Fixed Income Research

23 December 2022 Daily Report

Daily Market Report

Bond Market Activity
TTM Last Price Last Yield Volume
22-Dec-22
(Year) (%) (%) (IDR bn)
Most Active Government Bonds
FR0064 5.40 97.30 6.73 986.40 Bond Market Review (Thursday,12/22)
FR0095 5.65 99.65 6.45 837.40
FR0096 10.15 99.90 7.01 775.35 Indonesia’s local currency bond prices moved sideways yesterday. The 5-
SPN12230330 0.26 98.86 4.34 697.14
SPN12230413 0.30 98.67 4.55 550.00
year benchmark SUN yield (FR0090) was at 6.15%, while the 10-year
Most Active Corporate Bonds benchmark SUN yield (FR0091) was recorded at 6.90%.
BBRI02CCN3 1.67 102.71 6.51 500.00
OPPM02B 2.27 100.60 8.70 400.00 The outright trading volume of Government securities was recorded at
SMSMII02BCN1 2.62 98.50 6.38 183.30
PNMP02BCN2 0.30 101.83 2.54 180.00 IDR8.5 trillion yesterday, lower than Wednesday’s trading volume of IDR9.1
BMRI01BCN2 1.48 103.35 6.10 100.00
trillion. FR0064 and FR0095 are the most actively traded series in the
Indonesia Macroeconomic Data
secondary market, with the trading volume of IDR986.4 billion and
Nov-22 Oct-22 Sep-22 Aug-22
CPI MoM (%) 0.09 -0.11 1.17 -0.21 IDR837.4 billion, respectively. Meanwhile, the outright trading volume of
CPI YoY (%) 5.42 5.71 5.95 4.69
7-day RR (%) 5.25 4.75 4.25 3.75 corporate bonds was recorded at IDR2.4 trillion.
Foreign Reserve
(US$ Bn)
134.00 130.20 130.80 132.20 As for USD-denominated SBN, yield on INDON-27 was at level of 4.57%(-
Foreign Exchange Rate 1bps) while yields on INDON-32 and INDON-52 were at levels of 4.66%(-
22-Dec (-1 day) (-1 week) (-1 month) 2bps) and 5.24%(-1bps), respectively.
USD/IDR 15,583 15,588 15,619 15,665
EUR/USD 1.059 1.061 1.063 1.041 The Rupiah exchange rate strengthened against the US Dollar by 0.03% to
GBP/USD 1.204 1.208 1.218 1.211
AUD/USD 0.667 0.671 0.670 0.676 the level of IDR15,583 /USD from the close on Wednesday at the level of
USD/JPY
USD/SGD
132.340
1.353
132.460
1.351
137.780
1.361
138.540
1.375
IDR15,588 /USD.
USD/THB 34.884 34.679 35.063 35.775
USD/MYR 4.424 4.439 4.416 4.496
USD/CNY 6.985 6.982 6.974 7.152
Bond Market Preview (Friday,12/23)
Government Auction Schedule
Date Series Maturities Bank Indonesia's (BI) RDG on 21-22 December 2022 decided to increase the
SPNS 6-mo
29-Nov-22
PBS 2yr, 4yr, 7yr, 13yr, 25yr BI7DRR by 25 bps to 5.50%. BI's decision is a front-loaded, pre-emptive, and
6-Dec-22
SPN 3-mo, 12-mo forward-looking step to ensure a reduction in inflation, both expectations
ON 5yr,10yr, 15yr, 20yr,30yr
and actuals, so that core inflation is maintained within the 3.0 ± 1% range.
Benchmark Government Bond Yields
8.0 BI strengthened the Rupiah stabilization policy to control imported inflation
7.5
7.11
and mitigate the impact of both stronger USD and global financial markets
7.0 6.90
6.78
uncertainties.
6.5
(%)

6.0 6.15 BI also reaffirmed the direction of the policy mix in 2023. BI will use
5.5
monetary policy to maintain stability (pro-stability). Meanwhile, to support
5.0

