INDONESIA BOND MARKET DIRECTORY 2012

 

ABOUT IBMD For the second time, Indonesia Stock Exchange (IDX) collaborating with the Indonesia Bond Pricing Agency (IBPA) releases the Indonesia Bond Market Directory (IBMD) 2012.

IBMD is the most comprehensive publication with regard to Indonesia Bond Market. IBMD can be beneficial for anyone who wants to understand Indonesia Bond Market more deeply, including investors, institutions who plan to issue bonds, and academic. IBMD is packaged in a simple and straightforward language, so that can be easily read by both professional and non-professional.

IBMD 2012 edition is available in hard copy, but we encourage you to purchase the latest IBMD (2013-2014) for the most update information.

 

INDONESIA BOND MARKET DIRECTORY 2012

 

IBMD Further Information and Order IBMD 2013 – 2014 are sold freely to all parties both inside and outside Indonesia, and can be purchased on nearest book store or through ICaMEL and IBPA. For further information and order, please contact: 1. PT Indonesian Capital Market Electronic Library (ICaMEL)

IDX Building Tower II, 1st Floor Jln. Jend Sudirman Kav. 52-53 Jakarta 12190 Indonesia Phone : (021) - 515-2318, ext (8206) Fax : (021) - 515-2319 Email : Info@icamel.co.id Website : http://www.indonesiancamel.com

2. Indonesia Bond Pricing Agency (IBPA) PT. Penilai Harga Efek Indonesia Menara Global, Lantai 19 Jl. Gatot Subroto Kavling 27 Jakarta, 12950 Indonesia Phone : +62 - 21 527-0179 Fax : +62 - 21 527-0178 Email : enquiries@ibpa.co.id Website : http://www.ibpa.co.id

INDONESIABOND

MARKETDIRECTORY

2012

Indonesia Stock Exchange - Indonesia Bond Pricing Agency

CONTENTS

Page PREFACE

FOREWORDS

INDONESIA BOND MARKET REVIEWS

Milestone ............................................................................................................................................................................................................................................................................. 1

Historical Milestone ...................................................................................................................................................................................................................................................... 2

Indonesia Economic Review ............................................................................................................................................................................................................................. 5

Bond Market Overview ............................................................................................................................................................................................................................................ 8

Bond Indices ....................................................................................................................................................................................................................................................................... 12

Ownership Profile ........................................................................................................................................................................................................................................................... 19

GOVERNMENT SECURITIES

Government Bond ........................................................................................................................................................................................................................................................ 22

Trading Highlight ......................................................................................................................................................................................................................................................... 26

CORPORATE BONDS

Corporate Bond and Sukuk ........................................................................................................................................................................................................................... 78

1. ADHI PT Adhi Karya (Persero) Tbk. ................................................................................................................................................................. 110

2. ADMF PT Adira Dinamika Multifinance Tbk. ............................................................................................................................................... 114

3. AGII PT Aneka Gas Industri ................................................................................................................................................................................. 126

4. AIRJ PT Aetra Air Jakarta ....................................................................................................................................................................................... 130

5. ANTM PT Aneka Tambang (Persero) Tbk. ................................................................................................................................................... 134

6. APEX PT Apexindo Pratama Duta Tbk. ........................................................................................................................................................ 138

7. APLN PT Agung Podomoro Land Tbk. ......................................................................................................................................................... 142

8. APOL PT Arpeni Pratama Ocean Line Tbk. ............................................................................................................................................... 146

9. ASDF PT Astra Sedaya Finance .......................................................................................................................................................................... 150

10. BABP PT Bank ICB Bumiputera Tbk. .............................................................................................................................................................. 160

11. BASS PT Bahtera Adimina Samudra Tbk. .................................................................................................................................................. 164

12. BBKP PT Bank Bukopin Tbk. ................................................................................................................................................................................. 166

13. BBMI PT Bank Muamalat Indonesia Tbk. ................................................................................................................................................... 170

14. BBNI PT Bank Negara Indonesia (Persero) Tbk .................................................................................................................................... M

15. BBRI PT Bank Rakyat Indonesia (Persero) Tbk. ................................................................................................................................... 174

16. BBRK PT BPD Riau Kepri .......................................................................................................................................................................................... 178

17. BBTN PT Bank Tabungan Negara (Persero) Tbk. ................................................................................................................................. 182

18. BCAF PT BCA Finance ................................................................................................................................................................................................ 190

19. BDKI PT Bank DKI (BPD DKI) .............................................................................................................................................................................. 200

20. BDMN PT Bank Danamon Indonesia Tbk. .................................................................................................................................................... 206

21. BEXI PT Indonesia Eximbank .............................................................................................................................................................................. 210

22. BFIN PT BFI Finance Indonesia Tbk. ............................................................................................................................................................. 218

23. BIIF PT BII Finance Center ................................................................................................................................................................................... 226

24. BJBR PT BPD Jawa Barat Dan Banten Tbk. (Bank BJB) .............................................................................................................. 230

25. BLAM PT BPD Lampung (Bank Lampung) ................................................................................................................................................. 236

26. BLTA PT Berlian Laju Tanker Tbk. .................................................................................................................................................................... 240

27. BMLK PT BPD Maluku ................................................................................................................................................................................................... 246

28. BMRI PT Bank Mandiri (Persero) Tbk. ........................................................................................................................................................... 250

29. BNGA PT Bank CIMB Niaga Tbk. ....................................................................................................................................................................... 254

30. BNII PT Bank International Indonesia Tbk. .............................................................................................................................................. 260

31. BNIS PT BNI Securities ............................................................................................................................................................................................. M

32. BNLI PT Bank Permata Tbk. ................................................................................................................................................................................ 266

33. BNTT PT BPD Nusa Tenggara Timur ............................................................................................................................................................. 270

34. BSBR PT BPD Sumatera Barat (Bank Nagari) ......................................................................................................................................... 276

35. BSDE PT Bumi Serpong Damai Tbk. .............................................................................................................................................................. M

36. BSEC PT MNC Securities ......................................................................................................................................................................................... 282

37. BSLT PT BPD Sulawesi Utara (Bank Sulut) ............................................................................................................................................... 286

38. BSMT PT PBD Sumatera Utara .......................................................................................................................................................................... 290

39. BSSB PT BPD Sulawesi Selatan ......................................................................................................................................................................... 294

40. BTEL PT Bakrie Telecom Tbk. ............................................................................................................................................................................. 298

41. BTPN PT Bank Tabungan Pensiunan Nasional Tbk. .......................................................................................................................... 302

42. BVIC PT Bank Victoria International Tbk. ................................................................................................................................................... 310

43. BWPT PT BW Plantation Tbk. ................................................................................................................................................................................ 314

44. CFIN PT Clipan Finance Indonesia Tbk. ...................................................................................................................................................... 318

45. CLPK PT Ciliandra Perkasa ..................................................................................................................................................................................... 324

46. DNRK PT Danareksa (Persero) .............................................................................................................................................................................. 328

47. DUTI PT Duta Pertiwi Tbk. ...................................................................................................................................................................................... 334

48. ELTY PT Bakrieland Development Tbk. ....................................................................................................................................................... 338

49. EXCL PT XL Axiata Tbk. ............................................................................................................................................................................................ M

50. FAST PT Fast Food Indonesia Tbk. ................................................................................................................................................................. 344

51. FIFA PT Federal International Finance ......................................................................................................................................................... 348

52. FREN PT Smartfren Telecom Tbk. .................................................................................................................................................................... 356

53. IMAT PT Indomobil Wahana Trada .................................................................................................................................................................. 360

54. IMFI PT Indomobil Finance Indonesia ......................................................................................................................................................... 364

55. INDF PT Indofood Sukses Makmur Tbk. .................................................................................................................................................... 370

56. INKP PT Indah Kiat Pulp & Paper Tbk. ........................................................................................................................................................ 374

57. ISAT PT Indosat Tbk. ................................................................................................................................................................................................. 378

58. JMPD PT Jasa Marga (Persero) Tbk. ............................................................................................................................................................... 390

59. JPFA PT JAPFA Comfeed Indonesia Tbk. ................................................................................................................................................. 396

60. JPRO PT Jakarta Propertindo ............................................................................................................................................................................... M

61. LPPI PT Lontar Papyrus Pulp & Paper ........................................................................................................................................................ 400

62. LTLS PT Lautan Luas Tbk. ..................................................................................................................................................................................... 404

63. MAIN PT Malindo Feedmill Tbk. .......................................................................................................................................................................... 408

64. MAPI PT Mitra Adiperkasa Tbk. .......................................................................................................................................................................... 412

65. MAYA PT Bank Mayapada Internasional Tbk. .......................................................................................................................................... M

66. MEDC PT Medco Energi Internasional Tbk. ................................................................................................................................................ 418

67. MEGA PT Bank Mega Tbk. ....................................................................................................................................................................................... 424

68. MPPA PT Matahari Putra Prima Tbk. ............................................................................................................................................................... 428

69. MTDL PT Metrodata Electronic Tbk. ................................................................................................................................................................ 432

70. MYOR PT Mayora Indah Tbk. .................................................................................................................................................................................. 436

71. NISP PT Bank OCBC NISP Tbk. ....................................................................................................................................................................... 442

72. OTMA PT OTO Multiartha .......................................................................................................................................................................................... 446

73. PANS PT Panin Sekuritas Tbk. ............................................................................................................................................................................. M

74. PIDL PT Pindo Deli Pulp And Paper Mills .................................................................................................................................................. 452

75. PJAA PT Pembangunan Jaya Ancol Tbk. .................................................................................................................................................. M

76. PLJA PT Pam Lyonnaise Jaya ............................................................................................................................................................................. 456

77. PNBN PT Bank Pan Indonesia Tbk. .................................................................................................................................................................. 460

78. PPGD Perum Pegadaian ............................................................................................................................................................................................ 466

79. PPKT PT Pupuk Kalimantan Timur ................................................................................................................................................................... 480

80. PPLN PT Perusahaan Listrik Negara (Persero) ....................................................................................................................................... 484

81. PWON PT Pakuwon Jati Tbk. .................................................................................................................................................................................. M

82. RMBA PT Bentoel International Investama Tbk. ...................................................................................................................................... 500

83. SANF PT Surya Artha Nusantara Finance ................................................................................................................................................... 504

84. SCTV PT Surya Citra Televisi ................................................................................................................................................................................. 510

85. SDRA PT Bank Himpunan Saudara 1906 Tbk. ....................................................................................................................................... 514

86. SIMP PT Salim Ivomas Pratama ......................................................................................................................................................................... 518

87. SMFP PT Sarana Multigriya Finansial (Persero) ....................................................................................................................................... 522

88. SMRA PT Summarecon Agung Tbk. ................................................................................................................................................................ 530

89. SMSF PT Sinar Mitra Sepadan Finance ......................................................................................................................................................... 534

90. SMSM PT Selamat Sempurna Tbk. .................................................................................................................................................................... 538

91. SOFN PT Summit Oto Finance ............................................................................................................................................................................. 542

92. TAFS PT Toyota Astra Financial Services ................................................................................................................................................... 548

93. TKIM PT Pabrik Kertas Tjiwi Kimia Tbk. ....................................................................................................................................................... 554

94. TLKM PT Telekomunikasi Indonesia (Persero) Tbk. ............................................................................................................................ 558

95. TPNI PT Titan Petrokimia Nusantara ............................................................................................................................................................. 562

96. TRAC PT Serasi Autoraya ......................................................................................................................................................................................... 566

97. TUFI PT Mandiri Tunas Finance ........................................................................................................................................................................ 570

98. VRNA PT Verena Multi Finance Tbk. ................................................................................................................................................................ 576

99. WEHA PT Panorama Transportasi Tbk. .......................................................................................................................................................... 580

100. WOMF PT Wahana Ottomitra Multiartha Tbk. ............................................................................................................................................ 580

101. WSKT PT Waskita Karya (Persero) ..................................................................................................................................................................... 590

BOND INSTRUMENT IN INDONESIA

Bond Market Institution ........................................................................................................................................................................................................................................... 596

Bond Instrument Type .............................................................................................................................................................................................................................................. 598

Bond Market Mechanism ............................................................................................................................................................................................................. 601

REGULATION UPDATE ......................................................................................................................................................................................................................................................... 605

