked at 105.2000%.
While the IBPA fair price for this series was between 92.5918% and 102.5337%.
92 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SMBRIS01SB 125 83 1016 23.4%
- 200 400 600 800 1,000

Corporate Bonds 421

Bank BRISyariah officially operated on November 17, No. Company Total Revenue Net Profit Revenue
2008. Commenced from the acquisition of PT Bank (Rp Bill) Margins (%) Growth (%)
Rakyat Indonesia (Persero) Tbk. with Bank Jasa Arta 1. PT Bank Pan Indonesia Tbk. 17,483 11.5 0.2
on December 19,2007, and then obtaining license 2. PT Bank Pembangunan Daerah Sumatera Utara 3,209 19.6 3.2
from Bank Indonesia on October 16,2008. BRISyariah 3. PT Bank DKI 3,565 20.0 (2.9)
then alter its business activities from conventional to 4. PT Bank BRISyariah 2,817 3.6 6.9
sharia based banking activities. BRISyariah activities
were stronger since the Separation Deed of the Financial Statement as of Fiscal Year 2017
Sharia Business Unit of PT BRI to merge into PT Bank
BRI Syariah (the spin-off) in December 19,2009. As of Historical Corporate Ratings
December 31, 2017, BRISyariah owned 99.99% by PT No. Rating Agency Rating Rating Status Rating Date Outlook
Bank Rakyat Indonesia (Persero) Tbk.
1. Pefindo idAA+ Assigned 7-Nov-17 Stable
2. Fitch Ratings AA+(idn) Affirmed 13-Oct-16 Stable
3. Fitch Ratings AA+(idn) Affirmed 22-Sep-15 Stable
4. Fitch Ratings AA+(idn) Affirmed 22-Sep-14 Stable
5. Fitch Ratings AA+(idn) Assigned 20-Nov-13 Stable
SWOT Analysis
- Strong support from BRI - Weakened asset quality
- Strong capitalization - Below average profitability
- Strong liquidity profile
Financial Analysis
BRISyariah total assets grew 13.93% to Rp31.54
trillion in 2017 from Rp27.69 trillion in 2016. This was
driven by significant increase in assets acquired for
ijarah from Rp286.18 billion to Rp1.15 trillion. O pportunities T hreats
Investment in marketable securities also became a
main driver which increased from Rp4.71 trillion to - Increasing opportunity in cross- - Tight liquidity and high interest
Rp7.41 trillion. While net receivables and financing selling products with more varied rate environment
grew very slightly by 0.10% to Rp17.27 trillion. Fund product types - Challenges in synergizing
management income as Mudharib increased - Growing sharia finance market corporate culture
moderately by 6.92% from Rp2.63 trillion to Rp2.82
trillion. While Sharing on return rose 15.30% to
Rp1.19 trillion. The bank recorded significant drop in
operating income which was down 41.69%. This was
due to significant increase in provision on impairment
losses. As a result net income was down 40.61% from
Rp170.21 billion to Rp101.09 billion.

422 Corporate Bonds
idA
BSBR PT BPD Sumatera Barat Stable
Sector : Finance Jln. Pemuda No. 21
Sub Sector : Bank Padang 251117
Website : www.banknagari.co.id Sumatera Barat
Corporate Sec. : Mardiah Phone : (0751) 315-77, 315-78, 315-81
Email Corporate Sec. : Fax : (0751) 377-49, 314-91
PT Bank Pembangunan Daerah Sumatera FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Barat was established on March 12, 1962. In BALANCE SHEETS Dec-2016 Dec-2017 Chg %
1996, as did the opening the Bank’s first
Cash on Hand 556,320 563,472 1.29 
office network outside West Sumatra (Jakarta Branch Office), PT. Bank
Pembangunan Daerah Sumatera Barat began to introduce the call
name as Bank Nagari, to improve with purpose to be familiarity with Marketable Securities 1,041,020 852,636 -18.10 
the public, particularly migrants and business actors originated from Loans 13,899,386 14,706,583 5.81 
West Sumatra. Investments 2,168 2,168 - 
Property, Plant and Equipment 360,429 372,718 3.41 
To encourage bank business development, Bank Pembangunan
Daerah Sumatera Barat changed its legal entity from Regional Total Assets 20,616,860 21,371,464 3.66 
Company (PD) into Limited Liability Company (PT) based on the Deposits 15,186,732 15,531,281 2.27 
decision of the Annual General Meeting of Shareholders (AGM) on Fund Borrowings 398,079 297,990 -25.14 
April 23, 2007; Regional Regulation No. 3 of 2006, and Notarial Deed Total Liabilities 17,110,157 17,560,535 2.63 
of H. Hendri Final, S.H., No. 1 dated February 1, 2007 with authorized
capital of Rp1,000,000,000,000 (one trillion rupiah).
Bank Nagari continues to provid the best services to the community Paid up Capital 1,405,728 1,547,985 10.12 
through the provision of banking products such as savings, current Paid up Capital (Mil. Sh) 1 2 10.12 
accounts, and term deposits, in addition to provision of loans for
Par Value (Rp) 1.000.000 & 100.000 1.000.000 & 100.000 - 
MSMEs, commercial, corporate, and syndication segments. These are
the efforts to achieve Bank Nagari vision into a Leading and Retained Earnings 977,926 1,040,710 6.42 
Trustworthy Regional Development Bank in Indonesia. Total Equity …*) 2,474,316 2,683,687 8.46 
BOARD OF COMMISSIONERS Total Equity 2,474,316 2,683,687 8.46 
1. Hamdani *
2. Nazwar Nazir * INCOME STATEMENTS
3. Yondrival Total Interest Income 2,293,980 2,261,013 -1.44 
4. Zulhefi Interest Expenses 1,026,267 996,061 -2.94 
*) Independent Commissioner Other Operating Revenue 93,505 96,117 2.79 
Other Operating Expenses 838,379 877,426 4.66 
BOARD OF DIRECTORS Income from Operations 435,691 392,137 -10.00 
1. Dedy Ihsan Non-Operating Revenues 20,648 15,947 -22.76 
2. Edrizanof Earning Before Tax 456,339 408,084 -10.57 
3. Hendri Income for the periods 340,705 301,124 -11.62 
4. Muhamad Irsyad Comprehensive Income 340,412 300,725 -11.66 
5. Syafrizal Net Income … *) 340,705 301,124 -11.62 
AUDIT COMMITTEE FINANCIAL RATIOS

1. Hamdani DER (X) 6.92 6.54 -5.37 
2. Amsal Djunid ROA (%) 1.65 1.41 -14.74 
3. Busyra Azheri NPM (%) 14.85 13.32 -10.33 
EBITDA Coverage (X) 18.99 17.34 -8.68 
SHAREHOLDERS
1. Regencies and Cities of West Sumatera 66.49%
2. Province of West Sumatera 31.59%
3. Koperasi Serba Usaha Keluarga Besar BPD Sumatera Barat 1.92%

Corporate Bonds 423
AS OF JUNE 2018
Coupon Coupon
26-Sep-18
Obligasi PT Bank
BSBR02SB 10.15% 26-Dec-18 idA-
1. Subordinasi II Bank 225,000 27-Jun-12 26-Jun-19 7 Mandiri
Nagari Tahun 2012 (Persero) Tbk.
Quarterly 26-Jun-19
08-Jul-18 PT Bank
BSBR07 Obligasi VII Bank 10.95% 08-Oct-18 Rakyat idA
2. 500,000 11-Jan-16 08-Jan-21 5
IDA000071401 Nagari Tahun 2015 08-Jan-19 Indonesia Stable
Nisbah 52.333% 08-Jul-18 PT Bank
Sukuk Mudharabah
SMBSBR02 (equal to 10.99% 08-Oct-18 Rakyat idA(sy)
3. II Bank Nagari 100,000 11-Jan-16 08-Jan-21 5
IDJ000007406 p.a.) 08-Jan-19 Indonesia Stable
Tahun 2015
TRADING HIGHLIGHT
BSBR02SB


32 12
24 9 Trading days - - - 4 2 3
Turnover Ratio (%) - - - 65.42 14.82 49.78
8 3
- - Date N/A N/A N/A 06-Nov 31-Jan 19-Apr
IBPA Fair Yield (%) 9.8302 9.5422 9.1000 8.6265 8.4942 9.8222
Mod. Duration (yrs) 1.978 1.758 1.582 1.373 1.157 0.933
105 12.0
Convexity (yrs) 4.641 3.763 3.005 2.293 1.663 1.117
103 11.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
101 10.0 The series was first listed on 27 June 2012 and will be matured on 26 June 2019. The series
99 9.0
IBPA prices for this series, throughout 2017 and the first two quarters of 2018 period, were
98.5817% at the lowest and 102.4467% at the highest. At the same period, the fair yield for
97 8.0
this series was ranging from 8.3285% to 10.8084%.
95 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

424 Corporate Bonds
BSBR07 Listing Date Maturity Date
ISIN CODE : IDA000071401 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21


100 16
75 12 Trading days 1 3 3 2 2 3
Turnover Ratio (%) 25.60 91.20 57.60 35.20 14.40 73.60
50 8 CTP Price - High 103.250 106.400 106.020 108.350 107.850 105.838
Date 14-Feb 19-May 05-Sep 13-Dec 05-Jan 26-Apr
25 4
CTP Price - Low 103.200 105.300 104.750 104.950 104.000 100.020
- - Date 14-Feb 19-May 07-Jul 14-Dec 05-Jan 08-May
IBPA Fair Yield (%) 9.9921 8.9385 9.2909 8.9835 9.1217 10.3298
Mod. Duration (yrs) 2.999 2.875 2.682 2.511 2.330 2.131
109 12.0
Convexity (yrs) 11.030 10.051 8.749 7.653 6.585 5.524
107 11.0 Sensitivity (%) 0.030 0.029 0.027 0.025 0.023 0.021
105 10.0 The series was first listed on 11 January 2016 and will be matured on 8 January 2021. The
103 9.0
101 8.0
99 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SMBSBR02
ISIN CODE : IDJ000007406 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 9.9921 9.8607 9.2909 8.9734 9.1217 10.3298
Mod. Duration (yrs) 2.998 2.857 2.681 2.510 2.329 2.130
108 12.0
Convexity (yrs) 11.021 9.955 8.743 7.649 6.581 5.521
106 11.0 Sensitivity (%) 0.030 0.029 0.027 0.025 0.023 0.021
104 10.0 This series was first listed on January, 11st 2016 and will be matured on January, 8th 2021.
This series has an outstanding amount of Rp100 billion with fixed coupon per annum at
102 9.0
100 8.0
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 425
BSBR02SB 37 16.4%
BSBR07 114 72 44 52.4%
SMBSBR02
- 100 200 300 400 500

426 Corporate Bonds

PT BPD Sumatera Barat, or known as Bank Nagari was No. Company Total Revenue Net Profit Revenue
established in 1962 as a regional development Bank. (Rp Bill) Margins (%) Growth (%)
The Bank focuses its banking activities on West 1. PT Bank UOB Indonesia 7,268 1.1 (1.8)
Sumatra province. The Bank offers complete banking 2. PT Bank Mayapada Internasional Tbk. 6,984 9.7 15.8
services include corporate, commercial, consumer, 3. PT Bank Pembangunan Daerah Jawa Tengah 5,925 20.1 11.7
micro/retail, treasury, and shariah. 4. PT Bank KEB Hana Indonesia 2,616 28.4 19.4
5. PT BPD Sumatera Barat 2,261 13.3 (1.4)
As of December 2017, Bank Nagari employed 1,825 Financial Statement as of Fiscal Year 2017
people and operated 121 office networks with 31
payment point as well as 240 unit ATMs.the Bank Historical Corporate Ratings
received Infobank Award in “Excellent Financial No. Rating Agency Rating Rating Status Rating Date Outlook
Performance” category, and from Islamic Finance
Award as The Most Profitable Sharia Unit Assets less 1. Pefindo idA Affirmed 11-Oct-17 Stable
than 1.5trillion in 2016. 2. Pefindo idA Affirmed 10-Oct-16 Stable

3. Pefindo idA Affirmed 23-Dec-15 Stable
4. Pefindo idA Affirmed 11-Mar-15 Stable
By the end of 2017, the majority and controlling
shareholder of bank Nagari was Regency
Government of West Sumatera with 41.23%
SWOT Analysis
ownerships. The remaining shares were owned by
Government of West Sumatera with 31.41%
ownership, Municipal Government of West Sumatera S trengths W eaknesses
with 25.40% ownership, and the Bank cooperative
-Strong captive market in West - Below average profitability
with 1.97% ownership.
Sumatera province. performance.
-High margin business from - Moderate asset quality.
consumer loan segment. -Decreasing profitability
Financial Analysis
Total assets at the end of 2017 reached Rp21.37
trillion, or increased by 3.66% from the end of 2016
position that reached Rp20.62 trillion. The asset
growth was driven by the increasing amount of third O pportunities T hreats
party loans granted by 5.98% to Rp14.89 trillion. Total
deposits at the end of 2017 amounted to Rp15.35 - Government programs and fiscal - Decreasing consumption and
trillion, or up by 4.02% from 2016. At The growth by stimulus for provincial and villages purchasing power.
third party fund, however, was followed by development. - Slow corporate expansion.
decreasing interest income which was by 1.58%. - Prospects from municipality - Tightening competition in
Likewise, on the back of higher deposits from government spending and projects. productive loan segment.
customers, the bank managed to bring interest
expense down by 5.18% to Rp925 billion. At the same
time, tha bank operational efficiency decreased as
indicated by lower operating income that fell by
10.00% to Rp392 billion. As a result, at the bottom
line, net income dropped from Rp341 billion to
Rp301 billion.

Corporate Bonds 427
idAA-
BSDE PT Bumi Serpong Damai Tbk. Stable
Sector : Property, Real Estate And Building Construction Sinar Mas Land Plaza, Wing 3B
Sub Sector : Property And Real Estate Grand Boulevard, BSD Green Office Park, BSD City
Website : www.sinarmasland.com, www.bsdcity.com Tangerang 15345
Corporate Sec. : Christy Grassela Phone : (021) 5036-8368
Email Corporate Sec. : christy.grassela@sinarmasland.com; corporate.secretary@sinarmasland.com Fax : (021) 5058-8270
PT Bumi Serpong Damai Tbk. has been at the FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
forefront of self-sufficient city development BALANCE SHEETS Dec-2016 Dec-2017 Chg %
since 1984. A business group under Sinar
M as Lan d, th e C ompa n y b ro u gh t to
Receivables 403,415 489,616 21.37 p
Indonesia its flagship project, the BSD City –the most ambitious
urban planning scheme in Indonesia to combine housing, business Inventories 7,634,096 7,910,269 3.62 p
and commercial properties. Current Assets 16,563,751 17,964,524 8.46 p
To deliver a unique living experience, the Company establishes high- Investments 5,863,127 7,205,168 22.89 p
quality residential, leisure and commercial developments. It is Property in Investments 4,000,958 7,370,389 84.22 p
committed to deliver this for its customers, encompassing every Property, Plant and Equipment 823,793 771,937 -6.29 q
element from the design, materials, location, as well as ensuring that Total Assets 38,536,825 45,951,188 19.24 p
the customer journey from prospecting to the handover of keys is
Trade Payables 298,773 1,767,641 491.63 p
worth their time and investment. The Company has thrived over the
years in its business operations – it has remained strong as it
launched new projects and site developments. It has consistently Interest Bearing liabilities 7,386,565 9,037,862 22.36 p
received support and confidence from the market as evidenced by its Total Liabilities 14,074,218 16,754,337 19.04 p
revenue and successful expansions. Authorized Capital (Mil. Sh) 40,000 40,000 - 
In year 2008, the Company listed its stocks in the Indonesia Stock Authorized Capital 4,000,000 4,000,000 - 
Exchange with the stock code BSDE. Then in 2010, it had its first right Paid up Capital 1,924,670 1,924,670 - 
issue to acquire PT Duta Pertiwi Tbk. (Stock code: DUTI), PT Sinar Mas Paid up Capital (Mil. Sh) 19,247 19,247 - 
Teladan and PT Sinar Mas Wisesa. And finally, in 2014 and 2015, the
Par Value (Rp) 100 100 - 
Company issued new shares each amounting to 5% through Capital
Increase without Pre-emptive Rights mechanisms. Since the year Retained Earnings 12,412,443 17,168,224 38.31 p
2014, the Company has been actively increasing its ownership of PT Total Equity …*) 20,640,983 25,341,473 22.77 p
Plaza Indonesia Realty (Stock code: PLIN) to strengthen its recurring Non Controlling Interest 3,821,625 3,855,378 0.88 p
income. At the end of 2017, the Company had held 46,78% of PLIN. Total Equity 24,462,607 29,196,851 19.35 p
At the end of December 2017, the Company’s market capitalization
has reached Rp32.73 trillion.
INCOME STATEMENTS
Not only active in the stocks listing, the Company is actively issuing a Total Revenues 6,602,955 10,347,343 56.71 p
few bonds. BSD bond I and II in 2003 and 2006 had been issued and
Gross Profit 4,721,329 7,590,429 60.77 p
paid in full of a total value of Rp850 billion. In 2012 and 2016 the
Company also offers a Shelf-Registered Bonds I and II with a total Interest Expenses 612,679 549,131 -10.37 q
value of Rp3.4 trillion. To further strengthen its track record in the Earning Before Tax 2,084,615 5,228,121 150.80 p
region, the Company, through its subsidiary Global Prime Capital EBITDA 2,706,963 5,818,758 114.96 p
Pte.Ltd. domiciled in Singapore issued Senior Notes 2020 and year Income for the periods 2,037,538 5,166,720 153.58 p
2023 each worth USD225 million and USD200 million. In the year Comprehensive Income 2,018,142 5,097,011 152.56 p
2016, tender offer to buy back partial of 2020 Senior Notes with a
Net Income … *) 1,796,156 4,920,228 173.93 p
total value of USD146.42 million. In the year 2017, the Company
issued another Senior Notes as a part of the Senior Notes 2023 worth
USD70 million. FINANCIAL RATIOS
DER (X) 0.30 0.31 2.52 p
ROA (%) 5.29 11.24 112.66 p
SHAREHOLDERS NPM (%) 30.86 49.93 61.82 p
1. Public (<5%) 40.10% EBITDA Coverage (X) 4.42 10.60 139.83 p
2. PT Paraga Artamida 26.57% *) … attributable to owners of the parent entity
3. PT Ekacentra Usahamaju 25.01%
4. PT Serasi Niaga Sakti 3.11% AUDIT COMMITTEE
5. PT Simas Tunggal Centre 1.95% 1. Susiyati Bambang Hirawan
6. PT Metropolitan Transcities Indonesia 1.33% 2. Herawan Hadidjaja
7. PT Aneka Karya Amarta 0.84% 3. Rusli Prakarsa
8. PT Pembangunan Jaya 0.25%
9. PT Dian Swastatika Sentosa Tbk. 0.23%
10. PT Bhineka Karya Pratama 0.22%
11. PT Anangga Pertiwi Megah 0.16%
12. PT Nirmala Indah Sakti 0.16%
13. PT Apta Citra Universal 0.07%

428 Corporate Bonds

1. Muktar Widjaja 1. Franciscus Xaverius RD.
2. Susiyati Bambang Hirawan * 2. Hermawan Wijaya
3. Teddy Pawitra * 3. Liauw Herry Hendarta
4. Teky Mailoa 4. Lie Jani Harjanto
5. Yoseph Franciscus Bonang 5. Michael JP. Widjaja
*) Independent Commissioner 6. Monik William
7. Petrus Kusuma
8. Syukur Lawigena
AS OF JUNE 2018
Coupon Coupon
Obligasi
04-Jul-18
Berkelanjutan I Bumi 9.50%
BSDE01CCN1 04-Oct-18 PT Bank CIMB idAA-
1. Serpong Damai 436,000 05-Jul-12 04-Jul-19 7
IDA0000536C1 04-Jan-19 Niaga Tbk. Stable
Tahap I Tahun 2012
Quarterly 04-Apr-19
Seri C
Obligasi
16-Sep-18
Berkelanjutan II Bumi 9.00%
BSDE02ACN1 16-Dec-18 PT Bank idAA-
2. Serpong Damai 625,000 17-Jun-16 16-Jun-21 5
IDA0000736A1 16-Mar-19 Permata Tbk. Stable
Tahap I Tahun 2016
Quarterly 16-Jun-19
Seri A
Obligasi
16-Sep-18
Berkelanjutan II Bumi 9.25%
BSDE02BCN1 16-Dec-18 PT Bank idAA-
3. Serpong Damai 25,000 17-Jun-16 16-Jun-23 7
IDA0000736B9 16-Mar-19 Permata Tbk. Stable
Tahap I Tahun 2016
Quarterly 16-Jun-19
Seri B
TRADING HIGHLIGHT
BSDE01CCN1


80 12
60 9 Trading days 5 - 3 6 4 1
Turnover Ratio (%) 6.61 - 17.43 74.68 32.11 18.35
40 6 CTP Price - High 101.3000 N/A 101.5300 102.7700 102.3000 -
Date 23-Mar N/A 15-Sep 14-Dec 07-Feb -
20 3
CTP Price - Low 99.7028 N/A 100.5100 100.0000 100.0000 -
- - Date 05-Jan N/A 14-Jul 19-Dec 23-Mar -
IBPA Fair Yield (%) 8.7854 8.5454 8.6224 7.5580 7.4680 8.7235
Mod. Duration (yrs) 1.972 1.797 1.576 1.373 1.159 0.937
104 10.0
Convexity (yrs) 4.689 3.900 3.034 2.330 1.696 1.146
102 9.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
98 7.0
96 6.0
94 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 429
BSDE02ACN1 Listing Date Maturity Date
ISIN CODE : IDA0000736A1 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21


260 20
195 15 Trading days - - 5 4 5 4
Turnover Ratio (%) - - 185.60 7.04 193.28 11.52
65 5
- - Date N/A N/A 14-Sep 09-Nov 12-Jan 05-Apr
IBPA Fair Yield (%) 9.0794 8.9709 8.5089 8.0955 8.3488 9.4167
Mod. Duration (yrs) 3.457 3.310 3.126 2.952 2.764 2.559
104 11.0
Convexity (yrs) 14.184 12.938 11.516 10.242 8.970 7.699
102 10.0 Sensitivity (%) 0.035 0.033 0.031 0.030 0.028 0.026
total trading volume was Rp621 billion during the period. The IBPA fair prices for this
98 8.0
series were 96.7708% at the lowest and 103.1681% at the highest. While in the market,
observed through IDX Centralized Trading Platform (CTP), this series was traded between
96 7.0
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BSDE02BCN1
ISIN CODE : IDA0000736B9 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23


Volume Volume (Rp bn) 4.00 - - - - -
4 4
Frequency Frequency (X) 2 - - - - -
3 3 Trading days 1 - - - - -
Turnover Ratio (%) 64.00 - - - - -
2 2 CTP Price - High 103.0000 N/A N/A N/A N/A N/A
Date 31-Jan N/A N/A N/A N/A N/A
1 1
CTP Price - Low 100.9000 N/A N/A N/A N/A N/A
- - Date 31-Jan N/A N/A N/A N/A N/A
IBPA Fair Yield (%) 9.2958 9.1033 8.6563 8.4311 8.8393 9.6986
Mod. Duration (yrs) 4.663 4.553 4.410 4.269 4.101 3.901
107 12.0
Convexity (yrs) 26.770 25.334 23.641 22.034 20.284 18.384
104 11.0 Sensitivity (%) 0.047 0.046 0.044 0.043 0.041 0.039
101 10.0 This bond series was traded only in 1 trading day during the period of 2017 to Q2-2018.
The total trading volume was Rp4 billion during the period. The IBPA fair prices for this
98 9.0
95 8.0
92 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

430 Corporate Bonds
BSDE01CCN1 7 19 81 24.7%
BSDE02ACN1 290 11 48.2%
BSDE02BCN1 16.0%
- 100 200 300 400 500 600 700

Corporate Bonds 431

PT Bumi Serpong Damai Tbk. (BSDE) was established No. Company Total Revenue Net Profit Revenue
in 1984 and currently is one of the leading real estate (Rp Bill) Margins (%) Growth (%)
developers in Indonesia. The Company’s main 1. PT Bumi Serpong Damai Tbk. 10,347 49.9 56.7
business activities include planning and developing 2. PT Agung Podomoro Land Tbk. 7,043 26.7 17.2
an integrated residential area with 3. PT Summarecon Agung Tbk. 5,641 9.4 4.5
amenities/infrastructure, environmental facilities and 4. PT Surya Semesta Internusa Tbk. 3,274 37.9 (13.8)
parks, designed to become a self-sufficient city called 5. PT Modernland Realty Tbk. 3,196 19.2 29.6
BSD City. Financial Statement as of Fiscal Year 2017
As of December 2017, the Company’s shareholders Historical Corporate Ratings

consisted of PT Paraga Artamida (26.57%), PT No. Rating Agency Rating Rating Status Rating Date Outlook
Ekacentra Usahamaju (25.01%), and public (48.42%).
3. Pefindo idAA- Affirmed 4-Apr-16 Stable
SWOT Analysis
- Strong business position in - High dependence on property
property industry sales
- Diversified property products and - High debt-funded expansion
area coverage
- have the highest profit margin
compared its peers
Financial Analysis
Revenues in 2017 amounted to Rp10.35 trillion,
increased by 56.71%. The largest contribution is from
sales of land and building and strata title which
amounted to Rp8.96 trillion or increased by Rp3.60 O pportunities T hreats
trillion or 67.30%. Cost of Revenues as of December
31st, 2017 amounted to Rp2.76 trillion, increased by - Increasing foreign investment into - Tight competition in property
46.52% compared to year 2016. The main contributor Indonesia market
of the Cost of Revenues is in the Sales segment, this - Increasing the middle-class - Unstable and challenging global
is in line with the higher Revenues. On the other demographic in Indonesia macroeconomic
hand, operating expenses amounted to Rp2.53
trillion, increased 11.15% due to the intense
promotion activities. As the revenue growth is faster
than the growth in CoGs and Operating Expenses, the
Company managed to book a net Profit of Rp4.92
trillion, increased 173.93% compared to year 2016.

432 Corporate Bonds
BSLT PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) A(idn)

Stable
Sector : Finance
Sub Sector : Bank Jln. Sam Ratulangi No. 9
Website : www.banksulutgo.co.id Manado 95111
Corporate Sec. : Maria Jeane D'arch Rogi Phone : (0431) 8514-51, 8617-61
Email Corporate Sec. : banksulutcorsec@yahoo.com Fax : (0431) 8545-22, 8465-15, 8625-34
Bank SulutGo formerly well-known as PT FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Ban k Pemban gu nan Daerah Su law esi BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Utara Gorontalo (PT Regional Development Bank of North Sulawesi
Cash on Hand 311,554 290,780 -6.67 q
Gorontalo) established in 1961. The operational area spread all over
Placements with Other Banks 963,217 1,650,023 71.30 p
Sulawesi Utara and Gorontalo Provinces as well as several major cities
in Indonesia and it remains one of Bank SulutGo potential and Marketable Securities 807,968 862,525 6.75 p
excellence. Loans 8,882,680 10,915,412 22.88 p
Within core customers basis from Sulawesi Utara and Gorontalo
public servant, the management is confident that Bank SulutGo will
be able to overcome competition with other banks, especially the Total Assets 11,279,613 14,075,393 24.79 p
banks operated at Sulawesi Utara and Gorontalo, considering Bank Deposits 7,941,388 11,329,363 42.66 p
SulutGo’s long experience in serving customers at the core area, high Fund Borrowings 1,084,995 261,817 -75.87 q
customers loyalty and Bank SulutGo’s commitment to always Total Liabilities 10,021,609 12,629,450 26.02 p
improve its service quality. Bank SulutGo answers the challenge by
continuously improving service the customers by inaugurating new
branch offices. Authorized Capital 1,500,000 1,500,000 - 
Paid up Capital 771,226 815,814 5.78 p
Several working plans 2015-2017 are including new product Paid up Capital (Mil. Sh) 8 8 5.78 p
launching to improve services to the customers such as flazz card,
Par Value (Rp) 100,000 100,000 - 
cash deposit machine, the central unit prosperous partners and unit
syariah. Moreover, in order to raise public accessibility on Bank’s Retained Earnings 173,418 289,344 Pastikan
66.85 Link
p Grafik sudah bena
product, Bank Sulut establishes new supporting branch offices spread Total Equity …*) 1,258,004 1,445,943 14.94 p
all over Sulawesi Utara and Gorontalo area. Non Controlling Interest - - - 
Total Equity 1,258,004 1,445,943 14.94 p
BOARD OF COMMISSIONERS INCOME STATEMENTS

1. Sanny James Parengkuan Total Interest Income 1,772,180 1,928,154 8.80 p
2. Frederik Gerard Worang Interest Expenses 766,280 765,607 -0.09 q
3. Max Kembuan Other Operating Revenue 303,341 383,864 26.55 p
4. Peggy Adeline Mekel Other Operating Expenses 1,032,790 1,125,383 8.97 p
5. Rustam Akili Income from Operations 276,451 421,028 52.30 p
*) Independent Commissioner Non-Operating Revenues -18,832 -29,616 -57.26 q
BOARD OF DIRECTORS Income for the periods 173,418 289,344 66.85 p
1. Jeffry Andre Mantiri Dendeng Comprehensive Income 317,878 276,209 -13.11 q
2. Machmud Turuis Net Income … *) 173,418 289,344 66.85 p
3. Maudy Revino Pepah
4. Meiky Thoms Taliwuna FINANCIAL RATIOS
5. Welan Towai Palilingan DER (X) 7.97 8.73 9.64 p
ROA (%) 1.54 2.06 33.71 p
AUDIT COMMITTEE NPM (%) 9.79 15.01 53.35 p
1. Mustamir Bakrie EBITDA Coverage (X) 15.60 21.84 39.98 p
2. Adolf F. Mangundap *) … attributable to owners of the parent entity
3. Jan F. Mangindaan
SHAREHOLDERS
1. Regencies and Cities of North Sulawesi & Gorontalo 35.12%
2. Province of North Sulawesi 34.88%
3. PT Mega Corpora 24.90%
4. Koperasi Karyawan PT Bank SulutGo 5.10%

Corporate Bonds 433
AS OF JUNE 2018
Coupon Coupon
08-Jul-18 PT Bank
BSLT05 Obligasi Bank Sulut 11.09% 08-Oct-18 Negara A(idn)
1. 750,000 09-Oct-14 08-Oct-19 5
IDA000065007 V Tahun 2014 08-Jan-19 Indonesia Stable
TRADING HIGHLIGHT
BSLT05
ISIN CODE : IDA000065007 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19


Volume Volume (Rp bn) - 40.00 32.05 - 0.05 0.48
36 12
Frequency Frequency (X) - 8 10 - 1 4
27 9 Trading days - 2 3 - 1 4
Turnover Ratio (%) - 21.33 17.09 - 0.03 0.26
18 6 CTP Price - High N/A 106.350 106.800 N/A 104.000 104.500
Date N/A 09-May 27-Sep N/A 08-Feb 10-Apr
9 3
CTP Price - Low N/A 104.350 97.500 N/A 104.000 98.750
- - Date N/A 14-Jun 13-Sep N/A 08-Feb 05-Jun
IBPA Fair Yield (%) 9.7746 9.9002 9.0028 8.6544 8.6124 9.9860
Mod. Duration (yrs) 2.114 1.950 1.750 1.557 1.356 1.144
109 12.0
Convexity (yrs) 5.467 4.646 3.763 2.996 2.298 1.668
106 11.0 Sensitivity (%) 0.021 0.020 0.018 0.016 0.014 0.011
2018. The total trading volume was Rp72.58 billion during the period. The IBPA fair prices
100 9.0
97 8.0
94 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BSLT05 40 32 9.6%
- 75 150 225 300 375 450 525 600 675 750

434 Corporate Bonds

PT BPD Sulawesi Utara Gorontalo (Bank SulutGo) is a No. Company Total Revenue Net Profit Revenue
regional Bank of North Sulawesi headquartered in (Rp Bill) Margins (%) Growth (%)
Manado city. The Bank has focused its business in 1. PT Bank Woori Saudara Indonesia 1906 Tbk. 1,990 22.0 12.2
providing banking services in North Sulawesi and 2. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) 1,928 15.0 8.8
Gorontalo as well as several branch offices in Jakarta 3. PT Bank Mandiri Taspen 1,297 12.3 131.3
and East Java. Bank Sulut also acts as a treasurer for 4. PT Bank Pembangunan Daerah Nusa Tenggara Timur 1,277 19.3 1.6
the North Sulawesi and Gorontalo provincial 5. PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat 2,006 26.9 5.5
governments, and is the main lender to both Financial Statement as of Fiscal Year 2017
provinces’ civil servants.
The Bank offers it products and services through 51 No. Rating Agency Rating Rating Status Rating Date Outlook
branch offices, 54 cash offices, and 163 ATM units.
The bank is supported by 1,865 employees spread 1. Fitch Ratings A(idn) Affirmed 1-Feb-16 Stable
from North Sulawesi, Gorontalo, East Java, and 2. Fitch Ratings A(idn) Affirmed 6-Feb-15 Stable
3. Fitch Ratings A(idn) Affirmed 26-Mar-14 Stable
Jakarta (as of Dec 2017).
4. Pefindo idA- Affirmed 20-Jan-15 Stable
5. Pefindo idA- Affirmed 7-Nov-14 Stable
By the end of December 2017, shareholders of Bank
SulutGo are North Sulawesi province government
SWOT Analysis
(33.46%), PT Mega Corpora (24.90%), and the
remaining shares are hold by regency and city
government of North Sulawesi—Gorontalo, S trengths W eaknesses
Gorontalo province government, and Bank Sulut
-Strong support from provincial - Low productive credit composition
Employee Cooperative.
government - High reliance on local government
-Stronger capitalization funds
-Lower systemic risk to banking - High dependent on civil servant
system customer segment
Financial Analysis
The bank experienced 22.25% increase in third party
loans from Rp8.83 trillion in 2016 to Rp10.79 trillion
in 2017. The increase in loans contributed to the
growth in total assets which grew 24.79% from O pportunities T hreats
Rp11.28 trillion to Rp14.08 trillion. Meanwhile,
interest income went up by 8.80% to Rp1.93 trillion. - Positive domestic and regional - Strong competition in banking
At the same time, interest expense fell by -0.09% to economic growth industry
Rp766 billion. The bank managed to increase - Prospects from municipality - Challenging and unstable external
operational efficiency as reflected by increasing government spending and projects economic conditions
operating income by 52.30% from Rp277 billion to - The fast growing digital banking
Rp421 billion. As a result, net income grew by 66.85% business
from Rp173 billion to Rp289 billion.

Corporate Bonds 435
idA
BSMT PT Bank Pembangunan Daerah Sumatera Utara Stable
Sector : Finance
Sub Sector : Bank Jln. Imam Bonjol No. 18
Website : www.banksumut.com Medan 20152
Corporate Sec. : Shadan Ridwan Siregar Phone : (061) 4155-100, 4515-100
Email Corporate Sec. : corporate@banksumut.com Fax : (061) 414-2937, 451-2652
Bank Pembangunan Daerah Sumatera Utara FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
(Regional Development Bank of North BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Sumatra) was established on November 4,
Cash on Hand 697,929 710,960 1.87 p
1961 with Notarial Deed Number 22 of
Placements with Other Banks 1,681,465 670,073 -60.15 q
Notary Rusli as Limited Company (PT), with
nickname of BPDSU. In 1962, based on Law No. 13 year 1962 about Marketable Securities 2,287,938 4,136,592 80.80 p
Principal Provision of Regional Development Bank and in accordance Loans 18,677,822 17,921,308 -4.05 q
with Regional Regulation Level I North Sumatra No. 5 year 1965, the Investments 750 750 - 
Bank was changed into a Regional-Owned Enterprise (BUMD). Property, Plant and Equipment 833,602 830,445 -0.38 q
The authorized capital at the time was Rp100 million and the shares Total Assets 26,170,044 28,931,824 10.55 p
are owned by Regional Government Level I of North Sumatra and Deposits 21,595,607 21,513,080 -0.38 q
Regional Government Level II of North Sumatra. In line with the Fund Borrowings 344,751 497,505 44.31 p
Recapitalisation Program, the legal form of BPDSU must be changed Total Liabilities 23,450,895 23,965,599 2.19 p
from Local Company into Limited Company so that the shares of
Central Government is able to enter for development and later on
the day of third party shares is possible to enter by the approval of Authorized Capital 2,000,000 2,000,000 - 
the Regional House of Representative Level I of North Sumatra, Paid up Capital 1,119,986 1,240,525 10.76 p
based on that matter, in 1999, legal form of BPDSU was converted Paid up Capital (Mil. Sh) 112 124 10.76 p
back into a limited company under the name of PT Bank Par Value (Rp) 10,000 10,000 - 
Pembangunan Daerah Sumatera Utara or abbreviated PT Bank Retained Earnings 996,333 977,091 -1.93 q
SUMUT domiciled and headquartered in Medan, Jl. Imam Bonjol No.
Total Equity …*) 2,719,149 2,994,537 10.13 p
18, which was established by Deed No.38 dated April 16, 1999 made
before Alina Halim, SH, Notary in Medan which was approved by the Non Controlling Interest - - - 
Ministry of Justice of the Republic of Indonesia Number C-8224 Total Equity 2,719,149 2,994,537 10.13 p
HT.01.01.TH 99 dated May 5, 1999.
INCOME STATEMENTS
The authorized capital at the time was amounted to Rp400 billion.
Along with the consideration of the needs of the projected growth of Total Interest Income 3,108,758 3,208,572 3.21 p
the Bank, then on December 15, 1999 with Deed No. 31, the Interest Expenses 1,020,239 1,036,876 1.63 p
authorized capital was increased to Rp 500 billion. In accordance with Other Operating Revenue 143,910 199,127 38.37 p
Deed No. 39 dated June 10, 2008, made before H. Marwansyah Other Operating Expenses 1,443,730 1,534,258 6.27 p
Nasution, SH, Notary in Medan related to the Deed of Confirmation Income from Operations 788,698 836,564 6.07 p
No.05 dated November 10, 2008 which have been approved by the
Non-Operating Revenues -1,473 6,852 N/A p
Minister of Law and Human Rights of the Republic of Indonesia as
stated in the Decree No. AHU-AH.01-87927.AH.01.02 year 2008 Earning Before Tax 787,226 843,416 7.14 p
dated 20 November 2008 which was published in the State Gazette Income for the periods 584,500 630,011 7.79 p
of the Republic of Indonesia No. 10 dated February 3, 2009, then the Comprehensive Income 106,871 660,358 517.90 p
authorized capital increased from Rp500 billion to Rp1 trillion. Net Income … *) 584,500 630,011 7.79 p
The final Articles of Association, in accordance with the Deed No.12,
dated May 18, 2011 from Notary Afrizal Arsad Hakim, S.H., of the FINANCIAL RATIOS
Statement of Meeting Resolutions of PT Bank Pembangunan Daerah DER (X) 8.62 8.00 -7.20 q
Sumatera Utara. Changes in the Articles of Association have been ROA (%) 2.23 2.18 -2.50 q
approved by the Minister of Law and Human Rights of the Republic
NPM (%) 18.80 19.64 4.43 p
of Indonesia as stated in the Decree No. AHU-33566.AHU.01.02 Year
2011 dated July 5, 2011, which amended the authorized capital from EBITDA Coverage (X) 25.37 26.07 2.77 p
Rp1 trillion to Rp2 trillion. *) … attributable to owners of the parent entity
BOARD OF COMMISSIONERS SHAREHOLDERS

1. Rizal Fahlevi Hasibuan 1. Regional/Municipal Government in North Sumatera 53.18%
2. Brata Kesuma * 2. Provincial Gov. of North Sumatera 46.82%
3. Hendra Arbie
*) Independent Commissioner BOARD OF DIRECTORS
1. Edie Rizliyanto
AUDIT COMMITTEE 2. Didi Duharsa
1. Rizal Fahlevi Hasibuan 3. T. Mahmud Jeffry
2. Effendy Harahap 4. Yulianto Maris
3. Tadjuddin

436 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
05-Jul-18
Obligasi PT Bank
BSMT01SB 11.35% - idA-
1. Subordinasi I Bank 400,000 07-Jul-11 05-Jul-18 7 Mandiri
IDA000048706 - Stable
Sumut Tahun 2011 (Persero) Tbk.
Quarterly -
TRADING HIGHLIGHT
BSMT01SB


180 24
135 18 Trading days - - - 3 1 4
Turnover Ratio (%) - - - 158.00 8.00 216.00
Date N/A N/A N/A 03-Oct 20-Mar 08-May
45 6
- - Date N/A N/A N/A 05-Oct 20-Mar 21-Jun
IBPA Fair Yield (%) 9.3913 8.9968 8.3772 7.8061 7.5957 7.6908
Mod. Duration (yrs) 1.136 0.946 0.712 0.487 0.255 0.016
104 11.0
Convexity (yrs) 1.646 1.170 0.702 0.364 0.129 0.004
103 10.0 Sensitivity (%) 0.011 0.009 0.007 0.005 0.003 0.000
102 9.0 This bond series was traded only in 8 trading days during the period of 2017 to Q2-2018.
101 8.0
100 7.0
99 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BSMT01SB 158 39.5%
- 50 100 150 200 250 300 350 400

Corporate Bonds 437

BPD Sumatera Utara (Bank Sumut) is a regional No. Company Total Revenue Net Profit Revenue
development bank and is headquartered in Medan, (Rp Bill) Margins (%) Growth (%)
the capital city of North Sumatera. The Bank is mainly 1. PT Bank Pan Indonesia Tbk. 17,483 11.5 0.2
focused on consumer and micro, small, and medium 2. PT Bank Pembangunan Daerah Sumatera Utara 3,209 19.6 3.2
(MSME) segments. By the end of December 2017, the 3. PT Bank DKI 3,565 20.0 (2.9)
share of Bank Sumut is dominated by the province 4. PT Bank BRISyariah 2,817 3.6 6.9
government of North Sumatera with 46.82%, Tapanuli
Selatan government (10.48%), and the remaining Financial Statement as of Fiscal Year 2017
shares are owned by other municipalities
government. Historical Corporate Ratings

To support its operation, as of December 2017, the
bank has been supported by 2,542 employees in 1 1. Pefindo idA Affirmed 13-Mar-18 Stable
head office, 36 conventional branch offices, 6 sharia 2. Pefindo idA Affirmed 27-Mar-17 Stable
branch offices, 98 conventional sub-branch offices, 16
sharia supporting branch offices, 38 cash offices, 31
mobile cash offices, 65 payment points, and 293 ATM
units.
SWOT Analysis
- Strong captive market in North - Inadequate technology
Sumatera province infrastructure to support the
- Strong margin from high-yield development of technology-based
segment products
- Moderate capitalization
- Below average asset quality
Financial Analysis
to Rp28.93 trillion in 2017. The asset growth was
mainly driven by deposit from customers that
increased 5.02% to Rp18.45 trillion. Increaseing O pportunities T hreats
deposit from customers drove interest and sharia
income up which was by 3.21% from Rp3.11 trillion to - Prospect for North Sumatera - The increasing number of both
Rp3.21 trillion. While interest and sharia expenses economic growth National and Foreign Banks
rose 1.63% to Rp1.04 trillion. This made net interest - The increased of Infrastructure operating in North Sumatera
income increase slightly by 3.98% to Rp2.17 trillion. development in North Sumatera - The emergence of other financial
In line with rising interest income, the bank also institutions with various products
managed to gain from other operating income that excellence
eventually lifted its operating income from Rp789
billion to Rp837 billion. As a result the bank recorded
a 7.79% year on year increase in net income to Rp630
billion.

438 Corporate Bonds
idA+
BSSB PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat
Stable
Sector : Finance
Sub Sector : Bank Jln. Dr. Sam Ratulangi No. 16
Website : www.banksulselbar.co.id Sulawesi Selatan 90125
Corporate Sec. : Irfan Wirawiguna Roem Phone : (0411) 859-171
Email Corporate Sec. : corsecbssb@gmail.com; corsec.report@gmail.com Fax : (0411) 859-464
PT Bank Sulselbar (The Bank) was established FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
under the name of PT Bank Pembangunan BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Daerah Sulawesi Selatan & Sulawesi
Cash on Hand 347,445 415,423 19.57 p
Tenggara based on the Notarial Deed No. 95
dated 13 Januari 1961, made by Raden
Kadiman. Marketable Securities 561,479 909,852 62.05 p
Loans 11,827,379 13,307,178 12.51 p
The Bank has transformed into limited liability (Perseroan Terbatas)
named PT Bank Pembangunan Daerah Sulawesi Selatan based on
Rule of Local Government No. 13 year of 2003 and increased its
authorized capital into total amount of Rp650 billion. In the year of Total Assets 16,242,239 17,545,955 8.03 p
2011, The Bank has changed its name into PT Bank Pembangunan Deposits 11,642,432 12,217,515 4.94 p
Daerah Sulawesi Selatan & Sulawesi Barat based on the Law & Fund Borrowings 100,017 580,017 479.92 p
Human Rights Ministry Act No.: AHU.11756.AH.01.02 year of 2011 Total Liabilities 13,229,603 14,271,549 7.88 p
and Governor of Bank Indonesia's Act No.: 13/32/KEP.GBI/2011. The
Bank authorized capital in 2011 was in amount of Rp1.600 billion.
The Bank main business are to provide banking services in funding Paid up Capital 810,470 886,670 9.40 p
and loan for consumer, commercial and SME's as well as other Paid up Capital (Mil. Sh) 1 1 9.40 p
financial services. The Bank also running the sharia banking.
Par Value (Rp) 1,000,000 1,000,000 - 
Total Equity …*) 2,459,069 2,700,284 9.81 p
BOARD OF COMMISSIONERS Total Equity 2,459,069 2,700,284 9.81 p
1. Abdul Latif
2. Ellong Tjandra * INCOME STATEMENTS
*) Independent Commissioner Total Interest Income 1,900,909 2,005,719 5.51 p
BOARD OF DIRECTORS Other Operating Revenue 126,370 196,416 55.43 p
1. Andi Muhammad Rahmat Other Operating Expenses 603,793 582,196 -3.58 q
2. Muhammad Asril Azis Income from Operations 819,093 701,368 -14.37 q
3. Rosmala Arifin Non-Operating Revenues -4,561 22,608 N/A p
AUDIT COMMITTEE Income for the periods 606,123 539,445 -11.00 q
1. Muhammad Amri Comprehensive Income 602,311 539,390 -10.45 q
2. Hasbir Paserangi Net Income … *) 606,123 539,445 -11.00 q
3. M. Natsir Kadir
FINANCIAL RATIOS
DER (X) 5.38 5.29 -1.76 q
ROA (%) 3.73 3.07 -17.61 q
NPM (%) 31.89 26.90 -15.65 q
SHAREHOLDERS
1. Regencies/Cities in South Sulawesi 61.79%
2. Province of South Sulawesi 31.42%
3. Regencies in West Sulawesi 4.86%
4. Province of West Sulawesi 1.93%

Corporate Bonds 439
AS OF JUNE 2018
Coupon Coupon
Obligasi 15-Jul-18
PT Bank
BSSB01CN1 Berkelanjutan I 9.35% 15-Oct-18 idA+
1. 500,000 18-Jul-16 15-Jul-21 5 Mandiri
IDA000075204 Bank Sulselbar 15-Jan-19 Stable
(Persero) Tbk.
Tahap I Tahun 2016 Quarterly 15-Apr-19
Rp93.5M for each 15-Jul-18

Sukuk Mudharabah PT Bank
SMBSSB02 Rp1 Billion / equal 15-Oct-18 idA+(sy)
2. II Bank Sulselbar 50,000 18-Jul-16 15-Jul-21 5 Mandiri
IDJ000007901 to 9.35% 15-Jan-19 Stable
Tahun 2016 (Persero) Tbk.
Quarterly 15-Apr-19
Obligasi
03-Aug-18
BSSB01CN2 03-Nov-18 idA+
3. Bank Sulselbar 450,000 04-Nov-16 03-Nov-21 5 Mandiri
IDA000077200 03-Feb-19 Stable
Tahap II Tahun (Persero) Tbk
Quarterly 03-May-19
2016
TRADING HIGHLIGHT
BSSB01CN1


600 16
450 12 Trading days 6 3 - 5 1 4
Turnover Ratio (%) 63.20 38.40 - 425.60 9.60 32.00
300 8 CTP Price - High 101.700 101.600 N/A 100.700 104.250 102.638
Date 25-Jan 26-Apr N/A 04-Dec 26-Mar 25-Apr
150 4
CTP Price - Low 94.030 101.270 N/A 99.810 103.300 99.150
- - Date 03-Jan 04-Apr N/A 27-Oct 26-Mar 27-Apr
IBPA Fair Yield (%) 8.9412 9.8197 9.2580 9.0804 9.1091 10.2371
Mod. Duration (yrs) 3.443 3.279 3.106 2.936 2.759 2.557
106 12.0
Convexity (yrs) 14.343 12.981 11.610 10.344 9.113 7.844
103 11.0 Sensitivity (%) 0.034 0.033 0.031 0.029 0.028 0.026
97 9.0
94 8.0
91 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

440 Corporate Bonds
SMBSSB02 Listing Date Maturity Date
ISIN CODE : IDJ000007901 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21


20 8
15 6 Trading days 2 1 - 2 - 2
Turnover Ratio (%) 164.00 32.00 - 48.00 - 128.00
Date 03-Mar 15-Jun N/A 08-Dec N/A 26-Apr
5 2
- - Date 05-Jan 15-Jun N/A 27-Oct N/A 27-Apr
IBPA Fair Yield (%) 9.9777 9.8197 9.2580 8.9742 9.1091 10.2371
Mod. Duration (yrs) 3.494 3.349 3.170 2.995 2.809 2.602
102 12.0
Convexity (yrs) 14.617 13.360 11.930 10.623 9.337 8.030
100 11.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
98 10.0 This series will mature on 15 July 2021, had average turnover of 62% per quarter and
traded in 7 trading days during 2017 to Q2-2018 period. During the period, the average
96 9.0
trading volume was Rp7.75 billion per quarter with the average frequency about 3
transactions per quarter. The market price for this series observed through the
94 8.0
92 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BSSB01CN2
ISIN CODE : IDA000077200 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21


120 12
90 9 Trading days 2 4 2 4 - 5
Turnover Ratio (%) 52.44 53.33 48.00 53.33 - 112.89
60 6 CTP Price - High 100.420 100.800 102.900 103.350 N/A 103.600
Date 05-Jan 09-May 13-Sep 01-Nov N/A 03-Apr
30 3
CTP Price - Low 100.000 100.250 101.000 102.000 N/A 100.000
- - Date 23-Feb 10-Apr 09-Aug 18-Oct N/A 22-Jun
IBPA Fair Yield (%) 10.0191 8.9596 9.2861 9.0124 9.2456 10.2541
Mod. Duration (yrs) 3.645 3.532 3.341 3.176 2.997 2.796
105 12.0
Convexity (yrs) 16.076 14.959 13.372 12.037 10.698 9.325
102 11.0 Sensitivity (%) 0.036 0.035 0.033 0.032 0.030 0.028
96 9.0
93 8.0
90 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 441
BSSB01CN1 79 48 532 131.8%
SMBSSB02 21 61.0%
BSSB01CN2 59 60 54 60 51.8%
- 100 200 300 400 500 600 700

442 Corporate Bonds

PT BPD Sulawesi Selatan dan Sulawesi Barat also No. Company Total Revenue Net Profit Revenue
widely known as Bank Sulselbar was established in (Rp Bill) Margins (%) Growth (%)
1961 as a regional development bank. 1. PT Bank Woori Saudara Indonesia 1906 Tbk. 1,990 22.0 12.2
2. PT Bank SulutGo (BPD Sulawesi Utara Gorontalo) 1,928 15.0 8.8
The Bank is engaged in consumer banking, micro 3. PT Bank Mandiri Taspen 1,297 12.3 131.3
banking, commercial and corporate banking, and 4. PT Bank Pembangunan Daerah Nusa Tenggara Timur 1,277 19.3 1.6
sharia business unit with most of services being 5. PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat 2,006 26.9 5.5
directed to South Sulawesi and West Sulawesi Financial Statement as of Fiscal Year 2017
governments and their employees.
As of 31 December 2017, the Bank was owned by city No. Rating Agency Rating Rating Status Rating Date Outlook
and municipal government of South Sulawesi with
59.88% ownership, provincial government of South 1. Pefindo idA+ Affirmed 6-Feb-18 Stable
Sulawesi with 33.05% ownership, city and municipal 2. Pefindo idA+ Affirmed 13-Feb-17 Stable
3. Pefindo idA+ Assigned 17-Jun-16 Stable
government of West Sulawesi with 5.04% ownerships
4. Pefindo idA+ Upgraded* 11-Feb-16 Stable
and the remaining 2.03% stakes owned by provincial
5. Pefindo idA Affirmed 3-Feb-15 Stable
government of West Sulawesi.
SWOT Analysis
- Captive market in the province of - Limited IT network and
South Sulawesi and West Sulawesi infrastructure
- Strong support from city and - Concentrated funding only from
municipal government from South regional government
Sulawesi and also West Sulawesi - Small scope of operations
- Very strong capitalization and asset
quality
Financial Analysis
to Rp17.55 trillion in 2017. Deposit from customers
increased slightly by 1.62% to Rp11.06 trillion.
Increaseing deposit from customers drove interest O pportunities T hreats
and sharia income up which was by 5.51% from
Rp1.90 trillion to Rp2.01 trillion. However interest and - The implementation of Loan to - Tightening competition in
sharia expenses rose significantly by 51.98% to Funding Ratio (LFR) that can widen productive loan segment
Rp918.58 billion. This made net interest income fell banking sector liquidity - Uncertainty global economic
16.15% to Rp1.09 trillion. The bank also experienced a - Regional economic growth growth that affects foreign
decrease in operating income from Rp819 billion to - Funding for government exchange
Rp701 billion. As a result the bank recorded a 11.00% infrastructure projects
year on year increase in net income to Rp539 billion.
*The upgrade reflects the Bank’s continuously improving financial indicators including
capitalization and asset quality profiles.

Corporate Bonds 443
BTPN PT Bank Tabungan Pensiunan Nasional Tbk. AAA(idn)

Stable
Sector : Finance Jln. Dr. Ide Anak Agung Gde Agung, Kav 5.5 - 5.6
Sub Sector : Bank Jakarta 12950
Website : www.btpn.com
Corporate Sec. : Anika Faisal Phone : (021) 300-26200,
Email Corporate Sec. : corporate.secretary@btpn.com Fax : (021) 300-26308, 300-26310
BTPN is a bank that focuses on serving and FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
empowering low-income communities BALANCE SHEETS Dec-2016 Dec-2017 Chg %
consisting of pensioners, micro, small and
Cash on Hand 1,448,180 1,496,785 3.36 p
medium enterprises, as well as productive
poor communities (mass market). Established in Bandung, West Java
in 1958 under the name Bapemil, the Bank changed its name to Bank Marketable Securities 5,952,558 6,366,542 6.95 p
Tabungan Pensiunan Nasional in 1986. Today BTPN its headquarter Loans 63,247,619 65,306,817 3.26 p
in Jakarta and branches in more than 300 cities throughout Investments 22 22 - 
Indonesia. Property, Plant and Equipment 1,632,265 1,660,120 1.71 p
BTPN provides a wide range of banking services that is divided into Total Assets 91,371,387 95,489,850 4.51 p
six businesses. The first is the BTPN Purna Bakti focusing on Deposits 62,956,814 63,687,196 1.16 p
pensioners and pre-pensioners. The second is BTPN Mitra Usaha Fund Borrowings 3,750,671 5,250,207 39.98 p
Rakyat focusing on micro entrepreneurs. Total Liabilities 70,651,925 73,027,270 3.36 p
The third is BTPN Mitra Bisnis focusing on small and medium Authorized Capital (Mil. Sh) 7,500 7,500 - 
business segment. The fourth is BTPN Sinaya focusing on gathering Authorized Capital 150,000 150,000 - 
deposits from institutions and high-income individuals. The last two Paid up Capital 116,806 116,806 - 
are the Bank's two mobile phone banking platforms. BTPN wow!, Paid up Capital (Mil. Sh) 5,840 5,840 - 
which services the lower-income segment, using a simple mobile-
Par Value (Rp) 20 20 - 
phone, is the fifth business, while the last is Jenius, which caters to
the more urban tech-savvy customers who use smartphones. Retained Earnings 13,625,342 14,253,886 4.61 p
Total Equity …*) 15,837,896 16,529,493 4.37 p
While most companies aspire to make a difference through CSR
programs separate from their business, BTPN integrates its social
Total Equity 16,312,428 17,200,797 5.45 p
program within its business. So much so that our tag-line, "Together
with our stakeholders, we create opportunities for growth and
greater significance" is not just our social responsibility-but INCOME STATEMENTS
integrated in our daily business activity down to the branch level. Total Interest Income 13,695,226 14,046,062 2.56 p
BOARD OF COMMISSIONERS Other Operating Revenue 609,942 469,537 -23.02 q
1. Mari Elka Pangestu * Other Operating Expenses 6,854,205 8,012,721 16.90 p
2. Arief Tarunakarya Suryowidjojo * Income from Operations 2,609,716 1,978,426 -24.19 q
3. Chow Ying Hoong Non-Operating Revenues -5,197 -41,581 -700.10 q
4. Irwan Mahjudin Habsjah * Earning Before Tax 2,604,519 1,936,845 -25.64 q
5. Shinichi Nakamura Income for the periods 1,875,846 1,421,940 -24.20 q
*) Independent Commissioner Comprehensive Income 2,598,021 1,408,491 -45.79 q
Net Income … *) 1,752,097 1,220,886 -30.32 q
BOARD OF DIRECTORS
1. Jerry Ng FINANCIAL RATIOS
2. Anika Faisal DER (X) 4.33 4.25 -1.98 q
3. Arief Harris Tandjung ROA (%) 2.05 1.49 -27.47 q
4. Djemi Suhenda NPM (%) 13.70 10.12 -26.09 q
5. Kharim Indra G. Siregar EBITDA Coverage (X) 19.06 14.09 -26.08 q
6. Ongki Wanadjati Dana *) … attributable to owners of the parent entity

1. Irwan Mahjudin Habsjah 1. Sumitomo Mitsui Banking Corporation 39.93%
2. Arief T. Surowidjojo 2. Public 36.31%
3. Kanaka Puradiredja 3. Summit Global Capital Management B.V 19.96%
4. Yosef Antonius Boliona Badilangoe

444 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi 04-Jul-18
BTPN02BCN1 Berkelanjutan II 8.25% - PT Bank AAA(idn)
1. 350,000 05-Jul-13 04-Jul-18 5
IDA0000594B2 Bank BTPN Tahap I - Permata Tbk. Stable
Tahun 2013 Seri B Quarterly -
Obligasi 01-Jul-18
BTPN03BCN1 Berkelanjutan III 8.00% 01-Oct-18 PT Bank AAA(idn)
2. 300,000 11-Jul-16 01-Jul-19 3
IDA0000748B4 Bank BTPN Tahap I 01-Jan-19 Permata Tbk. Stable
Obligasi 27-Jul-18
BTPN03ACN2 Berkelanjutan III 6.60% 27-Oct-18 PT Bank AAA(idn)
3. 600,000 18-Oct-17 27-Oct-18 370
IDA0000850A0 Bank BTPN Tahap II - Permata Tbk. Stable
Obligasi 17-Jul-18
BTPN03BCN2 Berkelanjutan III 7.50% 17-Oct-18 PT Bank AAA(idn)
4. 900,000 18-Oct-17 17-Oct-20 3
IDA0000850B8 Bank BTPN Tahap II 17-Jan-19 Permata Tbk. Stable
TRADING HIGHLIGHT
BTPN02BCN1


Volume Volume (Rp bn) - - 30.00 - 2.00 -
28 8
Frequency Frequency (X) - - 6 - 2 -
21 6 Trading days - - 2 - 1 -
Turnover Ratio (%) - - 34.29 - 2.29 -
14 4 CTP Price - High N/A N/A 101.520 N/A 100.750 N/A
Date N/A N/A 27-Sep N/A 08-Mar N/A
7 2
CTP Price - Low N/A N/A 101.200 N/A 100.650 N/A
- - Date N/A N/A 25-Sep N/A 08-Mar N/A
IBPA Fair Yield (%) 7.7496 7.3500 6.5097 6.2546 5.9295 6.0237
Mod. Duration (yrs) 1.162 0.964 0.723 0.491 0.255 0.014
102 10.0
Convexity (yrs) 1.696 1.199 0.716 0.368 0.129 0.004
101 9.0 Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
99 7.0
98 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 445
BTPN03BCN1 Listing Date Maturity Date


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 8.1943 7.9276 7.3908 6.9351 6.8456 8.1408
Mod. Duration (yrs) 1.999 1.818 1.595 1.383 1.165 0.939
104 11.0
Convexity (yrs) 4.768 3.955 3.079 2.347 1.701 1.144
102 10.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
100 9.0 This series was first listed on July, 11th 2016 and will be matured on July, 1st 2019. This
98 8.0
96 7.0
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BTPN03ACN2
ISIN CODE : IDA0000850A0 Oct-17 Feb-18 Jun-18 Oct-18


800 40
600 30 Trading days - - - 4 3 3
Turnover Ratio (%) - - - 542.67 11.33 16.00
Date N/A N/A N/A 27-Oct 05-Mar 09-May
200 10
- - Date N/A N/A N/A 30-Oct 19-Mar 09-May
IBPA Fair Yield (%) - - - 6.5235 6.4216 7.0081
Mod. Duration (yrs) - - - 0.791 0.557 0.318
102 9.0
Convexity (yrs) - - - 0.833 0.452 0.181
101 8.0 Sensitivity (%) - - - 0.008 0.006 0.003
100 7.0 This series was first listed on October, 18th 2017 and will be matured on October, 28th
2018. This series has an outstanding amount of Rp600 billion with fixed coupon per
99 6.0
annum at 6.60%. This series, throughout 2017 and the first half of 2018 period, was
traded in 10 trading days with 95% of average quarterly turnover. The total trading
98 5.0
volume throughout the period was Rp814 billion and the total trading frequency was 58
transactions. The market prices for this series were 99.8900% at the lowest and 100.2500%
97 4.0
at the highest. IBPA valued the fair prices for this series were 99.8578% for the lowest and
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

446 Corporate Bonds
BTPN03BCN2


1000 16
750 12 Trading days - - - 3 2 9
Turnover Ratio (%) - - - 165.33 100.00 515.56
250 4
- - Date N/A N/A N/A 06-Nov 10-Jan 24-Apr
IBPA Fair Yield (%) - - - 7.1890 7.4228 8.6755
Mod. Duration (yrs) - - - 2.471 2.269 2.053
103 10.0
Convexity (yrs) - - - 7.171 6.058 4.988
101 9.0 Sensitivity (%) - - - 0.025 0.023 0.021
99 8.0 This series was first listed on October, 18th 2017 and will be matured on October, 17th
97 7.0
95 6.0
volume throughout the period was Rp1.76 trillion and the total trading frequency was 32
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BTPN02BCN1 30 8.6%
BTPN03BCN1
BTPN03ACN2 814 135.7%
BTPN03BCN2 372 41.3%
- 100 200 300 400 500 600 700 800 900 1,000

Corporate Bonds 447

PT Bank Tabungan Pensiunan Nasional Tbk. (Bank No. Company Total Revenue Net Profit Revenue
BTPN) was founded in Bandung in 1958 under the (Rp Bill) Margins (%) Growth (%)
name Bapemil. The bank changed its name into BTPN 1. PT Bank Maybank Indonesia Tbk. 14,803 12.6 (0.4)
in 1986. The main business of the bank focuses on 2. PT BPD Jawa Barat dan Banten Tbk. 11,488 10.5 7.6
serving and empowering low income community 3. PT Bank Permata Tbk. 11,198 6.7 (22.2)
including pensioners, small and medium 4. PT Bank Tabungan Pensiunan Nasional Tbk. 14,046 10.1 2.6
entrepreneurs, and productive pre-prosperity 5. PT Bank OCBC NISP Tbk. 11,037 19.7 8.2
societies. Financial Statement as of Fiscal Year 2017
BTPN conducts its business through six business Historical Corporate Ratings
units. First is BTPN Purna Bakti which focuses on No. Rating Agency Rating Rating Status Rating Date Outlook
retired and pre-paid segments. Second is BTPN
Mitra Usaha Rakyat serving Micro-entrepreneurs. 1. Fitch Ratings AAA(idn) Affirmed 26-Sep-17 Stable
Third is BTPN Partners Businesses that cater to small 2. Fitch Ratings AAA(idn) Affirmed 19-Jan-17 Stable
3. Fitch Ratings AAA(idn) Upgraded* 21-Jan-16 Stable
to medium entrepreneurs. Fourth is BTPN Sinaya that
4. Fitch Ratings AA+(idn) Upgraded** 29-Jan-15 Stable
focuses on upper to middle income individuals. And
5. Fitch Ratings AA(idn) Upgraded*** 12-Jun-14 Stable
the rests are BTPN Wow and Jenius or mobile
banking business units that serve mass markets.
SWOT Analysis
Currently the bank has operated about 940 branch
offices backed with more than 20.000 employees.
The main shareholder of the company is Sumitomo
-Strong support from major -Decreasing profitability
Mitsui Banking Corporation with 40.00% stakes. While
shareholder (Sumitomo Mitsui -Moderate loan growth
the remaining shareholders are Summit Global
Banking Corporation)
Capital Management BV (20.00%), TPG Nusantara
-Strong Capital Adequacy Ratio
public (40.00%).
(CAR)
Financial Analysis
In 2017, Bank BTPN posted Rp1.42 trillion in net
income, or decreased by 24.20% from 2016 which
amounted to Rp1.88 trillion. This was due to
decreasing interest income by 2.86% to Rp11.14 O pportunities T hreats
trillion and also increasing other operating expense
from Rp6.85 trillion to Rp8.01 trillion. However, -Potential micro lending segments -Volatile external economic
interest expenses decreased by 8.16% to Rp4.17 -Government commitment to conditions
trillion. Overall, BTPN’s total assets showed an improve financial literacy -Tight competition in banking
increased by 4.51% from Rp91.37 trillion in 2016 to -Growing digital mass markets industry
Rp95.49 trillion in 2017. The increase in assets was banking -The emergence of fintech business
driven by growing loans distributed from Rp63.25 that targets middle to low income
trillion to Rp65.31 trillion compared to 2016. BTPN community
recorded moderate a decrease in net income by
24.20% from Rp1.88 trillion in 2016 to Rp1.42 trillion
in 2017. Decreasing the bank's profitability affected to
decreasing NIM from 12.00% to 11.60%.
*The upgraded was due to SMBC high propensity to support BTPN

**The upgraded reflected stronger support from SMBC
***The upgraded was due to increasing SMBC stake in BTPN to 40% from 25%

448 Corporate Bonds
idA-
BVIC PT Bank Victoria International Tbk. Stable
Sector : Finance Graha BIP Lt. 10
Sub Sector : Bank Jl. Gatot Subroto Kav. 23
Website : www.victoriabank.co.id Jakarta 12730
Corporate Sec. : Ruly Dwi Rahayu Phone : (021) 522-8888
Email Corporate Sec. : corsec@victoriabank.co.id Fax : (021) 522-8777
PT Bank Victoria In tern ational Tbk. FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
hereinafter referred to Bank Victoria or the BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Bank, was established in Jakarta on 5 October 1992 as a private
Cash on Hand 73,136 72,142 -1.36 q
commercial bank. As of June 30, 2018 the majority of the shares
(45.43%) was held by PT Victoria Investama Tbk. The operation of the
Bank was commenced by developing its main mission, to provide the Marketable Securities 7,282,892 7,897,783 8.44 p
best quality of services to its customers while maintaining prudent Loans 14,260,847 15,576,688 9.23 p
principles. In line with its continuous effort to improve its risk Investments 60 60 - 
management and financial performance, the Bank invests in Property, Plant and Equipment 575,230 568,733 -1.13 q
developing its human resources to be loyal and significant assets to
Total Assets 25,999,981 28,825,609 10.87 p
the company, updating its information technology and office
Deposits 20,691,819 22,248,660 7.52 p
network, as well as embracing the principles and dedication to
support the individual's capability improvement to uphold and apply Fund Borrowings 1,363,777 2,258,482 65.60 p
the GCG principles. Total Liabilities 22,174,912 24,483,975 10.41 p
In 1999, the Bank listed its shares in the Jakarta Stock Exchange and
Surabaya Stock Exchange. Since then, the Bank has been actively Authorized Capital 1,400,000 1,400,000 - 
carrying out corporate actions, such as: limited public offering and Paid up Capital 789,065 867,105 9.89 p
issuing bonds. In 2007, the Bank issued Bond II and Subordinated Paid up Capital (Mil. Sh) 7,891 8,671 9.89 p
Bond I, each having the value of Rp200 billion. In 2008, the Bank Par Value (Rp) 100 100 - 
executed Limited Public Offering (Right Issue) IV amounting to Retained Earnings 1,206,314 1,342,391 11.28 p
Rp116.75 billion along with the issuance of Warrant Series V
Total Equity …*) 2,626,253 2,846,328 8.38 p
amounting to Rp. 63.04 billion.
Non Controlling Interest 17 18 2.91 p
In 2011, the Bank added the capital through limited public offering Total Equity 2,626,271 2,846,346 8.38 p
without preemptive rights valuing Rp58 billion, Right Issue
amounting to Rp195 billion, Exercise Warrant amounting to Rp8
billion. In 2012 and 2013, the Bank issued Bond III & IV each having
INCOME STATEMENTS
the value of Rp200 billion and Subordinated Bond II & III each having Total Interest Income 2,160,859 2,292,718 6.10 p
the value of Rp300 billion. End of the year 2016, the Bank have Interest Expenses 1,857,234 1,835,041 -1.19 q
received operational license as a Forex Bank and effectively operated Other Operating Revenue 313,458 416,596 32.90 p
as Forex Bank in February 20, 2017. In addition, Bank also adds Other Operating Expenses 531,820 736,193 38.43 p
capital through a capital increase without HMETD amounting to
Income from Operations 85,262 138,080 61.95 p
Rp.277,6 billion from new investors, namely DEG (Deutsche
Non-Operating Revenues 7,599 38,057 400.82 p
Investitions-und Entwicklungsgesellschaft mbH). As of June 30, 2018,
the Bank’s shares were amounted to 8,671,048,162 shares with a Earning Before Tax 92,861 176,137 89.68 p
value of Rp867,104,816,200. Income for the periods 100,360 136,091 35.60 p
In July 2017, Bank Victoria issued the Sustainable Bonds I and
Sustainable Subordinated Bonds I which respectively amounting to Net Income … *) 100,362 136,090 35.60 p
Rp. 300 billion and Rp. 50 billion.
FINANCIAL RATIOS
In addition, in June 2018, Bank Victoria issued a Shelf Public Offering
DER (X) 8.44 8.60 1.88 p
(PUB) I Bonds Phase II 2018 amounting to Rp 300 billion and PUB
Phase I BVIC Subordinated Bonds Phase II 2018 amounting to Rp 350 ROA (%) 0.39 0.47 22.31 p
billion. NPM (%) 4.64 5.94 27.80 p
As of June 30, 2018, the Bank is currently have 102 operational office
networks, consisting of 1 head office, 10 branch offices, 70 sub-
branch offices and 21 cash offices spread across Jakarta, Bogor,
Depok, Tangerang, Bekasi, Bandung, Surabaya, Manado, Bali and SHAREHOLDERS
Semarang. Supported by the synergies between management and 1. PT Victoria Investama Tbk. 45.43%
1,106 employees (as of June 30, 2018), Bank Victoria continues to 2. Public <5% 29.31%
expand its business through various integrated financial services.
3. Suzanna Tanojo 13.53%
4. DEG - Deutsche Investitions 9.00%
AUDIT COMMITTEE 5. PT Nata Patindo 2.73%
1. Gunawan Tenggarahardja
2. Oliver Simorangkir
3. Retno Dwijanti Widaningsih
4. Teguh Sukaryanto

Corporate Bonds 449

1. Oliver Simorangkir 1. Ahmad Fajar
2. Gunawan Tenggarahardja * 2. Debby Wahjutirto Tanoyo
3. Zaenal Abidin * 3. Lembing
*) Independent Commissioner 4. Ramon Marlon Runtu
5. Rusli
6. Tamunan
AS OF JUNE 2018
Coupon Coupon
27-Sep-18
Obligasi
BVIC02SB 11.00% 27-Dec-18 PT Bank Mega idBBB+
1. Subordinasi II Bank 300,000 28-Jun-12 27-Jun-19 7
Victoria Tahun 2012
Quarterly 27-Jun-19
Obligasi 27-Sep-18
BVIC03SB Subordinasi Bank 10,50% 27-Dec-18 PT Bank Mega idBBB+
2. 300,000 28-Jun-13 27-Jun-20 7
IDA000059109 Victoria III Tahun 27-Mar-19 Tbk. Stable
2013 Quarterly 27-Jun-19
Obligasi 11-Jul-18
BVIC01CN1 Berkelanjutan I 10.30% 11-Oct-18 PT Bank Mega idA-
3. 300,000 12-Jul-17 11-Jul-22 5
IDA000082200 Bank Victoria Tahap 11-Jan-19 Tbk. Stable
I Tahun 2017 Quarterly 11-Apr-19
Obligasi
11-Jul-18
Subordinasi 11.00%
BVIC01SBCN1 11-Oct-18 PT Bank Mega idBBB
4. Berkelanjutan I 50,000 12-Jul-17 11-Jul-24 7
IDA000082309 11-Jan-19 Tbk. Stable
Bank Victoria Tahap
Quarterly 11-Apr-19
I Tahun 2017
Obligasi 05-Sep-18
BVIC01ACN2 Berkelanjutan I 9.70% 05-Dec-18 PT Bank Mega idA-
5. 100,000 06-Jun-18 05-Jun-21 3
IDA0000906A0 Bank Victoria Tahap 05-Mar-19 Tbk. Stable
II Tahun 2018 Seri A Quarterly 05-Jun-19
Obligasi 05-Sep-18
BVIC01BCN2 Berkelanjutan I 10.30% 05-Dec-18 PT Bank Mega idA-
6. 200,000 06-Jun-18 05-Jun-23 5
IDA0000906B8 Bank Victoria Tahap 05-Mar-19 Tbk. Stable
II Tahun 2018 Seri B Quarterly 05-Jun-19
Obligasi
05-Sep-18
Subordinasi 11.00%
BVIC01SBCN2 05-Dec-18 PT Bank Mega idBBB
7. Berkelanjutan I 350,000 06-Jun-18 05-Jun-25 7
Bank Victoria Tahap
Quarterly 05-Jun-19
II Tahun 2018

450 Corporate Bonds
TRADING HIGHLIGHT
BVIC02SB


340 60
255 45 Trading days 2 6 13 3 4 10
Turnover Ratio (%) 126.67 153.33 408.00 262.67 90.67 534.67
170 30 CTP Price - High 100.700 102.750 101.500 102.000 104.750 104.190
Date 25-Jan 04-May 11-Jul 04-Oct 06-Mar 26-Apr
85 15
CTP Price - Low 99.600 98.650 99.100 100.000 102.450 100.000
- - Date 25-Jan 05-May 14-Jul 17-Oct 28-Mar 09-May
IBPA Fair Yield (%) 11.2032 11.5326 10.2271 9.7131 9.4522 10.3592
Mod. Duration (yrs) 1.957 1.733 1.571 1.365 1.153 0.931
106 13.0
Convexity (yrs) 4.567 3.687 2.973 2.274 1.653 1.115
104 12.0 Sensitivity (%) 0.020 0.017 0.016 0.014 0.012 0.009
102 11.0 This series was first listed on June, 28th 2012 and will be matured on June, 27th 2019. This
100 10.0
98 9.0
throughout the period was Rp1.18 trillion and the total trading frequency was 187
96 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BVIC03SB Listing Date Maturity Date


200 60
150 45 Trading days 5 6 17 2 3 3
Turnover Ratio (%) 166.67 237.33 332.00 11.33 85.33 218.67
100 30 CTP Price - High 100.500 100.500 100.950 101.350 100.000 100.000
Date 17-Mar 27-Apr 29-Sep 03-Oct 06-Feb 17-May
50 15
CTP Price - Low 96.000 95.500 97.300 98.882 98.250 99.400
- - Date 27-Mar 17-Apr 26-Jul 26-Oct 16-Jan 17-May
IBPA Fair Yield (%) 11.6875 11.2761 10.6817 10.2624 10.2586 11.6208
Mod. Duration (yrs) 2.696 2.481 2.355 2.171 1.977 1.770
103 13.0
Convexity (yrs) 8.660 7.488 6.571 5.584 4.644 3.741
101 12.0 Sensitivity (%) 0.027 0.025 0.024 0.022 0.020 0.018
97 10.0
95 9.0
93 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 451
BVIC01CN1


160 32
120 24 Trading days - - 2 1 6 9
Turnover Ratio (%) - - 1.33 21.33 193.33 255.33
Date N/A N/A 30-Aug 07-Nov 26-Jan 23-May
40 8
- - Date N/A N/A 30-Aug 07-Nov 07-Mar 05-Jun
IBPA Fair Yield (%) - - 9.6340 9.3862 9.7083 10.5430
Mod. Duration (yrs) - - 3.680 3.534 3.369 3.179
107 12.0
Convexity (yrs) - - 16.719 15.343 13.905 12.389
105 11.0 Sensitivity (%) - - 0.037 0.035 0.034 0.032
101 9.0
99 8.0
97 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BVIC01SBCN1


8 4
6 3 Trading days - - 1 1 - -
Turnover Ratio (%) - - 64.00 40.00 - -
Date N/A N/A 21-Jul 10-Oct N/A N/A
2 1
- - Date N/A N/A 21-Jul 10-Oct N/A N/A
IBPA Fair Yield (%) - - 12.0757 11.8361 12.1518 12.9577
Mod. Duration (yrs) - - 4.556 4.459 4.325 4.139
104 14.0
Convexity (yrs) - - 27.352 25.990 24.361 22.386
101 13.0 Sensitivity (%) - - 0.046 0.045 0.043 0.041
95 11.0
11.00%. This series, throughout 2017 and the first half of 2018 period, was traded only in
2 trading days with 17.33% of average quarterly turnover. The total trading volume
92 10.0
89 9.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

452 Corporate Bonds
BVIC01ACN2


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - - 10.0869
101 12.0
Convexity (yrs) - - - - - 7.423
100 11.0 Sensitivity (%) - - - - - 0.025
99 10.0 This series was first listed on June, 6th 2018 and will be matured on July, 5th 2021. This
98 9.0
97 8.0
96 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BVIC01BCN2


200 20
150 15 Trading days - - - - - 6
Turnover Ratio (%) - - - - - 458.00
50 5
IBPA Fair Yield (%) - - - - - 10.6480
101 12.0
Convexity (yrs) - - - - - 17.592
100 11.0 Sensitivity (%) - - - - - 0.038
98 9.0
97 8.0
96 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 453
BVIC01SBCN2


60 8
45 6 Trading days - - - - - 3
Turnover Ratio (%) - - - - - 61.71
15 2
IBPA Fair Yield (%) - - - - - 11.4875
103 13.0
Convexity (yrs) - - - - - 28.823
101 12.0 Sensitivity (%) - - - - - 0.047
97 10.0
95 9.0
93 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
BVIC02SB 95 115 306 197 237.7%
BVIC03SB 125 178 249 9 186.8%
BVIC01CN1 16 5.7%
BVIC01SBCN1 85 26.0%
- 100 200 300 400 500 600 700 800

454 Corporate Bonds

PT Bank Victoria International Tbk. (Bank Victoria) has No. Company Total Revenue Net Profit Revenue
been established for more than two decades in the (Rp Bill) Margins (%) Growth (%)
national banking industry. Bank Victoria officially 1. PT Bank Bukopin Tbk. 9,623 1.4 2.5
operated as a commercial bank in 1994, and as a 2. PT Bank Pembangunan Daerah Maluku dan Maluku Utara 753 18.9 7.7
foreign exchange trader in 1997. Since December 13, 3. PT Bank Rakyat Indonesia Agroniaga Tbk. 1,252 11.2 29.7
2016, Bank victoria has obtained the license to 4. PT Bank Victoria International Tbk. 2,293 5.9 6.1
become a Foreign Exchange Bank, and actively 5. PT Bank Capital Indonesia Tbk. 1,290 6.7 4.2
operated on 20 February 2017. Financial Statement as of Fiscal Year 2017
By supporting the development of a variety of Historical Corporate Ratings

consumer banking products and institutional services No. Rating Agency Rating Rating Status Rating Date Outlook
for the community, Bank Victoria now has 103 offices
consisting of 105 operational offices and 1 head 1. Pefindo idA- Affirmed 4-Apr-18 Stable
office in Greater Jakarta, East Java, West Java, and 2. Pefindo idA- Affirmed 22-Jun-17 Stable
3. Pefindo idA- Affirmed 5-Apr-17 Stable*
North Sulawesi.
4. Pefindo idA- Affirmed 6-Apr-16 Negative**
By the end of 2017, the Bank’s shareholding
compositions are PT Victoria Investama Tbk. (45.43%),
SWOT Analysis
Suzanna Tanojo (13.53%), Deutsche Investitions/DEG
(9.00%), PT Suryayudha Investindo Cipta (2.73%), PT
Nata Patindo (0.21%), other Public (29.10%). S trengths W eaknesses
- Strong capitalization - Exposure to concentration risk
- Strong liquidity - High NPL-gross
- Having an integrated business - Below average profitability
group to support the Bank’s compared to its peers
business development
Financial Analysis
Bank Victoria recorded an increase in total assets
amounted to Rp28.83 trillion in 2017 from Rp26.00
trillion in 2016. That increased was primarily due to an
increase in third party loans and sharia receivables by O pportunities T hreats
8.72% to Rp15.74 trillion. In 2017, interest and sharia
income grew 6.10% from Rp2.16 trillion to Rp2.29 - Potential of mutual benefit synergy - The slow growth of the credit
trillion. Tha bank also managed to bring interest and with all of the business groups and - A slowing trend in Indonesia’s
sharia expenses down from Rp1.86 trillion to Rp1.84 subsidiaries external sector performance
trillion. Therefore net interest income of Bank Victoria - Government commitment to
increased quite significantily by 50.74% from improve financial literacy
Rp303.62 billion to Rp457.68 billion. the Bank’s net
operating income reached Rp138.08 billion, up by
61.95% from the previous year. The bank also gained
from operational activities with the bank’s net
operating income reached Rp138.08 billion, up by
61.95% from the previous year. At the bottom line,
net income increased 35.60% from Rp100.36 billion
to Rp136.09 billion. Despite increasing profitability,
*the stable outlook driven by sustainability of the improvement of its asset quality indicators
the bank experienced a decrease in CAR from 24.58%
**the negative outlook driven by the Bank’s weakening asset quality profile as seen on increasing
to 18.17%. The bank asset quality improved as NPL
reflected from decreasing gross NPL from 3.89% to
3.05%.