4.5
growth (pro-growth), BI will use macroprudential policies, digitalization of
payment systems, deepening money markets, and other economic
programs.
FR0090 FR0091 FR0093 FR0092

Data Source: Bloomberg, DMO

Complementing the increase in the interest rate structure, triple
interventions, and Operation Twist, BI will also issue a new instrument to
Amir Dalimunthe encourage banks and exporters to keep their dollar revenues domestically
amir.dalimunthe@bnisekuritas.co.id to strengthen the stability of the Rupiah. The foreign currency MO
+62 21 2554 3946 Ext. 2098
instrument issuance will be carried out with competitive yields based on a
transparent market mechanism accompanied by the provision of incentives
Ahmad Hapiz
ahmad.hapiz@bnisekuritas.co.id to banks. In addition, BI will also make improvements to the GWM incentive
+62 21 2554 3946 Ext. 3987 provisions as of April 1, 2023, to support economic recovery.
This report has been prepared by PT BNI Sekuritas. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON THE LAST PAGE.
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Fixed Income Research
23 December 2022 Daily Report

BI believes that banking and economic liquidity are sufficient to encourage credit expansion and further economic recovery. Credit
growth in November 2022 was recorded at 11.16% (YoY), supported by positive growth in all types of credit and most economic
sectors. Banking liquidity in November 2022 was supported by growth in Third Party Funds (DPK) of 8.80% (YoY). In November
2022, the ratio of Liquid Assets to Third Party Funds (AL/DPK) remained high, reaching 30.42%, thus supporting the availability of
funds for banks to channel credit to the economy. The AL/DPK ratio increased compared to the previous October, which was
recorded at 29.46%.
BI is preparing to execute the final transaction for purchasing SBN on the primary market of IDR 128.58 trillion as part of the SKB III
to fund the health and humanitarian budget in the 2022 APBN. From the beginning of 2022 to December 21, 2022, BI purchased
IDR 144.53 trillion of SBN consisting of SKB I implementation amounting to IDR 49 .11 trillion and SKB III implementation
amounting to IDR95.42 trillion.
From global indicators, US Treasury yields tend to increase while Indonesia's CDS recorded a slight decrease. The 5-year UST yield
curve increased 3bps to 3.80%, while the 10-year UST yield curve increased 2bps to 3.68%.
Considering the current market conditions and yield curve valuation, we estimate that FR0063, FR0070, FR0077, FR0044, FR0081,
FR0040, FR0037, FR0047, FR0052, FR0054, FR0045, and FR0057 will be attractive to investors.

Indonesia Bond Market News

PEFINDO has affirmed its “idAAA” rating for PT Bank Rakyat Indonesia (Persero) Tbk (BBRI)’s maturing debt. Its Shelf Registered
Bond II Phase IV/2018 Serie A amounting to IDR1.8 trillion will mature on February 21, 2023, and the Bank plans to repay its
maturing Bond using internal funds. As of the end of September 2022, BBRI recorded IDR162.7 trillion of liquid assets in the form of
cash and placements to Bank Indonesia and other banks. BBRI is a state-owned commercial bank focusing on micro, small and
medium-sized enterprise (MSME) financing, and the holding vehicle for Ultra Micro. It has 78,897 employees operating in a
network of 8,629 outlets throughout Indonesia. (Source: PEFINDO)

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Fixed Income Research
23 December 2022 Daily Report