GLOSSARY ......................................................................................................................................................................................................................................................................................... 606

ABOUT IBPA .................................................................................................................................................................................................................................................................................... 611

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Standard outlook re

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Standard outlook reBank Indothe one-m

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The goveonly absoRp 13.6 trretail suku

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China's mactivity in its highes13 months

Euro-Zonministers lend 100 b(Rp 1,200

15

51

55

Moody's raisesThe governmengovernment boS & P downgra

Bank IndonesiaBank IndonesiaRetail sales reaFitch raised Ind

Bank IndonesiaBank of Japan

Standard & Poooutlook remainsBank Indonesiathe one-month

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Bank Indonesiain addition to BMoody's downg

Private capital fCentral Bank oS & P cut Greedefault, from th

Asian Developmof Asia this yeain the month ofwas lowered to

Moody's threateFrench debt at The GovernmeORI008 of Rp 1

Greece hold a rescue plan woEuropean Centthe benchmark

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China's economgrowth in 2011 slowed to 9.2%

The governmenonly absorb Rp 13.6 trillion retail sukuk

IMF predicts gloeconomic grow3.5% in 2012, twent to 4.1% in

China's manufaactivity in April its highest leve13 months,

Euro-Zone finaministers agreelend 100 billion(Rp 1,200 trillio

15

51

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ody's raisese governmenernment boP downgra

nk Indonesiank Indonesiaail sales reah raised Ind

nk Indonesiank of Japan

ndard & Pooook remains

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nk Indonesiaddition to Body's downg

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P cut Greeault, from th

an DevelopmAsia this yeahe month ofs lowered to

ody's threatench debt at

e GovernmeI008 of Rp 1

ece hold a cue plan woopean Centbenchmark

y launched ath 20 billion7 billion to pest countrie

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e governmeny absorb 13.6 trillion

ail sukuk

F predicts glonomic grow% in 2012, tnt to 4.1% in

na's manufavity in April

highest levemonths,

o-Zone finaisters agreed 100 billion1,200 trillio

15

51

55

ody's raisese governmenernment boP downgra

nk Indonesiank Indonesiaail sales reah raised Ind

nk Indonesiank of Japan

ndard & Pooook remains

nk Indonesiaone-month

aysia raisesvernment ofs time it is th

U.S. dollars i

e U.S. Houseease the de. debt to rec

U.S. $ 14.58

nk Indonesiaddition to Body's downg

vate capital fntral Bank o

P cut Greeault, from th

an DevelopmAsia this yeahe month ofs lowered to

ody's threatench debt at

e GovernmeI008 of Rp 1

ece hold a cue plan woopean Centbenchmark

y launched ath 20 billion7 billion to pest countrie

na's economwth in 2011 wed to 9.2%

e governmeny absorb 13.6 trillion

ail sukuk

F predicts glonomic grow% in 2012, tnt to 4.1% in

na's manufavity in April

highest levemonths,

o-Zone finaisters agreed 100 billion1,200 trillio

15

51

55

ody's raises debt e government askernment bonds inP downgraded J

nk Indonesia (BI) nk Indonesia (BI) ail sales realizatioh raised Indones

nk Indonesia (BI) nk of Japan (BOJ)

ndard & Poor's Rook remains pos

nk Indonesia (BI) one-month holdin

aysia raises intervernment of Indons time it is throug

U.S. dollars in the

e U.S. House of Rease the debt lim. debt to record t

U.S. $ 14.58 trillio

nk Indonesia will uddition to Bank Inody's downgraded

vate capital flows ntral Bank of Aust

P cut Greece's sault, from the prev

an Development Asia this year to 7he month of April.s lowered to 7.5%

ody's threatened nch debt at 'AAA'

e Government finaI008 of Rp 11 trill

ece hold a referecue plan worth 13opean Central Babenchmark intere

y launched an austh 20 billion euros7 billion to prevenest countries in t

na's economic wth in 2011 wed to 9.2%.

e government y absorb 13.6 trillion of

ail sukuk

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o-Zone finance isters agreed to d 100 billion euros1,200 trillion) to

15

51

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raises debt ernment askent bonds inwngraded J

onesia (BI) onesia (BI) les realizatioed Indones

onesia (BI) Japan (BOJ)

& Poor's Remains posonesia (BI)

month holdin

raises interment of Indon

it is througollars in the

House of Rthe debt limt to record t14.58 trillio

onesia will un to Bank Indowngraded

apital flows Bank of Austt Greece's srom the prev

velopment his year to 7onth of April.ered to 7.5%

threatened ebt at 'AAA'ernment finaof Rp 11 trill

hold a referean worth 13

n Central Bahmark intere

ched an ausbillion euros

on to prevenountries in t

economic 2011

o 9.2%.

ernment orb rillion of uk

icts global c growth by 2012, then .1% in 2013

manufacturinn April rose tst level in hs,

ne finance agreed to billion euros

0 trillion) to

15

51

55

raises debt ratingernment asked foent bonds in ordewngraded Japan'

onesia (BI) eventonesia (BI) is no les realization of ted Indonesia's ra

onesia (BI) said IJapan (BOJ) prom

& Poor's Ratingsemains positive onesia (BI) exten

month holding pe

raises interest rament of Indonesia

it is through the ollars in the secon

House of Represthe debt limit in ot to record the hig14.58 trillion, or n

onesia will use gon to Bank Indonedowngraded Gre

apital flows to devBank of Australia (t Greece's sovererom the previous

velopment Bank his year to 7.5%, fonth of April. Targered to 7.5% from

threatened to dowebt at 'AAA'.ernment finally deof Rp 11 trillion

hold a referenduman worth 130 billi

n Central Bank dehmark interest rat

ched an austeritybillion euros or a

on to prevent banountries in the Eu

economic 2011

o 9.2%.

ernment orb rillion of uk

icts global c growth by 2012, then .1% in 2013.

manufacturing n April rose to st level in hs,

ne finance agreed to billion euros

0 trillion) to Spain

s debt ratingnt asked fo

onds in ordeaded Japan'

a (BI) eventa (BI) is no alization of tdonesia's ra

a (BI) said I(BOJ) prom

oor's Ratingsns positive a (BI) exten holding pe

s interest raf Indonesia hrough the in the secon

se of Represebt limit in ocord the hig

8 trillion, or n

a will use goBank Indonegraded Gre

flows to devof Australia (ece's soverehe previous

ment Bank ar to 7.5%, ff April. Targo 7.5% from

tened to dow 'AAA'.

ent finally de11 trillion

referendumorth 130 billitral Bank de

k interest rat

an austerityn euros or aprevent banes in the Eu

mic

%.

nt

of

lobal wth by then n 2013.

acturing rose to

el in

ance ed to n euros on) to Spain

15

01

50

s debt rating fromnt asked for 13 S

onds in order to kaded Japan's long

a (BI) eventually a (BI) is no longealization of the sudonesia's rating o

a (BI) said Indone(BOJ) promising

oor's Ratings (S &ns positive a (BI) extend the holding period (o

s interest rates frf Indonesia will aghrough the issuain the second ha

se of Representatebt limit in order tcord the highest

8 trillion, or nearly

a will use governBank Indonesia Cgraded Greek rat

flows to developiof Australia (RBA)ece's sovereign che previous rating

ment Bank cut itsar to 7.5%, from 7f April. Target yeao 7.5% from 7.7%

tened to downgra 'AAA'.

ent finally decided11 trillion

referendum on thorth 130 billion eutral Bank decided

k interest rate to 1

an austerity progn euros or about prevent bankruptces in the Europe

mic

%.

Cent Bank Euro The G Stand

nt

of

ST

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lobal wth by then n 2013.

acturing rose to

el in

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15

01

50

rating fromked for 13 Sn order to kJapan's long

eventually is no longeon of the su

sia's rating o

said IndoneJ) promising

Ratings (S &sitive

extend the ng period (o

rest rates frnesia will ag

gh the issuae second ha

Representatmit in order tthe highest on, or nearly

use governndonesia C

ed Greek rat

to developistralia (RBA)sovereign c

evious rating

Bank cut its7.5%, from 7. Target yea

% from 7.7%

to downgraA'.

ally decidedlion

endum on th30 billion euank decidedest rate to 1

usterity progos or about nt bankruptcthe Europe

Cent Bank Euro The G Stand

ST

S S

y

3.

ng to

os Spain.

15

01

50

rating fromked for 13 Sn order to kJapan's long

eventually is no longeon of the su

sia's rating o

said IndoneJ) promising

Ratings (S &sitive

extend the ng period (o

rest rates frnesia will ag

gh the issuae second ha

Representatmit in order tthe highest on, or nearly

use governndonesia C

ed Greek rat

to developistralia (RBA)sovereign c

evious rating

Bank cut its7.5%, from 7. Target yea

% from 7.7%

to downgraA'.

ally decidedlion

endum on th30 billion euank decidedest rate to 1

usterity progos or about nt bankruptcthe Europe

Cent Bank Euro The G Stand

ST

S S

y

3.

ng to

os Spain.

15

01

50

rating from Ba2 ked for 13 State-On order to keep pJapan's long-term

eventually raisesis no longer issuon of the sukuk (

sia's rating outloo

said Indonesia's J) promising all th

Ratings (S & P) rasitive

extend the obligang period (one m

rest rates from 2,nesia will again s

gh the issuance oe second half of 2

Representatives fmit in order to avothe highest scoreon, or nearly 100%

use government ndonesia Certific

ed Greek rating 3

to developing costralia (RBA) decidsovereign credit r

evious ratings at '

Bank cut its grow7.5%, from 7.8% . Target year 201

% from 7.7% prev

to downgrade thA'.

ally decided to selion

endum on the Eu30 billion euros. ank decided to loest rate to 1.25%

usterity program os or about nt bankruptcy of tthe European reg

Central Bu Bank Indon European U The Gover Standard &

CenInfla

Indo Par

StandaThis h

Standa Standa

y

3.

ng to

os Spain.

15

01

50

g from Ba2 or 13 State-Oer to keep p

n's long-term

tually raiseslonger issuthe sukuk (

ating outloo

Indonesia's mising all th

s (S & P) ra

nd the obligaeriod (one m

ates from 2,will again sissuance o

ond half of 2

sentatives forder to avoghest scorenearly 100%

overnment esia Certificeek rating 3

eveloping co(RBA) decideign credit r ratings at '

cut its growfrom 7.8%

get year 201m 7.7% prev

wngrade th

ecided to se

m on the Eulion euros. ecided to lo

ate to 1.25%

y program about nkruptcy of turopean reg

Central BuBank IndonEuropean UThe GoverStandard &

CenInfla

Indo Par

StandaThis h

Standa Standa

n.

15

01

50

g from Ba2 to Baor 13 State-Owneer to keep prices

n's long-term sove

tually raises the llonger issuing Cthe sukuk (Sukri)

ating outlook sov

Indonesia's foreigmising all the effo

s (S & P) raised

nd the obligationseriod (one month)

ates from 2,75% will again seek fissuance of Islam

ond half of 2011.

sentatives finally order to avoid defghest score in hisnearly 100% of U

overnment treasuesia Certificates (eek rating 3 notch

eveloping countrie(RBA) decided toeign credit ratings ratings at 'B'

cut its growth tarfrom 7.8% earlie

get year 2012 alsm 7.7% previously

wngrade the curr

ecided to sell

m on the Europealion euros. ecided to lower

ate to 1.25%

y program about nkruptcy of the uropean region.

