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Berita Hari Ini Bond Market

  • Bank Mandiri to Issue USD $250 Million of Global Rupiah Bonds

    State-controlled, yet listed, financial institution Bank Mandiri plans to issue global bonds with a nominal value of approximately USD $250 million or IDR 3.33 trillion (exchange rate of USD $1 = IDR 13,321) before the end of 2017. Kartika Wirjoatmodjo, President Director of Bank Mandiri, said the company chose global rupiah-denominated bonds because it considers the supply of bonds in the domestic market currently too high. In fact, the supply outpaces existing demand.

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  • Bond Sale Semen Indonesia Oversubscribed 1.3 Times

    Bonds of Indonesian cement manufacturer Semen Indonesia are subscribed 1.3 times. Semen Indonesia Finance Director Darmawan Junaidi said the company planned to sell IDR 3 trillion worth of five-year bonds (8.6 percent coupon), but demand reached IDR 4 trillion. Most demand originated from domestic financial institutions such as banks, insurance and pension funds.

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  • Bond Market Update: Indonesian Yields Among Asia's Highest

    Indonesia's 10-year government bond yields are currently around 6.89 percent, or the highest among Asian nations. On the one hand, this makes Indonesian bonds attractive to investors but on the other hand it becomes more costly for the government. How come Indonesian bond yields remain high?

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  • Indonesia's Samurai Bonds Received "Extremely Well" by Market

    According to a statement of Indonesia's Finance Ministry, Indonesia raised a total of 100 billion yen (approx. USD $901 million) from the issuance of three, five and seven-year Samurai bonds (yen-denominated bonds) on Wednesday (31/05). The issuance, Indonesia's first public sale of Samurai bonds, was led by Mizuho, Nomura and SMBC Nikko.

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  • Banks in Indonesia Don't Adjust Bond Sales after S&P Rating Upgrade

    Despite the recent rating upgrade from Standard & Poor's, Indonesia's banking sector will not immediately issue bonds to enjoy (expected) higher demand and lower yields. Based on data from the Financial Services Authority (OJK), per March 2017, the value of bonds issued by Indonesian banks fell from IDR 93.22 trillion in December 2016 to IDR 90.25 trillion (approx. USD $6.8 billion) per March 2017.

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  • More Bonds Issued in Indonesia after S&P Credit Rating Upgrade?

    More rupiah and foreign-denominated bonds are expected to be issued in Indonesia now credit rating agency Standard & Poor's (S&P) assigned investment grade status to Indonesia's sovereign rating (BBB-/stable outlook). Yields are expected to decline gradually, while the cost of funds become cheaper. Therefore, it now becomes more attractive for the Indonesian government and local companies (those that also have been assigned the investment grade rating) to issue bonds and collect "cheaper funds".

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  • Few Foreign Investors Interested in Indonesia's Corporate Bonds

    Few foreign investors invest in Indonesia's corporate bonds. Foreigners currently only hold seven percent of total outstanding corporate bonds in Indonesia. Salyadi Saputra, President Director of Pemeringkat Efek Indonesia (Pefindo), said this figure is too low. Ideally, it should be between 20 - 30 percent. Moreover, the percentage share of Indonesian corporate bonds that are in foreign hands has fallen over the past year. On 1 January 2016 foreigners still held 7.29 percent of total outstanding corporate bonds in Indonesia.

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  • Government of Indonesia Cuts Cooperation with JP Morgan

    The Indonesian government - through its Finance Ministry - cut all ties with US multinational banking and financial services firm JP Morgan Chase after the latter released a report that allegedly "disturbs Indonesia's financial stability". In November 2016 JP Morgan's emerging markets equity strategists double downgraded Indonesia from overweight to underweight without elaborating on the exact motives. The report only stated that emerging markets' risk premiums are plagued by the rising yield of the benchmark US 10-year treasuries.

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  • Financial Update Indonesia: Strong Risk Appetite Around the Globe

    Asian markets performed well today on an upbeat US jobs report. Indonesia's benchmark Jakarta Composite Index hit a 13-month high at 5,069.02 points after strengthening 1.97 percent on Monday (11/07), led by financials and consumer staples. In June the US economy added 287,000 jobs, beating forecasts and signalling that the US economy remains reasonably healthy. However, another Fed Funds Rate hike is still believed to be off the table and therefore investors started the week with strong appetite for riskier assets.

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  • Indonesia Removes Global Bonds' Withholding Tax to Cut Yields

    The Finance Ministry of Indonesia announced that it has removed a withholding tax on interest payments on its global sovereign bonds (surat berharga negara, or SBN). Previously this tax was set at 15 percent for Indonesia-based investors and 20 percent for non-resident investors. By removing the withholding tax Indonesia's authorities aim to see its global bond yields fall by 15-20 percent. Indonesia's bond yields have been the highest in Southeast Asia. The removal of the withholding tax is effective retroactively from 1 January 2016.

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Artikel Terbaru Bond Market

  • Strong Demand for Indonesia's Sharia-Compliant Retail Bonds (Sukri)

    There is strong demand for Indonesia's sharia-compliant government retail bonds (in Indonesian: Sukuk Negara Ritel, abbreviated Sukri). Since the launch of series SR-008 on Friday (19/02), a number of sales agents have run out of quota. These financial institutions now request additional quota from the government. The three year SR-008 series carries a fixed coupon of 8.3 percent per year (and is tradable on the secondary market). The government of Indonesia targets to collect up to IDR 30 trillion (approx. USD $2.2 billion) in funds from the issuance. Sukri bonds are only available to Indonesian citizens.

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  • Hot Money Flowing into Indonesia's Bond & Stock Market. A Concern?

    Some concern has been raised about the inflow of foreign 'hot money' into Indonesia amid accomodative monetary policies conducted by central banks of the Eurozone and Japan (the latter implemented negative interest rates in late-January). The world's carry traders are now seeking cheap funds in advanced economies and invest these funds in assets that have attractive returns such as Indonesian bonds and stocks. Indonesia's benchmark interest rate (BI rate) is still relatively high at 7.0 percent after a 25 basis points cut at Bank Indonesia's February 2016 policy meeting.

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  • Debt Restructuring Trikomsel Oke, S&P Warns of Indonesian Defaults

    American financial services company Standard & Poor's warns that defaults by Indonesian companies are a serious threat over the next 18 months given their eroded balance sheets amid the country's current economic slowdown. The warning came after Indonesian mobile phone retailer Trikomsel Oke announced plans to restructure about USD $155 million worth of debt as it may not be capable to meet obligations indefinitely.

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  • Moody's Investors Service on Strength & Risks of the Indonesian Economy

    Moody's Investors Service, a global bond credit rating agency, assigned a definitive rating of Baa3 (stable outlook) to Indonesian government notes maturing in 2025 and 2045 (these notes are issued under the government’s global medium-term note program). Moody’s said in a press release on Tuesday (13/01) that the Baa3 government bond rating is supported by the country’s narrow fiscal deficits, low public indebtedness, healthy economic growth prospects, and the large size of Indonesia’s economy.

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