Government Bonds Valuation

Closing Price Data : December 22, 2022
Series Maturity Coupon Modified Duration Last Price YTM Yield Curve Price Model Valuation IsAboveYC IsHighCoupon IsAtDiscount
FR0063 15-May-23 5.625% 0.38 100.18 5.11% 4.73% 100.34 Cheap P
FR0046 15-Jul-23 9.500% 0.52 102.40 4.95% 4.88% 102.54 Fair P P
FR0039 15-Aug-23 11.750% 0.60 104.93 3.94% 4.95% 104.28 Expensive P
FR0070 15-Mar-24 8.375% 1.13 103.23 5.59% 5.37% 103.52 Cheap P
FR0077 15-May-24 8.125% 1.29 103.26 5.64% 5.47% 103.52 Cheap P
FR0044 15-Sep-24 10.000% 1.54 106.73 5.82% 5.66% 107.05 Cheap P P
FR0081 15-Jun-25 6.500% 2.25 100.80 6.15% 5.99% 101.17 Cheap P
FR0040 15-Sep-25 11.000% 2.31 111.77 6.23% 6.08% 112.19 Cheap P P
FR0084 15-Feb-26 7.250% 2.71 102.53 6.34% 6.21% 102.92 Fair P
FR0086 15-Apr-26 5.500% 2.94 98.00 6.18% 6.26% 97.75 Fair P
FR0037 15-Sep-26 12.000% 2.98 117.32 6.66% 6.37% 118.41 Cheap P P
FR0056 15-Sep-26 8.375% 3.12 106.78 6.30% 6.37% 106.55 Fair
FR0090 15-Apr-27 5.125% 3.75 96.17 6.15% 6.49% 94.91 Expensive P
FR0059 15-May-27 7.000% 3.71 102.34 6.38% 6.51% 101.84 Expensive
FR0042 15-Jul-27 10.250% 3.56 115.39 6.31% 6.54% 114.42 Expensive P
FR0047 15-Feb-28 10.000% 3.94 112.50 7.00% 6.64% 114.44 Cheap P P
FR0064 15-May-28 6.125% 4.48 97.94 6.58% 6.68% 97.53 Fair P
FR0095 15-Aug-28 6.375% 4.56 99.13 6.56% 6.71% 98.44 Expensive P
FR0071 15-Mar-29 9.000% 4.71 111.48 6.71% 6.78% 111.11 Fair P
FR0078 15-May-29 8.250% 4.94 107.92 6.70% 6.80% 107.43 Fair
FR0052 15-Aug-30 10.500% 5.29 119.75 7.06% 6.91% 121.04 Cheap P P
FR0082 15-Sep-30 7.000% 5.79 101.04 6.82% 6.92% 100.48 Fair
FR0087 15-Feb-31 6.500% 6.07 97.73 6.87% 6.95% 97.25 Fair P
FR0085 15-Apr-31 7.750% 6.02 104.00 7.06% 6.96% 104.93 Fair P
FR0073 15-May-31 8.750% 5.99 111.33 6.94% 6.96% 111.22 Fair
FR0054 15-Jul-31 9.500% 5.80 114.64 7.18% 6.97% 116.09 Cheap P P
FR0091 15-Apr-32 6.375% 6.79 96.46 6.90% 7.02% 95.66 Expensive P
FR0058 15-Jun-32 8.250% 6.62 107.96 7.08% 7.02% 108.38 Fair P
FR0074 15-Aug-32 7.500% 6.67 103.74 6.96% 7.03% 103.23 Fair
FR0096 15-Feb-33 7.000% 7.01 100.59 6.92% 7.06% 99.59 Expensive
FR0065 15-May-33 6.625% 7.32 97.49 6.97% 7.07% 96.78 Expensive P
FR0068 15-Mar-34 8.375% 7.26 109.82 7.09% 7.10% 109.75 Fair
FR0080 15-Jun-35 7.500% 8.08 103.27 7.10% 7.14% 102.94 Fair
FR0072 15-May-36 8.250% 8.22 109.45 7.14% 7.16% 109.24 Fair
FR0088 15-Jun-36 6.250% 8.79 92.50 7.09% 7.17% 92.16 Fair P
FR0045 15-May-37 9.750% 8.16 118.50 7.61% 7.19% 122.73 Cheap P P
FR0093 15-Jul-37 6.375% 9.01 96.30 6.78% 7.19% 92.69 Expensive P
FR0050 15-Jul-38 10.500% 8.30 130.50 7.18% 7.21% 130.44 Fair P
FR0098 15-Jun-38 7.125% 9.28 100.37 7.09% 7.21% 99.21 Expensive
FR0079 15-Apr-39 8.375% 9.09 111.32 7.18% 7.23% 110.89 Fair
FR0083 15-Apr-40 7.500% 9.59 103.05 7.19% 7.24% 102.51 Fair
FR0057 15-May-41 9.500% 9.24 116.60 7.77% 7.26% 122.56 Cheap P P
FR0062 15-Apr-42 6.375% 10.36 89.43 7.41% 7.27% 90.78 Fair P P
FR0092 15-Jun-42 7.125% 10.43 100.16 7.11% 7.27% 98.48 Expensive
FR0097 15-Jun-43 7.125% 10.66 99.84 7.14% 7.28% 98.33 Expensive P
FR0067 15-Feb-44 8.750% 9.95 113.32 7.49% 7.29% 115.60 Cheap P
FR0076 15-May-48 7.375% 11.37 100.98 7.29% 7.33% 100.55 Fair
FR0089 15-Aug-51 6.875% 11.83 95.78 7.23% 7.35% 94.38 Expensive P