Central Bureau oBank Indonesia (European Union The GovernmentStandard & Poor

Central BInflation i

Indonesia Parliame

Standard anThis happen

Standard & Standard &

Euro EU The

(bai

Moo Spa

the The

recan.

m Ba2 to BaState-Ownekeep prices g-term sove

raises the ler issuing Cukuk (Sukri)outlook sov

esia's foreigg all the effo

& P) raised

e obligationsone month)

rom 2,75% again seek fance of Islamalf of 2011.

tives finally to avoid defscore in his

y 100% of U

nment treasuCertificates (ting 3 notch

ping countrieA) decided tocredit ratingsgs at 'B'

s growth tar7.8% earliear 2012 als

% previously

ade the curr

d to sell

he Europeauros. d to lower 1.25%

gram

cy of the ean region.

tral Bureau ok Indonesia (opean Union Government

ndard & Poor

Central BInflation i

Indonesia Parliame

Standard anThis happenStandard & Standard &

Euro EU The

(bai

Moo Spa

the The

reca

m Ba2 to BaState-Ownekeep prices g-term sove

raises the ler issuing Cukuk (Sukri)outlook sov

esia's foreigg all the effo

& P) raised

e obligationsone month)

rom 2,75% again seek fance of Islamalf of 2011.

tives finally to avoid defscore in his

y 100% of U

nment treasuCertificates (ting 3 notch

ping countrieA) decided tocredit ratingsgs at 'B'

s growth tar7.8% earliear 2012 als

% previously

ade the curr

d to sell

he Europeauros. d to lower 1.25%

gram

cy of the ean region.

tral Bureau ok Indonesia (opean Union Government

ndard & Poor

Central BInflation i

Indonesia Parliame

Standard anThis happenStandard & Standard &

Euro EU The

(bai

Moo Spa

the The

reca

14

51

45

m Ba2 to Ba1 IndoState-Owned Entekeep prices from g-term sovereign

raises the level oer issuing Certificukuk (Sukri) SR0outlook sovereign

esia's foreign excg all the efforts to

& P) raised Indon

e obligations of owone month) into a

rom 2,75% into 3again seek fresh fance of Islamic boalf of 2011.

tives finally gave to avoid default score in history w

y 100% of U.S. G

nment treasury (SCertificates (SBI) ating 3 notches ab

ping countries couA) decided to keepcredit ratings to 'Cgs at 'B'

s growth target 7.8% earlier ar 2012 also

% previously.

ade the current

d to sell

he European uros. d to lower 1.25%

gram

cy of the ean region.

Moo Ban Stan

Fran

tral Bureau of Statk Indonesia (BI) deopean Union financGovernment propo

ndard & Poor's (S &

Central BureauInflation in Feb

Indonesian Cru Parliament ple

Standard and PoThis happens becStandard & Poor Standard & Poor'

Euro zone EU gover The fourth

(bailout) w

Moody's c Spain's so

the lowes The euro

recapitaliz

14

51

45

to Ba1 IndoOwned Enteprices from m sovereign

s the level ouing Certific(Sukri) SR0ok sovereign

s foreign exche efforts to

aised Indon

gations of owmonth) into a

,75% into 3seek fresh fof Islamic bo2011.

finally gave oid default e in history w% of U.S. G

treasury (Scates (SBI) a notches ab

ountries couided to keepratings to 'C'B'

wth target earlier 12 also viously.

he current

ell

uropean

ower %

the egion.

Moo Ban Stan

Fran

ureau of Statnesia (BI) deUnion financrnment propo& Poor's (S &

ntral Bureauation in Febonesian Crurliament ple

dard and Pohappens becdard & Poor dard & Poor'

Euro zone EU gover The fourth

(bailout) w

Moody's c Spain's so

the lowes The euro

recapitaliz

14

51

45

to Ba1 IndonesiaOwned Enterprisprices from fallingm sovereign debt

s the level of the uing Certificates o(Sukri) SR003 seok sovereign be 'p

s foreign exchanghe efforts to stabi

aised Indonesia's

gations of ownersmonth) into a six-m

,75% into 3% seek fresh funds of Islamic bonds (2011.

finally gave approoid default e in history with a% of U.S. GDP .

treasury (SPN) acates (SBI) and th notches above d

ountries could reaided to keep interratings to 'CCC', 'B'

wth target earlier 12 also viously.

he current

ell

uropean

ower %

the egion.

Moody's r Bank Indo Standard

France, A

ureau of Statistics (nesia (BI) decided Union finance minrnment proposes s& Poor's (S & P) do

ntral Bureau of Sation in Februaryonesian Crude Prliament plenary s

dard and Poor's (Shappens becausedard & Poor (S & dard & Poor's also

Euro zone econ EU government The fourth large

(bailout) worth 1

Moody's cuts de Spain's soverei

the lowest inves The euro zone

recapitalize ban

14

51

45

a1 Indonesiaed Enterpris

from fallingereign debt

level of the Certificates oi) SR003 severeign be 'p

gn exchangorts to stabi

Indonesia's

s of owners) into a six-m

into 3% fresh funds mic bonds (

y gave approefault story with aU.S. GDP .

sury (SPN) a(SBI) and thhes above d

es could reao keep inter

gs to 'CCC',

arget er so y.

rent

an

Moody's r Bank Indo Standard

France, A

of Statistics ((BI) decided

n finance minnt proposes sr's (S & P) do

Bureau of Sin Februaryan Crude P

ent plenary s

nd Poor's (Sns because

& Poor (S & & Poor's also

ro zone econgovernment

e fourth largeilout) worth 1

oody's cuts deain's soverei

e lowest invese euro zone capitalize ban

14

51

45

a1 Indonesia, or oed Enterprises (SO

from falling if a cereign debt from

level of the BI RaCertificates of Bani) SR003 series revereign be 'positiv

gn exchange resorts to stabilize fin

Indonesia's debt

s of ownership of) into a six-month

into 3% fresh funds to covmic bonds (sukuk

y gave approval toefault story with a total U.S. GDP .

sury (SPN) as a m(SBI) and the termhes above defaul

es could reach Uo keep interest ra

gs to 'CCC', or 4 s

arget er so y.

rent

an

TheThe

FitcIndo

Moody's raised Bank Indonesia Standard and P

France, Austria,

of Statistics (BPS) (BI) decided to low

n finance ministers nt proposes subsidir's (S & P) downgra

Bureau of Statisticin February was an Crude Price (I

ent plenary sessio

nd Poor's (S & P)ns because the g

& Poor (S & P) cut& Poor's also cut 9

ro zone economy cgovernments man

e fourth largest bailout) worth 19 bill

oody's cuts debt ratain's sovereign deb

e lowest investmene euro zone has secapitalize banks hit

onesia, or oterprises (SOfalling if a c

n debt from

of the BI Racates of Ban003 series ren be 'positiv

change reso stabilize fin

nesia's debt

wnership ofa six-month

3% funds to covonds (sukuk

e approval to

with a total GDP .

SPN) as a mand the termbove defaul

uld reach Up interest raCCC', or 4 s

TheThe

FitcIndo

ody's raised nk Indonesia ndard and Pnce, Austria,

tistics (BPS) ecided to lowce ministers oses subsidi& P) downgra

u of Statisticbruary was rude Price (Ienary sessio

oor's (S & P)cause the g

r (S & P) cutr's also cut 9

e economy crnments manh largest baworth 19 bill

cuts debt ratsovereign debst investmeno zone has seize banks hit

onesia, or oterprises (SOfalling if a c

n debt from

of the BI Racates of Ban003 series ren be 'positiv

change reso stabilize fin

nesia's debt

wnership ofa six-month

3% funds to covonds (sukuk

e approval to

with a total GDP .

SPN) as a mand the termbove defaul

uld reach Up interest raCCC', or 4 s

TheThe

FitcIndo

ody's raised nk Indonesia ndard and Pnce, Austria,

tistics (BPS) ecided to lowce ministers oses subsidi& P) downgra

u of Statisticbruary was rude Price (Ienary sessio

oor's (S & P)cause the g

r (S & P) cutr's also cut 9

e economy crnments manh largest baworth 19 bill

cuts debt ratsovereign debst investmeno zone has seize banks hit

14

01

40

onesia, or one raterprises (SOEs) falling if a crisis o

n debt from 'AA' to

of the BI Rate by cates of Bank Ind003 series reachen be 'positive'.

change reserveso stabilize financia

nesia's debt rating

wnership of Banka six-month hold

3% funds to cover theonds (sukuk) den

e approval to

with a total GDP .

SPN) as a monetaand the term depbove default

uld reach U.S. $ p interest rates aCCC', or 4 stages

The EuroThe benc

Fitch hasIndonesia

ody's raised Indonenk Indonesia (BI) dndard and Poor's (nce, Austria, Malta

tistics (BPS) recordecided to lower thece ministers agreeoses subsidized fu& P) downgraded G

u of Statistics (BPbruary was the lorude Price (ICP) henary session can

oor's (S & P) canccause the govern

r (S & P) cut Spair's also cut 9 Spa

e economy continrnments managedh largest bank in Sworth 19 billion eu

cuts debt ratings osovereign debt ratinst investment gradeo zone has set up aize banks hit by the

14

01

40

a, or one rases (SOEs) g if a crisis ot from 'AA' to

BI Rate by of Bank Inderies reachepositive'.

ge reservesilize financia

s debt rating

ship of Bankmonth hold

to cover the(sukuk) den

roval to

a total

as a monetahe term depdefault

ach U.S. $ rest rates aor 4 stages

The EuroThe benc

Fitch hasIndonesia

raised Indoneonesia (BI) dand Poor's (

Austria, Malta

(BPS) recordd to lower thenisters agreesubsidized fuowngraded G

Statistics (BPy was the loPrice (ICP) hsession can

S & P) cance the governP) cut Spaio cut 9 Spa

nomy continnts managedest bank in S19 billion eu

debt ratings oign debt ratin

estment gradehas set up anks hit by the

14

01

40

a, or one rank beses (SOEs) as a sg if a crisis occurst from 'AA' to 'AA-

BI Rate by 25 bpof Bank Indonesieries reached Rp positive'.

ge reserves are thilize financial mar

s debt rating from

ship of Bank Indomonth holding pe

to cover the fina(sukuk) denomina

roval to

a total

as a monetary inshe term deposit (default

ach U.S. $ 1 trilliorest rates at the lor 4 stages prior

GreIta

Bathe

The European The benchmar

Fitch has raiseIndonesia to 'B

raised Indonesia's onesia (BI) designeand Poor's (S&P)

Austria, Malta, Slov

(BPS) recorded ecd to lower the bencnisters agreed to prsubsidized fuel pricowngraded Greece

Statistics (BPS) rey was the lowest Price (ICP) has besession canceled

S & P) canceled e the governmentP) cut Spain's cro cut 9 Spanish b

nomy continues tonts managed to Grest bank in Spain,19 billion euros (U

debt ratings of Empign debt ratings cu

estment grade rankhas set up an injenks hit by the crisis

14

01

40

one rank beSOEs) as a scrisis occurs'AA' to 'AA-

ate by 25 bpnk Indonesireached Rp ve'.

serves are thnancial mar

t rating from

f Bank Indoh holding pe

ver the finak) denomina

o

monetary insrm deposit (lt

U.S. $ 1 trillioates at the lstages prior

GreIta

Bathe

e European e benchmarch has raiseonesia to 'B

Indonesia's a (BI) designePoor's (S&P) a, Malta, Slov

recorded ecwer the bencagreed to prized fuel pricraded Greece

ics (BPS) rethe lowest

(ICP) has beon canceled

P) canceled government

ut Spain's cr9 Spanish b

continues toanaged to Grank in Spain,lion euros (U

atings of Empebt ratings cunt grade ranket up an injet by the crisis

14

01

40

one rank below 'inSOEs) as a standbcrisis occurs. 'AA' to 'AA-'.

ate by 25 bps to 6nk Indonesia (SBreached Rp 7.34 ve'.

serves are througnancial markets r

t rating from BB t

f Bank Indonesia h holding period (

ver the financial dk) denominated

o

monetary instrumrm deposit (TD).lt

U.S. $ 1 trillion in 2ates at the level ostages prior to

Greek PItalian P

Bank Indthe outlo

e European Cente benchmark ratech has raised the onesia to 'BBB-' f

Indonesia's foreiga (BI) designed a twPoor's (S&P) downga, Malta, Slovakia a

recorded economwer the benchmarkagreed to provideized fuel prices rosraded Greece's lon

ics (BPS) reportethe lowest since

(ICP) has been thon canceled subs

P) canceled to raisgovernment raise

ut Spain's credit ra9 Spanish banks

continues to weakanaged to Greece ank in Spain, Banklion euros (U.S. $

atings of Emporiki Bebt ratings cut threent grade ranking. et up an injection ot by the crisis, with

ank below 'inas a standb

occurs. to 'AA-'.

y 25 bps to 6donesia (SBed Rp 7.34

s are througal markets r

g from BB t

k Indonesia ding period (

he financial dnominated

tary instrumposit (TD).

