Bond Market Update
April 8, 2025
 Yield Benchmark INDOGB Bergerak Turun
 Pada perdagangan 27 Maret 2025, Rupiah terdepresiasi 0,70% ke IDR 16.738 sementara yield benchmark
 INDOGB bergerak turun.
 FR0104 (5Y) -9,49 bps ke 6,745%.
 FR0103 (10Y) -13,60 bps ke 7,003%.
 FR0106 (15Y) -16,30 bps ke 7,014%.
 FR0107 (20Y) -9,20 bps ke 7,098%.
 Source: PHEI
        Pasar perdagangan obligasi perusahaan denominasi Rupiah mencatatkan nilai transaksi sebesar IDR 7,36
         T (vs hari sebelumnya IDR 7,74 T).
        Obligasi yang paling sering diperdagangkan adalah seri OTMA01CCN3 IDR 460 Bio (harga indikasi
         99,95%, yield indikasi 7,012%) dan diikuti oleh OTMA01ACN3 IDR 345 Bio (harga indikasi 99,96%, yield
         indikasi 6,437%).
 TOP 10 MOST ACTIVE GOVERNMENT BONDS
                                                               Total Vol.
  No        Bond ID         TTM         Maturity       Freq.                  Last Price   Coupon         YTM
                                                               (IDR Bio)
   1     FR0103            10,31        Jul 15, 2035    258        5990           98,15      6,750%        7,004%
   2     FR0104             5,30        Jul 15, 2030    127        4590           98,91      6,500%        6,745%
   3     PBS003             1,81       Jan 15, 2027     157        1275           98,77      6,000%        6,731%
   4     FR0091             7,06       Apr 15, 2032      87        1036           97,02      6,380%        6,915%
   5     PBS038            24,74       Des 15, 2049      99         840           97,00      6,880%        7,134%
   6     FR0106            15,40       Agu 15, 2040      68         786          101,02      7,130%        7,014%
   7     FR0087             5,89       Feb 15, 2031      83         749           98,39      6,500%        6,834%
   8     FR0107            20,40       Agu 15, 2045      81         729          100,27      7,130%        7,099%
   9     FR0098            13,23       Jun 15, 2038     113         580           99,81      7,130%        7,146%
  10     FR0101             4,05       Apr 15, 2029      39         517          100,40      6,880%        6,758%
 TOP 10 MOST ACTIVE CORPORATE BONDS
                                                               Total Vol.        Last
  No        Bond ID         TTM         Maturity       Freq.                               Coupon         YTM
                                                               (IDR Bio)         Price
   1     OTMA01CCN3         5,00       Mar 27, 2030       14           460      99,95        7,000%        7,012%
   2     OTMA01ACN3         1,03        Apr 7, 2026        8           345      99,96        6,400%        6,437%
   3     SMII04ACN3         1,03        Apr 7, 2026        4           321     100,00        6,400%        6,399%
   4     SMDSSA01CCN3       4,67       Nov 26, 2029        5           312     103,40        8,630%        7,749%
   5     PALM02ACN4         0,90       Feb 20, 2026        6           290      99,85        8,250%        8,417%
   6     PIDL02B25          0,30        Jul 14, 2025       6           287     100,29       10,250%        9,220%
   7     OPPM03B            0,61        Nov 4, 2025        3           260     101,63       10,500%        7,702%
   8     MDKA03BCN3         0,43        Sep 1, 2025        5           260     100,21        8,250%        7,740%
   9     SMMF03BCN1         0,87        Feb 7, 2026        5           242     101,78       10,250%        8,078%
  10     SMINKP03BCN2       1,41       Agu 25, 2026        4           234     104,25       10,250%        7,059%
 Benchmark Series
                                                               Price                                YTM
     Instrumen        Jatuh Tempo        Kupon
                                                        Bid              Offer             Bid            Offer
  FR0104                Jul 15, 2030      6,500%           98,61              99,21         6,775%          6,715%
  FR0103                Jul 15, 2035      6,750%           97,85              98,45         7,034%          6,974%
  FR0106               Agu 15, 2040       7,130%          100,72             101,32         7,044%          6,984%
  FR0107               Agu 15, 2045       7,130%           99,97             100,57         7,129%          7,069%
April 8, 2025
SBSN Ritel
  Seri                                                                   ST014T2                            ST014T4
  Imbal Hasil                                                           6.50% p.a.                         6.60% p.a.