8.00

​
​
​ ​
​ ​
7.00 ​ ​ ​ ​​ ​ ​ ​ ​ ​ FR0097
​ ​ ​ ​ FR0098
​ ​ ​ ​
​ FR0096
​ ​
​ ​​
​
FR0095
​ ​ ​ ​
(%)

​ ​ ​
6.00
​
​
​ ​
5.00
​
​ Yield Curve
YTM
4.00
0.00 5.00 10.00 15.00 20.00 25.00 30.00

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Fixed Income Research
23 December 2022 Daily Report

Indonesia USD Denominated Bonds

22-Dec-22 Previous Day Previous Week
Bonds Coupon Maturity TTM (Year)
Price (%) Yield (%) Price (%) Yield (%) Price (%) Yield (%)
INDO-23 2.950 11-Jan-23 0.05 99.86 6.52 99.84 6.10 99.88 4.94
INDO-23 3.375 15-Apr-23 0.31 99.68 4.44 99.69 4.35 99.76 4.10
INDO-23 5.375 17-Oct-23 0.82 100.83 4.31 100.81 4.35 100.86 4.30
INDO-24 5.875 15-Jan-24 1.06 101.38 4.51 101.36 4.54 101.44 4.48
INDO-24 4.450 11-Feb-24 1.14 99.99 4.45 99.98 4.47 100.03 4.42
INDO-25 4.125 15-Jan-25 2.07 99.30 4.48 99.30 4.48 99.45 4.41
INDO-26 4.750 8-Jan-26 3.05 100.59 4.54 100.57 4.55 100.82 4.46
INDO-27 4.350 8-Jan-27 4.05 99.13 4.59 99.09 4.60 99.48 4.49
INDO-27 3.850 18-Jul-27 4.57 97.06 4.57 97.04 4.58 97.74 4.40
INDO-28 3.500 11-Jan-28 5.05 95.55 4.50 95.51 4.50 95.96 4.40
INDO-28 4.100 24-Apr-28 5.34 98.57 4.40 98.56 4.40 99.06 4.30
INDO-29 4.750 11-Feb-29 6.14 101.05 4.55 101.01 4.56 101.71 4.43
INDO-29 3.400 18-Sep-29 6.74 92.61 4.69 92.62 4.69 93.26 4.57
INDO-30 2.850 14-Feb-30 7.15 90.37 4.44 90.26 4.46 91.10 4.31
INDO-30 3.850 15-Oct-30 7.82 94.82 4.65 94.65 4.67 95.79 4.49
INDO-31 1.850 12-Mar-31 8.22 81.50 4.58 81.42 4.59 82.23 4.45
INDO-32 3.550 31-Mar-32 9.28 91.71 4.66 91.60 4.68 92.74 4.52
INDO-35 8.500 12-Oct-35 12.81 127.16 5.51 127.01 5.53 127.94 5.44
INDO-37 6.625 17-Feb-37 14.16 113.87 5.23 113.62 5.25 114.55 5.16
INDO-38 7.750 17-Jan-38 15.08 121.09 5.65 120.89 5.67 121.96 5.58
INDO-42 5.250 17-Jan-42 19.08 98.86 5.35 98.61 5.37 100.10 5.24
INDO-43 4.625 15-Apr-43 20.32 92.26 5.25 92.01 5.27 93.72 5.13
INDO-44 6.750 15-Jan-44 21.08 113.61 5.64 113.29 5.66 114.68 5.56
INDO-45 5.125 15-Jan-45 22.08 97.83 5.29 97.54 5.32 99.02 5.20
INDO-46 5.950 8-Jan-46 23.06 105.76 5.51 105.61 5.52 106.95 5.42
INDO-47 5.250 8-Jan-47 24.06 98.08 5.39 97.78 5.42 99.33 5.30