1 trillion in 2at the level os prior to

Greek PItalian P

Bank Indthe outlo

opean Centchmark rates raised the a to 'BBB-' f

nesia's foreigdesigned a tw(S&P) downga, Slovakia a

ded econome benchmarked to provideuel prices rosGreece's lon

PS) reporteowest since has been thnceled subs

celed to raisnment raisein's credit ra

anish banks

nues to weakd to Greece Spain, Bankuros (U.S. $

of Emporiki Bngs cut three

de ranking. an injection oe crisis, with

ank below 'inas a standb

occurs. to 'AA-'.

y 25 bps to 6donesia (SBed Rp 7.34

s are througal markets r

g from BB t

k Indonesia ding period (

he financial dnominated

tary instrumposit (TD).

1 trillion in 2at the level os prior to

Greek PItalian P

Bank Indthe outlo

opean Centchmark rates raised the a to 'BBB-' f

nesia's foreigdesigned a tw(S&P) downga, Slovakia a

ded econome benchmarked to provideuel prices rosGreece's lon

PS) reporteowest since has been thnceled subs

celed to raisnment raisein's credit ra

anish banks

nues to weakd to Greece Spain, Bankuros (U.S. $

of Emporiki Bngs cut three

de ranking. an injection oe crisis, with

13

51

35

ank below 'investmas a standby pu

occurs. to 'AA-'.

y 25 bps to 6.75%donesia (SBI) withed Rp 7.34 trillnio

s are through U.Sal markets remai

g from BB to BB

k Indonesia Certifding period (six m

he financial deficitnominated

tary instrument posit (TD).

1 trillion in 2011.at the level of 4.7%s prior to

After lower

Moodnegat

Greek Prime MItalian Prime M

Bank Indonesthe outlook fo

opean Central Bachmark rate is thes raised the Longa to 'BBB-' from '

nesia's foreign debtdesigned a twin str(S&P) downgrade a, Slovakia and Slo

ded economic growe benchmark intereed to provide bailouuel prices rose Rp Greece's long-term

PS) reported in Fowest since 2007has been throughnceled subsidized

celed to raise Indnment raised elecin's credit rating b

anish banks rating

nues to weaken md to Greece after aSpain, Bankia askuros (U.S. $ 24 bil

of Emporiki Bank ongs cut three level

de ranking. an injection of funde crisis, without int

13

51

35

elow 'investmstandby pu

rs. A-'.

ps to 6.75%ia (SBI) with

p 7.34 trillnio

through U.Sarkets remai

m BB to BB

onesia Certiferiod (six m

ancial deficitnated

nstrument (TD).

on in 2011.level of 4.7%r to

After lower

Moodnegat

reek Prime Malian Prime Mank Indonese outlook fo

n Central Bark rate is theed the LongBBB-' from '

foreign debted a twin str downgrade vakia and Slo

conomic growchmark intereprovide bailouces rose Rp

ce's long-term

eported in Fsince 2007een throughd subsidized

to raise Indt raised elecredit rating bbanks rating

o weaken mreece after a, Bankia askU.S. $ 24 bil

poriki Bank out three levelking. ection of funds, without int

13

51

35

elow 'investment standby purchas

rs. A-'.

ps to 6.75%. ia (SBI) with a ten

p 7.34 trillnio.

through U.S. $ 10arkets remain afte

m BB to BB +, wit

onesia Certificateseriod (six months

ancial deficit. nated

nstrument (TD).

on in 2011. level of 4.7% r to

After 8 monlower the B

Moody's Innegative ou

reek Prime Ministalian Prime Ministank Indonesia (BIe outlook for lowe

n Central Bank curk rate is the loweed the Long-TermBBB-' from 'BB +'

foreign debt ratinged a twin strategy downgrade ratingvakia and Slovenia

conomic growth of chmark interest rateprovide bailouts (baces rose Rp 500-1

ce's long-term ratin

eported in Februasince 2007. een through overd subsidized fuel

to raise Indonesit raised electricityredit rating by twobanks ratings, inc

o weaken making reece after approv, Bankia ask the inU.S. $ 24 billion). T

poriki Bank of Greeut three levels by Fking. ection of funds (bais, without interferin

13

51

35

investment dby purchas

6.75%. BI) with a ten

trillnio.

gh U.S. $ 10remain afte

to BB +, wit

a Certificates(six months

deficit.

ment

2011. of 4.7%

After 8 monlower the BMoody's Innegative ou

Prime MinistPrime Ministdonesia (BIook for lowe

tral Bank cue is the lowee Long-Termfrom 'BB +'

gn debt ratingwin strategy

ngrade ratingand Slovenia

mic growth of k interest ratee bailouts (base Rp 500-1ng-term ratin

ed in Februae 2007. hrough oversidized fuel

se Indonesied electricityating by two

s ratings, inc

ken making after approv

kia ask the in$ 24 billion). T

Bank of Greee levels by F

of funds (baihout interferin

13

51

35

investment dby purchas

6.75%. BI) with a ten

trillnio.

gh U.S. $ 10remain afte

to BB +, wit

a Certificates(six months

deficit.

ment

2011. of 4.7%

After 8 monlower the BMoody's Innegative ou

Prime MinistPrime Ministdonesia (BIook for lowe

tral Bank cue is the lowee Long-Termfrom 'BB +'

gn debt ratingwin strategy

ngrade ratingand Slovenia

mic growth of k interest ratee bailouts (base Rp 500-1ng-term ratin

ed in Februae 2007. hrough oversidized fuel

se Indonesied electricityating by two

s ratings, inc

ken making after approv

kia ask the in$ 24 billion). T

Bank of Greee levels by F

of funds (baihout interferin

13

51

35

investment gradedby purchaser (bu

6.75%. BI) with a tenor un

trillnio.

gh U.S. $ 100 billiremain after Japa

to BB +, with the

a Certificates (SB(six months).

deficit.

ment

2011. of 4.7%

SraS

Mw

Sto

MR

After 8 months olower the BI RatMoody's Investonegative outlook

Prime Minister GePrime Minister Silvdonesia (BI) deciook for lower infla

tral Bank cut its be is the lowest in e Long-Term Forefrom 'BB +' with t

gn debt rating to Bawin strategy of inte

ngrade ratings fromand Slovenia as on

mic growth of Indonk interest rate or Be bailouts (bailout) se Rp 500-1500 peng-term ratings to '

ed in February 20e 2007. hrough over U.S. sidized fuel price

se Indonesia's soed electricity tariffating by two leve

s ratings, including

ken making the unafter approving th

kia ask the injectio$ 24 billion). This is

Bank of Greece ane levels by Fitch R

of funds (bailout) whout interfering with

tment gradeurchaser (bu

%. h a tenor uno.

S. $ 100 billiin after Japa

+, with the

ificates (SBmonths).

t.

. 7%

SraS

Mw

Sto

MR

8 months or the BI Ratdy's Investoative outlook

Minister GeMinister Silvsia (BI) decior lower infla

ank cut its be lowest in

g-Term Fore'BB +' with t

bt rating to Barategy of inte ratings fromovenia as on

owth of Indonest rate or Buts (bailout) 500-1500 pem ratings to '

February 207. h over U.S.

ed fuel price

donesia's soectricity tariffby two levegs, including

making the unapproving thk the injectiollion). This is

of Greece anls by Fitch R

ds (bailout) wterfering with

13

01

30

tment grade'.urchaser (buyer st

%. h a tenor under 9o.

S. $ 100 billion. in after Japan wa

+, with the

ificates (SBI) of months).

t.

. 7%

Standarating oS & P a

Morganwill be 3

Standato A/A-

MinistryRp 2.44

8 months of beinr the BI Rate 25 bdy's Investors Seative outlook. Stan

Minister George Minister Silvio Besia (BI) decided toor lower inflation.

ank cut its benchme lowest in histor

g-Term Foreign a'BB +' with the ou

bt rating to Baa3 frorategy of interventi ratings from nine ovenia as one leve

owth of Indonesia dest rate or BI Rateuts (bailout) both fo 500-1500 per literm ratings to 'select

February 2012 th7. h over U.S. $ 115

ed fuel price incre

donesia's sovereiectricity tariffs nullby two levels fromgs, including San

making the unemplapproving the fundk the injection of fllion). This is the b

of Greece and Genls by Fitch Ratings

ds (bailout) worth 5terfering with each

13

01

30

grade'.ser (buyer st

enor under 9

00 billion. er Japan wa

th the

es (SBI) of s).

Standarating oS & P a

Morganwill be 3

Standato A/A-

MinistryRp 2.44

onths of beinBI Rate 25 bnvestors Seoutlook. Stan

ter George ter Silvio BeI) decided toer inflation.

ut its benchmest in histor

m Foreign a' with the ou

g to Baa3 froof interventi

gs from nine a as one leve

f Indonesia dte or BI Rateailout) both fo1500 per literngs to 'select

ary 2012 th

r U.S. $ 115l price incre

sia's sovereity tariffs nullo levels fromcluding San

the unemplving the fundnjection of fThis is the b

ece and GenFitch Ratings

ilout) worth 5ng with each

13

01

30

grade'.ser (buyer standb

enor under 9 mon

00 billion. er Japan was roc

th the

es (SBI) of s).

Mfro

Ch20

Standard & Prating of the US & P also af

Morgan Stanwill be 3.9% f

Standard andto A/A-1 and

Ministry of FRp 2.445 trill

onths of being helBI Rate 25 bps tonvestors Service outlook. Standard

ter George Papater Silvio BerluscI) decided to cut er inflation.

ut its benchmark est in history.

m Foreign and Lo' with the outlook

g to Baa3 from Baof intervention in t

gs from nine countra as one level

f Indonesia during te or BI Rate 25 baailout) both for Gre1500 per liter. ngs to 'selective de

ary 2012 there w

r U.S. $ 115 per l price increase o

sia's sovereign ratty tariffs null and so levels from A including Santande

the unemploymeving the funding renjection of funds fThis is the bigges

ece and General BFitch Ratings. Spai

ilout) worth 500 bilng with each coun

13

01

30

e'.uyer standb

nder 9 mon

lion. pan was roc

BI) of

Mfro

Ch20

Standard & Pating of the U

S & P also afMorgan Stanwill be 3.9% f

Standard ando A/A-1 and

Ministry of FRp 2.445 trill

of being helte 25 bps toors Service k. Standard

eorge Papalvio Berlusc

cided to cut ation.

benchmark history.

eign and Lothe outlook

aa3 from Baervention in t

m nine countrne level

nesia during BI Rate 25 ba

both for Greper liter. 'selective de

012 there w

. $ 115 per e increase o

overeign ratffs null and sels from A inng Santande

nemploymehe funding reon of funds fs the bigges

nd General BRatings. Spai

worth 500 bilh each coun

13

01

30

e'.uyer standb

nder 9 mon

lion. pan was roc

BI) of

Mfro

Ch20

Standard & Pating of the U

S & P also afMorgan Stanwill be 3.9% f

Standard ando A/A-1 and

Ministry of FRp 2.445 trill

of being helte 25 bps toors Service k. Standard

eorge Papalvio Berlusc

cided to cut ation.

benchmark history.

eign and Lothe outlook

aa3 from Baervention in t

m nine countrne level

nesia during BI Rate 25 ba

both for Greper liter. 'selective de

012 there w

. $ 115 per e increase o

overeign ratffs null and sels from A inng Santande

nemploymehe funding reon of funds fs the bigges

nd General BRatings. Spai

worth 500 bilh each coun

13

01

30

e'.uyer standby)of

nder 9 months

lion. pan was rocked b

BI) of

Moody'sfrom the

Change2011 to

Standard & Poor's ating of the United

S & P also affirmedMorgan Stanley forwill be 3.9% from 4

Standard and Pooo A/A-1 and main

Ministry of FinanceRp 2.445 trillion to

of being held at 6te 25 bps to 6.5%ors Service cut thk. Standard & Po

eorge Papandreolvio Berlusconi re

cided to cut BI Raation.

benchmark interehistory.

eign and Local-Cthe outlook for bo

aa3 from Ba1 prevervention in the for

m nine countries: Itane level

nesia during 2011 rBI Rate 25 basis po

both for Greece ofper liter. 'selective default'