Corporate Bonds 455
idA
CSUL PT Chandra Sakti Utama Leasing Stable
Sector : Finance Gedung TMT 1, 6th Floor
Sub Sector : Financial Institution Jln. Cilandak KKO No. 1
Website : www.csulfinance.com Jakarta Selatan 12560
Corporate Sec. : Niken Fransiska Phone : (021) 2997-6650
Email Corporate Sec. : corporatesecretary@csul.co.id Fax : (021) 2997-6651
P T Ch an dr a S a k ti U ta m a Leas in g ( th e FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated

Company) is a financial services provider BALANCE SHEETS Dec-2016 Dec-2017 Chg %
company, which was previously named PT Cash & Cash Equivalents 80,243 76,345 -4.86 q
Standard Chartered Leasing. The Company was
acquired by PT Trakindo Utama from Standard Chartered Bank on 25
August 1995, thus becoming one of PT Tiara Marga Trakindo’s (TMT) Consumer Financing Receivables 2,690,077 3,557,554 32.25 p
subsidiary company. Property, Plant and Equipment 17,988 101,426 463.86 p
Total Assets 3,264,370 4,110,560 25.92 p
Initially, the Company operated its business activities in the finance
lease and consumers finance sector focusing only on TMT group’s Fund Borrowings 2,179,958 2,775,185 27.30 p
employees. However, in 2014, with the issuance of POJK No.29/2014, Total Liabilities 2,297,046 3,075,280 33.88 p
the Company diversified its financing business activities after Authorized Capital (Mil. Sh) 0.0 0.0 - 
previously carrying out its business activities in the form of finance Authorized Capital 400,000 400,000 - 
leases, factoring with recourse or without recourse, consumers Paid up Capital 198,050 198,050 - 
finances, and credit cards; now changing into investment financing,
working capital financing, and multipurpose financing, whereby to
achieve that intent and purpose, the Company can undertake Finance Par Value (Rp) 10,000,000 10,000,000 - 
Leases, Sales and Leasebacks, Factoring with recourse or without Retained Earnings 769,274 837,230 8.83 p
recourse, Hire Purchases, Project Financing, Infrastructure Financing, Total Equity …*) 967,324 1,035,280 7.03 p
and Other Financing business activities that have been approved in Non Controlling Interest - - - 
prior by the Financial Services Authority. Total Equity 967,324 1,035,280 7.03 p
As appropriately with the Company’s tagline “one-stop shop
financing,” the Company is committed to the continued endeavor in INCOME STATEMENTS
satisfying customers’ financial needs by prioritizing comfort and Total Revenues 405,620 505,121 24.53 p
convenience, to corporate or individual customers. The Company Expenses 328,876 416,612 26.68 p
also always strives to fulfill the customer’s productive needs, among
others, in the construction, mining, forestry, agriculture, plantation,
publishing, manufacture industry, and energy sector through Earning Before Tax 76,365 88,141 15.42 p
investment and working capital financing. Furthermore, also in EBITDA 270,048 312,077 15.56 p
fulfilling consumptive needs through multipurpose financing, among Income for the periods 65,138 73,077 12.19 p
others, motorized vehicles financing (cars), travel tour costs or Comprehensive Income 65,342 73,295 12.17 p
vacations, and other consumptive needs. Net Income … *) 65,138 73,077 12.19 p
As a prominent financial solution service provider in Indonesia, the
Company continuously strives to prioritize on quality and best service FINANCIAL RATIOS
for customers, such as through measurable financing approval DER (X) 2.37 2.97 25.09 p
process, the convenience of access to information of financial
ROA (%) 2.00 1.78 -10.91 q
products, convenience in communicating and a marketing staff who
NPM (%) 16.06 14.47 -9.91 q
are ready to assist customers in cash flow advisory. The Company
also continuously perform innovations through business expansions EBITDA Coverage (X) 1.43 1.42 -0.35 q
that are supported by a flexible financing system that is compatible *) … attributable to owners of the parent entity
with the customer’s needs. In order to support such matters, the
Company designed operational strategies and appropriate SHAREHOLDERS
information technology, thus establishing a Finance Company that
1. PT Tiara Marga Trakindo 99.80%
will always become a financing solution for customers. Currently, the
Company has branch offices in major cities such as South Jakarta, 2. PT Mahadana Dasha Utama 0.20%
West Jakarta, East Jakarta, Bandung, Surabaya, Semarang, Pekanbaru,
Palembang, Banjarmasin, Samarinda, Balikpapan, Makassar, AUDIT COMMITTEE
Denpasar, and South Tangerang as well as non-branch offices 1. Handoyo Soebali
(representative offices) at Bogor and Jambi. For sure, the Company 2. Dwi Sasongko
will continue to develop its business network in accordance with the
3. Setiawan Kriswanto
Company’s vision of becoming the prominent finance company
partner in the finance industry.
1. Abdullah Juffry
BOARD OF DIRECTORS 2. Danan Kadarachman
1. Suwandi Wiratno 3. Handoyo Soebali *
2. Andreas Sudarto Samiadji *) Independent Commissioner
3. Eddy Indradi Tirtokusumo

456 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
21-Jul-18
Obligasi I CSUL
CSUL01A 9.75% - PT Bank Mega idA
1. Finance Tahun 2017 209,000 12-Jul-17 21-Jul-18 370
IDA0000826A0 - Tbk. Stable
Seri A
Quarterly -
11-Jul-18
Obligasi I CSUL
CSUL01B 10.50% 11-Oct-18 PT Bank Mega idA
2. Finance Tahun 2017 116,000 12-Jul-17 11-Jul-20 3
IDA0000826B8 11-Jan-19 Tbk. Stable
Seri B
Quarterly 11-Apr-19

TRADING HIGHLIGHT
CSUL01A


160 8
120 6 Trading days - - 4 4 3 3
Turnover Ratio (%) - - 368.23 44.02 40.19 53.59
Date N/A N/A 21-Jul 23-Nov 03-Jan 21-May
40 2
- - Date N/A N/A 26-Sep 28-Nov 22-Mar 02-Apr
IBPA Fair Yield (%) - - 8.3343 7.7533 7.3409 7.4370
Mod. Duration (yrs) - - 0.760 0.533 0.300 0.060
103 11.0
Convexity (yrs) - - 0.783 0.422 0.165 0.018
102 10.0 Sensitivity (%) - - 0.008 0.005 0.003 0.001
100 8.0
99 7.0
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 457
CSUL01B Listing Date Maturity Date


8 4
6 3 Trading days - - 1 - - -
Turnover Ratio (%) - - 17.24 - - -
Date N/A N/A 20-Jul N/A N/A N/A
2 1
- - Date N/A N/A 20-Jul N/A N/A N/A
IBPA Fair Yield (%) - - 9.2357 8.8805 8.9696 10.2885
Mod. Duration (yrs) - - 2.349 2.167 1.975 1.770
107 12.0
Convexity (yrs) - - 6.663 5.671 4.725 3.816
105 11.0 Sensitivity (%) - - 0.023 0.022 0.020 0.018
101 9.0
observed through IDX Centralized Trading Platform (CTP), this series was traded at par
99 8.0
which was 100.0000%.
97 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
CSUL01A 192.40 23.00 103.1%
- 50 100 150 200 250

458 Corporate Bonds

PT Chandra Sakti Utama Leasing (CSUL) is a financial No. Company Total Revenue Net Profit Revenue
services provider company, which was previously (Rp Bill) Margins (%) Growth (%)
named PT. Standard Chartered Leasing. CSUL was 1. PT Indonesia Infrastucture Finance 645 (12.7) 18.6
acquired by PT Trakindo Utama from Standard 2. PT Surya Artha Nusantara Finance 626 5.9 0.7
Chartered Bank on 25 August 1995, thus becoming 3. PT Chandra Sakti Utama Leasing 505 14.5 24.5
one of PT Tiara Marga Trakindo’s (TMT) subsidiary 4. PT Batavia Prosperindo Finance Tbk. 352 13.9 36.2
company. In 2014, with the issuance of POJK
No.29/2014, the Company diversified its financing Financial Statement as of Fiscal Year 2017
business activities after previously carrying out its
business activities in the form of finance leases, Historical Corporate Ratings
factoring with recourse or without recourse, No. Rating Agency Rating Rating Status Rating Date Outlook
consumers finances, and credit cards; now changing
into investment financing, working capital financing, 1. Pefindo idA Affirmed 12-Mar-18 Stable
and multipurpose financing, whereby to achieve that 2. Pefindo idA Assigned 8-Jun-17 Stable
intent and purpose, the Company can undertake

Finance Leases, Sales and Leasebacks, Factoring with
recourse or without recourse, Hire Purchases, Project
Financing, Infrastructure Financing, and Other
SWOT Analysis
Financing business activities that have been approved
in prior by the Financial Services Authority. CSUL’s
products and services are heavy equipment financing, S trengths W eaknesses
industrial machines, motorized vehicles and home
- Strategically important company to - Modest asset quality
ownership, and others, according to CSUL’s line of
Trakindo Group - Moderate profitability
business.
- Low leverage ratio
- Established presence in the heavy
By the end of 2017, CSUL had 18 branches, 2
equipment market
representative offices, and 421 total employees. The
ownership of CSUL consisted by PT Tiara Marga
Trakindo (99.8%) and PT Mahadana Dasha Utama
(0.2%)
Financial Analysis
CSUL assets on 31 Dec 2017 was recorded at Rp4.11
trillion, a growth of 25.92% or Rp846.19 billion
compared to the amount of assets on 31 Dec 2016. O pportunities T hreats
Such growth in assets was mainly caused by an
increase of the net investment in direct financing - Continuing the strategy to expand - High exposure to mining and
lease by 24.92% (equal to Rp354.99 billion) and a throughout Indonesia commodity related business
growth of the net consumer financing receivables by - Development of product - Limited infrastructure financing
43.65% (equal to Rp511.43 billion). diversification sources
In term of income statement, CSUL’s revenues in 2017

was recorded at Rp505.12 billion, an increase of
24.53% or Rp99.50 billion compared to 2016. This
revenue growth was primarily due to the consumer
financing income which grew by 46.49% from
Rp159.09 billion to Rp233.05 billion. Meanwhile,
CSUL’s expenses in 2017 also increased from
Rp328.88 billion to Rp416.61 billion or grew by
26.68%. The increase was mainly caused by increasing
in financing costs from Rp189.31 billion to Rp219.55
billion due to increased outstanding corporate loans.
As a result, CSUL still managed to record a net profit
for the year from Rp65.14 billion in 2016 to Rp73.08
billion in 2017.

Corporate Bonds 459
A+(idn)
CTRR PT Ciputra Residence Stable
Sector : Property, Real Estate And Building Construction CitraRaya Management Office
Sub Sector : Property And Real Estate Jln. Ecopolis Avenue Blok. VE.07 No. 07-09
Website : www.ciputraresidence.com CitraRaya - Tangerang 15710
Corporate Sec. : Veni Desianti Hoo Phone : (021) 2259-6888
Email Corporate Sec. : investor@ciputraresidence.com Fax : (021) 2966-0928
PT Ciputra Residence is a member of Ciputra FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
G r ou p w h ich en g a ge d in r es i den t ia l BALANCE SHEETS Dec-2016 Dec-2017 Chg %
development project which was initially
established under name PT Ciputra Habitat industrial Estate
Receivables 476,264 419,527 -11.91 q
Tangerang in 1989. As a property developer group, the Company
carries out business activities covering land provision, planning, Inventories 2,974,422 3,156,982 6.14 p
construction and selling of residential area (real estate), offices, Current Assets 4,771,609 4,749,526 -0.46 q
comercial centers, shopping centers along with its facilities and Investments 236,450 49,071 -79.25 q
infrastructures. In 1990, the Company changed its name to PT Property in Investments 191,090 194,466 1.77 p
Citraland Estate, then changing again in 1996 and 1999 to PT Ciputra Property, Plant and Equipment 315,348 328,603 4.20 p
Estate and PT Ciputra Residence, respectively.
Total Assets 7,223,935 7,267,994 0.61 p
The company owns large land bank which gives the advantage of Trade Payables 138,199 148,159 7.21 p
increasing land added value to the Company as time goes by. Current Liabilities 1,977,885 1,905,367 -3.67 q
Currently, the Company owns 29 subsidiaries, 13 subsidiaries with
Interest Bearing liabilities 1,560,777 1,331,937 -14.66 q
indirect ownership and 2 Joint Ventures. The Company possesses
strong fundamentals to become a qualified developer to work on the Total Liabilities 4,318,114 3,945,363 -8.63 q
property market in Indonesia with more than 27 years of experience Authorized Capital (Mil. Sh) 5,600 5,600 - 
in the property sector. Authorized Capital 5,600,000 5,600,000 - 
Paid up Capital 1,400,314 1,570,400 12.15 p
The Company consistenly continues to improve its business with
innovative spirit, expanding projects by acquisition of new lands as Paid up Capital (Mil. Sh) 1,400 1,570 12.15 p
well as through cooperation with business partner by entering into Par Value (Rp) 1,000 1,000 - 
partnership in order to extend network in big cities all over Retained Earnings 1,434,299 1,654,739 15.37 p
Indonesia. Various projects both residential and commercial Total Equity …*) 2,815,047 3,204,194 13.82 p
properties has gained positive response from the public. The Non Controlling Interest 90,774 118,437 30.47 p
Company will develop more commercial property assets with the
Total Equity 2,905,821 3,322,631 14.34 p
purpose of increasing the recurring income.
PT Ciputra Residence received "Developer Of The Year" award which INCOME STATEMENTS
is the highest appreciation award in the Annual Indonesia Property
Total Revenues 1,497,836 1,637,423 9.32 p
& Bank Award 2016.
Gross Profit 917,941 794,407 -13.46 q
Our projects: CitraRaya Tangerang was awarded "The Most Favorite Interest Expenses 124,020 137,596 10.95 p
Residential with Innovation and Growth", CitraGarden City Malang Earning Before Tax 499,891 403,025 -19.38 q
won an award "The Best Selling in Malang", Citra Maja Raya awarded
EBITDA 645,212 564,999 -12.43 q
as "The Best Selling and Consumenrs' Choice in Greater Jakarta". Our
other projects in Jakarta, Banten, Palembang also awarded with many Income for the periods 422,331 324,625 -23.13 q
awards during year 2016. Comprehensive Income 417,772 323,055 -22.67 q
Net Income … *) 428,942 330,647 -22.92 q
1. Candra Ciputra FINANCIAL RATIOS
2. Lanny Bambang * DER (X) 0.54 0.40 -25.37 q
3. Sandra Hendharto ROA (%) 5.85 4.47 -23.60 q
*) Independent Commissioner NPM (%) 28.20 19.83 -29.69 q
BOARD OF DIRECTORS *) … attributable to owners of the parent entity
1. Budiarsa Sastrawinata
2. Agussurja Widjaja SHAREHOLDERS
3. Cakra Ciputra 1. PT Ciputra Development Tbk. 99.99990%
4. Junita Ciputra 2. PT Sang Pelopor 0.00010%
5. M.I. Meiko Handoyo
6. Mary Octo Sihombing AUDIT COMMITTEE
7. Nararya Ciputra Sastrawinata 1. Lanny Bambang
2. Christine Wiradinata
3. Henk Wangitan

460 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
02-Jul-18
Obligasi I Ciputra
CTRR01B 12.40% 02-Oct-18 PT Bank AA-(idn)
1. Residence Tahun 220,000 03-Apr-14 02-Apr-19 5
IDA0000626B2 02-Jan-19 Permata Tbk. Stable
2014 Seri B
Quarterly 02-Apr-19
02-Jul-18
Obligasi I Ciputra
CTRR01C 13.00% 02-Oct-18 PT Bank AA-(idn)
2. Residence Tahun 80,000 03-Apr-14 02-Apr-21 7
IDA0000626C0 02-Jan-19 Permata Tbk. Stable
2014 Seri C
Quarterly 02-Apr-19
TRADING HIGHLIGHT
CTRR01B


100 8
75 6 Trading days 2 2 2 1 2 3
Turnover Ratio (%) 181.82 47.27 34.55 18.18 36.36 158.18
50 4 CTP Price - High 104.9000 105.6070 105.6700 105.7200 106.7900 105.9200
Date 22-Mar 09-Jun 30-Aug 17-Oct 22-Feb 04-Apr
25 2
CTP Price - Low 104.5000 104.8289 104.2000 105.7000 105.9900 101.5000
- - Date 14-Mar 13-Jun 04-Sep 17-Oct 26-Mar 20-Apr
IBPA Fair Yield (%) 9.6387 9.4508 9.2342 7.3821 7.2619 8.3851
Mod. Duration (yrs) 1.717 1.546 1.332 1.133 0.921 0.701
109 11.0
Convexity (yrs) 3.646 2.966 2.231 1.645 1.121 0.685
107 10.0 Sensitivity (%) 0.017 0.015 0.013 0.011 0.009 0.007
103 8.0
101 7.0
99 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 461
CTRR01C Listing Date Maturity Date
ISIN CODE : IDA0000626C0 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 10.0224 9.8794 8.3721 8.0565 8.2834 9.3897
Mod. Duration (yrs) 3.058 2.929 2.783 2.622 2.448 2.256
115 12.0
Convexity (yrs) 11.726 10.686 9.583 8.480 7.385 6.286
113 11.0 Sensitivity (%) 0.031 0.029 0.028 0.026 0.024 0.023
111 10.0 This series was first listed on April, 3rd 2014 and will be matured on April, 2nd 2021. This
109 9.0
107 8.0
105 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
CTRR01B 100 26 19 10 70.5%
CTRR01C
- 50 100 150 200 250

462 Corporate Bonds

PT Ciputra Residence (“Perseroan”) (CTRR) is a No. Company Total Revenue Net Profit Revenue
member of Ciputra Group which engages in projects (Rp Bill) Margins (%) Growth (%)
of residential development which was initially 1. PT PP Properti Tbk. 2,709 17.0 26.0
established under name PT Ciputra Habitat Industrial 2. PT Intiland Development Tbk. 2,203 12.3 (3.2)
Estate Tangerang in 1989. As a property developer 3. PT Ciputra Residence 1,637 19.8 9.3
group, CTRR carries out business activities covering 4. PT Pembangunan Jaya Ancol Tbk. 1,240 18.1 (3.4)
land provision, planning, construction and selling of 5. PT Greenwood Sejahtera Tbk. 85 221.8 (39.9)
residential area (real estate), office spaces, Financial Statement as of Fiscal Year 2017
commercial centers, shopping centers along with its
facilities and infrastructures. CTRR possesses strong Historical Corporate Ratings
fundamentals to become a qualified developer to No. Rating Agency Rating Rating Status Rating Date Outlook
work on the property market in Indonesia with more
than 30 years of experience in the property sector. 1. Fitch Rating A+(idn) Upgraded* 4-Sep-17 Stable
2. Fitch Rating A-(idn) Affirmed 8-Feb-17 Stable
As of December 2017, CTRR’s shareholders consisted
of PT Ciputra Development Tbk. (99.99%) and PT
5. Fitch Rating A-(idn) Assigned 23-Feb-14 Stable
Ciputra Graha Mitra (0.01%)
SWOT Analysis
- Full support from parent company - The lower sales compared the
(Ciputra Development) peers
- A leading integrated residential - Leverage increased as instalments
developer lengthen
- Have large lands bank inventory
Financial Analysis
In 2017, the Company recorded total revenues of
Rp1.64 trillion, increased by 9.32% compared to
Rp1.50 trillion in 2016. The Company experienced a
8.94% increase in net sales from Rp1.42 trillion in the
previous year to Rp1.54 trillion. The increase was O pportunities T hreats
mainly due to an increase in sales of offices of Rp109
billion as well as sales of land lots of Rp18 billion. - High purchasing power in - Weakened of the property sector
Operating revenues also experienced an increase by Indonesia’s middle class segment - Tightened competition
15.82% from Rp82.20 billion to Rp95.20 billion which - Policies favourable for the property
was mainly driven by the hike in income from market such as lower down payment
commercial properties of Rp6.80 billion. Nevertheless requirements and benchmark rates
the Company's cost of sales and direct cost increase - The implementation of a tax
higher by Rp843.02 billion in 2017 or 45.37% amnesty may boost property
compared to 2016. Therefore, operating profit fell demand
25.87% to Rp436.4 billion compared to Rp588.7
billion in 2016. In line with a decrease in profit from
operations, the Company also recorded a 22.92%
decrease in net profit from Rp428.94 billion in 2016
to Rp330.65 billion in 2017.
*The upgraded was driven by the linkage between the Company and its 99.99% shareholder PT
Ciputra Development Tbk. Fitch now analyses Ciputra Development and its subsidiaries as a single
economic entity

Corporate Bonds 463
idBBB+
DILD PT Intiland Development Tbk. Stable
Sector : Property, Real Estate And Building Construction Intiland Tower, Penthouse Fl.
Sub Sector : Property And Real Estate Jln. Jend. Sudirman 32
Website : www.intiland.com Jakarta 10220
Corporate Sec. : Theresia Rustandi Phone : (021) 570-1912, 570-8088
Email Corporate Sec. : info@intiland.com Fax : (021) 570-0014, 570-0015
Intiland Development with more than 45 FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
years of experience, is trusted to deliver and BALANCE SHEETS Dec-2016 Dec-2017 Chg %
maintan projects with successful brands and Cash & Cash Equivalents 473,343 749,510 58.34 p
iconic premium products. The Company went
Receivables 201,335 199,799 -0.76 q
public in 1991 and is well known for its trendsetting developments.
Intiland has a diversified property portfolio of premium assets Inventories 2,067,405 2,371,378 14.70 p
consisting of mixed use and high rise developments, such as South Current Assets 3,034,100 3,606,928 18.88 p
Quarter, Regatta, and Fifty Seven Promenade. Our second core Investments 257,258 253,990 -1.27 q
portfolio is landed residential developments aiming at middle to high Property in Investments 1,608,377 1,614,386 0.37 p
end residential estates, such as Pantai Mutiara, Graha Famili, and Property, Plant and Equipment 243,529 228,690 -6.09 q
Serenia Hills. It also develops a manufacturing and business estate at
Total Assets 11,840,060 13,097,185 10.62 p
Ngoro Industrial Park. For sustainable recurring income, Intiland
develops investment properties, such as Intiland Tower Jakarta and Trade Payables 191,263 194,471 1.68 p
Intiland Tower Surabaya. Intiland welcomes strategic collaborations Current Liabilities 3,292,501 4,103,192 24.62 p
and is known for its loyal long-term tenants. Since 2016, it has Interest Bearing liabilities 4,455,142 4,430,811 -0.55 q
entered into a strategic partnership with one of the largest sovereign Total Liabilities 6,782,582 6,786,635 0.06 p
funds in the world. As one of the best indonesian property Authorized Capital (Mil. Sh) 24,000 24,000 - 
developers, Intiland continues to receive prestigious awards among
which are the Forbes Indonesia’s best of the best top 50 public
companies and South East Asia’s best office architectural design Paid up Capital 2,591,464 2,591,464 - 
award for South Quarter. Intiland believes that business performance Paid up Capital (Mil. Sh) 10,366 10,366 - 
and corporate social responsibility activities can run simultaneously Par Value (Rp) 250 250 - 
to achieve sustainable growth and gain harmony that in line with our Retained Earnings 1,385,153 1,631,630 17.79 p
vision to provide living well not merely living, Intiland continues to Total Equity …*) 4,980,122 5,623,128 12.91 p
contribute positively to life and the environment.
Total Equity 5,057,478 6,310,550 24.78 p
1. Cosmas Batubara * INCOME STATEMENTS
2. Jahja Asikin Total Revenues 2,276,460 2,202,821 -3.23 q
3. Lennard Ho Kian Guan Gross Profit 1,036,403 955,766 -7.78 q
4. Ping Handayani Hanli Interest Expenses 173,860 240,428 38.29 p
5. Thio Gwan Po Micky * Earning Before Tax 299,286 172,673 -42.31 q
6. Walman Siahaan EBITDA 581,550 540,089 -7.13 q
*) Independent Commissioner Income for the periods 297,351 271,537 -8.68 q
BOARD OF DIRECTORS Net Income … *) 298,892 297,491 -0.47 q
1. Hendro S. Gondokusumo
2. Archied Noto Pradono FINANCIAL RATIOS
3. Permadi Indra Yoga DER (X) 0.88 0.70 -20.29 q
4. Perry Yoranouw ROA (%) 2.51 2.07 -17.45 q
5. Ricky Holil NPM (%) 13.06 12.33 -5.63 q
6. Sinarto Dharmawan EBITDA Coverage (X) 3.34 2.25 -32.84 q
7. Suhendro Prabowo *) … attributable to owners of the parent entity

1. Thio Gwan Po Micky 1. Public 48.98%
2. Friso Palilingan 2. Hendro S. Gondokusumo 15.42%
3. Hariawan Pribadi 3. CIMB Securities (Singapore) Pte. Ltd. 15.02%
4. PT Bina Yatra Sentosa 11.28%
5. Bali Private Villa (s) Pte. Ltd. 9.30%

464 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
09-Jul-18
Obligasi Intiland
DILD01B 10.00% - PT Bank Mega idBBB+
1. Development 154,000 10-Jul-13 09-Jul-18 5
IDA0000595B9 - Tbk. Stable
Tahun 2013 Seri B
Quarterly -
21-Sep-18
DILD02A 10.75% 21-Dec-18 PT Bank Mega idBBB+
2. Development 428,000 30-Jun-16 21-Jun-19 3
Tahun 2016 Seri A
Quarterly 21-Jun-19
21-Sep-18
DILD02B 11.00% 21-Dec-18 PT Bank Mega Pastikan
idBBB+ Link Grafik sudah be
3. Development 2016 162,000 30-Jun-16 21-Jun-21 5
Seri B
Quarterly 21-Jun-19 Pastikan Link Grafik sudah be
TRADING HIGHLIGHT
DILD01B


120 12
90 9 Trading days - - 3 - - -
Turnover Ratio (%) - - 337.66 - - -
30 3
- - Date N/A N/A 07-Aug N/A N/A N/A
IBPA Fair Yield (%) 9.3991 9.0070 8.3895 7.8193 7.6091 8.3885
Mod. Duration (yrs) 1.157 0.964 0.727 0.500 0.267 0.027
103 11.0
Convexity (yrs) 1.692 1.204 0.725 0.380 0.138 0.007
102 10.0 Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
has an outstanding amount of Rp154.00 billion with fixed coupon per annum at 10.00%.
100 8.0
This series, throughout 2017 and the first two quarters of 2018 period, was traded in 3
99 7.0 Pastikan Link Grafik sudah be
98 6.0 Pastikan
102.1000% at the highest. IBPA valued the fair prices for this series were 99.3870% for theLink Grafik sudah be
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 465
DILD02A Listing Date Maturity Date


320 24
240 18 Trading days 4 1 6 1 2 5
Turnover Ratio (%) 31.78 52.15 357.01 128.97 9.35 23.36
160 12 CTP Price - High 101.7500 101.5000 102.7500 100.0000 103.9500 102.5000
Date 27-Jan 27-Apr 28-Aug 06-Oct 13-Mar 04-Jun
80 6
CTP Price - Low 100.0000 100.0000 100.0000 100.0000 100.0300 99.8000
- - Date 06-Feb 27-Apr 14-Aug 06-Oct 12-Jan 04-Jun
IBPA Fair Yield (%) 9.8324 9.6599 8.8356 8.6311 8.4998 10.6901
Mod. Duration (yrs) 1.977 1.755 1.586 1.377 1.163 0.936
106 12.0
Convexity (yrs) 4.644 3.765 3.022 2.308 1.678 1.124
104 11.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
102 10.0 The bond code DILD02A issued as much as Rp428.00 billion with interest rate of 10.75%
per annum. This bond is effective from 30 June 2016 to 21 June 2019. During 2017, the
100 9.0
98 8.0
96 7.0
8.2180%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
DILD02B


20 4
15 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 49.38 - -
5 1
IBPA Fair Yield (%) 10.1278 10.0958 9.5327 9.2326 9.3776 10.8812
Mod. Duration (yrs) 3.374 3.153 3.066 2.901 2.725 2.522
107 12.0
106 Convexity (yrs) 13.742 12.242 11.241 10.028 8.825 7.575
105 11.0 Sensitivity (%) 0.034 0.032 0.031 0.029 0.027 0.025
104
103 10.0 The series DILD02B issued which amounted to Rp162.00 billion with interest rates of
102 11.00% per annum. This bond was listed from 30 June 2016 and matured in 21 June
101 9.0
2021. During 2017, DILD02B was traded with volume amounting to Rp20.00 billion and
100
transacted 3 times. While in the first semester of 2018, there was no trading activities for
99 8.0
this series. In full year 2017, IBPA fair price recorded at range 99.4894 - 105.2351, while
98
the CTP recorded at level 104.2000 - 104.2500.
97 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

466 Corporate Bonds
DILD01B 130 84.4%
DILD02A 34 56 382 138 142.5%
DILD02B 20
- 50 100 150 200 250 300 350 400 450 500 550 600 650

Corporate Bonds 467

PT Intiland Development Tbk. (DILD) engages in No. Company Total Revenue Net Profit Revenue
property development and investment activities. The (Rp Bill) Margins (%) Growth (%)
Company's portfolios comprise mixed-use and high- 1. PT PP Properti Tbk. 2,709 17.0 26.0
rise development, residential areas for upper middle 2. PT Intiland Development Tbk. 2,203 12.3 (3.2)
class, industrial estates, and property investment in 3. PT Ciputra Residence 1,637 19.8 9.3
Jabodetabek (Jakarta, Bogor, Depok, Tangerang, 4. PT Pembangunan Jaya Ancol Tbk. 1,240 18.1 (3.4)
Bekasi) and in Surabaya and its surrounding areas. 5. PT Greenwood Sejahtera Tbk. 85 221.8 (39.9)
Furthermore, the Company has also diversified its Financial Statement as of Fiscal Year 2017
businesses into hospitality, hotel chain, and golf
course as well as sport facilities in several cities in Historical Corporate Ratings
Indonesia. No. Rating Agency Rating Rating Status Rating Date Outlook
By the end of 2017, its shareholders consisted of 1. Pefindo idBBB+ Downgraded* 12-Apr-18 Stable
Credit Suisse Singapore Trust (14.34%), CIMB 2. Pefindo idA- Affirmed 11-Apr-17 Negative
3. Pefindo idA- Downgraded** 13-Apr-16 Negative
Securities Singapore (14.04%), PT Bina Yatra Sentosa
4. Pefindo idA Affirmed 10-Apr-15 Stable
(11.99), Truss Investment Partners (11.58%), Bali
Private Villa (10.34%), and Public (37.72%).
SWOT Analysis
- Strong market position in the - Lower margin compared to peers
property industry - High financial leverage
- Favorable assets quality - Weaker cash flow protection ratios
- Sizeable land bank
Financial Analysis
In 2017, revenue decreased 3.23% to Rp2.02 trillion,
due to the decrease in township and estate sector
revenues. Operational expenses in 2017 and 2016
tended to be stable. The operational expenses O pportunities T hreats
amounted to Rp522.32 billion in 2017 or decreased
0.50% from previous year. In line with decreasing The massive infrastructure - Tight competition in the property
total revenue, net profit of the year also slightly development program by sector
decreased from Rp299 billion in 2016 to Rp297 billion government - The stagnant property and real
in 2017. In 2017, total assets increased 10.62% to - A large populations and the estate sector
Rp13.10 trillion in 2017. The increase mainly came urbanization trend
from cash and cash equivalent, and current and non- - Opportunity to acquisitions of land
current Inventory of Rp1.20 trillion that was due to development and real estate
the construction of 1Park Avenue, Praxis, Graha Golf companies
and Rosebay. On the other hand, Liabilities in 2017
and 2016 tended to be stable, but there was a shift
from non-current liabilities to current liabilities.
*The downgraded was driven by high leverage level with debt to EBITDA at 8.4x in 2017 while FFO
to debt and EBITDA to interest was constantly below 1.0x and 2.0x in 2016-2017
**The downgraded due to weaker capital structure and cash flow protection ratios following a
weaker than expected sales realization.

468 Corporate Bonds
idA
DNRK PT Danareksa (Persero) Stable*
Sector : Finance Danareksa Building
Sub Sector : Others Jln. Medan Merdeka Selatan No. 14
Website : www.danareksa.co.id Jakarta 10110
Corporate Sec. : Chairul Iman Phone : (021) 29-555-777, 29-555-888
Email Corporate Sec. : khairul@danareksa.co.id; cs@danareksa.co.id Fax : (021) 350-1712
History of PT Danareksa (Persero) is closely FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
related to the history of the Indonesian BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Capital Market, which began in 1912, with the establishment of. The
stock exchange was the pioneer of stock exchange industry in
Receivables 1,763,700 1,621,519 -8.06 q
Southeast Asia.
Markatable Securities 617,531 805,308 30.41 p
Due to the World War II, Batavia Stock Exchange was closed and
Current Assets 141,577 188,479 33.13 p
reopened in 1952. After a few years, the Stock Exchange was inactive
since 1958 due to lack of transactions. Later, President Suharto Property, Plant and Equipment 609,198 608,610 -0.10 q
inaugurated the opening of the Jakarta Stock Exchange at Danareksa Total Assets 3,607,389 3,644,235 1.02 p
Building on August 10, 1977, as a symbol of capital market Bank Loans 800,000 1,085,000 35.63 p
reactivation in Indonesia. Total Liabilities 2,236,621 2,407,527 7.64 p
PT Semen Cibinong was the first company listed by PT Danareksa Authorized Capital (Mil. Sh) 3 3 - 
(Persero) on the exchange in 1977. PT Danareksa (Persero) also Authorized Capital 2,800,000 2,800,000 - 
issued Danareksa Certificate for PT Semen Cibinong’s shares worth
Paid up Capital 701,480 701,480 - 
Rp10,000 per certificate.
In 1992, PT Danareksa (Persero) conducted organization restructuring
Par Value (Rp) 1,000,000 1,000,000 - 
by establishing three subsidiaries with PT Danareksa (Persero) as the
parent company. The three subsidiaries are PT Danareksa Sekuritas, Retained Earnings 148,422 7,262 -95.11 q
which is engaged in the underwriting, financial advisory and Total Equity …*) 1,370,629 1,236,557 -9.78 q
securities brokerage; PT Danareksa Investment Management, which is Non Controlling Interest 139 152 8.76 pLink Grafik sudah be
Pastikan
engaged in fund management (mutual fund) and PT Danareksa Total Equity 1,370,768 1,236,708 -9.78 q
Finance, which is engaged in financing sector. Along with the Pastikan Link Grafik sudah be
development of business and customers’ needs, PT Danareksa
INCOME STATEMENTS
(Persero) founded PT Danareksa Capital in 2010, with a primary focus
on investment and private equity. Total Revenues 636,942 446,414 -29.91 q
Expenses 300,251 442,515 47.38 p
Advantages and Added Values.
Interest Expenses 191,332 142,805 -25.36 q
1. Proven experience in the Capital Market. Danareksa has more than
Operating Profit 145,358 -138,906 N/A q
41 years of experience in settlement and execution of transactions
in the Capital Market, with a total of more than Rp100 trillion of Other Income (Expenses) 3,248 8,532 162.71 p
funds raised from the Indonesian Capital Market. Earning Before Tax 148,606 -130,374 N/A q
2. Fully owned by the Government and synergy of SOEs. Danareksa is EBITDA 348,162 20,018 -94.25 q
100% owned by the Government of Indonesia, by conducting and Income for the periods 116,259 -147,574 N/A q
settling transactions independently, and in synergy with other
Comprehensive Income 121,172 -134,060 N/A q
SOEs to assist clients.
Net Income … *) 116,242 -147,587 N/A q
3. Comprehensive products and services. A non-banking financial
institution with the most comprehensive products and services
(financial advisory services, underwriters, securities brokers, direct FINANCIAL RATIOS
financing, investment managers, private equity, multifinance and DER (X) 1.63 1.95 19.31 p
treasury). ROA (%) 3.22 -4.05 N/A q
4. Diversified funding alternatives. Danareksa provides funding
NPM (%) 18.25 -33.06 N/A q
directly or indirectly, through Money Market and Capital Market,
with equity instruments, debt instruments or a combination of
both. *) … attributable to owners of the parent entity
5. Experienced team and inter-group synergy. Danareksa has a
dedicated and experienced team of more than 41 years in the SHAREHOLDERS
Capital Market, as well as intergroup synergies with a focus on 1. Republic of Indonesia 100.00%
continuity and growth of client.
6. Top Rank in various Capital Market Activities; with awards from
leading media and institutions. AUDIT COMMITTEE
7. Danareksa has close ties with various parties and Capital Market 1. Dyah Kartika Rini
players. Danareksa has proven experience in interacting with 2. Djasriadi
Indonesia Stock Exchange, Bank Indonesia, OJK, KSEI, KPEI and 3. Imbuh Sulistyarini
cooperation with local and foreign financial institutions.
BOARD OF DIRECTORS 1. Eko Sulistyo
1. Heru Djojo Adhiningrat 2. Dyah Kartika Rini *
2. Bondan Pristiwandana *) Independent Commissioner

Corporate Bonds 469
AS OF JUNE 2018
Coupon Coupon
Obligasi 16-Sep-18
DNRK01BCN2 Berkelanjutan I 11.00% 16-Dec-18 PT Bank Mega idA
1. 250,000 17-Dec-14 16-Dec-19 5
IDA0000655B1 Danareksa Tahap II 16-Mar-19 Tbk. Positive
TRADING HIGHLIGHT
DNRK01BCN2


60 8
45 6 Trading days - 1 - - 1 1
Turnover Ratio (%) - 96.00 - - 32.00 40.00
Date N/A 21-Apr N/A N/A 07-Feb 15-May
15 2
- - Date N/A 21-Apr N/A N/A 07-Feb 15-May
IBPA Fair Yield (%) 9.8175 9.6874 9.1339 8.7247 8.7209 10.1065
Mod. Duration (yrs) 2.317 2.153 1.948 1.752 1.549 1.334
108 12.0
Convexity (yrs) 6.397 5.510 4.528 3.681 2.898 2.181
106 11.0 Sensitivity (%) 0.023 0.022 0.019 0.018 0.015 0.013
annum. This bond is effective from 17 December 2014 to 16 December 2019. Based on
102 9.0
the market price (Centralized Trading Platform) during 2017, this bond was traded
between 103.9000 and 104.6000, while in first semester 2018 this bond was traded
100 8.0
between 103.4500 and 105.8000. In year 2017, IBPA fair price recorded at range 100.6458 -
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
DNRK01BCN2 60 24.0%
- 50 100 150 200 250

470 Corporate Bonds

PT Danareksa (Persero) is a state owned company No. Company Total Revenue Net Profit Revenue
(100% of shares owned by the government of (Rp Bill) Margins (%) Growth (%)
Indonesia) and was established in 1976. Danareksa is 1. PT MNC Kapital Indonesia Tbk. 2,386 (30.9) 4.3
a holding company that has four subsidiaries 2. PT Danareksa (Persero) 446 (33.1) (29.9)
engaging in various financial services business.
The four subsidiaries of the company include PT

Danareksa Sekuritas that provides securities trading, Financial Statement as of Fiscal Year 2017
brokerage, and underwriter business. PT Danareksa
Investment Management that engages in fund and Historical Corporate Ratings
portfolio management services such as mutual fund, No. Rating Agency Rating Rating Status Rating Date Outlook
third party fund management, and mortgage
management. PT Danareksa Finance that offers 1. Pefindo idA Affirmed 4-Jun-18 Stable*
financing and leasing. And PT Danareksa Capital 2. Pefindo idA Affirmed 11-Oct-17 Positive
3. Pefindo idA Affirmed 11-Oct-16 Positive
which provides direct investment, fund creation,
4. Pefindo idA Affirmed 9-Oct-15 Stable
financial advisory, and private equity services.
5. Pefindo idA Affirmed 2-Oct-14 Stable
By the end of 2017, the company has 31 marketing

SWOT Analysis
and distribution networks across Indonesia and is
also supported by 411 employees.
- Strong support from government - Unstable revenue stream
of Indonesia - Pressure on profitability profile
- Strong relationships with other
government institutions and State
Owned Enterprise (SOE)
- Strong business position
Financial Analysis
DNRK booked total revenue of Rp446.41 billion in
2017, decrease from 2016 that reached Rp636.94
billion. The decrease in total revenue was driven by
interest, dividend, and lease income which dropped O pportunities T hreats
by Rp130.82 billion or -42.54% from Rp179.33 billion
in 2016 to Rp179.33 billion in 2016. The company - Strong possibility of DNRK to - Increasing competition in financial
also recorded a decrease in underwriting and become an investment holding for services industry
securities selling revenue by Rp43.52 billion (-58.22%) state owned financial companies - Volatile nature of capital market
from Rp74.75 billion to Rp31.23 billion because of - Financial Services Authority (OJK)
decreasing in income from related parties. In terms of commitment to widen domestic
expenses, the Company booked an increase total investor base
expenses from Rp491.58 billion to Rp585.32 billion - Implementation of integrated
due to increasing in expense from provision of system based "Service Oriented"
allowance for impairment losses on financial assets
from minus Rp61.91 billion in 2016 to Rp80.64 billion.
Thus, DNRK’s operating income decreased by -
195.56% to minus Rp138.91 trillion. At the bottom
line, along with the operating loss, DNRK recorded
*The revised outlook to stable reflects the prolonged process and uncertain timeline of DNRK's
net loss for the year amounted to Rp147.57 billion, or
tranformation into an investment holding company for state-owned banks and financial services.
dropped by -226.94% compared to the previous year.

Corporate Bonds 471
EXCL PT XL Axiata Tbk. AAA(idn)

Stable
Sector : Infrastructure, Utilities And Transportation XL Axiata Tower
Sub Sector : Telecommunication JL. H.R. Rasuna Said X5 Kav. 11 - 12
Website : www.xl.co.id Kuningan Timur, Setiabudi, Jakarta Selatan 12950
Corporate Sec. : Murni Nurdini Phone : (021) 576-1881
Email Corporate Sec. : corpsec@xl.co.id Fax : (021) 576-1880
Initially starting business as a trading and FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
general services company established on 6 BALANCE SHEETS Dec-2016 Dec-2017 Chg %
October 1989 under the name of PT Cash & Cash Equivalents 1,399,910 2,455,343 75.39 p
Grahametropolitan Lestari. In 1996, the company entered the
Receivables 662,711 631,808 -4.66 q
telecommunications field after obtaining a GSM 900 operating
license and officially launching its GSM services, becoming the first Inventories 161,078 143,303 -11.04 q
private company in Indonesia to provide cellular mobile telephony Current Assets 6,806,863 7,180,742 5.49 p
services. Property, Plant and Equipment 33,182,920 34,933,877 5.28 p
Later on, following a cooperation agreement with the Rajawali group Total Assets 54,896,286 56,321,441 2.60 p
and three foreign investors (NYNEX, AIF and mitsui), the Company Current Liabilities 14,477,038 15,226,516 5.18 p
name was changed to PT Excelcomindo Pratama. In September 2005, Interest Bearing liabilities 14,670,767 13,454,264 -8.29 q
the Company launched an Initial Public Offering (IPO) and listed its
shares on the Jakarta Stock exchange now known as the Indonesia
Stock Exchange (IDX).
At that time, the Company was a subsidiary of Indocel Holding Sdn.
Bhd., which is now known as Axiata Investment (Indonesia) Sdn. Bhd., Paid up Capital 1,068,796 1,068,796 - 
which all shares owned by TM International Sdn. Bhd., (“TMI”) Paid up Capital (Mil. Sh) 10,688 10,688 - 
through TM International (L) Limited. In 2009, TMI changed its name Par Value (Rp) 100 100 - 
to Axiata group Berhad (“Axiata”) which later in the same year PT Retained Earnings 8,001,601 8,405,044 5.04 p
excelcomindo pratama Tbk. also changed its name to PT XL Axiata Total Equity …*) 21,209,145 21,630,850 1.99 p
Tbk for synergy purpose.
Currently, the majority of XL Axiata’s shares are owned by Axiata Total Equity 21,209,145 21,630,850 1.99 p
through Axiata Investments (Indonesia) Sdn. Bhd. (66.4%) and the
remaining is held by the public (33.6%). Therefore, XL Axiata is part of
the Axiata group (“Group”), one of Asia’s largest telecommunications INCOME STATEMENTS
groups. The Group’s mobile subsidiaries and associates operate Total Revenues 21,341,425 22,875,662 7.19 p
under the brand name ‘Celcom’ in Malaysia, ‘Dialog’ in Sri Lanka, Gross Profit 21,341,425 22,875,662 7.19 p
‘Robi’ in Bangladesh, ‘Smart’ in Cambodia, ‘Ncell’ in Nepal, ‘Idea’ in Interest Expenses 1,793,508 1,539,281 -14.17 q
India and ‘M1’ in Singapore. Total Operating Expenses 19,654,551 21,217,401 7.95 p
As a leading market player in Indonesia, XL Axiata provides services Operating Profit 1,686,874 1,658,261 -1.70 q
for retail customers and offers business solutions to corporate Earning Before Tax 185,581 221,238 19.21 p
customers with wide network and service coverage throughout
EBITDA 8,058,261 8,321,243 3.26 p
Indonesia. The services include Data, Voice, SMS and other value
added digital services. XL Axiata operates its network on GSM Income for the periods 375,516 375,244 -0.07 q
900/DCS 1800 and IMT-2000/3G technologies. Comprehensive Income 396,549 403,443 1.74 p
XL Axiata also holds a content provider License, Internet Services Net Income … *) 375,516 375,244 -0.07 q
Provider (ISP), Internet Interconnection Services License, voice Over
Internet protocol License, Leased Line License, Money Remittance as FINANCIAL RATIOS
well as e-money Issuer License from the Bank of Indonesia, which DER (X) 0.69 0.62 -10.08 q
enables XL Axiata to provide remittance service to its subscribers.
ROA (%) 0.68 0.67 -2.60 q
XL Axiata continues to ensure top-notch quality of data experience to NPM (%) 1.76 1.64 -6.77 q
its customers with continued roll-out and upgrades of its network. XL
Axiata’s total BTS recorded 101,000 BTS with 4G-LTE service now
available in 360 cities and areas across Indonesia and with over *) … attributable to owners of the parent entity
17,000 4G BTS.
XL Axiata remains innovative and is the first telecommunications SHAREHOLDERS
operator in Indonesia to commercially launch 4.5G Ready on the 1. Axiata Investments (Indonesia) Sdn. Bhd. 66.36%
1,800 MHz spectrum. 2. Public (<5%) 33.64%
BOARD OF DIRECTORS AUDIT COMMITTEE

1. Dian Siswarini 1. Yasmin Stamboel Wirjawan
2. Abhijit Navalekar 2. Haryanto Thamrin
3. Allan Bonke 3. Julianto Sidarto
4. Mohamed Adlan bin Ahmad Tajudin 4. Paul Capelle
5. Yessie D. Yosetya

472 Corporate Bonds
BOARD OF COMMISSIONERS BOARD OF COMMISSIONERS

1. Muhamad Chatib Basri 6. Peter J. Chambers
2. David Robert Dean 7. Tan Sri Jamaludin bin Ibrahim
3. Julianto Sidarto * 8. Vivek Sood
4. Kenneth Shen 9. Yasmin Stamboel Wirjawan *
5. Muliadi Rahardja * *) Independent Commissioner
AS OF JUNE 2018
Coupon Coupon
Sukuk Ijarah 02-Sep-18

Rp102.5M /Billion
SIEXCL01BCN1 Berkelanjutan I XL p.a.
02-Dec-18 PT Bank Mega AAA(idn)
1. 258,000 03-Dec-15 02-Dec-18 3
IDJ0000072B0 Axiata Tahap I - Tbk. Stable Link Grafik sudah be
Pastikan
Sukuk Ijarah Pastikan Link Grafik sudah be

02-Sep-18
SIEXCL01CCN1 Berkelanjutan I XL Rp105M /Billion p.a. 02-Dec-18 PT Bank Mega AAA(idn)
2. 323,000 03-Dec-15 02-Dec-20 5
IDJ0000072C8 Axiata Tahap I 02-Mar-19 Tbk. Stable
Sukuk Ijarah 02-Sep-18

SIEXCL01DCN1 Berkelanjutan I XL Rp110M /Billion p.a. 02-Dec-18 PT Bank Mega AAA(idn)
3. 425,000 03-Dec-15 02-Dec-22 7
IDJ0000072D6 Axiata Tahap I 02-Mar-19 Tbk. Stable
Tahun 2015 Seri D Quarterly 02-Jun-19
Sukuk Ijarah Ijarah Fee 28-Jul-18

SIEXCL01BCN2 Berkelanjutan I XL Rp33.768.000.000 28-Oct-18 PT Bank Mega AAA(idn)
4. 402,000 02-May-17 28-Apr-20 3
IDJ0000088B6 Axiata Tahap II p.a. 28-Jan-19 Tbk. Stable

SIEXCL01CCN2 Berkelanjutan I XL Rp12.425.000.000 28-Oct-18 PT Bank Mega AAA(idn)
5. 142,000 02-May-17 28-Apr-22 5
IDJ0000088C4 Axiata Tahap II p.a. 28-Jan-19 Tbk. Stable

SIEXCL01DCN2 Berkelanjutan I XL Rp75.400.000.000 28-Oct-18 PT Bank Mega AAA(idn)
6. 260,000 02-May-17 28-Apr-24 7
IDJ0000088D2 Axiata Tahap II p.a. 28-Jan-19 Tbk. Stable

SIEXCL01ECN2 Berkelanjutan I XL Rp75.400.000.000 28-Oct-18 PT Bank Mega AAA(idn)
7. 336,000 02-May-17 28-Apr-27 10
IDJ0000088E0 Axiata Tahap II p.a. 28-Jan-19 Tbk. Stable
Tahun 2017 Seri E Quarterly 28-Apr-19

Corporate Bonds 473
TRADING HIGHLIGHT
SIEXCL01BCN1
ISIN CODE : IDJ0000072B0 Dec-15 Dec-16 Dec-17 Dec-18


100 8
75 6 Trading days 1 2 3 3 3 4
Turnover Ratio (%) 9.30 6.20 34.11 16.74 10.23 190.70
50 4 CTP Price - High 103.3500 103.2300 103.5600 103.5300 102.6200 102.5800
Date 06-Jan 07-Jun 12-Sep 04-Dec 13-Mar 10-Apr
25 2
CTP Price - Low 102.6200 103.1800 101.0000 103.2300 102.5700 101.6200
- - Date 06-Jan 18-May 17-Jul 12-Dec 19-Mar 23-May
IBPA Fair Yield (%) 7.9795 7.8646 7.1910 6.6491 6.4995 7.2420
Mod. Duration (yrs) 1.516 1.327 1.096 0.874 0.646 0.412
105 10.0
Convexity (yrs) 2.785 2.157 1.509 0.999 0.584 0.272
104 9.0 Sensitivity (%) 0.015 0.013 0.011 0.009 0.006 0.004
2018. The total trading volume was Rp172.40 billion during the period. The IBPA fair
102 7.0
101 6.0
100 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIEXCL01CCN1 Listing Date Maturity Date
ISIN CODE : IDJ0000072C8 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20


Volume Volume (Rp bn) 45.00 - - 50.00 15.00 -
60 8
Frequency Frequency (X) 7 - - 5 1 -
45 6 Trading days 2 - - 2 1 -
Turnover Ratio (%) 55.73 - - 61.92 18.58 -
30 4 CTP Price - High 105.4450 N/A N/A 107.5600 107.9000 N/A
Date 10-Mar N/A N/A 23-Nov 23-Feb N/A
15 2
CTP Price - Low 105.0000 N/A N/A 107.3000 107.9000 N/A
- - Date 09-Jan N/A N/A 18-Dec 23-Feb N/A
IBPA Fair Yield (%) 8.4145 8.2767 7.7088 7.3730 7.5448 8.6860
Mod. Duration (yrs) 3.026 2.876 2.689 2.509 2.319 2.114
111 11.0
Convexity (yrs) 10.953 9.847 8.595 7.474 6.387 5.325
109 10.0 Sensitivity (%) 0.030 0.029 0.027 0.025 0.023 0.021
105 8.0
103 7.0
101 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

474 Corporate Bonds
SIEXCL01DCN1
ISIN CODE : IDJ0000072D6 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22


800 16
600 12 Trading days 4 - - 5 1 -
Turnover Ratio (%) 73.41 - - 920.09 37.65 -
Date 10-Feb N/A N/A 20-Nov 15-Mar N/A
200 4
- - Date 06-Feb N/A N/A 30-Nov 15-Mar N/A
IBPA Fair Yield (%) 8.5811 8.3781 7.8909 8.0160 7.8526 8.7914
Mod. Duration (yrs) 4.247 4.133 3.987 3.831 3.681 3.483
116 11.0
Convexity (yrs) 22.343 21.013 19.452 17.896 16.445 14.753
113 10.0 Sensitivity (%) 0.042 0.041 0.040 0.038 0.037 0.035
110 9.0 The Bonds issued with nominal value of Rp425 billion and interest rates of 11.00% per
annum. This bond is effective from 3 December 2015 to 2 December 2022. Based on the
107 8.0
104.0000% - 112.2377%, while in first semester 2018 this bond was traded between
104 7.0
112.0000% and 112.0500%. In first semester 2018, IBPA fair price recorded at range
106.0377% - 113.7836%. During 2017 this bond was traded with volume amounting to
101 6.0
Rp1.06 trillion and transacted 21 times, meanwhile in the first half of 2018, the series total
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
trading volume reached Rp40 billion and transacted 6 times.
SIEXCL01BCN2
ISIN CODE : IDJ0000088B6 May-17 Dec-17 Jul-18 Feb-19 Sep-19 Apr-20


Volume Volume (Rp bn) - 29.00 395.00 - - 71.00
80 24
Frequency Frequency (X) - 7 35 - - 13
60 18 Trading days - 4 9 - - 4
Turnover Ratio (%) - 28.86 393.03 - - 70.65
40 12 CTP Price - High N/A 100.8000 102.4200 N/A N/A 102.3800
Date N/A 16-Jun 27-Sep N/A N/A 17-Apr
20 6
CTP Price - Low N/A 99.9300 100.8500 N/A N/A 101.8000
- - Date N/A 10-May 05-Jul N/A N/A 16-Apr
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - 100.4951 102.0090 102.4690 102.1764 Pastikan
IBPA Fair Yield (%) - 8.2014 7.5342 7.2373 7.2613 8.5998
enar >> Last Date - 22-Jun 29-Sep 29-Dec 29-Mar Pastikan
Mod. Duration (yrs) - 2.480 2.275 2.077 1.873 1.656
104 11.0
Convexity (yrs) - 7.256 6.117 5.114 4.178 3.296
103 10.0 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
101 8.0
100 7.0
99 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 475
SIEXCL01CCN2
ISIN CODE : IDJ0000088C4 May-17 Apr-22


Volume Volume (Rp bn) - 61.00 - 20.00 - 20.00
60 8
Frequency Frequency (X) - 2 - 2 - 6
45 6 Trading days - 2 - 1 - 2
Turnover Ratio (%) - 171.83 - 56.34 - 56.34
30 4 CTP Price - High N/A 100.0000 N/A 103.1600 N/A 104.0000
Date N/A 03-May N/A 23-Nov N/A 17-Apr
15 2
CTP Price - Low N/A 100.0000 N/A 103.1500 N/A 103.5000
- - Date N/A 03-May N/A 23-Nov N/A 17-Apr
IBPA Fair Yield (%) - 8.3654 7.8391 7.6018 7.7739 8.7464
Mod. Duration (yrs) - 3.877 3.712 3.549 3.373 3.169
107 11.0
Convexity (yrs) - 18.085 16.507 15.036 13.550 11.979
105 10.0 Sensitivity (%) - 0.039 0.037 0.035 0.034 0.032
101 8.0
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIEXCL01DCN2
ISIN CODE : IDJ0000088D2 May-17 Apr-24


40 4
30 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 69.23 - -
10 1
IBPA Fair Yield (%) - 8.4184 8.0353 7.8323 8.0986 8.9609
Mod. Duration (yrs) - 5.029 4.899 4.769 4.611 4.403
108 11.0
Convexity (yrs) - 31.584 29.793 28.076 26.181 23.953
106 10.0 Sensitivity (%) - 0.050 0.049 0.048 0.046 0.044
104 9.0 This series was first listed on May, 2nd 2017 and will be matured on April, 28th 2024. This
102 8.0
9.10%. This series, throughout 2017 and the first half of 2018 period, was traded only in 1
trading day with 11.54% of average quarterly turnover. The total trading volume
100 7.0
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

476 Corporate Bonds
SIEXCL01ECN2
ISIN CODE : IDJ0000088E0 May-17 Apr-27


200 36
150 27 Trading days - 9 2 5 5 1
Turnover Ratio (%) - 289.29 28.81 42.14 61.07 2.38
100 18 CTP Price - High N/A 102.6000 102.0608 107.4700 110.4500 102.7400
Date N/A 08-Jun 11-Aug 28-Dec 19-Feb 14-May
50 9
CTP Price - Low N/A 100.0000 100.9500 102.1200 100.0000 102.7100
- - Date N/A 02-May 12-Jul 29-Dec 28-Mar 14-May
IBPA Fair Yield (%) - 8.9641 8.4136 8.2120 8.5171 9.3550
Mod. Duration (yrs) - 6.346 6.298 6.215 6.069 5.827
112 11.0
Convexity (yrs) - 53.634 52.298 50.579 48.182 44.790
109 10.0 Sensitivity (%) - 0.063 0.063 0.062 0.061 0.058
2018. The total trading volume was Rp355.90 billion during the period. The IBPA fair
103 8.0
100 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIEXCL01BCN1 22 16.6%
SIEXCL01CCN1 45 50 29.4%
SIEXCL01DCN1 78 978 248.4%
SIEXCL01BCN2 29 395 105.5%
SIEXCL01CCN2 61 20 57.0%
SIEXCL01DCN2 45 17.3%
SIEXCL01ECN2 243 24 35 90.1%
- 100 200 300 400 500 600 700 800 900 1,000 1,100

Corporate Bonds 477

A long history and a strong background have led PT No. Company Total Revenue Net Profit Revenue
XL Axiata Tbk. to become one of the largest (Rp Bill) Margins (%) Growth (%)
telecommunication companies in Indonesia. XL Axiata 1. PT Telkom Indonesia (Persero) Tbk. 128,256 25.5 10.2
provides services for retail customers and offers 2. PT Indosat Tbk. 29,926 4.4 2.5
business solutions to corporate customers with wide 3. PT XL Axiata Tbk. 22,876 1.6 7.2
network and service coverage throughout Indonesia. 4. PT Profesional Telekomunikasi Indonesia 5,338 39.5 5.6
XL Axiata continues to ensure top-notch quality of 5. PT Mora Telematika Indonesia 2,660 3.9 135.7
data to its customers with continued roll-out and Financial Statement as of Fiscal Year 2017
upgrades of its network. XL Axiata’s total BTS
recorded 101,000 BTS with 4G-LTE service now Historical Corporate Ratings
available in 360 cities and areas across Indonesia and No. Rating Agency Rating Rating Status Rating Date Outlook
with over 17,000 4G BTS. XL Axiata remains innovative
and is the first telecommunications operator in 1. Fitch Ratings AAA(idn) Affirmed 9-Jan-18 Stable
Indonesia to commercially launch 4.5G Ready on the 2. Fitch Ratings AAA(idn) Affirmed 12-Jan-17 Stable
1,800 MHz spectrum.
4. Fitch Ratings AAA(idn) Assigned 28-Oct-15 Stable
5. Fitch Ratings AAA(idn) Assigned 28-Oct-15 Stable
Currently, the majority of EXCL’s shares are owned by
Axiata through Axiata Investments (Indonesia) Sdn.
SWOT Analysis
Bhd. (66.4%) and the remaining is held by the public
(33.6%).
- Strong support from Axiata Group - Aggressive capex
- Improving data yields and ARPU - Have the lowest profit margin
- Have a large amounts of BTS (Base among the three strongest players
Transceiver Station) in its industry
Financial Analysis
The Company posted total revenue of Rp22.88 trillion
in 2017, or grew 7.19% compared to 2016. This
increase was attributed by data revenue growth of
61.04% and telecommunication services revenue O pportunities T hreats
growth of 45.40%. During 2017, the Company
recorded Rp21.22 trillion of expenses or increased - Industry consolidation - Tight competition
7.95%. The highest increased was booked by - Growing data/digital segment - Price war amidst a tight
interconnection and other direct expenses by 27.67%. - Increasing smartphone users competitive environment
The increase of revenue delivered positive impact on
the Company’s profits. In 2017 the Company booked
profit before tax of Rp221.24 billion or grew 19.21%
from previous year. Nevertheless, the Company
posted profit for the year of Rp375.24 billion or flatly
decreased by 0.07%. This decrease was influenced by
the decrease of income tax benefit from Rp189.94
billion in 2016 to Rp154.01 billion in 2017. The
Company total assets in 2017 reached Rp56.32
trillion, up 2.60% from Rp54.90 trillion in 2016. In
2017, current assets grew 5.49% compared with the
previous year. Meanwhile the non-current assets was
increased by 2.19%.

478 Corporate Bonds
idAA
FAST PT Fast Food Indonesia Tbk. Stable
Sector : Trade, Services & Investment
Sub Sector : Tourism, Restaurant And Hotel Jln. Letjend. M. T. Haryono Kav. 7
Website : www.kfcku.com Jakarta 12810
Corporate Sec. : Justinus Dalimin Juwono Phone : (021) 8301-133, 8313-368
Email Corporate Sec. : jd.juwono@kfcindonesia.com Fax : (021) 8309-384, 8300-569
As the sole franchise holder of KFC brand in FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Indonesia, PT Fast Food Indonesia Tbk was BALANCE SHEETS Dec-2016 Dec-2017 Chg %
founded in 1978 by the Gelael Family. In 1979, the
Company acquired the franchise with the opening
Receivables 127,141 148,820 17.05 p
of the very first restaurant outlet in October at
Jalan Melawai in Jakarta. The first outlet proved to be successful and Inventories 203,264 198,440 -2.37 q
paved the way for the opening of more additional outlets in Jakarta Current Assets 1,210,852 1,256,248 3.75 p
and expansion of its regional coverage to include other major cities Property, Plant and Equipment 410,374 441,382 7.56 p
in Indonesia. Total Assets 2,577,820 2,749,422 6.66 p
With the Company's almost 40 years of continued success and Current Liabilities 675,247 664,009 -1.66 q
development growth, KFC brand is undeniably the nation's market Interest Bearing liabilities 207,889 203,694 -2.02 q
leader in the fast food chain of restaurants. The Company has been
expanding continuously its network coverage, making its presence
felt not only in tough metropolitan areas, but in secondary cities as
well. For the past four years, the Company's focus is more on free- Authorized Capital 798,000 798,000 - 
standing outlets to provide more flexibility in operating hours with Paid up Capital 199,514 199,514 - 
full facilities catering to customers' needs and preferences, and for Paid up Capital (Mil. Sh) 1,995 1,995 - 
the past two years , the Company started opening KFC Box, a scaled- Par Value (Rp) 100 100 - 
down format of the outlet. Existing restaurant outlets are
continuously renovated to provide new image and appearance in
Total Equity …*) 1,223,211 1,293,571 5.75 pLink Grafik sudah be
Pastikan
line with Company's objective. At the end of 2017, the Company has
a total of 628 outlets covering 33 of the country's 34 provinces and Non Controlling Interest - - - 
spread over 155 cities nationwide. The Company's total workforce at Total Equity 1,223,211 1,293,571 5.75 pLink Grafik sudah be
Pastikan
the end of the year is 17,496 with sales turnover of more than Rp.
5.436 trillion. During the year, the Company first introduced stores INCOME STATEMENTS
with specific theme and design concept, and likewise opened the
Total Revenues 4,883,307 5,302,684 8.59 p
600th store (KFC Paramount Serpong) in Tangerang, Banten.
Gross Profit 3,054,078 3,317,020 8.61 p
The Company's core products, Colonel's Original Recipe and Hot &
Interest Expenses 19,176 18,426 -3.91 q
Crispy Chicken are still the widely accepted chicken product
produced by any QSR brand nationwide and consistently rated as Total Operating Expenses 2,836,026 3,162,053 11.50 p
the best tasting chicken product by various Indonesian consumer Operating Profit 218,052 154,966 -28.93 q
surveys. Delivering the best experience for the consumers indeed Earning Before Tax 226,366 164,732 -27.23 q
remains a main objective of the Company's strategies. With this EBITDA 412,238 366,549 -11.08 q
focus in mind, in 2017 the Company implemented a series of Income for the periods 172,606 166,999 -3.25 q
projects aimed to enhance that experience.
Recognizing the trend in digitalization and development in mobile Net Income … *) 172,606 166,999 -3.25 q
technology, the Company ensured its market leadership in terms of
innovations. The Company introduced self-order outlets using credit
card payment system, table order using tablets, digital menu panel, FINANCIAL RATIOS
and confidently kicked-off its digital journey by focusing on social DER (X) 0.17 0.16 -7.35 q
media as a marketing platform. ROA (%) 6.70 6.07 -9.29 q
The Company upgraded its Quality Management System to ISO NPM (%) 3.53 3.15 -10.90 q
9001:2015 in 2017. Engaged in the food sector, the Company is EBITDA Coverage (X) 21.50 19.89 -7.46 q
proud to serve at least 400,000 of customers and growing everyday. *) … attributable to owners of the parent entity
Product safety and quality as well as world-class business processes
are the Company's top priority. The Company's operation excellence
SHAREHOLDERS
will enable it to achieve business growth in the coming years.
1. PT Gelael Pratama 43.84%
BOARD OF DIRECTORS 2. PT Indoritel Makmur Internasional Tbk. 35.84%
1. Ricardo Gelael 5. Ferry Noviar Yosaputra 3. Public 20.32%
2. Adhi Indrawan 6. Justinus Dalimin Juwono
3. Cahyadi Wijaya 7. Omar Luthfi Anwar BOARD OF COMMISSIONERS
4. Fabian Gelael 8. Shivashish Pandey 1. Anthoni Salim 5. Noni Rosalia Gelael Barki
2. Benny Setiawan Santoso 6. Saptari Hoedaja *
AUDIT COMMITTEE 3. Elisabeth Gelael *) Independent Commissioner
1. Saptari Hoedaja 3. Hannibal S. Anwar 4. Gunawan Solaiman *
2. Adi Pranoto Leman

Corporate Bonds 479
AS OF JUNE 2018
Coupon Coupon
01-Aug-18 PT Bank
Obligasi Fast Food
FAST02 8.50% 01-Nov-18 Rakyat idAA
1. Indonesia II Tahun 200,000 02-Nov-16 01-Nov-21 5
IDA000077002 01-Feb-19 Indonesia Stable
2016
TRADING HIGHLIGHT
FAST02
ISIN CODE : IDA000077002 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21


60 8
45 6 Trading days - - - 1 - -
Turnover Ratio (%) - - - 100.00 - -
Date N/A N/A N/A 27-Nov N/A N/A
15 2
IBPA Fair Yield (%) 9.0217 8.9366 8.3814 8.0582 8.3177 9.3177
Mod. Duration (yrs) 3.697 3.555 3.381 3.212 3.028 2.823
103 11.0
Convexity (yrs) 16.404 15.085 13.595 12.230 10.854 9.453
101 10.0 Sensitivity (%) 0.037 0.036 0.034 0.032 0.030 0.028
at 8.50%. From the beginning of 2017 to the end of June 2018, the trading volume for the
97 8.0
series was Rp50.00 billion and the total trading frequency was 6 times. The market prices
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FAST02 50 25.0%
- 20 40 60 80 100 120 140 160 180 200

480 Corporate Bonds

PT Fast Food Indonesia Tbk. (FAST) is the exclusive No. Company Total Revenue Net Profit Revenue
Kentucky Fried Chicken franchise holder in Indonesia. (Rp Bill) Margins (%) Growth (%)
The main product is the original KFC fried chicken 1. PT Fast Food Indonesia Tbk. 5,303 3.1 8.6
recipe. FAST has an International Master Franchise 2. PT Panorama Sentrawisata Tbk. 2,006 1.8 (6.0)
Agreement with Pepsi Cola Overseas Ltd. of London
who was appointed by Pepsi Cola International to be
the KFC franchiser in Indonesia. FAST continues to
the expansion of the restaurant chain's market share Financial Statement as of Fiscal Year 2017
in Indonesia.
FAST has expanded 60 net stores units in 2017. No. Rating Agency Rating Rating Status Rating Date Outlook
Therefore, FAST has a total of 628 outlets covering 33
of the country’s 34 provinces and spread over 155 1. Pefindo idAA Affirmed 11-Jul-18 Stable
cities nationwide. The Company’s total workforce at 2. Pefindo idAA Affirmed 10-Jul-17 Stable
3. Pefindo idAA Affirmed 15-Jul-16 Stable
the end of the year is 17,496.
As of December 31 2017, the shareholders were: PT
Gelael Pratama 43.84% (the Gelael family), PT
SWOT Analysis
Indoritel Makmur Internasional Tbk. 35.84%, and
public 20.32%.
- Strong and the most favorite brand - Dependent on global commodity
for chicken based quick-sevice price
restaurant - Less diversified business
- Well diversified store location
- Strong financial profile
- Continuous innovation
Financial Analysis
Total revenue reached Rp5.30 trillion in 2017 or grew
8.59% compared to the 2016 figure of Rp4.88 trillion.
Revenue was dominated by foods and beverages
amounted to Rp5.22 trillion or reached 98.44% from O pportunities T hreats
total revenues and increased by 8.68% compared to
the previous year. On the other side, cost of goods - Expansion to strategic and prime - Tight competition in the food and
sold which represents consumption of raw materials, locations beverages industry
food and beverages, and packing materials amounted - High demand from young people - Slowing domestic consumption
to Rp1.99 trillion in 2017, or increased by 8.55%. In segment - Increasing public awareness of
line with the rising business of FAST, selling and - Growing productive age population healthy living
distribution expenses also increased by 12.48% from
Rp2.37 trillion to Rp2.67 trillion in 2017.
Consequently, FAST recorded a decrease of profit for
the year by 3.25% from Rp172.61 billion in 2016 to
Rp166.99 billion in 2017. Until the end of 2017, total
assets reached Rp2.75 trillion or grew 6.66% from
Rp2.58 trillion in 2016. The increase of assets was
derived by the increase of non-current assets by
9.23% and was influenced by the opening new stores
and outlets during 2017.