INDO-47 4.750 18-Jul-47 24.58 92.03 5.34 91.86 5.35 93.21 5.25
INDO-48 4.350 11-Jan-48 25.07 87.22 5.28 87.11 5.28 88.45 5.18
INDO-49 5.350 11-Feb-49 26.16 98.33 5.47 98.23 5.48 99.54 5.38
INDO-49 3.700 30-Oct-49 26.87 78.08 5.23 77.81 5.25 79.26 5.13
INDO-50 3.500 14-Feb-50 27.16 75.88 5.16 75.80 5.17 77.17 5.06
INDO-50 4.200 15-Oct-50 27.83 84.12 5.30 83.99 5.31 85.48 5.19
INDO-51 3.050 12-Mar-51 28.24 73.22 4.79 72.89 4.82 73.96 4.73
INDO-52 4.300 31-Mar-52 29.29 86.01 5.24 85.82 5.25 87.32 5.14
INDO-70 4.450 15-Apr-70 47.34 85.14 5.31 84.91 5.33 86.46 5.23
INDO-71 3.350 12-Mar-71 48.25 68.61 5.11 68.45 5.12 70.09 5.00
INDOIS-22 3.300 21-Nov-22 -0.09 100.14 -7.02 100.14 -7.02 100.14 -7.02
INDOIS-23 3.750 1-Mar-23 0.19 99.95 3.97 99.95 3.98 100.07 3.36
INDOIS-24 3.900 20-Aug-24 1.66 99.06 4.50 99.04 4.51 99.15 4.43
INDOIS-24 4.350 10-Sep-24 1.72 99.86 4.44 99.85 4.44 100.00 4.35
INDOIS-25 4.325 28-May-25 2.43 99.89 4.37 99.88 4.38 100.02 4.32
INDOIS-25 2.300 23-Jun-25 2.50 94.87 4.50 94.87 4.49 95.08 4.39
INDOIS-26 4.550 29-Mar-26 3.27 100.16 4.49 100.18 4.49 100.39 4.42
INDOIS-27 4.150 29-Mar-27 4.27 98.43 4.56 98.39 4.57 98.88 4.44
INDOIS-28 4.400 1-Mar-28 5.19 99.19 4.58 99.17 4.58 99.70 4.46
INDOIS-29 4.450 20-Feb-29 6.17 98.85 4.67 98.76 4.68 99.45 4.55
INDOIS-30 2.800 23-Jun-30 7.50 88.47 4.64 88.42 4.65 89.47 4.47
INDOIS-50 3.800 23-Jun-50 27.52 78.68 5.28 78.43 5.30 79.76 5.19
PERTIJ-23 4.300 20-May-23 0.41 99.56 5.41 99.55 5.41 99.62 5.22
PERTIJ-29 3.650 30-Jul-29 6.61 92.41 5.02 92.28 5.04 92.71 4.96
PERTIJ-30 3.100 21-Jan-30 7.08 88.02 5.14 87.88 5.17 88.56 5.04
PERTIJ-30 3.100 27-Aug-30 7.68 87.12 5.15 87.04 5.17 87.69 5.05
PERTIJ-41 6.500 27-May-41 18.44 102.68 6.25 102.64 6.26 104.16 6.12
PERTIJ-42 6.000 3-May-42 19.37 96.94 6.28 96.81 6.29 98.64 6.12
PERTIJ-43 5.625 20-May-43 20.42 92.98 6.24 92.82 6.25 94.59 6.09
PERTIJ-44 6.450 30-May-44 21.45 100.98 6.37 100.82 6.38 102.15 6.27
PERTIJ-48 6.500 7-Nov-48 25.89 101.10 6.41 100.90 6.43 102.32 6.32
PERTIJ-49 4.700 30-Jul-49 26.62 82.69 6.01 82.55 6.02 83.88 5.91