012 there was an

. $ 115 per barrele increase on 1 A

overeign rating. ffs null and subsidels from A into BBng Santander and

nemployment ratehe funding requeson of funds from ths the biggest bailo

nd General Bank oRatings. Spain's de

worth 500 billion euh each country's b

standby)of

9 months

as rocked b

Moody'sfrom the

Change2011 to

ard & Poor's of the Unitedalso affirmedn Stanley for3.9% from 4

ard and Poo-1 and mainry of Finance45 trillion to

ng held at 6bps to 6.5%

ervice cut thndard & Po

Papandreoerlusconi reto cut BI Ra

hmark interery.

and Local-Cutlook for bo

om Ba1 previon in the forcountries: Itael

during 2011 re 25 basis pofor Greece ofr. tive default'

here was an

5 per barrelease on 1 A

ign rating. ll and subsidm A into BBntander and

loyment rateding requesfunds from thbiggest bailo

neral Bank os. Spain's de

500 billion euh country's b

12

51

25

standby)of

9 months

as rocked by the

Bankto kezero

Moody's threfrom the curr

Changes in t2011 to Rp 1

ard & Poor's (S & Pof the United Statealso affirmed A-1 +n Stanley forecast3.9% from 4.2% p

ard and Poor's do-1 and maintains ry of Finance to re45 trillion to prev

ng held at 6.75%bps to 6.5%.

ervice cut the debndard & Poor's c

Papandreou anderlusconi resigneto cut BI Rate by

hmark interest ratery.

and Local-Currenutlook for both ra

om Ba1 previouslyion in the foreign ecountries: Italy, Spel

during 2011 reachee 25 basis points (bfor Greece of 130 br. tive default'

here was an inflat

5 per barrel ease on 1 April 20

ign rating. ll and subsidized m A into BBB+. ntander and BBV

loyment rate hit a ding request 5.2 bfunds from the Spbiggest bailout in t

neral Bank of Grees. Spain's debt rati

500 billion euros (Uh country's budget

12

51

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Moody's threom the curr

Changes in t011 to Rp 1

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nd Poor's dod maintains Finance to rellion to prev

ld at 6.75%o 6.5%. cut the deb

d & Poor's c

andreou andconi resigneBI Rate by

interest rate

ocal-Currenk for both ra

a1 previouslythe foreign eries: Italy, Sp

2011 reacheasis points (beece of 130 b

efault'

was an inflat

barrel on 1 April 20

ating. subsidized nto BBB+. er and BBV

ent rate hit a request 5.2 bfrom the Spst bailout in t

Bank of Greeain's debt rati

llion euros (Untry's budget

12

51

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by)of

nths

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Moody's threom the curr

Changes in t011 to Rp 1

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2011 reacheasis points (beece of 130 b

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Bank of Greeain's debt rati

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12

51

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nths

cked by the tsuna

Centr(BPSgrowtthe fi

Bank of Jato keep inzero level

Moody's threateneom the current AA

Changes in the bu011 to Rp 150.83

Poor's (S & P) dowUnited States (U.Sffirmed A-1 + for s

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nd Poor's downgrad maintains negatFinance to repurchllion to prevent sh

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d & Poor's cut its

andreou and coni resigned BI Rate by 50 bp

interest rate aga

ocal-Currency Issk for both ratings

a1 previously. Outlothe foreign exchanries: Italy, Spain, P

2011 reached 6.5%asis points (bps) froeece of 130 billion

efault'

was an inflation of

barrel on 1 April 2012

ating. subsidized fuel pnto BBB+. er and BBVA

ent rate hit a recordrequest 5.2 billion from the Spanish st bailout in the his

Bank of Greece (Gain's debt rating low

llion euros (U.S. $ ntry's budget and a

12

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by the tsuna

Centr(BPSgrowtthe fi

Bank of Jato keep inzero level

's threatenee current AAes in the buo Rp 150.83

(S & P) dowd States (U.Sd A-1 + for s

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est rate aga

Currency Issboth ratings

viously. Outloreign exchantaly, Spain, P

reached 6.5%oints (bps) froof 130 billion

n inflation of

el April 2012

dized fuel pBB+. d BBVA

e hit a recordst 5.2 billion the Spanish out in the his

of Greece (Gebt rating low

uros (U.S. $ budget and a

12

51

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by the tsunami.

TheisswoThe

Central Bu(BPS) recogrowth of Ithe first qu

Bank of Japan to keep interestzero level to 0.1

's threatened to de current AAA dues in the budget do Rp 150.83 trillio

(S & P) downgradd States (U.S.) to d A-1 + for short-t

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or's downgraded ntains negative ouce to repurchase o prevent shocks

6.75%, Bank Indo%. he debt rating of Soor's cut its rating

ou and esigned ate by 50 bps to 6

est rate again by

Currency Issuer Dboth ratings is Sta

viously. Outlook forreign exchange mataly, Spain, Portuga

reached 6.5% (yoyoints (bps) from 6%of 130 billion euro

n inflation of 0.05

el April 2012

dized fuel prices.BB+. d BBVA

e hit a record highst 5.2 billion eurosthe Spanish goverout in the history o

of Greece (Geniki) ebt rating lowered f

uros (U.S. $ 630 bbudget and add to t

tsunami.

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Central Bu(BPS) recogrowth of Ithe first qu

nk of Japan eep interesto level to 0.1

eatened to drent AAA duthe budget d150.83 trillio

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owngraded negative ou

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%, Bank Indo

bt rating of Scut its rating

d ed

50 bps to 6

te again by

ncy Issuer Datings is Sta

y. Outlook forexchange mapain, Portuga

ed 6.5% (yoybps) from 6%billion euro

tion of 0.05

012

fuel prices.

VA

a record highbillion euros

panish goverthe history o

ece (Geniki) ing lowered f

U.S. $ 630 bt and add to t

12

01

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tsunami.

The Govissues thworth U.The yield

Central Bureau (BPS) recorded growth of Indonethe first quarter

nk of Japan (BoJ) eep interest rateso level to 0.1 perc

eatened to downgrent AAA due to dthe budget deficit150.83 trillion, or

P) downgraded thes (U.S.) to AA + f+ for short-term rat global economic previously

owngraded Italy'snegative outlook

epurchase (buybvent shocks from

%, Bank Indonesia

bt rating of Spain cut its rating of Sp

d ed

50 bps to 6% as

te again by 25 bp

ncy Issuer Defaultatings is Stable

y. Outlook for theseexchange market apain, Portugal as m

ed 6.5% (yoy). bps) from 6% to 5.billion euro

tion of 0.05%.

012

fuel prices.

VA

a record high, 10.9billion euros taken

panish governmenthe history of Spa

ece (Geniki) two-noing lowered from A

U.S. $ 630 billion) t and add to the de

12

01

20

ami.

The Govissues thworth U.The yield

tral Bureau S) recorded wth of Indoneirst quarter

apan (BoJ) nterest ratesl to 0.1 perc

ed to downgAAA due to dudget deficit3 trillion, or

wngraded thS.) to AA + fshort-term raal economic

ously

raded Italy'sative outlookchase (buybhocks from

nk Indonesia

ng of Spain rating of Sp

ps to 6% as

ain by 25 bp

suer Defaultis Stable

ook for thesenge market aPortugal as m

5% (yoy). rom 6% to 5.euro

f 0.05%.

prices.

rd high, 10.9euros taken governmenstory of Spa

Geniki) two-nowered from A

$ 630 billion) add to the de

12

01

20

ami.

The Govissues thworth U.The yield

tral Bureau S) recorded wth of Indoneirst quarter

apan (BoJ) nterest ratesl to 0.1 perc

ed to downgAAA due to dudget deficit3 trillion, or

wngraded thS.) to AA + fshort-term raal economic

ously

raded Italy'sative outlookchase (buybhocks from

nk Indonesia

ng of Spain rating of Sp

ps to 6% as

ain by 25 bp

suer Defaultis Stable

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5% (yoy). rom 6% to 5.euro

f 0.05%.

prices.

rd high, 10.9euros taken governmenstory of Spa

Geniki) two-nowered from A

$ 630 billion) add to the de

12

01

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ami.

The Government fissues the global bworth U.S. $ 2.5 bThe yield has reac

tral Bureau of StatisticS) recorded economicwth of Indonesia durinirst quarter of 2011gr

apan (BoJ) decided nterest rates at l to 0.1 percent

ed to downgrade the AAA due to debt issueudget deficit in state b3 trillion, or 2.1% of G

wngraded the sovereigS.) to AA + from AAA.short-term rating. al economic growth in

ously

raded Italy's rating onative outlook.chase (buyback) of sehocks from the globa

nk Indonesia (BI) even

ng of Spain to be ranrating of Spain from A

ps to 6% as

ain by 25 bps to 1%.

suer Default Ratings-is Stable

ook for these ratings isnge market and governPortugal as much as tw

5% (yoy). rom 6% to 5.75%. euro

f 0.05%.

prices.

rd high, 10.9% euros taken from the government story of Spain

Geniki) two-notch from Bwered from A to BBB,

$ 630 billion) to add to the debt

12

01

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he Government fsues the global borth U.S. $ 2.5 bhe yield has reac

ureau of Statisticorded economicIndonesia durin

uarter of 2011gr

(BoJ) decided st rates at 1 percent

downgrade the ue to debt issuedeficit in state b

on, or 2.1% of G

aded the sovereigAA + from AAA.

term rating. nomic growth in

Italy's rating onoutlook.

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Spain to be rang of Spain from A

6% as

25 bps to 1%.

Default Ratings-able

or these ratings isarket and govern

gal as much as tw

oy). % to 5.75%.

5%.

s.

h, 10.9% s taken from the rnment of Spain

two-notch from Bfrom A to BBB,

billion) to the debt

12

01

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he Government fsues the global borth U.S. $ 2.5 bhe yield has reac

ureau of Statisticorded economicIndonesia durin

uarter of 2011gr

(BoJ) decided st rates at 1 percent

downgrade the ue to debt issuedeficit in state b

on, or 2.1% of G

aded the sovereigAA + from AAA.

term rating. nomic growth in

Italy's rating onoutlook.

(buyback) of ses from the globa

onesia (BI) even

Spain to be rang of Spain from A

6% as

25 bps to 1%.

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or these ratings isarket and govern

gal as much as tw

oy). % to 5.75%.

5%.

s.

h, 10.9% s taken from the rnment of Spain

two-notch from Bfrom A to BBB,

billion) to the debt

12

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he Government fsues the global borth U.S. $ 2.5 bhe yield has reac

ureau of Statisticorded economicIndonesia durin

uarter of 2011gr

(BoJ) decided st rates at 1 percent

downgrade the ue to debt issuedeficit in state b

on, or 2.1% of G

aded the sovereigAA + from AAA.

term rating. nomic growth in

Italy's rating onoutlook.

(buyback) of ses from the globa

onesia (BI) even

Spain to be rang of Spain from A

6% as

25 bps to 1%.

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or these ratings isarket and govern

gal as much as tw

oy). % to 5.75%.

5%.

s.

h, 10.9% s taken from the rnment of Spain

two-notch from Bfrom A to BBB,

billion) to the debt

11

5

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0

11

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he Government finallysues the global bondsorth U.S. $ 2.5 billion.he yield has reached 4

ureau of Statistics orded economic Indonesia during

uarter of 2011grew 6.

(BoJ) decided st rates at 1 percent

downgrade the U.S. Rue to debt issuesdeficit in state budge

on, or 2.1% of GDP

aded the sovereign AA + from AAA.

term rating. nomic growth in 2011

Italy's rating one notcoutlook.

(buyback) of securities from the global mark

onesia (BI) eventually

Spain to be ranked Ag of Spain from AA to

6% as

25 bps to 1%.

Default Ratings-(IDR) able

or these ratings is stablearket and government

gal as much as two leve

oy). % to 5.75%.

5%.

s.

h, 10.9% s taken from the Europrnment of Spain

two-notch from B3 to Cfrom A to BBB,

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11

51

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vernment finallyhe global bonds.S. $ 2.5 billion.d has reached 4

of Statistics economic esia during of 2011grew 6.