Corporate Bonds 481
idAAA
FIFA PT Federal International Finance Stable
Sector : Finance Menara FIF
Sub Sector : Financial Institution Jln. T.B. Simatupang Kav. 15, Cilandak
Website : www.fifgroup.co.id Jakarta Selatan 12430
Corporate Sec. : Sri Noerhayati Phone : (021) 7698-899
Email Corporate Sec. : noer@fifgroup.astra.co.id Fax : (021) 7590-5599
PT Federal International Finance (FIF) was FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
established under the name of Mitrapusaka BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Artha Finance on May 1st, 1989 and changing
its name into FIF in 1991. FIF started its business on
consumer financing, leasing and factoring, and later since 1996, the
Company decided to focus its business on Honda motorcycle Consumer Financing Receivables 28,000,574 29,272,077 4.54 p
financing. Property, Plant and Equipment 310,472 361,341 16.38 p
Total Assets 29,410,938 30,752,542 4.56 p
Astra, which is majority owned by the Jardine Cycle & Carriage
Limited (50.1%), a member of Jardine Matheson group, is the large Fund Borrowings 13,929,331 10,736,495 -22.92 q
automotive producer and distributor in Indonesia and has become Total Liabilities 24,455,477 25,420,173 3.94 p
one of Indonesia’s large diversified conglomerates with business Authorized Capital (Mil. Sh) 300.0 300.0 - 
spanning across automotive, heavy equipment, agribusiness, financial Authorized Capital 300,000 300,000 - 
services, IT and infrastructure. By the end of December 2017, through Paid up Capital 280,000 280,000 - 
its subsidiary, PT Astra Honda Motor (“AHM”), Astra sold around 4.38
million units Honda motorcycles which accounted for over 74,5% of
the total market share in Indonesia. FIF’s primary activity is to Par Value (Rp) 1,000 1,000 - 
provide the financing for Honda motorcycles assembled by AHM, the Retained Earnings 4,710,476 5,101,761 8.31 p
leading motorcycle brand in the retail market segment. FIF is Total Equity …*) 4,955,461 5,332,369 7.61 p
currently the large motorcycle financing company in Indonesia with Non Controlling Interest - - - 
over 4.7 million active contracts as of December 2017. Total Equity 4,955,461 5,332,369 7.61 p
Within 2017, FIF maintains an extensive network distribution through
its 196 branches which spread over cities throughout the country and INCOME STATEMENTS
active cooperations with Honda dealers to penetrate the end users of Total Revenues 8,321,279 8,734,980 4.97 p
motorcycles. By the end of December 2017, FIF managed to capture Expenses 5,710,259 6,064,549 6.20 p
about 50.7% of all Honda motorcycles credit sales, which implies that
FIF finances approximately 32.8% of overall Honda motorcycle sales.
Through FIF's brands, FIFASTRA, and SPEKTRA, FIF also provide used EBITDA 4,935,212 5,046,562 2.26 p
motorcycle financing and multi purpose financing which is dedicated
Income for the periods 1,805,686 1,995,971 10.54 p
to meet public demand on electronic, home appliances, furniture,
Comprehensive Income 1,680,558 1,971,788 17.33 p
gadget, lifestyle products as well as other appliances, that
successfully brought FIF to achieved Rp1.99 trillion net profit as of Net Income … *) 1,805,686 1,995,971 10.54 p
December 2017.
FINANCIAL RATIOS
BOARD OF COMMISSIONERS DER (X) 4.94 4.77 -3.40 q
1. Suparno Djasmin ROA (%) 6.14 6.49 5.72 p
2. Buyung Syamsudin * NPM (%) 21.70 22.85 5.30 p
3. Johannes Loman EBITDA Coverage (X) 2.24 2.26 0.84 p
*) Independent Commissioner *) … attributable to owners of the parent entity

1. Margono Tanuwijaya 1. PT Astra International Tbk. 99.99996%
2. Antony Sastro Jopoetro 2. PT Arya Kharisma 0.00004%
3. Hugeng Gozali
4. Indra Gunawan AUDIT COMMITTEE
5. R. Nunu Soetjahja Noegroho 1. Buyung Syamsudin
6. Rusdimin Adikarta 2. Gede Harja Wasistha
3. Juliani Eliza Syaftari

482 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon

FIFA02BCN2 Berkelanjutan II 9.25% 11-Sep-18 Rakyat idAAA
1. 587,000 14-Sep-15 11-Sep-18 36
IDA0000699B9 FIFA Tahap II Tahun - Indonesia Stable
2015 Seri B Quarterly - (Persero) Tbk.

FIFA02BCN3 Berkelanjutan II 9.15% 05-Oct-18 Rakyat idAAA
2. 2,507,000 06-Apr-16 05-Apr-19 36
IDA0000722B9 FIFA Tahap III Tahun 05-Jan-19 Indonesia Stable

FIFA02BCN4 Berkelanjutan II 7.95% 27-Sep-18 Rakyat idAAA
3. 1,257,000 28-Sep-16 27-Sep-19 36
IDA0000757B5 FIFA Tahap IV 27-Dec-18 Indonesia Stable
Tahun 2016 Seri B Quarterly 27-Mar-19 (Persero) Tbk.

FIFA03BCN1 Berkelanjutan III 8.45% 26-Oct-18 Rakyat idAAA
4. 2,076,000 27-Apr-17 26-Apr-20 36
IDA0000804B5 FIFA Tahap I Tahun 26-Jan-19 Indonesia Stable

FIFA03ACN2 Berkelanjutan III 6.50% 20-Oct-18 Rakyat idAAA
5. 1,679,000 11-Oct-17 20-Oct-18 370
IDA0000848A4 FIFA Tahap II Tahun - Indonesia Stable
2017 Seri A Quarterly - (Persero) Tbk.

FIFA03BCN2 Berkelanjutan III 7.50% 10-Oct-18 Rakyat idAAA
6. 971,000 11-Oct-17 10-Oct-20 36
IDA0000848B2 FIFA Tahap II Tahun 10-Jan-19 Indonesia Stable
Obligasi
21-Jul-18 PT Bank
Berkelanjutan III FIFA 6.10%
FIFA03ACN3 21-Oct-18 Rakyat AAA(idn)
7. dengan Tingkat 1,592,000 11-Apr-18 21-Apr-19 370
IDA0000893A0 21-Jan-19 Indonesia Stable
Bunga Tetap Tahap III
Tahun 2018 Seri A
Obligasi
11-Jul-18 PT Bank
Berkelanjutan III FIFA 7.45%
FIFA03BCN3 11-Oct-18 Rakyat AAA(idn)
8. dengan Tingkat 1,408,000 11-Apr-18 11-Apr-21 36
IDA0000893B8 11-Jan-19 Indonesia Stable
Tahun 2018 Seri B

Corporate Bonds 483
TRADING HIGHLIGHT
FIFA02BCN2


120 20
90 15 Trading days 6 8 14 2 5 2
Turnover Ratio (%) 92.67 65.42 79.05 9.88 57.99 32.03
60 10 CTP Price - High 102.0500 102.3600 102.6100 102.5000 101.7200 101.4000
Date 22-Mar 05-May 12-Sep 26-Oct 16-Jan 09-Apr
30 5
CTP Price - Low 100.9000 101.8300 102.1500 102.2500 101.3500 100.8900
- - Date 05-Jan 22-May 23-Aug 12-Dec 05-Mar 21-Jun
IBPA Fair Yield (%) 7.6789 7.5340 6.5463 6.0329 6.1560 6.6601
Mod. Duration (yrs) 1.338 1.141 0.902 0.673 0.438 0.197
104 10.0
Convexity (yrs) 2.183 1.618 1.054 0.626 0.301 0.087
103 9.0 Sensitivity (%) 0.013 0.011 0.009 0.007 0.004 0.002
102 8.0 This series, matured on 11 September 2018, had average turnover of 56.17%/quarter and
101 7.0
volume reached Rp90.63 billion/quarter with average frequency about 11 times per
quarter, while during the first semester of 2018 the average volume decreased to Rp66.05
100 6.0
billion/quarter with average frequency decreased to 8 times per quarter. From 2017 until
Q2-2018, the market price for this series observed through the Centralized Trading
99 5.0
Platform (CTP) was between 100.8900 at the lowest and peaked at 102.6100. While the
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
range of IBPA fair price for this series that stood between 100.5475 and 102.7092. At the
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price same period, the yield valued by IBPA was 5.9402% at the lowest, and 8.7949% at the
 IBPA Fair Price  YTM highest.
FIFA02BCN3 Listing Date Maturity Date


1200 60
900 45 Trading days - 9 11 21 12 16
Turnover Ratio (%) - 13.47 58.25 225.68 26.89 55.81
600 30 CTP Price - High N/A 102.2500 106.0000 106.0500 104.7500 103.5700
Date N/A 21-Jun 29-Sep 26-Oct 12-Jan 16-Apr
300 15
CTP Price - Low N/A 100.8500 100.8322 101.0000 101.0000 101.2900
- - Date N/A 21-Apr 02-Aug 06-Oct 05-Jan 05-Apr
IBPA Fair Yield (%) 8.1180 7.8176 7.0298 6.9494 6.4438 6.6219
Mod. Duration (yrs) 1.786 1.604 1.382 1.166 0.948 0.723
108 10.0
Convexity (yrs) 3.854 3.126 2.353 1.712 1.168 0.717
106 9.0 Sensitivity (%) 0.018 0.016 0.014 0.012 0.009 0.007
102 7.0
100 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
trillion.

484 Corporate Bonds
FIFA02BCN4


600 36
450 27 Trading days 7 4 3 17 9 8
Turnover Ratio (%) 184.69 29.34 16.55 140.68 21.32 31.82
300 18 CTP Price - High 100.3500 100.4500 101.6500 102.0500 102.0200 101.9000
Date 13-Jan 31-May 29-Sep 22-Nov 20-Feb 30-Apr
150 9
CTP Price - Low 100.0200 100.0000 100.4500 100.0000 100.6390 100.3200
IBPA Fair Yield (%) 7.4930 8.0608 7.4754 6.7932 6.4729 8.0392
Mod. Duration (yrs) 2.240 2.012 1.830 1.619 1.401 1.173
103 10.0
Convexity (yrs) 5.846 4.822 3.939 3.113 2.367 1.697
102 9.0 Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.012
101 8.0 This series listed on 28 September 2016, and matured on 27 September 2019. This series
issued with nominal amount of Rp1.26 trillion and have fixed interest rate per annum at
100 7.0
7.95%. Total trading volume for this series reached Rp291.68 billion/quarter on 2017 and
decreased to Rp83.50 billion/quarter on the first half of the year 2018. Based on the
99 6.0
market price (Centralized Trading Platform), this series was traded between 100.0000 –
102.0500 while the IBPA fair price was between 99.2758 – 102.2549. The IBPA fair yield for
98 5.0
this series was between 6.4171% – 8.3103%
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FIFA03BCN1


1800 60
1350 45 Trading days - 12 10 6 10 15
Turnover Ratio (%) - 428.90 20.04 27.36 43.74 30.75
900 30 CTP Price - High N/A 101.8000 102.1500 102.0300 103.1500 103.2500
Date N/A 22-Jun 08-Sep 27-Nov 23-Mar 18-Apr
450 15
CTP Price - Low N/A 100.0000 99.5000 100.0000 100.0000 100.8500
- - Date N/A 16-Jun 10-Jul 03-Nov 31-Jan 24-May
IBPA Fair Yield (%) - 8.5539 7.6187 7.4107 7.0124 7.6500
Mod. Duration (yrs) - 2.469 2.268 2.069 1.868 1.655
104 10.0
Convexity (yrs) - 7.203 6.083 5.081 4.160 3.295
103 9.0 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
102 8.0 The bond series FIFA03BCN1, was first listed on 27 April 2017 and matured on 26 April
101 7.0
trillion with 53 of total trading days. The CTP market price for this series during the period
100 6.0
99 5.0
trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 485
FIFA03ACN2
ISIN CODE : IDA0000848A4 Oct-17 Feb-18 Jun-18 Oct-18


2400 120
1800 90 Trading days - - - 26 17 14
Turnover Ratio (%) - - - 694.22 146.04 77.43
600 30
- - Date N/A N/A N/A 23-Oct 08-Mar 20-Jun
IBPA Fair Yield (%) - - - 6.2240 6.3339 6.9587
Mod. Duration (yrs) - - - 0.773 0.538 0.299
103 9.0
Convexity (yrs) - - - 0.800 0.426 0.164
102 8.0 Sensitivity (%) - - - 0.008 0.005 0.003
101 7.0 The bond series FIFA03ACN2 listed on 11 October 2017 with nominal amount of Rp1.68
trillion. The bond has interest rate per annum at 6.50% and this series will be matured on
100 6.0
20 October 2018. FIFA03ACN2 was traded with total volume Rp2.91 trillion in 2017 and
Rp938.00 billion in a half of year 2018. During 2017, FIFA03ACN2 has a total of 26 trading
99 5.0
days and 133 total frequencies and the market price (Centralized Trading Platform) was
between 99.9500 and 101.4000.
98 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FIFA03BCN2


200 80
150 60 Trading days - - - 16 - 13
Turnover Ratio (%) - - - 99.23 - 55.33
Date N/A N/A N/A 09-Nov N/A 12-Apr
50 20
- - Date N/A N/A N/A 06-Nov N/A 05-Apr
IBPA Fair Yield (%) - - - 7.3465 7.4169 8.1527
Mod. Duration (yrs) - - - 2.450 2.250 2.038
104 10.0
Convexity (yrs) - - - 7.064 5.967 4.922
102 9.0 Sensitivity (%) - - - 0.025 0.022 0.020
100 8.0 This series was first listed on 11 October 2017 and matured on 10 October 2020. From
2017 to the first half of year 2018, total volume traded amounted to Rp375.20 billion with
98 7.0
96 6.0
94 5.0
billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

486 Corporate Bonds
FIFA03ACN3
ISIN CODE : IDA0000893A0 Apr-18 Aug-18 Dec-18 Apr-19


2400 100
1800 75 Trading days - - - - - 18
Turnover Ratio (%) - - - - - 734.17
600 25
IBPA Fair Yield (%) - - - - - 6.4218
103 9.0
Convexity (yrs) - - - - - 0.807
102 8.0 Sensitivity (%) - - - - - 0.008
101 7.0 This series was first listed on 11 April 2018 and matured on 21 April 2019. Throughout
100 6.0
99 5.0
98 4.0
trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
FIFA03BCN3


800 140
600 105 Trading days - - - - - 30
Turnover Ratio (%) - - - - - 273.91
200 35
IBPA Fair Yield (%) - - - - - 8.2099
105 11.0
Convexity (yrs) - - - - - 6.995
103 10.0 Sensitivity (%) - - - - - 0.024
101 9.0 The bond series FIFA03BCN3, was first listed on 11 April 2018 with nominal value of
Rp1.41 trillion and fixed interest rate of 7.45% per annum. This series had traded 166
99 8.0
times in 30 trading days with total volume booked of Rp964.15 billion during Q2-2018.
Based on the market price (Centralized Trading Platform), this series was traded between
97 7.0
100.0000 - 103.4500 while the IBPA fair price was between 96.0112- 100.3033, the fair
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 487
FIFA02BCN2 136 96 116 61.8%
FIFA02BCN3 84 365 1,414 74.4%
FIFA02BCN4 580 92 52 442 92.8%
FIFA03BCN1 2,226 104 142 119.1%
FIFA03ACN2 2,914 173.6%
FIFA03BCN2 241 24.8%
- 500 1,000 1,500 2,000 2,500 3,000

488 Corporate Bonds

PT Federal International Finance (FIFA) is a subsidiary No. Company Total Revenue Net Profit Revenue
of PT Astra International Tbk. FIFA undertook a (Rp Bill) Margins (%) Growth (%)
corporate identity transformation by launching 1. PT Pegadaian (Persero) 10,523 23.9 8.4
FIFGROUP brand in 2013 offering financing products 2. PT Adira Dinamika Multi Finance Tbk. 9,137 15.4 8.6
and services. 3. PT Federal International Finance 8,735 22.9 5.0
4. Lembaga Pembiayaan Ekspor Indonesia 7,327 13.9 13.1
FIFA also expanded to provide multi product 5. PT Astra Sedaya Finance 5,570 17.2 4.7
financing in electronics and home appliances under Financial Statement as of Fiscal Year 2017
SPEKTRA. FIFA also has operated in the segment of
motor cycle financing service under FIFASTRA Historical Corporate Ratings
providing financing service for new and used motor No. Rating Agency Rating Rating Status Rating Date Outlook
cycle. Besides motorcycle financing, FIFA completed
FIFGROUP financing business in the four wheels 1. Pefindo idAAA Affirmed 9-Feb-18 Stable
financing segment under its brand called AFTRA. 2. Pefindo idAAA Affirmed 29-Mar-17 Stable
4. Fitch Ratings AAA(idn) Affirmed 7-Dec-16 Stable
By the end of 2017, FIFA has 196 branches that are
5. Fitch Ratings AAA(idn) Assigned 5-Aug-16 Stable
located into 8 areas. FIFA’s operation is supported by
17,452 employees all over Indonesia. Also as of
SWOT Analysis
December 31, 2017, its ownership structure consisted
of PT Astra International Tbk. (99.99%), and PT Arya
Kharisma (0.00004%). S trengths W eaknesses
- Good synergy with shareholder - Increasing of financing cost
(Astra International) - Increasing of operating expenses
- Strategic importance to Astra
International
- Strong asset quality and
profitability
-Very strong market position in the
motorcycle financing business
Financial Analysis
As of Dec 31, 2017, FIFA booked total assets of
Rp30.75 trillion, increased Rp1.34 trillion or 4.56%
from Rp29.41 trillion by Dec 31, 2016. This was
primarily due to increasing amount of consumer O pportunities T hreats
financing receivables of Rp1.27 trillion or 4.54% from
Rp28.00 trillion in 2016 to Rp29.27 trillion in 2017. In - Increasing infrastructure project - Tight competition in the consumer
line with the increasing in consumer financing in Indonesia as well as public financing industry
receivables, interest income due from consumer transportation growth projection - Fintech development which may
financing receivables also increased by Rp454.15 which is still place motorcycle as become a disruptive factor in
billion from Rp8.01 trillion to Rp8.46 trillion. Because main transportation alternatives financing industry business
of that, FIFA successfully recorded an increase in total -Growing non-automotive financing - Slow growth domestic automotive
revenues by Rp413.70 billion or 4.97% compared to segment industry
the previous year. In 2017, FIFA managed to record a -E-commerce business potential
positive growth in net income by 10.54% from Rp1.81
trillion in 2016 to Rp1.99 trillion in 2017. FIFA’s Non-
Performing Financing (NPF) also managed in stable
point at level 0.67%.

Corporate Bonds 489
idBBB+
GIAA PT Garuda Indonesia (Persero) Tbk. Stable
Sector : Infrastructure, Utilities And Transportation Management Building Ground Floor
Sub Sector : Transportation Garuda City, Soekarno-Hatta International Airport
Website : www.garuda-indonesia.com Tangerang - 15111
Corporate Sec. : Hengki Heriandono Phone : (021) 2560-1001
Email Corporate Sec. : hengki@garuda-indonesia.com Fax : (021) 559-15673
Garuda Indonesia is the national flag carrier FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
of Indonesia, serves as full service carrier and BALANCE SHEETS Dec-2016 Dec-2017 Chg %
provide low cost carrier services under our
subsidiaries Citilin k Indon esia. As of
Receivables 2,854,724 3,688,355 29.20 p
December 31, 2016, Garuda Indonesia Group operates 196 aircrafts
comprising 2 units Boeing 747-400, 10 units Boeing 777-300ER, 17 Inventories 1,463,912 1,776,898 21.38 p
units Airbus A330-300, 7 units Airbus A330-200, 75 units Boeing 737- Current Assets 15,654,731 13,368,376 -14.60 q
800NG, 18 units CRJ1000 NextGen, 15 units ATR 72-600, and Property, Plant and Equipment 12,450,698 12,202,109 -2.00 q
Citilink’s fleet of 52 aircraft comprising 44 units Airbus A320-200, 5 Total Assets 50,217,982 50,985,081 1.53 p
units Boeing 737-300 and 3 units Boeing 737-500.
Presenting a new standard of service quality in air travel industry, Interest Bearing liabilities 20,599,638 22,147,777 7.52 p
Garuda Indonesia currently flies to 83 destinations, consists of 64 Total Liabilities 36,649,003 38,284,249 4.46 p
cities in Indonesia and 19 cities abroad. Along with the increasing Authorized Capital (Mil. Sh) 30,000 30,000 - 
demand for air travel services and support the government tourism
program, the Company continues to expand its network, reaching
fast growing economic cities and new tourist destinations in the Paid up Capital 11,873,837 11,881,939 0.07 p
Western and Eastern region of Indonesia. In addition to serve its own Paid up Capital (Mil. Sh) 25,869 25,887 0.07 p
flight routes, Garuda Indonesia also entered into the agreement of Par Value (Rp) 459 459 - 
“codeshare” with 26 international airlines. Retained Earnings -2,888,577 -6,007,216 -107.96 q
Additionally, starting on March 5, 2014, Garuda Indonesia, officially Total Equity …*) 13,339,341 17,491,193 31.12 p
joined the SkyTeam global alliance, as part of its international Non Controlling Interest 229,638 578,330 151.84 p
network expansion program. By joining the SkyTeam, Garuda Total Equity 13,568,979 12,700,833 -6.40 q
Indonesia passengers are now able to fly to 1,062 destinations in 177
countries served by all SkyTeam member airlines with more than
INCOME STATEMENTS
17,300 flights per day and access 672 lounges worldwide.
Total Revenues 51,915,650 56,594,410 9.01 p
Garuda Indonesia is also listed as one of IATA Operational Safety Gross Profit 51,915,650 56,594,410 9.01 p
Audit (IOSA) operators, applying safety and security standards Interest Expenses 1,186,112 1,197,484 0.96 p
equivalent to major international airline members of IATA. Garuda
Total Operating Expenses 51,002,084 57,413,353 12.57 p
Indonesia received first IOSA certification in 2008 and proceed the
Operating Profit 1,331,561 -1,032,103 N/A q
renewal every 2 years. For further info about Garuda Indonesia please
visit www.garuda-indonesia.com. Earning Before Tax 239,036 -2,143,031 N/A q
EBITDA 3,620,185 931,968 -74.26 q
Income for the periods 125,826 -2,891,003 N/A q
BOARD OF COMMISSIONERS Comprehensive Income 669,236 786,068 17.46 p
1. Jusman Syafii Djamal * Net Income … *) 108,420 -2,934,259 N/A q
2. Chairal Tanjung
3. Dony Oskaria FINANCIAL RATIOS
4. Hasan M. Soedjono * DER (X) 1.52 1.74 14.86 p
5. Herbert Timbo P. Siahaan * ROA (%) 0.25 -5.67 N/A q
6. Luky Alfirman NPM (%) 0.24 -5.11 N/A q
7. Muzaffar Ismail EBITDA Coverage (X) 3.05 0.78 -74.50 q
*) Independent Commissioner *) … attributable to owners of the parent entity

1. Pahala Nugraha Mansury 1. Republic of Indonesia 60.54%
2. Helmi Imam Satriyono 2. PT Trans Airways 25.62%
3. I Wayan Susena 3. Public (<5%) 13.85%
4. Linggarsari Suharso
5. Nicodemus Panurung Lampe AUDIT COMMITTEE
6. Nina Sulistyowati 1. Hasan M. Soedjono
7. Sigit Muhartono 2. Asril F. Syamas
8. Triyanto Moeharsono 3. Regina Jansen Arsjah

490 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi 05-Jul-18
GIAA01CN1 Berkelanjutan I 9.25% - PT Bank CIMB idBBB+
1. 2,000,000 08-Jul-13 05-Jul-18 5
IDA000059703 Garuda Indonesia - Niaga Tbk. Stable
Tahap I Tahun 2013 Quarterly -
TRADING HIGHLIGHT
GIAA01CN1


180 36
135 27 Trading days 3 8 9 7 4 1
Turnover Ratio (%) 32.00 36.80 41.20 25.40 16.60 4.80
90 18 CTP Price - High 101.2500 101.1800 101.7200 101.5500 100.6500 100.6500
Date 09-Jan 20-Jun 21-Aug 23-Oct 04-Jan 05-Apr
45 9
CTP Price - Low 93.1700 100.0000 99.3289 100.5000 100.0000 100.4500
- - Date 18-Jan 25-Apr 02-Aug 19-Oct 13-Feb 05-Apr
IBPA Fair Yield (%) 10.5892 10.0201 7.6855 8.7290 8.2387 8.3499
Mod. Duration (yrs) 1.148 0.954 0.720 0.489 0.256 0.016
102 12.0
Convexity (yrs) 1.663 1.180 0.712 0.365 0.129 0.004
100 11.0 Sensitivity (%) 0.011 0.010 0.007 0.005 0.003 0.000
was issued with nominal amount of Rp2.00 trillion with fixed interest rate per annum at
96 9.0
142 times in 32 trading days. The average trading volume of this series during the period
94 8.0
was Rp130.67 billion per quarter and the average trading frequency was 24 times per
92 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
GIAA01CN1 160 184 206 127 33.9%
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

Corporate Bonds 491

PT Garuda Indonesia (Persero) Tbk. (GIAA) is a state- No. Company Total Revenue Net Profit Revenue
owned full service airline that offers domestic and (Rp Bill) Margins (%) Growth (%)
international both scheduled and unscheduled 1. PT Garuda Indonesia (Persero) Tbk. 56,594 (5.1) 9.0
passenger services flights. In addition, GIAA also 2. PT Kereta Api Indonesia (Persero) 17,939 9.6 24.0
provides domestic and international air cargo 3. PT Serasi Autoraya 5,566 4.0 (14.3)
services. By 2017, GIAA had already owned 7 (seven)
subsidiaries. GIAA along with its subsidiaries
incorporated in Garuda Group has set “Sky Beyond Financial Statement as of Fiscal Year 2017
3.5” as the GIAA’s Long Term Plan (RJPP). Through
“Sky Beyond 3.5”, Garuda Group has a new vision, Historical Corporate Ratings
mission, target and strategic theme to achieve US$3.5 No. Rating Agency Rating Rating Status Rating Date Outlook
billion (in terms of group value) in 2020. GIAA was
supported by 7,645 employees spread across the 1. Pefindo idBBB+ Affirmed 14-Feb-18 Stable
headquarters and branch offices. GIAA also opened 2. Pefindo idBBB+ Affirmed 20-Sep-17 Stable
3. Pefindo idBBB+ Assigned 3-Feb-17 Stable
the new destinations both domestic and international
4. Fitch Ratings N/A Withdrawn* 29-Jan-17 N/A
in 2017, such as domestic destinations to Raha (RAQ)
5. Fitch Ratings BBB+(idn) Affirmed 29-Jan-16 Stable
Southeast Sulawesi, Kaiman (KNG) West Papua,
Palopo (LLO) South Sulawesi, Wangi-Wangi (WNI)
SWOT Analysis
Southeast Sulawesi, and international destinations to
Chengdu (CTU), China.
As of December 2017, GIAA is owned by Government
- Strong brand image and good - Poor financials and liquidity
of Republic Indonesia (60.54%), PT Trans Airways
reputation - Higher cost structure at airline
(25.62%), Credit Suisse AG Singapore TR AC CL
- Strong support from the business
(2.46%), and public with share ownership less than
Government of Indonesia - Highly currency mismatch
5% (11.38%).
- Comprehensive route network
Financial Analysis
In 2017, GIAA recorded an increase in total revenue
by 8.11% from Rp52.36 trillion in 2016 to Rp56.60
trillion in 2017. The scheduled airline services that
contributed the most to the GIAA’s total revenue O pportunities T hreats
which made up about 84.88% of total revenue posted
an increase by 3.73% from Rp44.44 trillion to Rp46.10 - Increasing the capacity of new fleet -Rupiah currency volatility
trillion. While non-scheduled airline services - Government drive for tourism, -High import duties for spare part
significantly increased by 56.91% from Rp2.60 trillion especially inbound from North Asia - Declining market share both at
to Rp4.09 trillion. However, GIAA also recorded an - Increasing prospect of tourism parent & group basis
increase in total expenses by 11.64% from Rp51.44 sector and visa free regulation - Fierce competition at airline &
trillion to Rp57.42 trillion. The increase was hotel business
attributable to higher flight operation cost by 13.29%
from Rp29.64 trillion to Rp33.58 trillion as well as
increasing in tax amnesty expenses amounted to
Rp681.68 billion. Furthermore, GIAA recorded a loss
on foreign exchange at Rp200.23 billion after
recorded Rp259.77 billion gain in 2016.
Consequently, GIAA posted a significant net loss for
*The company has changed rating agency to Pefindo
the year at Rp2.89tn after recorded net income at
Rp126.90 billion in 2016.

492 Corporate Bonds
GWSA PT Greenwood Sejahtera Tbk. BBB(idn)

Stable
Sector : Property, Real Estate And Building Construction The City Tower, 30th Fl.
Sub Sector : Property And Real Estate Jln. M.H. Thamrin No. 81
Website : www.greenwoodsejahtera.com Jakarta
Corporate Sec. : Linda Halim Phone : (021) 319-96000
Email Corporate Sec. : pr@greenwoodsejahtera.com Fax : (021) 319-96008
P T Gr een w ood Se jah te ra T bk. (" Th e FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Company") was founded in the name of PT BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Greenwood Sejahtera. In 2008, the Cash & Cash Equivalents 139,869 175,171 25.24 p
Company started build TCC Batavia project a super block (mix-used
Receivables 33,679 21,232 -36.96 q
development) consisting of: offices, apartments, hotels and
shopping mall located in central business distriction. Inventories 894,745 978,827 9.40 p
Current Assets 810,593 899,462 10.96 p
In line with the property industry development in Indonesia, the
Company has a rapid consolidation through acquisition of shares of Investments 3,415,842 3,592,041 5.16 p
a number of property companies. With such acquisition, the Property in Investments 2,178,890 2,155,260 -1.08 q
Company has become an integrated company in which the Property, Plant and Equipment 202,486 191,280 -5.53 q
Company owns the overall or takes control over the projects Total Assets 6,963,273 7,200,861 3.41 p
including office buildings, malls, apartments, hotels. The project
Trade Payables 16,125 13,917 -13.70 q
belongs to the Company has been widely known as TCC-Batavia,
Current Liabilities 92,103 108,794 18.12 p
Senayan City, Kuningan City, The Peak Apartment, Lindeteves Trade
Center, Emporium Pluit Mall, Holiday Inn Express Pluit and Festival Interest Bearing liabilities 244,515 312,089 27.64 p
CityLink. Total Liabilities 478,485 524,361 9.59 p
The Company and its subsidiaries projects that will be developed in Authorized Capital (Mil. Sh) 23,000 23,000 - 
the future are: TCC Batavia - Tower 2, TCC Batavia Phase 2, Capital Authorized Capital 2,300,000 2,300,000 - 
Square, JORR Project and SBY 2 Project. The Company acquired Paid up Capital 780,076 780,076 - 
JORR for office and apartments project development plan, acquired Paid up Capital (Mil. Sh) 7,801 7,801 - Link Grafik sudah be
Pastikan
land SBY 2 in Surabaya for apartment tower project development
Par Value (Rp) 100 100 - 
plan.
Retained Earnings 5,424,273 5,614,677 3.51 pLink Grafik sudah be
Pastikan
During 2014, the Company acquired PT Trisakti Makmur Persada
Total Equity …*) 6,423,968 6,614,387 2.96 p
("TMP") with 99.99% shareownership. Through TMP, the Company
has a flagship project named Capital Square. Capital Square is a Non Controlling Interest 60,820 62,113 2.13 p
superblock region for the upper middle class with the concept of Total Equity 6,484,788 6,676,500 2.96 p
"Working, Playing, Living and Rejuvenating".
Other than that, in 2014, the Company has obtained an effective INCOME STATEMENTS
statement letter of GWSA Bonds from the Financial Services Total Revenues 141,440 84,986 -39.91 q
Authority (FSA) on December 31st, 2014. Gross Profit 102,098 57,981 -43.21 q
The Company had been received several awards, such as: Interest Expenses 26,559 24,701 -7.00 q
A.In 2013, the Company has acquired 2 awards, with the following Earning Before Tax 215,112 190,572 -11.41 q
details: EBITDA 254,094 228,543 -10.06 q
• "Corporate Social Responsibility (CSR)" award from DKI Jakarta Income for the periods 210,149 188,500 -10.30 q
Province Government for its role in Green Belt Management at
the median of Jln. MH. Thamrin, segment 8, Dukuh Atas to
Net Income … *) 207,924 190,404 -8.43 q
Tosari;
• "2013 Top 50 Best Companies ward" by Forbes Indonesia after it
ranked 47th of 50 best companies in Indonesia in 2013 FINANCIAL RATIOS
B. In 2015, the Company received an award from the City of Central DER (X) 0.04 0.05 23.97 p
Jakarta Mayor for Compliance, Punctuality and Appropriate ROA (%) 3.02 2.62 -13.26 q
amount in paying for Rural and Urban Land and Building Tax (PBB- NPM (%) 148.58 221.80 49.28 p
P2). EBITDA Coverage (X) 9.57 9.25 -3.29 q
C. In 2017, the Company received an award from Plt DKI Jakarta *) … attributable to owners of the parent entity
Province Government for its participation in implementing the
Corporate Social Responsibilities ("CSR") program in the Province
SHAREHOLDERS
of Jakarta Capital Special Region by Building RPTRA Marundra,
Cluster Block A, Rusun Marunda, Cilincing, Administrative City of 1. PT Prima Permata Sejahtera 56.25%
North Jakarta. 2. PT Kencana Graha Nusamandiri 23.24%
3. Public 20.47%
4. Ang Andri Pribadi 0.04%
1. Ang Andri Pribadi 1. Paulus Indra Intan AUDIT COMMITTEE
2. Arie Kusumastuti Maria * 2. Anita 1. Arie Kusumastuti Maria
3. Juanto Salim 3. Dedy Ismunandar Soetiarto 2. Andreas Bahana
*) Independent Commissioner 4. Suherman Anggawinatan

Corporate Bonds 493
AS OF JUNE 2018
Coupon Coupon
Obligasi
14-Jul-18
Berkelanjutan I
GWSA01CN1 14.25% 14-Oct-18 PT Bank CIMB BBB(idn)
1. Greenwood 72,000 15-Jan-15 14-Jan-20 5
IDA000066302 14-Jan-19 Niaga Tbk. Stable
Sejahtera Tahap I
Quarterly 14-Apr-19
Tahun 2014
TRADING HIGHLIGHT
GWSA01CN1
ISIN CODE : IDA000066302 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 11.3958 11.1052 10.5116 10.3216 10.0403 11.3525
Mod. Duration (yrs) 2.235 2.090 1.904 1.724 1.538 1.337
111 13.0
Convexity (yrs) 6.222 5.414 4.499 3.694 2.955 2.260
109 12.0 Sensitivity (%) 0.022 0.021 0.019 0.017 0.015 0.013
107 11.0 This series will mature on 14 January 2020. From the beginning of 2017 to the end of
105 10.0
103 9.0
101 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
GWSA01CN1
- 25 50 75

494 Corporate Bonds

PT Greenwood Sejahtera Tbk. (GWSA) is one of the No. Company Total Revenue Net Profit Revenue
property companies in Indonesia that established (Rp Bill) Margins (%) Growth (%)
since 1990. In line with the rapid development of the 1. PT PP Properti Tbk. 2,709 17.0 26.0
property industry Indonesia, GWSA also growing into 2. PT Intiland Development Tbk. 2,203 12.3 (3.2)
an integrated property corporation with made a 3. PT Ciputra Residence 1,637 19.8 9.3
consolidation through shares acquisition of several of 4. PT Pembangunan Jaya Ancol Tbk. 1,240 18.1 (3.4)
property companies. The consolidation allows 5. PT Greenwood Sejahtera Tbk. 85 221.8 (39.9)
Company to take control over the projects including Financial Statement as of Fiscal Year 2017
office buildings, shopping malls, recreation places,
apartment units, hotels, or building integrated in a Historical Corporate Ratings
super block concept. Currently, there are several No. Rating Agency Rating Rating Status Rating Date Outlook
projects that currently in progress, and will be
developed in the future such as TCC Batavia Tower 2, 1. Fitch Rating BBB(idn) Downgraded* 20-Oct-17 Stable
TCC Batavia Phase 2, Capital Square, JORR Project, 2. Fitch Rating BBB+(idn) Affirmed 24-Oct-16 Stable
3. Fitch Rating BBB+(idn) Affirmed 27-Oct-15 Stable
and SBY2 Project.
4. Fitch Rating BBB+(idn) Assigned 31-Oct-14 Stable
As of December 2017, GWSA’s shareholders

consisted of PT Prima Permata Sejahtera (56.25%), PT
SWOT Analysis
Kencana Graha Nusamandiri (23.24%), President
Commissioner-Ang Andri Pribadi (0.04%) and public
(20.47%). S trengths W eaknesses
- The good relationship with its - Rising leverage
ultimate shareholder - Limited project diversification
- Financing flexibility - Presales to remain weak until 2019
-Have the lowest total revenue
compared to its peers
Financial Analysis
In 2017, the Company recorded total consolidated
sales and revenues amounted to Rp84.99 billion, or
decreased 39.91% compared to 2016. The decrease
was mainly due to no sales of office and apartment O pportunities T hreats
units throughout 2017. Total cost of sales also
decreased by 31.36% to Rp27.01 billion in 2017. In - A large populations and the - Declining demand growth
2017, the Company booked net profit amounted to urbanization trend - Tight competition
Rp188.46 billion or decreased by 10.27% compared - Several policies that support the - Dynamics of industrial property
to the previous year. For the balance sheet statement property sector and the sources allocation
position in 2017, the Company's total assets has - Limitation of land
increased by 3.41% to Rp7.20 trillion, total equity
increased by 2.96% to Rp6.68 trillion while total
liabilities increased by 9.59% to Rp524.36 billion.
*The downgraded reflects the Company's continued inability to achieve meaningful presales for
two consecutive years

Corporate Bonds 495
idAAA
IIFF PT Indonesia Infrastucture Finance Stable
Sector : Finance Prosperity Tower, 55th. Floor, Disctrict 8, SCBD
Sub Sector : Financial Institution Jln. Jend. Sudirman Kav. 52-53
Website : www.iif.co.id Jakarta 12190
Corporate Sec. : Nastantio W. Hadi Phone : (021) 5082-6600
Email Corporate Sec. : corsec@iif.co.id Fax : (021) 5082-6601
PT Indonesia Infrastruture Finance was FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
established on January 15, 2010. As a BALANCE SHEETS Dec-2016 Dec-2017 Chg %
specialized institution that offers long-term solutions to cater to Cash & Cash Equivalents 3,538,279 3,965,964 12.09 p
significant infrastructure financing needs in Indonesia and to fill the
Other Receivables - - - 
gap of the contribution of institutions in spurring the growth of
Indonesia’s infrastructure and financing, IIF has emerged to enhance Consumer Financing Receivables - - - 
private sector’s active contribution to infrastructure development of Property, Plant and Equipment 6,927 286,987 4,043.02 p
the country by providing a wide range of financial and non-financial Total Assets 10,790,761 12,972,405 20.22 p
services. To help us achieve this goal, IIF provides long-term fund- Fund Borrowings 4,281,483 6,544,571 52.86 p
based products that include senior loans, mezzanine finance and
equity participations, as well as non-fund-based products such as
Authorized Capital (Mil. Sh) 2.0 2.0 - 
guarantees and feebased services.
In 2017, IIF succeeded to acquire 14 new financing commitments
Paid up Capital 2,000,000 2,000,000 - 
worth Rp3.965 billion in total, making the aggregate gross
commitment Rp14.485 billion at the end of 2017. While the flagship Paid up Capital (Mil. Sh) 2.0 2.0 - 
project this year was the financing of the geothermal power plant Par Value (Rp) 1,000,000 1,000,000 - 
project with the capacity of 227 MW located in West Java. Retained Earnings 277,384 174,008 -37.27 q
Despite challenging global and national economic conditions, we are Total Equity …*) 2,290,501 2,225,091 -2.86 q
grateful that with the grace of God the Almighty, we are able to Non Controlling Interest - - - 
maintain our balanced business performance and strengthen the Total Equity 2,290,501 2,225,091 -2.86 q
foundation through the implemented strategic programs.
2017 was indeed a pretty challenging year for IIF. Financial-wise, the
INCOME STATEMENTS
Company’s growth was quite challenged by the high rate of credit
Total Revenues 543,547 644,639 18.60 p
risk that required the Company to make provisioning in order to
minimize material loss. Credit risk faced in 2017 mainly derived from Expenses 406,443 739,091 81.84 p
poor debtor’s performance that led to high NPL rate which was Interest Expenses 251,018 498,877 98.74 p
above the set target. Earning Before Tax 137,104 -94,452 N/A q
Nevertheless, based on the observation of the Board of EBITDA 398,111 414,001 3.99 p
Commissioners and the Risk Management Committee on the report Income for the periods 101,793 -81,622 N/A q
submitted by the Board of Directors, the Company’s Non Performing Comprehensive Income 82,427 -45,051 N/A q
Loan (NPL) rate was still within the normal range despite the Net Income … *) 101,793 -81,622 N/A q
increasing figure from last year. This can be seen from NPL Gross that
was recorded at 3.6% and NPL Net at 2.5%. On the other hand, the
declining financial performance was only attributed to high provision FINANCIAL RATIOS
expenses, while the realization of the Company’s financing DER (X) 3.71 4.83 30.15 p
commitment remained satisfactory. As of 31 December 2017, IIF even ROA (%) 0.94 -0.63 N/A q
managed to achieve its commitment target. This is supported by a NPM (%) 18.73 -12.66 N/A q
significant number of infrastructure project realizations, be it new
project construction or project expansion.
The government is certainly getting more serious in increasing
production capacity and competitiveness by ensuring infrastructure
development growth all across regions to stimulate high competitive
SHAREHOLDERS
edge. This is predominantly driven by the ambition to realize 5.4% 1. PT Sarana Multi Infrastruktur (Persero) 30.00%
economic growth in 2019. 2. Asian Development Bank 19.99%
3. International Finance Corporation 19.99%
BOARD OF COMMISSIONERS BOARD OF DIRECTORS 4. DEG - Deutsche Investitions 15.12%
1. M. Chatib Basri * 1. Arisudono Soerono 5. Sumitomo Mitsui Banking Corporation 14.90%
2. Bhimantara Widyajala 2. Harold J.D. Tjiptadjaja
3. Hans-Juergen Hartel 3. Hilda Savitri AUDIT COMMITTEE
4. Muhamad Al Arif 4. I Made Wiracitra Tantra 1. Sonny Loho
5. Rajeev V. Kannan 5. Indrawati Darmawan 2. Asep Hikmat
6. Richard Ranken 3. Chatib Basri
7. Rinaldi Firmansyah *
8. Robert Olivier Dolk
9. Sonny Loho *

496 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi I Indonesia 19-Jul-18

IIFF01A Infrastructure 8.25% 19-Oct-18 PT Bank Mega idAAA
1. 825,000 20-Jul-16 19-Jul-19 3
IDA0000751A0 Finance Tahun 2016 19-Jan-19 Tbk. Stable
Seri A Quarterly 19-Apr-19

IIFF01B Infrastructure 8.70% 19-Oct-18 PT Bank Mega idAAA
2. 250,000 20-Jul-16 19-Jul-21 5
IDA0000751B8 Finance Tahun 2016 19-Jan-19 Tbk. Stable
Seri B Quarterly 19-Apr-19

IIFF01C Infrastructure 9.00% 19-Oct-18 PT Bank Mega Pastikan
idAAA Link Grafik sudah be
3. 425,000 20-Jul-16 19-Jul-23 7
IDA0000751C6 Finance Tahun 2016 19-Jan-19 Tbk. Stable
Seri C Quarterly 19-Apr-19 Pastikan Link Grafik sudah be
TRADING HIGHLIGHT
IIFF01A


280 20
210 15 Trading days 8 9 8 11 6 7
Turnover Ratio (%) 67.88 81.70 126.06 148.27 84.46 157.96
140 10 CTP Price - High 102.0000 101.5500 101.7500 102.2150 102.6000 102.3900
70 5
CTP Price - Low 98.9300 100.5300 101.0000 100.7000 102.2092 100.4000
- - Date 05-Jan 02-Jun 11-Jul 07-Nov 11-Jan 26-Apr
IBPA Fair Yield (%) 7.7919 7.7530 7.4514 6.8429 6.6756 8.1884
Mod. Duration (yrs) 2.046 1.864 1.640 1.430 1.213 0.986
103 10.0
Convexity (yrs) 4.975 4.140 3.240 2.493 1.828 1.248
102 9.0 Sensitivity (%) 0.020 0.019 0.016 0.014 0.012 0.010
interest rate of 8.25% per annum. While quarterly average turnover ratio reachedLink Grafik sudah be
Pastikan
100 7.0
with total volume booked of Rp1.37 trillion until Q2-2018. Based on the market price
99 6.0 Pastikan Link Grafik sudah be
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 497
IIFF01B Listing Date Maturity Date


80 4
60 3 Trading days 1 1 1 2 1 -
Turnover Ratio (%) 128.00 128.00 68.80 73.60 80.00 -
40 2 CTP Price - High 101.7500 102.1000 103.2000 103.7000 104.5050 N/A
Date 12-Jan 17-Apr 25-Aug 18-Oct 29-Jan N/A
20 1
CTP Price - Low 100.6500 101.7500 102.9500 103.2500 104.4900 N/A
- - Date 12-Jan 17-Apr 25-Aug 02-Oct 29-Jan N/A
IBPA Fair Yield (%) 8.4927 8.3332 7.7732 7.4834 7.6179 8.7138
Mod. Duration (yrs) 3.500 3.355 3.175 3.001 2.815 2.609
106 11.0
Convexity (yrs) 14.693 13.432 11.998 10.688 9.398 8.088
104 10.0 Sensitivity (%) 0.035 0.034 0.032 0.030 0.028 0.026
102 9.0 This series was traded in 6 trading days during 2017 to Q2-2018 period. The total trading
volume was Rp299.00 billion during the period. The IBPA fair prices for this series were
100 8.0
98 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
IIFF01C Listing Date Maturity Date


28 4
21 3 Trading days - - - - 1 -
Turnover Ratio (%) - - - - 30.12 -
7 1
IBPA Fair Yield (%) 8.6219 8.3912 7.9511 7.7367 7.9799 8.8585
Mod. Duration (yrs) 4.705 4.597 4.454 4.313 4.149 3.945
109 11.0
Convexity (yrs) 27.502 26.054 24.332 22.692 20.947 18.982
106 10.0 Sensitivity (%) 0.047 0.046 0.045 0.043 0.041 0.039
103 9.0 This series will mature on 19 July 2023, and was traded in 1 trading day during 2017 to Q2-
2018 period. During the period, the average trading volume reached Rp5.33 billion per
100 8.0
quarter. The market price for this series observed through the Centralized Trading
97 7.0
IBPA fair price for this series was valued at premium between 97.2636% and 106.9122%.
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

498 Corporate Bonds

IIFF01A 140 169 260 306 106.0%
IIFF01B 80 80 43 46 99.6%
IIFF01C
- 100 200 300 400 500 600 700 800 900

Corporate Bonds 499

PT Indonesia Infrastructure Finance (IIF) was No. Company Total Revenue Net Profit Revenue
established on January 15, 2010, as a private non- (Rp Bill) Margins (%) Growth (%)
bank financial institution that focuses on investing in 1. PT Indonesia Infrastucture Finance 645 (12.7) 18.6
commercially feasible infrastructure projects. IIF 2. PT Surya Artha Nusantara Finance 626 5.9 0.7
provides long-term fund-based products such as 3. PT Chandra Sakti Utama Leasing 505 14.5 24.5
senior loans, mezzanine finance, and equity 4. PT Batavia Prosperindo Finance Tbk. 352 13.9 36.2
participations, in addition to non-fund based
products such as guarantees and fee-based services. Financial Statement as of Fiscal Year 2017
To run its operations IIF was supported by 85
employees and 1 office. In 2017, IIF participated in Historical Corporate Ratings
the first denominated USD settled Global Bond issued No. Rating Agency Rating Rating Status Rating Date Outlook
in Indonesia. The Komodo Bond amounted to Rp 2
trilion and issued by SoE toll road operator company. 1. Pefindo idAAA Affirmed 11-Apr-18 Stable
2. Pefindo idAAA Affirmed 7-Apr-17 Stable
3. Pefindo idAAA Assigned 21-Jun-16 Stable
4. FitchRatings AAA(idn) Affirmed 13-Dec-16 Stable
5. FitchRatings AAA(idn) Assigned 23-Jun-16 Stable
SWOT Analysis
- Strong support from its - Lack of commercially viable
shareholders infrastructure projects
- Strong capitalization profile
- Important role in infrastructure
development in the country
- Strong liquidity and financial
flexibility
Financial Analysis
IIFF recorded revenue of Rp644.64 billion in 2017,
which increased by 18.60% or Rp101.09 billion
compared to Rp543.55 billion in 2016. This was
mainly driven by the increase in interest income of O pportunities T hreats
Rp129.21 billion, profit realized from sale of securities
of Rp86.35 billion and increase in Advisory income of - Have various the Government’s - The sustainability of infrastructure
Rp10.47 billion. Meanwhile, IIFF’s expenses increased new programs in support of development somewhat depends on
to Rp739.09 billion, grew by 81.84% or Rp332.65 infrastructure development the policies of the authorities
billion compared to 2016 at Rp406.44 billion. This was - The Government has enacted a law
caused by the increase in interest expense of which opens up the opportunity for
Rp247.86 billion and increase in allowance for the private sector to engage in the
impairment losses of Rp57.61 billion. Therefore, IIFF infrastructure business
recorded a net loss of Rp81.62 billion in 2016 while - Development of other products
the Company achieved a net profit of Rp101.79 such as advisory services
billion in 2017. On the other side, IIFF’s assets
increased by 20.22% or Rp2.18 trillion. Assets in 2017
were recorded at Rp12.97 trillion from Rp10.79 trillion
in 2016. IIF’s asset increase was influenced by the
increase in Cash and Cash Equivalents amounting to
Rp428 billion, the purchase of securities of Rp539
billion and loan disbursement of Rp1.04 trillion.

500 Corporate Bonds
idA
IMFI PT Indomobil Finance Indonesia Stable
Sector : Finance Indomobil Tower 8th. Floor
Sub Sector : Financial Institution Jln. Letjend. M.T. Haryono Kav. 11
Website : www.indomobilfinance.com Jakarta 13330
Corporate Sec. : Edy Handojo Santoso Phone : (021) 2918-5440
Email Corporate Sec. : edy@indomobilfinance.com Fax : (021) 2918-5441
In 2001, the Company expanded its business FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
by establishing its first branch. In 2003, the BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Co mp an y ch an ge d i ts n am e i n to P T Cash & Cash Equivalents 120,990 87,338 -27.81 q
Indomobil Finance Indonesia to strengthen
its reputation as a subsidiary of Indomobil Group. The Company has
continued to improve its performance to affirm its position as a Consumer Financing Receivables 4,669,424 4,833,600 3.52 p
highly competitive financing company in national financing industry. Property, Plant and Equipment 78,177 91,820 17.45 p
In the middle of 2009, from motorcycle and car financing the Total Assets 9,414,717 10,438,831 10.88 p
Company expanded its business by providing financing service for Fund Borrowings 5,106,742 6,289,876 23.17 p
commercial vehicles. Total Liabilities 8,035,238 9,010,521 12.14 p
In 2010, the Company expanded further by providing financing Authorized Capital (Mil. Sh) 2.0 2.0 - 
services for heavy duty, machinery, and others, grabbing Authorized Capital 2,000,000 2,000,000 - 
opportunities provided by the rapid growth of business opportunities Paid up Capital 650,000 650,000 - 
in mining and commodities sectors in Indonesia.
In 2012, the Company added a new line on its business activities, Par Value (Rp) 1,000,000 1,000,000 - 
namely sharia financing by establishing the Sharia Business Unit
supported by Sharia Supervisory Board.
Total Equity …*) 1,379,479 1,428,310 3.54 p
In 2013, the Company held an Extraordinary General Meeting of
Shareholders (EGMOS) that approved the sales or the transfer of the
Company's shares, which were previously owned by IMSI to PT Total Equity 1,379,479 1,428,310 3.54 p
Indomobil Multi Jasa, Tbk. (IMJ), amounted to 599,250 shares.
In 2015, the Company diversified its financing product by providing INCOME STATEMENTS
property financing and multipurpose financing. The Company’s latest Total Revenues 1,655,379 1,805,505 9.07 p
business expansion was in early 2017 by adding microfinancing Expenses 1,527,831 1,663,412 8.87 p
segment. Interest Expenses 733,631 767,815 4.66 p
As of December 31, 2017, the Company covered 214 service points Earning Before Tax 127,548 142,092 11.40 p
as a form of the Company's commitment in providing a competitive EBITDA 874,588 925,291 5.80 p
and affordable financing service for various funding needs.
Our Scope of Business: Comprehensive Income 71,261 57,046 -19.95 q
1. Investment Financing
Net Income … *) 90,294 101,116 11.99 p
2. Working Capital Financing
3. Multipurpose Financing
4. Operating lease and/or fee-based activities as long as they do not FINANCIAL RATIOS
violate regulations in financial sector. DER (X) 5.82 6.31 8.30 p
5. Conduct financing activities according to the sharia principles ROA (%) 0.96 0.97 1.00 p
including funding, channeling and/or other activities in compliance NPM (%) 5.45 5.60 2.67 p
with the rules determined by the authority.

1. Soebronto Laras 1. PT Indomobil Multi Jasa Tbk. 99.88%
2. Josef Utamin 2. PT IMG Sejahtera Langgeng 0.12%
3. Rhenald Kasali *
*) Independent Commissioner AUDIT COMMITTEE
1. Rhenald Kasali
BOARD OF DIRECTORS 2. Galuh Ika Shakuntala
1. Jusak Kertowidjojo 3. Nikita Puspita Ing Endit
2. Edy Handojo Santoso
3. Gunawan

Corporate Bonds 501
AS OF JUNE 2018
Coupon Coupon
Obligasi 24-Jul-18
IMFI02CCN1 Berkelanjutan II 10.25% 24-Oct-18 PT Bank Mega idA
1. 198,000 27-Apr-15 24-Apr-19 48
IDA0000681C5 IMFI Tahap I Tahun 24-Jan-19 Tbk. Stable
Obligasi 06-Aug-18
IMFI02BCN2 Berkelanjutan II 10.75% 06-Nov-18 PT Bank Mega idA
2. 121,000 09-Nov-15 06-Nov-18 36
IDA0000704B7 IMFI tahap II tahun - Tbk. Stable
Obligasi 06-Aug-18
IMFI02CCN2 Berkelanjutan II 11.00% 06-Nov-18 PT Bank Mega idA
3. 202,500 09-Nov-15 06-Nov-19 48
IDA0000704C5 IMFI tahap II tahun 06-Feb-19 Tbk. Stable
Obligasi 16-Sep-18
IMFI02BCN3 Berkelanjutan II 10.50% 16-Dec-18 PT Bank Mega idA
4. 444,000 17-Mar-16 16-Mar-19 3
IDA0000721B1 IMFI Tahap III 16-Mar-19 Tbk. Stable
Obligasi 16-Sep-18
IMFI02CCN3 Berkelanjutan II 10.65% 16-Dec-18 PT Bank Mega idA
5. 464,000 17-Mar-16 16-Mar-20 4
IDA0000721C9 IMFI Tahap III 16-Mar-19 Tbk. Stable
Obligasi 23-Sep-18
IMFI02BCN4 Berkelanjutan II 8.80% 23-Dec-18 PT Bank Mega idA
6. 51,000 24-Mar-17 23-Mar-20 36
IDA0000796B3 IMFI Tahap IV 23-Mar-19 Tbk. Stable
Obligasi 23-Sep-18
IMFI02CCN4 Berkelanjutan II 9.40% 23-Dec-18 PT Bank Mega idA
7. 121,000 24-Mar-17 23-Mar-22 60
IDA0000796C1 IMFI Tahap IV 23-Mar-19 Tbk. Stable
Obligasi 17-Jul-18
IMFI03ACN1 Berkelanjutan III 7.65% - PT Bank Mega idA
8. 285,000 10-Jul-17 17-Jul-18 370
IDA0000832A8 IMFI Tahap I Tahun - Tbk. Stable
2017 Seri A Quarterly -
Obligasi 07-Jul-18
IMFI03BCN1 Berkelanjutan III 8.60% 07-Oct-18 PT Bank Mega idA
9. 150,000 10-Jul-17 07-Jul-20 36
IDA0000832B6 IMFI Tahap I Tahun 07-Jan-19 Tbk. Stable
Obligasi 07-Jul-18
IMFI03CCN1 Berkelanjutan III 9.10% 07-Oct-18 PT Bank Mega idA
10. 65,000 10-Jul-17 07-Jul-22 60
IDA0000832C4 IMFI Tahap I Tahun 07-Jan-19 Tbk. Stable
Obligasi
25-Aug-18
Berkelanjutan III IMFI
IMFI03ACN2 6.80% 25-Nov-18 PT Bank Mega idA
11. Dengan Tingkat 685,000 19-Feb-18 25-Feb-19 370
IDA0000877A3 25-Feb-19 Tbk. Stable
Bunga Tetap Tahap II
Quarterly -
Tahun 2018 Seri A
Obligasi
15-Aug-18
IMFI03BCN2 7.90% 15-Nov-18 PT Bank Mega idA
Quarterly 15-May-19
Tahun 2018 Seri B
Obligasi
15-Aug-18
IMFI03CCN2 8.15% 15-Nov-18 PT Bank Mega idA
IDA0000877C9 15-Feb-19 Tbk. Stable
Quarterly 15-May-19
Tahun 2018 Seri C

502 Corporate Bonds
Coupon Coupon
Obligasi
28-Aug-18
IMFI03ACN3 6.50% 28-Nov-18 PT Bank Mega idA
14. Dengan Tingkat 515,000 21-May-18 28-May-19 370
Quarterly 28-May-19
Tahun 2018 Seri A
Obligasi
18-Aug-18
IMFI03BCN3 8.20% 18-Nov-18 PT Bank Mega idA
Quarterly 18-May-19
Tahun 2018 Seri B
Obligasi
18-Aug-18
IMFI03CCN3 8.45% 18-Nov-18 PT Bank Mega idA
IDA0000901C7 18-Feb-19 Tbk. Stable Link Grafik sudah be
Pastikan
Quarterly 18-May-19
Tahun 2018 Seri C
TRADING HIGHLIGHT
IMFI02CCN1
ISIN CODE : IDA0000681C5 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19


Volume Volume (Rp bn) 175.00 60.00 - - - 3.00
160 12
Frequency Frequency (X) 12 3 - - - 3
120 9 Trading days 6 3 - - - 2
Turnover Ratio (%) 353.54 121.21 - - - 6.06
80 6 CTP Price - High 102.5330 102.5400 N/A N/A N/A 101.3900
Date 17-Jan 31-May N/A N/A N/A 25-Apr
40 3
CTP Price - Low 98.4500 102.4500 N/A N/A N/A 101.3900
- - Date 03-Jan 26-Apr N/A N/A N/A 25-Apr
IBPA Fair Yield (%) 9.6412 9.4525 8.9089 8.4253 8.2723 9.4806
Mod. Duration (yrs) 1.810 1.633 1.414 1.205 0.989 0.765
103 12.0
Convexity (yrs) 3.963 3.237 2.460 1.818 1.260 0.791
102 11.0 Sensitivity (%) 0.018 0.016 0.014 0.012 0.010 0.008
101 10.0 The series IMFI02CCN1 issued which amounted to Rp198.00 billion with interest rates of
10.25% per annum. This bond was listed from 27 April 2015 and matured in 24 April
100 9.0
2019. In first semester 2018, IBPA fair price recorded at range 100.6066 - 102.3964, whileLink Grafik sudah be
Pastikan
the CTP recorded at level 101.3900 - 101.6000. Until the end of June 2018, total volume
99 8.0
recorded by Rp238.00 billion and transacted 18 times. IMFI02CCN1 has 11 total trading
days since 2017 until the end of Q2-2018.
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 503
IMFI02BCN2 Listing Date Maturity Date


180 8
135 6 Trading days 1 - 3 3 - -
Turnover Ratio (%) 661.16 - 148.76 49.59 - -
Date 10-Mar N/A 15-Sep 26-Oct N/A N/A
45 2
- - Date 10-Mar N/A 07-Aug 07-Nov N/A N/A
IBPA Fair Yield (%) 9.4399 9.1794 8.6144 8.0716 7.7734 8.4805
Mod. Duration (yrs) 1.433 1.247 1.018 0.799 0.572 0.339
104 11.0
Convexity (yrs) 2.525 1.935 1.327 0.854 0.475 0.200
103 10.0 Sensitivity (%) 0.014 0.012 0.010 0.008 0.006 0.003
102 9.0 This series was first listed on 09 November 2015 and will be matured on 06 November
2018. This series has an outstanding amount of Rp121.00 billion with fixed coupon per
101 8.0
was traded in 7 trading days with 143.25% of average quarterly turnover. The total trading
100 7.0
volume throughout the period was Rp260.00 billion and the total trading frequency was
16 transactions. The market prices for this series were 100.0000% at the lowest and
99 6.0
103.8500% at the highest. IBPA valued the fair prices for this series were 100.6096% for
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
the lowest and 102.4734% for the highest.
IMFI02CCN2 Listing Date Maturity Date
ISIN CODE : IDA0000704C5 Nov-15 Nov-16 Nov-17 Nov-18 Nov-19


120 20
90 15 Trading days - - 8 13 4 2
Turnover Ratio (%) - - 167.90 246.91 59.22 59.26
Date N/A N/A 25-Aug 05-Oct 22-Jan 24-May
30 5
- - Date N/A N/A 19-Jul 27-Dec 22-Jan 21-May
IBPA Fair Yield (%) 9.7933 9.6569 9.1062 8.7848 8.6599 10.0416
Mod. Duration (yrs) 2.209 2.044 1.840 1.643 1.440 1.226
109 12.0
Convexity (yrs) 5.881 5.030 4.091 3.284 2.548 1.878
107 11.0 Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.012
annum. This bond is effective from 09 November 2015 to 06 November 2019. Based on
103 9.0
101 8.0
99 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

504 Corporate Bonds
IMFI02BCN3


380 80
285 60 Trading days 5 6 20 13 9 14
Turnover Ratio (%) 129.82 416.22 288.96 36.22 41.54 280.36
190 40 CTP Price - High 102.7500 102.9100 105.6600 105.0000 104.0621 103.8300
Date 03-Feb 31-May 31-Aug 06-Oct 05-Jan 13-Apr
95 20
CTP Price - Low 98.4500 100.0000 97.5000 99.0000 101.0000 100.0000
- - Date 03-Jan 10-May 13-Sep 21-Dec 16-Jan 09-May
IBPA Fair Yield (%) 9.6019 9.3987 7.9154 8.3873 8.1261 8.9943
Mod. Duration (yrs) 1.748 1.566 1.346 1.129 0.908 0.680
106 12.0
Convexity (yrs) 3.658 2.954 2.216 1.591 1.067 0.636
104 11.0 Sensitivity (%) 0.017 0.016 0.013 0.011 0.009 0.007
102 10.0 The bond code IMFI02BCN3 issued as much as Rp444.00 billion with interest rate of
10.50% per annum. This bond is effective from 17 March 2016 to 16 March 2019. During
100 9.0
98 8.0
96 7.0
yield at 7.6797%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISIN CODE : IDA0000721C9 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20


200 16
150 12 Trading days - - 3 3 7 11
Turnover Ratio (%) - - 99.14 62.93 114.66 204.31
Date N/A N/A 25-Aug 12-Dec 05-Jan 17-Apr
50 4
- - Date N/A N/A 17-Jul 20-Nov 28-Feb 21-Jun
IBPA Fair Yield (%) 9.8665 9.7459 9.1858 8.8017 8.8422 10.2128
Mod. Duration (yrs) 2.508 2.347 2.147 1.956 1.756 1.544
108 12.0
Convexity (yrs) 7.484 6.536 5.479 4.555 3.690 2.880
106 11.0 Sensitivity (%) 0.025 0.023 0.021 0.020 0.018 0.015
102 9.0
100 8.0
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 505
IMFI02BCN4


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 8.7776 9.6279 9.0153 8.6277 8.6742 10.0675
Mod. Duration (yrs) 2.590 2.411 2.204 2.006 1.800 1.583
103 11.0
Convexity (yrs) 7.857 6.804 5.700 4.736 3.836 2.994
101 10.0 Sensitivity (%) 0.026 0.024 0.022 0.020 0.018 0.016
97 8.0
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18


60 4
45 3 Trading days - - - 1 2 1
Turnover Ratio (%) - - - 6.61 231.40 6.61
Date N/A N/A N/A 13-Nov 27-Feb 21-Jun
15 1
- - Date N/A N/A N/A 13-Nov 27-Feb 21-Jun
IBPA Fair Yield (%) 9.3536 9.9312 9.3996 9.1425 9.5181 10.3474
Mod. Duration (yrs) 3.933 3.781 3.619 3.460 3.284 3.090
104 12.0
Convexity (yrs) 18.625 17.151 15.642 14.237 12.792 11.327
102 11.0 Sensitivity (%) 0.039 0.038 0.036 0.035 0.033 0.031
100 10.0 This series, matured on 23 March 2022, had average turnover of 40.77%/quarter and
traded in 4 trading days during 2017 to Q2-2018 period. In 2017, average trading volume
98 9.0
reached Rp0.50 billion/quarter with average frequency about 0.25 times per quarter, while
during the first semester of 2018 the average volume increased to Rp36.00 billion/quarter
96 8.0
with average frequency increased to 2.50 times per quarter. From 2017 until Q2-2018, the
94 7.0
between 97.7400 at the lowest and peaked at 100.0300. While the range of IBPA fair price
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
for this series that stood between 95.9782 and 101.8380. At the same period, the yield
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price valued by IBPA was 8.8662% at the lowest, and 10.7207% at the highest.

506 Corporate Bonds
IMFI03ACN1


180 16
135 12 Trading days - - 5 5 1 2
Turnover Ratio (%) - - 235.58 245.61 140.35 280.70
Date N/A N/A 11-Jul 23-Oct 08-Mar 13-Apr
45 4
- - Date N/A N/A 20-Jul 09-Nov 08-Mar 08-May
IBPA Fair Yield (%) - - 8.3222 7.7398 7.3228 7.3905
Mod. Duration (yrs) - - 0.756 0.526 0.290 0.049
102 10.0
Convexity (yrs) - - 0.772 0.411 0.156 0.014
101 9.0 Sensitivity (%) - - 0.008 0.005 0.003 0.000
99 7.0
98 6.0
97 5.0
outstanding amount of this series by the end of June 2018 was Rp285.00 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
IMFI03BCN1 Listing Date Maturity Date


160 80
120 60 Trading days - - 13 23 3 5
Turnover Ratio (%) - - 482.40 436.53 214.93 453.33
Date N/A N/A 29-Sep 21-Nov 27-Mar 02-Apr
40 20
- - Date N/A N/A 17-Jul 07-Dec 14-Mar 21-May
IBPA Fair Yield (%) - - 7.5483 6.6906 8.9657 10.2867
Mod. Duration (yrs) - - 2.408 2.221 2.002 1.791
105 11.0
Convexity (yrs) - - 6.891 5.864 4.797 3.863
103 10.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
101 9.0 This series was first listed on 10 July 2017 and matured on 07 July 2020. Throughout 2017
to the first half of year 2018, total volume traded amounted to Rp595.20 billion with 44 of
99 8.0
range of 99.8500 – 103.7850. Meanwhile IBPA fair price ranged from 96.6112 to 104.4480.
97 7.0
IBPA yield for this series were 6.6724% at the lowest and 10.4801% at the highest. By the
end of June 2018, the outstanding amount of this series was Rp150.00 billion.
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 507
IMFI03CCN1


12 4
9 3 Trading days - - - - 1 -
Turnover Ratio (%) - - - - 61.54 -
3 1
- - Date N/A N/A N/A N/A 27-Feb N/A
IBPA Fair Yield (%) - - 9.4295 9.1819 9.3103 10.3618
Mod. Duration (yrs) - - 3.749 3.597 3.431 3.230
103 12.0
Convexity (yrs) - - 17.139 15.706 14.246 12.651
101 11.0 Sensitivity (%) - - 0.037 0.036 0.034 0.032
99 10.0 The bond series IMFI03CCN1, was first listed on 10 July 2017 with nominal value of
Rp65.00 billion and fixed interest rate of 9.10% per annum. This series had traded 2 times
97 9.0
in 1 trading days with total volume booked of Rp10.00 billion during the first half of 2018.
95 8.0
100.0000 - 100.0300 while the IBPA fair price was between 94.2575- 100.7062. The fair
yield for this series was between 8.9054 - 10.8811.
93 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
IMFI03ACN2 Listing Date Maturity Date
ISIN CODE : IDA0000877A3 Feb-18 Jun-18 Oct-18 Feb-19


800 40
600 30 Trading days - - - - 6 4
Turnover Ratio (%) - - - - 508.61 99.27
200 10
IBPA Fair Yield (%) - - - - 6.7257 9.2066
Mod. Duration (yrs) - - - - 0.866 0.629
101 10.0
Convexity (yrs) - - - - 0.977 0.554
100 9.0 Sensitivity (%) - - - - 0.009 0.006
99 8.0 This series listed on 19 February 2018, and matured on 25 February 2019. This series
98 7.0
6.80%. Total trading volume for this series reached Rp1.04trillion with 59 total frequencies
on the first half of the year 2018. Based on the market price (Centralized Trading
97 6.0
Platform), this series was traded between 99.3095 – 100.3000 while the IBPA fair price was
between 98.2448 – 100.1540. The IBPA fair yield for this series was between 6.6178% –
96 5.0
9.2185%
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

508 Corporate Bonds
IMFI03BCN2


100 60
75 45 Trading days - - - - 25 14
Turnover Ratio (%) - - - - 48.87 172.88
25 15
IBPA Fair Yield (%) - - - - 8.9608 10.3324
Mod. Duration (yrs) - - - - 2.516 2.304
103 12.0
Convexity (yrs) - - - - 7.429 6.250
101 11.0 Sensitivity (%) - - - - 0.025 0.023
99 10.0 The bond series IMFI03BCN2, was first listed on 19 February 2018 and matured on 15
February 2021. During the first half of year 2018, total volume traded amounted to
97 9.0
95 8.0
93 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18


100 100
75 75 Trading days - - - - 24 13
Turnover Ratio (%) - - - - 290.98 63.16
25 25
IBPA Fair Yield (%) - - - - 8.1331 Pastikan
Mod. Duration (yrs) - - - - 3.954 Pastikan
104 12.0
Convexity (yrs) - - - - 18.635 16.517
101 11.0 Sensitivity (%) - - - - 0.040 0.037
This series was issued with nominal amount of Rp157.00 billion with fixed interest rate per
95 9.0
annum at 8.15%. Since it was listed, this series was traded 143 times in 37 trading days.
The average trading volume of this series during the period was Rp23.17 billion per
92 8.0
quarter and the average trading frequency was 24 times per quarter. During the period,
this series was traded at its market prices ranging from 99.9500 to 103.0000 that were
89 7.0
observed through IDX Centralized Trading Platform (CTP). While the IBPA fair prices for
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
this series were ranging from 89.9649 to 100.5740. At the same period, the fair yield for
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price this series was in the range of 8.0048% to 10.9405%.

Corporate Bonds 509
IMFI03ACN3


600 32
450 24 Trading days - - - - - 7
Turnover Ratio (%) - - - - - 422.52
150 8
IBPA Fair Yield (%) - - - - - 6.7236
102 9.0
Convexity (yrs) - - - - - 0.995
101 8.0 Sensitivity (%) - - - - - 0.009
100 7.0 The bond series IMFI03ACN3 listed on 21 May 2018 with nominal amount of Rp515.00
billion. The bond has interest rate per annum at 6.50% and this series will be matured on
99 6.0
28 May 2019. IMFI03ACN3 was traded with total volume Rp544.00 billion in a half of year
2018. During 2018, IMFI03ACN3 has a total of 7 trading days and 37 total frequencies.
98 5.0
The market price (Centralized Trading Platform) was between 99.4000 and 100.0700.
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
IMFI03BCN3


240 80
180 60 Trading days - - - - - 18
Turnover Ratio (%) - - - - - 260.65
60 20
IBPA Fair Yield (%) - - - - - 8.1577
105 11.0
Convexity (yrs) - - - - - 7.459
103 10.0 Sensitivity (%) - - - - - 0.025
101 9.0 This series was first listed on 21 May 2018 and matured on 18 May 2021. Since it was
listed until the end of June 2018, total volume traded amounted to Rp280.20 billion with
99 8.0
97 7.0
95 6.0
billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

510 Corporate Bonds
IMFI03CCN3


140 8
105 6 Trading days - - - - - 3
Turnover Ratio (%) - - - - - 1192.73
35 2
IBPA Fair Yield (%) - - - - - 8.6860
101 11.0
Convexity (yrs) - - - - - 18.338
100 10.0 Sensitivity (%) - - - - - 0.039
99 9.0 This series was listed since 21 May 2018 with nominal value of Rp55.00 billion with fixed
interest rate of 8.45 % per annum. While quarterly average turnover ratio reached
98 8.0
97 7.0
(Centralized Trading Platform), this series was traded between 100.0000 - 100.0800 while
the IBPA fair price was between 97.0344 - 100.7956. The fair yield for this series was
96 6.0
between 8.2520% - 9.2090%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 511
IMFI02CCN1 175 60 118.7%
IMFI02BCN2 200 45 15 214.9%
IMFI02CCN2 85 125 103.7%
IMFI02BCN3 144 462 321 40 217.8%
IMFI02CCN3 115 73 40.5%
IMFI02BCN4
IMFI02CCN4 1.7%
IMFI03ACN1 168 175 120.3%
IMFI03BCN1 181 164 229.7%
IMFI03CCN1
- 100 200 300 400 500 600 700 800 900 1,000

512 Corporate Bonds

PT Indomobil Finance Indonesia (IMFI), further has No. Company Total Revenue Net Profit Revenue
built a reputation as a professional and competitive (Rp Bill) Margins (%) Growth (%)
financing solution provider in Indonesia. IMFI’s 1. PT Mandiri Tunas Finance 2,738 12.8 11.8
business activities are to provide financing services 2. PT Permodalan Nasional Madani (Persero) 2,235 1.6 51.4
for motorcycle, passenger car, commercial vehicle, as 3. PT Bussan Auto Finance 2,164 8.4 (0.9)
well as heavy duty, machinery, and others. IMFI also 4. PT Wahana Ottomitra Multiartha Tbk. 2,154 8.4 11.8
engages in financial lease in terms of capital goods 5. PT Indomobil Finance Indonesia 1,806 5.6 9.1
procurement and also factoring in terms of Financial Statement as of Fiscal Year 2017
purchasing or transferring account receivables. In
2012, IMFI added a new line on its business activities Historical Corporate Ratings
which is sharia financing by establishing the Sharia No. Rating Agency Rating Rating Status Rating Date Outlook
Business Unit and possessing Sharia Supervisory
Board along with the assigned duties, authorities, 1. Pefindo idA Affirmed 14-Mar-18 Stable
and meeting arrangements. 2. Pefindo idA Affirmed 23-Mar-17 Stable

To strengthen the capitalization, IMFI issued
Continuous Bonds II Phase IV in March 2017 with
total amount of IDR 410billion and also issued
SWOT Analysis
Continuous Bonds III Phase I in July 2017 with total
amount of IDR 500billion. In 2017, IMFI's business
network covered 214 service points, consisting of 80 S trengths W eaknesses
branch offices and 134 outlets.
- Strong business synergy with - Moderate asset quality indicators
Indomobil Group - Moderate profitability measures.
Shareholder of the Company was 99.875% of PT
- Strong asset-liability management
Indomobil Multi Jasa Tbk. and 0.125% of PT IMG
profile
Sejahtera Langgeng.
- Well-diversified business portfolio
Financial Analysis
IMFI recorded a 9.07% (YoY) increase in total revenue
from Rp1.66 trillion in 2016 to Rp1.81 trillion by the
end of 2017. Throughout 2017, IMFI's main source of
revenues was still coming from consumer financing O pportunities T hreats
with a total contribution of more than 51.23% of total
revenues for the year that ended on Dec 2017. In - Opportunity to expand the line of - National sales prediction of
details, IMFI's total revenues increase throughout businesses as a result of the fourwheel or two-wheel vehicles will
2017 was supported by finance lease which increased implementation of OJK regulation. remain flat
by 23.43% to Rp655.73 billion in 2017 from Rp531.27 - Increasing middle class’ - Higher competition in national
billion in 2016. Meanwhile, IMFI's total expense as of consumption level motorcycle financing industry.
Dec 2017 recorded an increase by 8.87% (YoY) to
Rp1.66 trillion from Rp1.53 trillion in the previous
year, this was largely due to an increase in provision
for impairment losses on receivables of 27.40% to
Rp342.52 billion in 2017. Hence, IMFI managed to
record a net profit increase of 11.99% (YoY) to
Rp101.12 billion at the end of 2017 from Rp90.29
billion in 2016. In 2017, IMFI recorded a Non-
Performing Financing (NPF) rate above 90 days with a
value of 1.04%. This value was still far from the
maximum limit set by FSA of 5.00%.