  Tenor                                                                  2 Tahun                            4 Tahun
  Jatuh Tempo                                                         10 April 2027                       10 April 2029
  Min. Pembelian                                                             IDR 1 Juta dan Kelipatan IDR 1 Juta
  Maks. Pembelian                                                      IDR 5 Miliar                       IDR 10 Miliar
Bond Inventory*
  Instrumen                         Jatuh Tempo              Kupon                 Offer Price                   YTM               Available Size               Rating
  HEAL01BCN2                            15-Jul-27               6,750%                    98,25                    6,838%         IDR 5 Bio                idAA
  PPAP02B                                8-Jul-27               7,800%                   100,25                    6,900%         IDR 4 Bio                AA-(idn)
  INKP04BCN1                            11-Jul-26              10,250%                   101,65                    7,958%         IDR 2 Bio                idA+
  PPAP02A                                8-Jul-25               7,000%                   101,00                    2,562%         IDR 1 Bio                AA-(idn)
  INKP03BCN2                           11-Okt-25                9,750%                   102,25                    4,668%         IDR 1 Bio                idA+
  INKP01CCN3                           11-Des-25               11,000%                   104,25                    4,004%         IDR 1 Bio                idA+
  PPLN03DCN7                            6-Mei-30                9,100%                   106,25                    6,847%         IDR 1 Bio                idAAA
  LPPI02CCN2                            6-Okt-28               11,000%                   100,25                    9,810%         IDR 1 Bio                idA
  MEDC05BCN2                           13-Feb-29                7,900%                   100,25                    7,046%         IDR 1 Bio                idAA-
  MEDC04BCN2                          23-Nov-26                 8,500%                   101,25                    6,915%         IDR 1 Bio                idAA-
  TOBA01A                               3-Mar-26                8,800%                   102,25                    5,534%         IDR 750 Jt               idA
  SRAJ01A                               7-Okt-25                9,750%                   101,75                    5,466%         IDR 650 Jt               idA
  KAII01ACN1                            5-Agu-27                7,100%                   102,75                    5,248%         IDR 500 Jt               idAAA
  ADHI03CCN3                          24-Mei-29                10,200%                   100,25                    9,117%         IDR 400 Jt               idA-
  INKP03CCN2                           11-Okt-27               10,250%                   103,75                    7,711%         IDR 300 Jt               idA+
  OPPM03C                               4-Nov-27               11,000%                   105,25                    7,835%         IDR 300 Jt               idA+
  OPPM01BGNCN3                        28-Mar-27                10,500%                   101,75                    8,532%         IDR 250 Jt               idA+
  TUFI05BCN3                           23-Feb-27                6,750%                    99,35                    6,419%         IDR 100 Jt               idAAA
  PIDL03B                                3-Jan-27              10,750%                   104,25                    7,269%         IDR 100 Jt               idA+
  OPPM01CCN4                          21-Mei-29                11,000%                   103,25                    9,028%         IDR 20 Jt                idA+
*) Obligasi yang tersedia di inventori Mandiri Sekuritas
                    Disclaimer: price shown in this report may not reflect the exact price upon transaction and are subject to change and may vary based on market
                    conditions and other factors. Transaction starts from IDR 1 Bio for IDR transaction and start from USD 200K for USD transaction, except for
                    transaction with the availability size below the stated amount. Information shown for IPO Offering are subject to change. YTM shown are based on
                    each instrument’s fair value. For more information please contact [email protected]
April 8, 2025
Government Bonds (IDR)
                                                                                                                                           sorted by highest bid YTM
                                                                                                  Price (%)                                       YTM (%)
          Seri                       Jatuh Tempo                  Kupon
                                                                                         Bid                    Offer                    Bid                      Offer
 Obligasi Negara Ritel