) decided s at cent

grade the U.S. Rdebt issuest in state budge2.1% of GDP

he sovereign from AAA. ating.

c growth in 2011

s rating one notck.back) of securitie the global mark

a (BI) eventually

n to be ranked Apain from AA to

s

ps to 1%.

lt Ratings-(IDR)

e ratings is stableand government much as two leve

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9% n from the Europnt ain

notch from B3 to CA to BBB,

to ebt

11

51

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vernment finally he global bonds .S. $ 2.5 billion. d has reached 4.875

of Statistics economic esia during of 2011grew 6.5%.

) decided s at cent

grade the U.S. Ratingdebt issuest in state budget 2.1% of GDP

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9% n from the European bnt ain

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11

51

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finally bonds billion. ched 4.875

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U.S. Ratingesbudget GDP

gn .

n 2011

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ntually

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11

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11

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INDONESIA BOND MARKET DIRECTORY 2012INDONESIA STOCK EXCHANGE - INDONESIA BOND PRICING AGENCY

1

 

INDONESIAN ECONOMY REVIEW 

Indonesia's economy in 2011 managed to record a strong economic growth amid the global economic slowdown due to the European crisis. Referring to the World Bank data in 2011, Indonesia's economic growth reached 6.5% YoY. The achievement was increased compared with the previous year that recorded a growth of only 6.2% YoY. In the meantime, world economy recorded a declining growth of 4.3% to just 2.7%. The slowdown was caused by a slowing U.S. economy and debt crisis in Europe. The U.S. economy grew only 1.7% YoY from 3.0% YoY in 2010 while the Eurozone economy grew only 1.5% in 2011 YoY from 2.2% YoY in the previous year. Not only the U.S. and Europe, high-growth emerging countries such as China and India were also experiencing a slowdown. China's economy slowed from 10.4% YoY in 2010 to 9.1% YoY in 2011 while India's economy slowed from a 9.6% YoY to just 6.9% YoY over the same period.

Country 2007 2008 2009 2010 2011

Brazil 6.1% 5.2% -0.3% 7.5% 2.7%

China 14.2% 9.6% 9.2% 10.4% 9.1%

France 2.3% -0.1% -3.1% 1.7% 1.7%

Germany 3.3% 1.1% -5.1% 3.7% 3.0%

Greece 3.0% -0.2% -3.3% -3.5% -6.9%

Hong Kong 6.4% 2.3% -2.7% 7.0% 5.2%

India 9.8% 3.9% 8.2% 9.6% 6.9%

Indonesia 6.3% 6.0% 4.6% 6.2% 6.5%

Italy 1.7% -1.2% -5.5% 1.8% 0.4%

Japan 2.2% -1.0% -5.5% 4.4% -0.7%

Korea 5.1% 2.3% 0.3% 6.3% 3.6%

Malaysia 6.5% 4.8% -1.6% 7.2% 5.1%

Philippines 6.6% 4.2% 1.1% 7.6% 3.7%

Russia 8.5% 5.2% -7.8% 4.3% 4.3%

Singapore 8.9% 1.7% -1.0% 14.8% 4.9%

Spain 3.5% 0.9% -3.7% -0.1% 0.7%

Thailand 5.0% 2.5% -2.3% 7.8% 0.1%

United Kingdom 3.5% -1.1% -4.4% 2.1% 0.7%

United States 1.9% -0.4% -3.5% 3.0% 1.7%

Vietnam 8.5% 6.3% 5.3% 6.8% 5.9%

European Union 3.2% 0.3% -4.4% 2.2% 1.5%

World 3.9% 1.3% -2.2% 4.3% 2.7%

Achievement of Indonesia's economic growth is inseparable from support of a strong domestic economy. Household consumption and investment remains a key driver of Indonesia’s economy. Contribution of household consumption is 54.6% to economic growth in 2011, fewer than contribution of 56.6% in 2010. Meanwhile, the contribution of investment to economic growth reached 32.0%.

Country 2009 2010 2011

Household Consumption 58.7% 56.6% 54.6%

Government Expenditure 9.6% 9.0% 9.0%

Gross Fixed Capital Formation 31.1% 32.1% 32.0%

Changes in Inventories -0.1% 0.5% 0.7%

Statistical Discrepancies -2.1% 0.1% 2.3%

Export of Goods and Services 24.2% 24.6% 26.3%

Import of Goods and services 21.4% 22.9% 24.9%

Indicators State

Budget (APBN)

Revised State

Budget (APBN-P)

Realization

Economic Growth (%) 6.4 6.5 6.5

Inflation (%) 5.3 5.7 3.8

3-months SPN (% avg.) 6.5 5.6 4.8

Exchange Rate (IDR/USD) 9,250.0 8,700.0 8,776.0

Oil Price (USD/Barrel) 80.0 95.0 111.6

Oil Lifting (BCD) 970.0 945.0 898.0

GDP (Trillion Rupiah) 7,019.9 7,226.9 7,114.0

Indonesia’s high domestic demand turned out to be able to buffer the domestic economy in the middle of global economic slowdown. One factor of Indonesia’s high domestic demand is stable purchasing power parity, which is reflected in the stability of inflation.

In 2011, the domestic inflation rate is 3.79% YoY, lower than recorded in 2010 at the level of 6.96% YoY. Subdued rate of inflation during the year 2011 has lead Bank Indonesia (BI) to reduce the Country’s interest rates guidance (BI Rate). At the end of 2011, the BI Rate was set to level of 6.00% and became the lowest BI Rate level since 2005. Lower benchmark interest rate is a positive sign for the economy. In the meantime, trend of interest rates in global markets are also declining following the trend of threatening economic slowdown.

Global Economy Growth

Source: World Bank Note: Gross domestic product,constant price

Indonesia GDP Breakdown

Source: BPS – Indonesia Statistics Bureau

Indonesia Economic Indicators in 2011

Source: Ministry of Finance

INDONESIA BOND MARKET DIRECTORY 2012INDONESIA STOCK EXCHANGE - INDONESIA BOND PRICING AGENCY

5

 

BOND MARKET OVERVIEW 

Investment Grade Effect

The debt market in Indonesia consists of two segments: government debt market and corporate debt market. Government bond dominated the market in terms of outstanding issues, market capitalization and turnover value. Government bond also plays an important part in becoming benchmark rate for the market. The main instruments in Government debt market are fixed rate bonds (FR), zero coupon bonds (ZC), treasury bills/surat perbendaharaan negara (SPN) and variable rate bonds (VR). Meanwhile, corporate bonds are issued by private corporates or state-owned companies and having more various instrument than the government did even though usually having smaller issued volume. In 2011, upgrade on Indonesia sovereign rating into investment grade affect the primary and secondary debt market. The government and corporate sectors collectively raised Rp171.8 trillion in primary debt market, or 35.4% higher than 2010. Around 74% of the fund raised was coming from government bonds issuance, while the rests was raised from corporate bonds. Moreover, reduction of debt cost caused by investment grade also accelerates corporate bond issuance. The issuance of corporate bond increase 25.9% from Rp35.8 trillion in 2010 into Rp45.1 trillion in 2011.

Issuer 2010 2011

Government 91.1 126.7

Corporate 35.8 45.1

Total 126.9 171.8

Debt Issuance

Government and corporate debt market together raised a total of Rp171.8 trillion from primary market in 2011. About 73.75% was raised from government bonds, while the remaining 26.25% was from corporate bonds through public issues and private placement.

Issuer 2009 2010 2011

Value % Value % Value %

Government 99.5 78.53 91.1 71.79 126.7 73.75

Corporate 27.2 21.47 35.8 28.21 45.1 26.25

Total 126.7 126.9 171.8

Primary Market

During 2011, the gross borrowing of the Indonesian central government increased by 26.4% from Rp161.9 trillion in 2010 to Rp204.6 trillion in 2011. In addition, the net borrowing increased by 31.8% from Rp91.1 trillion in 2010 to Rp120.1 trillion in 2011. The gross borrowing of Indonesian central government realization in 2011 was 96.88% from the budget revised while net issuance realization was 94.80% from revised budget.

Issuer 2009 2010 2011

Original 2011

Revised

2011Reali-zation

Budget Deficit (as % of GDP) -1.6 -0.7 -1.8 -2.1 -2.1

Gross Issuances

Domestic Bonds 97.2 136.9 168.6 174.1

Coupon-bearing GDS* 54.5 72.1 141.1 138.9

Retail bonds 8.5 8.0 7.0 11.0

Retail sukuk - 8.0 8.0 7.3

Zero-coupon GDS* 25.2 29.8 - -

Domestic sukuk (IFR) 5.8 18.9 10.6 5.9

Private placement 3.2 2.0 11.0

Global bonds 46.7 25.0 32.0 30.5

Yankee bonds 36.1 25.1 21.4

Global sukuks 7.0 6.9 9.0

Samurai bonds 3.6 - -

Total gross issuances 143.9 161.9 200.7 211.2 204.6

as % of total gross issuances 96.88%

Net issuances

Domestic bonds 97.3 136.9 168.6 174.1

Global bonds 46.7 25.0 32.0 30.5

Subtotal net issuances 144.0 161.9 200.7 211.2 204.6

Redemption + buybacks -44.7 -70.7 -86.7 -84.5 -84.5

Total net issuances 99.2 91.1 126.7 126.7 120.1

as % of total net issuance 94.80%

New Issuance of Primary Market (Trillion Rp)

Source: Indonesia DMO

Bonds Fund Raised (Trillion Rp)

Source: Indonesia DMO

Government Borrowing (2009-2011)

Source: Indonesia DMO, IBPA estimates *) Government Debt Securities

INDONESIA BOND MARKET DIRECTORY 2012INDONESIA STOCK EXCHANGE - INDONESIA BOND PRICING AGENCY

8

 

BOND OWNERSHIP PROFILE 

Government Bonds

Commercial banks, foreigners and insurances dominated for more than 80% of government bonds ownership in 2011. The ownership portion of commercial banks continues to increase at the end of 2011, from 33.88% in 2010 to 36.63%. In 2011, foreign investor ownership increase slightly from Rp195.76 trillion (30.53%) at the beginning of the year to Rp222.34 trillion (30.80%) at the end of the year. Insurances ownership increase from Rp79.30 trillion (12.37%) to Rp93.09trillion (12.86%).

Government Bond Ownership Profile (2008 - June 2012)

No. Institution 2008 2009 2010 2011 End of

June 2012

1. Commercial Bank 258.75 254.36 217.27 265.03 297.98

2. Foreign 87.61 108.00 195.76 222.86 224.42

3. Insurance 55.83 72.58 79.30 93.09 106.86

4. Others 33.87 41.12 43.43 53.05 58.14

5. Mutual Fund 33.11 45.22 51.16 47.22 48.60

6. Pension Fund 32.98 37.50 36.75 34.39 34.56

7. Bank Indonesia 23.01 22.50 17.42 7.84 20.36

8. Securities 0.53 0.46 0.13 0.14 0.27

Total 525.69 581.74 641.22 723.62 791.19

Source: Indonesia DMO

Corporate Bonds

Corporate Bond Ownership Profile (2009 - June 2012)

No. Institution 2009 2010 2011 End of June 2012

1. Insurance 17.75% 20.10% 25.77% 26.95%

2. Mutual Fund 15.72% 19.02% 21.96% 20.58%

3. Pension Fund 20.95% 19.98% 21.15% 20.09%

4. Financial Institution 16.65% 15.98% 18.44% 18.31%

5. Corporate 7.65% 6.88% 4.94% 5.13%

6. Foreign 7.09% 4.54% 4.59% 5.07%

7. Individual 11.65% 12.03% 1.65% 1.92%

8. Foundation 1.78% 1.11% 1.12% 1.36%

9. Securities Company 0.72% 0.31% 0.25% 0.49%

10. Others 0.05% 0.05% 0.14% 0.11%

Source: KSEI

49.2%43.7%

33.9% 36.6% 37.7%

16.7%18.6%

30.5%30.8% 28.4%

10.6%12.5%

12.4%12.9% 13.5%

6.4% 7.1% 6.8%7.3% 7.3%

6.3% 7.8% 8.0%6.5% 6.1%

6.3% 6.4% 5.7% 4.8% 4.4%

2008 2009 2010 2011 End of June 2012

Securities

Bank Indonesia

Pension Fund

Mutual Fund

Others

Insurance

Foreign

Commercial Bank

17.7% 20.1%25.8% 26.9%

15.7%19.0%

22.0% 20.6%

20.9%

20.0%

21.1% 20.1%

16.7%16.0%

18.4% 18.3%7.6%

6.9%

4.9% 5.1%

7.1%4.5%

4.6% 5.1%11.6% 12.0%

1.6% 1.9%

2009 2010 2011 Jun-12

Others

Securities CompanyFoundation

Individual

Foreign

Corporate

Financial InstitutionPension Fund

Mutual Fund

Insurance

INDONESIA BOND MARKET DIRECTORY 2012INDONESIA STOCK EXCHANGE - INDONESIA BOND PRICING AGENCY

19

Ministry of Finance, Republic of IndonesiaGOVERNMENT BOND

Issuer : Ministry of Finance, Republic of Indonesia

Direktorat Pengelolaan Surat Utang Negara (DPSUN)

Address : Gedung A.A Maramis II Lantai III

Jl. Lapangan Banteng Timur No. 2-4p g g

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, redemptionobligation accountancy and administration, and operation of risk of portofolio obligation, and also development of obligationmarket, pursuant to technical policy which specified by Minister for Finance and current law and regulation.