Corporate Bonds 513
idA-
IMPC PT Impack Pratama Industri Tbk. Stable
Sector : Basic Industry and Chemicals ALTIRA Office Tower, 38th Floor
Sub Sector : Plastics & Packaging ALTIRA Business Park, Jln. Yos Sudarso Kav. 85, Sunter Jaya, Tanjung Priok
Website : www.impack-pratama.com Jakarta 14350
Corporate Sec. : Lenggana Linggawati Phone : (021) 2188-2000
Email Corporate Sec. : corporate.secretary@impack-pratama.com Fax : (021) 2188-2002
The history of the FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Company began in BALANCE SHEETS Dec-2016 Dec-2017 Chg %
1981 as the starting Cash & Cash Equivalents 521,518 355,043 -31.92 q
point of the Company’s establishment which was legally and Receivables 186,533 242,208 29.85 p
administratively stipulated based on the Ratification Letter of Inventories 486,878 521,407 7.09 p
Minister of Justice of the Republic of Indonesia No.Y.A.5/179/4. After
Current Assets 1,261,952 1,200,669 -4.86 q
passing the legal-formal aspect, in 1982, the Company commenced
its operational activities for the first time under the name PT Impack
Pratama Industries Co. Ltd. Total Assets 2,276,032 2,294,677 0.82 p
Current Liabilities 334,534 333,005 -0.46 q
Then, based on the deed of Meeting Resolution No. 143 dated June
Interest Bearing liabilities 766,780 721,910 -5.85 q
30, 1993, the Company has officially changed its name to PT Impack
Pratama Industri and based on the deed of shareholders Meeting Total Liabilities 1,050,387 1,005,657 -4.26 q
Resolution No. 166 dated August 26, 2014 the company name Authorized Capital (Mil. Sh) 17,000 17,000 - 
became PT Impack Pratama Industri Tbk. up to the present. Authorized Capital 170,000 170,000 - 
Paid up Capital 48,335 48,335 - 
Based on the latest Company Article of Association article 3
Company Article of Association, as stipulated in the Deed no. Paid up Capital (Mil. Sh) 483 4,834 900.00 p
23/2015, Company objectives and purpose are in the industry, trade, Par Value (Rp) 10 10 - 
transportation and service. Company line of business does not Retained Earnings 708,876 764,524 7.85 p
undergo any changes since the Deed no. 23/2015 till the present. The Total Equity …*) 978,807 1,049,929 7.27 p
Company’s main business activity is to become a manufacturer and
Non Controlling Interest 246,838 239,092 -3.14 q
distributor of plastic building materials for the customers’ need, such
Total Equity 1,225,645 1,289,021 5.17 p
as fiberglass, polycarbonate, aluminium composite panel, ventilator,
and other plastic and non-plastic building materials/equipment. The
Company also conducts trading business related to the mentioned INCOME STATEMENTS
products, including import, export and local trading. Total Revenues 1,135,296 1,193,054 5.09 p
Currently, Company already has 13 (thirteen) subsidiaries which run Gross Profit 406,028 384,527 -5.30 q
in various sectors, including plastic building material industry, Interest Expenses 45,072 76,451 69.62 p
distribution, supporting plastic industry, and other related business Total Operating Expenses 187,225 195,297 4.31 p
activities such as property and glue/adhesive materials industry. This Operating Profit 218,803 189,230 -13.52 q
is part of the Company’s strategic efforts to remain competitive and Earning Before Tax 164,796 111,424 -32.39 q
expand market share as well as capture other business opportunities.
EBITDA 272,301 243,176 -10.70 q
BOARD OF COMMISSIONERS Comprehensive Income 120,447 82,725 -31.32 q
1. Handojo Tjiptodihardjo Net Income … *) 102,544 87,262 -14.90 q
2. Cornelius Wielim Pranata
*) Independent Commissioner FINANCIAL RATIOS
DER (X) 0.63 0.56 -10.48 q
BOARD OF DIRECTORS ROA (%) 5.53 3.98 -28.02 q
1. Haryanto Tjiptodihardjo NPM (%) 11.08 7.65 -30.95 q
2. Allend Wibowo EBITDA Coverage (X) 6.04 3.18 -47.35 q
3. David Herman Liasdanu *) … attributable to owners of the parent entity
4. Janto Salim
5. Lindawati SHAREHOLDERS
6. Nga Seg Min 1. PT Tunggal Jaya Investama 45.60%
2. PT Harimas Tunggal Perkasa 43.72%
AUDIT COMMITTEE 3. Public 8.99%
1. Cornelius Wielim Pranata
2. Priscella Pipie Widjaja
3. Rusdy Sugiharta

514 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
02-Sep-18
Obligasi I Impack
IMPC01A 10.00% 02-Dec-18 PT Bank Mega idA-
1. Pratama Industri 400,000 05-Dec-16 02-Dec-19 3
Tahun 2016 Seri A
Quarterly 02-Jun-19
02-Sep-18
Obligasi I Impack
IMPC01B 10.50% 02-Dec-18 PT Bank Mega idA-
2. Pratama Industri 100,000 05-Dec-16 02-Dec-21 5
Tahun 2016 Seri B
Quarterly 02-Jun-19

TRADING HIGHLIGHT
IMPC01A


240 20
180 15 Trading days 4 1 5 1 - 2
Turnover Ratio (%) 17.00 1.00 284.80 200.00 - 45.00
120 10 CTP Price - High 100.0000 100.0000 100.2000 100.0000 N/A -
Date 13-Feb 06-Jun 23-Aug 27-Dec N/A -
60 5
CTP Price - Low 100.0000 100.0000 99.7000 100.0000 N/A -
- - Date 13-Feb 06-Jun 04-Aug 27-Dec N/A -
IBPA Fair Yield (%) 9.9259 10.0212 9.3945 8.8331 8.7591 10.1377
Mod. Duration (yrs) 2.301 2.131 1.924 1.726 1.520 1.303
103
Convexity (yrs) 6.292 5.393 4.414 3.572 2.796 2.087
102 11.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.013
101 This series was traded in 13 trading days during 2017 to Q2-2018 period. The total
100 9.0
99
98 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 515
IMPC01B Listing Date Maturity Date


160 4
120 3 Trading days 2 - 1 - - -
Turnover Ratio (%) 72.00 - 728.00 - - -
Date 06-Mar N/A 20-Jul N/A N/A N/A
40 1
- - Date 06-Mar N/A 20-Jul N/A N/A N/A
IBPA Fair Yield (%) 10.0886 10.1212 9.5755 9.2999 9.4941 10.4768
Mod. Duration (yrs) 3.636 3.503 3.342 3.184 3.012 2.817
106 13.0
Convexity (yrs) 16.130 14.879 13.478 12.182 10.876 9.520
104 12.0 Sensitivity (%) 0.036 0.035 0.033 0.032 0.030 0.028
102 11.0 This series will mature on 02 December 2021, and was traded in 3 trading days during
2017 to Q2-2018 period. During the period, the average trading volume reached Rp33.33
100 10.0
billion per quarter. The market price for this series observed through the Centralized
Trading Platform (CTP) was 100.0000% at the lowest and peaked also at 100.0800%. While
98 9.0
the IBPA fair price for this series was valued between 98.7187% and 104.7553%.
96 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
IMPC01A 17 285 200 125.7%
IMPC01B 18 182 200.0%
- 50 100 150 200 250 300 350 400 450 500 550

516 Corporate Bonds

PT Impack Pratama Industri Tbk. (IMPC) manufactures No. Company Total Revenue Net Profit Revenue
and distributes plastic building materials in Indonesia (Rp Bill) Margins (%) Growth (%)
and abroad. The company started commercial 1. PT Impack Pratama Industri Tbk. 1,193 7.7 5.1
operations in 1982. IMPC provides various roofing
products: polycarbonate, vinyl, and fiber reinforced
polyester products; aluminum composite panels;
sealants; packaging products comprising corrugated
plastic boards; and polymer resins. IMPC also Financial Statement as of Fiscal Year 2017
distributes roofing sheet of plastic and adhesives, and
is involved in the development properties. IMPC Historical Corporate Ratings
performed an initial public offering (IPO) in December No. Rating Agency Rating Rating Status Rating Date Outlook
2014.
1. Pefindo idA- Affirmed 8-Sep-17 Stable
In 2017, IMPC already has 13 subsidiaries which run 2. Pefindo idA- Assigned 2-Nov-16 Stable
in various sectors, including plastic building material

industry, distribution, supporting plastic industry, and
other related business activities such as property, and
glue/adhesive materials industry.
SWOT Analysis
As of December 31, 2017, IMPC shareholders were PT
Tunggal Jaya Investama (45.6%), PT Harimas Tunggal S trengths W eaknesses
Perkasa (43.72%) and others including public
- Strong market position in the - The dependence on the property
(10.68%).
polycarbonate sector
roofing product industry - High real estate inventory
- Extensive distribution network
- Moderate financial leverage
Financial Analysis
In 2017, IMPC managed to record their net revenues
at Rp1.19 trillion or increased 5.09% from previous
year. The increase was due to the increase in
distribution revenues by 9.10% from Rp684.57 billion O pportunities T hreats
to Rp746.85 billion, while the other main sector
(manufacture and real estate) decreased by -3.86% - Massive infrastructure - Fluctuation of commodity prices
and -68.73%, respectively. On the other side, the cost development by government that and Rupiah
of revenues of IMPC also increased by 10.87% can support the use of company's - The high demand of Chinese
compared to 2016 become amounted to Rp808,53 product product due to the cheaper price
billion which is due to the increase of cost of revenue - Enhance its focus on diversification with the better quality
for manufacture by 16.50% from Rp678.86 billion to in other several industries
Rp790.85 billion. Thus, a more significant increase in
expenses than an increase in income led to a
decrease in IMPC's net profit over the previous
period. IMPC’s profit for the year down by -27.44%
from Rp125.82 billion to Rp91.30 billion. Total assets
of IMPC as of December 31, 2017, amounted to
Rp2.29 trillion or increased by 0.82% from the
previous year. The assets consisted of 52.32% current
assets, and 47.68% non-current assets.

Corporate Bonds 517
idAA+
INDF PT Indofood Sukses Makmur Tbk. Stable
Sector : Consumer Goods Industry Sudirman Plaza, Indofood Tower, 27th Floor
Sub Sector : Food And Beverages Jln. Jend. Sudirman Kav. 76-78
Website : www.indofood.com Jakarta 12910
Corporate Sec. : Elly Putranti Phone : (021) 5795-8822
Email Corporate Sec. : corporate.secretary@indofood.co.id Fax : (021) 5793-7373
Over the last two decades, Indofood has FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
progressively transformed into a Total Food BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Solutions company with operations Cash & Cash Equivalents 13,362,236 13,689,998 2.45 p
in all stages of food manufacturing, from the production of raw
Receivables 5,204,517 6,852,885 31.67 p
materials and their processing, to consumer products in the market.
Today, it is renowned as a well-established company and a leading Inventories 8,469,821 9,690,981 14.42 p
player in each business category in which it operates. In its business Current Assets 28,985,443 32,515,399 12.18 p
operations, Indofood capitalizes on economies of scale and a resilient Property, Plant and Equipment 25,701,913 29,787,303 15.90 p
business model with five complementary Strategic Business Groups Total Assets 82,174,515 87,939,488 7.02 p
(“Group”), namely: Current Liabilities 19,219,441 21,637,763 12.58 p
(1) Consumer Branded Products Interest Bearing liabilities 22,422,083 24,319,960 8.46 p
Supported by the strength of its product brands, the Group produces Total Liabilities 38,233,092 41,182,764 7.71 p
a diverse range of consumer branded products including noodles, Authorized Capital (Mil. Sh) 30,000 30,000 - 
dairy, snack foods, food seasonings, nutrition and special foods, and
beverages.
Paid up Capital 878,043 878,043 - 
(2) Bogasari
The Group is primarily a producer of wheat flour as well as pasta,
Par Value (Rp) 100 100 - 
with business operations supported by its own shipping and
packaging units. Retained Earnings 19,506,084 21,378,442 9.60 p
Total Equity …*) 28,974,286 31,178,844 7.61 p
(3) Agribusiness
The Group’s principal activities range from research and Non Controlling Interest 14,967,137 15,577,880 4.08 p
development, seed breeding, oil palm cultivation and milling, to the Total Equity 43,941,423 46,756,724 6.41 p
production and marketing of branded cooking oils, margarine and
shortening. The Group also cultivates and processes rubber, sugar INCOME STATEMENTS
cane and other crops.
Total Revenues 66,659,484 70,186,618 5.29 p
(4) Distribution Gross Profit 19,337,607 19,868,522 2.75 p
With the most extensive distribution network in Indonesia, the Group
distributes the majority of the consumer products manufactured by
Indofood and its subsidiaries, as well as by third parties, to the Total Operating Expenses 11,052,600 11,121,020 0.62 p
market. Operating Profit 8,285,007 8,747,502 5.58 p
BOARD OF COMMISSIONERS EBITDA 10,940,090 11,455,865 4.71 p
1. Manuel Velez Pangilinan Income for the periods 5,266,906 5,145,063 -2.31 q
2. Adi Pranoto Leman * Comprehensive Income 4,984,305 5,039,068 1.10 p
3. Bambang Subianto * Net Income … *) 4,144,571 4,168,476 0.58 p
4. Benny Setiawan Santoso
5. Christopher H. Young FINANCIAL RATIOS
6. Joseph Hon Pong Ng DER (X) 0.51 0.52 1.93 p
7. Robert Charles Nicholson ROA (%) 6.41 5.85 -8.72 q
8. Utomo Josodirdjo * NPM (%) 7.90 7.33 -7.22 q
*) Independent Commissioner EBITDA Coverage (X) 6.95 7.71 10.92 p
BOARD OF DIRECTORS
1. Anthoni Salim SHAREHOLDERS
2. Axton Salim 1. First Pacific Investment Management Ltd. 50.07%
3. Franciscus Welirang 2. Public 49.92%
4. Hendra Widjaja 3. Anthoni Salim 0.02%
5. Joedianto Soejonopoetro 4. Sulianto Pratama 0.0009%
6. Moleonoto (Paulus Moleonoto) 5. Franciscus Welirang 0.0006%
7. Sulianto Pratama 6. Taufik Wiraatmadja 0.000003%
8. Taufik Wiraatmadja
9. Tjhie Tje Fie (Thomas Tjhie) AUDIT COMMITTEE
1. Utomo Josodirdjo 3. Hendra Susanto
2. Adi Pranoto Leman

518 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
13-Sep-18
Obligasi Indofood
INDF07 10.13% 13-Dec-18 PT Bank Mega idAA+
1. Sukses Makmur VII 2,000,000 16-Jun-14 13-Jun-19 5
Tahun 2014
Quarterly 13-Jun-19
26-Aug-18
Obligasi Indofood
INDF08 8.70% 26-Nov-18 PT Bank Mega idAA+
2. Sukses Makmur VIII 2,000,000 29-May-17 26-May-22 5
IDA000080709 26-Feb-19 Tbk. Stable
Tahun 2017
Quarterly 26-May-19

TRADING HIGHLIGHT
INDF07


260 28
195 21 Trading days 1 3 3 10 6 8
Turnover Ratio (%) 8.00 8.80 29.40 39.80 30.68 60.70
130 14 CTP Price - High 103.7600 105.1500 104.7000 105.1700 105.3000 104.6000
Date 25-Jan 10-Apr 27-Jul 17-Nov 29-Jan 10-Apr
65 7
CTP Price - Low 103.7400 103.2112 101.6949 103.0043 103.7600 99.9800
- - Date 25-Jan 07-Apr 02-Aug 07-Nov 09-Mar 05-Jun
IBPA Fair Yield (%) 8.5873 8.1911 7.6378 6.8703 6.6991 7.7184
Mod. Duration (yrs) 1.952 1.775 1.554 1.345 1.128 0.903
107 10.0
Convexity (yrs) 4.531 3.755 2.911 2.211 1.589 1.057
105 9.0 Sensitivity (%) 0.020 0.018 0.016 0.013 0.011 0.009
series has an outstanding amount of Rp2.00 trillion with fixed coupon per annum at
101 7.0
10.13%. This series, throughout 2017 and the first two quarters of 2018 period, was
99 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 519
INDF08 Listing Date Maturity Date
ISIN CODE : IDA000080709 May-17 May-18 May-19 May-20 May-21 May-22


600 60
450 45 Trading days - 6 16 18 7 7
Turnover Ratio (%) - 65.10 145.12 90.40 15.68 11.40
300 30 CTP Price - High N/A 102.3500 104.3000 104.6500 106.5000 102.7500
Date N/A 21-Jun 27-Sep 27-Dec 12-Feb 08-Jun
150 15
CTP Price - Low N/A 99.9000 99.9000 102.2000 104.3768 99.9000
- - Date N/A 14-Jun 13-Jul 03-Nov 14-Feb 21-May
IBPA Fair Yield (%) - 8.6941 7.7282 7.4146 7.8588 8.8464
Mod. Duration (yrs) - 3.946 3.794 3.633 3.450 3.245
106 10.0
Convexity (yrs) - 18.650 17.138 15.649 14.092 12.486
104 9.0 Sensitivity (%) - 0.039 0.038 0.036 0.035 0.032
102 8.0 The bond code INDF08 issued as much as Rp2.00 trillion with interest rate of 8.70% per
annum. This bond is effective from 29 May 2017 to 26 May 2022. During 2017, the market
100 7.0
price (Centralized Trading Platform) was traded between 99.9000 and 104.6500, while in
year 2018 this bond was traded between 99.9000 and 106.5000. Total volume amounted
98 6.0
to Rp1.64 trillion and transacted 127 times. IBPA fair price during year 2017-2018 with
maximum price at 105.6393 while IBPA yield amounted the minimum yield at 7.1875%.
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
INDF07 40 44 147 199 21.5%
INDF08 326 726 452 75.2%
- 500 1,000 1,500 2,000

520 Corporate Bonds

PT Indofood Sukses Makmur Tbk. (INDF) engages in No. Company Total Revenue Net Profit Revenue
total food solutions with operations in all stages of (Rp Bill) Margins (%) Growth (%)
food manufacturing from the production of raw 1. PT Indofood Sukses Makmur Tbk. 70,187 7.3 5.3
materials and their processing, to consumer products 2. PT Mayora Indah Tbk. 20,817 7.8 13.4
in the market. In providing its total food solutions, 3. PT Tiga Pilar Sejahtera Food Tbk. 4,921 (17.2) (24.8)
INDF divides its strategic business into five major 4. PT Siantar Top Tbk. 2,825 7.6 7.5
strategic businesses that are run through five 5. PT Nippon Indosari Corpindo Tbk. 2,491 5.4 (1.2)
complementary Strategic Business Group. The group Financial Statement as of Fiscal Year 2017
consists PT Indofood CBP Sukses Makmur Tbk. (ICBP)
that conducts Consumer Branded Products (CBP) Historical Corporate Ratings
business, Bogasari that produces wheat flour and No. Rating Agency Rating Rating Status Rating Date Outlook
pasta, Indofood Agri Resources Ltd, a SGX-listed
company with main business in Agribusiness 1. Pefindo idAA+ Affirmed 6-Apr-18 Stable
including cooking oils, and China Minzhong Food 2. Pefindo idAA+ Affirmed 5-Apr-17 Stable
3. Pefindo idAA+ Affirmed 11-Apr-16 Stable
Corporation (CMFC), that engages in cultivation and
4. Pefindo idAA+ Affirmed 9-Apr-15 Stable
processed vegetables activities.
5. Pefindo idAA+ Affirmed 16-May-14 Stable
By the end of 2017, INDF is owned by CAB Holding

SWOT Analysis
Limited with 50.07% shares and Public with 49.93%
shares.
- Superior market position in the - Aggressively finance its expansion
packaged food industry with debt substantially larger than
- Well diversified business portfolio projected
- Have a vertically integrated - Lower ability to generate profit
business operations
Financial Analysis
The Company booked consolidated net sales of
Rp70.19 trillion in 2017, increased 5.30% from
previous year driven by sales growth across the
Groups. During 2017, the Company recorded O pportunities T hreats
overseas sales of around US$417 million or around
8% of consolidated net sales. Gross profit increased - The positive economic outlook - Tight competition in the F&B
2.74% to Rp19.87 trillion in 2017 from Rp19.34 trillion - An increase in CPO price and industry
in 2016, but gross margin declined to 28.30% from recovery in the production - Declined demand in Fast-Moving
29.0% in 2016 mainly on higher raw materials and - Increasing middle income class Consumer Goods (FMCG)
production expenses. EBIT grew 5.55% to Rp8.75 people - Currency depreciation
trillion in 2017 from Rp8.29 trillion in 2016, and EBIT
margin increased slightly to 12.50% from 12.40% due
to modest operating expenses growth. In 2017,
operating expenses increased by 0.63% to Rp11.12
trillion from Rp11.05 trillion in 2016, mainly due to
lower advertising and promotions expenses as well as
foreign exchange gain from operating activities in
2017 vs a loss in 2016. Income for the year was
Rp5.15 trillion, or declined 2.28% from Rp5.27 trillion
in 2016.

Corporate Bonds 521
idAAA
ISAT PT Indosat Tbk. Stable
Sub Sector : Telecommunication Jln. Medan Merdeka Barat No. 21
Website : www.indosatooredoo.com Jakarta 10110
Corporate Sec. : Hadi Susilo Phone : (021) 3000-3001, 3044-2615
Email Corporate Sec. : hadi.susilo@indosatooredoo.com Fax : (021) 3000-3757
Established in 1967, PT Indosat Tbk ("Indosat FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Ooredoo") is a leading telecommunication BALANCE SHEETS Dec-2016 Dec-2017 Chg %
and information service provider in Indonesia
Cash & Cash Equivalents 1,850,425 1,674,745 -9.49 
and a member of Ooredoo Group, a global
Receivables 2,750,192 3,988,891 45.04 
telecommunications provider. Indosat Ooredoo provides cellular,
fixed data and wireless broadband services as well as fixed Inventories 79,272 87,820 10.78 
telecommunication or fixed voice offerings including IDD, fixed Current Assets 8,073,481 9,479,271 17.41 
wireless and fixed phone services, and digital services. In addition, Property, Plant and Equipment 39,078,409 35,891,716 -8.15 
together with its subsidiaries PT Indosat Mega Media (IM2) and PT Total Assets 50,838,704 50,661,040 -0.35 
Aplikanusa Lintasarta, Indosat Ooredoo provides fixed data or
Current Liabilities 19,086,592 22,635,752 18.60 
Multimedia, Internet & Data Communication services such as IPVPN,
Interest Bearing liabilities 23,674,739 20,076,314 -15.20 
leased line, internet services and IT services to corporate segments.
Indosat Ooredoo is listed on the Indonesia Stock Exchange (IDX: Total Liabilities 36,661,585 35,845,506 -2.23 
ISAT). Authorized Capital (Mil. Sh) 20,000 20,000 - 
Paid up Capital 543,393 543,393 - 
BOARD OF COMMISSIONERS Paid up Capital (Mil. Sh) 5,434 5,434 - 
1. Waleed Mohamed Ebrahim Alsayed Par Value (Rp) 100 100 - 
2. Ajay Bahri Retained Earnings 10,835,606 11,584,601 6.91 
3. Chris Kanter Total Equity …*) 13,350,203 13,996,976 4.84 
4. Damian Philip Chappell Non Controlling Interest 826,916 818,558 -1.01 
5. Edy Sudarmanto Total Equity 14,177,119 14,815,534 4.50 
6. Elisa Lumbantoruan *
7. Hans Anthony Kuropatwa INCOME STATEMENTS
8. Heru Pambudi Total Revenues 29,184,624 29,926,098 2.54 
9. Syed Maqbul Quader * Gross Profit 29,184,624 29,926,098 2.54 
10. Wijayanto Samirin * Interest Expenses 1,838,286 1,640,707 -10.75 
*) Independent Commissioner Total Operating Expenses 25,244,071 25,893,599 2.57 
Operating Profit 3,940,553 4,032,499 2.33 
BOARD OF DIRECTORS Earning Before Tax 1,795,263 1,940,426 8.09 
1. Joy Wahjudi EBITDA 12,863,819 12,762,760 -0.79 
2. Caba Pinter Income for the periods 1,275,655 1,301,929 2.06 
3. Haroon Shahul Hameed Comprehensive Income 1,038,710 1,198,432 15.38 
4. Herfini Haryono Net Income … *) 1,105,042 1,135,783 2.78 
5. Irsyad Sahroni
FINANCIAL RATIOS
AUDIT COMMITTEE DER (X) 1.67 1.36 -18.85 
1. Syed Maqbul Quader ROA (%) 2.51 2.57 2.42 
2. Unggul Saut Marupa Tampubolon NPM (%) 4.37 4.35 -0.47 
3. Wijayanto Samirin EBITDA Coverage (X) 7.00 7.78 11.16 
SHAREHOLDERS
1. Ooredoo Asia Pte. Ltd. 65.00%
2. Public 20.71%

522 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
27-Sep-18 PT Bank
ISAT08A Obligasi Indosat VIII 8.63% 27-Dec-18 Rakyat idAAA
1. 1,200,000 28-Jun-12 27-Jun-19 7
IDA0000529A0 Tahun 2012 Seri A 27-Mar-19 Indonesia Stable
27-Sep-18 PT Bank
ISAT08B Obligasi Indosat VIII 8.88% 27-Dec-18 Rakyat idAAA
2. 1,500,000 28-Jun-12 27-Jun-22 10
IDA0000529B8 Tahun 2012 Seri B 27-Mar-19 Indonesia Stable
27-Sep-18 PT Bank
Sukuk Ijarah
SIISAT05 Rp25,875 M/TH 27-Dec-18 Rakyat idAAA(sy)
3. Indosat V Tahun 300,000 28-Jun-12 27-Jun-19 7
IDJ000005004 27-Mar-19 Indonesia Stable
2012

ISAT01BCN1 Berkelanjutan I 10.30% 12-Dec-18 Rakyat idAAA
4. 750,000 15-Dec-14 12-Dec-19 5
IDA0000659B3 Indosat Tahap I 12-Mar-19 Indonesia Stable

ISAT01CCN1 Berkelanjutan I 10.50% 12-Dec-18 Rakyat idAAA
5. 250,000 15-Dec-14 12-Dec-21 7
IDA0000659C1 Indosat Tahap I 12-Mar-19 Indonesia Stable

ISAT01DCN1 Berkelanjutan I 10.70% 12-Dec-18 Rakyat idAAA
6. 360,000 15-Dec-14 12-Dec-24 10
IDA0000659D9 Indosat Tahap I 12-Mar-19 Indonesia Stable
Tahun 2014 Seri D Quarterly 12-Jun-19 (Persero) Tbk.
Sukuk Ijarah 12-Sep-18 PT Bank

SIISAT01BCN1 Berkelanjutan I Ijarah Fee Rp1,65 M 12-Dec-18 Rakyat idAAA(sy)
7. 16,000 15-Dec-14 12-Dec-19 5
IDJ0000066B2 Indosat Tahap I 12-Mar-19 Indonesia Stable

Ijarah Fee Rp11,55
SIISAT01CCN1 Berkelanjutan I 12-Dec-18 Rakyat idAAA(sy)
8. 110,000 15-Dec-14 12-Dec-21 7 M
IDJ0000066C0 Indosat Tahap I 12-Mar-19 Indonesia Stable

9. 584,000 05-Jun-15 04-Jun-20 5
IDA0000686C4 Indosat Tahap II 04-Mar-19 Indonesia Stable

10. 337,000 05-Jun-15 04-Jun-22 7
IDA0000686D2 Indosat Tahap II 04-Mar-19 Indonesia Stable

ISAT01ECN2 Berkelanjutan I 10.40% 04-Dec-18 Rakyat idAAA
11. 427,000 05-Jun-15 04-Jun-25 10
IDA0000686E0 Indosat Tahap II 04-Mar-19 Indonesia Stable
Tahun 2015 Seri E Quarterly 04-Jun-19 (Persero) Tbk.

SIISAT01CCN2 Berkelanjutan I Ijarah Fee Rp6,7M 04-Dec-18 Rakyat idAAA(sy)
12. 67,000 05-Jun-15 04-Jun-20 5
IDJ0000070C2 Indosat Tahap II 04-Mar-19 Indonesia Stable

Ijarah Fee
SIISAT01DCN2 Berkelanjutan I 04-Dec-18 Rakyat idAAA(sy)
13. 43,000 05-Jun-15 04-Jun-22 7 Rp4,4075M
IDJ0000070D0 Indosat Tahap II 04-Mar-19 Indonesia Stable

Corporate Bonds 523
Coupon Coupon

SIISAT01ECN2 Berkelanjutan I Ijarah Fee Rp18,2M 04-Dec-18 Rakyat idAAA(sy)
14. 175,000 05-Jun-15 04-Jun-25 10
IDJ0000070E8 Indosat Tahap II 04-Mar-19 Indonesia Stable

ISAT01ACN3 Berkelanjutan I 10.00% 08-Dec-18 Rakyat idAAA
15. 201,000 10-Dec-15 08-Dec-18 3
IDA0000707A2 Indosat Tahap III - Indonesia Stable

ISAT01BCN3 Berkelanjutan I 10.25% 08-Dec-18 Rakyat idAAA
16. 301,000 10-Dec-15 08-Dec-20 5
IDA0000707B0 Indosat Tahap III 08-Mar-19 Indonesia Stable

17. 130,000 10-Dec-15 08-Dec-22 7
IDA0000707C8 Indosat Tahap III 08-Mar-19 Indonesia Stable

18. 162,000 10-Dec-15 08-Dec-25 10
IDA0000707D6 Indosat Tahap III 08-Mar-19 Indonesia Stable

SIISAT01ACN3 Berkelanjutan I Ijarah Fee Rp6,89M 08-Dec-18 Rakyat idAAA(sy)
19. 65,000 10-Dec-15 08-Dec-22 7
IDJ0000073A0 Indosat Tahap III 08-Mar-19 Indonesia Stable
Tahun 2015 Seri A Quarterly 08-Jun-19 (Persero) Tbk.

SIISAT01BCN3 Berkelanjutan I Ijarah Fee Rp4,60M 08-Dec-18 Rakyat idAAA(sy)
20. 41,000 10-Dec-15 08-Dec-25 10
IDJ0000073B8 Indosat Tahap III 08-Mar-19 Indonesia Stable

ISAT01BCN4 Berkelanjutan I 8.00% 02-Sep-18 Rakyat idAAA
21. 1,047,000 02-Sep-16 02-Sep-19 3
IDA0000756B7 Indosat Tahap IV 02-Dec-18 Indonesia Stable

ISAT01CCN4 Berkelanjutan I 8.60% 02-Sep-18 Rakyat idAAA
22. 734,000 02-Sep-16 02-Sep-21 5
IDA0000756C5 Indosat Tahap IV 02-Dec-18 Indonesia Stable
Tahun 2016 Seri C Quarterly 02-Mar-19 (Persero) Tbk.

ISAT01DCN4 Berkelanjutan I 9.00% 02-Sep-18 Rakyat idAAA
23. 115,000 02-Sep-16 02-Sep-23 7
IDA0000756D3 Indosat Tahap IV 02-Dec-18 Indonesia Stable
Tahun 2016 Seri D Quarterly 02-Mar-19 (Persero) Tbk.

ISAT01ECN4 Berkelanjutan I 8.15% 02-Sep-18 Rakyat idAAA
24. 201,000 02-Sep-16 02-Sep-26 10
IDA0000756E1 Indosat Tahap IV 02-Dec-18 Indonesia Stable
Tahun 2016 Seri E Quarterly 02-Mar-19 (Persero) Tbk.
Sukuk Ijarah 02-Jun-18 PT Bank

SIISAT01BCN4 Berkelanjutan I Ijarah Fee Rp4.88M 02-Sep-18 Rakyat idAAA(sy)
25. 61,000 02-Sep-16 02-Sep-19 3
IDJ0000080B3 Indosat Tahap IV 02-Dec-18 Indonesia Stable

SIISAT01CCN4 Berkelanjutan I Ijarah Fee Rp0.86M 02-Sep-18 Rakyat idAAA(sy)
26. 10,000 02-Sep-16 02-Sep-21 5
IDJ0000080C1 Indosat Tahap IV 02-Dec-18 Indonesia Stable
Tahun 2016 Seri C Quarterly 02-Mar-19 (Persero) Tbk.

SIISAT01DCN4 Berkelanjutan I Ijarah Fee Rp4.94M 02-Sep-18 Rakyat idAAA(sy)
27. 54,000 02-Sep-16 02-Sep-26 10
IDJ0000080D9 Indosat Tahap IV 02-Dec-18 Indonesia Stable
Tahun 2016 Seri D Quarterly 02-Mar-19 (Persero) Tbk.

524 Corporate Bonds
Coupon Coupon

ISAT02BCN1 berkelanjutan II 8.15% 01-Dec-18 Rakyat idAAA
28. 628,000 02-Jun-17 31-May-20 3
IDA0000809B4 Indosat Tahap I 01-Mar-19 Indonesia Stable

ISAT02CCN1 berkelanjutan II 8.55% 01-Dec-18 Rakyat idAAA
29. 312,000 02-Jun-17 31-May-22 5
IDA0000809C2 Indosat Tahap I 01-Mar-19 Indonesia Stable

ISAT02DCN1 berkelanjutan II 8.90% 01-Dec-18 Rakyat idAAA
30. 378,000 02-Jun-17 31-May-24 7
IDA0000809D0 Indosat Tahap I 01-Mar-19 Indonesia Stable

ISAT02ECN1 berkelanjutan II 9.25% 01-Dec-18 Rakyat idAAA
31. 538,000 02-Jun-17 31-May-27 10
IDA0000809E8 Indosat Tahap I 01-Mar-19 Indonesia Stable
Sukuk Ijarah 31-Aug-18 PT Bank

SIISAT02BCN1 Berkelanjutan II Ijarah Fee Rp13,7M 01-Dec-18 Rakyat idAAA(sy)
32. 160,000 02-Jun-17 31-May-22 5
IDJ0000089B4 Indosat Tahap I 01-Mar-19 Indonesia Stable

SIISAT02CCN1 Berkelanjutan II Ijarah Fee Rp5,34M 01-Dec-18 Rakyat idAAA(sy)
33. 60,000 02-Jun-17 31-May-24 7
IDJ0000089C2 Indosat Tahap I 01-Mar-19 Indonesia Stable

SIISAT02DCN1 Berkelanjutan II Ijarah Fee Rp5,83M 01-Dec-18 Rakyat idAAA(sy)
34. 63,000 02-Jun-17 31-May-27 10
IDJ0000089D0 Indosat Tahap I 01-Mar-19 Indonesia Stable

ISAT02ACN2 berkelanjutan II 6.15% 19-Nov-18 Rakyat idAAA
35. 1,017,000 10-Nov-17 19-Nov-18 370
IDA0000857A5 Indosat Tahap II - Indonesia Stable

ISAT02BCN2 berkelanjutan II 7.45% 09-Nov-18 Rakyat idAAA
36. 673,000 10-Nov-17 09-Nov-20 3
IDA0000857B3 Indosat Tahap II 09-Feb-19 Indonesia Stable

ISAT02CCN2 berkelanjutan II 7.65% 09-Nov-18 Rakyat idAAA
37. 498,000 10-Nov-17 09-Nov-22 5
IDA0000857C1 Indosat Tahap II 09-Feb-19 Indonesia Stable

ISAT02DCN2 berkelanjutan II 7.95% 09-Nov-18 Rakyat idAAA
38. 21,000 10-Nov-17 09-Nov-24 7
IDA0000857D9 Indosat Tahap II 09-Feb-19 Indonesia Stable
Tahun 2017 Seri D Quarterly 09-May-19 (Persero) Tbk.

ISAT02ECN2 berkelanjutan II 8.65% 09-Nov-18 Rakyat idAAA
39. 511,000 10-Nov-17 09-Nov-27 10
IDA0000857E7 Indosat Tahap II 09-Feb-19 Indonesia Stable
Tahun 2017 Seri E Quarterly 09-May-19 (Persero) Tbk.
Sukuk Ijarah Ijarah Fee 19-Aug-18 PT Bank

SIISAT02ACN2 Berkelanjutan II Installment of 19-Nov-18 Rakyat idAAA(sy)
40. 220,000 10-Nov-17 19-Nov-18 370
IDJ0000100A1 Indosat Tahap II Rp13,53M - Indonesia Stable

SIISAT02BCN2 Berkelanjutan II Installment of 09-Nov-18 Rakyat idAAA(sy)
41. 260,000 10-Nov-17 09-Nov-20 3
IDJ0000100B9 Indosat Tahap II Rp19,37M 09-Feb-19 Indonesia Stable

Corporate Bonds 525
Coupon Coupon

SIISAT02CCN2 Berkelanjutan II Installment of 09-Nov-18 Rakyat idAAA(sy)
42. 14,000 10-Nov-17 09-Nov-22 5
IDJ0000100C7 Indosat Tahap II Rp1,071M 09-Feb-19 Indonesia Stable

SIISAT02DCN2 Berkelanjutan II Installment of 09-Nov-18 Rakyat idAAA(sy)
43. 13,000 10-Nov-17 09-Nov-24 7
IDJ0000100D5 Indosat Tahap II Rp1,033M 09-Feb-19 Indonesia Stable

SIISAT02ECN2 Berkelanjutan II Installment of 09-Nov-18 Rakyat idAAA(sy)
44. 193,000 10-Nov-17 09-Nov-27 10
IDJ0000100E3 Indosat Tahap II Rp16,69M 09-Feb-19 Indonesia Stable

ISAT02ACN3 Berkelanjutan II 6.05% 13-Nov-18 Rakyat idAAA
45. 1,209,000 04-May-18 13-May-19 370
IDA0000897A1 Indosat Tahap III 13-Feb-19 Indonesia Stable

ISAT02BCN3 Berkelanjutan II 7.40% 03-Nov-18 Rakyat idAAA
46. 630,000 04-May-18 03-May-21 3
IDA0000897B9 Indosat Tahap III 03-Feb-19 Indonesia Stable

ISAT02CCN3 Berkelanjutan II 7.65% 03-Nov-18 Rakyat idAAA
47. 98,000 04-May-18 03-May-23 5
IDA0000897C7 Indosat Tahap III 03-Feb-19 Indonesia Stable

ISAT02DCN3 Berkelanjutan II 8.20% 03-Nov-18 Rakyat idAAA
48. 266,000 04-May-18 03-May-25 7
IDA0000897D5 Indosat Tahap III 03-Feb-19 Indonesia Stable

ISAT02ECN3 Berkelanjutan II 8.70% 03-Nov-18 Rakyat idAAA
49. 516,000 04-May-18 03-May-28 10
IDA0000897E3 Indosat Tahap III 03-Feb-19 Indonesia Stable

526 Corporate Bonds
TRADING HIGHLIGHT
ISAT08A
ISIN CODE : IDA0000529A0 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19


260 28
195 21 Trading days 5 12 12 12 10 15
Turnover Ratio (%) 25.91 53.95 66.28 68.73 18.17 105.77
130 14 CTP Price - High 100.7500 104.3900 102.4700 102.4500 104.0000 103.0000
Date 21-Mar 15-Jun 06-Jul 29-Dec 20-Feb 23-Apr
65 7
CTP Price - Low 98.5000 98.0000 96.5000 97.5000 98.0000 98.0000
- - Date 28-Feb 14-Jun 11-Jul 16-Oct 16-Jan 18-Apr
IBPA Fair Yield (%) 8.2199 7.6930 7.3922 6.8855 6.8385 7.4502
Mod. Duration (yrs) 2.017 1.798 1.609 1.395 1.173 0.947
105 10.0
Convexity (yrs) 4.781 3.889 3.084 2.350 1.700 1.146
103 9.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
total trading volume reached Rp1.02 trillion during the period. The IBPA fair prices for this
99 7.0
97 6.0
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT08B Listing Date Maturity Date


200 60
150 45 Trading days 11 13 13 8 9 11
Turnover Ratio (%) 60.17 35.51 37.09 24.07 4.05 17.37
100 30 CTP Price - High 102.4500 103.2000 103.0000 104.0500 107.1000 105.9375
Date 02-Mar 15-May 08-Sep 22-Dec 28-Feb 20-Apr
50 15
CTP Price - Low 93.5000 96.2500 98.6500 99.0000 99.5000 99.0000
- - Date 09-Feb 02-Jun 27-Jul 27-Nov 04-Jan 17-May
IBPA Fair Yield (%) 8.5366 8.6296 7.8530 7.7324 7.8037 8.7568
Mod. Duration (yrs) 4.161 3.935 3.865 3.700 3.527 3.323
107 11.0
Convexity (yrs) 20.749 18.866 17.715 16.179 14.660 13.026
104 10.0 Sensitivity (%) 0.042 0.039 0.039 0.037 0.035 0.033
total trading volume was Rp668.44 billion during the period. The IBPA fair prices for this
98 8.0
95 7.0
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 527
SIISAT05
ISIN CODE : IDJ000005004 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19


40 12
30 9 Trading days 1 3 1 3 1 5
Turnover Ratio (%) 45.33 33.33 0.40 66.13 20.00 27.47
20 6 CTP Price - High 101.0200 101.4000 101.0000 106.9749 103.1000 103.3375
Date 09-Feb 16-Jun 03-Jul 13-Oct 14-Mar 27-Apr
10 3
CTP Price - Low 101.0000 101.0000 101.0000 101.6300 103.0000 102.1800
- - Date 09-Feb 16-Jun 03-Jul 11-Oct 14-Mar 03-Apr
IBPA Fair Yield (%) 8.1911 8.0831 7.3865 6.9298 6.8385 8.1297
Mod. Duration (yrs) 2.018 1.795 1.609 1.394 1.173 0.944
107 11.0
Convexity (yrs) 4.782 3.879 3.085 2.349 1.700 1.140
105 10.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
101 8.0
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT01BCN1


240 20
180 15 Trading days 2 10 4 4 4 12
Turnover Ratio (%) 38.93 149.07 21.01 26.67 73.07 94.57
120 10 CTP Price - High 105.6000 106.3500 105.9000 106.2000 106.6500 105.6500
Date 23-Feb 22-May 27-Jul 02-Oct 26-Jan 23-Apr
60 5
CTP Price - Low 104.6000 100.6000 103.8000 105.2000 106.2000 101.0000
- - Date 19-Jan 22-May 03-Aug 23-Oct 03-Jan 23-May
IBPA Fair Yield (%) 8.3031 7.7248 7.5350 7.2092 7.0974 7.8326
Mod. Duration (yrs) 2.337 2.172 1.960 1.759 1.553 1.337
108 10.0
Convexity (yrs) 6.474 5.583 4.565 3.699 2.907 2.188
106 9.0 Sensitivity (%) 0.023 0.022 0.020 0.018 0.016 0.013
annum. This bond is effective from 15 December 2014 to 12 December 2019. Based on
102 7.0
100 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

528 Corporate Bonds
ISAT01CCN1


60 8
45 6 Trading days 2 - 1 1 - -
Turnover Ratio (%) 80.00 - 19.20 12.80 - -
Date 16-Feb N/A 21-Jul 23-Nov N/A N/A
15 2
- - Date 24-Mar N/A 21-Jul 23-Nov N/A N/A
IBPA Fair Yield (%) 8.5200 8.3534 7.8077 7.5401 7.7022 8.7278
Mod. Duration (yrs) 3.709 3.576 3.409 3.247 3.072 2.872
113 11.0
Convexity (yrs) 16.643 15.379 13.925 12.581 11.234 9.831
110 10.0 Sensitivity (%) 0.037 0.036 0.034 0.032 0.031 0.029
107 9.0 This series was traded in 2017. The average quarterly turnover was about 18.67%/quarter
and was traded in 4 trading days during the period. The average trading volume during
104 8.0
the period was Rp11.67 billion/quarter. The market price that was observed through
Centralized Trading Platform (CTP) during the whole period was between 101.5000 and
101 7.0
107.9800. Meanwhile, the range IBPA fair price at the same year for this series was
ranging from 103.7817 to 110.8757. The outstanding amount of this series by the end of
98 6.0
June 2018 was Rp250.00 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT01DCN1
ISIN CODE : IDA0000659D9 Dec-14 Dec-16 Dec-18 Dec-20 Dec-22 Dec-24


16 8
12 6 Trading days 2 - 2 2 - -
Turnover Ratio (%) 16.67 - 6.67 11.11 - -
Date 26-Jan N/A 08-Aug 14-Dec N/A N/A
4 2
- - Date 25-Jan N/A 08-Aug 21-Dec N/A N/A
IBPA Fair Yield (%) 8.7234 8.4550 8.1096 7.9528 8.1892 9.0498
Mod. Duration (yrs) 5.330 5.251 5.134 5.016 4.869 4.662
118 11.0
Convexity (yrs) 36.394 35.029 33.287 31.587 29.684 27.316
115 10.0 Sensitivity (%) 0.053 0.053 0.051 0.050 0.049 0.047
112 9.0 The bond series ISAT01DCN1, was first listed on 15 December 2014 and matured on 12
December 2024. From 2017 to the first half of year 2018, total volume traded amounted
109 8.0
106 7.0
103 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 529
SIISAT01BCN1


20 4
15 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 500.00 - -
5 1
IBPA Fair Yield (%) 8.3031 8.0836 7.5350 7.1194 7.0974 8.4646
Mod. Duration (yrs) 2.337 2.169 1.960 1.760 1.553 1.335
107 11.0
Convexity (yrs) 6.474 5.569 4.565 3.701 2.907 2.180
106 10.0 Sensitivity (%) 0.023 0.022 0.020 0.018 0.016 0.013
104 8.0
103 7.0
102 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT01CCN1
ISIN CODE : IDJ0000066C0 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21


60 8
45 6 Trading days - - 1 2 1 -
Turnover Ratio (%) - - 218.18 156.36 43.64 -
Date N/A N/A 24-Jul 07-Dec 12-Jan N/A
15 2
- - Date N/A N/A 24-Jul 18-Oct 12-Jan N/A
IBPA Fair Yield (%) 8.5200 8.3534 7.8077 7.5527 7.7022 8.7278
Mod. Duration (yrs) 3.709 3.576 3.409 3.247 3.072 2.872
112 11.0
Convexity (yrs) 16.643 15.379 13.925 12.579 11.234 9.831
110 10.0 Sensitivity (%) 0.037 0.036 0.034 0.032 0.031 0.029
108 9.0 The series was first listed on 15 December 2014 and will be matured on 12 December
106 8.0
104 7.0
102 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

530 Corporate Bonds
ISAT01CCN2 Listing Date Maturity Date


600 12
450 9 Trading days - - 1 4 - -
Turnover Ratio (%) - - 20.55 390.41 - -
Date N/A N/A 14-Jul 13-Dec N/A N/A
150 3
- - Date N/A N/A 14-Jul 11-Dec N/A N/A
IBPA Fair Yield (%) 8.3829 8.1989 7.6374 7.3329 7.2995 8.6226
Mod. Duration (yrs) 2.695 2.534 2.334 2.143 1.944 1.732
107 11.0
Convexity (yrs) 8.613 7.594 6.451 5.443 4.496 3.593
106 10.0 Sensitivity (%) 0.027 0.025 0.023 0.021 0.019 0.017
104 8.0
Total trading volume for this series reached Rp600.00 billion with 15 total frequencies.
103 7.0
105.1000 – 105.7700 while the IBPA fair price was between 102.1274 – 106.4786. The IBPA
fair yield for this series was between 6.9938% – 9.2645%.
102 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT01DCN2
ISIN CODE : IDA0000686D2 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22


280 8
210 6 Trading days 1 - 2 3 1 2
Turnover Ratio (%) 15.43 - 28.49 403.56 5.93 11.87
140 4 CTP Price - High 106.1500 N/A 108.0500 109.2700 110.8500 107.2500
Date 15-Mar N/A 24-Jul 13-Dec 12-Feb 11-May
70 2
CTP Price - Low 105.2808 N/A 107.5500 109.2000 110.8500 107.2300
- - Date 15-Mar N/A 21-Jul 11-Dec 12-Feb 09-May
IBPA Fair Yield (%) 8.6441 8.3680 7.8476 7.6463 7.7924 8.2916
Mod. Duration (yrs) 4.005 3.883 3.725 3.568 3.399 3.210
112 11.0
Convexity (yrs) 19.568 18.268 16.734 15.292 13.837 12.335
110 10.0 Sensitivity (%) 0.040 0.039 0.037 0.036 0.034 0.032
108 9.0 This series was first listed on 05 June 2015 and matured on 04 June 2022. From 2017 to
the first half of year 2018, total volume traded amounted to Rp392.00 billion with 9 of
106 8.0
104 7.0
highest. By the end of June 2018, the outstanding amount of this series was 337.00
102 6.0
billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 531
ISAT01ECN2 Listing Date Maturity Date
ISIN CODE : IDA0000686E0 Jun-15 Jun-17 Jun-19 Jun-21 Jun-23 Jun-25


100 28
75 21 Trading days 1 2 3 3 7 2
Turnover Ratio (%) 18.74 24.36 110.54 62.76 41.22 13.11
50 14 CTP Price - High 106.8521 110.5100 110.9500 110.9500 114.7500 114.7500
Date 10-Mar 14-Jun 11-Jul 18-Oct 13-Mar 05-Apr
25 7
CTP Price - Low 106.8421 110.3650 106.8000 100.0000 114.0000 114.5000
- - Date 10-Mar 09-Jun 16-Aug 20-Dec 13-Feb 09-Apr
IBPA Fair Yield (%) 8.8096 8.5043 8.1691 7.9742 7.9226 9.1176
Mod. Duration (yrs) 5.565 5.497 5.387 5.277 5.152 4.916
117 11.0
Convexity (yrs) 40.030 38.704 36.943 35.236 33.433 30.659
113 10.0 Sensitivity (%) 0.056 0.055 0.054 0.053 0.052 0.049
average trading volume was Rp48.17 billion/quarter with the average trading frequency
105 8.0
was 11 times/quarter during the period. The IBPA fair prices for this series were
101 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT01CCN2
ISIN CODE : IDJ0000070C2 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20


Volume Volume (Rp bn) 65.20 2.00 - 80.00 - -
80 8
Frequency Frequency (X) 9 2 - 8 - -
60 6 Trading days 4 1 - 2 - -
Turnover Ratio (%) 389.25 11.94 - 477.61 - -
40 4 CTP Price - High 104.4500 104.5000 N/A 105.7200 N/A N/A
Date 10-Feb 06-Apr N/A 07-Nov N/A N/A
20 2
CTP Price - Low 100.7700 104.4800 N/A 104.9000 N/A N/A
- - Date 06-Feb 06-Apr N/A 07-Nov N/A N/A
IBPA Fair Yield (%) 8.3829 8.1989 7.6374 7.3172 7.2995 8.6226
Mod. Duration (yrs) 2.695 2.534 2.334 2.143 1.944 1.732
108 11.0
Convexity (yrs) 8.613 7.594 6.451 5.444 4.496 3.593
106 10.0 Sensitivity (%) 0.027 0.025 0.023 0.021 0.019 0.017
104 9.0 The series was first listed on 5 June 2015 and will be matured on 4 June 2020. The series
102 8.0
100 7.0
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

532 Corporate Bonds
SIISAT01DCN2
ISIN CODE : IDJ0000070D0 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22


8 4
6 3 Trading days - - - - 1 -
Turnover Ratio (%) - - - - 83.72 -
2 1
- - Date N/A N/A N/A N/A 15-Feb N/A
IBPA Fair Yield (%) 8.5501 8.3680 7.8476 7.6013 7.7924 8.7526
Mod. Duration (yrs) 4.008 3.883 3.725 3.570 3.399 3.200
112 11.0
Convexity (yrs) 19.593 18.268 16.734 15.299 13.837 12.278
110 10.0 Sensitivity (%) 0.040 0.039 0.037 0.036 0.034 0.032
106 8.0
1 trading day with 13.95% of average quarterly turnover. The total trading volume
104 7.0
throughout the period was Rp9 billion and the total trading frequency was 4 transactions.
The market prices for this series were 110.9500% at the lowest and 111.0200% at the
102 6.0
highest. IBPA valued the fair prices for this series were 103.2039% for the lowest and
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT01ECN2 Listing Date Maturity Date
ISIN CODE : IDJ0000070E8 Jun-15 Jun-17 Jun-19 Jun-21 Jun-23 Jun-25


60 12
45 9 Trading days 3 1 2 2 1 2
Turnover Ratio (%) 22.86 1.14 3.43 141.71 4.57 0.46
30 6 CTP Price - High 106.0750 105.8056 110.4300 112.6900 114.5500 110.4500
Date 27-Mar 06-Apr 25-Aug 08-Dec 15-Feb 07-Jun
15 3
CTP Price - Low 104.9800 105.8056 110.0000 110.5000 114.5500 110.4300
- - Date 09-Feb 06-Apr 14-Sep 05-Dec 15-Feb 06-Jun
IBPA Fair Yield (%) 9.2195 8.4940 8.1691 7.9519 8.2556 9.1176
Mod. Duration (yrs) 5.528 5.498 5.387 5.279 5.129 4.916
117 11.0
Convexity (yrs) 39.646 38.713 36.943 35.252 33.217 30.659
114 10.0 Sensitivity (%) 0.055 0.055 0.054 0.053 0.051 0.049
108 8.0
105 7.0
102 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 533
ISAT01ACN3


60 4
45 3 Trading days - 2 - 3 1 1
Turnover Ratio (%) - 119.40 - 37.01 9.95 9.95
Date N/A 24-May N/A 20-Dec 28-Feb 21-Jun
15 1
- - Date N/A 25-Apr N/A 23-Oct 28-Feb 21-Jun
IBPA Fair Yield (%) 7.9871 7.6470 7.1062 6.5917 6.4045 7.2803
Mod. Duration (yrs) 1.535 1.346 1.114 0.892 0.663 0.428
104 10.0
Convexity (yrs) 2.845 2.211 1.553 1.033 0.610 0.290
103 9.0 Sensitivity (%) 0.015 0.013 0.011 0.009 0.007 0.004
102 8.0 The series ISAT01ACN3 issued which amounted to Rp201.00 billion with interest rates of
10.00% per annum. This bond was listed from 10 December 2015 and matured in 08
101 7.0
December 2018. In first semester 2018, IBPA fair price recorded at range 101.2194 -
103.1146, while the CTP recorded at level 101.4000 - 103.2000. Until the end of June 2018,
100 6.0
total volume recorded by Rp88.60 billion and transacted 11 times. ISAT01ACN3 has 7
total trading days since 2017 until the end of Q2-2018
99 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT01BCN3


100 4
75 3 Trading days 1 1 - 1 - 3
Turnover Ratio (%) 132.89 132.89 - 1.33 - 2.66
Date 20-Feb 24-May N/A 05-Dec N/A 30-May
25 1
- - Date 20-Feb 24-May N/A 05-Dec N/A 28-May
IBPA Fair Yield (%) 8.4420 8.2787 7.7108 7.3239 7.4645 8.6871
Mod. Duration (yrs) 3.051 2.901 2.712 2.532 2.341 2.135
109 11.0
Convexity (yrs) 11.100 9.985 8.720 7.590 6.492 5.414
107 10.0 Sensitivity (%) 0.031 0.029 0.027 0.025 0.023 0.021
103 8.0
101 7.0
99 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

534 Corporate Bonds
ISAT01CCN3


12 4
9 3 Trading days - - 1 - - -
Turnover Ratio (%) - - 30.77 - - -
3 1
- - Date N/A N/A 19-Sep N/A N/A N/A
IBPA Fair Yield (%) 8.5821 8.3784 7.8924 7.6635 7.8811 8.7929
Mod. Duration (yrs) 4.289 4.175 4.027 3.880 3.717 3.519
114 11.0
Convexity (yrs) 22.687 21.336 19.751 18.252 16.694 14.986
112 10.0 Sensitivity (%) 0.043 0.042 0.040 0.039 0.037 0.035
110 9.0 The bond series ISAT01CCN3 listed on 10 December 2015 with nominal amount of
Rp130.00 billion. The bond has interest rate per annum at 10.60% and this series will be
108 8.0
matured on 08 December 2022. ISAT01CCN3 was traded with total volume Rp10.00
billion in 2017 and no trading at all in the first half of 2018. During 2017, ISAT01CCN3 has
106 7.0
a total of 1 trading days and 2 total frequencies. The market price (Centralized Trading
Platform) was between 110.0000 and 110.0100.
104 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT01DCN3
ISIN CODE : IDA0000707D6 Dec-15 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25


120 8
90 6 Trading days 3 - 1 1 - -
Turnover Ratio (%) 320.99 - 24.69 24.69 - -
Date 27-Feb N/A 19-Sep 21-Dec N/A N/A
30 2
- - Date 25-Jan N/A 19-Sep 21-Dec N/A N/A
IBPA Fair Yield (%) 8.8303 8.5476 8.2349 8.0422 8.3241 9.1879
Mod. Duration (yrs) 5.714 5.654 5.554 5.453 5.310 5.094
121 11.0
Convexity (yrs) 42.890 41.619 39.902 38.235 36.184 33.477
118 10.0 Sensitivity (%) 0.057 0.057 0.056 0.055 0.053 0.051
115 9.0 The bond series ISAT01DCN3, was first listed on 10 December 2015 with nominal value of
112 8.0
2017. Based on the market price (Centralized Trading Platform), this series was traded
109 7.0
between 110.9000 - 117.5150 while the IBPA fair price was between 107.8324- 120.1605,
the fair yield for this series was between 7.7580% - 9.8691%.
106 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 535
SIISAT01ACN3
ISIN CODE : IDJ0000073A0 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22


20 4
15 3 Trading days 1 - 1 - - -
Turnover Ratio (%) 123.08 - 24.62 - - -
Date 09-Feb N/A 26-Sep N/A N/A N/A
5 1
- - Date 09-Feb N/A 26-Sep N/A N/A N/A
IBPA Fair Yield (%) 8.5821 8.3784 7.8924 7.6635 7.8811 8.7929
Mod. Duration (yrs) 4.289 4.175 4.027 3.880 3.717 3.519
114 11.0
Convexity (yrs) 22.687 21.336 19.751 18.252 16.694 14.986
112 10.0 Sensitivity (%) 0.043 0.042 0.040 0.039 0.037 0.035
108 8.0
106 7.0
104 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT01BCN3


Volume Volume (Rp bn) 20.00 - - - 87.00 4.00
80 16
Frequency Frequency (X) 2 - - - 16 2
60 12 Trading days 1 - - - 5 1
Turnover Ratio (%) 195.12 - - - 848.78 39.02
40 8 CTP Price - High 111.6287 N/A N/A N/A 117.8700 117.9100
Date 10-Mar N/A N/A N/A 26-Mar 12-Apr
20 4
CTP Price - Low 111.6187 N/A N/A N/A 117.5000 117.8700
- - Date 10-Mar N/A N/A N/A 06-Mar 12-Apr
IBPA Fair Yield (%) 8.8563 8.5476 8.2349 8.0422 7.9495 9.1879
Mod. Duration (yrs) 5.711 5.654 5.554 5.453 5.340 5.094
121 11.0
Convexity (yrs) 42.861 41.619 39.902 38.235 36.479 33.477
118 10.0 Sensitivity (%) 0.057 0.057 0.056 0.055 0.053 0.051
112 8.0
109 7.0
106 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

536 Corporate Bonds
ISAT01BCN4 Listing Date Maturity Date


160 28
120 21 Trading days 5 5 3 16 9 8
Turnover Ratio (%) 20.06 70.11 6.57 68.08 63.04 55.43
80 14 CTP Price - High 100.3100 101.1500 101.1000 101.6500 102.3000 101.1700
Date 20-Feb 20-Jun 18-Sep 21-Dec 08-Mar 03-May
40 7
CTP Price - Low 98.9500 100.0300 100.5000 100.4000 100.3000 100.3500
- - Date 21-Feb 06-Apr 04-Sep 23-Oct 28-Feb 22-Jun
IBPA Fair Yield (%) 8.2409 7.5616 7.4485 6.9804 6.4990 7.8395
Mod. Duration (yrs) 2.165 1.986 1.761 1.549 1.333 1.106
105 11.0
Convexity (yrs) 5.498 4.638 3.677 2.876 2.162 1.527
103 10.0 Sensitivity (%) 0.022 0.020 0.018 0.015 0.013 0.011
101 9.0 This series, matured on 02 September 2019, had average turnover of 47.21%/quarter and
99 8.0
volume reached Rp107.85 billion/quarter with average frequency about 14.75 times per
quarter, while during the first semester of 2018 the average volume increased to
97 7.0
Rp155.05 billion/quarter with average frequency increased to 18.50 times per quarter.
From 2017 until Q2-2018, the market price for this series observed through the
95 6.0
Centralized Trading Platform (CTP) was between 98.9500 at the lowest and peaked at
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
102.3000. While the range of IBPA fair price for this series that stood between 97.9417
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price and 102.2199. At the same period, the yield valued by IBPA was 6.3466% at the lowest,
 IBPA Fair Price  YTM and 8.8796% at the highest.
ISAT01CCN4
ISIN CODE : IDA0000756C5 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21


120 8
90 6 Trading days - 5 1 2 - 3
Turnover Ratio (%) - 77.53 5.45 65.40 - 29.14
Date N/A 20-Jun 29-Aug 21-Nov N/A 27-Apr
30 2
- - Date N/A 21-Apr 29-Aug 03-Nov N/A 14-May
IBPA Fair Yield (%) 8.5015 8.0363 7.7292 7.1821 7.6450 8.7715
Mod. Duration (yrs) 3.623 3.484 3.298 3.127 2.936 2.728
105 10.0
Convexity (yrs) 15.586 14.330 12.814 11.486 10.116 8.749
103 9.0 Sensitivity (%) 0.036 0.035 0.033 0.031 0.029 0.027
101 8.0 This series was first listed on 02 September 2016 and matured on 02 September 2021.
Throughout 2017 to the first half of year 2018, total volume traded amounted to
99 7.0
97 6.0
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 537
ISAT01DCN4 Listing Date Maturity Date
ISIN CODE : IDA0000756D3 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 8.6302 8.3944 7.9637 7.7516 7.9992 8.8736
Mod. Duration (yrs) 4.822 4.714 4.571 4.429 4.265 4.061
108 11.0
Convexity (yrs) 28.641 27.170 25.413 23.740 21.956 19.942
106 10.0 Sensitivity (%) 0.048 0.047 0.046 0.044 0.043 0.041
104 9.0 This series will mature on 02 September 2023. From the beginning of 2017 to the end of
102 8.0
100 7.0
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT01ECN4
ISIN CODE : IDA0000756E1 Sep-16 Sep-18 Sep-20 Sep-22 Sep-24 Sep-26


28 8
21 6 Trading days 2 2 2 1 - 2
Turnover Ratio (%) 51.74 51.74 65.67 5.97 - 14.93
14 4 CTP Price - High 100.5200 100.7700 104.2300 104.2400 N/A 107.6500
Date 31-Mar 22-May 06-Jul 09-Nov N/A 20-Apr
7 2
CTP Price - Low 98.5950 98.5500 100.9000 104.2100 N/A 106.4500
- - Date 08-Mar 10-May 12-Jul 09-Nov N/A 31-May
IBPA Fair Yield (%) 9.0635 8.6463 8.3300 8.1402 8.4165 9.2807
Mod. Duration (yrs) 6.233 6.196 6.102 6.006 5.860 5.628
109 12.0
Convexity (yrs) 50.907 49.767 47.950 46.151 43.857 40.715
106 11.0 Sensitivity (%) 0.062 0.062 0.061 0.060 0.059 0.056
100 9.0
97 8.0
94 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

538 Corporate Bonds
SIISAT01BCN4
ISIN CODE : IDJ0000080B3 Sep-16 Sep-17 Sep-18 Sep-19


60 8
45 6 Trading days - - - - 3 -
Turnover Ratio (%) - - - - 327.87 -
15 2
IBPA Fair Yield (%) 8.2409 7.9938 7.4532 7.0126 6.9510 8.2928
Mod. Duration (yrs) 2.165 1.983 1.761 1.549 1.331 1.104
104 11.0
Convexity (yrs) 5.498 4.625 3.676 2.875 2.157 1.522
102 10.0 Sensitivity (%) 0.022 0.020 0.018 0.015 0.013 0.011
100 9.0 The series was first listed on 2 September 2016 and will be matured on 2 September
2019. The series has an outstanding amount of Rp61 billion with fixed coupon per annum
98 8.0
at 8.00%. The IBPA prices for this series, throughout 2017 and the first two quarters of
2018 period, were 97.2782% at the lowest and 101.8444% at the highest. At the same
96 7.0
period, the fair yield for this series was ranging from 6.7415% to 9.1609%.
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT01CCN4 Listing Date Maturity Date
ISIN CODE : IDJ0000080C1 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21


Volume Volume (Rp bn) 25.00 20.00 - 25.00 - -
24 8
Frequency Frequency (X) 5 4 - 5 - -
18 6 Trading days 1 1 - 1 - -
Turnover Ratio (%) 1000.00 800.00 - 1000.00 - -
12 4 CTP Price - High 100.4500 101.0000 N/A 102.7000 N/A N/A
Date 24-Mar 04-Apr N/A 17-Oct N/A N/A
6 2
CTP Price - Low 100.2500 100.5700 N/A 101.7500 N/A N/A
- - Date 24-Mar 04-Apr N/A 17-Oct N/A N/A
IBPA Fair Yield (%) 8.4562 8.3405 7.7841 7.5016 7.6450 8.7178
Mod. Duration (yrs) 3.624 3.477 3.297 3.122 2.936 2.728
105 11.0
Convexity (yrs) 15.593 14.287 12.807 11.454 10.116 8.752
103 10.0 Sensitivity (%) 0.036 0.035 0.033 0.031 0.029 0.027
101 9.0 The series was first listed on 2 September 2016 and will be matured on 2 September
2021. The series has an outstanding amount of Rp10 billion with fixed coupon per annum
99 8.0
at 8.60%. The IBPA prices for this series, throughout 2017 and the first two quarters of
2018 period, were 97.0359% at the lowest and 104.3216% at the highest. At the same
97 7.0
period, the fair yield for this series was ranging from 7.2281% to 9.3907%.
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 539
SIISAT01DCN4
ISIN CODE : IDJ0000080D9 Sep-16 Sep-18 Sep-20 Sep-22 Sep-24 Sep-26


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 8.8595 8.6463 8.3300 8.1402 8.4165 9.2807
Mod. Duration (yrs) 6.258 6.196 6.102 6.006 5.860 5.628
110 11.0
Convexity (yrs) 51.194 49.767 47.950 46.151 43.857 40.715
107 10.0 Sensitivity (%) 0.063 0.062 0.061 0.060 0.059 0.056
104 9.0 This series was first listed on September, 2nd 2016 and will be matured on September,
2nd 2026. This series has an outstanding amount of Rp54 billion with fixed coupon per
101 8.0
98 7.0
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT02BCN1
ISIN CODE : IDA0000809B4 Jun-17 Jan-18 Aug-18 Mar-19 Oct-19 May-20


600 24
450 18 Trading days - 3 11 7 2 1
Turnover Ratio (%) - 43.95 400.38 147.01 50.96 0.89
300 12 CTP Price - High N/A 100.6350 101.5000 101.7000 103.1000 101.1000
Date N/A 09-Jun 29-Aug 20-Nov 08-Feb 13-Apr
150 6
CTP Price - Low N/A 100.5500 100.0000 100.0800 102.4700 101.0000
- - Date N/A 06-Jun 31-Aug 17-Nov 19-Jan 13-Apr
IBPA Fair Yield (%) - 7.9380 8.2391 7.2615 7.2955 8.6204
Mod. Duration (yrs) - 2.580 2.364 2.168 1.961 1.749
105 11.0
Convexity (yrs) - 7.776 6.544 5.515 4.535 3.632
103 10.0 Sensitivity (%) - 0.026 0.024 0.022 0.020 0.017
101 9.0 This sustainable bonds was first listed on 2 June 2017 and will be matured on 31 May
99 8.0
annum at 8.15%. Since this series listed untill Q2-2018, total volume traded reached
97 7.0
95 6.0
98.8434% and 102.5264%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

540 Corporate Bonds
ISAT02CCN1
ISIN CODE : IDA0000809C2 Jun-17 May-22


280 20
210 15 Trading days - 1 - 2 4 3
Turnover Ratio (%) - 128.21 - 76.92 430.77 205.13
Date N/A 07-Jun N/A 03-Nov 07-Feb 30-May
70 5
- - Date N/A 07-Jun N/A 03-Nov 31-Jan 05-Jun
IBPA Fair Yield (%) - 8.4640 7.8467 7.5999 7.7904 8.5960
Mod. Duration (yrs) - 3.977 3.813 3.646 3.467 3.271
107 11.0
Convexity (yrs) - 18.876 17.272 15.736 14.203 12.644
105 10.0 Sensitivity (%) - 0.040 0.038 0.036 0.035 0.033
103 9.0 This sustainable bond series was traded only in 10 trading days during the period of June
2017 to Q2-2018. The total trading volume was Rp656 billion during the period. The IBPA
101 8.0
fair prices for this series were 98.1250% at the lowest and 104.7434% at the highest. While
in the market, observed through IDX Centralized Trading Platform (CTP), this series was
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT02DCN1
ISIN CODE : IDA0000809D0 Jun-17 May-24


20 4
15 3 Trading days - - 1 - - -
Turnover Ratio (%) - - 21.16 - - -
5 1
IBPA Fair Yield (%) - 8.7759 8.0997 7.8437 8.1120 8.9736
Mod. Duration (yrs) - 5.117 5.003 4.872 4.712 4.509
107 11.0
Convexity (yrs) - 32.492 30.829 29.068 27.123 24.898
105 10.0 Sensitivity (%) - 0.051 0.050 0.049 0.047 0.045
103 9.0 This bond series was traded only in 1 trading days during the period of June 2017 to Q2-
2018 with total trading volume was Rp20 billion. The IBPA fair prices for this series were
101 8.0
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 541
ISAT02ECN1
ISIN CODE : IDA0000809E8 Jun-17 May-27


140 12
105 9 Trading days - - 4 - 2 1
Turnover Ratio (%) - - 119.70 - 8.18 14.87
Date N/A N/A 22-Aug N/A 14-Feb 11-Apr
35 3
- - Date N/A N/A 31-Jul N/A 06-Feb 11-Apr
IBPA Fair Yield (%) - 9.1282 8.4795 8.2385 8.5025 9.3626
Mod. Duration (yrs) - 6.435 6.399 6.317 6.175 5.936
111 11.0
Convexity (yrs) - 54.806 53.607 51.877 49.487 46.083
108 10.0 Sensitivity (%) - 0.064 0.064 0.063 0.062 0.059
105 9.0 This series was first listed on June, 2nd 2017 and will be matured on May, 31st 2027. This
102 8.0
9.25%. This series, throughout June 2017 and the first half of 2018 period, was traded in 7
trading days with 24% of average quarterly turnover. The total trading volume
99 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT02BCN1
ISIN CODE : IDJ0000089B4 Jun-17 May-22


Volume Volume (Rp bn) - 23.00 - 19.00 - 66.50
24 12
Frequency Frequency (X) - 5 - 3 - 12
18 9 Trading days - 2 - 2 - 6
Turnover Ratio (%) - 57.50 - 47.50 - 166.25
12 6 CTP Price - High N/A 100.0000 N/A 102.0000 N/A 103.9375
Date N/A 02-Jun N/A 25-Oct N/A 27-Apr
6 3
CTP Price - Low N/A 100.0000 N/A 101.7200 N/A 100.0000
- - Date N/A 02-Jun N/A 06-Nov N/A 15-May
IBPA Fair Yield (%) - 8.4742 7.8467 7.5999 7.7904 8.7575
Mod. Duration (yrs) - 3.977 3.813 3.646 3.467 3.268
106 11.0
Convexity (yrs) - 18.874 17.272 15.736 14.203 12.625
104 10.0 Sensitivity (%) - 0.040 0.038 0.036 0.035 0.033
102 9.0 This series was first listed on June, 2nd 2017 and will be matured on May, 31st 2022. This
100 8.0
98 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

542 Corporate Bonds
SIISAT02CCN1 Listing Date Maturity Date
ISIN CODE : IDJ0000089C2 Jun-17 May-24


20 12
15 9 Trading days - - 1 - 1 -
Turnover Ratio (%) - - 133.33 - 146.67 -
Date N/A N/A 14-Sep N/A 27-Feb N/A
5 3
- - Date N/A N/A 14-Sep N/A 27-Feb N/A
IBPA Fair Yield (%) - 8.7759 8.1016 7.8437 8.1801 8.9736
Mod. Duration (yrs) - 5.117 5.003 4.872 4.708 4.509
107 11.0
Convexity (yrs) - 32.492 30.828 29.068 27.094 24.898
105 10.0 Sensitivity (%) - 0.051 0.050 0.049 0.047 0.045
103 9.0 The series was first listed on 2 June 2017 and will be matured on 31 May 2024. The series
101 8.0
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT02DCN1
ISIN CODE : IDJ0000089D0 Jun-17 May-27


36 4
27 3 Trading days - - 1 - - -
Turnover Ratio (%) - - 253.97 - - -
9 1
IBPA Fair Yield (%) - 9.1282 8.3713 8.2385 8.5025 9.3626
Mod. Duration (yrs) - 6.435 6.413 6.317 6.175 5.936
111 11.0
Convexity (yrs) - 54.806 53.771 51.877 49.487 46.083
108 10.0 Sensitivity (%) - 0.064 0.064 0.063 0.062 0.059
105 9.0 The series was first listed on 2 June 2017 and will be matured on 31 May 2027. The series
102 8.0
99 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 543
ISAT02ACN2 Listing Date Maturity Date


800 36
600 27 Trading days - - - 9 3 6
Turnover Ratio (%) - - - 348.67 9.83 63.32
Date N/A N/A N/A 19-Dec 18-Jan 17-May
200 9
- - Date N/A N/A N/A 15-Dec 16-Jan 23-May
IBPA Fair Yield (%) - - - 6.0205 6.3543 7.1622
Mod. Duration (yrs) - - - 0.854 0.618 0.379
102 9.0
Convexity (yrs) - - - 0.951 0.538 0.237
101 8.0 Sensitivity (%) - - - 0.009 0.006 0.004
100 7.0 This series which matured on 19 November 2018 had average trading volume reached
Rp221.63 billion/quarter with average frequency was 10 times/quarter in 2017, while
99 6.0
during the first semester of 2018 the average volume decreased to Rp93 billion/quarter
with average frequency was 10 times/quarter. The market price for this series observed
98 5.0
through the Centralized Trading Platform (CTP) was between 99.5000% at the lowest and
peaked at 100.5000% while the range of IBPA fair price for this series that stood between
97 4.0
99.5365% and 100.2445%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT02BCN2


240 60
180 45 Trading days - - - 16 4 7
Turnover Ratio (%) - - - 153.94 174.15 86.43
60 15
- - Date N/A N/A N/A 18-Dec 03-Jan 12-Apr
IBPA Fair Yield (%) - - - 7.1585 7.4416 7.7940
Mod. Duration (yrs) - - - 2.533 2.330 2.119
104 9.0
Convexity (yrs) - - - 7.493 6.352 5.277
102 8.0 Sensitivity (%) - - - 0.025 0.023 0.021
98 6.0
96 5.0
94 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