 ORI025T6                                 Feb 15, 2030              6,400%                     97,69                  98,79                    6,949                  6,686
 ORI024T6                                 Okt 15, 2029              6,350%                     97,58                  99,30                    6,966                  6,527
 ORI026T6                                 Okt 15, 2030              6,400%                     98,02                  99,41                    6,824                  6,525
 ORI025T3                                 Feb 15, 2027              6,250%                     98,66                  99,74                    7,008                  6,396
 ORI026T3                                 Okt 15, 2027              6,300%                     99,08                 100,20                    6,696                  6,214
 ORI023T6                                  Jul 15, 2029             6,100%                     97,94                  99,62                    6,644                  6,200
 ORI023T3                                  Jul 15, 2026             5,900%                     98,67                  99,71                    6,981                  6,134
 ORI024T3                                 Okt 15, 2026              6,100%                     99,19                 100,64                    6,666                  5,656
 ORI022                                   Okt 15, 2025              5,950%                     99,41                 100,37                    7,178                  5,184
 Sukuk Ritel
 SR018T5                                 Mar 10, 2028               6,400%                     98,65                  99,75                    6,902                  6,492
 SR019T5                                 Sep 10, 2028               6,100%                     98,19                  99,06                    6,681                  6,401
 SR020T5                                 Mar 10, 2029               6,400%                     98,86                 100,18                    6,725                  6,349
 SR021T5                                 Sep 10, 2029               6,450%                     98,86                 100,18                    6,725                  6,349
 SR019T3                                 Sep 10, 2026               5,950%                     98,69                  99,54                    6,902                  6,283
 SR020T3                                 Mar 10, 2027               6,300%                     99,07                 100,15                    6,809                  6,218
 SR021T3                                 Sep 10, 2027               6,350%                     99,07                 100,15                    6,809                  6,218
 SR018T3                                 Mar 10, 2026               6,250%                     99,20                 100,16                    7,136                  6,074
 SR017                                   Sep 10, 2025               5,900%                     99,41                 100,32                    7,292                  5,149
 Fixed Rate
 FR0067                                  Feb 15, 2044              8,750%                    114,36                  116,20                    7,463                  7,311
 FR0050                                   Jul 15, 2038            10,500%                    127,15                  128,93                    7,469                  7,296
 FR0057                                  Mei 15, 2041              9,500%                    120,89                  122,64                    7,444                  7,289
 FR0072                                  Mei 15, 2036              8,250%                    106,99                  107,82                    7,372                  7,271
 FR0045                                  Mei 15, 2037              9,750%                    119,68                  121,31                    7,417                  7,243
 FR0083                                  Apr 15, 2040              7,500%                    102,36                  103,33                    7,259                  7,162
 FR0076                                  Mei 15, 2048              7,380%                    101,19                  102,86                    7,281                  7,151
 FR0079                                  Apr 15, 2039              8,380%                    110,23                  111,62                    7,283                  7,143
 FR0092                                  Jun 15, 2042              7,130%                     98,64                   99,81                    7,252                  7,143
 FR0075                                  Mei 15, 2038              7,500%                    102,13                  103,34                    7,262                  7,130
 FR0097                                  Jun 15, 2043              7,130%                     99,23                  100,23                    7,194                  7,104
 FR0080                                  Jun 15, 2035              7,500%                    102,17                  103,23                    7,212                  7,073