PERTIJ-50 4.175 21-Jan-50 27.10 77.58 5.83 77.43 5.85 78.90 5.72
PERTIJ-60 4.150 25-Feb-60 37.20 72.57 6.00 72.57 6.00 73.92 5.89
PLNIJ-27 4.125 15-May-27 4.39 95.27 5.35 95.21 5.36 95.53 5.28
PLNIJ-28 5.450 21-May-28 5.41 99.23 5.62 99.21 5.62 99.67 5.52
PLNIJ-29 5.375 25-Jan-29 6.10 97.17 5.94 97.08 5.95 97.64 5.84
PLNIJ-29 3.875 17-Jul-29 6.57 89.38 5.85 89.29 5.86 89.86 5.75
PLNIJ-30 3.375 5-Feb-30 7.13 85.77 5.85 85.65 5.87 86.14 5.78
PLNIJ-30 3.000 30-Jun-30 7.52 82.67 5.89 82.57 5.90 82.87 5.84
PLNIJ-37 7.875 29-Jun-37 14.53 113.82 6.40 113.75 6.41 114.25 6.36
PLNIJ-42 5.250 24-Oct-42 19.85 86.08 6.51 86.00 6.52 86.65 6.45
PLNIJ-47 5.250 15-May-47 24.41 85.87 6.40 85.87 6.40 86.68 6.33
PLNIJ-48 6.150 21-May-48 25.43 95.95 6.48 95.85 6.49 96.72 6.41
PLNIJ-49 6.250 25-Jan-49 26.11 96.15 6.56 96.08 6.57 96.84 6.50
PLNIJ-49 4.875 17-Jul-49 26.58 80.41 6.42 80.18 6.44 80.93 6.37
PLNIJ-50 4.375 5-Feb-50 27.14 75.99 6.22 75.78 6.24 76.44 6.18
PLNIJ-50 4.000 30-Jun-50 27.54 73.23 6.00 73.16 6.01 73.53 5.97
INALUM-23 5.710 15-Nov-23 0.90 100.26 5.40 100.24 5.43 100.28 5.38
INALUM-25 4.750 15-May-25 2.39 98.48 5.43 98.47 5.44 98.85 5.26
INALUM-28 6.530 15-Nov-28 5.90 101.91 6.14 101.86 6.15 102.18 6.08
INALUM-30 5.450 15-May-30 7.40 95.96 6.14 95.97 6.14 96.40 6.06
INALUM-48 6.757 15-Nov-48 25.92 94.36 7.24 94.26 7.25 95.17 7.17
INALUM-50 5.800 15-May-50 27.41 84.93 7.05 84.78 7.06 86.16 6.94
PGASIJ-24 5.125 16-May-24 1.40 99.70 5.35 99.75 5.31 99.66 5.38
HAKAIJ-30 3.750 11-May-30 7.39 91.25 5.19 91.15 5.21 91.51 5.14
BBRIIJ-23 4.625 20-Jul-23 0.57 99.86 4.87 99.83 4.93 99.74 5.07
BBRIIJ-24 3.950 28-Mar-24 1.26 98.43 5.25 98.35 5.31 98.25 5.39
BBTNIJ-25 4.200 23-Jan-25 2.09 91.82 8.59 91.82 8.57 91.33 8.82
BMRIIJ-24 3.750 11-Apr-24 1.30 98.23 5.18 98.19 5.21 98.11 5.26
BMRIIJ-25 4.750 13-May-25 2.39 98.47 5.44 98.44 5.45 98.48 5.43
PELINDOII-25 4.250 5-May-25 2.37 97.06 5.60 97.07 5.59 97.10 5.57
PELINDOII-45 5.375 5-May-45 22.38 92.57 5.98 92.68 5.97 92.77 5.96
PELINDOIII-23 4.500 2-May-23 0.36 99.68 5.40 99.67 5.40 99.63 5.50
PELINDOIII-24 4.875 1-Oct-24 1.78 99.02 5.46 99.01 5.46 99.02 5.46