544 Corporate Bonds
ISAT02CCN2


100 24
75 18 Trading days - - - 4 8 5
Turnover Ratio (%) - - - 20.88 6.42 80.74
25 6
IBPA Fair Yield (%) - - - 7.6539 7.8677 8.7857
Mod. Duration (yrs) - - - 3.986 3.809 3.601
104 11.0
Convexity (yrs) - - - 18.827 17.155 15.357
102 10.0 Sensitivity (%) - - - 0.040 0.038 0.036
100 9.0 This sustainable bond series was traded in 17 trading days during the period of
November 2017 to Q2-2018. The total trading volume was Rp134.50 billion during the
98 8.0
period. The IBPA fair prices for this series were 94.0954% at the lowest and 101.0921% at
the highest. While in the market, observed through IDX Centralized Trading Platform
96 7.0
(CTP), this series was traded between 95.7500% at the lowest and 103.0000% at the
highest.
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT02DCN2 Listing Date Maturity Date
ISIN CODE : IDA0000857D9 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - 7.9003 8.1764 9.0369
Mod. Duration (yrs) - - - 5.196 5.036 4.820
102 11.0
Convexity (yrs) - - - 33.106 31.025 28.531
100 10.0 Sensitivity (%) - - - 0.052 0.050 0.048
98 9.0 This series was first listed on November, 10th 2017 and will be matured on November,
9th 2024. This series has an outstanding amount of Rp21 billion with fixed coupon per
96 8.0
annum at 7.95%. This series, throughout November 2017 and the first half of 2018 period,
was not traded at all. Therefore there were no market prices for this series. While IBPA
94 7.0
valued the fair prices for this series were 92.5504% for the lowest and 101.7527% for the
highest.
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 545
ISAT02ECN2
ISIN CODE : IDA0000857E7 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Nov-27


140 32
105 24 Trading days - - - 4 6 4
Turnover Ratio (%) - - - 127.91 126.34 61.80
Date N/A N/A N/A 29-Dec 01-Mar 09-May
35 8
- - Date N/A N/A N/A 18-Dec 22-Mar 05-Jun
IBPA Fair Yield (%) - - - 8.2961 8.5500 9.4037
Mod. Duration (yrs) - - - 6.559 6.418 6.164
110 11.0
Convexity (yrs) - - - 56.284 53.812 50.071
106 10.0 Sensitivity (%) - - - 0.066 0.064 0.062
98 8.0
annum at 8.65%. This series, throughout November 2017 and the first half of 2018 period,
was traded in 14 trading days with 53% of average quarterly turnover. The total trading
94 7.0
90 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT02ACN2
ISIN CODE : IDJ0000100A1 Nov-17 Mar-18 Jul-18 Nov-18


140 20
105 15 Trading days - - - 8 3 4
Turnover Ratio (%) - - - 311.82 40.00 65.45
35 5
IBPA Fair Yield (%) - - - 6.1224 5.8046 7.1622
Mod. Duration (yrs) - - - 0.853 0.619 0.379
102 9.0
Convexity (yrs) - - - 0.951 0.540 0.237
101 8.0 Sensitivity (%) - - - 0.009 0.006 0.004
99 6.0
98 5.0
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

546 Corporate Bonds
SIISAT02BCN2
ISIN CODE : IDJ0000100B9 Nov-17 Nov-18 Nov-19 Nov-20


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - 7.3636 7.4416 8.6811
Mod. Duration (yrs) - - - 2.531 2.330 2.114
101 11.0
Convexity (yrs) - - - 7.482 6.352 5.254
100 10.0 Sensitivity (%) - - - 0.025 0.023 0.021
98 8.0
97 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT02CCN2
ISIN CODE : IDJ0000100C7 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - 7.6539 7.8677 8.7857
Mod. Duration (yrs) - - - 3.986 3.809 3.601
102 11.0
Convexity (yrs) - - - 18.827 17.155 15.357
100 10.0 Sensitivity (%) - - - 0.040 0.038 0.036
96 8.0
94 7.0
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 547
SIISAT02DCN2
ISIN CODE : IDJ0000100D5 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - 7.9003 8.1764 9.0369
Mod. Duration (yrs) - - - 5.196 5.036 4.820
102 11.0
Convexity (yrs) - - - 33.106 31.025 28.531
100 10.0 Sensitivity (%) - - - 0.052 0.050 0.048
96 8.0
94 7.0
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
SIISAT02ECN2
ISIN CODE : IDJ0000100E3 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Nov-27


140 12
105 9 Trading days - - - - 2 -
Turnover Ratio (%) - - - - 341.55 -
35 3
IBPA Fair Yield (%) - - - 8.2961 8.5882 9.4055
Mod. Duration (yrs) - - - 6.559 6.414 6.164
106 11.0
Convexity (yrs) - - - 56.284 53.755 50.073
103 10.0 Sensitivity (%) - - - 0.066 0.064 0.062
97 8.0
94 7.0
91 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

548 Corporate Bonds
ISAT02ACN3 Listing Date Maturity Date


1800 80
1350 60 Trading days - - - - - 17
Turnover Ratio (%) - - - - - 702.73
450 20
IBPA Fair Yield (%) - - - - - 6.5470
102 8.0
Convexity (yrs) - - - - - 0.918
101 7.0 Sensitivity (%) - - - - - 0.008
100 6.0 This sustainable bonds was first listed on 4 May 2018 and will be matured on 13 May
2019. This series has an outstanding amount of Rp1.21 trillion with fixed coupon per
99 5.0
annum at 6.05%. Since this series listed untill Q2-2018, total volume traded reached
98 4.0
97 3.0
99.5699% and 100.2817%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT02BCN3


180 8
135 6 Trading days - - - - - 5
Turnover Ratio (%) - - - - - 126.98
45 2
IBPA Fair Yield (%) - - - - - 8.0294
103 10.0
Convexity (yrs) - - - - - 7.310
101 9.0 Sensitivity (%) - - - - - 0.025
99 8.0 This sustainable bonds was first listed on 4 May 2018 and will be matured on 3 May 2021.
97 7.0
7.40%. Since this series listed to Q2-2018, total volume traded amounted to Rp200 billion
in 5 of total trading days. The market prices for this series observed through the
95 6.0
93 5.0
100.1257%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 549
ISAT02CCN3 Listing Date Maturity Date


8 8
6 6 Trading days - - - - - 6
Turnover Ratio (%) - - - - - 21.63
2 2
IBPA Fair Yield (%) - - - - - 8.3128
103 11.0
Convexity (yrs) - - - - - 18.336
101 10.0 Sensitivity (%) - - - - - 0.039
97 8.0
7.65%. Since this series listed to Q2-2018, total volume traded was 5.30 billion in 6 of total
trading days. The market prices for this series observed through the Centralized Trading
95 7.0
Platform (CTP) were 100.7500% at the lowest and 101.5000% at the highest. Meanwhile
the range of IBPA fair price was stood between 93.4057% and 100.0771%.
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT02DCN3
ISIN CODE : IDA0000897D5 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25


160 100
120 75 Trading days - - - - - 26
Turnover Ratio (%) - - - - - 280.15
40 25
IBPA Fair Yield (%) - - - - - 8.8237
103 11.0
Convexity (yrs) - - - - - 31.809
101 10.0 Sensitivity (%) - - - - - 0.051
97 8.0
8.20%. Since this series listed to Q2-2018, total volume traded was 186.30 billion in 26 of
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

550 Corporate Bonds
ISAT02ECN3
ISIN CODE : IDA0000897E3 May-18 May-19

May-20 May-21 May-22 May-23 May-24 May-25 May-26 May-27 May-28


4 4
3 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 0.78
1 1
IBPA Fair Yield (%) - - - - - 9.2297
110 12.0
Convexity (yrs) - - - - - 53.558
104 11.0 Sensitivity (%) - - - - - 0.063
98 10.0 This series was first listed on May, 4th 2018 and will be matured on May, 3rd 2028. This
92 9.0
8.70%. Since this series listed untill the first half of 2018 period there was not traded at all.
86 8.0
80 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISAT08A 78 162 199 206 53.7%
ISAT08B 226 133 139 90 39.2%
SIISAT05 34 250 50 36.3%
ISAT01BCN1 73 280 39 50 58.9%
ISAT01CCN1 50 128 28.0%
ISAT01DCN1 15610 8.6%
SIISAT01BCN1 20 125.0%
- 250 500 750 1,000 1,250 1,500

Corporate Bonds 551
SIISAT01CCN1 60 43 93.6%
ISAT01CCN2 30 570 102.7%
ISAT01DCN2 13 340 111.9%
ISAT01ECN2 26 118 67 54.1%
SIISAT01CCN2 65 2 80 219.7%
SIISAT01DCN2
SIISAT01ECN2 10 62 42.3%
ISAT01ACN3 60 19 39.1%
ISAT01BCN3 100 100 66.8%
ISAT01CCN3 7.7%
ISAT01DCN3 130 10 92.6%
SIISAT01ACN3 20 36.9%
SIISAT01BCN3 20
ISAT01BCN4 53 184 17 178 41.2%
ISAT01CCN4 142 10 120 37.1%
ISAT01DCN4
ISAT01ECN4 2626 33 43.8%
SIISAT01BCN4
SIISAT01CCN4 25 25 700.0%
SIISAT01DCN4
ISAT02BCN1 69 629 231 147.8%
ISAT02CCN1 100 60 51.3%
- 250 500 750 1,000 1,250 1,500

552 Corporate Bonds
ISAT02DCN1 20 5.3%
ISAT02ECN1 161 29.9%
SIISAT02BCN1 23 26.3%
SIISAT02CCN1 20 33.3%
SIISAT02DCN1 40 63.5%
ISAT02ACN2 887 87.2%
ISAT02BCN2 259 38.5%
ISAT02CCN2 26 5.2%
ISAT02DCN2
ISAT02ECN2 163 32.0%
SIISAT02ACN2 172 78.0%
SIISAT02BCN2
SIISAT02CCN2
SIISAT02DCN2
SIISAT02ECN2
- 250 500 750 1,000 1,250 1,500

Corporate Bonds 553

PT Indosat Ooredoo Tbk. (ISAT), established in 1967, No. Company Total Revenue Net Profit Revenue
is a leading telecommunication and information (Rp Bill) Margins (%) Growth (%)
service provider in Indonesia and a member of 1. PT Telkom Indonesia (Persero) Tbk. 128,256 25.5 10.2
Ooredoo Group, a global telecommunications 2. PT Indosat Tbk. 29,926 4.4 2.5
provider. Indosat Ooredoo provides cellular, fixed 3. PT XL Axiata Tbk. 22,876 1.6 7.2
data and wireless broadband services as well as fixed 4. PT Profesional Telekomunikasi Indonesia 5,338 39.5 5.6
telecommunication or fixed voice offerings including 5. PT Mora Telematika Indonesia 2,660 3.9 135.7
IDD, fixed wireless and fixed phone services, and Financial Statement as of Fiscal Year 2017
digital services. In addition, together with its
subsidiaries PT Indosat Mega Media (IM2) and PT Historical Corporate Ratings
Aplikanusa Lintasarta, Indosat Ooredoo provides No. Rating Agency Rating Rating Status Rating Date Outlook
fixed data or Multimedia, Internet & Data
Communication services such as IPVPN, leased line, 1. Pefindo idAAA Affirmed 13-Mar-18 Stable
internet services and IT services to corporate 2. Pefindo idAAA Affirmed 17-Mar-17 Stable
3. Pefindo idAAA Affirmed 15-Aug-16 Stable
segments.
As of December 2017, Ooredoo Asia Pte. Ltd
(previously known as Qatar Telecom) has maintained
SWOT Analysis
its 65.00% ownership in ISAT. The remaining shares
are owned by the government of Indonesia (14.29%)
and public (20.71%). S trengths W eaknesses
- Strong support from the major - Moderate growth of profitability
shareholder - Moderate financial policy
- Stable operating performance
- Have a great quality of LTE network
Financial Analysis
In 2017, the Company managed to book a net profit
amounted to Rp1.30 trillion or increased 2.06% from
previous year. Total operating revenues increased to
Rp29.93 trillion or 2.54% from Rp29.18 trillion in O pportunities T hreats
2016, primarily as a result of an increase in operating
revenues from cellular services and from MIDI - Growing data / digital segment - Intense competition within the
services. Meanwhile, operating expenses increased by - Expand new line business telecommunications industry
Rp649.5 billion or 2.57% to Rp25.89 trillion, primarily - Low internet and mobile - Depreciation Rupiah against US
due to general and administrative expenses, cost of broadband penetration. Dollar
service, and marketing expenses offset by a decrease - Widen international expansion
in depreciation and amortization expenses and
personnel expenses. In 2017, the Company's total
liabilities decreased by Rp816.08 billion or 2.23%
primarily as a result of a decrease in current liabilities
which decreased by 15.12% due to lower
procurement payable, and lower current maturities of
loans and bonds

554 Corporate Bonds
AA-(idn)
JPFA PT Japfa Comfeed Indonesia Tbk. Stable
Sector : Basic Industry and Chemicals Wisma Millenia 7th Fl.
Sub Sector : Animal Feed Jln. MT Haryono Kav. 16
Website : www.japfacomfeed.co.id Jakarta 12810
Corporate Sec. : Maya Pradjono Phone : (021) 285-45680
Email Corporate Sec. : maya.pradjono@japfa.com Fax : (021) 831-0309
JAPFA is one of the leading dependable FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
providers of affordable protein foods in the BALANCE SHEETS Dec-2016 Dec-2017 Chg %
growing domestic market of Indonesia.
JAPFA has more than 45 years of business
Receivables 1,297,333 1,626,891 25.40 p
experience and has been listed on the Indonesia Stock Exchange
since 1989. In 2016, JAPFA’s consolidated sales exceeded Rp27 Inventories 5,500,017 6,413,912 16.62 p
trillion. Current Assets 10,755,503 11,189,325 4.03 p
JAPFA’s core business is its Poultry Operations, which consists of
three vertically integrated divisions, the Poultry Feed Division, the Total Assets 19,251,026 21,088,870 9.55 p
Poultry Breeding Division and the Poultry Commercial Farming Current Liabilities 5,193,549 4,769,640 -8.16 q
Division. JAPFA commands a strong market share in both poultry Interest Bearing liabilities 5,869,351 6,070,767 3.43 p
feed and day-old-chicks (DOC) in Indonesia. Total Liabilities 9,878,062 11,293,242 14.33 p
The Poultry Feed Division produces several brands of feed that are Authorized Capital (Mil. Sh) 100,000 100,000 - 
widely known and well regarded by chicken farmers, one of which is Authorized Capital 6,400,000 6,400,000 - 
"Comfeed" and “Benefeed”. Feed of consistent quality is produced Paid up Capital 1,816,250 1,816,250 - 
using the right technology, a precise feed formulation, as well as Paid up Capital (Mil. Sh) 11,411 11,411 - 
using the superior raw materials. The Poultry Breeding Division Par Value (Rp) 200 & 40 200 & 40 - 
consists of breeding farms and central hatcheries located in the
major regions throughout Indonesia. The division operates an
efficient breeding system which implements the highest international Total Equity …*) 8,843,494 9,209,253 4.14 p
standards of biosecurity. The division produces both broiler DOC and Non Controlling Interest 529,470 586,375 10.75 p
layer DOC, with a proven reliable quality. The Poultry Commercial Total Equity 9,372,964 9,795,628 4.51 p
Farming Division produces live chicken, as well as primary processed
raw chicken meat. To support its operations, JAPFA has a research
INCOME STATEMENTS
and production facility for poultry and other animal vaccines.
Total Revenues 27,063,310 29,602,688 9.38 p
Besides its Poultry Operations, JAPFA also operates in the beef and Gross Profit 5,478,898 5,030,946 -8.18 q
aquaculture industries. The Beef Division is engaged in cattle Interest Expenses 510,465 568,980 11.46 p
breeding and feedlot fattening. In addition to selling live cattle, this
Total Operating Expenses 2,307,153 2,755,848 19.45 pLink Grafik sudah be
Pastikan
division also produces premium quality fresh meat under the brands
"Santori Beef" and "Tokusen Wagyu Beef". The Aquaculture Division
primarily produces fish feed and shrimp feed. The cultivations of Earning Before Tax 2,766,591 1,740,595 -37.09 qLink Grafik sudah be
Pastikan
tilapia fish and shrimp tillapia snapper breeding, etc., as well as EBITDA 3,904,584 2,990,693 -23.41 q
operating fish and shrimp hatcheries. Income for the periods 2,171,608 1,107,810 -48.99 q
BOARD OF COMMISSIONERS Comprehensive Income 2,804,370 1,035,793 -63.07 q
1. Syamsir Siregar Net Income … *) 2,064,650 997,352 -51.69 q
2. Achmad Syaifudin Haq *
3. Hendrick Kolonas FINANCIAL RATIOS
4. Ignatius Herry Wibowo * DER (X) 0.63 0.62 -1.03 q
5. Jaka Prasetya ROA (%) 11.28 5.25 -53.43 q
6. Retno Astuti Wibisono * NPM (%) 8.02 3.74 -53.36 q
*) Independent Commissioner EBITDA Coverage (X) 7.65 5.26 -31.28 q
BOARD OF DIRECTORS
1. Handojo Santosa
2. Bambang Budi Hendarto SHAREHOLDERS
3. Koesbyanto Setyadharma 1. Japfa Ltd. 51.00%
4. Rachmat Indrajaya 2. Public 36.86%
5. Tan Yong Nang 3. KKR Jade Investments Pte. Ltd. 11.98%
4. Treasury Stock 0.16%
AUDIT COMMITTEE
1. Retno Astuti Wibisono
2. Edwin Suratman
3. Karya Utama Atmadilaga

Corporate Bonds 555
AS OF JUNE 2018
Coupon Coupon
Obligasi 01-Sep-18
JPFA02ACN1 Berkelanjutan II 9.25% 01-Dec-18 PT Bank Mega AA-(idn)
1. 850,000 02-Dec-16 01-Dec-19 3
IDA0000781A7 JAPFA Tahap I 01-Mar-19 Tbk. Stable
Obligasi 01-Sep-18
JPFA02BCN1 Berkelanjutan II 9.75% 01-Dec-18 PT Bank Mega AA-(idn)
2. 150,000 02-Dec-16 01-Dec-21 5
IDA0000781B5 JAPFA Tahap I 01-Mar-19 Tbk. Stable
Obligasi 21-Jul-18
JPFA02CN2 Berkelanjutan II 9.60% 21-Oct-18 PT Bank Mega AA-(idn)
3. 1,000,000 25-Apr-17 21-Apr-22 5
IDA000080204 JAPFA Tahap II 21-Jan-19 Tbk. Stable
Tahun 2017 Quarterly 21-Apr-19
TRADING HIGHLIGHT
JPFA02ACN1


1200 32
900 24 Trading days 8 1 6 4 1 3
Turnover Ratio (%) 631.11 9.41 19.76 11.29 4.71 24.47
600 16 CTP Price - High 100.2700 101.2250 101.2500 102.3500 102.4000 101.0000
Date 20-Feb 20-Jun 28-Jul 07-Dec 02-Mar 24-May
300 8
CTP Price - Low 100.0000 101.2100 100.0000 102.0600 102.3500 100.9500
IBPA Fair Yield (%) 8.7919 8.7881 8.1281 7.8801 7.7336 9.0114
Mod. Duration (yrs) 2.327 2.154 1.942 1.739 1.530 1.311
104 11.0
Convexity (yrs) 6.396 5.477 4.476 3.610 2.823 2.104
103 10.0 Sensitivity (%) 0.023 0.022 0.019 0.017 0.015 0.013
101 8.0
9.25%. During the period of 2017 to Q2-2018, the total trading volume for this series
reached Rp1.49 trillion in 23 trading days. The IBPA fair prices for this series were
100 7.0
through IDX Centralized Trading Platform (CTP), this series was traded between
99 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

556 Corporate Bonds
JPFA02BCN1 Listing Date Maturity Date
ISIN CODE : IDA0000781B5 Dec-16 Dec-18 Dec-20


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 9.1270 9.0085 8.4573 8.1778 8.4840 9.4770
Mod. Duration (yrs) 3.702 3.567 3.399 3.235 3.056 2.856
108 11.0
Convexity (yrs) 16.553 15.274 13.815 12.469 11.105 9.711
106 10.0 Sensitivity (%) 0.037 0.036 0.034 0.032 0.031 0.029
104 9.0 This series was first listed on December, 2nd 2016 and will be matured on December, 1st
102 8.0
annum at 9.75%. During the period of 2017 to Q2-2018, there was not traded at all.
100 7.0
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
JPFA02CN2 Listing Date Maturity Date
ISIN CODE : IDA000080204 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22


300 16
225 12 Trading days - 6 3 6 - 1
Turnover Ratio (%) - 149.60 81.60 136.00 - 80.00
Date N/A 08-May 04-Sep 24-Nov N/A 09-May
75 4
- - Date N/A 15-Jun 04-Aug 19-Dec N/A 09-May
IBPA Fair Yield (%) - 9.6114 8.7380 8.2435 8.5866 9.5302
Mod. Duration (yrs) - 3.766 3.619 3.469 3.295 3.096
107 11.0
Convexity (yrs) - 17.323 15.897 14.534 13.082 11.570
105 10.0 Sensitivity (%) - 0.038 0.036 0.035 0.033 0.031
total trading volume reached Rp1.12 trillion during the period. The IBPA fair prices for this
101 8.0
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 557
JPFA02ACN1 1,341 20 42 24 167.9%
JPFA02BCN1
JPFA02CN2 374 204 340 91.8%
- 250 500 750 1,000 1,250 1,500

558 Corporate Bonds

PT Japfa Comfeed Indonesia Tbk. (JPFA) was first No. Company Total Revenue Net Profit Revenue
established in January 1971. JPFA is one of the (Rp Bill) Margins (%) Growth (%)
leading poultry feed producers in Indonesia and is 1. PT Japfa Comfeed Indonesia Tbk. 29,603 3.7 9.4
considered as one of the most integrated
agribusiness enterprises. The company’s business
fields are agriculture, livestock, fisheries, and
Industrial & General Trading. As an integrated poultry
company, JPFA also owns Poultry Breeding Unit, Financial Statement as of Fiscal Year 2017
which is one of the important links to the poultry
business. Historical Corporate Ratings

As of December 2017, Japfa Ltd (Credit Suisse AG
Singapore Trust) (51.00%), KKR Jade Investments Pte 1. Fitch Ratings AA-(idn) Affirmed 25-May-18 Stable
Ltd (11.98%), Public (36.81%), and Treasury Stock 2. Fitch Ratings AA-(idn) Affirmed 12-Jun-17 Stable
3. Fitch Ratings AA-(idn) Upgraded* 14-Dec-16 Stable
(0.21%).
4. Fitch Ratings A+(idn) Assigned 24-Oct-16 Negative
5. Pefindo idA Affirmed 26-Aug-16 Positive**
SWOT Analysis
- Strong market position in the - Declining of profit margin
poultry industry - Weakened cash flow protection
- Own vertically integrated
operational system
- Own reputable trademarks
- Wide and extensive geographical
coverage
Financial Analysis
In 2017, the Company recorded net profit of Rp1.11
trillion, 48.99% lower compared to net profit of
Rp2.17 trillion in the previous year. The net profit
decrease was due to the inflation during 2017 and O pportunities T hreats
adjusted Company's deferred tax expenses in 2017.
The net sales recorded by the Company in 2017 - Growth prospect for chicken - Fluctuation in raw material cost
amounted to Rp29.60 trillion, an increase of 9.38% demand in Indonesia - Weakening trend of Rupiah
compared to previous year. Commercial Farms and - Government has issued regulation
Consumer Products Unit were still the main to import frozen buffalo meat from
contributor to the Company’s sales with revenue India to suppress the domestic beef
amounting to Rp12.24 trillion, or increased 12.36%. prices
Meanwhile, the Company recorded 13.84% increase - More product and market
of Cost of Goods Sold to Rp24.57 trillion in 2017 diversification opportunity
which was mainly driven by Increase in purchases of
raw materials and finished goods. In 2017, the
Company’s Total Liabilities reached Rp11.29 trillion or
14.33% higher compared to the previous year. The
increase was mainly attributable to additional
*The upgraded reflects improved industry dynamics following intervention by the Government to
proceeds from bonds payable in 2017. In 2017, the
address the demand supply imbalance and lower leverage
Company issued a total of US$250 million USD bond.
**The positive outlook reflects Pefindo expectation of improving financial profile that could be
sustained in the medium term

Corporate Bonds 559
idAA
JSMR PT Jasa Marga (Persero) Tbk. Stable
Sub Sector : Toll Road, Airport, Harbor And Allied Products Plaza Tol Taman Mini Indonesia Indah
Website : www.jasamarga.com Jakarta 13550
Corporate Sec. : Mohamad Agus Setiawan Phone : (021) 841-3630
Email Corporate Sec. : agus.setiawan@jasamarga.co.id; investor.relations@jasamarga.co.id Fax : (021) 840-1533, 841-3540
To support the economic growth, on March FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
1, 1978, the Government issued Regulation BALANCE SHEETS Dec-2016 Dec-2017 Chg %
number 4 year 1978 on the establishment of PT Jasa Marga (persero)
Tbk. Indonesia to provide a reliable road network in the country.
Receivables 8,277,639 11,547,364 39.50 p
Jasa Marga's 1978-constructed Jakarta-Bogor-Ciawi Toll Road is a
Inventories 86,975 134,245 54.35 p
milestone in the history of the toll road industry in Indonesia. At an
Current Assets 12,964,984 18,987,065 46.45 p
earlier stage of its establishment, besides functioning as an operator,
the Company also had an authority on toll roads in the country. Property, Plant and Equipment 884,666 1,035,922 17.10 p
Until 1987, Jasa Marga has been the only toll road operator in Total Assets 53,500,323 79,192,773 48.02 p
Indonesia funded by the Government through foreign loans and Current Liabilities 18,626,989 24,997,940 34.20 p
bond issuance. Interest Bearing liabilities 26,975,718 35,416,495 31.29 p
At the end of the 80s, the Government of Indonesia began to include Total Liabilities 37,161,483 60,833,333 63.70 p
private sectors to participate in developing the toll road through the Authorized Capital (Mil. Sh) 19,040 19,040 - 
Build, Operate and Transfer (BOT) mechanism. During the 90s, the
Company facilitated private investors instead, which mostly failed to
realize their project. JORR and Cipularang were ones of the toll Paid up Capital 3,628,936 3,628,936 - 
roads taken over by the Company. Paid up Capital (Mil. Sh) 7,258 7,258 - 
The government issued Law number 38 year 2004 on Road which Par Value (Rp) 500 500 - 
replaced Law number 13 year 1980, along with the issuance of Retained Earnings 6,491,367 8,124,829 25.16 p
Government Regulation number 15, which gives more specific Total Equity …*) 13,679,125 15,097,653 10.37 p
regulations on toll roads. This have brought changes in the toll road Non Controlling Interest 2,659,715 3,261,787 22.64 p
business mechanisms including the establishment of the Toll Road Total Equity 16,338,840 18,359,440 12.37 p
Regulatory Agency, as well as the two-year adjusted toll tarif rates by
the Minister of Public Works. Therefore, the full authorization is
given back from the Company to the Government. Consequently, INCOME STATEMENTS
Jasa Marga which functions both as a toll road operator and Total Revenues 16,661,403 35,092,196 110.62 p
developer requires a concession license from the Government. Gross Profit 4,856,391 5,307,887 9.30 p
Thus, until June 30, 2018, through its 8 Branches and 20 Subsidiaries Interest Expenses 1,509,003 1,268,870 -15.91 q
in toll road business (3 toll road is fully operated, 7 toll road is half Total Operating Expenses 690,884 659,807 -4.50 q
operated, and 10 toll road in land acquisition and costruction), the Operating Profit 4,165,507 4,648,080 11.58 p
Company is the concessionaire for 33 toll roads of 1,527 km, 741.5 Earning Before Tax 2,649,679 3,250,452 22.67 p
km have been operational (both fully or partially), therefore the
EBITDA 5,228,528 5,481,023 4.83 p
Company is still the market leader by controlling the market share of
65% based on the length of commercial toll roads operated in Income for the periods 1,803,054 2,093,656 16.12 p
Indonesia. Comprehensive Income 1,684,225 1,881,185 11.69 p
In addition to toll road business, the Company also manages several Net Income … *) 1,889,313 2,200,256 16.46 p
other related business activities with the goal to synergize and
maximize the development of its assets and business potential. FINANCIAL RATIOS
To support its business expansion, Jasa Marga is actively innovate DER (X) 1.65 1.93 16.84 p
several funding alternatives to increase financing flexibility and ROA (%) 3.37 2.64 -21.55 q
maintaining company’s performance. Jasa Marga is open to any NPM (%) 10.82 5.97 -44.87 q
investment opportunities with strategic partner that in line with
company’s vision and mission, market condition and potentially
increase both shareholder and company’s value. *) … attributable to owners of the parent entity

1. Vicentius Sony Loho 1. Republic of Indonesia (Class A Dwiwarna Share) 1 share
2. Agita Widjajanto 2. Republic of Indonesia 70.00%
3. Boediarso Teguh Widodo 3. Public 24.47%
4. BPJS Ketenagakerjaan - JHT 3.22%
5. PT Taspen 2.20%
6. Employee 0.08%

560 Corporate Bonds

1. Refly Harun * 1. Desi Arryani
2. Agus Suharyono 2. Adrian Priohutomo
3. Boediarso Teguh Widodo 3. Donny Arsal
4. Muhammad Sapta Murti 4. Kushartanto Koeswiranto
5. Sugihardjo 5. Mohammad Sofyan
6. Vincentius Sonny Loho * 6. Subakti Syukur
AS OF JUNE 2018
Coupon Coupon
12-Jul-18
JMPD14JM10 Obligasi Jasa Marga 9.35% 12-Oct-18 PT Bank Mega idAA
1. 1,000,000 13-Oct-10 12-Oct-20 10
IDA000045603 XIV Seri JM-10 12-Jan-19 Tbk. Stable
Quarterly 12-Apr-19
Obligasi
27-Jun-18
Berkelanjutan I Jasa 8,90%
JSMR01CCN1S 27-Sep-18 PT Bank Mega idAA
2. Marga Tahap I 1,000,000 30-Sep-13 27-Sep-18 5
IDA0000605C4 - Tbk. Stable
Tahun 2013 Seri S
Quarterly -
Seri C
Obligasi 19-Jun-18
JSMR01CN2T Berkelanjutan I Jasa 9.85% 19-Sep-18 PT Bank Mega idAA
3. 1,000,000 22-Sep-14 19-Sep-19 5
IDA000064604 Marga Tahap II 19-Dec-18 Tbk. Stable
Tahun 2014 Seri T Quarterly 19-Mar-19
TRADING HIGHLIGHT
JMPD14JM10


60 16
45 12 Trading days 2 4 4 6 6 2
Turnover Ratio (%) 7.60 17.60 24.80 19.52 24.40 0.80
30 8 CTP Price - High 103.0000 104.6000 103.1000 105.7200 105.6500 104.2500
Date 27-Mar 09-Jun 31-Aug 17-Nov 18-Jan 18-Apr
15 4
CTP Price - Low 100.5000 100.0000 100.0000 101.6200 103.9700 104.2300
- - Date 13-Mar 16-Jun 31-Aug 31-Oct 14-Mar 17-Apr
IBPA Fair Yield (%) 8.7602 9.0817 8.5072 7.8629 7.5824 9.1624
Mod. Duration (yrs) 2.928 2.767 2.577 2.397 2.208 1.997
107 11.0
Convexity (yrs) 10.291 9.162 7.940 6.864 5.829 4.792
105 10.0 Sensitivity (%) 0.029 0.028 0.026 0.024 0.022 0.020
103 9.0 The series was first listed on 13 October 2010 and will be matured on 12 October 2020.
The series has an outstanding amount of Rp1.0 Trillion with fixed coupon per annum at
101 8.0
9.35%. During the period of 2017 to Q2-2018, the total trading volume for this series was
Rp236.80 billion in 24 trading days. The IBPA fair prices for this series were 99.0062% at
99 7.0
the lowest and 104.9111% at the highest. While in the market, observed through IDX
Centralized Trading Platform (CTP), this series was traded between 100.0000% at the
97 6.0
lowest and 105.7200% at the highest.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 561
JSMR01CCN1S Listing Date Maturity Date
ISIN CODE : IDA0000605C4 Sep-13 Sep-18


180 24
135 18 Trading days 3 1 4 6 8 9
Turnover Ratio (%) 54.00 16.00 86.40 62.80 53.60 56.80
90 12 CTP Price - High 101.5200 102.0000 102.2500 102.2500 101.8800 101.3300
Date 02-Feb 12-Jun 05-Sep 15-Nov 23-Feb 03-Apr
45 6
CTP Price - Low 101.2400 101.7500 99.5301 100.9000 101.2500 100.2000
- - Date 25-Jan 12-Jun 02-Aug 23-Oct 15-Mar 10-Apr
IBPA Fair Yield (%) 8.3780 8.0013 7.4352 6.8904 6.6024 7.0731
Mod. Duration (yrs) 1.381 1.159 0.945 0.716 0.481 0.240
103 10.0
Convexity (yrs) 2.309 1.692 1.142 0.695 0.351 0.117
102 9.0 Sensitivity (%) 0.014 0.012 0.009 0.007 0.005 0.002
total trading volume was Rp824 billion during the period. The IBPA fair prices for this
100 7.0
99 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
JSMR01CN2T
ISIN CODE : IDA000064604 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19


80 16
60 12 Trading days 2 1 2 6 2 4
Turnover Ratio (%) 8.80 0.80 16.80 32.00 16.80 34.60
40 8 CTP Price - High 101.6000 103.7500 102.2937 105.8000 103.8500 103.0000
Date 09-Mar 13-Jun 02-Aug 12-Dec 16-Mar 10-Apr
20 4
CTP Price - Low 101.2500 103.6500 101.1300 103.1700 103.3500 100.5000
- - Date 22-Feb 13-Jun 26-Jul 25-Oct 16-Mar 04-Apr
IBPA Fair Yield (%) 8.8575 8.5407 7.9643 7.8623 7.4718 8.8039
Mod. Duration (yrs) 2.168 1.995 1.780 1.572 1.361 1.139
107 11.0
Convexity (yrs) 5.557 4.706 3.771 2.969 2.256 1.615
105 10.0 Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.011
103 9.0 This series will mature on 19 September 2019, had average turnover of 18.30% per
quarter and traded in 17 trading days during 2017 to Q2-2018 period. The market price
101 8.0
for this series observed through the Centralized Trading Platform (CTP) was 100.5000% at
the lowest and peaked at 105.8000%. While the IBPA fair price for this series was between
99 7.0
100.9473% and 103.8479%.
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

562 Corporate Bonds
JMPD14JM10 19 44 62 49 17.4%
JSMR01CCN1S 135 40 216 157 54.8%
JSMR01CN2T 22 42 80 14.6%
- 200 400 600 800 1,000

Corporate Bonds 563

In the beginning of its establishment, the Company No. Company Total Revenue Net Profit Revenue
acted not only as an operator but also assumed the (Rp Bill) Margins (%) Growth (%)
responsibility as a toll road authority in Indonesia. 1. PT Jasa Marga (Persero) Tbk. 35,092 6.0 110.6
Until 1987, the Company was the only toll road 2. PT Angkasa Pura II (Persero) 8,110 24.8 22.0
operator in Indonesia whose development was 3. PT Angkasa Pura I (Persero) 7,194 19.7 17.2
funded by the Government with funds from foreign 4. PT Pelabuhan Indonesia I (Persero) 2,751 29.3 14.2
loan and issuance of Jasa Marga bond. In the 1990s, 5. PT Marga Lingkar Jakarta 277 (20.0) (18.0)
the Company was focusing more on the role of Financial Statement as of Fiscal Year 2017
authority institution that facilitated private investors
who mostly failed to finish their projects. Some of the Historical Corporate Ratings
toll roads taken over by the Company include JORR No. Rating Agency Rating Rating Status Rating Date Outlook
(Jakarta Outer Ring Road) and Cipularang.
Nevertheless since 2005, the role of authority was 1. Pefindo idAA Affirmed 8-Jun-18 Stable
handed back to the Government and the Company 2. Pefindo idAA Affirmed 13-Jun-17 Stable
3. Pefindo idAA Affirmed 9-Jun-16 Negative*
carried out back its function as a toll developer and
4. Pefindo idAA Affirmed 9-Jun-15 Negative
toll road operator company which would receive a
5. Pefindo idAA Affirmed 5-Jun-14 Stable
toll road operation license from the Government. The
construction and operation of toll roads are based on
SWOT Analysis
investment concept, whereby the Company acts as an
investor will invest on toll roads that have feasible
rates of financial return in accordance with the S trengths W eaknesses
concession periods.
- Strong support from the - High dependency to toll revenue
Government - Aggressive capital structure which
As of December 31, 2017, JSMR’s shareholders
- Dominant position in the toll road is dominated foreign currency
consisted of the Government of Indonesia (70.0%),
sector
and Public (30.0%).
- Strong revenue growth
- Strong financial flexibility
Financial Analysis
During 2017, Total revenue reached Rp35.09 trillion,
up 110.62% from previous year. Toll and other
operating revenues increased by Rp89.32 billion from
Rp8.83 trillion in 2016 to Rp8.92 trillion in 2017 due O pportunities T hreats
to the increasing volume of transaction traffic and the
tariffs adjustment of some toll roads by the end of - Higher traffic volumes and regular - The growth competitor from
2017 and the integration and/or change of tariff adjustments private company
transaction system in Jakarta-Tangerang Toll Road - Government programs to enhance - Constraint in land acquisition
and Jagorawi Toll Road. Meanwhile, cost of revenue infrastructure in Indonesia process
increased by 152.30% to Rp29.78 trillion in 2017, due - The growth automotive market in - Business risks related to the
to a significant increase in construction expenses. The Indonesia development of new toll roads
construction expenses were up by 234.26% from the
previous year due to the increase of construction
activities in subsidiary level. Nevertheless, the
Company managed to book profit for the year
amounted to Rp2.09 trillion or increased by 16.10%
compared to 2016.
*Negative outlook reflects Pefindo expectation that the substantial debt funded capital expenditure
plan in the near term to finance new toll

564 Corporate Bonds
idAAA
KAII PT Kereta Api Indonesia (Persero) Stable
Sub Sector : Transportation Jln. Perintis Kemerdekaan No. 1
Website : www.kai.id Bandung, Jawa Barat 40117
Corporate Sec. : Dariyadi Phone : (022) 423-0031, 423-0039, 423-0054
Email Corporate Sec. : Fax : (022) 420-3342
a. Business Fields FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated

PT Kereta Api Indonesia (Persero) or KAI is a BALANCE SHEETS Dec-2016 Dec-2017 Chg %
State-Owned Enterprise which provides, organizes, and manages Cash & Cash Equivalents 1,995,593 4,805,034 140.78 p
railway transport service in Indonesia. KAI main business is to
Receivables 481,745 1,645,758 241.62 p
provide complete primary train transportation. The Company has
several business activities that can be classified into five business Inventories 271,447 531,687 95.87 p
segments, namely passenger transport, freight transport, transport Current Assets 6,448,685 12,248,380 89.94 p
support, non transport or asset optimization, and government Property, Plant and Equipment 14,940,535 15,931,012 6.63 p
subsidies which are related to PSO (Public Service Obligation) and Total Assets 25,133,216 33,538,406 33.44 p
IMO (Infrastructure Maintenance Obligation). Through its Current Liabilities 5,658,492 6,539,213 15.56 p
subsidiaries, the Company also offers railway-based tourism, urban
Interest Bearing liabilities 10,680,309 5,159,414 -51.69 q
transport, airport railway service, restaurant service which includes
train restaurant and catering service, event organizing, trading, Total Liabilities 15,420,143 20,438,592 32.54 p
overland transportation and service such as delivery, packing and Authorized Capital (Mil. Sh) 10 10 - 
warehousing, parking management, dining/restaurant and catering, Authorized Capital 9,880,000 9,880,000 - 
freight transport and warehouses, and property service. Paid up Capital 5,296,547 6,668,743 25.91 p
b. Achievement Paid up Capital (Mil. Sh) 5 7 25.91 p
The Company recorded a positive performance in 2017 with Par Value (Rp) 1,000,000 1,000,000 - 
operating revenues increasing by 24.0% compared to 2016. There Retained Earnings 3,049,198 4,677,415 53.40 p
was no material factor which could potentially hinder the revenues Total Equity …*) 8,502,758 12,887,376 51.57 p
growth. The performance achievement resulted in revenues of Non Controlling Interest 210,315 212,438 1.01 p
Rp17,938.97 billion, an increase of 24.0% compared to Rp14,4633.33
Total Equity 9,713,073 13,099,814 34.87 p
billion in 2016. The revenues increase was primarily driven by the
passenger transport segment which generated revenues of
Rp7,049.91 billion, grew by 24.2% from Rp5,675.16 billion in 2016. INCOME STATEMENTS
The Company recorded a net income of Rp1,720.32 billion, a Total Revenues 14,463,328 17,938,975 24.03 p
significant increase of 68.9% from Rp1,018.24 billion in the previous Gross Profit 3,846,827 4,618,619 20.06 p
year and comprehensive income for the year amounted to Interest Expenses 648,270 710,217 9.56 p
Rp1,476.23 billion, up 99.8% from Rp739.02 billion in 2016.
Total Operating Expenses 1,936,908 1,972,925 1.86 p
c. Strategic Plans Operating Profit 1,909,919 2,645,694 38.52 p
Based on achievements in 2017 and a review on its strength and the Earning Before Tax 1,352,142 2,111,010 56.12 p
encountered strategic challenges, the Company designed a number
EBITDA 2,632,891 3,563,374 35.34 p
of programs to increase transportation revenue such as increases
Income for the periods 1,018,240 1,720,317 68.95 p
seating capacity, trains renewal, adds new trains and utilizes the idle
series, adds the CPO transport in North Sumatra, develop the coal Comprehensive Income 739,017 1,476,231 99.76 p
transport in South Sumatra in order to achieve revenue growth by Net Income … *) 1,028,815 1,718,218 67.01 p
17% in 2018 a total of Rp21 trillion. Furthermore, Beside the
launching of Basoetta Railway, Minangkabau (BIM) Railway and FINANCIAL RATIOS
South Sumatera LRT, the construction of Adi Sumarmo Solo Airport
DER (X) 1.10 0.39 -64.18 qLink Grafik sudah be
Pastikan
Railway is expected to be realized soon, and another project, the
infrastructure of LRT Jabodebek, is expected to be completed prior ROA (%) 4.05 5.13 26.61 p
to 2019. NPM (%) 7.04 9.59 36.22 pLink Grafik sudah be
Pastikan
d. Company Excellence
Transportation services provided by KAI have a lot benefits, including
mass freight and passenger transportations that are punctual and
free from traffic, high safety level, operational activities which do not SHAREHOLDERS
depend on the weather, energy efficient and environmentally 1. Republic of Indonesia 100.00%
friendly. In the interest of maintain its position as a major key player
in the industry, the Company continuously improves its main
AUDIT COMMITTEE
competences, which are safety, punctuality, service excellence, and
1. Rahmat Hidayat
comfort. Furthermore, the support from Indonesian government to
KAI due to the policies that prioritize mass transportation, ensures 2. Bambang Sulistiyo
the Company superior business position in the railway sector in 3. Cris Kuntadi
Indonesia. 4. Kadiyono
5. Pungky Sumadi

Corporate Bonds 565

1. Suhono Harso Supangkat 1. Edi Sukmoro
2. Andus Winarno 2. Apriyono Wedi Chresnanto
3. Basuki Purwadi 3. Azahari
4. Chris Kuntadi 4. Bambang Eko Martono
5. Pungky Sumadi 5. Didiek Hartantyo
6. Rahmat Hidayat * 6. Dody Budiawan
7. Riza Primadi 7. Muhammad Nurul Fadhila
*) Independent Commissioner 8. R. Ruli Adi
9. Slamet Suseno Priyanto
AS OF JUNE 2018
Coupon Coupon
21-Aug-18
Obligasi I Kereta
KAII01A 7.75% 21-Nov-18 PT Bank Mega idAAA
1. Api Indonesia 1,000,000 22-Nov-17 21-Nov-22 5
Tahun 2017 Seri A
Quarterly 21-May-19
21-Aug-18
Obligasi I Kereta
KAII01B 8.25% 21-Nov-18 PT Bank Mega idAAA
2. Api Indonesia 1,000,000 22-Nov-17 21-Nov-24 7
Tahun 2017 Seri B
Quarterly 21-May-19
TRADING HIGHLIGHT
KAII01A
ISIN CODE : IDA0000865A8 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22


32 20
24 15 Trading days - - - 4 5 4
Turnover Ratio (%) - - - 14.00 8.40 12.80
8 5
- - Date N/A N/A N/A 29-Nov 26-Mar 27-Apr
IBPA Fair Yield (%) - - - 7.4415 7.8733 8.7887
Mod. Duration (yrs) - - - 4.018 3.835 3.628
104 13.0
Convexity (yrs) - - - 19.096 17.372 15.564
102 11.0 Sensitivity (%) - - - 0.040 0.038 0.036
100 9.0 This series was first listed on November, 22nd 2017 and will be matured on November,
21st 2022. This series has an outstanding amount of Rp1.00 trillion with fixed coupon per
98 7.0
96 5.0
volume throughout the period was Rp88 billion and the total trading frequency was 36
94 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

566 Corporate Bonds
KAII01B Listing Date Maturity Date
ISIN CODE : IDA0000865B6 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24


280 28
210 21 Trading days - - - 8 6 4
Turnover Ratio (%) - - - 131.60 22.00 0.68
70 7
- - Date N/A N/A N/A 28-Dec 17-Jan 13-Apr
IBPA Fair Yield (%) - - - 7.9708 8.1811 9.0416
Mod. Duration (yrs) - - - 5.191 5.037 4.822
107 11.0
Convexity (yrs) - - - 33.116 31.085 28.598
104 10.0 Sensitivity (%) - - - 0.052 0.050 0.048
101 9.0 This series was first listed on November, 22nd 2017 and will be matured on November,
21st 2024. This series has an outstanding amount of Rp1.00 trillion with fixed coupon per
98 8.0
95 7.0
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
KAII01A 35 3.5%
KAII01B 329 32.9%
- 200 400 600 800 1,000

Corporate Bonds 567
KAII was established based on Deed dated June 01, 1999. No. Company Total Revenue Net Profit Revenue
KAII provided public services while generating profit from (Rp Bill) Margins (%) Growth (%)
the provided products and services. For passenger 1. PT Garuda Indonesia (Persero) Tbk. 56,594 (5.1) 9.0
transport, KAII offered three classes of service, namely: 2. PT Kereta Api Indonesia (Persero) 17,939 9.6 24.0
executive, business and economy classes. Along with the
3. PT Serasi Autoraya 5,566 4.0 (14.3)
dynamics of the business world and the growing demands
of the market, KAI is currently also carrying out other
supporting business activities by utilizing its resources.
This includes property management related to railway
services, railway-based tourism, on train and at station
services, including catering and logistics distribution Historical Corporate Ratings
services.
In November 2017, KAII has entered a new phase in 1. Pefindo idAAA Affirmed 11-Apr-18 Stable
financing KAII’s business expansion by issuing bonds for 2. Pefindo idAAA Assigned 25-Oct-17 Stable
the first time since KAI was founded in 1946. The issuance
of Bond I Kereta Api Indonesia 2017 received a great
response from the public and investors. To increase
passenger volume, during 2017, KAII initiated various
initiatives, such as promo discounts on major events and
SWOT Analysis
special tariff policy for certain relations, investment in new
facilities including 5 trainsets K1, 70 KRL units and 6
trainsets K3 AC, investment in development of the Greater S trengths W eaknesses
Jakarta transportation and development of Soekarno-
Hatta Airport Railway, as well as investment in - Strong support from government of - The services are not yet evenly
Minangkabau International Airport Railway and Light Indonesia due to strategic policies distributed across Indonesia and
Rapid Train (LRT) facilities in South Sumatra. Shareholder - Superior business position in the more centered on the Java Island
of KAII was 100% of Indonesia’s Government. railway sector
- Steady growth prospect due to
higher passenger volume
Financial Analysis
In 2017, KAII recorded 24.03% increase in operating
revenues to Rp17.94 trillion compared to Rp14.46 trillion
in 2016, due to an increase in revenues from passenger
transport and freight transport by 24.22% and 22.87%,
respectively, or equivalent to Rp1.37 trillion and Rp1.05
trillion. Revenues from passenger transport and freight
- Infrastructure development and - Significant capital expenditures wil
transport had the largest contribution to the total
new railway in some regions of result a higher financial leverage
revenues in 2017, reached 39.3% and 31.3%, respectively.
Indonesia level
The increase in operating revenues in 2017 led to a gross
profit growth of 20.06%, from Rp3.85 trillion in 2016 to
Rp4.62 trillion. Supported by this factor, KAII’s Income for
the year increased significantly by 68.95% to Rp1.72
trillion from Rp1.02 trillion in the previous year.
As of Dec 31, 2017, KAII total assets increased by 33.44%

to Rp33.54 trillion from Rp25.13 trillion at the end of 2016.
The increase in assets was mainly driven by a growth in
current assets of 89.94% to Rp12.25 trillion, from Rp6.45
trillion. Such growth primarily due to higher cash and cash
equivalents and restricted funds of Rp2.81 trillion and
Rp2.06 trillion, respectively. In term of ratio, KAII’s current
ratio rising to 187.31 (before 113.96) as well as cash ratio
of 73.48 (before 35.27). Additionally, the company’s
solvency was better with its debt to equity ratio down to
1.56 in 2017.

568 Corporate Bonds
KEHA PT Bank KEB Hana Indonesia AAA(idn)

Stable
Sector : Finance Mangkuluhur City - Tower One
Sub Sector : Bank Jln. Jend. Gatot Subroto Kav 1 - 3
Website : www.kebhana.co.id Jakarta Selatan 12930
Corporate Sec. : Bayu Wisnu Wardhana Phone : (021) 5081-1111
Email Corporate Sec. : margi_simanjuntak@kebhana.co.id Fax : (021) 5081-1123
PT Bank KEB Hana Indonesia (”KEB Hana FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Bank”) was established under the name PT BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Bank Pasar Pagi Madju based on Deed Cash on Hand 200,180 226,830 13.31 p
No. 25 dated April 27, 1971 and has been approved by the Minister
of Justice of the Republic of Indonesia through Decision Letter No.
Marketable Securities 2,247,950 4,948,495 120.13 p
Y.A.5/189/25 dated May 25, 1974.
Loans 26,308,898 29,887,097 13.60 p
As the Bank changed its status and became Commercial Bank, Bank’s Investments 44,231 40,068 -9.41 q
name was changed into PT Bank Bintang Manunggal (Bank Bima)
based on Decree of Minister of Finance of the Republic of Indonesia
No. 1306/KMK.013/1989 dated November 30, 1989. In 2007, Hana Total Assets 34,801,053 39,266,155 12.83 p
Financial Group acquired Bank Bima, thus the name was changed into Deposits 25,416,409 30,892,791 21.55 p
PT Bank Hana through the Decision of Governor of Indonesia's Fund Borrowings 2,767,725 342,351 -87.63 q
Central Bank No. 10/20/KEP.BI/2008 dated March 18, 2008. Therefore, Total Liabilities 29,576,987 33,046,048 11.73 p
PT Bank Hana merged with and into PT Bank KEB Indonesia to form Authorized Capital (Mil. Sh) 4,600 4,600 - 
PT Bank KEB Hana in 2013.
One year later, PT Bank KEB Hana was changed and officially became Paid up Capital 2,450,000 2,450,000 - 
PT Bank KEB Hana Indonesia which has been approved by Financial Paid up Capital (Mil. Sh) 2,450 2,450 - 
Services Authority (OJK) based on Decree of Board of Commissioners
Par Value (Rp) 1,000 1,000 - 
of OJK No. 13/KDK.03/2014 dated June 27, 2014.
KEB Hana Bank has a commitment to provide financial services that Total Equity …*) 5,224,066 6,220,107 19.07 p
prioritize the convenience of its customers in line with its vision to Non Controlling Interest - - - 
become the Best Customer-Focused Bank in Indonesia. For different
Total Equity 5,224,066 6,220,107 19.07 p
customer needs, KEB Hana Bank provides a wide array of products
and services including consumer banking, SME, and corporate Pastikan Link Grafik sudah bena
banking. As of December 2017, KEB Hana Bank has recorded total INCOME STATEMENTS
assets of Rp39,3 trillion and has operated 61 branch offices across 11 Total Interest Income 2,191,704 2,615,913 19.36 p
provinces in Indonesia. Interest Expenses 976,843 1,336,683 36.84 p
The achievements of KEB Hana Bank was confirmed by winning Other Operating Revenue 218,798 375,923 71.81 p
several awards such as 2017 Bisnis Indonesia Awards for Best Bank Other Operating Expenses 510,113 657,118 28.82 p
2016 in the category of Foreign and Joint Venture Bank; 2017 Income from Operations 856,075 975,041 13.90 p
Investor Awards for Best Bank 2016 in the category of Commercial Non-Operating Revenues -619 731 N/A p
Banks with IDR 25 Trillion to IDR 100 Trillion Asset; 2017 Infobank Earning Before Tax 855,456 975,772 14.06 p
Award for Very Good Financial Performance for the five-year period
category; 2017 Anugerah Perbankan Indonesia from Economic
Review for 1st Winner in Buku 2 Category; 2017 TOP BANK Award Comprehensive Income 622,757 837,041 34.41 p
from Business News Indonesia for Top Bank in BUKU II Category; Net Income … *) 643,427 742,013 15.32 p
2017 Best Banking Brand Award from Warta Ekonomi for Good
Financial Performance in mixed Bank category. FINANCIAL RATIOS
With the synergy and support from Hana Financial Group as one of DER (X) 5.66 5.31 -6.16 q
the largest financial holding company in South Korea, KEB Hana Bank ROA (%) 1.85 1.89 2.21 p
is committed to position itself among the Top 20 Banks in Indonesia NPM (%) 29.36 28.37 -3.38 q
in 2020. EBITDA Coverage (X) 39.06 37.27 -4.57 q

1. Ko Yung Ryul 1. Lee Hwa Soo 1. KEB Hana Bank, Seoul 89.00%
2. Eka Noor Asmara * 2. Bayu Wisnu Wardhana 2. International Finance Corporation 9.99%
3. Nasser Atorf * 3. Jong Jin Park 3. Bambang Setijo 1.01%
*) Independent Commissioner 4. Liem Konstantinus
5. Sugiarto Kurniawan Chandra AUDIT COMMITTEE
1. Eka Noor Asmara
2. Abdussalam Konstituanto
3. Edi Timbul Hardiyanto
4. Nasser Atorf

Corporate Bonds 569
AS OF JUNE 2018
Coupon Coupon

KEHA01SB Subordinasi IDR 9.95% 21-Dec-18 Rakyat AA(idn)
1. 244,000 22-Dec-16 21-Dec-23 7
IDA000078802 Bank KEB Hana I 21-Mar-19 Indonesia Stable

USDKEHA01SB Subordinasi USD 6.05% 21-Dec-18 Rakyat -
2. 48 22-Dec-16 21-Dec-23 7
IDA000078901 Bank KEB Hana I 21-Mar-19 Indonesia -
TRADING HIGHLIGHT
KEHA01SB


36 12
27 9 Trading days 6 2 5 2 - 4
Turnover Ratio (%) 61.31 4.92 67.87 16.39 - 19.67
18 6 CTP Price - High 100.720 104.220 105.740 106.420 N/A 104.960
Date 14-Feb 21-Jun 18-Sep 21-Dec N/A 30-Apr
9 3
CTP Price - Low 100.000 102.500 100.000 104.740 N/A 104.920
- - Date 20-Jan 06-Jun 25-Jul 03-Nov N/A 25-Apr
IBPA Fair Yield (%) 9.2469 9.0825 8.8018 8.4825 8.8383 9.6695
Mod. Duration (yrs) 4.888 4.787 4.649 4.524 4.365 4.166
109 11.0
Convexity (yrs) 29.873 28.437 26.685 25.109 23.308 21.277
107 10.0 Sensitivity (%) 0.049 0.048 0.047 0.045 0.044 0.042
105 9.0 This series, matured on 21 December 2023, had average trading volume was Rp17.30
billion/quarter with average trading frequency about 6 times/quarter during the period of
103 8.0
2017 to Q2-2018. The market price for this series observed through the Centralized
Trading Platform (CTP) was between 100.0000% at the lowest and peaked at 106.4200%
101 7.0
while the range of IBPA fair price for this series that stood between 99.0509% and
108.1295%. The yield valued by IBPA for this series was 8.2027% at the lowest, and
99 6.0
10.1775% at the highest.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

KEHA01SB 37 3 41 10 37.6%
- 50 100 150 200 250

570 Corporate Bonds

Hana Financial Group acquired Bima Bank and had No. Company Total Revenue Net Profit Revenue
the name changed into PT Bank Hana in 2007. PT (Rp Bill) Margins (%) Growth (%)
Bank Hana was further merged its business with PT 1. PT Bank UOB Indonesia 7,268 1.1 (1.8)
Bank KEB Indonesia in 2013 where the name was 2. PT Bank Mayapada Internasional Tbk. 6,984 9.7 15.8
changed into PT Bank KEB Hana. In 2014, name of PT 3. PT Bank Pembangunan Daerah Jawa Tengah 5,925 20.1 11.7
Bank KEB Hana was changed into PT Bank KEB Hana 4. PT Bank KEB Hana Indonesia 2,616 28.4 19.4
Indonesia (KEHA) as approved by the Financial 5. PT BPD Sumatera Barat 2,261 13.3 (1.4)
Service Authority. Financial Statement as of Fiscal Year 2017
KEHA’s business lines consisted of collecting funds, Historical Corporate Ratings

disbursing loans, issuing bonds, purchasing, investing No. Rating Agency Rating Rating Status Rating Date Outlook
funds, performing custody activities, etc. The Bank
currently has 61 branche offices spread across DKI 1. Fitch Ratings AAA(idn) Assigned 21-Nov-16 Stable
Jakarta, Banten, West Java, Central Java, East Java, 2. Fitch Ratings AAA(idn) Assigned 21-Nov-16 Stable
3. Fitch Ratings AAA(idn) Assigned 21-Nov-16 Stable
Lampung, North Sumatera, South Sulawesi, Bali,
South Sumatera and South Sulawesi area.
As of 2016, KEHA’s ownerships structure are KEB

SWOT Analysis
Hana Bank Korea (89%), International Finance
Corporation (9.99%), and Bambang Setijo (1.01%).
- Strong support from its major -High financial leverage
shareholder -High credit exposure on household
- Strong capital and high quality and property sector
assets
- The highest interest income growth
compared to its peers
Financial Analysis
Interest income increased 19.36% in 2017 to Rp2.62
trillion from Rp2.19 trillion. While interest expense
was up 36.84% from Rp976.84 billion in 2016 to
Rp1.34 trillion in 2017. The bank managed to increase O pportunities T hreats
net interest income slightly by 5.30% from Rp1.21
trillion to Rp1.28 trillion. The positive growth of - Huge investment for the IT -Fluctuation in currency exchange
interest income was backed by increasing deposits development to make more -Stagnated property market
from customers by 15.86% to Rp21.78 trillion. The advanced development in the -Uncertain global economic
bank lending expansion was moderate as shown by internet banking services conditions
13.60% increase in net loans to Rp29.89 trillion. - Continuing promotional programs
Lending expansion, however, was followed by stable
asset quality as shown by slight increase in gross NPL
from 0.61% to 0.84%. The bank also managed to gain
from other operating income that amounted to
Rp375.92 billion. At the bottom line net income
increased 15.32% from Rp643.43 billion to Rp742.01
billion.

Corporate Bonds 571
idA-
LTLS PT Lautan Luas Tbk. Stable
Sector : Trade, Services & Investment Graha Indramas
Sub Sector : Wholesale (Durable & Non-Durable Goods) Jln. AIP II KS Tubun Raya No.77
Website : www.lautan-luas.com Jakarta 11410
Corporate Sec. : Herman Santoso Phone : (021) 8066-0777
Email Corporate Sec. : herman.santoso@lautan-luas.com Fax : (021) 8066-0020
As a leading basic and specialty chemical FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
company in Indonesia, PT LAUTAN LUAS Tbk BALANCE SHEETS Dec-2016 Dec-2017 Chg %
(“the Company” or “Lautan Luas”) has been
serving its customers for more than sixty five
Receivables 1,541,696 1,393,687 -9.60 q
years by providing high quality products and services. The Company
was established on 13 July 1951 as Persekutuan Andil Maskapai Inventories 778,226 884,839 13.70 p
Dagang dan Industry “Lim Teck Lee” (Indonesia), aka NV Lim Teck Current Assets 2,633,477 2,577,729 -2.12 q
Lee Coy. Ltd. Property, Plant and Equipment 1,844,071 1,952,808 5.90 p
At present, Lautan Luas represents over 100 international principals, Total Assets 5,658,360 5,769,332 1.96 p
distributes more than 1,000 chemical products, and serves more than Current Liabilities 2,676,623 2,638,368 -1.43 q
2,000 industrial end-users throughout Indonesia and the Asia-Pacific Interest Bearing liabilities 2,389,898 2,531,464 5.92 p
region. To oversee its vast distribution networks, Lautan Luas, is Total Liabilities 3,979,344 3,898,250 -2.04 q
headquartered in Jakarta, operates four branches and seven Authorized Capital (Mil. Sh) 4,800 4,800 - 
representative offices located in major cities throughout the
Indonesia archipelago. A regional office in Singapore overlooks the
Company’s activities in China, Thailand, and Vietnam. Lautan Luas Paid up Capital 195,000 195,000 - 
currently operates in fourteen manufacturing facilities in Indonesia, Paid up Capital (Mil. Sh) 1,560 1,560 - 
two in China, and a water treatment chemical plant in Vietnam. Par Value (Rp) 125 125 - 
Retained Earnings 915,258 1,047,004 14.39 p
PT LAUTAN LUAS Tbk., as holder of the Authorized Economic
Operator (AEO) certificate, obtained facilities in accelerating the Total Equity …*) 1,441,478 1,633,252 13.30 p
clearance process from/to ports without document verification and Non Controlling Interest 237,538 237,830 0.12 p
physical examination, also receiving special priority services for Total Equity 1,679,016 1,871,082 11.44 p
customs simplification systems and procedures as an
importer/exporter.
INCOME STATEMENTS
PT LAUTAN LUAS Tbk. and PT Taruna Bina Sarana (Lautan Luas' Total Revenues 6,438,172 6,596,941 2.47 p
Group) have received Bonded Logistics Center Permits. The permits Gross Profit 1,152,568 1,206,637 4.69 p
were presented by the Ministry of Finance of the Republic of Interest Expenses 154,571 153,289 -0.83 q
Indonesia. Bonded Logistic Center is a facility to store goods from
Total Operating Expenses 810,900 840,286 3.62 p
outside Indonesian Customs area and/or goods from other places in
Operating Profit 341,668 366,351 7.22 p
the Indonesian Customs area, to accommodate several simple
activities at the certain period of time. Earning Before Tax 144,591 254,816 76.23 p
EBITDA 465,058 552,554 18.81 p
The Company focuses on creating value for its stakeholders,
maintaining sustainable growth and developing its operational
excellence. The average for the dividend payout ratio is 25% in the Comprehensive Income 74,209 241,805 225.84 p
last 5 years. Net Income … *) 60,098 149,898 149.42 p
LTLS has issued the new shelf-registered bond II/2017 with total
offering target of Rp1,000 billion. The first issuance in June was
FINANCIAL RATIOS
Rp200 billion with a coupon of 10.5%. The second issuance in DER (X) 1.42 1.35 -4.95 q
November the Company issued 2 series of Bond, Serie A, tenor 3 ROA (%) 2.04 3.18 56.14 p
years was Rp364.5 billion with a coupon of 9%, Serie B, tenor 5 years NPM (%) 1.79 2.78 55.37 p
was Rp285.5 billion with a coupon of 10%. LTLS has repaid all the EBITDA Coverage (X) 3.01 3.60 19.81 p
interest and the principal of the Bonds I Phase I Year 2013 to the
Bond Holder dated June 19, 2018.

1. Rifana Erni 1. PT Caturkarsa Megatunggal 53.44%
2. Budi Kurniawan Ratulangi 2. Public 42.06%
3. Fransiskus Yoseph Ame Palle 3. Joan Fudiana 1.89%
4. Jimmy Masrin 1.43%
5. Pranata Hajadi 0.61%
6. Indrawan Masrin 0.57%

572 Corporate Bonds

1. Joan Fudiana 1. Indrawan Masrin
2. Antonio da Silva Costa * 2. Danny Suryadi Adenan
3. Diah Maulida * 3. Herman Santoso
4. Isien Fudianto 4. Jimmy Masrin
5. Pranata Hajadi 5. Joshua Chandraputra Asali
6. Rifana Erni * 6. Soewandhi Soekamto
AS OF JUNE 2018
Coupon Coupon
No. ISIN CODE Series Name (Rp Million) Date Date Term Period Date Trustee Outlook Link Grafik sudah be
Pastikan
Obligasi 21-Sep-18
LTLS02CN1 Berkelanjutan II 10.50% 21-Dec-18 PT Bank Mega Pastikan
idA- Link Grafik sudah be
1. 200,000 22-Jun-17 21-Jun-22 5
IDA000081905 Lautan Luas Tahap I 21-Mar-19 Tbk. Stable
Obligasi 28-Aug-18
LTLS02ACN2 Berkelanjutan II 9.00% 28-Nov-18 PT Bank Mega idA-
2. 364,500 29-Nov-17 28-Nov-20 3
IDA0000863A3 Lautan Luas Tahap 28-Feb-19 Tbk. Stable
II Tahun 2017 Seri A Quarterly 28-May-19
Obligasi 28-Aug-18
LTLS02BCN2 Berkelanjutan II 10.00% 28-Nov-18 PT Bank Mega idA-
3. 285,500 29-Nov-17 28-Nov-22 5
IDA0000863B1 Lautan Luas Tahap 28-Feb-19 Tbk. Stable
II Tahun 2017 Seri B Quarterly 28-May-19
TRADING HIGHLIGHT
LTLS02CN1


220 60
165 45 Trading days - - 2 18 10 1
Turnover Ratio (%) - - 74.00 542.14 194.88 10.00
Date N/A N/A 23-Aug 19-Dec 02-Feb 18-May
55 15
- - Date N/A N/A 30-Aug 06-Nov 27-Mar 18-May
enar >> Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 IBPA Fair Price - 99.9969 102.5489 103.5498 103.0034 Pastikan
IBPA Fair Yield (%) - 10.5007 9.8189 9.5164 9.6261 10.5363
Mod. Duration (yrs) - 3.846 3.701 3.554 3.392 3.199
107 12.0
Convexity (yrs) - 18.051 16.614 15.240 13.831 12.308
105 11.0 Sensitivity (%) - 0.038 0.037 0.036 0.034 0.032
101 9.0
10.50%. During the period of 2017 to Q2-2018, the total trading volume for this series
was Rp410.51 billion in 31 trading days. The IBPA fair prices for this series were 98.2531%
99 8.0
at the lowest and 104.8213% at the highest. While in the market, observed through IDX
Centralized Trading Platform (CTP), this series was traded between 99.9800% at the lowest
97 7.0
and 105.0000% at the highest.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 573
LTLS02ACN2 Listing Date Maturity Date


800 12
600 9 Trading days - - - 3 3 2
Turnover Ratio (%) - - - 826.89 481.21 7.68
200 3
IBPA Fair Yield (%) - - - 8.9150 8.9719 10.3846
Mod. Duration (yrs) - - - 2.520 2.328 2.118
101 12.0
Convexity (yrs) - - - 7.491 6.397 5.315
100 11.0 Sensitivity (%) - - - 0.025 0.023 0.021
2020. The series has an outstanding amount of Rp364.50 billion with fixed coupon per
98 9.0
annum at 9.00%. During the period of 2017 to Q2-2018, the total trading volume for this
series reached Rp1.20 trillion in 8 trading days. The IBPA fair prices for this series were
97 8.0
through IDX Centralized Trading Platform (CTP), this series was traded between
96 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
LTLS02BCN2


100 16
75 12 Trading days - - - 5 7 3
Turnover Ratio (%) - - - 37.83 171.35 37.83
25 4
IBPA Fair Yield (%) - - - 9.8098 9.7013 10.5930
Mod. Duration (yrs) - - - 3.819 3.669 3.476
105 12.0
Convexity (yrs) - - - 17.781 16.334 14.668
103 11.0 Sensitivity (%) - - - 0.038 0.037 0.035
2022. The series has an outstanding amount of Rp285.50 billion with fixed coupon per
99 9.0
annum at 10.00%. During the period of 2017 to Q2-2018, the total trading volume for this
series was Rp176.30 billion in 15 trading days. The IBPA fair prices for this series were
97 8.0
95 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

574 Corporate Bonds
LTLS02CN1 37 271 154.0%
LTLS02ACN2 754 206.7%
LTLS02BCN2 27 9.5%
- 200 400 600 800

Corporate Bonds 575

PT Lautan Luas Tbk. was established in 1969 and No. Company Total Revenue Net Profit Revenue
became Indonesia’s first privately owned sulfuric acid (Rp Bill) Margins (%) Growth (%)
production plant. Then in the 1970s, the Company 1. PT AKR Corporindo Tbk. 18,288 7.1 20.2
seized the opportunities offered by the country’s 2. PT Lautan Luas Tbk. 6,597 2.8 2.5
rapid industrialization and expanded its both
distribution and manufacturing capabilities with a
focus on offering a wide selection of specialty
chemicals. At present, Lautan Luas represents over Financial Statement as of Fiscal Year 2017
100 international principals, distributes more than
1,000 chemical products, and serves more than 2,000 Historical Corporate Ratings
industrial end-users throughout Indonesia and the No. Rating Agency Rating Rating Status Rating Date Outlook
Asia-Pacific region. To oversee its wide distribution
network, Lautan Luas is headquartered in Jakarta, and 1. Pefindo idA- Affirmed 11-Apr-18 Stable
domestically operates four branches and seven 2. Pefindo idA- Affirmed 5-Apr-17 Stable
representative offices located in major cities
throughout the Indonesian archipelago. A regional
office in Singapore oversees the Company’s activities
in China, Thailand, and
SWOT Analysis
Vietnam.
As of December 31, 2017, LTLS’s shareholders were S trengths W eaknesses

PT Caturkarsa Megatunggal (54.05%), management
- Well diversified products, - High financial leverage
(2.46%), treasury stock (3.03%) and public (40.46%).
customers, and suppliers - Weakening cash flow protection
- Long experience in specialty and
basic industry
- Have three integrated business
segment
Financial Analysis
During 2017, consolidated revenues were Rp6.60
trillion, increased by Rp59 billion (2.47%) compared
to 2016. The increase was primarily derived from
manufacturing segment which increased 23.27% due O pportunities T hreats
to recent production facility expansion in the food &
beverage industry. The cost of sales and services also - The trend of rising commodity - The depreciation trend of Rupiah
increased by 1.98% to Rp5.39 trillion. Nevertheless, prices - Changing demand patterns
the Company managed to book net profit amounted -Broadening its product base by
to Rp183.62 billion in 2017 from Rp115.34 billion in diversifying its support services
2016 or increased 59.20%. The increase was primarily
due to favorable results contributed from its affiliates.
In 2017, the Company booked equity in net earnings
from associates amounted to Rp38.45 billion, while in
2016 recorded loss amounted to Rp47.13 billion.