 FR0068                                  Mar 15, 2034              8,380%                    107,85                  109,01                    7,225                  7,063
 FR0062                                  Apr 15, 2042              6,380%                     90,86                   92,64                    7,235                  7,061
 FR0107                                  Agu 15, 2045              7,130%                     99,85                  100,92                    7,138                  7,048
 FR0098                                  Jun 15, 2038              7,130%                     99,15                  100,82                    7,219                  7,035
 FR0105                                   Jul 15, 2064             6,880%                     96,57                   97,83                    7,083                  7,005
 FR0088                                  Jun 15, 2036              6,250%                     92,79                   93,88                    7,143                  7,004
 FR0102                                   Jul 15, 2054             6,880%                     96,39                   98,24                    7,125                  6,996
 FR0106                                  Agu 15, 2040              7,130%                    100,23                  101,32                    7,102                  6,994
 FR0089                                  Agu 15, 2051              6,880%                     96,26                   98,38                    7,149                  6,992
 FR0074                                  Agu 15, 2032              7,500%                    101,93                  103,03                    7,172                  6,988
 FR0073                                  Mei 15, 2031              8,750%                    108,28                  108,97                    7,117                  6,987
 FR0096                                  Feb 15, 2033              7,000%                     99,11                  100,21                    7,143                  6,966
 FR0093                                   Jul 15, 2037             6,380%                     93,30                   94,90                    7,153                  6,962
 FR0058                                  Jun 15, 2032              8,250%                    106,43                  107,50                    7,139                  6,960
 FR0065                                  Mei 15, 2033              6,630%                     96,95                   98,06                    7,104                  6,928
 FR0103                                   Jul 15, 2035             6,750%                     97,96                   98,81                    7,017                  6,905
 FR0100                                  Feb 15, 2034              6,630%                     97,03                   98,08                    7,060                  6,905
 FR0054                                   Jul 15, 2031             9,500%                    112,05                  113,89                    7,173                  6,840
 FR0085                                  Apr 15, 2031              7,750%                    103,60                  104,66                    7,034                  6,828
               Disclaimer: price shown in this report may not reflect the exact price upon transaction and are subject to change and may vary based on market
               conditions and other factors. Transaction starts from IDR 1 Bio for IDR transaction and start from USD 200K for USD transaction, except for
               transaction with the availability size below the stated amount. Information shown for IPO Offering are subject to change. YTM shown are based on
               each instrument’s fair value. For more information please contact 
[email protected]April 8, 2025
 FR0091                             Apr 15, 2032              6,380%                     96,64                   97,45                   6,964               6,820
 FR0052                             Agu 15, 2030             10,500%                    115,88                  116,95                   7,019               6,802
 FR0082                             Sep 15, 2030              7,000%                    100,38                  101,30                   6,918               6,721
 FR0087                             Feb 15, 2031              6,500%                     98,14                   99,01                   6,877               6,700
 FR0078                             Mei 15, 2029              8,250%                    104,86                  105,81                   6,914               6,660
 FR0104                              Jul 15, 2030             6,500%                     98,43                   99,37                   6,848               6,639
 FR0071                             Mar 15, 2029              9,000%                    107,36                  108,38                   6,902               6,623
 FR0101                             Apr 15, 2029              6,875%                    100,14                  101,14                   6,836               6,558