As of June 2012

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 reliableState, transparent, and accountable in interest expenses minimization effort on a long term at risk storey level able to becontrolled

FIXED RATE

No.

FR0015 Obligasi Pemerintah Tahun 2002 Seri FR0015

Coupon Period

2. FR0016 Obligasi Pemerintah Tahun 2002 Seri FR0016 3-Dec-02 15-Aug-11 13.45% 6 months 4,093,937

Coupon Nominal Value(Million Rp)

13.40% 1. 6 months

Listing Maturity

3-Dec-02 15-Feb-11

Code Name Date Date

5,478,938

13.15% 6 months 7,531,263 3. FR0017 Obligasi Pemerintah Tahun 2002 Seri FR0017 3-Dec-02 15-Jan-12

13.18% 6 months 5,430,062 4. FR0018 Obligasi Pemerintah Tahun 2002 Seri FR0018 3-Dec-02 15-Jul-12

11.00% 6 months 13,354,479

11. FR0027 Obligasi Negara RI Seri FR0027 28-Jan-05 15-Jun-15 9.50% 6 months 19,554,000

10. FR0026 Obligasi Negara RI Seri FR0026 27-Aug-04 15-Oct-14

12 FR0028 Obli i N RI S i FR0028 24 F b 05 15 J l 17 10 00% 6 th 14 221 766

Obligasi Negara RI Seri FR0022 10-Apr-03 15-Sep-11 12.00% 6 months 6,584,000

6. FR0020 Obligasi Pemerintah Tahun 2002 Seri FR0020 3-Dec-02 15-Dec-13

11.00% 6 months 14,722,143

9. FR0025 Obligasi Negara RI Seri FR0025 29-Apr-04 15-Oct-11 10.00% 6 months 6,395,000

8. FR0023 Obligasi Negara RI Seri FR0023 11-Sep-03 15-Dec-12

14.28% 6 months 10,061,751

7. FR0022

5. FR0019 Obligasi Pemerintah Tahun 2002 Seri FR0019 3-Dec-02 15-Jun-13 14.25% 6 months 11,456,341

17. FR0034 Obligasi Negara RI Seri FR0034 27-Jan-06 15-Jun-21 12.80% 6 months 16,756,400

16. FR0033 Obligasi Negara RI Seri FR0033 27-Jan-06 15-Mar-13

12.90% 6 months 11,023,750

19. FR0036 Obligasi Negara RI Seri FR0036 20-Apr-06 15-Sep-19 11.50% 6 months 10,735,500

18. FR0035 Obligasi Negara RI Seri FR0035 17-Feb-06 15-Jun-22

11.00% 6 months 17,899,000

15. FR0032 Obligasi Negara RI Seri FR0032 6-Sep-05 15-Jul-18 15.00% 6 months 1,434,000

14. FR0031 Obligasi Negara RI Seri FR0031 17-Jun-05 15-Nov-20

12.50% 6 months 9,400,474

10.75% 6 months 10,657,000

12. FR0028 Obligasi Negara RI Seri FR0028 24-Feb-05 15-Jul-17 10.00% 6 months 14,221,766

13. FR0030 Obligasi Negara RI Seri FR0030 20-May-05 15-May-16

10.00% 6 months 18,014,000 26. FR0044 Obligasi Negara RI Seri FR0044 20-Apr-07 15-Sep-24

23. FR0040 Obligasi Negara RI Seri FR0040 22-Sep-06 15-Sep-25 11.00% 6 months 26,474,000

22. FR0039 Obligasi Negara RI Seri FR0039 25-Aug-06 15-Aug-23

10.25% 6 months 14,774,100

25. FR0043 Obligasi Negara RI Seri FR0043 23-Feb-07 15-Jul-22 10.25% 6 months 14,417,000

24. FR0042 Obligasi Negara RI Seri FR0042 26-Jan-07 15-Jul-27

12.00% 6 months 2,450,000

21. FR0038 Obligasi Negara RI Seri FR0038 25-Aug-06 15-Aug-18 11.60% 6 months 2,920,757

20. FR0037 Obligasi Negara RI Seri FR0037 19-May-06 15-Sep-26

11.75% 6 months 4,175,000

19. FR0036 Obligasi Negara RI Seri FR0036 20 Apr 06 15 Sep 19 11.50% 6 months 10,735,500

29. FR0047 Obligasi Negara RI Seri FR0047 31-Aug-07 15-Feb-28 10.00% 6 months 20,840,000

28. FR0046 Obligasi Negara RI Seri FR0046 20-Jul-07 15-Jul-23

27. FR0045 Obligasi Negara RI Seri FR0045 25-May-07 15-May-37 9.75% 6 months 6,400,000

9.50% 6 months 16,855,000

INDONESIA BOND MARKET DIRECTORY 2012INDONESIA STOCK EXCHANGE - INDONESIA BOND PRICING AGENCY

22

TRADING HIGHLIGHT

ISIN CODE : IDG000004904

Volume (Rp bn) 373 532 1,011 1,067 4,130 3,576

FR0018

Trading Activities, Price and Yield

2011 2012

Q1 Q2 Q3 Q4 Q1 Q2

48

60

4,000

5,000Volume Frequency

TRADING ACTIVITIESTrading Volume (Rp Billion)

Frequency(X)

Frequency (X)Trading daysTurnover Ratio (%)CTP Price - HighDateCTP Price - LowDateIBPA Fair Price 107.5096 105.8792 104.7513 102.8756

263.39

11-Jun 103.0500

27.50

106.6000 105.0000 104.1100 100.0000 03-Jan 23-May 11-Jul 14-Oct 20-Jan

107.5000

45 47 58 46 45

108.3000 106.3500 104.6500 39.16 74.48 78.57 304.24

110.8500 108.7500

13 21 18 24 16 19 23

100.4578 05-Apr 30-Sep 15-Dec 28-Mar 28-Jun

108.3633 09-Feb

100.2800 -

12

24

36

-

1,000

2,000

3,000

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12

IBPA Fair Yield (%)Last DateMod. Duration (yrs)Convexity (yrs)Sensitivity (%)

29-Jun 1.169 0.929 0.741 0.503 0.287 0.043 1.995 1.376 0.923

6.3164 5.6420 5.4497 4.2292 3.2235 2.6086 31-Mar 30-Jun 30-Sep

0.513 0.223 0.023 0.012 0.009 0.007 0.005 0.003 0.000

30-Dec 30-Mar

4.4

5.6

6.8

8.0

104

107

110

113PRICE AND YTM MOVEMENTPrice YTM (%)

S CO GFR0019

CTP Highest Price CTP Lowest Price Highest Price = Lowest Price

IBPA Fair Price YTM

2.0

3.2

98

101

Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

ISIN CODE : IDG000005000

Volume (Rp bn)Frequency (X)Trading daysTurnover Ratio (%)

FR0019

Trading Activities, Price and Yield

2011 2012

Q1 Q2 Q3 Q4 Q1

22 23 115 57 116 42 43 45

Q2

1,364

25 25 35 18 149.34 74.66 115.68 34.97 47.63

4,277 2,138 3,313 1,002 1,678

58.57 50

75

100

125

2 000

3,000

4,000

5,000Volume Frequency

TRADING ACTIVITIESTrading Volume (Rp Billion)

Frequency(X)

Turnover Ratio (%)CTP Price - HighDateCTP Price - LowDateIBPA Fair PriceIBPA Fair Yield (%)Last DateMod. Duration (yrs)

31-Mar 30-Jun 30-Sep 30-Dec 30-Mar 29-Jun 6.8230 5.8219 5.7847 4.8686 4.0832 4.9724

114.9638 115.3858 113.5540 113.0536 111.8711 108.6025

100.0000 95.0000 23-Mar 15-Dec 22-Mar 16-May

121.0200 11-Jan 13-Apr

30-Sep

08-Aug 19-Oct 15-Feb

149.34 74.66 115.68 34.97 47.63

12-Apr 119.5000 125.2500 117.0000

1.860 1.732 1.488 1.335 1.095 0.907

115.0000

09-May

58.57 113.7500

100.1000 114.5000 113.0000 112.2500 -

25

50

-

1,000

2,000

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12

8.5125PRICE AND YTM MOVEMENTPrice YTM (%)

(y )Convexity (yrs)Sensitivity (%) 0.009 0.019 0.017

4.687 4.009 3.105 2.499 1.799 1.280 0.015 0.013 0.011

3 0

4.1

5.2

6.3

7.4

100

105

110

115

120

CTP Highest Price CTP Lowest Price Highest Price = Lowest Price

IBPA Fair Price YTM

3.0100

Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

INDONESIA BOND MARKET DIRECTORY 2012INDONESIA STOCK EXCHANGE - INDONESIA BOND PRICING AGENCY

26

Co

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INDONESIA BOND MARKET DIRECTORY 2012INDONESIA STOCK EXCHANGE - INDONESIA BOND PRICING AGENCY

78

Data as of : ADDRESS Sector : Property, Real Estate And Building Construction Sub Sector : Property And Real Estate Jln. Raya Pasar Minggu Km. 18 Website : www.adhi.co.id Jakarta 12510 Corporate Sec. : Kurnadi Gularso Phone : (021) 7975-312 Email Corp. Sec. : kgo@adhi.co.id Fax : (021) 7975-311

FINANCIAL HIGHLIGHT Millions of Rupiah, Unless Otherwise Stated

BALANCE SHEETS Cash & Cash Equivalents Receivables Inventories Investments Fixed Assets Other AssetsTotal Assets Trade PayablesTotal Liabilities Minority Interests Authorized Capital Paid up Capital Paid up Capital (Mil. Shares) Par Value (Rp) Retained EarningsTotal Equity

INCOME STATEMENTSTotal Revenues Expenses Gross Profit Operating ExpensesOperating Profit Other Income (Expenses) Income before Tax Tax Minority InterestsNet Income

FINANCIAL RATIOS DER (X) ROA (%) NPM (%) OPM (%)

SHAREHOLDERSBOARD OF COMMISSIONERS BOARD OF DIRECTORS Republic of Indonesia

Imam Santoso Ernawi Kiswodarmawan PublicAmir Muin * Bambang Pramusinto BP2S Luxembourg S/A BNP Paribas Obam N.V.Bobby A.A. Nazief Sumadiono SupardiGhani Ghazali Akman Supardi Teuku Bagus Mohammad NoorMurhadi * Teuku Bagus Mohammad NoorSuroyo Alimoeso AUDIT COMMITTEE

*) Independent Commissioner Amir MuinSalim SiagianSyaiful

ADHI

4. 5. 6.

17.9820.07

idA | Stable

PT Adhi Karya (Persero) Tbk.

-

1. 2. 3. 4. 5.

51.00% 44.05%

4.92% 0.02% 0.01%

3.

1.

10.00

2. 3.

-3.58

-230,014 62.10-87,164

4,927,696

6,641

41.473,132,496

668,355

5,122,5866,791

3.89

6,695,112

6,112,954 24.05

9.71

128.07-0.0211.00

327.4918.49

116.47

2. 3. 4. 5.