576 Corporate Bonds
idAA-
MAPI PT Mitra Adiperkasa Tbk. Stable
Sector : Trade, Services & Investment Sahid Sudirman Center, 29th Fl.
Sub Sector : Retail Trade Jln. Jend. Sudirman Kav. 86
Website : www.map-indonesia.com Jakarta 10220
Corporate Sec. : Eva Andrianie Phone : (021) 8064-8488
Email Corporate Sec. : corporate.secretary@map.co.id Fax : (021) 5740-150
PT Mitra Adiperkasa Tbk. is a lifestyle retail FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
company. As of July 2016, MAP operates BALANCE SHEETS Dec-2016 Dec-2017 Chg %
1,933 retail outlets in 68 major cities
throughout Indonesia. The major retail
Receivables 578,011 708,664 22.60 p
concepts under the group among others.
Inventories 3,006,978 3,066,188 1.97 p
The major retail concepts under the group among Current Assets 6,616,256 6,798,522 2.75 p
others: Department Stores: Sogo, Debenhams, Seibu and Galleries
Lafayette; Fashion & Lifestyle: Zara, Marks & Spencer, Topman,
Topshop, Next, Kipling, Lacoste, Nautica, Massimo Dutti, Staccato, Total Assets 10,683,438 11,425,390 6.94 p
Crabtree & Evelyn, Swarovski, Zara Home and Sephora; Sports: Current Liabilities 4,181,304 4,564,695 9.17 p
Converse, Golf House, Payless ShoeSource, Oakley, Planet Sports, Interest Bearing liabilities 4,499,879 3,682,129 -18.17 q
Reebok, Rockport, Skechers, Sports Station, The Athlete's Foot and Total Liabilities 7,479,928 7,182,976 -3.97 q
The Sports Warehouse; Food & Beverage: Starbucks, Burger King, Authorized Capital (Mil. Sh) 4,000 4,000 - 
Domino’s Pizza, Pizza Marzano, Krispy Kreme, Cold Stone Creamery
Ice Cream, Godiva and Paul Bakery; Kids: Kidz Station, Oshkosh
B’Gosh, and Carter’s; Others: Kinokuniya and Alun Alun Indonesia. Paid up Capital 830,000 830,000 - 
For more information about MAP please visit www.map.co.id Paid up Capital (Mil. Sh) 1,660 1,660 - 
Par Value (Rp) 500 500 - 
BOARD OF COMMISSIONERS Retained Earnings 1,905,578 2,147,938 12.72 p
1. Mari Elka Pangestu * Total Equity …*) 3,203,495 4,037,833 26.04 p
2. Chiew Guan Choo Non Controlling Interest 15 204,581 1,359,514.03 p
3. GBP Haryo H. Prabukusumo * Total Equity 3,203,510 4,242,414 32.43 p
4. Hendry Hasiholan Batubara
5. Johanes Ridwan * INCOME STATEMENTS Pastikan Link Grafik sudah be
*) Independent Commissioner Total Revenues 14,149,615 16,305,733 15.24 p
Gross Profit 6,873,018 7,856,121 14.30 pLink Grafik sudah be
Pastikan
BOARD OF DIRECTORS Interest Expenses 303,996 237,500 -21.87 q
1. Herman Berhard Leopold Mantiri Total Operating Expenses 6,471,528 7,258,670 12.16 p
2. Handaka Santosa Operating Profit 401,490 597,451 48.81 p
3. Michael David Capper Earning Before Tax 401,490 597,451 48.81 p
4. Sintia Kolonas EBITDA 1,329,083 1,005,712 -24.33 q
5. Sjeniwati Gusman Income for the periods 208,476 350,081 67.92 p
6. Susiana Latif Comprehensive Income 228,600 321,278 40.54 p
7. Virendra Prakash Sharma Net Income … *) 208,476 334,651 60.52 p

1. Prabukusumo DER (X) 1.40 0.87 -38.21 q
2. Imam Sugiarto ROA (%) 1.95 3.06 57.02 p
3. Riono Trisongko NPM (%) 1.47 2.15 45.72 p
SHAREHOLDERS
1. PT Satya Mulia Gema Gemilang 51.00%
2. Public 49.00%

Corporate Bonds 577
AS OF JUNE 2018
Coupon Coupon
Obligasi
20-Aug-18
Berkelanjutan I
MAPI01BCN2 11.50% 20-Nov-18 PT Bank CIMB idAA-
1. Mitra Adiperkasa 280,000 21-Feb-14 20-Feb-19 5
IDA0000617B1 20-Feb-19 Niaga Tbk. Stable
Tahap II Tahun
Quarterly -
2014 Seri B
Obligasi
19-Jun-18
Berkelanjutan I
MAPI01BCN3 10.90% 19-Sep-18 PT Bank CIMB idAA-
2. Mitra Adiperkasa 200,000 22-Sep-14 19-Sep-19 5
IDA0000647B8 19-Dec-18 Niaga Tbk. Stable
Tahap III Tahun
Quarterly 19-Mar-19
2014 Seri B
TRADING HIGHLIGHT
MAPI01BCN2
ISIN CODE : IDA0000617B1 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19


24 8
18 6 Trading days - - 1 2 2 4
Turnover Ratio (%) - - 28.57 40.00 34.29 31.43
Date N/A N/A 27-Jul 13-Nov 22-Feb 08-May
6 2
- - Date N/A N/A 27-Jul 13-Nov 20-Feb 04-Jun
IBPA Fair Yield (%) 8.6664 8.3232 7.8088 7.3071 7.1561 7.9157
Mod. Duration (yrs) 1.670 1.491 1.269 1.056 0.836 0.609
106 10.0
Convexity (yrs) 3.386 2.714 1.999 1.419 0.926 0.529
105 9.0 Sensitivity (%) 0.017 0.015 0.013 0.011 0.008 0.006
103 7.0
102 6.0
101 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

578 Corporate Bonds
MAPI01BCN3 Listing Date Maturity Date
ISIN CODE : IDA0000647B8 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19


140 12
105 9 Trading days 4 1 3 5 - 5
Turnover Ratio (%) 334.00 24.00 60.00 136.00 - 70.40
70 6 CTP Price - High 101.0400 104.4000 104.9600 106.1200 N/A 104.9800
Date 01-Mar 31-May 15-Sep 19-Oct N/A 07-Jun
35 3
CTP Price - Low 100.9400 103.1500 104.2000 100.0000 N/A 102.5300
- - Date 27-Feb 31-May 23-Aug 24-Oct N/A 28-May
IBPA Fair Yield (%) 8.8377 8.7408 8.2560 7.6275 7.6108 8.9167
Mod. Duration (yrs) 2.148 1.977 1.765 1.563 1.353 1.133
108 10.0
Convexity (yrs) 5.488 4.647 3.726 2.947 2.237 1.604
106 9.0 Sensitivity (%) 0.021 0.020 0.018 0.016 0.014 0.011
2018. The average trading volume was Rp52.03 billion/quarter with the average trading
102 7.0
100 6.0
98 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MAPI01BCN2 20 28 17.1%
MAPI01BCN3 167 12 30 68 138.5%
- 50 100 150 200 250 300

Corporate Bonds 579
PT Mitra Adiperkasa Tbk. (MAPI) operates the family No. Company Total Revenue Net Profit Revenue
clothing stores sector. MAPI engages in the trading of (Rp Bill) Margins (%) Growth (%)
clothing, shoes, accessories, bags and sports 1. PT Sumber Alfaria Trijaya Tbk. 61,465 0.4 9.5
equipment in 2,167 retail stores and outlets located in 2. PT Tiphone Mobile Indonesia Tbk. 27,914 1.5 2.2
Jakarta, Bandung, Surabaya, Bali, Medan, Makassar, 3. PT Mitra Adiperkasa Tbk. 16,306 2.1 15.2
Batam, Manado and other cities in Indonesia. Its
subsidiaries are engaged in the retail business,
department stores, manufacturing, cafes and Financial Statement as of Fiscal Year 2017
restaurants, bookstores and others. MAPI is the retail
company for famous brands such as Converse, Historical Corporate Ratings
Reebok, Etonic, Nine West, Marks & Spencer, Zara,
Next, Kipling, Nikko, Toy Biz, OshKosh B'gosh,
Starbucks Coffee, Spicegarden and Chatterbox Café. 1. Pefindo idAA- Affirmed 13-Sep-17 Stable
2. Pefindo idAA- Affirmed 5-Sep-16 Stable*
As of December 2017, MAPI’s shareholder was PT 3. Pefindo idAA- Affirmed 11-Sep-15 Negative
Satya Mulia Gema Gemilang (51.0%) and public 4. Pefindo idAA- Assigned 26-May-15 Negative**
(49.0%) 5. Pefindo idAA- Affirmed 4-Sep-14 Stable
SWOT Analysis
- Strong market position in the - Moderate capital structure due to
modern retail industry sizeable capital expenditures
- Well-diversified existing stores - Lowering profitability margin
- Above average cash flow protection
Financial Analysis
The Company posted net revenue of Rp16.31 trillion in
2017, up by 15.24%, of which Specialty Stores,
Department Stores, and Food & Beverage were the
key performers. Specialty Stores contributed Rp11.4
trillion (70.2%), while Department Stores contributed
Rp2.5 trillion (15.5%). Compared to last year, there was
a 20.7% or Rp363.6 billion increase in net revenue for - Rapid urbanization, growing - Intense competition amid limited
Food & Beverage, as well as increase of 17.9% or Rp1.7 affluence, and the phenomenal retail space in first tier cities
trillion for Specialty Stores, and 2.4% or Rp59 billion growth of its middle class - Consumption growth momentum
increased for Department Stores. In 2017, the - The higher consumer spending has been moderate
Company incurred lower interest expense of Rp17.1 - Changing in consumer preference
billion from 420.7 billion in 2016 to Rp403.6 billion. and spending patterns to online
Approximately Rp147 billion was amortized discount
on non-interest bearing bond. Adding up the impact
of the factors mentioned above, the Company posted
Rp350 billion in net income, a 67.90% increase
compared to the previous year.
In 2017, the total current assets of the Company

increased by 2.75% to Rp6.8 0trillion. This surge was *The stable outlook supported by better operating efficiency and inventory management
attributed mainly to the increase in Prepaid Expenses **The negative outlook was assigned to anticipate weaker-than-projected capital structure
of Rp142.02 billion, and Trade Account Receivables of resulting from lowering profitability margins
Rp126.20 billion. However there was Rp239.30 billion
(15.67%) decrease for cash and cash equivalents.
Meanwhile, the Company’s total liabilities decrease by
3.97% to Rp7.18trillion.

580 Corporate Bonds
idA-
MAYA PT Bank Mayapada Internasional Tbk. Stable
Sector : Finance Mayapada Tower, 1st Fl.
Sub Sector : Bank Jln. Jend. Sudirman Kav. 28
Website : www.bankmayapada.com Jakarta 12920
Corporate Sec. : Jennifer Ann Phone : (021) 521-2288, 521-2300
Email Corporate Sec. : jennifer.ann@bankmayapada.com Fax : (021) 579-40100
Bank Mayapada focuses in commercial and FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
trade, both corporate and SME (SME Banking BALANCE SHEETS Dec-2016 Dec-2017 Chg %
and Micro Banking). Bank Mayapada constantly expanding the
Cash on Hand 160,221 171,132 6.81 p
business with high principle of prudence and Good Corporate
Governance practice. As of August 2018, Bank Mayapada has banking
services network consisting of 1 Main Office, 39 Branch Offices, 91 Marketable Securities 2,841,950 4,951,391 74.23 p
Sub-branch Offices, 3 Cash Offices and 83 Functional Offices Loans 46,674,165 55,348,547 18.58 p
spreading throughout Indonesia. Investments - - - 
June 2017, Bank Mayapada was officially regarded by the Authority as

Bank BUKU III- Banks with Core Capital of Rp5 trillion to Rp 30 trillion. Total Assets 60,839,102 74,745,570 22.86 p
Several notable recognition that have been received recently are: Deposits 52,100,198 62,637,698 20.23 p
Bank with VERY GOOD predicate Asset Rp 50 trillion - 100 trillion for Fund Borrowings - 669,355 - p
10 consecutive years awarded with Platinum Trophy by Infobank, 100 Total Liabilities 53,785,630 66,202,195 23.09 p
Excellence Growth Company Ranks 2018- awarded by Bisnis
Indonesia, Indonesia's TOP 100 Most Valuable Brand 2018- awarded
by Swanetwork. Authorized Capital 2,300,000 2,300,000 - 
Paid up Capital 647,236 701,895 8.45 p
BOARD OF COMMISSIONERS Paid up Capital (Mil. Sh) 4,919 5,466 11.11 p
1. Dato' Sri. Tahir Par Value (Rp) 500 & 100 500 & 100 - 
2. Hendra Retained Earnings 2,619,379 3,132,998 19.61 p
3. Insmerda Lebang * Total Equity …*) 7,053,472 8,543,375 21.12 p
4. Kumhal Djamil * Non Controlling Interest - - - 
5. Lee Wei Cheng Total Equity 7,053,472 8,543,375 21.12 p
6. Winarto *
*) Independent Commissioner INCOME STATEMENTS
BOARD OF DIRECTORS Interest Expenses 3,611,373 4,384,398 21.41 p
1. Hariyono Tjahjarijadi Other Operating Revenue 41,511 49,025 Pastikan
18.10 Link
p Grafik sudah bena
2. Andreas Wiryanto Other Operating Expenses 1,419,925 1,746,499 23.00 p
3. Chang Fa Hsiang Income from Operations 1,039,234 902,628 -13.14 q
4. Hariati Tupang Non-Operating Revenues 47,966 7,518 -84.33 q
5. Hung Li Chen Earning Before Tax 1,087,200 910,146 -16.29 q
6. Jane Dewi Tahir Income for the periods 820,191 675,405 -17.65 q
7. Rudy Mulyono Comprehensive Income 1,566,747 689,657 -55.98 q
8. Wang Tien Chen Net Income … *) 820,191 675,405 -17.65 q

1. Insmerda Lebang DER (X) 7.63 7.75 1.62 p
2. Benny K. Yudiaatmaja ROA (%) 1.35 0.90 -32.97 q
3. Usman Gumanti Saleh NPM (%) 13.60 9.67 -28.92 q
SHAREHOLDERS
1. JPMCB Na Re-Cathay Life Insurance Co. Ltd. 40.00%
2. PT Mayapada Karunia Corporation 26.42%
3. Public 12.97%
4. Galasco Investments Limited 10.00%
5. Unity Rise Limited 7.31%
6. PT Mayapada Kasih Corporation 3.30%

Corporate Bonds 581
AS OF JUNE 2018
Coupon Coupon
Obligasi 05-Jul-18
MAYA03SB Subordinasi Bank 11.00% 05-Oct-18 PT Bank Mega idBBB+
1. 700,000 08-Jul-13 05-Jul-20 7
IDA000059901 Mayapada III Tahun 05-Jan-19 Tbk. Negative
Obligasi 17-Sep-18
MAYA04SB Subordinasi Bank 12.50% 17-Dec-18 PT Bank Mega idBBB
2. 255,800 18-Dec-14 17-Dec-21 7
IDA000066104 Mayapada IV Tahun 17-Mar-19 Tbk. Negative
Obligasi Subordinasi 03-Jul-18

MAYA01SBCN1 Berkelanjutan I Bank 10.75% 03-Oct-18 PT Bank Mega idBBB
3. 1,000,000 04-Oct-17 03-Oct-24 7
IDA000085104 Mayapada Tahap I 03-Jan-19 Tbk. Negative
TRADING HIGHLIGHT
MAYA03SB


320 100
240 75 Trading days 10 12 6 5 5 4
Turnover Ratio (%) 187.43 216.00 71.43 30.86 11.89 40.91
160 50 CTP Price - High 102.100 101.000 104.500 104.620 105.000 102.000
Date 01-Mar 25-Apr 06-Sep 27-Dec 08-Feb 21-May
80 25
CTP Price - Low 97.000 97.650 100.000 102.900 99.500 98.550
- - Date 23-Jan 25-Apr 16-Aug 10-Nov 24-Jan 02-May
IBPA Fair Yield (%) 10.8538 11.0215 9.5695 8.9556 9.0389 11.6323
Mod. Duration (yrs) 2.643 2.491 2.316 2.139 1.949 1.737
106 13.0
Convexity (yrs) 8.543 7.557 6.517 5.555 4.625 3.701
104 12.0 Sensitivity (%) 0.026 0.025 0.023 0.021 0.019 0.017
100 10.0
11.00%. This series was traded in 42 trading days with 93.09% of average quarterly
turnover during the period of 2017 to Q2-2018. Total trading volume throughout the
98 9.0
period was Rp977.40 billion and total trading frequency was 225 transactions. The market
prices for this series were 97.0000% at the lowest and 105.0000% at the highest. IBPA
96 8.0
valued the fair prices for this series were 96.4655% for the lowest and 104.9796% for the
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
highest.

582 Corporate Bonds
MAYA04SB Listing Date Maturity Date


100 32
75 24 Trading days 1 2 1 10 2 2
Turnover Ratio (%) 21.88 40.63 3.13 178.47 0.27 45.04
50 16 CTP Price - High 100.020 103.000 101.000 106.300 106.173 106.400
Date 18-Jan 05-May 27-Jul 09-Nov 03-Jan 23-May
25 8
CTP Price - Low 100.000 98.500 99.100 100.000 106.091 105.561
- - Date 18-Jan 26-Apr 27-Jul 29-Dec 31-Jan 07-Jun
IBPA Fair Yield (%) 12.1766 12.0109 11.0691 10.4577 10.9466 12.1929
Mod. Duration (yrs) 3.514 3.400 3.261 3.122 2.955 2.765
109 15.0
Convexity (yrs) 15.385 14.284 13.053 11.887 10.618 9.302
106 14.0 Sensitivity (%) 0.035 0.034 0.033 0.031 0.030 0.028
103 13.0 This series was first listed on December, 18th 2014 and will be matured on December,
17th 2021. This series has an outstanding amount of Rp225.80 billion with fixed coupon
100 12.0
per annum at 12.50%. This series was traded only in 18 trading days with 48.23% of
average quarterly turnover during the period of 2017 to Q2-2018. Total trading volume
97 11.0
throughout the period was Rp185.11 billion and total trading frequency was 61
94 10.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MAYA01SBCN1 Listing Date Maturity Date

200 Price and Yield Q1 Q2 Q3 Q4 Q1 Q2

24
160 20
16 Trading days - - - 7 3 7
120
12 Turnover Ratio (%) - - - 76.40 7.20 42.72
80 CTP Price - High N/A N/A N/A 101.220 101.500 101.000
8
40
4 CTP Price - Low N/A N/A N/A 98.910 97.782 96.210
- - Date N/A N/A N/A 02-Nov 19-Mar 14-May
IBPA Fair Yield (%) - - - 10.5946 11.6477 12.4841
Mod. Duration (yrs) - - - 4.653 4.469 4.277
104 14.0
Convexity (yrs) - - - 28.168 26.059 23.961
101 13.0 Sensitivity (%) - - - 0.047 0.045 0.043
98 12.0 This series was first listed on October, 4th 2017 and will be matured on October, 3rd
2024. This series has an outstanding amount of Rp1.00 trillion with fixed coupon per
95 11.0
annum at 10.75%. This series was traded in 17 trading days with 21.05% of average
quarterly turnover from October 2017 to Q2-2018. The total trading volume throughout
92 10.0
the period was Rp315.80 billion and the total trading frequency was 51 transactions. The
market prices for this series were 96.2100% at the lowest and 101.5000% at the highest.
89 9.0
IBPA valued the fair prices for this series were 90.5707% for the lowest and 101.9305% for
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
the highest.

Corporate Bonds 583
MAYA03SB 328 378 125 54 126.4%
MAYA04SB 14 26 114 61.0%
MAYA01SBCN1 191 19.1%
- 200 400 600 800 1,000

584 Corporate Bonds

PT Bank Mayapada Internasional Tbk. (MAYA) was No. Company Total Revenue Net Profit Revenue
established on 7 September 1989 and is (Rp Bill) Margins (%) Growth (%)
headquartered in Jakarta. The bank provides a wide 1. PT Bank UOB Indonesia 7,268 1.1 (1.8)
range of banking products and services such as 2. PT Bank Mayapada Internasional Tbk. 6,984 9.7 15.8
savings, deposits, investment & bancassurance, loans, 3. PT Bank Pembangunan Daerah Jawa Tengah 5,925 20.1 11.7
etc. In 2016, the bank launched its new funding 4. PT Bank KEB Hana Indonesia 2,616 28.4 19.4
product initiated by the Financial Services Authority 5. PT BPD Sumatera Barat 2,261 13.3 (1.4)
(OJK), namely Tabungan Simpanan Pelajar (SimPel). Financial Statement as of Fiscal Year 2017
The product aims to educate public to start saving in
bank from an early stage. Historical Corporate Ratings

As of December 2017, the bank has expanded its
oﬃces network to 177 offices scattered in 83 cities 1. Pefindo idA- Downgraded* 8-May-18 Stable
in 25 provinces. The bank has also expanded its ATM 2. Pefindo idA Upgraded** 4-Jul-17 Stable
network to 143 units.
4. Pefindo idA- Affirmed 8-Sep-15 Negative
At the end of 2017, the total shareholders of the bank
reached 529 shareholders with the majority
SWOT Analysis
shareholding of the bank is owned by JPMCB-Cathay
Life Insurance Co.Ltd (40%). While the remaining
shareholders are Galasco Investment Limited (10%), S trengths W eaknesses
Unity Rise Limited (7.31%), PT Mayapada Karunia
-Support from Cathay Group -High funding dependence on time
(26.42%), PT Mayapada Kasih (3.30%), and Public
-Strong credit surveillance policy deposits
(12.97%).
-Weakened asset quality
-Increasing operating inefficiency
Financial Analysis
PT Bank Mayapada International recorded a 22.86%
increase in total asset from Rp60.84 trillion in 2016 to
Rp74.75 trillion in 2017. This was driven by growing
loans distributed to customers by 19.54% to Rp56.42 O pportunities T hreats
trillion. Higher loans distributed then resulted in
increasing interest income by 15.85% from Rp6.03 -The implementation of Loan to -Challenging macroeconomic
trillion to Rp6.99 trillion. Interest expense, however, Funding Ratio (LFR) that can widen conditions.
grew faster than interest income which was by banking sector liquidity -Moderate export markets growth
21.41% to from Rp3.61 trillion to Rp4.38 trillion. The -Government commitment to due to uncertain global economic
bank's operating expenses also pressed the improve financial literacy recovery.
profitability that resulted in decreasing year on year
operating income by 17.65% to Rp0.90 trillion in
2017. As a result, net income fell by 17.65% to Rp0.68
trillion.
* Rating downgrade was due to weakening asset quality indicators

** Rating upgrade reflects strong business synergy with Cathay Group

Corporate Bonds 585
idA-
MDLN PT Modernland Realty Tbk. Stable
Sector : Property, Real Estate And Building Construction Green Central City, Commercial Area 5th. Floor
Sub Sector : Property And Real Estate Jln. Gajah Mada No. 188
Website : www.modernland.co.id Jakarta Barat 11120
Corporate Sec. : Cuncun M. Wijaya Wibowo Phone : (021) 2936-5888
Email Corporate Sec. : corporate@modernland.co.id Fax : (021) 2936-9999
PT Modern Realty Tbk. ("The FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Company") develop townships, BALANCE SHEETS Dec-2016 Dec-2017 Chg %
residential projects, and industrial
Cash & Cash Equivalents 398,849 1,075,119 169.56 p
estates and develop and operate hospitality developments. The
company among the first developers in Indonesia to have developed Receivables 2,180,957 756,624 -65.31 q
a large-scale township that includes residential and commercial Inventories 1,252,848 1,287,399 2.76 p
properties. Current Assets 3,921,828 3,158,284 -19.47 q
In 1989, PT Modernland Realty Tbk. launched their flagship township, Investments 755,191 1,272,475 68.50 p
Kota Modern, which has a site area of 400 hectares in the heart of Property in Investments - - - 
Tangerang City. Kota Modern comprises middle to high-end Property, Plant and Equipment 1,174,120 1,322,677 12.65 p
residential properties supported by retail, educational, medical, and
Total Assets 14,540,108 14,599,669 0.41 p
other infrastructure. Also various facilities that were developed on 9
hectares as commercial land lots and are operated independently of Trade Payables 246,639 221,542 -10.18 q
Kota Modern. Another residential and commercial township that is Current Liabilities 2,917,041 2,374,365 -18.60 q
developed by PT Modernland Realty Tbk. is Jakarta Garden City, Interest Bearing liabilities 4,497,532 4,860,102 8.06 p
which has a site area of 370 hectares in Cakung, East Jakarta. Jakarta
Garden City is close proximity to East Flood Canal and Kelapa Gading
(5 km). The township also is linked to the Cakung - Tanjung Priok toll Authorized Capital (Mil. Sh) 41,886 41,886 - 
road, which runs from Cakung to Tanjung Priok and provides direct Authorized Capital 6,000,000 6,000,000 - 
access to North and West Jakarta which reduces the travel distance Paid up Capital 2,330,845 2,330,845 - 
by 16 kilometers and the travel time from the township to North and Paid up Capital (Mil. Sh) 12,533 12,533 - 
West Jakarta. Commercial facilities such as AEON Mall has added the
Par Value (Rp) 250 & 125 250 & 125 - 
township value and Mayapada hospital and IKEA to come in the
future. Retained Earnings 4,228,540 4,740,265 12.10 p
Total Equity …*) 6,595,332 7,077,457 7.31 p
Modern Hill is their exclusive developments of middle to high-end
single family homes and multistory residential properties with a Non Controlling Interest 1 1 - 
suburban site area of 60 hectares. We also developed Modern Park, a Total Equity 6,595,333 7,077,458 7.31 p
48 hectares township in East Jakarta.
In industrial estates business, PT Modernland Realty Tbk. improve raw INCOME STATEMENTS
land with basic infrastructure, sell ready-to-build land lots of a Total Revenues 2,465,212 3,195,904 29.64 p
customized size to industrial users, and provide maintenance services Gross Profit 1,601,710 1,938,139 21.00 p
to tenants. They also develop housing complexes in the vicinity of Interest Expenses 539,283 584,335 8.35 p
their industrial estates. Their hospitality operations currently comprise
the Novotel Gajah Mada, a four-star 235 room hotel operated by the
Accor Group and additional Swiss-Belhotel International in 2018. EBITDA 1,322,569 1,481,053 11.98 p
They are developing the Modern Cikande Industrial Estate, which is
located in Serang, Banten, approximately 65 kilometers west of Comprehensive Income 501,679 596,925 18.99 p
Jakarta, 75 kilometers from the largest seaport in Greater Jakarta, Net Income … *) 501,350 614,774 22.62 p
Tanjung Priok Seaport, and 50 kilometers from the Soekarno-Hatta
International Airport. Modern Cikande Industrial Estate can be FINANCIAL RATIOS
accessed via the Jakarta-Merak Toll Road. The project is also 50
DER (X) 0.68 0.69 0.70 p
kilometers away from Greater Jakarta’s two existing international
seaports, namely Ciwadan and Cigading, and is 55 kilometers away ROA (%) 3.45 4.21 22.12 p
from Bojonegara Seaport. A toll gate exit from the Jakarta-Merak Toll NPM (%) 20.34 19.24 -5.41 q
Road, Cikande gate, commenced its operation, which shortens the EBITDA Coverage (X) 2.45 2.53 3.35 p
distance from Jakarta to Modern Cikande Industrial Estate by
approximately 16 kilometers. In addition, a three-star hotel, Swiss-
Belhotel International has been built in the industrial area, which had
a soft launch in May 2018 and will commence formal operations in SHAREHOLDERS
the second half of 2018. 1. Public (<5%) 62.65%
2. Woodside Global Venture Inc. 14.20%
BOARD OF COMMISSIONERS BOARD OF DIRECTORS 3. AA Land Pte. Ltd. Singapura 9.58%
1. Luntungan Honoris 1. William Honoris 4. PT Panin Sekuritas Tbk. 7.57%
2. Dwi Priyatno 2. Cuncun Wijaya 5. PT Honoris Corporindo Pratama 6.00%
3. Edwyn Lim 3. Dharma Mitra Sigamani
4. Iwan Suryawijaya * 4. L.H. Freddy Chan AUDIT COMMITTEE
5. Nita Tanawidjaja * 1. Nita Tanawidjaja 3. Hari Hartoyo
*) Independent Commissioner 2. Bernard Saleh

586 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi
07-Jul-18
Berkelanjutan I
MDLN01ACN1 12.00% - PT Bank idA-
1. Modernland Reality 600,000 08-Jul-15 07-Jul-18 3
IDA0000694A2 - Permata Tbk. Stable
Tahap I Tahun 2015
Quarterly -
Seri A
Obligasi
07-Jul-18
Berkelanjutan I
MDLN01BCN1 12.50% 07-Oct-18 PT Bank idA-
2. Modernland Reality 150,000 08-Jul-15 07-Jul-20 5
IDA0000694B0 07-Jan-19 Permata Tbk. Stable
Tahap I Tahun 2015
Quarterly 07-Apr-19
Seri B
TRADING HIGHLIGHT Pastikan Link Grafik sudah be
MDLN01ACN1


160 36
120 27 Trading days 5 2 11 10 8 1
Turnover Ratio (%) 88.00 20.00 79.27 130.67 36.77 5.33
80 18 CTP Price - High 103.2100 103.3000 103.5000 103.4500 102.5400 100.7500
Date 29-Mar 19-Jun 17-Jul 30-Oct 01-Feb 08-May
40 9
CTP Price - Low 93.0000 102.0000 102.5000 102.0000 101.2800 100.7300
IBPA Fair Yield (%) 9.2685 8.6436 8.2914 7.6932 7.2768 7.7123
Mod. Duration (yrs) 1.138 0.949 0.715 0.491 0.260 0.022
105 11.0
Convexity (yrs) 1.653 1.179 0.709 0.370 0.133 0.006
102 10.0 Sensitivity (%) 0.011 0.009 0.007 0.005 0.003 0.000
annum. This bond is effective from 8 July 2015 to 7 July 2018. Based on the market price
96 8.0
(Centralized Trading Platform) during 2017, this bond was traded between 93.0000% -
103.50000%, while in first semester 2018 this bond was traded between 100.7300% and
93 7.0
102.5400%. In first semester 2018, IBPA fair price recorded at range 100.0950% -
102.1601%. During 2017 this bond was traded with volume amounting to Rp476.90
90 6.0
billion and transacted 102 times, meanwhile in the first half of 2018, the series total
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
trading volume was Rp63.16 billion and transacted 27 times.

Corporate Bonds 587
MDLN01BCN1 Listing Date Maturity Date


180 28
135 21 Trading days 6 4 5 11 1 1
Turnover Ratio (%) 298.67 82.67 317.33 546.67 53.33 66.67
90 14 CTP Price - High 106.5900 108.1517 108.0000 110.4600 109.0000 -
Date 20-Jan 13-Jun 14-Jul 20-Dec 29-Mar -
45 7
CTP Price - Low 102.3000 103.3000 104.1000 104.2500 108.5800 -
- - Date 06-Feb 19-Jun 27-Sep 02-Oct 29-Mar -
IBPA Fair Yield (%) 9.9188 9.5186 9.2342 7.8592 8.9657 10.3278
Mod. Duration (yrs) 2.615 2.474 2.288 2.123 1.928 1.728
111 12.0
Convexity (yrs) 8.440 7.512 6.423 5.517 4.566 3.689
109 11.0 Sensitivity (%) 0.026 0.025 0.023 0.021 0.019 0.017
annum. This bond is effective from 8 July 2015 to 7 July 2020. Based on the market price
105 9.0
(Centralized Trading Platform) during 2017, this bond was traded between 102.3000% -
110.4600%, while in first semester 2018 this bond was traded between 105.2500% and
103 8.0
109.0000%. In first semester 2018, IBPA fair price recorded at range 103.5540% -
110.9095%. During 2017 this bond was traded with volume amounting to Rp467 billion
101 7.0
and transacted 75 times, meanwhile in the first half of 2018, the series total trading
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
volume was Rp45 billion and transacted 9 times.
MDLN01ACN1 132 30 119 196 79.5%
MDLN01BCN1 112 31 119 205 311.3%
- 100 200 300 400 500 600

588 Corporate Bonds

Modernland was established under the name of PT No. Company Total Revenue Net Profit Revenue
Modernland Realty Ltd in 1983. Modernland is (Rp Bill) Margins (%) Growth (%)
engaged in the business of housing development, 1. PT Bumi Serpong Damai Tbk. 10,347 49.9 56.7
industrial estate development and warehousing, 2. PT Agung Podomoro Land Tbk. 7,043 26.7 17.2
apartment, hotel management, offices, panel 3. PT Summarecon Agung Tbk. 5,641 9.4 4.5
manufacturing industry, services and management of 4. PT Surya Semesta Internusa Tbk. 3,274 37.9 (13.8)
golf courses, as well as acting as an investment 5. PT Modernland Realty Tbk. 3,196 19.2 29.6
company related to property, facilities and Financial Statement as of Fiscal Year 2017
infrastructure. Modernland has contributed to the
development of Indonesia by developing various Historical Corporate Ratings
residential areas such as Kota Modern, Modernpark, No. Rating Agency Rating Rating Status Rating Date Outlook
Modernhill, Jakarta Garden City (JGC), and an
industrial area, the ModernCikande Industrial Estate 1. Pefindo idA- Downgraded* 11-Apr-18 Stable
(MCIE), as well as hospitality facilities, such as Modern 2. Pefindo idA Affirmed 11-Apr-17 Negative**
3. Pefindo idA Affirmed 8-Apr-16 Negative***
Golf & Country Club (MGCC), Hotel Novotel Gajah
4. Pefindo idA Affirmed 3-Jun-15 Stable
Mada, and Hotel Swiss-Belinn ModernCikande.
5. Pefindo idA Affirmed 8-Apr-15 Stable
As of December 31, 2017, its shareholders were

SWOT Analysis
Woodside Global Ventures Inc (14.20%), AA Land Pte
Ltd (9.9.58%), PT panin Sekuritas Tbk. (7.37%), PT
Honoris Corporindo Pratama (5.03%), and Public S trengths W eaknesses
(63.82%).
- Have relatively sizeable land bank - Weakening cash flow protection
- Good asset quality measures
- Well profitability margin - Too project concetration and lack
of recurring revenue
- Aggressive capital structure
Financial Analysis
The Company’s revenues increased by 29.64% to
Rp3.20 trillion in 2017. The increase in net sales that
consist of sales of land, residential houses and shop
houses, apartments, and construction materials (EPS O pportunities T hreats
and Wiremesh) of Rp722.75 billion was the main
contributor to the increase in revenues booked by the - Growing demand for commercial - Risk of developing new projects in
Company in 2017. In line with the increase in space especially in modern city area new areas
operating revenues, cost of revenues also increased - Rising trend of property prices in - Sensitive to macro economics
by 45.66% to Rp1.26 trillion in 2017. Cost of revenue Indonesia indicators changes
consisted of cost of goods sold and direct cost of golf - Huge potential market for - Tightening competition
courses and restaurants, and directs costs of hotel investment in property sector
and rental. The rising total revenue made the
operating income increased 16.56% to Rp1,220.60
billion in 2017 from Rp1,047.22 billion in 2016.
Despite rising operating income, operating profit
margin decreased from 42.50% in 2016 to 38.20% in
2017. The decrease in operating profit margin was
due to an increase in cost of revenues that exceeded
*The downgraded was triggered the Company missed its projected revenue and EBITDA amid
total revenues. The Company posted a net profit of
higher than projected debt figure in 2017
Rp614.77 billion in the year, an increase of 22.62% ** Pefindo maintained the negative outlook to anticipate if the Company’s cash flow protection
from previous year. Meanwhile, the Company’s net measures don’t show improvement as expected due to risk of project execution
profit margin in 2017 was 19.20%, slightly lower than *** The negative outlook to anticipate a weakening in company cash flow protection measures in
its 20.30% net profit margin in 2016. case of a slower than expected which may impact EBITDA generation over the near to medium
term.

Corporate Bonds 589
idA+
MEDC PT Medco Energi Internasional Tbk. Stable
Sector : Mining The Energy Building 53rd & 55th Fl., SCBD Lot. 11A
Sub Sector : Crude Petroleum & Natural Gas Production Jln. Jend. Sudirman, Senayan
Website : www.medcoenergi.com Jakarta 12190
Corporate Sec. : Siendy K. Wisandana Phone : (021) 299-53000
Email Corporate Sec. : corporate.secretary@medcoenergi.com Fax : (021) 299-53001
P T M edco En e r g i I nt ern a sio nal Tb k. FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
(MedcoEnergi) is a publicly listed integrated BALANCE SHEETS Dec-2016 Dec-2017 Chg %
energy company with focus in exploration
and production of oil and gas business.
Receivables 7,185,845 2,657,521 -63.02 q
MedcoEnergi has operations in Indonesia,
including operating 9 oil and gas blocks, maintaining working Inventories 944,427 1,204,573 27.55 p
interest in one block operated by partner, and holding economic Current Assets 15,239,928 26,757,979 75.58 p
participating interest in an exploration field. In overseas, Property, Plant and Equipment 69,468 920,236 1,224.68 p
MedcoEnergi operates in Oman, Yemen, Libya, Papua New Guinea Total Assets 48,331,047 69,918,327 44.67 p
and Gulf of Mexico in the United States of America. In addition
MedcoEnergi operates several gas-fired, coal power plants and
supplies electricity to the Indonesian State-Owned Electricity
Company (Perusahaan Listrik Negara/PLN), coal mining and also gas Total Liabilities 36,366,170 50,914,926 40.01 p
distribution business. Authorized Capital (Mil. Sh) 4,000 38,000 850.00 p
Authorized Capital 400,000 950,000 137.50 p
MedcoEnergi was established on June 9, 1980 under the laws of the
Republic of Indonesia. Its name has been changed three times, from Paid up Capital 333,245 443,223 33.00 p
that of PT Meta Epsi Pribumi Drilling Company in its initial Paid up Capital (Mil. Sh) 3,332 17,729 432.01 p
establishment (1980) to PT Medco Energi Corporation prior to its Par Value (Rp) 100 25 -75.00 q
1994 Initial Public Offering (IPO), and then finally to PT Medco Energi Retained Earnings 8,481,607 10,274,227 21.14 p
Internasional Tbk in 2000, following the completion of the debt Total Equity …*) 11,925,154 17,036,159 42.86 p
restructuring in late 1999. It started its business as a drilling rig
Non Controlling Interest 39,723 1,967,242 4,852.38 p
services company and was the first Indonesian private sector drilling
contractor. Within three decades MedcoEnergi has significantly Total Equity 11,964,877 19,003,401 58.83 p
grown its business and built a solid fundamental for our human
capital and array of portfolios from all over the world, especially in INCOME STATEMENTS
Indonesia and Middle Eastern and North African countries. Total Revenues 8,066,327 12,540,610 55.47 p
Gross Profit 3,366,760 5,700,107 69.31 p
BOARD OF COMMISSIONERS Interest Expenses 1,430,601 21,198 -98.52 q
1. Muhammad Lutfi * Total Operating Expenses -130,607 349,494 N/A p
2. Bambang Subianto * Operating Profit - - - 
3. Marsillam Simandjuntak * Earning Before Tax 3,497,366 4,003,199 14.46 p
4. Yani Yuhani Rodyat EBITDA 3,655,581 4,029,235 10.22 p
5. Yaser Raimi A. Panigoro Income for the periods 2,513,190 1,785,745 -28.95 q
*) Independent Commissioner Comprehensive Income 2,619,495 2,569,345 -1.91 q
Net Income … *) 2,482,403 1,721,919 -30.63 q
BOARD OF DIRECTORS
1. Hilmi Panigoro FINANCIAL RATIOS
2. Amri Siahaan DER (X) 2.17 1.56 -28.35 q
3. Anthony R. Mathias ROA (%) 5.20 2.55 -50.88 q
4. Robert Lorato NPM (%) 31.16 14.24 -54.30 q
5. Ronald Gunawan EBITDA Coverage (X) 2.56 190.08 7,338.69 p
AUDIT COMMITTEE
1. Marsillam Simandjuntak SHAREHOLDERS
2. Ida Anggrainy Sarwani 1. PT Medco Daya Abadi Lestari 50.81%
3. Jul Azmi 2. Public 26.18%
3. Diamond Bridge Pte. Ltd. 21.72%
4. Board of Director 0.99%
5. PT Medco Duta 0.19%
6. Board of Commisioner 0.06%
7. PT Multifabrindo Gemilang 0.05%

590 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi Berkelanjutan 15-Jul-18

MEDC02ACN1 II Medco Energi 10.80% 15-Oct-18 PT Bank Mega idA+
1. 327,000 18-Jul-16 15-Jul-19 3
IDA0000750A2 Internasional Tahap I 15-Jan-19 Tbk. Stable
Tahun 2016 Seri A 15-Apr-19
Quarterly
Obligasi Berkelanjutan 15-Jul-18

MEDC02BCN1 II Medco Energi 11.30% 15-Oct-18 PT Bank Mega idA+
2. 923,000 18-Jul-16 15-Jul-21 5
IDA0000750B0 Internasional Tahap I 15-Jan-19 Tbk. Stable
Tahun 2016 Seri B 15-Apr-19
Quarterly
Obligasi Berkelanjutan 30-Jun-18

MEDC02ACN2 II Medco Energi 10.80% 30-Sep-18 PT Bank Mega idA+
3. 549,000 03-Oct-16 30-Sep-19 3
IDA0000761A9 Internasional Tahap II 30-Dec-18 Tbk. Stable
Tahun 2016 Seri A 30-Mar-19
Quarterly

MEDC02BCN2 II Medco Energi 11.30% 30-Sep-18 PT Bank Mega idA+
4. 701,000 03-Oct-16 30-Sep-21 5
IDA0000761B7 Internasional Tahap II 30-Dec-18 Tbk. Stable
Tahun 2016 Seri B 30-Mar-19
Quarterly
Obligasi Berkelanjutan 21-Sep-18

MEDC02ACN3 II Medco Energi 10.80% 21-Dec-18 PT Bank Mega idA+
5. 246,000 22-Dec-16 21-Dec-19 3
IDA0000784A1 Internasional Tahap III 21-Mar-19 Tbk. Stable
Tahun 2016 Seri A 21-Jun-19
Quarterly

MEDC02BCN3 II Medco Energi 11.30% 21-Dec-18 PT Bank Mega idA+
6. 5,000 22-Dec-16 21-Dec-21 5
IDA0000784B9 Internasional Tahap III 21-Mar-19 Tbk. Stable
Tahun 2016 Seri B 21-Jun-19
Quarterly

MEDC02CCN3 II Medco Energi 11.80% 21-Dec-18 PT Bank Mega idA+
7. 23,000 22-Dec-16 21-Dec-23 7
IDA0000784C7 Internasional Tahap III 21-Mar-19 Tbk. Stable
Tahun 2016 Seri C 21-Jun-19
Quarterly

8. 380,000 31-Mar-17 30-Mar-20 3
IDA0000798A1 Internasional Tahap IV 30-Mar-19 Tbk. Stable
Quarterly

9. 1,000 31-Mar-17 30-Mar-22 5
IDA0000798B9 Internasional Tahap IV 30-Mar-19 Tbk. Stable
Quarterly

10. 7,000 31-Mar-17 30-Mar-24 7
IDA0000798C7 Internasional Tahap IV 30-Mar-19 Tbk. Stable
Quarterly

11. 269,500 15-Jun-17 14-Jun-20 3
IDA0000812B8 Internasional Tahap V 14-Mar-19 Tbk. Stable
Tahun 2017 Seri B
Quarterly 14-Jun-19

12. 753,500 15-Jun-17 14-Jun-22 5
IDA0000812C6 Internasional Tahap V 14-Mar-19 Tbk. Stable
Quarterly

13. 415,000 29-Sep-17 28-Mar-21 42
IDA0000844A3 Internasional Tahap VI 28-Mar-19 Tbk. Stable
Quarterly

14. 151,500 29-Sep-17 28-Sep-22 60
IDA0000844B1 Internasional Tahap VI 28-Dec-18 Tbk. Stable
Quarterly

Corporate Bonds 591
Coupon Coupon

14. 151,500 29-Sep-17 28-Sep-22 60
IDA0000844B1 Internasional Tahap VI 28-Dec-18 Tbk. Stable
Quarterly

MEDC03ACN1 III Medco Energi 8.75% 29-Dec-18 PT Bank Mega idA+
15. 282,500 02-Apr-18 29-Mar-21 3
IDA0000892A2 Internasional Tahap I 29-Mar-19 Tbk. Stable
Quarterly

MEDC03BCN1 III Medco Energi 9.15% 29-Dec-18 PT Bank Mega idA+
16. 217,500 02-Apr-18 29-Mar-23 5
IDA0000892B0 Internasional Tahap I 29-Mar-19 Tbk. Stable
Quarterly
TRADING HIGHLIGHT
MEDC02ACN1


28 8
21 6 Trading days 1 1 2 2 - 4
Turnover Ratio (%) 17.13 22.02 7.34 29.36 - 40.37
14 4 CTP Price - High 102.2200 102.2270 102.2600 103.6200 N/A 103.2300
Date 27-Mar 12-May 21-Aug 17-Nov N/A 31-May
7 2
CTP Price - Low 102.2000 102.2070 102.2200 102.8500 N/A 103.1800
- - Date 27-Mar 12-May 14-Jul 17-Oct N/A 22-May
IBPA Fair Yield (%) 9.6488 9.4390 8.8866 8.4245 8.2134 9.5182
Mod. Duration (yrs) 1.970 1.800 1.588 1.386 1.177 0.959
104 12.0
Convexity (yrs) 4.707 3.933 3.090 2.380 1.748 1.195
103 11.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.010
traded in 10 trading days during 2017 to Q2-2018 period. During the period, average
101 9.0
trading volume was Rp15.83 billion per quarter with average frequency about 4
100 8.0
Centralized Trading Platform (CTP) was 102.2000% at the lowest and peaked at
103.6200%. While the IBPA fair price for this series was between 100.6503% and
99 7.0
103.5911%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

592 Corporate Bonds
MEDC02BCN1 Listing Date Maturity Date


140 16
105 12 Trading days - 1 - - 5 4
Turnover Ratio (%) - 2.60 - - 16.03 69.34
Date N/A 19-Jun N/A N/A 28-Mar 30-May
35 4
- - Date N/A 19-Jun N/A N/A 15-Mar 31-May
IBPA Fair Yield (%) 9.9777 9.8197 9.2580 8.9685 8.8400 9.9414
Mod. Duration (yrs) 3.319 3.189 3.025 2.865 2.697 2.502
109 12.0
Convexity (yrs) 13.625 12.495 11.197 10.005 8.842 7.621
107 11.0 Sensitivity (%) 0.033 0.032 0.030 0.029 0.027 0.025
traded only in 10 trading days during 2017 to Q2-2018 period. During the period,
103 9.0
average trading volume was Rp33.83 billion per quarter with average frequency about 6
101 8.0
99 7.0
107.7479%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MEDC02ACN2
ISIN CODE : IDA0000761A9 Oct-16 May-17 Dec-17 Jul-18 Feb-19 Sep-19


Volume Volume (Rp bn) 467.50 396.50 10.00 - 13.00 6.00
380 28
Frequency Frequency (X) 22 33 2 - 9 6
285 21 Trading days 12 9 1 - 2 1
Turnover Ratio (%) 340.62 288.89 7.29 - 9.47 4.37
190 14 CTP Price - High 100.7000 101.9000 100.0600 N/A 105.0000 104.5500
Date 29-Mar 11-Apr 27-Jul N/A 23-Jan 20-Apr
95 7
CTP Price - Low 100.0000 100.1800 100.0300 N/A 103.7500 103.7000
- - Date 01-Feb 30-May 27-Jul N/A 24-Jan 20-Apr
IBPA Fair Yield (%) 10.4723 9.5199 8.9635 8.5254 8.3615 9.7235
Mod. Duration (yrs) 2.166 1.952 1.746 1.549 1.346 1.131
107 12.0
Convexity (yrs) 5.568 4.632 3.729 2.959 2.260 1.630
105 11.0 Sensitivity (%) 0.022 0.020 0.017 0.015 0.013 0.011
103 10.0 This series will mature on 30 September 2019, had average turnover of 108.44% per
quarter and traded in 25 trading days during 2017 to Q2-2018 period. During the period,
101 9.0
average trading volume reached Rp148.83 billion per quarter with average frequency
about 12 transactions per quarter. The market price for this series observed through the
99 8.0
97 7.0
103.9131%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 593
MEDC02BCN2
ISIN CODE : IDA0000761B7 Oct-16 Sep-21


24 8
18 6 Trading days - - 1 - 1 -
Turnover Ratio (%) - - 3.42 - 14.27 -
Date N/A N/A 27-Jul N/A 07-Feb N/A
6 2
- - Date N/A N/A 27-Jul N/A 07-Feb N/A
IBPA Fair Yield (%) 10.0067 9.8310 9.2775 8.9993 9.1623 10.2491
Mod. Duration (yrs) 3.522 3.304 3.145 2.989 2.821 2.627
109 12.0
Convexity (yrs) 15.060 13.518 12.194 10.971 9.745 8.467
107 11.0 Sensitivity (%) 0.035 0.033 0.031 0.030 0.028 0.026
105 10.0 This series will mature on 30 September 2021, had average turnover of 2.95% per quarter
and traded only in 2 trading days during 2017 to Q2-2018 period. During the period, total
103 9.0
trading volume was Rp31 billion with total frequency was 7 transactions. The market price
for this series observed through the Centralized Trading Platform (CTP) was 104.8000% at
101 8.0
the lowest and peaked at 108.2000%. While the IBPA fair price for this series was between
101.6046% and 108.0428%.
99 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MEDC02ACN3


220 40
165 30 Trading days 1 11 4 2 - 1
Turnover Ratio (%) 9.76 409.76 61.79 43.90 - 3.25
110 20 CTP Price - High 100.0200 102.8750 102.8900 104.7200 N/A 98.0000
Date 05-Jan 20-Jun 03-Jul 12-Dec N/A 17-May
55 10
CTP Price - Low 100.0000 100.1000 102.6600 102.9900 N/A 98.0000
- - Date 05-Jan 16-Jun 30-Aug 07-Nov N/A 17-May
IBPA Fair Yield (%) 9.6979 9.5959 9.2182 8.6151 8.4998 9.8842
Mod. Duration (yrs) 2.336 2.171 1.964 1.769 1.565 1.350
106 12.0
Convexity (yrs) 6.486 5.589 4.592 3.742 2.953 2.226
104 11.0 Sensitivity (%) 0.023 0.022 0.020 0.018 0.016 0.013
and traded in 19 trading days during 2017 to Q2-2018 period. During the period, average
100 9.0
trading volume was Rp54.17 billion per quarter with average frequency about 11
98 8.0
96 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

594 Corporate Bonds
MEDC02BCN3


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 10.0363 9.8410 9.2981 9.0306 9.2147 10.2612
Mod. Duration (yrs) 3.648 3.523 3.364 3.209 3.040 2.845
110 12.0
Convexity (yrs) 16.265 15.069 13.676 12.385 11.082 9.716
107 11.0 Sensitivity (%) 0.036 0.035 0.034 0.032 0.030 0.028
104 10.0 This series was first listed on December, 22nd 2016 and will be matured on December,
21st 2021. This series has an outstanding amount of Rp5.00 billion with fixed coupon per
101 9.0
98 8.0
95 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MEDC02CCN3


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 10.2505 9.9174 9.5084 9.2969 9.5726 10.4393
Mod. Duration (yrs) 4.677 4.597 4.476 4.356 4.209 4.017
115 13.0
Convexity (yrs) 28.008 26.800 25.252 23.764 22.116 20.186
111 12.0 Sensitivity (%) 0.047 0.046 0.045 0.044 0.042 0.040
107 11.0 This series was first listed on December, 22nd 2016 and will be matured on December,
21st 2023. This series has an outstanding amount of Rp23.00 billion with fixed coupon
103 10.0
per annum at 11.80%. This series, throughout 2017 and the first half of 2018 period, was
not traded at all. Therefore there were no market prices for this series. While IBPA valued
99 9.0
the fair prices for this series were 99.5864% for the lowest and 112.6652% for the highest.
95 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 595
MEDC02ACN4
ISIN CODE : IDA0000798A1 Mar-17 Mar-18 Mar-19 Mar-20


800 36
600 27 Trading days - 15 5 15 3 6
Turnover Ratio (%) - 906.32 35.79 132.63 113.68 131.58
400 18 CTP Price - High N/A 101.4500 104.7200 106.1200 106.0500 103.6000
Date N/A 02-Jun 06-Sep 17-Oct 07-Feb 07-May
200 9
CTP Price - Low N/A 100.0000 99.5000 100.0000 100.0000 100.2800
- - Date N/A 02-Jun 13-Jul 04-Oct 23-Mar 14-May
IBPA Fair Yield (%) 10.8269 10.4168 8.5909 8.2741 8.6456 10.1329
Mod. Duration (yrs) 2.531 2.314 2.133 1.946 1.748 1.540
107 12.0
Convexity (yrs) 7.611 6.505 5.524 4.605 3.737 2.927
105 11.0 Sensitivity (%) 0.025 0.023 0.021 0.019 0.017 0.015
103 10.0 This series will mature on 30 March 2020, had average turnover of 220% per quarter and
traded in 44 trading days during 2017 to Q2-2018 period. During the period, average
101 9.0
trading volume reached Rp209 billion per quarter with average frequency about 20
99 8.0
97 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
ISIN CODE : IDA0000798B9 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 11.3069 9.8511 9.3233 9.0672 9.2731 10.2767
Mod. Duration (yrs) 3.777 3.603 3.454 3.307 3.145 2.953
109 13.0
Convexity (yrs) 17.585 16.218 14.829 13.528 12.195 10.769
107 12.0 Sensitivity (%) 0.038 0.036 0.035 0.033 0.031 0.030
105 11.0 This series was first listed on March, 31st 2017 and will be matured on March, 30th 2022.
103 10.0
101 9.0
99 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

596 Corporate Bonds
MEDC02CCN4
ISIN CODE : IDA0000798C7 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24


Volume Volume (Rp bn) 5.00 - - - 12.00 -
12 8
Frequency Frequency (X) 3 - - - 6 -
9 6 Trading days 1 - - - 1 -
Turnover Ratio (%) 285.71 - - - 685.71 -
6 4 CTP Price - High - N/A N/A N/A 112.4000 N/A
Date - N/A N/A N/A 05-Mar N/A
3 2
CTP Price - Low - N/A N/A N/A 111.0000 N/A
- - Date - N/A N/A N/A 05-Mar Pastikan
N/A Link Grafik sudah be
IBPA Fair Yield (%) 11.7661 9.9331 9.5415 9.3340 9.6134 Pastikan
Mod. Duration (yrs) 4.719 4.619 4.506 4.394 4.251 4.057
114 13.0
Convexity (yrs) 28.931 27.871 26.359 24.895 23.236 21.241
111 12.0 Sensitivity (%) 0.047 0.046 0.045 0.044 0.043 0.041
108 11.0 This bond series was first listed on 31 March 2017 and will be matured on 30 March 2024.
105 10.0
11.80%. Since this series listed to Q2-2018, total volume traded was 17 billion in only 2 of
102 9.0
99 8.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18


240 60
180 45 Trading days - 3 15 1 1 2
Turnover Ratio (%) - 105.38 408.16 178.11 89.05 118.74
120 30 CTP Price - High N/A 100.0000 103.0000 100.1200 104.8830 105.0500
Date N/A 21-Jun 28-Sep 15-Nov 14-Feb 04-Apr
60 15
CTP Price - Low N/A 100.0000 100.0000 100.0000 104.8630 104.2000
- - Date N/A 21-Jun 22-Aug 15-Nov 14-Feb 06-Apr
IBPA Fair Yield (%) - 10.8206 9.8221 8.7621 8.7422 Pastikan
Mod. Duration (yrs) - 2.509 2.322 2.143 1.948 Pastikan
107 12.0
Convexity (yrs) - 7.497 6.413 5.460 4.527 3.633
105 11.0 Sensitivity (%) - 0.025 0.023 0.021 0.019 0.017
103 10.0 This bond series was first listed on 15 June 2017 and will be matured on 14 June 2020.
This series has an outstanding amount of Rp269.50 billion with fixed coupon per annum
101 9.0
at 10.80%. Since this series listed to Q2-2018, total volume traded reached 606 billion in
22 of total trading days. The market prices for this series observed through the
99 8.0
97 7.0
104.9319%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 597
MEDC02CCN5


20 8
15 6 Trading days - 1 6 7 2 -
Turnover Ratio (%) - 1.06 9.02 7.43 10.62 -
10 4 CTP Price - High N/A - 104.0000 104.0000 109.6500 N/A
Date N/A - 29-Sep 18-Oct 05-Mar N/A
5 2
CTP Price - Low N/A - 100.0000 104.0000 106.0000 N/A
- - Date N/A - 20-Jul 18-Oct 05-Mar N/A
IBPA Fair Yield (%) - 11.2704 9.3432 9.0948 9.6277 10.2901
Mod. Duration (yrs) - 3.757 3.654 3.508 3.337 3.153
111 12.0
Convexity (yrs) - 17.425 16.302 14.942 13.496 12.037
108 11.0 Sensitivity (%) - 0.038 0.037 0.035 0.033 0.032
105 10.0 The bond code MEDC02CCN5 issued as much as Rp753.50 billion with interest rate of
11.30% per annum. This bond is effective from 15 June 2017 to 14 June 2022. During
102 9.0
99 8.0
96 7.0
yield at 8.8189 %.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MEDC02ACN6 Listing Date Maturity Date
ISIN CODE : IDA0000844A3 Sep-17 Apr-18 Nov-18 Jun-19 Jan-20 Aug-20 Mar-21


1400 28
1050 21 Trading days - - 2 9 - -
Turnover Ratio (%) - - 391.33 1485.78 - -
Date N/A N/A 29-Sep 03-Oct N/A N/A
350 7
- - Date N/A N/A 29-Sep 27-Nov N/A N/A
IBPA Fair Yield (%) - - 10.2672 10.0965 9.0257 10.2165
Mod. Duration (yrs) - - 2.905 2.733 2.565 2.363
107 12.0
Convexity (yrs) - - 10.032 8.850 7.774 6.607
105 11.0 Sensitivity (%) - - 0.029 0.027 0.026 0.024
103 10.0 This series was first listed on September, 29th 2017 and will be matured on March, 28th
101 9.0
annum at 10.30%. This series was traded in 11 trading days with 312.85% of average
quarterly turnover during this series listed to Q2-2018. Total trading volume throughout
99 8.0
the period reached Rp1.95 trillion and total trading frequency was 39 transactions. The
market prices for this series were 100.0300% at the lowest and 102.0200% at the highest.
97 7.0
IBPA valued the fair prices for this series were 99.3085% for the lowest and 104.5329% for
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
the highest.

598 Corporate Bonds
MEDC02BCN6


60 12
45 9 Trading days - - 1 2 1 2
Turnover Ratio (%) - - 2.64 132.01 52.81 55.45
30 6 CTP Price - High N/A N/A - 103.0000 107.0000 104.0000
Date N/A N/A - 20-Oct 28-Feb 06-Jun
15 3
CTP Price - Low N/A N/A - 99.9800 104.1500 100.0000
- - Date N/A N/A - 09-Oct 28-Feb 11-Apr
IBPA Fair Yield (%) - - 10.8258 9.1331 9.1407 10.1911
Mod. Duration (yrs) - - 3.821 3.724 3.568 3.372
108 12.0
Convexity (yrs) - - 17.883 16.796 15.356 13.725
106 11.0 Sensitivity (%) - - 0.038 0.037 0.036 0.034
104 10.0 This bond series was first listed on 29 September 2017 and will be matured on 28
September 2022. This series has an outstanding amount of Rp151.50 billion with fixed
102 9.0
coupon per annum at 10.80%. Since this series listed to Q2-2018, total volume traded was
92 billion in 6 of total trading days. The market prices for this series observed through the
100 8.0
98 7.0
107.3926%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MEDC03ACN1
ISIN CODE : IDA0000892A2 Apr-18 Nov-18 Jun-19 Jan-20 Aug-20 Mar-21


120 8
90 6 Trading days - - - - 1 5
Turnover Ratio (%) - - - - - 198.23
60 4 CTP Price - High N/A N/A N/A N/A - 100.0705
Date N/A N/A N/A N/A - 03-Apr
30 2
CTP Price - Low N/A N/A N/A N/A - 97.2836
- - Date N/A N/A N/A N/A - 15-May
IBPA Fair Yield (%) - - - - 8.7500 10.2060
Mod. Duration (yrs) - - - - 2.614 2.403
103 12.0
Convexity (yrs) - - - - 7.983 6.764
101 11.0 Sensitivity (%) - - - - 0.026 0.024
99 10.0 This series was first listed on 02 April 2018 and will be matured on 29 March 2021. This
series was issued with nominal amount of Rp282.50 billion with fixed interest rate per
97 9.0
was traded 9 times in 6 trading days. The average trading volume of this series during the
95 8.0
period was Rp25.83 billion per quarter and the average trading frequency was 2 times per
93 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 599
MEDC03BCN1
ISIN CODE : IDA0000892B0 Apr-18 Mar-23


12 36
9 27 Trading days - - - - - 6
Turnover Ratio (%) - - - - - 18.39
3 9
IBPA Fair Yield (%) - - - - 9.1500 10.3565
Mod. Duration (yrs) - - - - 3.977 3.768
103 12.0
Convexity (yrs) - - - - 18.954 17.057
101 11.0 Sensitivity (%) - - - - 0.040 0.038
97 9.0
95 8.0
93 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

600 Corporate Bonds
MEDC02ACN1 14 24 19.0%
MEDC02BCN1 0.7%
MEDC02ACN2 468 397 10 159.2%
MEDC02BCN2 0.9%
MEDC02ACN3 252 3827 131.3%
MEDC02BCN3
MEDC02CCN3
MEDC02ACN4 861 34 126 268.7%
MEDC02BCN4
MEDC02CCN4 71.4%
MEDC02BCN5 71 275 120 172.9%
MEDC02CCN5 17 4.4%
MEDC02ACN6 406 1,542 469.3%
MEDC02BCN6 150 33.7%
- 250 500 750 1,000 1,250 1,500 1,750 2,000

Corporate Bonds 601

PT Medco Energi Internasional Tbk. (MEDC) is an No. Company Total Revenue Net Profit Revenue
integrated energy company engaging in oil and gas (Rp Bill) Margins (%) Growth (%)
exploration and production (E&P), downstream oil 1. PT Medco Energi Internasional Tbk. 12,541 14.2 55.5
and gas activities, power generation and drilling 2. PT Aneka Gas Industri Tbk. 1,838 5.3 11.3
services. MEDC operates areas around the world from
Southeast Asia to the Middle East to North Africa and
the United States of America. MEDC began with
drilling services in 1980 as Indonesia's first private Financial Statement as of Fiscal Year 2017
sector drilling contractor. In October 2017, the
Company acquired a further 77.68% interest in PT Historical Corporate Ratings
Saratoga Power, increasing its effective interest in No. Rating Agency Rating Rating Status Rating Date Outlook
Medco Power Indonesia (MPI) from 49.00% to
88.62%. 1. Pefindo idA+ Affirmed 31-Jan-18 Stable
2. Pefindo idA+ Affirmed 8-Nov-17 Stable*
3. Pefindo idA+ Affirmed 3-Nov-16 Negative**
As of December 31, 2017, MEDC’s shareholders
4. Pefindo idA+ Affirmed 26-Apr-16 Negative***
consisted of Encore Energy Pte. Ltd. (26.85%), Clio
5. Pefindo idA+ Down graded 12-Oct-15 Stable
Capital Ventures Pte. Ltd. (15.59%), Diamond Bridge
Pte. Ltd. (10.01%), PT Medco Daya Abadi Lestari
SWOT Analysis
(19.69%), and Public (30.86%).
- Optimal diversified assets - Moderate cash flow protection
- Competitive lifting cost measures
- Reliable downstream business - High capital requirements for
business expansion
Financial Analysis
In 2017, the Company’s total sales and other
operating revenues increased by 56.88% from Rp7.97
trillion in 2016 to Rp12.51 trillion. The increase was
driven by higher production, resulting in higher oil O pportunities T hreats
and gas sales volume following the acquisition of the
South Natuna Sea Block B in November 2016, higher - Recovery in oil prices - Tight competition on E&P business
gas sales volume from the Senoro-Toili gas field - Opportunities on renewable energy - Operating risk related to
together with improved oil and gas prices. In 2017, sector exploration activities
the Company recorded a total net profit of Rp1.78 - Rising target of crude oil
trillion, or decreased 29.53% from previous year. The production from government
decreasing profit year-on-year was due to a number - Potential reserve from
of factors. In 2017, the net gain of bargain purchase underdeveloped fields
from acquisition and impairment reversals was lower
than the net gain of bargain purchase and
impairment expense in 2016. In addition, during
2017, there were several non-recurring expenses in
PT Amman Mineral Nusa Tenggara (AMNT). Also the
Company’s effective tax rate in 2017 was higher than
*Revised outlook from negative to stable was driven by the Company's corporate actions and
2016 due to Indonesian regulatory changes. As of
initiatives on deleveraging its aggresive capital structure
December 31, 2017, total liabilities of the Company **Pefindo maintained the negative outlook to anticipate more aggressive capital structure and
increased by 38.85% to Rp50.79 trillion from Rp36.58 cash flow protection measuries with increasing debt
trillion in 2016. Most of the increase was due to the ***The revised in rating outlook to anticipate the MEDC’s more aggressive capital structure and
consolidation of MPI in 2017, and the issue of a USD cash flow protection measures on a sustainable basis
global bond.

602 Corporate Bonds
idAAA
MLJK PT Marga Lingkar Jakarta Stable
Sector : Infrastructure, Utilities And Transportation JORR W2 Utara - Plaza Tol Meruya
Sub Sector : Toll Road, Airport, Harbor And Allied Products Jln. Raya Meruya Utara No. 1
Website : www.margalingkarjakarta.com Jakarta Barat 11620
Corporate Sec. : Sri Nugroho Phone : (021) 589-08462
Email Corporate Sec. : margalingkarjakarta@mlj-tollroad.co.id Fax : (021) 589-08447
PT Marga Lingkar Jakarta, incorporated in FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
August 24, 2009 is a subsidiary of PT Jasa Marga Dec-2016 Dec-2017 Chg %
BALANCE SHEETS
(Persero) Tbk and PT. Jakarta Marga Jaya,
Cash & Cash Equivalents 51,460 189,057 267.38 
engaging in toll road concession of Jakarta
Outer Ring Road (JORR) W2 North (Ulujami – Receivables 47,024 24,090 -48.77 
Kebon Jeruk), including financing, technical Inventories - - - 
planning, construction, toll road operation and maintenance, as well Current Assets 159,058 213,977 34.53 
as other business pursuant to prevailing laws and regulations.
Property, Plant and Equipment 25,023 35,222 40.76 
The toll road was start full operation in 2014, and today, JORR W2 Total Assets 2,015,503 2,132,478 5.80 
North become one of the most important toll section in Jakarta. Current Liabilities 168,451 109,917 -34.75 
Interest Bearing liabilities 1,412,103 1,493,582 5.77 
BOARD OF COMMISSIONERS Total Liabilities 1,456,094 1,627,950 11.80 
1. Lim Lay Ming Authorized Capital (Mil. Sh) 656 656 - 
2. Frans Satyaki Sunito Authorized Capital 655,727 655,727 - 
3. Yusid Toyib Paid up Capital 655,727 655,727 - 
*) Independent Commissioner Paid up Capital (Mil. Sh) 656 656 - 
Par Value (Rp) 1,000 1,000 - 
BOARD OF DIRECTORS Retained Earnings -96,388 -151,652 -57.33 
1. Raden Kristianto Total Equity …*) 559,410 504,528 -9.81 
2. Sri Nugroho Non Controlling Interest - - - 
Total Equity 559,410 504,528 -9.81 
AUDIT COMMITTEE
1. Yusid Toyib INCOME STATEMENTS
2. Bambang Sulistiyo Total Revenues 337,291 276,533 -18.01 
3. Tri Riyaningsih Gross Profit 221,775 143,533 -35.28 
Interest Expenses 156,715 133,957 -14.52 
Total Operating Expenses -17,833 -21,096 -18.30 
Operating Profit 169,959 248,421 46.17 
Earning Before Tax 48,418 -7,956 N/A 
EBITDA 285,718 215,261 -24.66 
Income for the periods 65,885 -55,264 N/A 
Comprehensive Income 65,775 -54,882 N/A 
Net Income … *) 65,775 -54,882 N/A 
FINANCIAL RATIOS
DER (X) 2.52 2.96 17.28 
ROA (%) 3.27 -2.59 N/A 
NPM (%) 19.53 -19.98 N/A 
EBITDA Coverage (X) 1.82 1.61 -11.86 
SHAREHOLDERS
1. PT Jasa Marga (Persero) Tbk. 65.00%
2. PT Jakarta Marga Jaya 35.00%

Corporate Bonds 603
AS OF JUNE 2018
Coupon Coupon
08-Aug-18
Obligasi I Marga
MLJK01A 7.45% 08-Nov-18 PT Bank Mega idAAA(sf)
1. Lingkar Jakarta 200,000 09-Nov-17 08-Nov-20 3
IDA0000862A5 08-Feb-19 Tbk. N/A
Tahun 2017 Seri A
Quarterly 08-May-19
08-Aug-18
Obligasi I Marga
MLJK01B 7.75% 08-Nov-18 PT Bank Mega idAAA(sf)
IDA0000862B3 08-Feb-19 Tbk. N/A
Tahun 2017 Seri B
Quarterly 08-May-19
08-Aug-18
Obligasi I Marga
MLJK01C 8.30% 08-Nov-18 PT Bank Mega idAAA(sf)
IDA0000862C1 08-Feb-19 Tbk. N/A
Tahun 2017 Seri C
Quarterly 08-May-19
08-Aug-18
Obligasi I Marga
MLJK01D 8.70% 08-Nov-18 PT Bank Mega idAAA(sf)
IDA0000862D9 08-Feb-19 Tbk. N/A
Tahun 2017 Seri D
Quarterly 08-May-19
08-Aug-18
Obligasi I Marga
MLJK01E 8.85% 08-Nov-18 PT Bank Mega idAAA(sf)
IDA0000862E7 08-Feb-19 Tbk. N/A
Tahun 2017 Seri E
Quarterly 08-May-19
TRADING HIGHLIGHT
MLJK01A


28 4
21 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 60.00 - -
7 1
IBPA Fair Yield (%) - - - 7.3630 7.4408 8.6808
Mod. Duration (yrs) - - - 2.528 2.327 2.111
103 11.0
Convexity (yrs) - - - 7.468 6.339 5.242
101 10.0 Sensitivity (%) - - - 0.025 0.023 0.021
99 9.0 This series was first listed in 09 November 2017 and will be matured in 08 November 2020.
97 8.0
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

604 Corporate Bonds
MLJK01B Listing Date Maturity Date


60 4
45 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 129.03 - -
15 1
IBPA Fair Yield (%) - - - 7.6536 7.8673 8.7855
Mod. Duration (yrs) - - - 3.976 3.800 3.593
103 11.0
Convexity (yrs) - - - 18.759 17.094 15.301
101 10.0 Sensitivity (%) - - - 0.040 0.038 0.036
97 8.0
95 7.0
during the period was Rp11.67 billion per quarter. While the IBPA fair prices for this series
were ranging from 94.4542 to 101.4945. At the same period, the fair yield for this series
93 6.0
was in the range of 7.3770% to 9.3111%
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MLJK01C
ISIN CODE : IDA0000862C1 Nov-17 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22 Nov-23 Nov-24


60 12
45 9 Trading days - - - 1 4 4
Turnover Ratio (%) - - - 26.76 90.17 69.70
15 3
IBPA Fair Yield (%) - - - 7.8999 8.1760 9.0365
Mod. Duration (yrs) - - - 5.155 4.997 4.782
109 11.0
Convexity (yrs) - - - 32.733 30.679 28.210
106 10.0 Sensitivity (%) - - - 0.052 0.050 0.048
103 9.0 This series was listed since 09 November 2017 with nominal value of Rp299.00 billion with
100 8.0
97 7.0
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 605
MLJK01D
ISIN CODE : IDA0000862D9 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Nov-27


8 4
6 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 6.25 - -
2 1
IBPA Fair Yield (%) - - - 8.2957 8.5498 9.4052
Mod. Duration (yrs) - - - 6.549 6.408 6.154
107 11.0
Convexity (yrs) - - - 56.151 53.684 49.951
104 10.0 Sensitivity (%) - - - 0.066 0.064 0.062
101 9.0 This series was first listed in 09 November 2017 and will be matured in 08 November 2027.
98 8.0
95 7.0
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MLJK01E
ISIN CODE : IDA0000862E7 Nov-17 Nov-19 Nov-21 Nov-23 Nov-25 Nov-27 Nov-29


16 4
12 3 Trading days - - - 1 1 -
Turnover Ratio (%) - - - 14.66 1.72 -
8 2 CTP Price - High N/A N/A N/A - 100.0000 N/A
Date N/A N/A N/A - 17-Jan N/A
4 1
CTP Price - Low N/A N/A N/A - 100.0000 N/A
- - Date N/A N/A N/A - 17-Jan N/A
IBPA Fair Yield (%) - - - 8.5359 8.7284 9.5454
Mod. Duration (yrs) - - - 7.269 7.143 6.849
107 12.0
Convexity (yrs) - - - 72.027 69.458 64.653
104 11.0 Sensitivity (%) - - - 0.073 0.071 0.069
98 9.0
95 8.0
92 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

606 Corporate Bonds

MLJK01A 30 15.0%
MLJK01B 70 32.3%
MLJK01C 20 6.7%
MLJK01D 5 1.6%
MLJK01E 17 3.7%
- 50 100 150 200 250 300 350 400 450 500

Corporate Bonds 607

PT Marga Lingkar Jakarta, established in August 24, No. Company Total Revenue Net Profit Revenue
2009, is a subsidiary of PT Jasa Marga (Persero) Tbk. (Rp Bill) Margins (%) Growth (%)
engaging in toll road concession of JORR W2 North 1. PT Jasa Marga (Persero) Tbk. 35,092 6.0 110.6
Toll Road (Ulujami – Kebon Jeruk), including 2. PT Angkasa Pura II (Persero) 8,110 24.8 22.0
financing, technical planning, construction, toll road 3. PT Angkasa Pura I (Persero) 7,194 19.7 17.2
operation and maintenance, as well as other business 4. PT Pelabuhan Indonesia I (Persero) 2,751 29.3 14.2
pursuant to prevailing laws and regulations. 5. PT Marga Lingkar Jakarta 277 (20.0) (18.0)
Throughout 2017, the Company conducted several Financial Statement as of Fiscal Year 2017
activities realted to JORR W2 North Toll Road project,
such as repaired existing damages and improved Historical Corporate Ratings
asphalt quality of JORR W2 North Toll Road, and No. Rating Agency Rating Rating Status Rating Date Outlook
operation of 28 Automatic Transaction Gate (GTO) to
implement 100% non-cash transaction in all toll gate 1. Pefindo idAAA Assigned 19-Oct-17 Stable
in JORR W2 North Toll Road.
As of December 31, 2017, Marga Lingkar Jakarta

shareholders consisted of PT Jasa Marga (Persero)
Tbk. (65.0%) and PT Jakarta Marga Jaya (35.0%).
SWOT Analysis
- Have strong EBITDA margin - High financial leverage
- Have the strong transaction - Have the lowest total revenue than
structures of the bond its peers
- Have the highest profit margin
than its peers
Financial Analysis
In 2017, the Company booked a net loss and a
comprehensive net loss amounting to Rp55.26 billion
or decreased by 183.88% compared to 2016 that
profit Rp65.88 billion. The decrease was due to merge O pportunities T hreats
of documentation of toll Income in 2016 which stood
at Rp263.91 billion and the 2015 toll Income of - The project's good economy of - Volatility of toll road traffic volume
Rp72.64 billion. In 2017, the Company booked total service area as part of JORR toll road - Toll tariff adjusment for every two
assets of Rp2.13 trillion. The amount increased by - Government programs to enhance years based on the infaltion value
5.80% or equal to Rp116.97 billion if compared to the infrastructure in Indonesia
assets in 2016 of Rp2.02 trillion. The increase was - Higher traffic volumes and regular
driven by the appropriated fund, cash, and cash tariff adjustments
equivalents which stood at Rp189.06 billion from
RpRp51.46 billion in 2016. Meanwhile, Total liabilities
in 2017 amounted to Rp1.63 trillion. This amount
increased by 11.80% compared to the amount in
2016 which was amounting to Rp1.46 trillion. This
increase was due to bonds payable amounted to at
Rp1.49 trillion.

608 Corporate Bonds
idA
MORA PT Mora Telematika Indonesia Stable
Sector : Infrastructure, Utilities And Transportation Grha 9, 6th Floor
Sub Sector : Telecommunication Jln. Panataran no. 9 Proklamasi
Website : www.moratelindo.co.id Jakarta Pusat 10320
Corporate Sec. : Henry R. Rumopa Phone : (021) 3199-8600
Email Corporate Sec. : corsec@moratelindo.co.id Fax : (021) 314-2882
A. LINES OF BUSINESS FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated

Currently, the Company’s main lines of BALANCE SHEETS Dec-2016 Dec-2017 Chg %
business are internet services, data centers, Cash & Cash Equivalents 88,029 1,012,642 1,050.35 p
and lease of domestic and international interconnection networks.
Receivables 174,652 226,688 29.79 p
B. Achievement Inventories - - - 
The Company’s journey of more than fifteen years has made it the
Current Assets 334,923 1,877,901 460.70 p
leading telecommunication infrastructure provider in Indonesia.
This outstanding performance prompted the Government of Property, Plant and Equipment 1,327,890 1,595,161 20.13 p
Indonesia to entrust the Company with a role in the national Total Assets 2,072,305 6,486,608 213.01 p
strategic projects of the Palapa Ring West Package and the East Current Liabilities 462,183 530,998 14.89 p
Palapa Ring in 2016. Completing its milestones, the Company re- Interest Bearing liabilities 673,670 4,105,568 509.43 p
invented itself at the end of 2016 by entering the FTTx market, and Total Liabilities 1,248,413 4,765,303 281.71 p
expanding its retail sector through its “Oxygen.id” brand and
launched the “Oxygenhome” brand for the retail market (FTTH).
One of the Company’s greatest achievements last year was the
Paid up Capital 298,750 298,750 - 
successful initial bond listing on December 7 2017, on the
Indonesia Stock Exchange (IDX). In 2017, the Company successfully Paid up Capital (Mil. Sh) 1 1 - 
recorded net profit growth of up to 10 times to Rp103 billion Par Value (Rp) 100,000 & 809,349 100,000 & 809,349 - 
compared to 2016 amounting to Rp10 billion. Retained Earnings 312,998 462,549 47.78 p
C. Strategic Planning Total Equity …*) 820,255 1,734,065 111.41 p
The Company’s business strategy generally focuses on developing Non Controlling Interest 3,637 -12,759 N/A q
new backbone network infrastructure to strengthen domestic and Total Equity 823,892 1,721,306 108.92 p
international backbone networks.
In addition, the Company has a strategy to maintain installed INCOME STATEMENTS
network capacity to fit the market needs by providing backup so
Total Revenues 1,128,373 2,659,825 135.72 p
that each backbone network can be maintained in the case of
Gross Profit 384,955 531,613 38.10 p
damage or an interferences. This achievable through designing
and maintaining optimum network capacity. The Company also Interest Expenses 53,989 154,251 185.71 p
has a strategy relating to the area where the fiber optic backbone Total Operating Expenses 214,996 283,192 31.72 p
network is installed. The Company’s operational areas are densely Operating Profit 169,959 248,421 46.17 p
populated with high levels of activity. Earning Before Tax 41,636 105,775 154.05 p
Based on the retail segment, the Company penetrates residential EBITDA 291,450 380,376 30.51 p
areas. The Company focuses on areas with an existing fiber optic Income for the periods 10,249 102,801 903.02 p
cable backbone network. To reach the retail segment, the
Company is currently conducting promotional activities in the
media, such as radio, magazines, social media, online media Net Income … *) 11,014 119,190 982.17 p
(Google ads) and others. The Company also offers sale promotions
by providing bundling packages with cable TV, promo rates for FINANCIAL RATIOS
annual subscriptions, and other add-ons. To further enhance DER (X) 0.82 2.39 191.70 pLink Grafik sudah be
Pastikan
product awareness, the Company also participates in technology ROA (%) 0.49 1.58 220.44 p
expos organized by both private and government parties
NPM (%) 0.91 3.86 325.51 pLink Grafik sudah be
Pastikan
D. Qualities of the Company : EBITDA Coverage (X) 5.40 2.47 -54.32 q
1. The largest company in Indonesia that provides a fiber optic
backbone network.The operator of the second longest fiber
optic network in Indonesia.
2. The Company possesses an integrated backbone network of 3. The Company performs regular network maintenance, which is
landline and marine cable extending from Denpasar-Java- supported by the provision of backup infrastructure thatenables
Sumatra, to Singapore and Malacca, where currently the the Company to take immediate action in the event of any
network development in Riau Islands and Singkawang area service interruption.The Company employs the latest
through subsidiary of PT Palapa Ring Barat has been technology including DWDM, Metro-E and GPON. This has
completed and network development in the areas of East positioned the Company at par with the world’s leading
Nusa Tenggara, Western Southeast Maluku, Southwest companies in terms of utilizing the best technology to maximize
Maluku to Papua and West Papua, is being done through its its operational activities.
subsidiary PT Palapa Timur Telematika, while in the area of 4. The Company possesses large market capacity, which enables it
Denpasar and West Nusa Tenggara is being developed by the to offer competitive pricing to its customers.
Company. This advantage enables the Company to provide 5. The Company provides stable internet services with a fiber optic
stable internet services with high data transfer rates. cable support for the retail (home) and enterprise segments.