 FR0094                             Jan 15, 2028              5,600%                     96,37                   97,54                   7,019               6,556
 FR0064                             Mei 15, 2028              6,130%                     98,20                   98,81                   6,758               6,542
 FR0042                              Jul 15, 2027            10,250%                    106,89                  108,06                   7,013               6,484
 FR0059                             Mei 15, 2027              7,000%                    100,30                  101,07                   6,849               6,463
 FR0095                             Agu 15, 2028              6,380%                     98,84                   99,83                   6,755               6,430
 FR0047                             Feb 15, 2028             10,000%                    108,16                  109,50                   6,902               6,416
 FR0090                             Apr 15, 2027              5,130%                     96,80                   97,79                   6,797               6,274
 FR0099                             Jan 15, 2029              6,400%                     99,20                  100,47                   6,636               6,262
 FR0037                             Sep 15, 2026             12,000%                    106,90                  108,22                   7,026               6,112
 FR0056                             Sep 15, 2026              8,380%                    102,13                  103,20                   6,842               6,083
 FR0084                             Feb 15, 2026              7,250%                    100,09                  101,01                   7,143               6,058
 FR0086                             Apr 15, 2026              5,500%                     98,61                   99,50                   6,893               5,999
 FR0040                             Sep 15, 2025             11,000%                    101,59                  102,34                   7,364               5,669
 FR0081                             Jun 15, 2025              6,500%                     99,62                  100,35                   8,528               4,639
          Disclaimer: price shown in this report may not reflect the exact price upon transaction and are subject to change and may vary based on market
          conditions and other factors. Transaction starts from IDR 1 Bio for IDR transaction and start from USD 200K for USD transaction, except for
          transaction with the availability size below the stated amount. Information shown for IPO Offering are subject to change. YTM shown are based on
          each instrument’s fair value. For more information please contact [email protected]
April 8, 2025
USD Corporate Bonds
                                                                                                           Price (%)                     YTM (%)
   Instrument                         Issuer                        Maturity          Coupon                                                                  Rating
                                                                                                        Bid         Offer           Bid            Offer
 INDYIJ 8.75 29       INDIKA ENERGY                                   7-May-29           8,750%         85,08        86,04          13,351          13,033
 GARUDA 6.5 31        GARUDA ID GLOBAL SUKUK                         29-Dec-31           6,500%         66,95        69,63          13,655          12,971    BBB-
 MEDCIJ 7.375 26      MEDCO OAK TREE PTE LTD                        14-May-26            7,375%         94,12        94,77          13,037          12,394    B3
 BUMAIJ 7.75 26       BUKIT MAKMUR MANDIRI UT.                       10-Feb-26           7,750%         96,64        97,54          11,877          10,758
 MEDCIJ 8.96 29       MEDCO MAPLE TREE                               27-Apr-29           8,960%         93,87        95,02          10,782          10,431
 MEDCIJ 6.95 28       MEDCO LAUREL TREE                             12-Nov-28            6,950%         89,35        90,35          10,449          10,104    BBB-
 JPFAIJ 5.375 26      JAPFA COMFEED TBK PT                          23-Mar-26            5,375%         95,05        95,86          10,747           9,849    B+
 MEDCIJ 6.375 27      MEDCO BELL PTE LTD                             30-Jan-27           6,375%         93,69        94,52          10,126           9,619    BBB-
 PTSMGP 7.75 31       SORIK MARAPI GEOTHERMAL                         5-Aug-31           7,750%         91,63        92,45           9,450           9,277
 PWONIJ 4.875 28      PT PAKUWON JATI                                29-Apr-28           4,875%         89,62        90,49           8,670           8,336    B+
 LMRTSP 7.5 26        LMIRT CAPITAL PTE LTD                            9-Feb-26          7,500%         98,19        99,58           9,710           8,009    CCC-