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Fixed Income Research
23 December 2022 Daily Report

Indonesia Government Bonds Yield Indonesia & US Treasury Yield Comparison

8.00 9.0 4.5

4.0
8.0
3.5
7.00
7.0 3.0
( Yield %)

2.5

(%)

(%)
6.00 6.0
2.0
5.0 1.5
5.00 1.0
4.0
0.5
3.0 0.0
4.00
1 2 3 4 5 6 7 8 9 10 15 20 30

Maturities (Year)
22-Dec (-1 day) (-1 week) (-1 month) 10-year Indo Gov't Yield Yield Spread 10-year UST Yield (RHS)

Maturities (Year) 22-Dec (-1 day) (-1 week) (-1 month) Global Bonds 22-Dec
1 5.58 5.61 5.66 6.20 22-Dec (-1 day) (-1 week) (- 1 month)
2 5.81 5.83 5.84 6.45 Fed Fund Rate & US Bond Yield
3 6.34 6.35 6.45 6.68 Fed Fund Rate 4.50 4.50 4.50 4.00
4 6.65 6.64 6.70 6.97 2-Year 4.28 4.22 4.24 4.48
5 6.15 6.15 6.12 6.44 5-Year 3.80 3.77 3.62 3.89
6 6.56 6.58 6.54 6.89 10-Year 3.68 3.66 3.45 3.70
7 6.70 6.70 6.73 7.00 30-Year 3.74 3.72 3.50 3.73
8 6.87 6.89 6.88 6.99 10-Year Government Bond Yield (LCY)
9 7.18 7.20 7.18 7.21 Germany 2.36 2.31 2.08 1.85
10 6.90 6.90 6.86 6.95 UK 3.59 3.57 3.24 3.03
15 6.78 6.78 6.85 7.09 France 2.90 2.84 2.59 2.29
20 7.11 7.11 7.12 7.10 Italy 4.47 4.43 4.15 3.66
30 7.23 7.23 7.26 7.43 Greece 4.49 4.45 4.15 4.06
Spain 3.42 3.39 3.15 2.79
CDS, VIX Index, IDMA Index Japan 0.39 0.47 0.25 0.24
22-Dec (-1 day) (-1 week) (-1 month) China 2.87 2.71 2.91 2.80
5-year Indo CDS 101.80 102.96 95.32 112.01 Malaysia 4.04 4.04 4.01 4.18
VIX Index 21.97 20.07 22.83 20.42 Thailand 2.68 2.68 2.60 2.75
IDMA Index 97.32 97.30 97.29 96.52 Singapore 2.89 2.89 2.96 3.03
Government Securities Ownership As of December 21, 2022 (IDR Trillion)
Holders Dec-21 Mar-22 Jun-22 Sep-22 Oct-22 Nov-22 2-Dec-22 9-Dec-22 14-Dec-22 15-Dec-22 19-Dec-22 20-Dec-22 21-Dec-22
Banks 1,591.1 1,691.4 1,432.5 1,602.7 1,646.5 1,791.1 1,800.9 1,803.2 1,774.6 1,772.5 1,763.8 1,751.1 1,704.4
Banks -net of Govt sec for mon ope 1,171.8 1,237.7 1,200.0 1,267.7 1,274.5 1,271.9 1,278.3 1,275.4 1,271.6 1,271.6 1,270.8 1,269.9 1,266.9
Bank Indonesia 801.5 731.6 1,012.7 988.6 952.1 805.9 802.4 797.9 822.6 824.4 832.4 844.2 887.9
BI (gross) 1,220.7 1,185.3 1,245.1 1,323.6 1,324.2 1,325.1 1,325.1 1,325.8 1,325.5 1,325.3 1,325.3 1,325.3 1,325.3
Gov't sec for monetary operation 419.3 453.7 232.4 335.0 372.1 519.2 522.6 527.8 503.0 500.9 493.0 481.2 437.5
Mutual Fund 157.9 154.3 153.4 156.1 152.7 147.0 146.5 145.0 144.3 144.2 144.1 143.6 144.5
Insurance & Pension Fund 655.2 735.1 772.7 843.7 862.4 870.3 870.9 872.2 872.5 872.6 872.2 872.0 872.1
Foreign Investor 891.3 848.3 780.2 730.3 713.2 736.9 737.0 756.2 758.5 758.7 759.9 761.2 763.2
Individual 221.4 270.8 281.9 324.8 340.9 344.4 345.0 344.2 342.6 342.7 342.8 342.9 343.1
Others 360.5 397.1 414.8 455.3 463.1 466.8 466.8 466.1 466.5 466.5 466.5 466.5 466.4
Total 4,679.0 4,828.6 4,848.1 5,101.4 5,131.0 5,162.5 5,169.5 5,185.0 5,181.6 5,181.6 5,181.6 5,181.6 5,181.6