Corporate Bonds 609

1. Indra Nathan Kusnadi 1. PT Candrakarya Multikreasi (Class B) 57.50%
2. Kanaka Puradiredja * 2. PT Gema Lintas Benua (Class A) 42.50%
3. Karim Panjaitan
1. Kanaka Puradiredja
BOARD OF DIRECTORS 2. Mulyadi
1. Galumbang Menak 3. Nenden Purwitasari
2. Jimmy Kadir
3. Yopie Widjaja
AS OF JUNE 2018
Coupon Coupon
06-Sep-18
Obligasi I
MORA01A 9.90% 06-Dec-18 PT Bank Mega idA
1. Moratelindo Tahun 540,000 07-Dec-17 06-Dec-20 3
2017 Seri A
Quarterly 06-Jun-19
06-Sep-18
Obligasi I
MORA01B 10.50% 06-Dec-18 PT Bank Mega idA
2. Moratelindo Tahun 460,000 07-Dec-17 06-Dec-22 5
2017 Seri B
Quarterly 06-Jun-19
TRADING HIGHLIGHT
MORA01A


800 36
600 27 Trading days - - - 6 6 5
Turnover Ratio (%) - - - 645.19 454.07 97.78
200 9
IBPA Fair Yield (%) - - - 9.7116 9.8037 9.5921
Mod. Duration (yrs) - - - 2.508 2.321 2.129
103 12.0
Convexity (yrs) - - - 7.460 6.385 5.380
102 11.0 Sensitivity (%) - - - 0.025 0.023 0.021
100 9.0
99 8.0
during the period was Rp269.33 billion per quarter and the average trading frequency
was 11 times per quarter. During the period, this series was traded at its market prices
98 7.0
ranging from 100.0000 to 101.6700 that were observed through IDX Centralized Trading
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
Platform (CTP). While the IBPA fair prices for this series were ranging from 99.4962 to
l CTP Highest Price l CTP Lowest Price l Highest Price = Lowest Price 101.7699. At the same period, the fair yield for this series was in the range of 9.1397% to
 IBPA Fair Price  YTM 10.1267%

610 Corporate Bonds
MORA01B Listing Date Maturity Date


340 4
255 3 Trading days - - - 1 - -
Turnover Ratio (%) - - - 347.83 - -
85 1
IBPA Fair Yield (%) - - - 10.3723 9.5015 10.3944
Mod. Duration (yrs) - - - 3.794 3.670 3.477
107 13.0
Convexity (yrs) - - - 17.633 16.367 14.705
105 12.0 Sensitivity (%) - - - 0.038 0.037 0.035
101 10.0
99 9.0
during the period was Rp66.67 billion per quarter. While the IBPA fair prices for this series
were ranging from 98.5273 to 105.2783. At the same period, the fair yield for this series
97 8.0
was in the range of 9.1335% to 10.9214%
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MORA01A 871 161.3%
MORA01B 400 87.0%
- 100 200 300 400 500 600 700 800 900

Corporate Bonds 611
PT Mora Telematika Indonesia (Moratelindo), No. Company Total Revenue Net Profit Revenue
established in 2010, is the largest independent (Rp Bill) Margins (%) Growth (%)
provider of wholesale telecommunications network in 1. PT Telkom Indonesia (Persero) Tbk. 128,256 25.5 10.2
Indonesia. Originated as an internet service and phone 2. PT Indosat Tbk. 29,926 4.4 2.5
card provider, the Company transformed to a 3. PT XL Axiata Tbk. 22,876 1.6 7.2
telecommunication infrastructure provider with the 4. PT Profesional Telekomunikasi Indonesia 5,338 39.5 5.6
construction of 7.5 km fiber optic network in Java in 5. PT Mora Telematika Indonesia 2,660 3.9 135.7
2007. In 2008, the Company opened an international Financial Statement as of Fiscal Year 2017
office in Singapore and built the Moratelindo
International Cable - System One (MIC -1) marine Historical Corporate Ratings
cable connecting Jakarta and Singapore. Along with a
growing trust in the Company, the Government of
Singapore subsequently granted it the Facilities-Based 1. Pefindo idA Affirmed 24-May-18 Stable
Operations (FBO) license in 2010 as a gateway for 2. Pefindo idA Assigned 1-Nov-17 Stable
international leased line services. From 2010 to 2012,
the Company completed the construction of a 1,000
km international submarine backbone for Jakarta,
Bangka, Bintan, Batam and Singapore (B3JS), and over
400 km for Batam-Dumai-Malaka (BDM). In 2014, the SWOT Analysis
Company constructed metro-e infrastructure in 21
cities in Indonesia and as a result, the total length of
the network owned by the Company reached 9,700
km. Currently the Company is the second longest fiber
- Strong market position as a fiber - Increasing financial leverage
optic network operator in Indonesia with a total of
optic backbone provider - Weakening cash flow protection
30.018 km of fiber optic cables stretching from Java
- Diversified customers and services measures
and Sumatra to Singapore.
- Supported by a fiber optic network - Sizeable capex
spread across Java, Bali, Sumatera,
As of December 31, 2017, Moratelindo shareholders
and Singapore
consisted of PT Gema Lintas Benua (42.50%) and PT
Candrakarya Multikreasi (57.50%).
Financial Analysis
In 2017, the Company booked Rp2.66 trillion of total
revenue, or grew 135.72% from previous year. This was
mainly due to an increase in internet-generated
revenue in the telecommunication segment and the
recognition of concession revenue the Palapa ring
western and eastern projects. In line with that, the - The significantly growth of the - The occurrence of barriers of the
Company’s direct expenses in 2017 also recorded an telecommunication industry business licensing aspect
increase at 186.27% to Rp2.13 trillion. While the - The overall internet penetration in - Intense competition within the
Company’s operating expenses increased by 31.72% to Indonesia is still quite low telecommunications industry
Rp283.19 billion due to the Company’s expansion of
the retail market segment area for internet product
services. Nevertheless, the Company managed to
record a net profit of Rp102.80 billion in 2017, or
increased significantly by 903.02% from Rp10.25 billion
in 2016. This was due to an increase in non-
telecommunication sales, and the recognition of the
concession revenue of the Palapa Ring West and East
projects according to the implementation of ISAK 16
and the increasing sale in telecommunication
networks. The Company’s total assets as of December
31, 2017, also rose 213.01% to Rp6.49 trillion driven by
the increase in concession receivables and long-term
advances associated with the Palapa Ring western and
eastern projects.

612 Corporate Bonds
idAA
MYOR PT Mayora Indah Tbk. Stable
Sector : Consumer Goods Industry
Sub Sector : Food And Beverages Jln. Tomang Raya No. 21 - 23
Website : www.mayora.com; mayoraindah.co.id Jakarta
Corporate Sec. : Andi Laurus Phone : (021) 565-5311
Email Corporate Sec. : Hermawan@mayora.co.id; yuni@mayora.co.id Fax : (021) 565-5323
PT Mayora Indah Tbk. has been progressively FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
transformed from a humble home biscuit industry BALANCE SHEETS Dec-2016 Dec-2017 Chg %
into one of the biggest Fast Moving Consumer
Cash & Cash Equivalents 1,543,129 2,201,859 42.69 
Goods Companies. Mayora became a public listed
Receivables 4,388,399 6,102,729 39.07 
company in 1990, by listing its share on Jakarta
Stock Exchange, and hroughout the following Inventories 2,123,676 1,825,267 -14.05 
years, MAYORA Group continues its rapid expansion to become an Current Assets 8,739,783 10,674,200 22.13 
ASEAN based Company, by establishing production facilities and Property, Plant and Equipment 3,859,420 3,968,757 2.83 
marketing offices in several South East Asia countries. Total Assets 12,922,422 14,915,850 15.43 
Currently, Mayora products are sold in many countries around the Current Liabilities 3,884,051 4,473,628 15.18 
world. Supported not only by modern logistic and warehouse Interest Bearing liabilities 4,075,722 4,653,981 14.19 
management system, but also powered by strong distribution Total Liabilities 6,657,166 7,561,503 13.58 
network, Mayora has maintained its product availability in the market. Authorized Capital (Mil. Sh) 3,000 75,000 2,400.00 
As of today, PT Mayora Indah Tbk. has 6 (six) divisions which Authorized Capital 1,500,000 1,500,000 - 
producing defferent yet integrated product, namely: Paid up Capital 447,174 447,174 - 
 Biscuit: Roma, Danisa, Better, Slai O Lai. Paid up Capital (Mil. Sh) 894 22,359 2,400.00 
 Confectionery: Kopiko, Kopiko, Milko, Kis, Tamarin. Par Value (Rp) 500 20 -96.00 
 Waffer: Beng Beng, Astor, Roma Wafer Coklat, Roma, Zuperrr
Retained Earnings 5,675,490 6,743,646 18.82 
Keju.
 Chocolate: Choki-choki. Total Equity …*) 6,121,490 7,186,070 17.39 
 Coffee: Torabika Duo, Torabika Duo Susu, Torabika Moka, Non Controlling Interest 143,766 168,277 17.05 
Torabika 3 in One, Torabika Cappuccino, Kopiko Brown Coffee. Total Equity 6,265,256 7,354,346 17.38 
 Health Food: Energen Cereal, Energen Oatmilk, Energen Go Fruit
INCOME STATEMENTS
BOARD OF COMMISSIONERS Total Revenues 18,349,960 20,816,674 13.44 
1. Jogi Hendra Atmadja Gross Profit 4,900,422 4,975,055 1.52 
2. Anton Hartono * Interest Expenses 356,714 386,922 8.47 
3. Gunawan Atmadja Total Operating Expenses 2,585,180 2,514,495 -2.73 
4. Hermawan Lesmana Operating Profit 2,315,242 2,460,559 6.28 
5. Suryanto Gunawan * Earning Before Tax 1,845,683 2,186,885 18.49 
*) Independent Commissioner EBITDA 2,717,077 3,113,251 14.58 
Income for the periods 1,388,676 1,630,954 17.45 
BOARD OF DIRECTORS Comprehensive Income 1,345,717 1,570,140 16.68 
1. Andre Sukendra Atmadja Net Income … *) 1,354,950 1,594,441 17.68 
2. Hendarta Atmadja
3. Hendrik Polisar FINANCIAL RATIOS
4. Mulyono Nurlimo DER (X) 0.65 0.63 -2.72 
5. Wardhana Atmadja ROA (%) 10.75 10.93 1.75 
NPM (%) 7.57 7.83 3.53 
AUDIT COMMITTEE EBITDA Coverage (X) 7.62 8.05 5.64 
1. Suryanto Gunawan *) … attributable to owners of the parent entity
2. Antonius Wirawan
3. Budiono Djuandi SHAREHOLDERS
1. PT Unita Branindo 32.93%
2. PT Mayora Dhana Utama 26.14%
3. Jogi Hendra Atmadja 25.22%
4. Public 15.71%

Corporate Bonds 613
AS OF JUNE 2018
Coupon Coupon
09-Aug-18
MYOR04 Obligasi IV Mayora 8.50% 09-Nov-18 PT Bank CIMB idAA
1. 750,000 10-May-12 09-May-19 7
IDA000051700 Indah Tahun 2012 09-Feb-19 Niaga Tbk. Stable
Quarterly 09-May-19
Obligasi 04-Aug-18
MYOR01CN1 Berkelanjutan I 9.25% 04-Nov-18 PT Bank idAA
2. 500,000 27-Feb-17 04-Feb-20 5
IDA000079404 Mayora Indah 04-Feb-19 Permata Tbk. Stable
Tahap I Tahun 2017 Quarterly 04-May-19
Obligasi 21-Sep-18
MYOR01CN2 Berkelanjutan I 8.25% 21-Dec-18 PT Bank idAA
3. 550,000 22-Dec-17 21-Dec-22 5
IDA000087506 Mayora Indah Tahap 21-Mar-19 Permata Tbk. Stable
II Tahun 2017 Quarterly 21-Jun-19
Obligasi 24-Jul-18
MYOR01CN3 Berkelanjutan I 8.15% 24-Oct-18 PT Bank idAA
4. 500,000 25-Apr-18 24-Apr-23 5
IDA000089809 Mayora Indah Tahap 24-Jan-19 Permata Tbk. Stable
III Tahun 2018 Quarterly 24-Apr-19
TRADING HIGHLIGHT
MYOR04
ISIN CODE : IDA000051700 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19


160 40
120 30 Trading days 6 6 5 8 9 16
Turnover Ratio (%) 38.40 65.60 30.93 46.93 86.40 100.37
80 20 CTP Price - High 100.1500 100.2500 101.2500 101.9700 102.8800 102.7200
Date 16-Mar 05-Apr 19-Sep 12-Dec 22-Feb 27-Apr
40 10
CTP Price - Low 97.9331 99.0105 73.6400 73.6700 100.0000 100.2090
- - Date 30-Jan 13-Jun 29-Sep 02-Oct 31-Jan 13-Apr
IBPA Fair Yield (%) 9.0106 8.5693 8.0041 6.9121 6.4375 7.4463
Mod. Duration (yrs) 1.884 1.701 1.477 1.264 1.044 0.815
105 10.0
Convexity (yrs) 4.224 3.462 2.642 1.971 1.381 0.882
98 9.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.010 0.008
84 7.0
77 6.0
70 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

614 Corporate Bonds
MYOR01CN1 Listing Date Maturity Date
ISIN CODE : IDA000079404 Feb-17 Feb-18 Feb-19 Feb-20


260 8
195 6 Trading days 1 2 2 1 1 1
Turnover Ratio (%) 1.60 249.60 27.20 16.00 4.80 89.60
130 4 CTP Price - High - 100.0000 103.4100 100.0200 104.4100 100.0000
Date - 24-May 11-Sep 05-Dec 15-Jan 09-May
65 2
CTP Price - Low - 100.0000 100.0000 100.0000 104.3900 100.0000
- - Date - 24-May 26-Sep 05-Dec 15-Jan 09-May
IBPA Fair Yield (%) 8.8035 9.1752 8.4915 8.1536 8.4146 9.3599
Mod. Duration (yrs) 3.881 3.732 3.571 3.411 3.233 3.033
107 11.0
Convexity (yrs) 18.175 16.743 15.255 13.859 12.429 10.946
105 10.0 Sensitivity (%) 0.039 0.037 0.036 0.034 0.032 0.030
101 8.0
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
MYOR01CN2


140 20
105 15 Trading days - - - 2 5 2
Turnover Ratio (%) - - - 12.36 109.82 29.09
35 5
- - Date N/A N/A N/A 22-Dec 23-Mar 18-Apr
IBPA Fair Yield (%) - - - 8.2052 8.6350 9.5066
Mod. Duration (yrs) - - - 4.043 3.865 3.662
103 11.0
Convexity (yrs) - - - 19.382 17.677 15.883
101 10.0 Sensitivity (%) - - - 0.040 0.039 0.037
97 8.0
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 615
MYOR01CN3
ISIN CODE : IDA000089809 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23


200 16
150 12 Trading days - - - - - 9
Turnover Ratio (%) - - - - - 191.20
50 4
IBPA Fair Yield (%) - - - - - 9.0363
103 11.0
Convexity (yrs) - - - - - 17.941
101 10.0 Sensitivity (%) - - - - - 0.039
97 8.0
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

MYOR04 72 123 58 88 45.5%
MYOR01CN1 2 312 3420 73.6%
MYOR01CN2 17
MYOR01CN3
- 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500

616 Corporate Bonds

PT Mayora Indah Tbk. (MYOR), established in 1977, is No. Company Total Revenue Net Profit Revenue
one of the "Fast Moving Consumer Goods (Rp Bill) Margins (%) Growth (%)
Companies" in Indonesia. PT Mayora Indah Tbk. and 1. PT Indofood Sukses Makmur Tbk. 70,187 7.3 5.3
its subsidiaries manufacture and generally classify 2. PT Mayora Indah Tbk. 20,817 7.8 13.4
their products into 2 categories, namely processed 3. PT Tiga Pilar Sejahtera Food Tbk. 4,921 (17.2) (24.8)
foods and beverages which includes 6 divisions that 4. PT Siantar Top Tbk. 2,825 7.6 7.5
each produce different but integrated products, 5. PT Nippon Indosari Corpindo Tbk. 2,491 5.4 (1.2)
including: biscuits, candies, wafer, chocolate, coffee, Financial Statement as of Fiscal Year 2017
and health food. The Company is not only known as a
producer of processed packaged food and beverages Historical Corporate Ratings
products but also as a market leader that has No. Rating Agency Rating Rating Status Rating Date Outlook
successfully produced products that become a
pioneer in each category, such as: beng beng, 1. Pefindo idAA Upgraded* 9-Nov-17 Stable
energen, choki choki, and etcetera. Today, the 2. Pefindo idAA- Affirmed 30-Nov-16 Stable
3. Pefindo idAA- Affirmed 9-Feb-16 Stable
Company's products have spread across 5 continents
4. Pefindo idAA- Affirmed 10-Dec-15 Stable**
in the world.
5. Pefindo idAA- Affirmed 11-Feb-15 Negative
As of December 31, 2017, MYOR has been owned by

SWOT Analysis
PT Unita Branindo that owns 32.93% shares, PT
Mayora Dhana Utama 26.14%, Jogi Hendra A.
(President Commissioner of MYOR) 25.22% and S trengths W eaknesses
public 15.71%.
- Strong position in the domestic - Weakened capital structure
packaged food market - Have the lowest profit margin than
- Well diversified products its peers
- High contributions from overseas
markets
- Strong financial profile
Financial Analysis
The Company closed the year 2017 recording
Consolidated Net Income of Rp1.63 trillion, or 17.42%
higher than in 2016 which was Rp1.39 trillion.
Revenues in 2017 was recorded at Rp20.82 trillion, O pportunities T hreats
while revenues in 2016 was at Rp18.35 trillion or
increased by 13.44%. The increase was driven by an - Resilient food & beverages industry - The fluctuation of raw materail
increase in sales quantity. On the other hand, total - Growing domestic and export cost
expenses comprising operating expenses, other market for packaged food - Tight competition in the F&B
expenses and tax expense in 2017 amounted to - Increasing middle income class industry
Rp3.34 trillion, or decreased by 4.78% from 2016 people
amounted to Rp3.51 trillion. As of December 31,
2017, Total assets amounted to Rp14.92 trillion or
grew by 15.43% from Rp12.92 trillion in 2016. Total
current liabilities of the Company in 2017 amounted
to Rp4.47 trillion, while those in 2016 amounted to
Rp3.88 trillion, or increased by 15.19%. Meanwhile,
the Company's total non-current liabilities amounted
to Rp3.09 trillion, increased by 11.36% compared with
*The upgraded reflects the consistency Company of manage its profitability margin and
Rp2.77 trillion in 2016. As of December 31, 2017, the
maintained its conservative capital structure over the past three years
Company's liquidity ratio was 2.39 times and 2.25 **The revised outlook from negative to stable was driven by the sustainable recovery in
times in 2016. profitability margin and improvement in its financial profiles

Corporate Bonds 617
idAAA
NISP PT Bank OCBC NISP Tbk. Stable
Sector : Finance OCBC NISP Tower
Sub Sector : Bank Jln. Prof. Dr. Satrio Kav. 25
Website : www.ocbcnisp.com Jakarta 12940
Corporate Sec. : Ivonne P. Chandra Phone : (021) 255-33888
Email Corporate Sec. : ivonne.chandra@ocbcnisp.com Fax : (021) 579-44000, 579-43939
Established in April 4, 1941, Bank OCBC NISP FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
(previously known as Bank NISP) is the fourth BALANCE SHEETS Dec-2016 Dec-2017 Chg %
oldest bank in Indonesia. The Bank grew to be solid and dependable,
Cash on Hand 881,749 989,889 12.26 
providing services for small and medium business segments.
OCBC Bank – Singapore selected Bank NISP to become a local partner Marketable Securities 14,346,755 12,371,358 -13.77 
in the establishment of Bank OCBC NISP (later renamed OCBC Loans 90,247,652 102,189,794 13.23 
Indonesia) in 1997 and became a shareholder in 2004. OCBC Bank –
Investments - - - 
Singapore further raised its shares through acquisitions and tender
offer until eventually becoming the majority shareholder in 2005.
Currently, OCBC Bank – Singapore owns 85.1% stakes in the Bank. Total Assets 138,196,341 153,773,957 11.27 
Deposits 103,689,000 113,808,945 9.76 
In 2011, the Bank entered a key milestone after OCBC – Bank
Fund Borrowings - - - 
Singapore consolidated their business strategy in Indonesia by
merging its subsidiaries, Bank OCBC Indonesia into Bank OCBC NISP. Total Liabilities 118,689,765 131,989,603 11.21 
The merger has demonstrated a full commitment from OCBC Bank – Authorized Capital (Mil. Sh) 28,000 28,000 - 
Singapore, as the majority shareholder, to focus on supporting Bank Authorized Capital 3,500,000 3,500,000 - 
OCBC NISP. Paid up Capital 1,434,081 1,434,081 - 
Furthermore, the Bank has diversified its products and services by Paid up Capital (Mil. Sh) 11,473 11,473 - 
establishing Sharia Business Unit in 2009. In 2016, The Bank was Par Value (Rp) 125 125 - 
appointed as a Gateway Bank to receive and manage repatriated tax Retained Earnings 10,010,943 12,168,446 21.55 
amnesty funds with various profitable investment instruments and Total Equity …*) 19,506,576 21,784,354 11.68 
became the first bank in Indonesia to provide trust services for
individual and corporate customers. In 2017, the Bank launched its
Total Equity 19,506,576 21,784,354 11.68 
private banking service to provide comprehensive financial solutions
to the affluent segment in Indonesia.
INCOME STATEMENTS
Bank OCBC NISP is part of the OCBC Group, a leading and well-
Total Interest Income 10,204,341 11,037,171 8.16 
diversified Asian Financial Services Group with a broad geographical
footprint in North and Southeast Asia that offers a broad array of Interest Expenses 4,811,054 4,997,916 3.88 
commercial banking, specialist financial and wealth management Other Operating Revenue 1,415,506 1,512,518 6.85 
services, ranging from consumer, corporate, investment, private and Other Operating Expenses 3,150,676 3,362,563 6.73 
transaction banking to treasury, insurance, asset management, and Income from Operations 2,342,461 2,877,439 22.84 
stock broking services. With its new tagline “With You”, Bank OCBC Non-Operating Revenues 8,641 127 -98.53 
NISP is committed to continue growing alongside the community by
Earning Before Tax 2,351,102 2,877,654 22.40 
providing various innovative products and services to always fulfil the
customers’ needs. Income for the periods 1,789,900 2,175,824 21.56 
Comprehensive Income 3,095,229 2,277,778 -26.41 
As of June 30, 2018, Bank OCBC NISP employs 6,334 dedicated staff
Net Income … *) 1,789,900 2,175,824 21.56 
to serve customers in 61 cities across Indonesia through its 315
offices and 719 ATM’s. Currently, Bank OCBC NISP is focused on
introducing its mobile application, ONe Mobile as one of its key FINANCIAL RATIOS
products. The application offers not only transactional services, but DER (X) 6.08 6.06 -0.42 
also offers solutions on wealth management. Furthermore, Bank ROA (%) 1.30 1.41 9.25 
OCBC NISP is rated idAAA (stable) from PT Pemeringkat Efek NPM (%) 17.54 19.71 12.39 
Indonesia (PEFINDO) and AAA(idn) / stable from PT Fitch Ratings
EBITDA Coverage (X) 22.96 26.07 13.57 
Indonesia, representing the highest credit quality in Indonesia.
SHAREHOLDERS
1. OCBC Overseas Investments Pte. Ltd. 85.08%
AUDIT COMMITTEE 2. Public <5% 14.91%
1. Kwan Chiew Choi 3. Parwati Surjaudaja 0.01%
2. Hardi Juganda 4. Pramukti Surjaudaja 0.00%
3. Kurnia Irwansyah
4. Rufina Tinawati Marianto

618 Corporate Bonds

1. Pramukti Surjaudaja 1. Parwati Surjaudaja
2. Betti S. Alisjahbana * 2. Andrae Krishnawan W.
3. Hardi Juganda * 3. Emilya Tjahjadi
4. Jusuf Halim * 4. Hartati
5. Kwan Chiew Choi * 5. Johannes Husin
6. Lai Teck Poh (Dua Teck Poh) 6. Joseph Chan Fook Onn
7. Peter Eko Sutioso * 7. Low Seh Kiat
8. Samuel Nag Tsien 8. Martin Widjaja
*) Independent Commissioner 9. Mirah Wiryoatmodjo
AS OF JUNE 2018
Coupon Coupon
Obligasi 11-Aug-18
NISP02CCN1 Berkelanjutan II Bank 8.25% 11-Nov-18 PT Bank Mega idAAA
1. 783,000 12-May-16 11-May-19 3
IDA0000726C8 OCBC NISP Tahap I 11-Feb-19 Tbk. Stable
Obligasi 02-Jun-18
NISP02ACN2 Berkelanjutan II Bank 6.75% 02-Sep-18 PT Bank Mega idAAA
2. 1,248,000 23-Aug-17 02-Sep-18 370
IDA0000839A3 OCBC NISP Tahap II - Tbk. Stable
Obligasi 22-Aug-18
NISP02BCN2 Berkelanjutan II Bank 7.30% 22-Nov-18 PT Bank Mega idAAA
3. 300,000 23-Aug-17 22-Aug-19 2
IDA0000839B1 OCBC NISP Tahap II 22-Feb-19 Tbk. Stable
Obligasi 22-Aug-18
NISP02CCN2 Berkelanjutan II Bank 7.70% 22-Nov-18 PT Bank Mega idAAA
4. 454,000 23-Aug-17 22-Aug-20 3
IDA0000839C9 OCBC NISP Tahap II 22-Feb-19 Tbk. Stable
Obligasi 22-Sep-18
NISP02ACN3 Berkelanjutan II Bank 6.15% 22-Dec-18 PT Bank Mega idAAA
5. 975,000 13-Dec-17 22-Dec-18 370
IDA0000868A2 OCBC NISP Tahap III - Tbk. Stable
Obligasi 12-Sep-18
NISP02BCN3 Berkelanjutan II Bank 6.75% 12-Dec-18 PT Bank Mega idAAA
6. 175,000 13-Dec-17 12-Dec-19 2
IDA0000868B0 OCBC NISP Tahap III 12-Mar-19 Tbk. Stable
Obligasi 12-Sep-18
NISP02CCN3 Berkelanjutan II Bank 7.20% 12-Dec-18 PT Bank Mega idAAA
7. 609,000 13-Dec-17 12-Dec-20 3
IDA0000868C8 OCBC NISP Tahap III 12-Mar-19 Tbk. Stable
Obligasi 20-Jul-18
NISP02ACN4 Berkelanjutan II Bank 6.00% 20-Oct-18 PT Bank Mega idAAA
8. 525,000 11-Apr-18 20-Apr-19 370
IDA0000891A4 OCBC NISP Tahap IV 20-Jan-19 Tbk. Stable
Obligasi 10-Jul-18
NISP02BCN4 Berkelanjutan II Bank 6.90% 10-Oct-18 PT Bank Mega idAAA
9. 535,000 11-Apr-18 10-Apr-21 3
IDA0000891B2 OCBC NISP Tahap IV 10-Jan-19 Tbk. Stable

Corporate Bonds 619
TRADING HIGHLIGHT
NISP02CCN1
ISIN CODE : IDA0000726C8 May-16 May-17 May-18 May-19


Volume Volume (Rp bn) 0.10 - 120.00 60.00 10.00 -
100 12
Frequency Frequency (X) 1 - 10 2 2 -
75 9 Trading days 1 - 2 1 1 -
Turnover Ratio (%) 0.05 - 61.30 30.65 5.11 -
50 6 CTP Price - High 97.500 N/A 101.800 101.730 101.945 N/A
Date 28-Feb N/A 20-Sep 30-Oct 29-Jan N/A
25 3
CTP Price - Low 97.500 N/A 99.840 101.700 101.930 N/A
- - Date 28-Feb N/A 13-Jul 30-Oct 29-Jan N/A
IBPA Fair Yield (%) 8.1514 7.8677 7.1541 6.8652 6.7510 7.9856
Mod. Duration (yrs) 1.899 1.714 1.489 1.272 1.050 0.821
104 10.0
Convexity (yrs) 4.282 3.506 2.678 1.990 1.394 0.891
102 9.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.008
whole 2017 to Q2-2018 period was about 16.19% and was traded in 5 trading days during
98 7.0
the period. The average trading volume during the period was Rp31.68 billion/quarter. The
market price that was observed through Centralized Trading Platform (CTP) during the
96 6.0
whole period was between 97.5000 and 101.9450. Meanwhile, the range IBPA fair price at
the same year for this series was ranging from 98.2035 to 102.0268. The outstanding
94 5.0
amount of this series by the end of June 2018 was Rp783.00 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
NISP02ACN2 Listing Date Maturity Date
ISIN CODE : IDA0000839A3 Aug-17 Sep-18


2000 60
1500 45 Trading days - - 10 11 7 5
Turnover Ratio (%) - - 725.00 148.08 115.38 109.29
Date N/A N/A 05-Sep 06-Dec 13-Mar 08-May
500 15
- - Date N/A N/A 04-Sep 29-Nov 22-Feb 08-May
IBPA Fair Yield (%) - - 6.5370 6.5777 6.1281 6.5853
Mod. Duration (yrs) - - 0.886 0.652 0.415 0.172
102 8.0
Convexity (yrs) - - 1.016 0.590 0.275 0.072
101 7.0 Sensitivity (%) - - 0.009 0.007 0.004 0.002
99 5.0
98 4.0
97 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

620 Corporate Bonds
NISP02BCN2
ISIN CODE : IDA0000839B1 Aug-17 Aug-18 Aug-19


100 8
75 6 Trading days - - 1 2 1 -
Turnover Ratio (%) - - 20.00 20.00 160.00 -
50 4 CTP Price - High N/A N/A - 100.850 100.739 N/A
Date N/A N/A - 06-Dec 14-Feb N/A
25 2
CTP Price - Low N/A N/A - 100.350 100.719 N/A
- - Date N/A N/A - 06-Nov 14-Feb N/A
IBPA Fair Yield (%) - - 7.1076 6.7220 6.9335 8.2691
Mod. Duration (yrs) - - 1.745 1.531 1.309 1.081
102 10.0
Convexity (yrs) - - 3.608 2.807 2.090 1.463
101 9.0 Sensitivity (%) - - 0.017 0.015 0.013 0.011
100 8.0 The bond series NISP02BCN2, was first listed on 23 August 2017 and matured on 22
99 7.0
98 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
NISP02CCN2
ISIN CODE : IDA0000839C9 Aug-17 Aug-18 Aug-19 Aug-20


140 16
105 12 Trading days - - 4 6 2 -
Turnover Ratio (%) - - 44.93 138.33 1.76 -
Date N/A N/A 29-Sep 14-Dec 20-Feb N/A
35 4
- - Date N/A N/A 29-Aug 18-Dec 19-Feb N/A
IBPA Fair Yield (%) - - 7.2740 7.1215 7.3745 8.6583
Mod. Duration (yrs) - - 2.560 2.362 2.156 1.939
102 10.0
Convexity (yrs) - - 7.647 6.518 5.451 4.435
101 9.0 Sensitivity (%) - - 0.026 0.024 0.022 0.019
100 8.0 The bond series NISP02CCN2, was first listed on 23 August 2017 and matured on 22
99 7.0
98 6.0
97 5.0
was 454.00 billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 621
NISP02ACN3


1200 32
900 24 Trading days - - - 6 5 15
Turnover Ratio (%) - - - 564.10 21.46 126.52
Date N/A N/A N/A 28-Dec 27-Mar 15-May
300 8
- - Date N/A N/A N/A 27-Dec 25-Jan 04-Jun
IBPA Fair Yield (%) - - - 6.1567 5.7150 6.7141
Mod. Duration (yrs) - - - 0.944 0.709 0.469
102 8.0
Convexity (yrs) - - - 1.135 0.682 0.336
101 7.0 Sensitivity (%) - - - 0.009 0.007 0.005
100 6.0 This series was listed since 13 December 2017 with nominal value of Rp975.00 billion with
99 5.0
98 4.0
97 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
NISP02BCN3
ISIN CODE : IDA0000868B0 Dec-17 Dec-18 Dec-19


60 4
45 3 Trading days - - - 1 1 1
Turnover Ratio (%) - - - 114.29 16.00 32.00
Date N/A N/A N/A - 21-Mar 05-Apr
15 1
- - Date N/A N/A N/A - 21-Mar 05-Apr
IBPA Fair Yield (%) - - - 6.6353 7.0974 8.4646
Mod. Duration (yrs) - - - 1.811 1.590 1.362
101 10.0
Convexity (yrs) - - - 3.848 3.000 2.240
100 9.0 Sensitivity (%) - - - 0.018 0.016 0.014
98 7.0
97 6.0
96 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

622 Corporate Bonds
NISP02CCN3
ISIN CODE : IDA0000868C8 Dec-17 Dec-18 Dec-19 Dec-20


32 4
24 3 Trading days - - - 3 2 -
Turnover Ratio (%) - - - 21.02 24.96 -
Date N/A N/A N/A 14-Dec 05-Jan N/A
8 1
- - Date N/A N/A N/A 20-Dec 03-Jan N/A
IBPA Fair Yield (%) - - - 6.9701 7.4676 8.6879
Mod. Duration (yrs) - - - 2.633 2.426 2.208
103 10.0
Convexity (yrs) - - - 8.021 6.825 5.681
101 9.0 Sensitivity (%) - - - 0.026 0.024 0.022
97 7.0
95 6.0
during the period was Rp11.67 billion per quarter and the average trading frequency was 1
times per quarter. During the period, this series was traded at its market prices ranging
93 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
 CTP Highest Price  CTP Lowest Price  Highest Price = Lowest Price the same period, the fair yield for this series was in the range of 6.7462% to 8.9986%
NISP02ACN4


800 28
600 21 Trading days - - - - - 7
Turnover Ratio (%) - - - - - 697.14
200 7
IBPA Fair Yield (%) - - - - - 6.8172
102 9.0
Convexity (yrs) - - - - - 0.796
101 8.0 Sensitivity (%) - - - - - 0.008
99 6.0
98 5.0
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 623
NISP02BCN4 Listing Date Maturity Date


80 8
60 6 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 67.29
20 2
IBPA Fair Yield (%) - - - - - 8.7045
102 10.0
Convexity (yrs) - - - - - 7.046
100 9.0 Sensitivity (%) - - - - - 0.025
98 8.0 This series was first listed in 11 April 2018 and will be matured in 10 April 2021. There was
96 7.0
94 6.0
92 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

NISP02CCN1 120 60 23.0%
NISP02ACN2 2,262 462 218.3%
NISP02BCN2 10.0%
NISP02CCN2 51 157 45.8%
NISP02ACN3 1,375 141.0%
NISP02BCN3 50 28.6%
NISP02CCN3 5.3%
- 500 1,000 1,500 2,000 2,500 3,000

624 Corporate Bonds

PT Bank OCBC NISP Tbk. was founded in 1941 and is No. Company Total Revenue Net Profit Revenue
headquartered in Jakarta. The company is a (Rp Bill) Margins (%) Growth (%)
subsidiary of OCBC Overseas Investment Pte. Ltd with 1. PT Bank Maybank Indonesia Tbk. 14,803 12.6 (0.4)
85.08% of share ownership while the remaining 2. PT BPD Jawa Barat dan Banten Tbk. 11,488 10.5 7.6
14.92% of shares are held by public (as of 31 3. PT Bank Permata Tbk. 11,198 6.7 (22.2)
December 2017). The Bank provides a wide range of 4. PT Bank Tabungan Pensiunan Nasional Tbk. 14,046 10.1 2.6
banking products & services with main focus on 5. PT Bank OCBC NISP Tbk. 11,037 19.7 8.2
commercial / small & medium enterprise (SME) and Financial Statement as of Fiscal Year 2017
consumer segments. The bank also provides
electronic distribution channels such as internet Historical Corporate Ratings
banking and mobile banking for retail customers and No. Rating Agency Rating Rating Status Rating Date Outlook
a comprehensive cash management for non-cash
financial transactions for business banking customers. 1. Pefindo idAAA Affirmed 5-Feb-18 Stable
SWOT Analysis
- Very strong support from Oversea- - Moderate profitability profile
Chinese Bank Corp Ltd (OCBC)
- Very strong asset quality profile
- Very strong capitalization
Financial Analysis
Bank OCBC NISP booked an increasing net interest
income by 11.68% to Rp5.89 trillion in 2017 from
Rp5.27 trillion in 2016, mainly driven by the increase
in interest income along with the growth in the gross O pportunities T hreats
loans and decline in average interest rate of time
deposits. The net interest margin stood at 4.47% in - Potentially to penetrate sharia - The level of credit risk is still quite
2017 from 4.62%. Bank OCBC NISP posted total finance segment high
assets of Rp 153.77 trillion or grew by 11.27% from - Government commitment to - Uncertainty in global economic
Rp 138.20 trillion in 2016. Total assets growth was improve financial literacy and to conditions
mainly contributed by 13.63% growth of third party develop branchless banking program
loans, which was also supported by the growth of - The implementation of Loan to
third-party deposits of 9.31% in 2017. Bank OCBC Funding Ratio (LFR) that can widen
NISP managed to improve its assets quality, as banking sector liquidity
reflected by the gross NPL at 1.79% or down from
1.88%.

Corporate Bonds 625
idAA+
OTMA PT Oto Multiartha Stable
Sector : Finance Summitmas II Building, 18th Floor
Sub Sector : Financial Institution Jln. Jend. Sudirman Kav. 61-62
Website : www.oto.co.id Jakarta 12190
Corporate Sec. : Nugroho Triko Pramono Phone : (021) 5226-410
Email Corporate Sec. : nugrohot@oto.co.id Fax : (021) 5226-424
PT Oto Multiartha is one of the leading FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
automotive companies in Indonesia with BALANCE SHEETS Dec-2016 Dec-2017 Chg %
more than 20 years of experience in consumer financing, among
others car ownership financing, both new and used cars. The
Company also provides lease financing based on customer’s request.
The main target of the Company is an individual consumer, in Consumer Financing Receivables 20,855,752 21,662,898 3.87 p
addition of business entities. Property, Plant and Equipment 386,777 528,951 36.76 p
Total Assets 22,956,795 23,502,083 2.38 p
The company is established in Jakarta on March 28, 1994, named PT
Manunggal Multi Finance. On September 1995, the company Fund Borrowings 16,787,218 16,161,229 -3.73 q
changed its name into PT Oto Multiartha. Since March 2016, the Total Liabilities 17,812,567 18,279,064 2.62 p
structure of the Company’s stockholders includes PT Summit Auto Authorized Capital (Mil. Sh) 928.7 928.7 - 
Group, Sumitomo Mitsui Banking Corporation and PT Sinar Mas Authorized Capital 928,707 928,707 - 
Multiartha. Supported by stockholders, PT Oto Multiartha succeeded Paid up Capital 3,405,234 3,405,877 0.02 p
to grow and increase distributed financing and has networks which
spread in various regions.
Par Value (Rp) 1,000 1,000 - 
As an independent financing Company, PT Oto Multiartha has no Retained Earnings 866,850 1,109,831 28.03 p
association with any manufacturers, hence has the flexibility to Total Equity …*) 5,144,228 5,223,019 1.53 p
financing all car brands in the market.
The Company has enjoyed a strong domestic car market growth in Total Equity 5,144,228 5,223,019 1.53 p
the past few years, and able to maintain its position as one of the
prominent players in car financing.
INCOME STATEMENTS
With the performance guideline of “3M + 1T” (Man, Management, Total Revenues 3,537,054 3,940,040 11.39 p
Money, plus Technology), the Company is able to provide a satisfying Expenses 2,930,639 3,497,993 19.36 p
service to its consumers and recorded a significant performance Interest Expenses 1,706,298 1,698,297 -0.47 q
improvement throughout 2016.
In an effort to provide “one–stop–service”, the Company develops a EBITDA 2,372,899 2,226,940 -6.15 q
website www.oto.co.id. The website has acknowledged as the first Income for the periods 452,039 272,765 -39.66 q
automotive portal in Indonesia. The Company continues to
strengthen the Information
Net Income … *) 452,039 272,765 -39.66 q
Technology system to broaden its market share by increasing
efficiency and productivity in Branch Offices to serve consumers. FINANCIAL RATIOS
Until the end of 2016, PT Oto Multiartha has operated 74 business DER (X) 3.46 3.50 1.07 p
networks spread throughout Indonesia. In addition, the Company ROA (%) 1.97 1.16 -41.06 q
also collaborated with a range of national networked banks and PT NPM (%) 12.78 6.92 -45.83 q
Pos Indonesia (Indonesia Post Office) for installment payments, to
make it easier and convenient for consumers to pay the their credit
installment.
Supported by a strong capital, a reliable management team, business SHAREHOLDERS

partners, loyal customers, and 2,880 employees, in 2016, PT Oto
1. PT Summit Auto Group 49.90%
Multiartha has managed to grow with the total assets of Rp22.96
trillion, total equity increased to Rp5.14 trillion, and net income 2. Summitomo Mitsui Bank Corporation 35.10%
recorded by Rp452.04 billion. 3. PT Sinarmas Multiartha 15.00%
On March 1, 2016, PT Pemeringkat Efek Indonesia (Pefindo) rated PT

AUDIT COMMITTEE
Oto Multiartha with (Double A; Stable Outlook).
1. Edward Herawan Hadidjaja
2. Irina Nurulita Licyll Utama
BOARD OF COMMISSIONERS 3. Nena Suhayati
1. Masaki Nakajima
2. Edward Herawan Hadidjaja * BOARD OF DIRECTORS
3. Masataka Takanishi 1. Djohan Marzuki 4. Rusna
4. Murniaty Santoso * 2. Adi Fausta Lauw 5. Tetsuaki Matsumoto
5. Takeshi Kimoto 3. Koji Hayakawa

626 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
30-Aug-18
Obligasi Oto PT Bank
OTMA01B 8.40% 30-Nov-18 idAA+
1. Multiartha I Tahun 583,000 31-May-17 30-May-20 36 Mandiri
IDA0000808B6 02-Mar-19 Stable
Quarterly 02-Jun-19
30-Aug-18
OTMA01C 8.90% 30-Nov-18 idAA+
2. Multiartha I Tahun 217,000 31-May-17 30-May-22 60 Mandiri
IDA0000808C4 02-Mar-19 Stable
2017 Seri C (Persero) Tbk.
Quarterly 02-Jun-19
28-Jul-18
OTMA02A 5.75% 28-Oct-18 Pastikan
idAA+ Link Grafik sudah be
3. Multiartha II Tahun 174,000 19-Apr-18 28-Apr-19 370 Mandiri
Quarterly 28-Apr-19 Pastikan Link Grafik sudah be
18-Jul-18
OTMA02B 7.80% 18-Oct-18 idAA+
Quarterly 18-Apr-19
18-Jul-18
OTMA02C 8.10% 18-Oct-18 idAA+
IDA0000896C9 18-Jan-19 Stable
2018 Seri C (Persero) Tbk.
Quarterly 18-Apr-19
TRADING HIGHLIGHT
OTMA01B


800 24
600 18 Trading days - 1 9 2 1 -
Turnover Ratio (%) - 81.65 605.15 4.12 13.72 -
400 12 CTP Price - High N/A - 101.2200 101.9000 100.7375 N/A
Date N/A - 29-Aug 08-Dec 27-Mar N/A
200 6
CTP Price - Low N/A - 99.9500 100.8900 100.7225 N/A
- - Date N/A - 29-Aug 08-Nov 27-Mar N/A
IBPA Fair Yield (%) - 8.4427 8.1696 7.4332 7.5106 8.7865
Mod. Duration (yrs) - 2.565 2.356 2.161 1.954 1.741
103 11.0
Convexity (yrs) - 7.703 6.515 5.491 4.512 Pastikan
102 10.0 Sensitivity (%) - 0.026 0.024 0.022 0.020 0.017
101 9.0 The bond series OTMA01B, was first listed on 31 May 2017 and matured on 30 May 2020.
From 2017 to the first half of year 2018, total volume traded amounted to Rp1027.00
100 8.0
99 7.0
98 6.0
billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 627
OTMA01C Listing Date Maturity Date


180 20
135 15 Trading days - - 5 2 - -
Turnover Ratio (%) - - 387.10 119.82 - -
Date N/A N/A 14-Sep 28-Nov N/A N/A
45 5
- - Date N/A N/A 18-Jul 07-Nov N/A N/A
IBPA Fair Yield (%) - 8.8003 7.9301 8.0056 8.1707 9.0931
Mod. Duration (yrs) - 3.941 3.788 3.617 3.440 3.242
106 11.0
Convexity (yrs) - 18.629 17.110 15.555 14.044 12.480
104 10.0 Sensitivity (%) - 0.039 0.038 0.036 0.034 0.032
102 9.0 This series was listed since 31 May 2017 with nominal value of Rp217.00 billion with fixed
100 8.0
98 7.0
96 6.0
between 7.6709% - 9.6033%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
OTMA02A


280 20
210 15 Trading days - - - - - 6
Turnover Ratio (%) - - - - - 756.32
70 5
IBPA Fair Yield (%) - - - - - 6.8853
102 9.0
Convexity (yrs) - - - - - 0.839
101 8.0 Sensitivity (%) - - - - - 0.008
99 6.0
98 5.0
97 4.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

628 Corporate Bonds
OTMA02B


1000 24
750 18 Trading days - - - - - 11
Turnover Ratio (%) - - - - - 556.24
250 6
IBPA Fair Yield (%) - - - - - 8.7589
103 11.0
Convexity (yrs) - - - - - 7.050
101 10.0 Sensitivity (%) - - - - - 0.024
99 9.0 The bond series OTMA02B, was first listed on 19 April 2018 with nominal value of
97 8.0
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
OTMA02C


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) - - - - - 9.2205
102 12.0
Convexity (yrs) - - - - - 17.728
100 11.0 Sensitivity (%) - - - - - 0.038
98 10.0 This series was first listed in 19 April 2018 and will be matured in 18 April 2023. There was
96 9.0
94 8.0
92 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 629
OTMA01B 119 882 172.7%
OTMA01C 210 126.7%
- 100 200 300 400 500 600 700 800 900 1,000 1,100

630 Corporate Bonds

In 1994, PT Oto Multiartha (OTMA) established in No. Company Total Revenue Net Profit Revenue
Jakarta by the name PT Manunggal Multi Finance, (Rp Bill) Margins (%) Growth (%)
and in 1995 changed its name to PT Oto Multiartha. 1. PT BFI Finance Indonesia Tbk. 4,042 29.4 25.3
OTMA was a financing company that focused on the 2. PT Oto Multiartha 3,940 6.9 11.4
new and used car segment. OTMA delivered its 3. PT Sarana Multi Infrastruktur (Persero) 3,155 40.0 35.4
services through 74 business networks, 2,912 4. PT Toyota Astra Financial Services 3,127 0.6 20.9
employees, and more than 5,000 authorized car 5. PT BCA Finance 3,118 46.6 18.1
dealers located in major cities throughout Indonesia. Financial Statement as of Fiscal Year 2017
In 2017, OTMA issued Bonds VII amounting of Rp1,3 Historical Corporate Ratings
trillion with the rating idAA– (Double A Minus; Stable No. Rating Agency Rating Rating Status Rating Date Outlook
Outlook).
1. Pefindo idAA+ Affirmed 15-Feb-18 Stable
As of December 31, 2017, the company shares were 2. Pefindo idAA+ Assigned 25-Apr-17 Stable
owned by PT Summit Auto Group (49.9%), Sumitomo

Mitsui Banking Corporation (SMBC, 35.1%), and PT
Sinar Mas Multiartha Tbk. (15.0%). PT Summit Auto
Group is wholly-owned by Sumitomo Corporation,
SWOT Analysis
Japan.
- Strong business position in used - Lower margin compare to its peers
car financing - Too focused on providing financial
- Strategically important affiliate with services in vehicle ownership
shareholders (Sumitomo
Corporation)
Financial Analysis
In 2017, OTMA recorded revenues of Rp3.94 trillion
or increased by 11.39% from 2016 of Rp3.54 trillion.
This increase was mainly due to an increase in
consumer financing income amounted to 12.4% from O pportunities T hreats
Another significant increase also derived from lease - Wide expansion opportunity - Insignificant increase of car sales
income on operating leases amounted to 70.2% from outside Java area - Tight competition in new car
Rp61.05 billion in 2016 to Rp103.87 billion in 2017. - Increasing household consumption financing
Besides, OTMA booked expenses at Rp3.50 trillion,
increased by 19.35% from the previous year of Rp2.93
trillion. The increase of in expenses in 2017 was
mainly due to the significant increase in the addition
of allowance for impairment losses on net consumer
financing receivables by 58.1%. Closing in 2017, net
income for the year 2017 decreased by 39.66%
compared to the previous year, from Rp452.04 billion
in 2016 to Rp272.77 billion in 2017. The decline in net
profit also effects the decrease of ROA (1.9% from
2.6%) and ROE (5.2% from 8.8%).

Corporate Bonds 631
idA-
PANR PT Panorama Sentrawisata Tbk. Stable
Sector : Trade, Services & Investment Panorama Building 6th Fl.
Sub Sector : Tourism, Restaurant And Hotel Jln. Tomang Raya No. 63
Website : www.panorama-sentrawisata.com Jakarta 11440
Corporate Sec. : Karsono Probosetio Phone : (021) 255-65000
Email Corporate Sec. : corsec.panr@panorama-group.com Fax : (021) 255-65055
PT PANORAMA SENTRAWISATA Tbk. is the FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
only and largest Indonesian public company BALANCE SHEETS Dec-2016 Dec-2017 Chg %
that focuses on Tourism and Hospitality
with more than 43 years experiences, supported by 5 business pillars
Receivables 424,718 426,256 0.36 p
with technology based integration, makes it an excellence choice for
investment. Inventories 4,866 6,796 39.66 p
Current Assets 868,598 1,248,544 43.74 p
PT PANORAMA SENTRAWISATA Tbk. (PANR) become a holding
company with more than 30 brands and more than 20 subsidiaries,
some of which are joint-venture companies with prestigious global Total Assets 2,279,404 2,649,579 16.24 p
strategic partners. PANR has now transformed into a technology Current Liabilities 711,710 809,457 13.73 p
based integrated Tourism and Hospitality Company supported by 5 Interest Bearing liabilities 978,545 795,267 -18.73 q
business pillars: Destination Management (Inbound Tours), Travel & Total Liabilities 1,525,056 1,441,692 -5.47 q
Leisure Management, Media Management (Convention and Authorized Capital (Mil. Sh) 3,000 3,000 - 
Exhibition, Publication), Hospitality, and Transportation
Management. PANR and its subsidiaries have booth offline (more
than 90 outlets accross Indonesia) and online distribution channel Paid up Capital 60,000 60,000 - 
that could chatter all market segment. Paid up Capital (Mil. Sh) 1,200 1,200 - 
Par Value (Rp) 50 50 - 
We are dedicated to innovation, excellent services and sustainable
values for the community and for the environment in which we
operate. Total Equity …*) 470,751 668,911 42.09 p
Two Divisions under PANR have now become public listed
Total Equity 754,348 1,207,886 60.12 p
companies, listed and trading their shares on the Indonesia Stock
Exchange. They are PT DESTINASI TIRTA NUSANTARA Tbk.
(Panorama Destination) referred as PDES, a Subsidiary Company, and INCOME STATEMENTS
PT WEHA TRANSPORTASI INDONESIA Tbk. referred as WEHA, an Total Revenues 2,133,214 2,006,137 -5.96 q
Associated Company. Gross Profit 441,425 501,762 13.67 p
In line with progressive business consolidation and growth, we Interest Expenses 104,874 87,243 -16.81 q
envision a better future through our commitment to delivering Total Operating Expenses 338,816 431,972 27.49 p
‘experience life’ and truly becoming a pride of Indonesia…! Operating Profit 102,609 69,789 -31.99 q
BOARD OF COMMISSIONERS EBITDA 181,431 123,723 -31.81 q
1. Adhi Tirtawisata Income for the periods 2,906 36,090 1,141.95 p
2. Agus Ariandy Sijoatmodjo * Comprehensive Income 197,947 31,054 -84.31 q
3. Dharmayanto Tirtawisata Net Income … *) -16,661 4,347 N/A p
4. Satrijanto Tirtawisata
5. Toni Setioko * FINANCIAL RATIOS
*) Independent Commissioner DER (X) 1.30 0.66 -49.25 q
ROA (%) 0.13 1.36 968.44 p
BOARD OF DIRECTORS NPM (%) 0.14 1.80 1,220.62 p
1. Budijanto Tirtawisata EBITDA Coverage (X) 1.73 1.42 -18.03 q
2. Amanda Arlin Gunawan *) … attributable to owners of the parent entity
3. Daniel Martinus
4. Ramajanto Tirtawisata SHAREHOLDERS
1. PT Panorama Tirta Anugerah 64.25%
AUDIT COMMITTEE 2. Public (<5%) 32.27%
1. Agus Ariandy Sijoatmodjo 3. Satrijanto Tirtawisata 2.73%
2. Felicia Mirayati Boma 4. Adhi Tirtawisata 0.75%
3. Toni Setioko

632 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi
09-Jul-18
Berkelanjutan I
PANR01CN1 11.50% - PT Bank Mega idA-
1. Panorama 100,000 10-Jul-13 09-Jul-18 5
IDA000060107 - Tbk. Stable
Sentrawisata Tahap
Quarterly -
I Tahun 2013
TRADING HIGHLIGHT
PANR01CN1


240 60
180 45 Trading days - 1 14 4 6 1
Turnover Ratio (%) - 4.00 1156.00 28.00 56.00 0.05
120 30 CTP Price - High N/A 101.5000 102.7000 102.6200 102.0600 -
Date N/A 19-May 08-Aug 30-Nov 01-Feb -
60 15
CTP Price - Low N/A 101.5000 101.9000 102.0200 101.2800 -
- - Date N/A 19-May 23-Aug 29-Dec 06-Mar -
IBPA Fair Yield (%) 9.3991 9.0070 8.2577 7.8193 7.6091 7.7337
Mod. Duration (yrs) 1.146 0.956 0.722 0.498 0.266 0.027
104 11.0
Convexity (yrs) 1.672 1.192 0.720 0.377 0.137 0.007
103 10.0 Sensitivity (%) 0.011 0.010 0.007 0.005 0.003 0.000
101 8.0
100 7.0
99 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PANR01CN1 289 7 297.0%
- 50 100 150 200 250 300

Corporate Bonds 633

PT Panorama Sentrawisata Tbk. (PANR) was No. Company Total Revenue Net Profit Revenue
established in 1995 and started its commercial (Rp Bill) Margins (%) Growth (%)
operation in 1998. PANR was one of the leading 1. PT Fast Food Indonesia Tbk. 5,303 3.1 8.6
integrated tourism companies in Indonesia, with 2. PT Panorama Sentrawisata Tbk. 2,006 1.8 (6.0)
travel and leisure, inbound, media and hospitality
business segment. PANR was a part of the Panorama
Group, which also has hotels, transportation,
recreation parks, restaurants and cafes. Financial Statement as of Fiscal Year 2017
In 2017, PANR signed a cooperation agreement with Historical Corporate Ratings

JTB Corporation and released a minority interest in a No. Rating Agency Rating Rating Status Rating Date Outlook
subsidiary, PT. Panorama Tours Indonesia (PTI). The
cooperation changed the trade name “Panorama 1. Pefindo idA- Affirmed 13-Apr-18 Stable
Tours” to “Panorama JTB Tours”. 2. Pefindo idA- Affirmed 13-Apr-17 Stable

As of December 31, 2017, PANR was 64.25% owned
by PT Panorama Tirta Anugerah, and public (each
below 5%) by 34.69%.
SWOT Analysis
- Diversified business with good - Aggressive financial leverage
synergy - Have the lowest margin compare
- Extensive network to its peers
Financial Analysis
PANR’s net Revenue in 2017 reached Rp2.01 trillion,
slightly decreased by 5.96% from Rp2.13 trillion in
2016. The decrease mainly contributed to the
decreased of revenue from outbound tours & travel O pportunities T hreats
amounted to Rp1.22 trillion, down 14.33% compared
to the previous year. Meanwhile, PANR operating - Major support from Government to - Exposure to event-driven travel
expenses was recorded about Rp431.97 billion, promoting Indonesia’s tourism disruptions
increased about Rp93.16 billion or by 21.57% from indutry - Tightening business competition
2016. The increase comes from general and - Improvement of product - Changes in price are significantly
administrative expenses which grew by Rp84.59 diversifications affect tourism segment performance
billion to Rp385.77 billion as well as selling expenses - Arising number of middle class in
which grew by 8.48 billion to Rp45.23 billion. Indonesia
Nevertheless, the increase in interest income by 890% - Potential to expand market share in
from Rp2.17 billion to Rp21.51 billion in 2017 could tourism industry
boost PANR net profit performance by Rp33.18
billion or 1,142% from Rp2.91 billion in 2016 to
Rp36.09 billion in 2017. As of Dec 2017, there was a
significant increase of current assets amounted to
Rp379.95 billion or by 43.74% to become Rp1.25
trillion that is caused by increase of cash and cash
equivalents amounted to Rp161.12 billion and
increase of restricted time deposit amounted to
Rp151.90 billion.

634 Corporate Bonds
idAA
PIGN PT Pelabuhan Indonesia I (Persero) Stable
Sub Sector : Toll Road, Airport, Harbor And Allied Products Jln. Krakatau Ujung No. 100
Website : www.pelindo1.co.id Medan 20241
Corporate Sec. : Muhammad Eriansyah Phone : (061) 661-0220
Email Corporate Sec. : pelabuhan1@pelindo1.co.id; asaputro@pelindo1.co.id Fax : (061) 661-0906
PT Pelabuhan Indonesia I (Persero) or FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
company as one of State Owned Enterprises BALANCE SHEETS Dec-2016 Dec-2017 Chg %
(SOE), has a vital role in Indonesian port
industry, especially as an economic gateway
Receivables 125,322 200,579 60.05 p
for the region of West Indonesia. Ports are
cogs in the machine of the transportation and logistical system, Inventories 20,116 23,717 17.90 p
having strategic values to boost industry and trade and to contribute Current Assets 2,481,343 2,209,548 -10.95 q
to national development and economy. Property, Plant and Equipment 3,750,635 4,637,927 23.66 p
The Company's business activities covering 4 areas/provinces: North Total Assets 7,301,351 8,507,143 16.51 p
Sumatra, Aceh, Riau, and Riau Islands. The company manages 16 Current Liabilities 1,511,587 1,823,138 20.61 p
branch ports and 11 representative ports, 1 business unit and 5 Interest Bearing liabilities 1,048,654 1,334,173 27.23 p
subsidiaries company. There are 5 primary branchs or units of the
Company: Belawan Branch, Belawan International Container Terminal
(BICT), Dumai Branch, Domestic Container Terminal Branch, and
Pekanbaru Branch, through contributing significant profits to the Authorized Capital 1,800,000 1,800,000 - 
Company. Paid up Capital 1,700,000 1,700,000 - 
The Company’s business activities including: Paid up Capital (Mil. Sh) 2 2 - 
1. Dock provision and/or services for mooring. Par Value (Rp) 1,000,000 1,000,000 - 
2. Refueling and clean water provision and/or services. Retained Earnings 2,135,810 2,719,349 27.32 p
3. Passenger and/or vehicle embarkment facility provision and/or Total Equity …*) 4,259,719 4,818,081 13.11 p
services.
4. Dock provision and/or services for loading/discharging goods and
containers. Total Equity 4,301,176 4,904,224 14.02 p
5. Warehouse, goods storange, loading/discharging equipment, port
equipment provision and/or services. INCOME STATEMENTS
6. Container terminal, bulk liquid cargo, dry bulk cargo, and Ro-Ro Total Revenues 2,408,900 2,751,107 14.21 p
provision and/or services. Gross Profit 1,297,295 1,397,873 7.75 p
7. Loading/discharging provision and/or services.
8. Distribution center and goods consolidation provision and/or
services, and/or Total Operating Expenses 1,345,604 1,580,213 17.44 p
9. Ship delay provision and/or services. Operating Profit 1,063,296 1,170,893 10.12 p
IMPORTANT ACHIEVEMENT OF PT PELABUHAN INDONESIA I Earning Before Tax 995,846 1,067,401 7.19 p
(PERSERO) IN 2017: GCG Assessment Score 94,30 (Qualified for "Very EBITDA 1,266,169 1,433,620 13.23 p
Good" category). Income for the periods 733,302 805,145 9.80 p
STRATEGIC PLAN Comprehensive Income 726,117 792,895 9.20 p
The company focusing its development on creating subsidiary Net Income … *) 733,603 803,621 9.54 p
companies to trigger company’s financial performance. The
development strategy taken is alliancing with fellow State Owned
FINANCIAL RATIOS
Enterprises (SOE) as the driving force of national economy. This
DER (X) 0.24 0.27 11.58 p
alliance is in line with State Owned Enterprise Ministry’s campaign
“Sinergi BUMN”. In the implementation of said development plan, ROA (%) 10.04 9.46 -5.77 q
factors related investment risk identification in the port and logistics NPM (%) 30.44 29.27 -3.86 q
industry are of great importance and have been examined closely by EBITDA Coverage (X) 18.14 14.22 -21.61 q
the Company, including punctuality and partners’ competence in the *) … attributable to owners of the parent entity
construction of port facilities, to assure that the available market Pastikan Link Grafik sudah be
potential can be taken advantage of in a timely manner.
SHAREHOLDERS
PT Pelabuhan Indonesia I (Persero) has formed 3 (three) subsidiary
entities namely :
1. PT Prima Indonesia Logistik, which provides in the terminal depot
and other services AUDIT COMMITTEE
2. PT Prima Pengembangan Kawasan, which operates in the sectors 1. Djarot Sri Sulistyo
of industrial area management, 2. Djoko Sasono
3. PT Prima Husada Cipta Medan, which provides services related to 3. Lidya Noor Haryanto
health, hospitals, clinic and polyclinics, medical centers, and other
4. Rudy Hartono
related services.

Corporate Bonds 635

1. Sapto Amal Damandari 1. Bambang Eka Cahyana
2. Bambang Setyo Wahyudi 2. Farid Luthfi
3. Djarot Sri Sulistyo 3. Iman A. Sulaiman
4. Djoko Sasono 4. M. Hamid Wijaya
5. Winata Supriatna 5. Syahputra Sembiring
AS OF JUNE 2018
Coupon Coupon
21-Sep-18 PT Bank
PIGN01A 8.25% 21-Dec-18 Tabungan idAA
1. Gerbang Nusantara 50,000 22-Jun-16 21-Jun-19 3
IDA0000737A9 21-Mar-19 Negara Stable
Tahun 2016 Seri A
21-Sep-18 PT Bank
PIGN01B 9.00% 21-Dec-18 Tabungan idAA
IDA0000737B7 21-Mar-19 Negara Stable
Tahun 2016 Seri B
21-Sep-18 PT Bank
PIGN01C 9.25% 21-Dec-18 Tabungan idAA
IDA0000737C5 21-Mar-19 Negara Stable
Tahun 2016 Seri C
21-Sep-18 PT Bank
PIGN01D 9.50% 21-Dec-18 Tabungan idAA
IDA0000737D3 21-Mar-19 Negara Stable
Tahun 2016 Seri D
TRADING HIGHLIGHT
PIGN01A


Volume Volume (Rp bn) 1.00 - 16.00 2.00 - 1.00
16 8
Frequency Frequency (X) 1 - 6 2 - 1
12 6 Trading days 1 - 3 1 - 1
Turnover Ratio (%) 8.00 - 128.00 16.00 - 8.00
8 4 CTP Price - High 98.7800 N/A 100.5200 100.3950 N/A -
Date 27-Jan N/A 15-Sep 11-Oct N/A -
4 2
CTP Price - Low 98.7800 N/A 100.0000 100.3750 N/A -
- - Date 27-Jan N/A 31-Aug 11-Oct N/A -
IBPA Fair Yield (%) 8.6854 8.4400 7.9794 7.4134 7.3214 8.5897
Mod. Duration (yrs) 2.004 1.820 1.594 1.379 1.157 0.928
102 11.0
Convexity (yrs) 4.718 3.905 3.028 2.300 1.657 1.105
101 10.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
100 9.0 The bond series PIGN01A, was first listed on 22 June 2016 and matured on 21 June 2019.
99 8.0
within the range of 98.7800 – 100.5200. Meanwhile IBPA fair price ranged from 97.5037 to
98 7.0
97 6.0
billion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
 IBPA Fair Price  YTM Listing Date Maturity Date

636 Corporate Bonds
PIGN01B Listing Date Maturity Date


140 28
105 21 Trading days 3 4 5 5 9 10
Turnover Ratio (%) 20.48 25.60 58.08 72.00 131.20 131.20
70 14 CTP Price - High 100.8000 102.0200 103.5000 103.9700 106.2500 106.3800
Date 20-Mar 05-May 27-Jul 21-Dec 23-Mar 12-Apr
35 7
CTP Price - Low 99.1000 100.2700 100.5878 103.3000 103.2742 100.0000
- - Date 20-Mar 16-Jun 22-Aug 08-Nov 14-Feb 22-Jun
IBPA Fair Yield (%) 9.1066 8.9518 8.3267 8.0187 8.1977 8.9999
Mod. Duration (yrs) 3.470 3.324 3.143 2.967 2.780 2.577
107 11.0
Convexity (yrs) 14.278 13.034 11.623 10.333 9.060 7.796
105 10.0 Sensitivity (%) 0.035 0.033 0.031 0.030 0.028 0.026
103 9.0 The bond series PIGN01B, was first listed on 22 June 2016 with nominal value of Rp500.00
billion and fixed interest rate of 9.00 % per annum. This series had traded 96 times in 36
101 8.0
2018. Based on the market price (Centralized Trading Platform), from 2017 to Q2-2018
99 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PIGN01C
ISIN CODE : IDA0000737C5 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23


60 20
45 15 Trading days 2 3 4 7 2 3
Turnover Ratio (%) 8.00 42.50 28.00 69.60 10.40 23.00
30 10 CTP Price - High 99.5200 101.7900 100.7700 105.7542 112.1412 112.1612
Date 14-Feb 12-Jun 06-Jul 27-Dec 20-Mar 18-May
15 5
CTP Price - Low 97.9921 100.4361 100.0000 103.6000 103.7500 101.5000
IBPA Fair Yield (%) 9.1905 9.0430 8.6952 8.3801 8.7451 9.5903
Mod. Duration (yrs) 4.682 4.569 4.422 4.285 4.118 3.918
106 12.0
Convexity (yrs) 26.945 25.484 23.752 22.168 20.423 18.517
104 11.0 Sensitivity (%) 0.047 0.046 0.044 0.043 0.041 0.039
100 9.0
98 8.0
96 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 637
PIGN01D
ISIN CODE : IDA0000737D3 Jun-16 Jun-18 Jun-20 Jun-22 Jun-24 Jun-26


12 12
9 9 Trading days - 2 1 3 2 2
Turnover Ratio (%) - 48.00 16.00 88.00 32.00 32.00
6 6 CTP Price - High N/A 101.4000 100.0200 108.7500 106.2700 102.5366
Date N/A 06-Jun 19-Jul 13-Oct 23-Jan 20-Apr
3 3
CTP Price - Low N/A 100.0000 100.0000 102.0000 100.0000 102.4991
- - Date N/A 05-Apr 19-Jul 13-Nov 23-Feb 19-Apr
IBPA Fair Yield (%) 9.5221 9.2098 8.8868 8.8152 9.0994 9.9380
Mod. Duration (yrs) 6.080 6.031 5.938 5.832 5.689 5.467
111 11.0
Convexity (yrs) 48.442 47.201 45.453 43.598 41.406 38.448
107 10.0 Sensitivity (%) 0.061 0.060 0.059 0.058 0.057 0.055
103 9.0 This series was listed since 22 June 2016 with nominal value of Rp50.00 billion with fixed
99 8.0
95 7.0
Platform), from 2017 to Q2-2018 this series was traded between 100.0000 - 108.7500
while the IBPA fair price was between 94.7433 - 106.3721, the fair yield for this series was
91 6.0
between 8.4349% - 10.3781%.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PIGN01A 16 38.0%
PIGN01B 26 32 73 90 44.0%
PIGN01C 8 43 28 70
PIGN01D 6 11
- 100 200 300 400 500

638 Corporate Bonds
PT Pelabuhan Indonesia I (Persero) or Pelindo I is a No. Company Total Revenue Net Profit Revenue
state owned company engaged in port service (Rp Bill) Margins (%) Growth (%)
businesses. The company is 100% owned by the 1. PT Jasa Marga (Persero) Tbk. 35,092 6.0 110.6
Government of Indonesia. The Company provides 2. PT Angkasa Pura I (Persero) 7,194 19.7 17.2
seaport service facilities through 16 ports located 3. PT Angkasa Pura II (Persero) 8,110 24.8 22.0
across four provinces in Aceh, North Sumatra, Riau, 4. PT Pelabuhan Indonesia I (Persero) 2,751 29.3 14.2
and Riau Islands with Its flagship terminals are 5. PT Marga Lingkar Jakarta 277 (20.0) (18.0)
Belawan International Container Terminal (BICT) and Financial Statement as of Fiscal Year 2017
the Port Belawan that are located in North Sumatra
near city of Medan. The port is regarded as the Historical Corporate Ratings
country's busiest port outside Java.
As of December 31, 2017, The company had 3 1. Pefindo idAA Affirmed 13-Mar-18 Stable
subsidiaries mostly engaged in port terminal and 2. Pefindo idAA Affirmed 14-Mar-17 Stable
logistic service businesses which are PT Prima 3. Pefindo idAA Assigned 15-Jun-16 Stable
Indonesia Logistik, PT Prima husada Cipta, and PT 4. Pefindo idAA Assigned 31-Mar-16 Stable
Prima Pengembang Kawasan. 5. Pefindo idAA Assigned 31-Mar-16 Stable
SWOT Analysis
- Strong potential of government - Weakened financial leverage level
support and cash flow
- Strong market position in Sumatera - Sizeable capital expenditure
- Stable profitability margin requirement
Financial Analysis
In 2017, Pelindo I booked revenues of Rp2.75 trillion,
increased by 14.21% from the previous year. Cargo
terminal delivery service has the largest portion to
total revenues reached Rp1.30 trillion, or increased by
19.61% compared to 2016. However, the highest
increase occurred in logistics services revenue and
distribution of goods that grew by 39.30%. Although
operating expenses in 2017 increased faster than its
revenue of 17.10% to Rp1.58 trillion in 2017, the
company still managed to book its net profit in 2017 - Government fiscal stimulus to - Highly dependent on economic
of Rp805.14 billion in 2016, or increased by 9,80%. The encourage the development of real and regulatory conditions
increase was due to other income-net up by 227.55% sector - Material divestment of the
reached Rp125.33 billion in 2017 from Rp38.26 billion - High barriers to enter in this government's ownership
in 2016. industry
As of December 31, 2017, the Company's total assets

reached Rp8.51 trillion, increased by 16.51% compared
to 2016. The increased due to the company's
investment activities in the framework of business
development and the addition of non-current assets
amounted to 30.66%. In composition, the company's
assets consist of current assets of 25.97% and non-
current assets of 74.03%. Meanwhile, the Company's
total liabilities reached Rp3.60 trillion, or increased
20.09% compared to previous year, with the
composition of current liabilities at 50.60% and non-
current at 49.40%.