 TBIGIJ 2.75 26       TOWER BERSAMA INFR                             20-Jan-26           2,750%         95,39        96,55           8,734           7,202    BBB-
 STAREN 6.75 33       STAR ENERGY GEOTHERMAL                         24-Apr-33           6,750%         97,76        98,75           7,104           6,947    BBB-
 GERSP 8.5 27         TOWER BERSAMA INFR                            28-Nov-27            8,500%        103,09       104,58           7,203           6,591    CCC+
 FRIDPT 6.2 52        FREEPORT INDONESIA PT                          14-Apr-52           6,200%         92,85        94,45           6,700           6,585    BBB-
 ICBPIJ 4.745 51      INDOFOOD CBP                                     9-Jun-51          4,745%         75,72        77,40           6,441           6,309    BBB-
 ICBPIJ 4.805 52      INDOFOOD CBP                                   27-Apr-52           4,805%         76,46        77,94           6,418           6,304    BB-
 TBIGIJ 2.8 27        TOWER BERSAMA INFR                              2-May-27           2,800%         92,44        93,24           6,661           6,238    B+
 FRIDPT 5.315 32      FREEPORT INDONESIA PT                          14-Apr-32           5,315%         96,06        97,26           5,986           5,779    BBB-
 STENGE 4.85 38       STAR ENERGY CO ISSUE                           14-Oct-38           4,850%         89,95        91,14           5,880           5,753    BBB-
 ICBPIJ 3.541 32      INDOFOOD CBP                                   27-Apr-32           3,541%         86,86        87,81           5,755           5,585    BB-
 ICBPIJ 3.398 31      INDOFOOD CBP                                     9-Jun-31          3,398%         87,75        88,71           5,705           5,513    -
 CIKLIS 4.95 26       CIKARANG LISTRINDO PT                          14-Sep-26           4,950%         98,68        99,36           5,896           5,407    B-
 FRIDPT 4.763 27      FREEPORT INDONESIA PT                          14-Apr-27           4,763%         98,64        99,45           5,465           5,046    BBB-
 STENGE 3.25 29       STAR ENERGY CO ISSUE                           14-Apr-29           3,250%         94,35        95,06           4,771           4,575    BBB-
           Disclaimer: price shown in this report may not reflect the exact price upon transaction and are subject to change and may vary based on market
           conditions and other factors. Transaction starts from IDR 1 Bio for IDR transaction and start from USD 200K for USD transaction, except for
           transaction with the availability size below the stated amount. Information shown for IPO Offering are subject to change. YTM shown are based on
           each instrument’s fair value. For more information please contact [email protected]
April 8, 2025
USD SOE Bonds
                                                                                                         Price (%)                     YTM (%)
   Instrument                         Issuer                         Maturity          Coupon                                                                 Rating
                                                                                                        Bid     Offer               Bid      Offer
 BBNIIJ 4.3 PERP      BANK NEGARA INDONESIA                           Perpetual           4,300%        94,20    94,80              10,402     9,754             BBB
 IIFPTN 1.5 26        INDONESIA INFRASTRUCTURE                        27-Jan-26           1,500%        94,39    95,21               8,611     7,546            BBB-
 LLPLCA 6.875 39      LLPL CAPITAL PTE LTD                             4-Feb-39           6,880%        97,15    98,27               7,180     7,059            BBB-
 IDASAL 6.757 48      INDO ASAHAN/MINERAL IND                        15-Nov-48            6,760%        99,68 101,06                 6,781     6,677             BBB
 PLNIJ 6.25 49        PERUSAHAAN LISTRIK NEGARA                       25-Jan-49           6,250%        93,86    94,90               6,710     6,630            BBB-
 PLNIJ 6.15 48        PERUSAHAAN LISTRIK NEGARA                      21-May-48            6,150%        92,66    94,19               6,709     6,589             BBB
 PLNIJ 5.25 42        PERUSAHAAN LISTRIK NEGARA                       24-Oct-42           5,250%        84,02    85,32               6,685     6,559             BBB
 PLNIJ 5.25 47        PERUSAHAAN LISTRIK NEGARA                      15-May-47            5,250%        81,95    83,58               6,656     6,517             BBB
 IDASAL 5.8 50        INDO ASAHAN/MINERAL IND                        15-May-50            5,800%        88,91    90,24               6,602     6,500             BBB
 MINCAP 5.625 37      MINEJESA CAPITAL BV                            10-Aug-37            5,630%        90,86    92,43               6,659     6,475             BBB
 PLNIJ 4.875 49       PERUSAHAAN LISTRIK NEGARA                        17-Jul-49          4,880%        77,00    78,25               6,564     6,461             BBB