Year-to-date Investors' Net Buy/Sell In Government Securities (IDR Trillion)

Holders Dec-21 Mar-22 Jun-22 Sep-22 Oct-22 Nov-22 2-Dec-22 9-Dec-22 14-Dec-22 15-Dec-22 19-Dec-22 20-Dec-22 21-Dec-22
Banks 215.5 100.3 -158.7 11.5 55.4 200.0 209.8 212.1 183.5 181.4 172.6 160.0 113.3
Banks -net of Govt sec for mon ope 216.8 59.0 27.0 98.3 104.1 104.2 109.1 111.5 103.4 102.2 102.2 101.4 100.5
Bank Indonesia 347.1 -69.8 211.2 187.2 150.6 4.4 1.0 -3.5 21.1 23.0 30.9 42.7 86.4
BI (gross) 345.9 -35.4 24.4 102.9 103.4 104.4 104.3 105.0 104.8 104.6 104.6 104.6 104.6
Gov't sec for monetary operation -1.2 34.5 -186.8 -84.3 -47.2 99.9 103.4 108.6 83.7 81.6 73.7 61.9 18.2
Mutual Fund -3.4 -3.7 -4.5 -1.8 -5.2 -10.9 -11.4 -13.0 -13.6 -13.8 -13.9 -14.3 -13.5
Insurance & Pension Fund 112.4 79.9 117.4 188.4 207.2 215.1 215.7 217.0 217.2 217.4 217.0 216.8 216.8
Foreign Investor -82.6 -43.1 -111.1 -161.1 -178.1 -154.4 -154.4 -135.1 -132.8 -132.7 -131.5 -130.1 -128.1
Individual 90.2 49.4 60.5 103.4 119.5 123.0 123.6 122.8 121.2 121.3 121.4 121.5 121.7
Others 128.9 36.7 54.3 94.8 102.6 106.3 106.3 105.6 106.0 106.0 106.0 106.1 105.9

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Fixed Income Research
23 December 2022 Daily Report

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23 December 2022 Daily Report

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