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Indonesia PBS012 Upward Trend to Continue

By administrator | March 18, 2016 | Economy.

Indonesia new sukuk series, PBS012 (15.7-years), recorded an increasing price with the yield continues to fall since its release in Jan 2016. According to Bloomberg, the price of PBS012 stood at 100.68 or yield 8.79% on Wednesday (03/16). The yield of PBS012 is seen relatively attractive amid the decline Bank Indonesia interest rate (BI rate),.

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Indonesia Government to Reopen Long Tenor FR0067

By administrator | March 11, 2016 | Economy.

Indonesia government will hold bonds auction next week offering the longest tenor bonds FR0067 (28-year) for the first time along with other benchmark bonds. The yield on FR0067 has declined 30bps during this month trading and 50bps ytd. According to our data, FR0067 closed at 100.8 price yielding 8.68% yesterday. Referring to DJPPR schedule, government.

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High Yield Demanded for Indonesia Short Tenor

By administrator | March 11, 2016 | Economy.

Investors were expecting high yield for 6 months syaria SPN (SPN-S 09092016) with its highest yield reached at 6.5%, more than 70bps higher than its weighted average yield. This yield spread was higher compared to other offering sukuk series on Tuesday’s auction. For comparison, the yield spread for PBS012 only recorded 30bps with the highest.

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Indonesia Government to Reopen New PBS Series in Next Auction

By administrator | March 4, 2016 | Economy.

Two newly issued Project Based Sukuk (PBS) series i.e. PBS011 and PBS012 will be reopen in next week’s sukuk auction given their outstanding size are still lacking. We note that the outstanding size on other PBS series range to IDR1trn-IDR20trn as opposed to current PBS011 and PBS012 series whose owned below IDR1trn in their outstanding.

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Heavy Trades on Indonesia FR0072

By administrator | March 4, 2016 | Economy.

The Indonesia 20y benchmark bonds FR0072 grabbed strong investors’ interest with its total trading volume reaching IDR1.3trn on Monday, significantly higher than other benchmark bonds those registered only IDR99.5-IDR893.1bn, IDX data shows. Controlled CPI inflation and decent liquidity positive sentiment in the bonds market at the moment. The liquidity in  the bonds market is supported.

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Lower Demand in Indonesia Sukuk Auction amid Slight Rupiah Depreciation

By administrator | February 26, 2016 | Economy.

The incoming bids on Tuesday’s Indonesia sukuk auction (23/02) was seen lower reaching only IDR9.8trn, it was lower compared to previous sukuk auction which booked IDR14.8trn. It  signals market that investors might take a breath to accumulate more sukuk in the primary market. The IDR slightly depreciated during the auction day as it weakened back.

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Return on Indonesia SR008 Slightly Higher

By administrator | February 19, 2016 | Economy.

Indonesia government offers 8.3% equivalent coupon rate for a new sukuk retail SR008. It was just higher 5 bps than its predecessor series SR007 which delivered 8.25% return. However, the return on SR008 is seen high enough compared to conventional bond which is yielding 7.78%. It is also attractive enough compared to deposit rate which.

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S&P May Delay Indonesia Rating Upgrade

By administrator | February 19, 2016 | Economy.

S&P signaled that they may delay a rating upgrade for Indonesia on the back of declining coal prices. The sharp decrease in coal prices has affected Indonesia economy over the past few year and pushed the rating agency to delay Indonesia’s rating upgrade from current top junk level. Back in 2015, S&P has raised Indonesia’s.

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Tightening Yields Lower Investors’ Appetite in the Auction

By administrator | February 19, 2016 | Economy.

Indonesia government received IDR24.6trn bids from the bonds auction last Tuesday. It was lower than previous auctions this year where the government received bids up to IDR25-IDR34.6trn. We see that BI rate cuts sentiment have spurred  big rally in the bonds market with 10y bond (FR0056) declined by more than 50bps since the BI rate.

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