Corporate Bonds 639
PIHC PT Pupuk Indonesia (Persero) AAA(idn)

Stable
Sector : Basic Industry and Chemicals Jln. Taman Anggrek
Sub Sector : Chemicals Kemanggisan Jaya
Website : www.pupuk-indonesia.com Jakarta 11480
Corporate Sec. : Bapak Budi Asikin Phone : (021) 548-2767
Email Corporate Sec. : info@pupuk-indonesia.com Fax : (021) 548-0607
Incorporated in 24 December 1959, PT Pupuk FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Indonesia (Persero), formerly known as PT BALANCE SHEETS Dec-2016 Dec-2017 Chg %
Pupuk Sriwidjaja (Persero) or Pusri (Persero),
Cash & Cash Equivalents 9,075,415 12,524,220 38.00 
is a State-Owned Enterprise (SOEs) being the
Receivables 21,782,025 20,367,505 -6.49 
first fertilizer manufacturer in Indonesia which supports national
development policy. Inventories 9,988,430 10,368,682 3.81 
Current Assets 13,630,531 10,460,284 -23.26 
PT Pupuk Indonesia (Persero) is the largest fertilizer manufacturer in
Southeast Asia with total assets of Rp93.19 trillion and total
Total Assets 127,096,965 128,488,026 1.09 
production capacity of 13.19 million tonnes per year.
Current Liabilities 42,525,709 36,863,153 -13.32 
In assuming the function to support national food security, PT Pupuk Interest Bearing liabilities 23,664,470 29,021,158 22.64 
Indonesia (Persero) and ten subsidiaries operate 14 urea and
Total Liabilities 66,190,179 65,884,311 -0.46 
ammonia plants in 13 different locations spread across the island of
Java, Sumatra and Kalimantan. PIHC focuses its operations on the Authorized Capital (Mil. Sh) 40 40 - 
processing of fertilizers and other chemicals, trade and distribution, Authorized Capital 40,000,000 40,000,000 - 
corporate management services and management consulting firms Paid up Capital 12,899,908 12,899,908 - 
and other various other services. Paid up Capital (Mil. Sh) 13 13 - 
As an integrated company, PIHC also runs other supporting Par Value (Rp) 1,000,000 1,000,000 - 
businesses which support its core business, such as transportation, Retained Earnings 18,427,887 20,316,337 10.25 
agriculture, plantations, mining and optimization of resources. Total Equity …*) 60,772,848 62,428,518 2.72 
The company is committed to becoming an integrated agrochemical Non Controlling Interest 133,938 175,197 30.80 
company, sustainable and world class. Total Equity 60,906,786 62,603,715 2.79 
Corporate Mission
INCOME STATEMENTS
• Developing main business in fertilizer, chemical, energy and the
Total Revenues 64,164,003 58,942,682 -8.14 
infrastructure
Gross Profit 12,191,796 12,491,421 2.46 
• Developing a food security-supporting business
• Developing an investment portfolio to increase Company added Interest Expenses 2,819,325 3,107,848 10.23 
value. Total Operating Expenses 4,527,828 4,824,694 6.56 
• Generating quality and competitive products and services Operating Profit 7,665,393 7,708,211 0.56 
Earning Before Tax 4,844,643 4,558,879 -5.90 
BOARD OF COMMISSIONERS EBITDA 9,896,339 10,307,241 4.15 
1. Bungaran Saragih Income for the periods 3,525,940 3,075,396 -12.78 
2. Anwar Sanusi * Comprehensive Income 33,691,692 2,780,801 -91.75 
3. Ony Suprihartono Net Income … *) 3,569,579 3,021,139 -15.36 
4. Sukriansyah S. Latief
5. Widharma Raya Dipodiputro * FINANCIAL RATIOS
6. Yanuar Rizky * DER (X) 0.39 0.46 19.31 
*) Independent Commissioner ROA (%) 2.77 2.39 -13.72 
NPM (%) 5.50 5.22 -5.05 
BOARD OF DIRECTORS EBITDA Coverage (X) 3.51 3.32 -5.52 
1. Aas Asikin Idat *) … attributable to owners of the parent entity
2. Achmad Tossin Sutawikara
3. Gusrizal SHAREHOLDERS
4. Indarto Pamoengkas 1. Republic of Indonesia 100.00%
5. M. Djohan Safri
6. Winardi AUDIT COMMITTEE
1. Megananda Daryono
2. Ony Suprihartono
3. Sapto Setiawan
4. Vera Diyanty

640 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
08-Jul-18
Obligasi I Pupuk
PIHC01B 9.95% 08-Oct-18 PT Bank Mega AAA(idn)
1. Indonesia Tahun 1,131,000 10-Jul-14 08-Jul-19 5
IDA0000642B9 08-Jan-19 Tbk. Stable
2014 Seri B
Quarterly 08-Apr-19
Obligasi 12-Jul-18
PIHC01ACN1 Berkelanjutan I Pupuk 7.90% 12-Oct-18 PT Bank Mega AAA(idn)
2. 1,484,500 13-Jul-17 12-Jul-20 3
IDA0000831A0 Indonesia Tahap I 12-Jan-19 Tbk. Stable
Obligasi 12-Jul-18
PIHC01BCN1 Berkelanjutan I Pupuk 8.60% 12-Oct-18 PT Bank Mega AAA(idn)
3. 2,085,000 13-Jul-17 12-Jul-24 7
IDA0000831B8 Indonesia Tahap I 12-Jan-19 Tbk. Stable
Obligasi 09-Aug-18
PIHC01ACN2 Berkelanjutan I Pupuk 7.50% 09-Nov-18 PT Bank Mega AAA(idn)
4. 2,601,500 10-Nov-17 09-Nov-20 3
IDA0000858A3 Indonesia Tahap II 09-Feb-19 Tbk. Stable
Tahun 2017 Seri A Quarterly 09-May-19
Obligasi 09-Aug-18
PIHC01BCN2 Berkelanjutan I Pupuk 7.90% 09-Nov-18 PT Bank Mega AAA(idn)
5. 1,774,000 10-Nov-17 09-Nov-22 5
IDA0000858B1 Indonesia Tahap II 09-Feb-19 Tbk. Stable
TRADING HIGHLIGHT
PIHC01B


80 12
60 9 Trading days 3 2 - 5 6 4
Turnover Ratio (%) 7.78 2.83 - 27.59 20.87 27.59
40 6 CTP Price - High 103.3000 104.2300 N/A 104.4700 105.4200 103.8000
Date 03-Jan 21-Apr N/A 11-Dec 13-Feb 09-Apr
20 3
CTP Price - Low 102.9000 100.0000 N/A 103.9400 100.0000 102.6000
- - Date 07-Mar 27-Apr N/A 27-Oct 17-Jan 07-May
IBPA Fair Yield (%) 8.2504 7.9354 7.3982 6.8752 6.3952 7.9745
Mod. Duration (yrs) 1.978 1.804 1.588 1.382 1.171 0.948
107 10.0
Convexity (yrs) 4.724 3.937 3.080 2.363 1.728 1.169
105 9.0 Sensitivity (%) 0.020 0.018 0.016 0.014 0.012 0.009
103 8.0 The bond series PIHC01B, was first listed on 10 July 2014 and matured on 08 July 2019.
101 7.0
within the range of 100.0000 – 105.4200. Meanwhile IBPA fair price ranged from 101.8722
99 6.0
to 104.6400. IBPA yield for this series were 6.3237% at the lowest and 8.6385% at the
highest. By the end of June 2018, the outstanding amount of this series was Rp1.13 trillion.
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 641
PIHC01ACN1 Listing Date Maturity Date


600 24
450 18 Trading days - - 9 6 8 2
Turnover Ratio (%) - - 188.08 74.91 86.22 16.17
Date N/A N/A 07-Sep 28-Dec 13-Feb 09-May
150 6
- - Date N/A N/A 27-Jul 10-Oct 07-Mar 08-May
IBPA Fair Yield (%) - - 7.3342 7.0277 6.5955 8.4002
Mod. Duration (yrs) - - 2.444 2.248 2.049 1.829
103 10.0
Convexity (yrs) - - 7.048 5.974 4.978 3.996
102 9.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
101 8.0 The bond series PIHC01ACN1, was first listed on 13 July 2017 and matured on 12 July
100 7.0
99 6.0
98 5.0
trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PIHC01BCN1


180 28
135 21 Trading days - - 8 5 - 2
Turnover Ratio (%) - - 39.52 14.00 - 11.13
90 14 CTP Price - High N/A N/A 103.5000 104.1500 N/A 101.9500
Date N/A N/A 27-Sep 28-Dec N/A 06-Jun
45 7
CTP Price - Low N/A N/A 100.0000 102.5000 N/A 100.9000
- - Date N/A N/A 27-Jul 16-Nov N/A 06-Jun
IBPA Fair Yield (%) - - 8.0723 7.7473 8.1289 8.9899
Mod. Duration (yrs) - - 5.042 4.920 4.755 4.544
109 11.0
Convexity (yrs) - - 31.614 29.915 27.898 25.570
106 10.0 Sensitivity (%) - - 0.050 0.049 0.048 0.045
103 9.0 The bond series PIHC01BCN1, was first listed on 13 July 2017 with nominal value of Rp2.09
100 8.0
97 7.0
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

642 Corporate Bonds
PIHC01ACN2


400 60
300 45 Trading days - - - 6 21 2
Turnover Ratio (%) - - - 47.05 76.72 14.76
100 15
- - Date N/A N/A N/A 21-Dec 23-Feb 03-May
IBPA Fair Yield (%) - - - 7.4288 7.7121 8.6811
Mod. Duration (yrs) - - - 2.529 2.326 2.112
107 11.0
Convexity (yrs) - - - 7.473 6.336 5.250
104 10.0 Sensitivity (%) - - - 0.025 0.023 0.021
2020. This series was issued with nominal amount of Rp2.60 trillion with fixed interest rate
98 8.0
per annum at 7.50%. This series, throughout 2017 and the first two quarters of 2018
95 7.0
during the period was Rp150.16 billion per quarter and the average trading frequency was
14 times per quarter. During the period, this series was traded at its market prices ranging
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
 CTP Highest Price  CTP Lowest Price  Highest Price = Lowest Price the same period, the fair yield for this series was in the range of 7.2169% to 8.9692%
PIHC01BCN2


160 20
120 15 Trading days - - - 5 7 12
Turnover Ratio (%) - - - 31.57 39.46 8.84
40 5
IBPA Fair Yield (%) - - - 7.5362 7.5944 8.5145
Mod. Duration (yrs) - - - 3.972 3.801 3.593
107 11.0
Convexity (yrs) - - - 18.739 17.106 15.312
104 10.0 Sensitivity (%) - - - 0.040 0.038 0.036
101 9.0 The bond code PIHC01BCN2 issued as much as Rp1.77 trillion with interest rate of 7.90%
per annum. This bond is effective from 10 November 2017 to 09 November 2022. During
98 8.0
95 7.0
92 6.0
at 7.2612 %.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 643

PIHC01B 78 9.5%
PIHC01ACN1 698 278 65.7%
PIHC01BCN1 206 73 13.4%
PIHC01ACN2 306 11.8%
PIHC01BCN2 140 7.9%
- 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750

644 Corporate Bonds

PT Pupuk Indonesia (Persero) or PIHC, formerly No. Company Total Revenue Net Profit Revenue
known as PT Pupuk Sriwidjaja (Persero) or Pusri (Rp Bill) Margins (%) Growth (%)
(Persero) is a State-Ownned Enterprise (SOEs) that 1. PT Pupuk Indonesia (Persero) 58,943 5.2 (8.1)
was the first fertilizer manufacturer in Indonesia. PIHC 2. PT Chandra Asri Petrochemical Tbk. 32,766 13.2 26.3
is also the largest fertilizer producer in Southeast Asia
consisting of urea, NPK, ZK, ZA, and SP-36 with a
spread across the island of Java, Sumatra, and
Kalimatan. PIHC has ten subsidiaries with direct Financial Statement as of Fiscal Year 2017
investment with the percentage of ownership more
than 50%, as described: (1) PT Petrokimia Gresik, Historical Corporate Ratings
99.9%; (2) PT Pupuk Kujang, 99.9%; (3) PT Pupuk No. Rating Agency Rating Rating Status Rating Date Outlook
Kalimantan Timur, 99.9%; (4) PT Pupuk Iskandar
Muda, 99.9%; (5) PT Pupuk Sriwidjaja Palembang, 1. Fitch Ratings AAA(idn) Affirmed 27-Feb-18 Stable
99.9%; (6) PT Rekayasa Industri, 90.1%; (7) PT Mega 2. Fitch Ratings AAA(idn) Affirmed 1-Mar-17 Stable
Eltra, 98.7%; (8) PT Pupuk Indonesia Logistik, 55.5%;
(9) PT Pupuk Indonesia Energi, 50.0%; and (10) PT
Pupuk Indonesia Pangan, 90.9%.
SWOT Analysis
Strong support from the the - Aggressive revitalization plan
Government of Indonesia - Increasing leverage
- Strong linkage from the
subsidiaries
- Conduct business diversification to
support major business
- State-owned enterprises acting as
Financial Analysis sole agents to produce & distribute
The Company total consolidated revenues in 2017 subsidized fertilizer to eligible
was Rp58.94 trillion, or decreased by 8.14% farmers
compared to 2016 of Rp64.16 trillion in. But, the
Company's cost of revenues in 2017 declined by
10.62%. As a result, the Company's gross profit in O pportunities T hreats
2017 was recorded at Rp12.49 trillion, up by 2.46%
from the previous year. Nevertheless, the Company's - Beneficiary of capped gas price - Pressure on fertilizer price due to
profit for the Year 2017 was Rp3.08 trillion, decreased - High demand in line with global production oversupply
by 12.77% compared to the year 2016 which was agricultural development programs - Supply of urea worlds that have
mainly due to a 7.0% decline in subsidy income through self-sufficiency reached excessive levels thereby
underpinning 65% of the Company's total revenues, - Government fiscal stimulus lowering the price of urea
and also due to a decline in market prices for urea package - Global economic uncertainty
and ammonia resulting from oversupply in the
international market.

Corporate Bonds 645
idAA-
PJAA PT Pembangunan Jaya Ancol Tbk. Negative*
Sector : Trade, Services & Investment Ecovention Building-Ecopark
Sub Sector : Tourism, Restaurant And Hotel Jln. Lodan Timur No.7 Taman Impian Jaya Ancol
Website : www.ancol.com Jakarta Utara
Corporate Sec. : Agung Praptono Phone : (021) 2922-2222
Email Corporate Sec. : investor@ancol.com Fax : (021) 6471-0502
Last Year Achievement FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
At the end of 2017, the Company’s revenue BALANCE SHEETS Dec-2016 Dec-2017 Chg %
decreased slightly by 3.48%, from Rp1.28 trillion in 2016 to Rp1.24
trillion. The decreased revenue was caused by prudent action by the
Receivables 124,898 120,198 -3.76 q
management in selling property (residential or land lot). However,
with continuous commitment and effort, the Company managed to Inventories 9,692 7,022 -27.55 q
significantly increase profit, which was by 68.33% from Rp130.82 Current Assets 915,674 687,624 -24.91 q
billion in 2016 to Rp220.22 billion in 2017 or 88% of the target set at Property, Plant and Equipment 1,565,216 1,729,308 10.48 p
the beginning of 2017. Total Assets 3,768,551 3,748,270 -0.54 q
On a consolidated basis, the Company’s revenue and profit were still Current Liabilities 1,028,727 659,104 -35.93 q
supported by recreation business segment, which rose by 5.94% from Interest Bearing liabilities 935,385 795,384 -14.97 q
Rp1.07 trillion in 2016 to Rp1.14 trillion in 2017, profit from this
segment also increased by 93% from Rp191.68 billion to Rp370.11
billion in 2017.
The visitor traffic in 2017 experienced a positive trend, growing by
3.47% from 18.1 million in 2016 to 18.7 million in 2017. The increase Paid up Capital 400,000 400,000 - 
was accompanied by raising spending per visitor from Rp59,455 in Paid up Capital (Mil. Sh) 1,600 1,600 - 
2016 to Rp60,872 consisting of ticket spending at Rp67,646 and non- Par Value (Rp) 500 & 250 500 & 250 - 
ticket spending at Rp13,226. Overall, the Company succeeded to Retained Earnings 1,261,779 1,413,485 12.02 p
record an increase in revenue of 7.9% from Rp229,34 billion in 2016 Total Equity …*) 1,698,488 1,856,241 9.29 p
to Rp247,46 billion in 2017 from nonticket businesses (merchandise,
culinary, and sponsorship).
Total Equity 1,828,112 1,990,438 8.88 p
Prospect of The Company
To ensure the business continuity in the future, the Company
observed and mapped the business prospects by carrying out the INCOME STATEMENTS
following programs: Total Revenues 1,283,535 1,240,030 -3.39 q
1. Ancol Area Masterplan that is planned, to be completed in 2018, Gross Profit 580,240 599,265 3.28 p
including the development of Ancol Walk and other area Interest Expenses 45,485 70,744 55.53 p
development. Total Operating Expenses 339,970 205,225 -39.63 q
2. 10 years Corporate Plan: (2018 - 2028) as policy for the Company Operating Profit 240,270 394,040 64.00 p
to dtermine the position of Ancol and identify the ideal market Earning Before Tax 246,664 336,949 36.60 p
share and target; maintain the growth of recreation segment as
EBITDA 411,124 541,697 31.76 p
the Company’s backbone in addition to strengthening property
segment; and increase the spending per visitor through Income for the periods 153,894 224,155 45.66 p
improvements in infrastructure, technology and leisure facilities Comprehensive Income 149,980 205,145 36.78 p
that are managed independently by the Company. Net Income … *) 130,825 220,219 68.33 p
3. The finalization process of Lot A and Lot B land development
cooperation in West Ancol area with total area of approximately
FINANCIAL RATIOS
4 ha.
DER (X) 0.51 0.40 -21.90 q
4. Advanced implementation of Ancol Service Quality Journey that
becomes one of excellent services to improve visitors experience. ROA (%) 4.08 5.98 46.44 p
NPM (%) 11.99 18.08 50.77 p
Referring to the macroeconomic conditions and domestic economic
growth target of 5.4% in 2018, the Company set EBITDA Coverage (X) 9.04 7.66 -15.29 q
a profit target of approximately Rp275 billion or an increase of
approximately 14% from the previous year’s achievement, revenue
target of Rp1.6 trillion and total visitors of 19.6 million. SHAREHOLDERS
1. Province of DKI Jakarta (Class A) 1 share
In order to realize the revitalization and development of the
2. PT Pembangunan Jaya (Seri B) 1 share
Company’s assets, the Company also targets capital expenditure
3. Province of DKI Jakarta (Class C) 72.00%
budget of Rp1.2 trillion.
4. PT Pembangunan Jaya (Seri C) 18.01%
That plan, shows that the Company is optimistic in maintaining 5. Public 9.99%
business growth in 2018 and capturing sustainable growth going
forward.
AUDIT COMMITTEE
1. Rene Suhardono Canoneo
2. Jundariatin Rowi
3. Sukarjono

646 Corporate Bonds

1. Rene Suhardono Canoneo * 1. C. Paul Tehusijarana
2. Geisz Chalifah 2. Agus Sudarno
3. Trisna Muliadi 3. Bertho Darmo Poedjo Asmanto
*) Independent Commissioner 4. Daniel Nainggolan
5. Harianto Badjoeri
6. Teuku Sahir Syahali
AS OF JUNE 2018
Coupon Coupon
Obligasi 29-Jun-18
PJAA01ACN1 Berkelanjutan I Jaya 8.10% 29-Sep-18 PT Bank Pastikan
idAA- Link Grafik sudah be
1. 250,000 30-Sep-16 29-Sep-19 3
IDA0000762A7 Ancol Tahap I 29-Dec-18 Permata Tbk. Negative
Tahun 2016 Seri A Quarterly 29-Mar-19 Pastikan Link Grafik sudah be
Obligasi 29-Jun-18
PJAA01BCN1 Berkelanjutan I Jaya 8.20% 29-Sep-18 PT Bank idAA-
2. 50,000 30-Sep-16 29-Sep-21 5
IDA0000762B5 Ancol Tahap I 29-Dec-18 Permata Tbk. Negative
Tahun 2016 Seri B Quarterly 29-Mar-19
Obligasi 23-Aug-18
PJAA01ACN2 Berkelanjutan I Jaya 6.30% 23-Nov-18 PT Bank idAA-
3. 350,000 21-May-18 23-May-19 370
IDA0000902A9 Ancol Tahap II 23-Feb-19 Permata Tbk. Negative
Obligasi 18-Aug-18
PJAA01BCN2 Berkelanjutan I Jaya 7.60% 18-Nov-18 PT Bank idAA-
4. 350,000 21-May-18 18-May-21 3
IDA0000902B7 Ancol Tahap II 18-Feb-19 Permata Tbk. Negative

Corporate Bonds 647
TRADING HIGHLIGHT
PJAA01ACN1
ISIN CODE : IDA0000762A7 Sep-16 Sep-17 Sep-18 Sep-19


12 4
9 3 Trading days - - 1 1 2 -
Turnover Ratio (%) - - 9.60 9.60 19.20 -
Date N/A N/A 26-Sep 10-Nov 14-Feb N/A
3 1
- - Date N/A N/A 26-Sep 10-Nov 19-Feb N/A
IBPA Fair Yield (%) 8.8438 8.6392 8.1233 7.6393 7.6279 8.9373
Mod. Duration (yrs) 2.231 2.010 1.829 1.619 1.401 1.175
103 11.0
Convexity (yrs) 5.809 4.817 3.940 3.113 2.366 1.701
101 10.0 Sensitivity (%) 0.022 0.020 0.018 0.016 0.014 0.012
99 9.0 The bond series PJAA01ACN1, was first listed on 30 September 2016 and matured on 29
September 2019. From 2017 to the first half of year 2018, total volume traded amounted
97 8.0
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PJAA01BCN1 Listing Date Maturity Date


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 9.1091 8.9955 8.4356 8.1476 8.4351 9.4541
Mod. Duration (yrs) 3.704 3.484 3.376 3.201 3.012 2.805
102 11.0
Convexity (yrs) 16.179 14.541 13.339 11.957 10.576 9.183
100 10.0 Sensitivity (%) 0.037 0.035 0.034 0.032 0.030 0.028
98 9.0 The bond code PJAA01BCN1 issued as much as Rp50.00 billion with interest rate of 8.20%
per annum. This bond is effective from 30 September 2016 to 29 September 2021. IBPA
96 8.0
fair price during year 2017-2018 with maximum price at 101.0393 while IBPA yield
amounted the minimum yield at 7.8712 %.
94 7.0
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

648 Corporate Bonds
PJAA01ACN2
ISIN CODE : IDA0000902A9 May-18 May-19


800 16
600 12 Trading days - - - - - 8
Turnover Ratio (%) - - - - - 910.86
200 4
IBPA Fair Yield (%) - - - - - 6.6509
102 8.0
Convexity (yrs) - - - - - 0.970
101 7.0 Sensitivity (%) - - - - - 0.009
99 5.0
98 4.0
97 3.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PJAA01BCN2


1000 20
750 15 Trading days - - - - - 5
Turnover Ratio (%) - - - - - 1394.29
250 5
IBPA Fair Yield (%) - - - - - 7.7563
105 10.0
Convexity (yrs) - - - - - 7.552
103 9.0 Sensitivity (%) - - - - - 0.025
101 8.0 The bond series PJAA01BCN2, was first listed on 21 May 2018 with nominal value of
99 7.0
times in 5 trading days with total volume booked of Rp1.22 trillion during the year 2017
97 6.0
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 649
PJAA01ACN1 6 6 4.8%
PJAA01BCN1
- 50 100 150 200 250

650 Corporate Bonds

PT Pembangunan Jaya Ancol Tbk. is a company that No. Company Total Revenue Net Profit Revenue
engages in construction (real estate), planning and (Rp Bill) Margins (%) Growth (%)
development consulting service in Tourism Area 1. PT PP Properti Tbk. 2,709 17.0 26.0
(Recreation), and hotel & sports business. Since the 2. PT Intiland Development Tbk. 2,203 12.3 (3.2)
majority of the shares is held by the Government of 3. PT Ciputra Residence 1,637 19.8 9.3
DKI Jakarta, the status of PT Pembangunan Jaya 4. PT Pembangunan Jaya Ancol Tbk. 1,240 18.1 (3.4)
Ancol Tbk. changed to Regional-owned Enterprise. 5. PT Greenwood Sejahtera Tbk. 85 221.8 (39.9)
The Company also has begun developing other Financial Statement as of Fiscal Year 2017
businesses, among others MICE (Meeting, Incentive,
Conference, and Exhibition) to encourage creative Historical Corporate Ratings
industry by establishing Ecovention, featuring a 4,000 No. Rating Agency Rating Rating Status Rating Date Outlook
m2 multipurpose room which can be functioned as a
conference room of exhibition hall. As of today, the 1. Pefindo idAA- Affirmed 8-Jun-18 Negative*
Company has had 7 business lines in tourism 2. Pefindo idAA- Affirmed 14-Jun-17 Stable
3. Pefindo idAA- Affirmed 22-Jun-16 Stable
segment, 6 business lines in property segment, 4
business lines in resort segment, and 9 business lines
in culinary segment.
SWOT Analysis
As of December 31, 2017, the Company's major
shareholders were Municipal Government of DKI
Jakarta (72.00% of ownership), PT Pembangunan Jaya S trengths W eaknesses
(18.00%), and public (10.00%).
- Strong presence in local - Unintegrated working system of
recreational industry each unit in the Company
- Has a very strong brand image - Land limitation on property area
- Located at geographically strategic development
area
- Has a wide range of rides, facilities,
and infrastructures
Financial Analysis
During 2017, the Company recorded total revenues
of Rp1.24 trillion, or decreased by 3.39% from 2016.
The decrease was primarily due to a decrease in real
estate revenue by 81.66% in 2017. In addition, hotel
and restaurant revenues also decreased by 21.93%. O pportunities T hreats
However, ticket revenues and other revenues
successfully grew by 5.29% and 18.24%. In line with - Development of ecotourism - Dependency on reclamation
the decline in revenues, cost of revenues and direct - The rapidly development of the process for futher business
cost in 2017 was recorded at Rp640.76 billion, or entertainment and recreational expansion
decreased by 8.89% compared to the previous year. industry - Tough business competition
Nevertheless, profit from Operation was recorded at - Changes in price are significantly
Rp394.04 billion in 2017, increased significantly by affect tourism segment performance
64.00% compared to 2016. The increase was mainly
driven by a decrease in the value of other expenses
by 88.60% in 2017 that consisted of cancellation of
sale of retail land, and impairment of construction
progress. Therefore, in 2017 the Company managed
to book profit for the year of Rp224.15 billion, or
increased by 45.66%. At the end of 2017, the
*The revised outlook from stable to negative to anticipate the Company's weakening financial
Company’s total assets were recorded at Rp3.75
profile due to lower than expected revenue from recreation and property
trillion that consisted of 18.35% of current assets and
81.65% of non-current assets. Total assets slightly
decreased by Rp20.28 billion or 0.54% compared to
2016.

Corporate Bonds 651
idAA
PNBN PT Bank Pan Indonesia Tbk. Stable
Sector : Finance Panin Bank Centre
Sub Sector : Bank Jln. Jend. Sudirman
Website : www.panin.co.id Jakarta
Corporate Sec. : Jasman Ginting Phone : (021) 270-0545, 573-5555
Email Corporate Sec. : jasman@panin.co.id Fax : (021) 270-0340
Established on 17 August 1971, PT Bank FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
Panin Tbk. undertook a series of business BALANCE SHEETS Dec-2016 Dec-2017 Chg %
transformations in line with its business growth and developments of
Cash on Hand 1,433,984 1,169,008 -18.48 q
the national economy. PaninBank was the first bank to go public in
1982. At present, 46.04% of its shares are held by PT Panin Financial
Tbk., 38.82% by Votraint No 1103 Pty. Ltd., and the remaining by Marketable Securities 4,187,436 7,933,546 89.46 p
investor and public shareholders. Loans 125,049,120 128,651,727 2.88 p
Investments 561,648 585,195 4.19 p
By the end of 2016, Panin Bank total assets reached Rp199,2 trillion,
is one of 10 major national bank. Loans totaling Rp134,6 trillion and
Third Party Funds for Rp142,7 trillion and its own capital Rp34,2 Total Assets 199,175,053 213,541,797 7.21 p
trillion. Deposits 144,372,355 149,302,117 3.41 p
Fund Borrowings 3,269,131 4,479,606 37.03 p
PaninBank provides comfort services through 564 branches and 973
ATMs spread from Aceh to Papua and continuously innovates by Total Liabilities 164,974,253 177,253,066 7.44 p
strengthening its banking products and services including digital Authorized Capital (Mil. Sh) 96,000 96,000 - 
banking channels in line with the customers’ need. Authorized Capital 9,600,000 9,600,000 - 
Paid up Capital 2,408,765 2,408,765 - 
PaninBank vision is striving to become one of the First Tier Bank in
Indonesia, continuing its involvement to support the development of Paid up Capital (Mil. Sh) 24,088 24,088 - 
the national banking industry. This will be achieved through Par Value (Rp) 100 100 - 
innovative products, nation-wide distribution network, and in-depth Retained Earnings 19,029,464 21,447,516 12.71 p
market knowledge, as well as optimizing its intermediary function Total Equity …*) 31,614,893 33,981,898 7.49 p
from funding to financing the consumer, commercial and corporate
Non Controlling Interest 2,585,907 2,306,833 -10.79 q
segments.
Total Equity 34,200,800 36,288,731 6.10 p
As a Bank that has operated more than 46 years, PaninBank has a
solid reputation and continuously strengthening its capital structure.
INCOME STATEMENTS
The bank provides innovative products and services to a growing
customer base, including those of Sharia products and services
through its subsidiary, PT Panin Bank Syariah Tbk., the first sharia Interest Expenses 9,004,039 8,831,594 -1.92 q
bank to go public in January 2014. Other Operating Revenue 1,295,280 1,546,391 19.39 p
With its long history, PaninBank offers professional banking
Income from Operations 3,207,163 2,898,771 -9.62 q
experience to satisfy customers’ banking needs with value added and
integrated solutions. In support of its vision and mission, PaninBank Non-Operating Revenues 99,020 64,682 -34.68 q
continues to improve and develop its Human Resources, Information Earning Before Tax 3,306,183 2,963,453 -10.37 q
Technology, Risk Management, and the implementation of best Income for the periods 2,518,048 2,008,437 -20.24 q
practices in Good Corporate Governance. Comprehensive Income 3,388,179 1,950,306 -42.44 q
Net Income … *) 2,405,293 2,412,458 0.30 p
AUDIT COMMITTEE
1. Riyanto FINANCIAL RATIOS
2. Lianna Loren Limanto DER (X) 4.82 4.88 1.26 p
3. Lukman Abdullah ROA (%) 1.26 0.94 -25.60 q
4. Yessica Novia Santoso NPM (%) 14.43 11.49 -20.40 q
BOARD OF COMMISSIONERS BOARD OF DIRECTORS *) … attributable to owners of the parent entity
1. Johnny 1. Herwidayatmo
2. Bambang Winarno * 2. Ahmad Hidayat SHAREHOLDERS
3. Chandra R. Gunawan 3. Antonius Ketut Dwirianto 1. PT Panin Financial Tbk. 46.04%
4. Lianna Loren Limanto 4. Edy Heryanto 2. Voltrain No. 1103 PTY Ltd. 38.82%
5. Lintang Nugroho * 5. Gunawan Santoso 3. Public 15.15%
6. Riyanto * 6. Hendrawan Danusaputra
*) Independent Commissioner 7. Januar Hardi
8. Lionto Gunawan
9. Ng Kean Yik
10. Roosniati Salihin
11. Suwito Tjokrorahardjo

652 Corporate Bonds
AS OF JUNE 2018
Coupon Coupon
Obligasi Subordinasi 20-Sep-18

PT Bank
PNBN01SBCN1 Berkelanjutan I Bank 9.40% 20-Dec-18 idAA-
1. 2,000,000 21-Dec-12 20-Dec-19 7 Mandiri
IDA000056105 Panin Tahap I Tahun 20-Mar-19 Stable
(Persero) Tbk.
Obligasi 28-Sep-18
PT Bank
PNBN02CN1 Berkelanjutan II Bank 9.15% 28-Dec-18 idAA
2. 2,000,000 29-Jun-16 28-Jun-21 5 Mandiri
(Persero) Tbk.

PT Bank
PNBN02SBCN1 Berkelanjutan II Bank 9.60% 28-Dec-18 idA+
3. 100,000 29-Jun-16 28-Jun-23 7 Mandiri
(Persero) Tbk.
2016 Quarterly 28-Jun-19 Pastikan Link Grafik sudah bena
Obligasi 27-Jul-18
PT Bank
PNBN02CN2 Berkelanjutan II Bank 8.75% 27-Oct-18 idAA
4. 2,125,000 28-Oct-16 27-Oct-21 5 Mandiri
IDA000076707 Panin Tahap II Tahun 27-Jan-19 Stable
(Persero) Tbk.

PT Bank
PNBN02SBCN2 Berkelanjutan II Bank 10.25% 17-Dec-18 idA+
5. 2,400,000 20-Mar-17 17-Mar-24 7 Mandiri
IDA000079701 Panin Tahap II Tahun 17-Mar-19 Stable
(Persero) Tbk.
Obligasi 27-Aug-18
PT Bank
PNBN02CN3 Berkelanjutan II Bank 7.60% 27-Nov-18 idAA
6. 3,900,000 28-Feb-18 27-Feb-23 5 Mandiri
IDA000088207 Panin Tahap III Tahun 27-Feb-19 Stable
(Persero) Tbk.
2018 Quarterly 27-May-19
Obligasi 18-Jul-18
PT Bank
PNBN02CN4 Berkelanjutan II Bank 7.40% 18-Oct-18 idAA
7. 1,500,000 19-Apr-18 18-Apr-21 3 Mandiri
IDA000089502 Panin Tahap IV 18-Jan-19 Stable
(Persero) Tbk.

Corporate Bonds 653
TRADING HIGHLIGHT
PNBN01SBCN1


400 80
300 60 Trading days 21 14 9 18 12 9
Turnover Ratio (%) 90.00 96.60 25.54 76.68 43.66 9.82
200 40 CTP Price - High 102.120 101.950 102.800 103.500 103.650 103.320
Date 26-Jan 20-Jun 25-Sep 21-Nov 07-Feb 26-Apr
100 20
CTP Price - Low 98.500 100.000 96.000 100.000 100.000 100.000
- - Date 22-Feb 20-Jun 17-Jul 21-Dec 07-Mar 21-Jun
IBPA Fair Yield (%) 8.9533 8.9407 8.2394 7.6326 7.2692 8.3203
Mod. Duration (yrs) 2.373 2.201 1.991 1.790 1.583 1.364
105 10.0
Convexity (yrs) 6.631 5.698 4.681 3.806 3.000 2.261
103 9.0 Sensitivity (%) 0.024 0.022 0.020 0.018 0.016 0.014
99 7.0
series was Rp1.71 trillion and the total trading frequency was 292 times. The market prices
for this series were 96.0000 at the lowest and 103.6500 at the highest. IBPA valued the fair
97 6.0
prices for this series were 100.4406 for the lowest and 103.5374 for the highest. At the
95 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PNBN02CN1 Listing Date Maturity Date


Volume Volume (Rp bn) 2.00 - - 208.00 73.50 4.00
180 20
Frequency Frequency (X) 3 - - 21 11 2
135 15 Trading days 2 - - 8 3 1
Turnover Ratio (%) 0.40 - - 41.60 14.70 0.80
90 10 CTP Price - High 102.030 N/A N/A 104.750 104.000 -
Date 21-Mar N/A N/A 05-Dec 25-Jan -
45 5
CTP Price - Low 100.000 N/A N/A 100.000 100.000 -
- - Date 10-Jan N/A N/A 27-Dec 06-Feb -
IBPA Fair Yield (%) 8.9887 8.9043 8.3297 8.0096 8.3005 9.2661
Mod. Duration (yrs) 3.484 3.263 3.156 2.981 2.793 2.594
106 11.0
Convexity (yrs) 14.389 12.843 11.716 10.426 9.142 7.893
104 10.0 Sensitivity (%) 0.035 0.033 0.032 0.030 0.028 0.026
102 9.0 The bond series PNBN02CN1, was first listed on 29 June 2016 with nominal value of
100 8.0
98 7.0
96 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

654 Corporate Bonds
PNBN02SBCN1


160 16
120 12 Trading days 3 - - 2 1 -
Turnover Ratio (%) - - - 36.00 24.00 -
Date 03-Feb N/A N/A 23-Oct 14-Feb N/A
40 4
- - Date 03-Feb N/A N/A 27-Dec 14-Feb N/A
96.967
IBPA Fair Yield (%) 9.2698 9.8945 9.4522 9.2320 9.4975 10.3827
Mod. Duration (yrs) 4.668 4.414 4.383 4.246 4.087 3.890
105 12.0
Convexity (yrs) 26.850 24.516 23.467 21.900 20.224 18.342
102 11.0 Sensitivity (%) 0.047 0.044 0.044 0.042 0.041 0.039
99 10.0 The bond series PNBN02SBCN1, was first listed on 29 June 2016 with nominal value of
96 9.0
93 8.0
90 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PNBN02CN2


600 32
450 24 Trading days 8 10 2 15 6 4
Turnover Ratio (%) 96.85 85.18 1.98 61.84 12.37 0.75
300 16 CTP Price - High 101.000 102.004 102.000 104.000 105.300 100.000
Date 14-Feb 06-Jun 28-Aug 10-Nov 17-Jan 30-Apr
150 8
CTP Price - Low 94.630 99.000 98.250 99.300 99.000 100.000
- - Date 03-Jan 30-May 18-Aug 10-Nov 02-Mar 30-Apr
98.383
IBPA Fair Yield (%) 9.0204 8.1535 8.3794 8.0900 8.3133 9.3156
Mod. Duration (yrs) 3.671 3.549 3.357 3.189 3.007 2.803
107 11.0
Convexity (yrs) 16.228 15.048 13.450 12.094 10.736 9.347
104 10.0 Sensitivity (%) 0.037 0.036 0.034 0.032 0.030 0.028
101 9.0 This series was listed since 28 October 2016 with nominal value of Rp2.13 trillion with
98 8.0
volume booked of Rp1.38 trillion until Q2-2018. Based on the market price (Centralized
95 7.0
92 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 655
PNBN02SBCN2
ISIN CODE : IDA000079701 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24


1600 800
1200 600 Trading days 3 17 9 17 20 7
Turnover Ratio (%) 57.73 313.49 34.63 9.27 118.24 1.59
800 400 CTP Price - High 100.500 100.500 100.400 104.500 105.030 101.750
Date 29-Mar 05-Jun 03-Aug 09-Nov 29-Jan 31-May
400 200
CTP Price - Low 100.000 99.950 99.000 99.000 100.000 100.000
- - Date 29-Mar 05-Apr 15-Sep 26-Oct 22-Mar 21-Jun
IBPA Fair Yield (%) 10.0597 10.2237 10.0348 9.3292 9.6082 10.4695
Mod. Duration (yrs) 4.927 4.814 4.682 4.588 4.438 4.241
106 12.0
Convexity (yrs) 30.783 29.227 27.502 26.161 24.401 22.330
104 11.0 Sensitivity (%) 0.049 0.048 0.047 0.046 0.044 0.042
102 10.0 The bond series PNBN02SBCN2, was first listed on 20 March 2017 with nominal value of
100 9.0
98 8.0
was between 96.9574- 105.4589, the fair yield for this series was between 9.0860 -
96 7.0
10.9724.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PNBN02CN3
ISIN CODE : IDA000088207 Feb-18 Feb-19 Feb-20 Feb-21 Feb-22 Feb-23


600 80
450 60 Trading days - - - - 5 11
Turnover Ratio (%) - - - - 19.50 66.23
150 20
IBPA Fair Yield (%) - - - - 7.4798 8.3893
Mod. Duration (yrs) - - - - 4.044 3.834
103 11.0
Convexity (yrs) - - - - 19.293 17.370
101 10.0 Sensitivity (%) - - - - 0.040 0.038
97 8.0
95 7.0
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

656 Corporate Bonds
PNBN02CN4
ISIN CODE : IDA000089502 Apr-18 Apr-19 Apr-20 Apr-21


4 4
3 3 Trading days - - - - - 1
Turnover Ratio (%) - - - - - 0.05
1 1
IBPA Fair Yield (%) - - - - - 9.2383
103 11.0
Convexity (yrs) - - - - - 7.071
101 10.0 Sensitivity (%) - - - - - 0.025
99 9.0 The bond series PNBN02CN4, was first listed on 19 April 2018 with nominal value of
97 8.0
Q2-2018. From 2017 to Q2-2018, the IBPA fair price was between 94.5866 - 100.0374, the
95 7.0
fair yield for this series was between 7.3859 - 9.6252.
93 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PNBN01SBCN1 450 483 128 383 72.2%
PNBN02CN1 208 10.5%
PNBN02SBCN1 180 9 189.0%
PNBN02CN2 515 453 11 329 61.5%
PNBN02SBCN2 346 1,881 56 103.8%
- 500 1,000 1,500 2,000 2,500

Corporate Bonds 657

PT Bank Pan Indonesia Tbk. (Bank Panin), established No. Company Total Revenue Net Profit Revenue
on 17 August 1971, was the first bank to go public in (Rp Bill) Margins (%) Growth (%)
1982. The bank provides various conventional 1. PT Bank Pan Indonesia Tbk. 17,483 11.5 0.2
banking products with main focus on commercial and 2. PT Bank Pembangunan Daerah Sumatera Utara 3,209 19.6 3.2
retail sectors. In the retail banking segment, the bank 3. PT Bank DKI 3,565 20.0 (2.9)
engages in various funding and financing products & 4. PT Bank BRISyariah 2,817 3.6 6.9
services including mortgages, car loans, and
personal loans as well as e-banking services. While in Financial Statement as of Fiscal Year 2017
the commercial banking segment, the bank provides
working capital and investment loans for micro, small Historical Corporate Ratings
& medium sized businesses throughout Indonesia. No. Rating Agency Rating Rating Status Rating Date Outlook
By the end of 2017, the Bank’s shareholding 1. Pefindo idAA Affirmed 12-Apr-18 Stable
compositions are PT Panin Financial Tbk. (46.04%), 2. Pefindo idAA Affirmed 12-Apr-17 Stable
3. Pefindo idAA Affirmed 4-Apr-16 Stable
Votraint No 1103 Pty Ltd owned by ANZ (38.82%),
4. Pefindo idAA Affirmed 12-Oct-15 Stable
and Public (15.14%).
5. Pefindo idAA Affirmed 7-Oct-14 Stable
SWOT Analysis
- Strong support from major - Moderate profitability
shareholders such as ANZ Banking performance
Group
- Very strong business position in
commercial and retail loan segments
Financial Analysis
Total assets at the end of 2017 amounted to
Rp213.54 trillion, grew 7.21% compared to 2016.
Such increase was mainly caused by an increase in
third party loans which grew 2.88% to Rp131.33
trillion. The Bank’s third party funds reached O pportunities T hreats
Rp144.16 trillion or increased 2.21%. While, Bank
Panin total interest revenues amounted to Rp17.48 - Implement a competitive marketing - Strong competition from national
trillion in 2017, a very slight increase by 0.20% from and interest pricing program and foreign banks
Rp17.45 trillion. Interest expense dropped 1.92% to - Government commitment to - Unstable external condition
Rp8.83 trillion. Therefore, net interest income rose by improve financial literacy
2.46% to Rp8.65 trillion. However, the bank operating - Potential of mutual benefit synergy
income decreased 9.62% to Rp2.90 trillion. The with all of the business groups and
decreasing operating income was attributable to subsidiaries
increasing provision for impairment losses from
Rp2.01 trillion to Rp2.56 trillion. As a result the bank
experienced a decrease in net income by 20.24%
from Rp2.52 trillion to Rp2.01 trillion.

658 Corporate Bonds
idA
PNMP PT Permodalan Nasional Madani (Persero) Stable
Sector : Finance Taspen Building 10th. Floor
Sub Sector : Financial Institution Jln. Jend. Sudirman Kav. 2
Website : www.pnm.co.id Jakarta 10220
Corporate Sec. : Errinto Pardede Phone : (021) 251-1404
Email Corporate Sec. : errinto.parded@pnm.co.id; sekper@pnm.co.id Fax : (021) 251-1371
Scope of Business FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated

PT Permodalan Nasional Madani (Persero) or BALANCE SHEETS Dec-2016 Dec-2017 Chg %
PNM, is a Special Financial Institution that
was established as a realization of the
government’s commitment to develop, promote, and maintain
Micro, Small, and Medium Enterprises (MSME). PNM is the Consumer Financing Receivables - - - 
government’s strategic solution to develop capital access and Property, Plant and Equipment 301,290 924,298 206.78 p
training for MSME players in Indonesia. Total Assets 7,755,622 11,393,258 46.90 p
As its shares are 100% owned by Indonesia’s government, PNM is Fund Borrowings 5,055,134 8,697,580 72.05 p
expected to grow to be a leading financial institution that is able to Total Liabilities 5,958,026 9,578,307 60.76 p
generate strong and independent MSME players. Authorized Capital (Mil. Sh) 5.2 5.2 - 
PNM provides two main products:
Paid up Capital 1,300,000 1,300,000 - 
ULaMM Paid up Capital (Mil. Sh) 1.3 1.3 - 
Unit Layanan Modal Mikro/ULaMM (micro capital service unit) is a
Par Value (Rp) 1,000,000 1,000,000 - 
capital loan service for micro and small enterprises. ULaMM is a
breakthrough for the Company because the distribution of
financing is distributed directly, both to individuals and Total Equity …*) 1,789,336 1,805,711 0.92 p
enterprises. ULaMM was launched in August 2008 and has been Non Controlling Interest 8,260 9,240 11.86 p
equipped with training, consultation service, mentoring, and Total Equity 1,797,596 1,814,951 0.97 p
financial management support and market access for customers.
Currently, ULaMM covered in 694 units office with scope of area
INCOME STATEMENTS
of more than 2,358 districts in Indonesia.
Total Revenues 1,476,107 2,235,243 51.43 p
Mekaar Expenses 995,363 1,493,075 50.00 p
Membina Ekonomi Keluarga Sejahtera/Mekaar (developing Interest Expenses 401,871 672,470 67.33 p
prosperous families’ economy) is a capital loan service for poor
productive women who want to start business. This service was
launched in 2016 and has been equipped with business EBITDA 542,882 833,404 53.51 p
mentoring. In addition, services for Mekaar customers are carried Income for the periods 77,017 36,671 -52.39 q
out in groups. Currently, Mekaar is covered in 1,743 branches with Comprehensive Income 70,929 26,666 -62.40 q
more than 3,000 districts in Indonesia. Net Income … *) 75,911 35,385 -53.39 q
Strategic Plan
In the long term strategic plan is to carry special duties as agent of FINANCIAL RATIOS
development from the Government to increase people’s prosperity. DER (X) 3.31 5.28 59.23 p
The Company has determined a target to increase the number of ROA (%) 0.99 0.32 -67.59 q
ULaMM and Mekaar offices in potential areas in Indonesia. This NPM (%) 5.22 1.64 -68.56 q
addition is important in order to keep abreast with small micro EBITDA Coverage (X) 1.35 1.24 -8.26 q
enterprises growth and open up for new MSME entrepreneurs. *) … attributable to owners of the parent entity

1. Agus Muharram 1. Gov. of Indonesia 100.00%
2. M. Sholeh Amin *
3. Meidyah Indreswari *
4. Veronica Colondam * AUDIT COMMITTEE
*) Independent Commissioner 1. Meidyah Indreswari
2. Hari Setiadi
BOARD OF DIRECTORS 3. Rafi Rakhmadhan
1. Arief Mulyadi
2. Abianti Riana
3. M.Q. Gunadi
4. Tjatur Heri Priyono

Corporate Bonds 659
AS OF JUNE 2018
Coupon Coupon
09-Jul-18
PNMP02 Obligasi II PNM 9.20% - PT Bank Mega idA
1. 1,000,000 10-Jul-13 09-Jul-18 5
IDA000060008 Tahun 2013 - Tbk. Stable
Quarterly -
Obligasi 19-Sep-18
PNMP01CCN1 Berkelanjutan I 10.75% 19-Dec-18 PT Bank Mega idA
2. 246,000 22-Dec-14 19-Dec-19 5
IDA0000662C5 PNM Tahap I Tahun 19-Mar-19 Tbk. Stable
Obligasi 03-Aug-18
PNMP01ACN2 Berkelanjutan I 9.00% 03-Nov-18 PT Bank Mega idA
3. 661,000 04-Nov-16 03-Nov-19 3
IDA0000769A2 PNM Tahap II 03-Feb-19 Tbk. Stable
Obligasi 03-Aug-18
PNMP01BCN2 Berkelanjutan I 9.50% 03-Nov-18 PT Bank Mega idA
4. 839,000 04-Nov-16 03-Nov-21 5
IDA0000769B0 PNM Tahap II 03-Feb-19 Tbk. Stable
Obligasi 12-Jul-18
PNMP02ACN1 Berkelanjutan II 8.75% 12-Oct-18 PT Bank Mega idA
5. 750,000 13-Jul-17 12-Jul-20 3
IDA0000836A9 PNM Tahap I Tahun 12-Jan-19 Tbk. Stable
2017 Seri A Quarterly 12-Apr-19
Obligasi 12-Jul-18
PNMP02BCN1 Berkelanjutan II 9.25% 12-Oct-18 PT Bank Mega idA
6. 750,000 13-Jul-17 12-Jul-22 5
IDA0000836B7 PNM Tahap I Tahun 12-Jan-19 Tbk. Stable
Obligasi 13-Jul-18
PNMP02ACN2 Berkelanjutan II PNM 8.00% 13-Oct-18 PT Bank Mega idA
7. 1,254,000 16-Apr-18 13-Apr-21 3
IDA0000889A8 Tahap II Tahun 2018 13-Jan-19 Tbk. Stable
Seri A Quarterly 13-Apr-19
Obligasi 13-Jul-18
PNMP02BCN2 Berkelanjutan II PNM 8.50% 13-Oct-18 PT Bank Mega idA
8. 1,246,000 16-Apr-18 13-Apr-23 5
IDA0000889B6 Tahap II Tahun 2018 13-Jan-19 Tbk. Stable
Seri B Quarterly 13-Apr-19

660 Corporate Bonds
TRADING HIGHLIGHT
PNMP02


160 12
120 9 Trading days - 1 5 3 2 -
Turnover Ratio (%) - 30.00 75.20 20.00 9.20 -
80 6 CTP Price - High N/A 101.1500 101.7300 101.5500 100.8000 N/A
Date N/A 07-Jun 14-Jul 17-Nov 02-Jan N/A
40 3
CTP Price - Low N/A 100.7500 99.0000 100.7600 100.6900 N/A
- - Date N/A 07-Jun 10-Jul 20-Dec 24-Jan N/A
IBPA Fair Yield (%) 9.2337 8.9114 8.2976 7.7558 7.2861 7.2955
Mod. Duration (yrs) 1.164 0.968 0.730 0.501 0.267 0.027
102 11.0
Convexity (yrs) 1.704 1.211 0.729 0.381 0.138 0.007
10.0 Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
101
9.0 This series listed on 10 July 2013, and matured on 9 July 2018. This series issued with
100 nominal amount of Rp1 trillion and have fixed interest rate per annum at 9.20%. Average
8.0
trading volume for this series reached Rp56 billion/quarter from 2017 to Semester I 2018.
99 Based on the market price (Centralized Trading Platform), this series was traded between
7.0
99.0000% – 101.7300% while the IBPA fair price was between 98.5974% – 100.8315%. The
IBPA fair yield for this series was between 6.9040% – 10.2087%.
98 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PNMP01CCN1 Listing Date Maturity Date


Volume Volume (Rp bn) 30.00 - - - - 8.00
28 4
Frequency Frequency (X) 3 - - - - 4
21 3 Trading days 1 - - - - 1
Turnover Ratio (%) 48.78 - - - - 13.01
14 2 CTP Price - High 102.7100 N/A N/A N/A N/A 104.0000
Date 30-Mar N/A N/A N/A N/A 15-May
7 1
CTP Price - Low 102.4000 N/A N/A N/A N/A 103.3000
- - Date 30-Mar N/A N/A N/A N/A 15-May
IBPA Fair Yield (%) 9.6759 9.6896 9.1358 8.7276 8.7253 10.1109
Mod. Duration (yrs) 2.332 2.165 1.960 1.764 1.559 1.344
104 12.0
Convexity (yrs) 6.464 5.564 4.574 3.720 2.932 2.208
103 11.0 Sensitivity (%) 0.023 0.022 0.020 0.018 0.016 0.013
101 9.0
100 8.0
99 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 661
PNMP01ACN2


800 28
600 21 Trading days 13 4 2 11 7 5
Turnover Ratio (%) 507.11 58.09 4.84 109.53 71.35 26.02
400 14 CTP Price - High 100.8000 100.0200 100.8700 101.4300 101.5200 101.0200
Date 03-Feb 19-Jun 28-Jul 12-Dec 12-Jan 30-Apr
200 7
CTP Price - Low 100.0000 99.9800 100.0000 99.7000 98.6800 100.0000
- - Date 23-Mar 15-Jun 19-Jul 27-Oct 26-Mar 03-May
IBPA Fair Yield (%) 8.8466 9.0953 9.1040 8.9438 8.6552 10.0362
Mod. Duration (yrs) 2.256 2.080 1.864 1.660 1.452 1.233
102 11.0
Convexity (yrs) 6.048 5.142 4.154 3.319 2.568 1.886
101 10.0 Sensitivity (%) 0.023 0.021 0.019 0.017 0.015 0.012
99 8.0
98 7.0
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PNMP01BCN2


180 24
135 18 Trading days 6 2 1 5 4 2
Turnover Ratio (%) 106.32 57.21 9.54 50.54 22.88 28.61
90 12 CTP Price - High 102.0000 100.0200 98.8000 103.2000 104.3000 102.3575
Date 21-Mar 18-Apr 03-Jul 13-Oct 24-Jan 24-Apr
45 6
CTP Price - Low 100.0000 98.7700 98.7850 99.9900 100.0000 102.3200
- - Date 23-Mar 20-Jun 03-Jul 23-Nov 27-Feb 23-Apr
IBPA Fair Yield (%) 8.8859 9.8709 9.3636 9.4030 9.3055 10.3379
Mod. Duration (yrs) 3.647 3.482 3.315 3.146 2.975 2.776
106 12.0
Convexity (yrs) 16.108 14.655 13.226 11.877 10.595 9.235
103 11.0 Sensitivity (%) 0.036 0.035 0.033 0.031 0.030 0.028
97 9.0
94 8.0
amounted to Rp557 billion and transacted 61 times.
91 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

662 Corporate Bonds
PNMP02ACN1


1200 36
900 27 Trading days - - 11 9 1 1
Turnover Ratio (%) - - 772.59 72.91 3.73 0.48
Date N/A N/A 19-Sep 20-Oct 07-Mar 11-Apr
300 9
- - Date N/A N/A 20-Sep 12-Oct 07-Mar 11-Apr
IBPA Fair Yield (%) - - 8.5955 8.3042 8.9706 10.2889
Mod. Duration (yrs) - - 2.406 2.216 2.013 1.802
104 11.0
Convexity (yrs) - - 6.890 5.849 4.845 3.908
102 10.0 Sensitivity (%) - - 0.024 0.022 0.020 0.018
98 8.0
96 7.0
trillion and transacted 70 times.
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PNMP02BCN1


200 16
150 12 Trading days - - 5 9 5 4
Turnover Ratio (%) - - 37.87 129.07 10.13 53.60
Date N/A N/A 10-Aug 13-Nov 03-Jan 16-May
50 4
- - Date N/A N/A 03-Aug 03-Nov 26-Mar 25-Apr
IBPA Fair Yield (%) - - 9.0426 9.2055 9.3657 10.3627
Mod. Duration (yrs) - - 3.765 3.601 3.435 3.236
104 12.0
Convexity (yrs) - - 17.266 15.750 14.288 12.701
102 11.0 Sensitivity (%) - - 0.038 0.036 0.034 0.032
9.25%. In 2017 until Semester I 2018, the trading volume for the series was Rp432.5 billion
98 9.0
96 8.0
94 7.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 663
PNMP02ACN2
ISIN CODE : IDA0000889A8 Apr-18 Apr-19 Apr-20 Apr-21


1400 40
1050 30 Trading days - - - - - 13
Turnover Ratio (%) - - - - - 521.59
350 10
IBPA Fair Yield (%) - - - - - 8.1619
101 10.0
Convexity (yrs) - - - - - 6.988
100 9.0 Sensitivity (%) - - - - - 0.024
99 8.0 This series was actively traded from 16 April 2018 and will be matured on 13 April 2021.
This series was traded throughout 2017 until Semester I 2018 and reached at Rp1.635
98 7.0
trillion. The CTP market price for this series during the period was in between 100.0000%
and 100.1500%. Meanwhile, IBPA fair price was ranging from 98.6667% to 100.7949%. On
97 6.0
the other side, IBPA yield for this series were 11.2818% at the lowest and 12.2908% at the
96 5.0
trillion.
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PNMP02BCN2


600 140
450 105 Trading days - - - - - 20
Turnover Ratio (%) - - - - - 182.66
150 35
IBPA Fair Yield (%) - - - - - 8.2759
105 11.0
Convexity (yrs) - - - - - 17.674
103 10.0 Sensitivity (%) - - - - - 0.038
101 9.0 This series listed on 16 April 2018, and matured on 13 April 2023. This series issued with
nominal amount of Rp1.246 trillion and have fixed interest rate per annum at 8.50%.
99 8.0
97 7.0
traded between 99.7600% – 102.0000% while the IBPA fair price was between 99.3791% –
95 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

664 Corporate Bonds
PNMP02 75 188 50 31.3%
PNMP01CCN1 30 12.2%
PNMP01ACN2 838 96 8 181 169.9%
PNMP01BCN2 223 120 20 106 55.9%
PNMP02ACN1 1,449 137 211.4%
PNMP02BCN1 71 242 41.7%
- 200 400 600 800 1,000 1,200 1,400 1,600

Corporate Bonds 665
PT Permodalan Nasional Madani (PNMP) was No. Company Total Revenue Net Profit Revenue
established as realization of government’s (Rp Bill) Margins (%) Growth (%)
commitment to develop, promote, and maintain the 1. PT Mandiri Tunas Finance 2,738 12.8 11.8
Micro, Small, and Medium Enterprises and 2. PT Permodalan Nasional Madani (Persero) 2,235 1.6 51.4
Cooperatives (MSMECs) as one of the supporting 3. PT Bussan Auto Finance 2,164 8.4 (0.9)
pillars of Indonesian economy. Shareholder of PNMP 4. PT Wahana Ottomitra Multiartha Tbk. 2,154 8.4 11.8
was 100% of Indonesia’s Government. 5. PT Indomobil Finance Indonesia 1,806 5.6 9.1
In general, financial and non-financial products of the
company can be divided into three categories. The first Historical Corporate Ratings
category is a financing services that consists of direct
financing service through Micro Financing Service Unit
(ULaMM), indirect financing service through 1. Pefindo idA Affirmed 9-Mar-18 Stable
Community/Sharia Credit Banks (BPR/S), Cooperatives, 2. Pefindo idA Affirmed 4-Sep-17 Stable
and other micro financing. The second category is the 3. Pefindo idA Affirmed 13-Apr-17 Stable
capacity building management service, and the third 4. Pefindo idA Affirmed 14-Sep-16 Stable
category is the venture capital financing service 5. Pefindo idA Affirmed 8-Sep-15 Stable
provided through PT PNM Venture Capital (PNM VC),
and investment management service provided SWOT Analysis
through PT PNM Investment Management (PNM IM).
In 2017, PNMP issued Continuous Bond II of Phase 1
of 2017 amounted of IDR 1.5trillion.
- Strong support from the Indonesia - Below average profitability
PNMP currently has 631 units/outlet ULaMM and
government performance
1,252 Mekaar's branch offices which is spread all over
- Strong liquidity and financial - Weak asset quality
Indonesia. The company also has five subsidiary
flexibility - High operating expense
companies engaged in financial services, investment
management, and management consultancy as well as
the development of small and medium enterprises
(SMEs).
Financial Analysis
PNMP total assets as of December 2017 was recorded
at Rp11.39 trillion, higher than 2016 at Rp7.76 trillion.
The increase was mainly caused by the increasing
loans by Rp2.15 trillion (equal to 47.72%) and
investment property by Rp446.36 billion (equal to
573.77%), compared to realization in the previous year. - Expansion its products in both - More intense competition in micro
Increase in loans and investment property was directly domestic & export markets financing sector
related to PNMP's success in achieving the target of - Growing Micro, Small, and Medium
Mekaar program as determined by the Ministry of Enterprises and Cooperative
SOE. (MSMEC) segment.
In 2017, total revenues stood at Rp2.04 trillion, higher

than 2016 at Rp1.29 trillion. This was primarily caused
by the increase in interest income from Mekaar
financing by 659.13% or Rp645.68 billion and interest
income from venture capital by 146.90% or Rp58.75
billion. PNMP also posted cost of revenue amounting
to Rp672.47 billion increased 67.31% compared to
2016 at Rp401.87 billion. This increase was due to an
increase in bond interest expense, MTN interest
expense, and bank interest expense. Not only that,
PNMP total operating expenses also grew up by
50.00% from Rp995.36 billion in 2016 to Rp1.49 trillion
in 2017. Consequently, PNMP’s net profit for the year
gained as of Dec 2017 was Rp36.67 billion or down
from Rp77.02 billion in the previous year.

666 Corporate Bonds
idAAA
PPGD PT Pegadaian (Persero) Stable
Sector : Finance
Sub Sector : Financial Institution Jln. Kramat Raya No. 162
Website : www.pegadaian.co.id Jakarta 10430
Corporate Sec. : Gede Suhardantara Phone : (021) 315-5550
Email Corporate Sec. : sekper@pegadaian.co.id; sekper.pegadaian@gmail.com Fax : (021) 3914-221, 3249-67
Officially established back on April 1st, FINANCIAL HIGHLIGHT Millions of Rp, Unless Otherwise Stated
1901 by the name of Pegadaian Negara BALANCE SHEETS Dec-2016 Dec-2017 Chg %
(State Pawn Company), the company that currently known as PT Cash & Cash Equivalents 412,618 461,958 11.96 p
Pegadaian (Persero) is a non-bank financial company mainly dealing
with pawn business. Since its operation during the colonial era until
recently, Pegadaian has evolved in numerous legal status. The last Consumer Financing Receivables - - - 
change of its legal status was in April 1st, 2012 when the company Property, Plant and Equipment 8,036,782 8,261,176 2.79 p
changed from a State-owned Public Entities into a State-owned Total Assets 46,873,892 48,687,092 3.87 p
Limited Liability Enterprise (Persero) with 100% of its shares belongs Fund Borrowings 28,176,387 25,094,662 -10.94 q
to the Government of Indonesia. Total Liabilities 30,396,979 30,476,832 0.26 p
The main business of Pegadaian is providing loans to people based Authorized Capital (Mil. Sh) 25.0 25.0 - 
on the pawn and fiduciary law, both on conventional and sharia Authorized Capital 25,000,000 25,000,000 - 
scheme. Pegadaian has been serving people, especially those who Paid up Capital 6,250,000 6,250,000 - 
categorized as middle to low income, and acting as agent of
development in improving society welfare. Due to its simple business
Par Value (Rp) 1,000,000 1,000,000 - 
process, Pegadaian offer a quick service to customers who are in
need of cash in order to meet their need for either productive or Retained Earnings 4,337,923 6,236,502 43.77 p
consumptive reason. The customers just bring in their valuable things Total Equity …*) 16,475,180 18,208,437 10.52 p
as collateral, then Pegadaian's staff will estimate the value of the Non Controlling Interest 1,733 1,823 5.20 p
collateral. By formulating a certain Loan to Value ratio then Total Equity 16,476,913 18,210,260 10.52 p
Pegadaian will loan them such amount of money that must be repaid
(both principle and interest) in a certain period. While Pegadaian
accepts most valuable things, currently about 98% of collaterals are INCOME STATEMENTS
gold jewelries and bars. Providing loans to people with easy process, Total Revenues 9,708,058 10,522,797 8.39 p
Pegadaian has a motto: "Solving Problems without Hassles" Expenses 6,707,875 7,184,828 7.11 p
In responding to the development of market and industry,
Management of Pegadaian has set out a new course in expanding its Earning Before Tax 2,997,238 3,417,453 14.02 p
business. Pegadaian, now, has 5 lines of business, namely Pawn EBITDA 5,727,138 6,254,721 9.21 p
Business, Gold Business, Sharia Business, Fiduciary Based Income for the periods 2,210,252 2,513,538 13.72 p
Financing/SME Financing Business and Payments & Remittances Comprehensive Income 4,527,534 2,393,378 -47.14 q
Business as well as Assets Optimization Business. Pegadaian has also Net Income … *) 2,210,118 2,513,418 13.72 p
done a transformation initiative through structuring branch offices
network, developing continuous online information and technology
system, conducting company rebranding and identity, and strategic FINANCIAL RATIOS
alliance with other financial institutions. DER (X) 1.84 1.67 -9.28 q
ROA (%) 4.72 5.16 9.49 p
BOARD OF COMMISSIONERS NPM (%) 22.77 23.89 4.92 p
1. Ina Primiana * EBITDA Coverage (X) 2.28 2.48 8.68 p
2. Bandung Pardede *) … attributable to owners of the parent entity
3. Fadlansyah Lubis
4. Heru Subyantoro SHAREHOLDERS
5. Satya Arinanto 1. Republic of Indonesia 100.00%
6. Umiyatun Hayati Triastuti
1. Ina Primiana
BOARD OF DIRECTORS 2. Faisal
1. Sunarso 3. Yasmine Nasution
2. Damar Latri Setiawan
3. Edi Isdwiarto
4. Harianto Widodo
5. Ninis Kesuma Adriani
6. Teguh Wahyono

Corporate Bonds 667
AS OF JUNE 2018
Coupon Coupon
I-III : 13.125%, IV-XV :
11-Jul-18 PT Bank
Obligasi X Perum SBI 3 months+1%
PPGD10BXBVTW - Negara idAAA
1. Pegadaian Tahun 63,500 15-Jul-03 11-Jul-18 8 (max. 15.50%, min.
IDA0000190B9 - Indonesia Stable
2003 Seri B 10.50%)
Quarterly - (Persero) Tbk.
01-Jul-18
Obligasi XIII Perum
PPGD13C 12.88% 01-Oct-18 PT Bank Mega idAAA
2. Pegadaian Tahun 400,000 02-Jul-09 01-Jul-19 10
IDA0000417C4 01-Jan-19 Tbk. Stable
2009 Seri C
Quarterly 01-Apr-19
Obligasi
11-Jul-18
Berkelanjutan I
PPGD01CCN1 9.00% 11-Oct-18 PT Bank Mega idAAA
3. Perum Pegadaian 500,000 12-Oct-11 11-Oct-21 10
IDA0000498C4 11-Jan-19 Tbk. Stable
Tahap I Tahun 2011
Quarterly 11-Apr-19
Seri C
Obligasi
14-Aug-18
Berkelanjutan I
PPGD01DCN2 7.75% 14-Nov-18 PT Bank Mega idAAA
4. Perum Pegadaian 500,000 15-Feb-12 14-Feb-19 7
IDA0000510D4 14-Feb-19 Tbk. Stable
Tahap II Tahun
2012 Seri D Quarterly -
Obligasi 09-Jul-18
Berkelanjutan II 7.75% - PT Bank Mega
5. PPGD02CCN1 177,000 10-Jul-13 09-Jul-18 5 idAAA
IDA0000602C1 Pegadaian Tahap I - Tbk. Stable
Tahun 2013 Seri C Quarterly -
Obligasi 09-Jul-18
PPGD02DCN1 Berkelanjutan II 8.00% 09-Oct-18 PT Bank Mega idAAA
6. 601,000 10-Jul-13 09-Jul-20 7
IDA0000602D9 Pegadaian Tahap I 09-Jan-19 Tbk. Stable
Obligasi 11-Jul-18
PPGD02CCN2 Berkelanjutan II 9.75% 11-Oct-18 PT Bank Mega idAAA
7. 398,000 14-Jul-14 11-Jul-19 5
IDA0000640C1 Pegadaian Tahap II 11-Jan-19 Tbk. Stable
Obligasi 07-Aug-18
PPGD02CCN3 Berkelanjutan II 8.50% 07-Nov-18 PT Bank Mega idAAA
8. 1,200,000 08-May-15 07-May-20 5
IDA0000682C3 Pegadaian Tahap III 07-Feb-19 Tbk. Stable
Obligasi 13-Jul-18
Berkelanjutan III 6.55% 13-Oct-18 PT Bank Mega
9. PPGD03ACN1 1,000,000 04-Oct-17 13-Oct-18 370 idAAA
IDA0000847A6 Tahap I Pegadaian - Tbk. Stable
Obligasi 03-Jul-18
PPGD03BCN1 Berkelanjutan III 7.40% 03-Oct-18 PT Bank Mega idAAA
10. 500,000 04-Oct-17 03-Oct-20 3
IDA0000847B4 Tahap I Pegadaian 03-Jan-19 Tbk. Stable
Obligasi 03-Jul-18
PPGD03CCN1 Berkelanjutan III 7.70% 03-Oct-18 PT Bank Mega idAAA
11. 1,000,000 04-Oct-17 03-Oct-22 5
IDA0000847C2 Tahap I Pegadaian 03-Jan-19 Tbk. Stable
Obligasi 26-Sep-18
Berkelanjutan III 5.80% 26-Dec-18 PT Bank Mega
12. PPGD03ACN2 450,000 19-Mar-18 26-Mar-19 370 idAAA
IDA0000886A4 Pegadaian Tahap II 26-Mar-19 Tbk. Stable
Obligasi 16-Sep-18
PPGD03BCN2 Berkelanjutan III 6.90% 16-Dec-18 PT Bank Mega idAAA
13. 1,050,000 19-Mar-18 16-Mar-21 3
IDA0000886B2 Pegadaian Tahap II 16-Mar-19 Tbk. Stable
Obligasi 16-Sep-18
PPGD03CCN2 Berkelanjutan III 7.10% 16-Dec-18 PT Bank Mega idAAA
14. 2,000,000 19-Mar-18 16-Mar-23 5
IDA0000886C0 Pegadaian Tahap II 16-Mar-19 Tbk. Stable

668 Corporate Bonds
TRADING HIGHLIGHT
PPGD10BXBVTW


20 8
15 6 Trading days 2 1 3 2 1 -
Turnover Ratio (%) 23.31 75.59 35.91 141.73 12.60 -
10 4 CTP Price - High 102.7700 103.3500 103.1500 103.0500 102.0000 N/A
Date 30-Mar 20-Jun 20-Jul 13-Oct 02-Mar N/A
5 2
CTP Price - Low 100.0200 103.1500 102.7500 102.9300 102.0000 N/A
- - Date 17-Mar 20-Jun 19-Jul 12-Oct 02-Mar N/A
IBPA Fair Yield (%) 8.9816 8.9816 8.9816 8.9816 8.9816 8.9816
Last Date 03-Jan 03-Jan 03-Jan 03-Jan 03-Jan 03-Jan
Mod. Duration (yrs) 1.163 0.971 0.734 0.507 0.273 0.033
104 10.0
Convexity (yrs) 1.711 1.223 0.739 0.389 0.143 0.009
103 9.0 Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
101 7.0
100 6.0
bilion and transacted 21 times.
99 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PPGD13C Listing Date Maturity Date


Volume Volume (Rp bn) - 6.00 - 2.00 - -
8 4
Frequency Frequency (X) - 2 - 2 - -
6 3 Trading days - 1 - 1 - -
Turnover Ratio (%) - 6.00 - 2.00 - -
4 2 CTP Price - High N/A 108.8115 N/A 108.5000 N/A N/A
Date N/A 07-Apr N/A 29-Nov N/A N/A
2 1
CTP Price - Low N/A 108.7915 N/A 108.4800 N/A N/A
- - Date N/A 07-Apr N/A 29-Nov N/A N/A
IBPA Fair Yield (%) 8.6017 7.9276 7.3908 6.9367 6.8456 8.1408
Mod. Duration (yrs) 1.903 1.741 1.533 1.335 1.129 0.914
112 10.0
Convexity (yrs) 4.469 3.740 2.928 2.245 1.637 1.108
110 9.0 Sensitivity (%) 0.019 0.017 0.015 0.013 0.011 0.009
106 7.0
104 6.0
102 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 669
PPGD01CCN1


80 12
60 9 Trading days - 2 2 5 4 6
Turnover Ratio (%) - 43.20 4.80 75.04 3.76 28.40
40 6 CTP Price - High N/A 103.0800 104.0000 105.8700 106.6900 106.5200
Date N/A 20-Jun 14-Sep 17-Nov 27-Feb 03-Apr
20 3
CTP Price - Low N/A 100.4146 103.9800 100.0000 106.2500 103.0000
- - Date N/A 07-Apr 13-Sep 20-Dec 22-Mar 06-Jun
IBPA Fair Yield (%) 8.9659 8.2146 7.9155 7.4488 7.6676 8.7214
Mod. Duration (yrs) 3.614 3.491 3.311 3.146 2.964 2.762
107 11.0
Convexity (yrs) 15.821 14.642 13.143 11.822 10.477 9.113
105 10.0 Sensitivity (%) 0.036 0.035 0.033 0.031 0.030 0.028
103 9.0 The series issued which amounted to Rp500 billion with interest rates of 9.00% per
annum. This bond was listed from 12 October 2011 and matured in 11 October 2021.
101 8.0
From January 2017 to June 2018, IBPA fair price recorded at range 98.0805% - 105.9073%,
while the CTP recorded at level 100.0000% - 106.6900%. At the same period, the total
99 7.0
volume recorded by Rp194.00 billion and transacted 6 times/quarter.
97 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PPGD01DCN2
ISIN CODE : IDA0000510D4 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19


100 12
75 9 Trading days - 1 2 6 2 3
Turnover Ratio (%) - 4.80 94.40 32.00 4.80 14.40
50 6 CTP Price - High N/A 98.9737 100.8500 101.1500 100.7800 100.7500
Date N/A 07-Apr 08-Sep 24-Nov 14-Feb 21-May
25 3
CTP Price - Low N/A 98.9537 98.9018 100.5000 100.7000 100.3200
- - Date N/A 07-Apr 10-Aug 09-Nov 22-Mar 27-Apr
IBPA Fair Yield (%) 8.4761 7.7522 7.0677 6.8639 6.5699 7.6422
Mod. Duration (yrs) 1.704 1.516 1.283 1.060 0.833 0.600
102 10.0
Convexity (yrs) 3.462 2.762 2.019 1.417 0.915 0.512
101 9.0 Sensitivity (%) 0.017 0.015 0.013 0.011 0.008 0.006
This series has an outstanding amount of Rp500 billion with fixed coupon at 7.75% per
99 7.0
annum. The IBPA prices for this series, throughout 2017 and the Semester I 2018 were
98 6.0
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

670 Corporate Bonds
PPGD02CCN1


4 4
3 3 Trading days - - - - - -
1 1
IBPA Fair Yield (%) 8.1613 7.3607 6.7837 6.2676 5.9469 6.0750
Mod. Duration (yrs) 1.178 0.980 0.737 0.506 0.269 0.027
102 10.0
Convexity (yrs) 1.735 1.233 0.740 0.386 0.140 0.007
101 9.0 Sensitivity (%) 0.012 0.010 0.007 0.005 0.003 0.000
100 8.0 This series listed on 10 July 2013, and matured on 9 July 2018. This series listed with
nominal amount of Rp177 billion and have fixed interest rate per annum at 7.75%. There
99 7.0
is no market price and average trading volume for this series since it is not traded at all.
However, IBPA fair price booked 98.3318% to 100.8875%. Meanwhile, the yield valued by
98 6.0
IBPA was 5.6335% at the lowest, and 8.9374% at the highest.
97 5.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18
PPGD02DCN1
ISIN CODE : IDA0000602D9 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20


28 8
21 6 Trading days 1 1 2 3 - 2
Turnover Ratio (%) 3.33 19.97 15.31 2.00 - 13.31
14 4 CTP Price - High 100.0250 97.9025 100.4000 102.1500 N/A 102.1575
Date 03-Jan 07-Apr 27-Jul 15-Nov N/A 25-Apr
7 2
CTP Price - Low 100.0250 97.8825 100.0500 100.7800 N/A 102.1200
- - Date 03-Jan 07-Apr 20-Jul 20-Oct N/A 24-Apr
IBPA Fair Yield (%) 8.8147 8.2168 7.6533 7.2885 7.3338 8.6404
Mod. Duration (yrs) 2.792 2.633 2.430 2.235 2.033 1.817
104 11.0
Convexity (yrs) 9.232 8.184 6.978 5.916 4.912 3.954
102 10.0 Sensitivity (%) 0.028 0.026 0.024 0.022 0.020 0.018
98 8.0
96 7.0
94 6.0
Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

Corporate Bonds 671
PPGD02CCN2


4 4

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INDONESIA BOND MARKET DIRECTORY

Indonesia Stock Exchange

INDONESIA BOND MARKET DIRECTORY 2018-2019

© 2018 PT Bursa Efek Indonesia

All right reserved. Published 2018.

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Indonesia Bond Market Directory 2018-2019

Jakarta, October 2018

Indonesia Bond Market Directory 2018-2019

7 Indonesia Bond Market Reviews

103 Corporate Bonds

Indonesia Bond Market Directory 2018-2019

365 BMLK PT Bank Pembangunan Daerah Maluku dan Maluku Utara

Indonesia Bond Market Directory 2018-2019

658 PNMP PT Permodalan Nasional Madani (Persero)

767 Bond Instrument in Indonesia

780 Regulation Update

Indonesia Bond Market Directory 2018-2019

Indonesia Bond Market Directory 2018-2019

JAN 2017  Market pessimism over the success of Trump’s

FEB 2017  The government launched economic policy

 Increasing probability on Fed Funds rate rise package XV

was better than 2015 at 5.02%yoy time

from stable to positive bonds increased to 39.47%

 Controlled inflation in January 2017 at level

MAR 2017 its benchmark interest rate and QE program

ceeded expectation 4.37% yoy from 4.33% yoy

by S&P next May cit to 2.92%

level 0.75%-1.00% rea affected to higher geopolitical tension in

plan of next raise

ed to Rp31.33 trillion  Indonesia’s foreign exchange reserve hit its

APR 2017  Indonesia’s inflation rate in July 2017 declined

 Stable macro condition such as maintained to 3.88%yoy

trade balance surplus package XVI

cron in the first round of France’s Presidential to 4.50%

low expectation into the territorial Japan

MAY 2017 from 35% to 20%

grade (BBB-/ stable outlook) by Standard & 25bps to 4.25%

Poor’s  Foreign recorded a significant net buy reached

Indonesia Bond Market Directory 2018-2019

Indonesia Bond Market Directory 2018-2019

Household Consumption Government Expenditure Gross Fixed Capital Formation

Indonesia Bond Market Directory 2018-2019

Figure 1.2 Indonesia Inflation Trend Source: BPS

Infllation, yoy Inflation,

Inflation, mom Inflation, yoy BI Inflation Target

Figure 1.3 Indonesia Trade Balance Source: BPS

Trade Balance, Export, Import,

Trade Balance Export Import

Table 1.1 Government Budget Macro Assumptions Source: Ministry of Finance

Indonesia Bond Market Directory 2018-2019

Table 1.2 Highlights of Government Budget Structure Source: Ministry of Finance

Figure 1.4 Rupiah Against USD Source: Bloomberg

IDR/USD IDR Volatility

IDR Volatility IDR/USD

Indonesia Bond Market Directory 2018-2019

Figure 1.5 Indonesia Balance of Payment Source: Bank Indonesia

Current Account Financial Account Balance of Payment

Figure 1.6 Global Economic Growth Forecast Source: World Bank

6.7 6.9 6.5

World United States Euro Area Japan China Emerging Markets

2016 2017e 2018f 2019f 2020f

ECB BOE BOJ The Fed

JAN 2017 Market pessimism over the success of Trump’s

FEB 2017 The government launched economic policy

Increasing probability on Fed Funds rate rise package XV

Controlled inflation in January 2017 at level

ed to Rp31.33 trillion Indonesia’s foreign exchange reserve hit its

APR 2017 Indonesia’s inflation rate in July 2017 declined

Stable macro condition such as maintained to 3.88%yoy

Poor’s Foreign recorded a significant net buy reached