100.00143,687

Dec-2010

197,644220,861

18,154

1,657,38761,766

-22.28-18.27-36.36

5.172.992.736.18

4.713.853.349.71

544,000

326,380 1.73320,820

100

- 130,627

-710189,484 182,693

990,368861,113

2.

242,118

2,214,234 4,059,941 26.17

186,401 8,387

46,234

2.25

1,801100

790,784

5,674,9804,964,348

1,801

544,000

1.

769,110

180,132

218,276550,834

76.61-24.92

385,498413,544

180,132

1.

5,960,704799,042

15.01

- -

18.32

June 2012

Dec-2011 Change %552,203

1,657,08068,562

-

ADHI originated from the Dutch-owned company namedAssociatie N.V. which was nationalized and then set as PN AdhiKarya in 1960. In 1974, ADHI became Limited Company. ADHI isthe first construction company that listed its shares on theIndonesia Stock Exchange on March 18, 2004.

ADHI competitiveness and experience to be one reason for settingthe Company's vision to become a leading construction companyin Southeast Asia. With long experience and as one of the largestconstruction company in Indonesia, ADHI has integrated five lineof business; Construction, EPC (Engineering, Procurement,Construction), Infrastructure Investment, Property, and RealEstate.

Along with these developments, the competitiveness of ADHIcontinued to be strengthened in terms of financial, operational andon aspects of human resources through the implementation ofADHI culture. As the central human resource development, thecompany has built ADHI Learning Center.

A simple, fast and efficient good corporate governance becomeADHI’s management principles and the whole staff inimplementing the Company's Good Corporate Governance(GCG). Determination of the Company’s values that is focused topromote Working Smart, Integrity and Low Profile is believed to bean effective catalyst in the implementation of the better GCG.

The Company has received numerous awards including GCGAward, Annual Report Award, SOE Award, IMAC (IndonesianMost Admired Companies), and from several magazines such asFortune 100 and Best of the Best Award from Forbes Magazine.Company's latest award was The Banker's Choice Award forLeading Corporation from The Asian Banker.

ADHI has issued bonds on several occasions; the first time was in1993 until its fourth bond in 2007. ADHI has also issued Islamicbonds or Sukuk aimed at Islamic investors in investing in fixedincome instruments. Most recently, ADHI issuing through“Penawaran Umum Berkelanjutan” scheme and the Phase Iconducted in 2012. For its business and financial performance,rating agency PEFINDO has upgrade ADHI’s rating to idA. Itsrating has been increased thrice since 2003. A good credit profileand a proven track record will certainly lend strong support forfurther issuance

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AS OF JUNE 2012

OutlookListing Rating /

idA-Stable

TermIssue

Series NameISIN CODECODE

CouponCouponMaturity Structure /

Period

09-Jul-07 06-Jul-12 5 YearsObligasi IV Adhi Tahun 2007

ADHI04IDA000034102

Outstanding

-

Date

375,000 --

DatePayment

PT Bank Mega Tbk

DateNo. (Rp Million) Trustee

1.Fixed 11.00%

Quarterly

06-Jul-12

TRADING HIGHLIGHT

Nisbah of Revenue Sharing: 76.39%

Quarterly

2. SMKADHI01 Sukuk Mudharabah I Adhi Tahun 2007 125,000 09-Jul-07 06-Jul-12 5 Years

06-Jul-12idA-(sy) -

IDJ000002001PT Bank Mega Tbk

- Stable-

TRADING HIGHLIGHT

ISIN CODE : IDA000034102

Volume (Rp bn) 7.50 16.00 38.50 36.00 19.00 15.00

ADHI04

Trading Activities, Price and Yield

2011 2012

Q1 Q2 Q3 Q4 Q1 Q2

12

15

32

40Volume Frequency

TRADING ACTIVITIESTrading Volume (Rp Billion)

Frequency(X)

Frequency (X)Trading daysTurnover Ratio (%)CTP Price - HighDateCTP Price - LowDateIBPA Fair PriceIBPA Fair Yield (%)

6 5 8 3 5 1 6 9 14 9 10 3

02-Apr 101.0750

8.00 17.07 41.07 38.40 20.27 16.00 102.3500 102.6500 103.0300 102.5000 101.6459

101.2500 102.2500 101.6882 100.0000 23-Mar 26-May 06-Jul 07-Dec 17-Jan

81.0000

9 1657 8 2949 8 0905 7 5768 7 6169 6 4735

02-Apr 102.1641 102.6098 102.1402 101.7169 100.8831 100.0857

05-Apr 11-Jul 28-Dec 02-Feb 100.8500

11-Feb -

3

6

9

-

8

16

24

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12

IBPA Fair Yield (%)Last DateMod. Duration (yrs)Convexity (yrs)Sensitivity (%)

29-Jun 1.142 0.933 0.713 0.488 0.252 0.016 1.660 1.142 0.704

31-Mar 30-Jun 30-Sep 30-Dec 30-Mar

This series was traded actively during 2011 and the average tradingvolume note increases compared the year before. The highest turnoverratio occurred in third quartal 2011 with percentage 41.07%, in line with the

9.1657 8.2949 8.0905 7.5768 7.6169 6.4735

0.365 0.127 0.004 0.011 0.009 0.007 0.005 0.003 0.000

7.9

9.1

10.3

11.5

90

95

100

105PRICE AND YTM MOVEMENTPrice YTM (%)

highest transactions. Market price (CTP) were observed get near to theIBPA’s fair price with the level of CTP price between 81.0000-103.0300,meanwhile the level of IBPA's fair price between 99.9961-103.3368. During2011-2012, IBPA’s fair price for this series dominated by move down, onthe contrary IBPA’s fair yield dominated by mixed pattern. On 7 June 2012,Pefindo raised the rating for this series at idA from idA- with outstandingreached Rp375 billion since issued date.

CTP Highest Price CTP Lowest Price Highest Price = Lowest Price

IBPA Fair Price YTM

5.5

6.7

80

85

Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

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ISIN CODE : IDJ000002001

Volume (Rp bn)Frequency (X)Trading days

Trading Activities, Price and Yield

2011 2012

Q1 Q2 Q3 Q4 Q1

SMKADHI01

4

Q2

4.00 - 9.00

6 1 2 - 7 11 11 1 - 3 5

11.00 11.00 4.00

9

12

15

9

12

15Volume Frequency

TRADING ACTIVITIESTrading Volume (Rp Billion)

Frequency(X)

Turnover Ratio (%)CTP Price - HighDateCTP Price - LowDateIBPA Fair PriceIBPA Fair Yield (%)Last Date 31-Mar 30-Jun 30-Sep 30-Dec 30-Mar 29-Jun

9.6845 9.0386 7.7613 8.0901 7.0209 6.7075 101.5456 101.8830 102.3865 101.4564 101.0407 100.0811

101.0000 100.8000 22-Mar N/A 27-Sep

102.2700

101.5000 N/A 101.6000 100.7030 26-Oct 22-Mar 19-Apr

100.9300 22-Mar N/A 19-Jul 18-Nov 24-Feb

12.80 12.80 - 28.80 35.20 35.20

19-Apr 101.7000 N/A 102.2200 101.5000

-

3

6

-

3

6

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12

11 0104PRICE AND YTM MOVEMENTPrice YTM (%)

Mod. Duration (yrs)Convexity (yrs)Sensitivity (%)

This series was traded with the average trading volume note Rp6billion/quartal at 2011 and Rp7.5 billion/quartal at 2012. The highestturnover ratio occurred in last quartal 2011 and first quartal 2012 by thesame percentage 35.20%. Market price (CTP) were observed get near tothe IBPA’s fair price with the level of CTP price between 100.7030-102 2700 meanwhile the level of IBPA’s fair price between 100 0811

0.000 0.011 0.009 0.007 0.005 0.003

1.140 0.931 0.714 0.487 0.253 0.016 1.655 1.138 0.705 0.364 0.128 0.004

7.0

8.0

9.0

10.0

11.0

100

101

102

103

104

102.2700, meanwhile the level of IBPA’s fair price between 100.0811-103.7494. During 2011-2012, IBPA’s yield price dominated by mixedpatterns. On 7 June 2012, Pefindo raised the rating for this sukuk series atidA(sy) from idA-(sy) with outstanding reached Rp125 billion since issueddate.

TRADING VOLUME BY SERIES (IN BILLION RP) - YEAR 2011

CTP Highest Price CTP Lowest Price Highest Price = Lowest Price

IBPA Fair Price YTM

6.099

Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12

Q1-2011 Q2-2011 Q3-2011 Q4-2011 Outstanding in Year 2011

TRADING VOLUME BY SERIES (IN BILLION RP) YEAR 2011

8

4

16 39

9

36

11

Total : Rp 98 Billion (Turnover Ratio : 26.1%)

24 | 19.2%

ADHI04

SMKADHI01

- 40 80 120 160 200 240 280 320 360 400

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BUSINESS DESCRIPTION

PT Adhi Karya (Persero) Tbk. (ADHI) engages in construction, such as construction of roads and bridges, irrigation, ports, hotels, hospitals, schools and commercial buildings; engineering, procurement and construction (EPC), which is a company’s extended business as a support to its core business; and investment, which covers company's investment in the infrastructure business and related industries.

Business integration brought ADHI into five business lines , namely: Construction, EPC (Engineering, Procurement, Construction), Infrastructure Investment, Property and Real Estate division. For now ADHI focuses the EPC division only for the construction of Power Plants and Oil and Gas in the region of Indonesia. As of December 31, 2011, the Company's subsidiaries include PT Adhi Realty, PT Duri Indah Raya, PT Adhicon Persada, dan Adhi Multipower Pte Ltd.

In 2011, the construction industry in Indonesia recorded 6.7% growth, supported by government stimulus measures in response to the global economic downturn. Construction sector is still expected to expand more as the program Masterplan Percepatan dan Perluasan Pembangunan Ekonomi Indonesia (MP3EI) proclaims until year 2025.

PEER GROUP

No. Company

Total Revenue FY2011

(Rp Bill.)

Net Profit Margins FY2011

(%)

Revenue Growth FY2011(% yoy)

1. PT Waskita Karya (Persero) 7,274 2.4 24.3

2. PT Adhi Karya (Persero) Tbk.

6,695 2.7 18.0

SWOT ANALYSIS

Strengths

Extensive experience in managing government projects as government and infrastructure projects dominance the Company’s revenue.

Diversified source of revenue from variance business segments.

Weaknesses

Volatile material prices brings exposure to company’s profit margin .

Inadequate working capital may limits company’s growth

Opportunities

Huge budget allocation for construction and infrastructure by central and local government.

Infrastructure reform via land acquisition law would enlarge infrastructure projects ability.

Good financial supports from bank like loan and insurance.

Threats

Lack on infrastructure reform. Indonesia highly fragmented contracting business.

HISTORICAL CORPORATE RATINGS

No.

Rating Agency Name Rating

Rating Status Rating Date Outlook

1. Pefindo idA- Affirmed 08-Jul-11 Stable

2. Pefindo idA- Affirmed 03-Jun-10 Stable

3. Pefindo idA- Affirmed 16-Sep-09 Negative

4. Pefindo idA- Affirmed 16-Jun-09 *

5. Pefindo idA- Affirmed 14-Aug-08 Stable

* Credit Watch with Negative Implication

FINANCIAL ANALYSIS

The Company’s revenue in 2011 had increased by 18.0% with the largest contribution came from Construction Services division by 30.4%. Meanwhile, EPC and Property/Real Estate divisions’ revenue decreased respectively by 26.7% and 14.6%. Revenue improvement came from Construction Services division was mainly from projects that carried over the previous year as well as new projects that were undertaken by the Company in 2011. The Company recorded revenue of Rp6.695 trillion from Construction Services for Rp5.727 trillion or 85.5% of total revenue. On the other hand the EPC (Engineering, Procurement, and Construction) contributed Rp775.942 billion or 11.6%, while Property / Real Estate contributed Rp192.526 billion or 2.88% of total revenue.

Net profit in 2011 amounted to Rp182.727 million, up 0.66% or Rp1.202 million compared to the year 2010 that amounted Rp181.524 million. The increase was caused by an increase in the financial statements differences in the Company’s subsidiary, Oman LLC.

IBPA ANALYTICAL REVIEW 

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