 PERTIJ 6.5 48        PT PERTAMINA (PERSERO)                           7-Nov-48           6,500%        99,84 101,16                 6,512     6,414             BBB
 PERTIJ 6.45 44       PT PERTAMINA (PERSERO)                         30-May-44            6,450%        99,58 101,01                 6,485     6,366             BBB
 PLNIJ 4.375 50       PERUSAHAAN LISTRIK NEGARA                        5-Feb-50           4,380%        71,01    72,22               6,463     6,361             BBB
 PERTIJ 6 42          PT PERTAMINA (PERSERO)                          3-May-42            6,000%        94,98    96,21               6,452     6,339             BBB
 PERTIJ 6.5 41        PT PERTAMINA (PERSERO)                         27-May-41            6,500%       100,55 101,75                 6,449     6,338            BBB-
 PERTIJ 5.625 43      PT PERTAMINA (PERSERO)                         20-May-43            5,630%        90,61    92,07               6,438     6,307             BBB
 PLNIJ 4 50           PERUSAHAAN LISTRIK NEGARA                       30-Jun-50           4,000%        66,43    67,39               6,383     6,302            BBB-
 PLBIIJ 5.375 45      PELABUHAN INDO PERSERO                          5-May-45            5,380%        88,14    89,23               6,333     6,240             BBB
 BBNIIJ 3.75 26       BANK NEGARA INDONESIA                          30-Mar-26            3,750%        97,00    97,67               6,887     6,178             BBB
 PERTIJ 4.7 49        PT PERTAMINA (PERSERO)                           30-Jul-49          4,700%        78,52    79,82               6,241     6,137             BBB
 PLNIJ 7.875 37       PERUSAHAAN LISTRIK NEGARA                       29-Jun-37           7,880%       115,05 116,19                 6,195     6,078             BBB
 PERTIJ 4.175 50      PT PERTAMINA (PERSERO)                          21-Jan-50           4,180%        71,71    72,99               6,173     6,069             BBB
 BBNIIJ 5.28 29       BANK NEGARA INDONESIA                            5-Apr-29           5,280%        98,58    99,68               5,671     5,368
 IDASAL 5.45 30       INDO ASAHAN/MINERAL IND                        15-May-30            5,450%        99,18 100,54                 5,632     5,331             BBB
 PLNIJ 3 30           PERUSAHAAN LISTRIK NEGARA                       30-Jun-30           3,000%        88,69    89,57               5,441     5,240            BBB-
 MINCAP 4.625 30      MINEJESA CAPITAL BV                            10-Aug-30            4,630%        95,83    97,11               5,510     5,234             BBB
 PLNIJ 3.875 29       PERUSAHAAN LISTRIK NEGARA                        17-Jul-29          3,880%        93,90    94,75               5,448     5,223             BBB
 PLNIJ 3.375 30       PERUSAHAAN LISTRIK NEGARA                        5-Feb-30           3,380%        91,05    91,99               5,445     5,219             BBB
 PLNIJ 5.375 29       PERUSAHAAN LISTRIK NEGARA                       25-Jan-29           5,380%        99,75 100,55                 5,447     5,218            BBB-
 PERTIJ 2.3 31        PT PERTAMINA (PERSERO)                           9-Feb-31           2,300%        84,43    85,54               5,344     5,110             BBB
 PLNIJ 5.45 28        PERUSAHAAN LISTRIK NEGARA                      21-May-28            5,450%       100,04 101,00                 5,436     5,108             BBB
 SMIPIJ 2.05 26       SARANA MULTI INFRASTRUKT                       11-May-26            2,050%        95,50    96,72               6,261     5,100            BBB-
 IDASAL 6.53 28       INDO ASAHAN/MINERAL IND                        15-Nov-28            6,530%       103,48 104,76                 5,473     5,094             BBB
 HAKAIJ 3.75 30       HUTAMA KARYA PERSERO PT                        11-May-30            3,750%        92,80    94,12               5,336     5,037             BBB
 PERTIJ 3.1 30        PT PERTAMINA (PERSERO)                          21-Jan-30           3,100%        90,62    91,76               5,278     5,002            BBB-
 PGEOIJ 5.15 28       PERTAMINA GEOTHERMAL                            27-Apr-28           5,150%        99,45 100,51                 5,342     4,973
 PLNIJ 4.125 27       PERUSAHAAN LISTRIK NEGARA                      15-May-27            4,130%        97,62    98,32               5,305     4,955             BBB
 PERTIJ 3.65 29       PT PERTAMINA (PERSERO)                           30-Jul-29          3,650%        93,93    95,06               5,196     4,901             BBB
 BMRIIJ 2 26          BANK MANDIRI PT                                 19-Apr-26           2,000%        96,79    97,50               5,156     4,449              BB
 PERTIJ 1.4 26        PT PERTAMINA (PERSERO)                           9-Feb-26           1,400%        96,55    97,48               5,541     4,411             BBB
 BMRIIJ 5.5 26        BANK MANDIRI                                     4-Apr-26           5,500%       100,24 101,13                 5,254     4,349
           Disclaimer: price shown in this report may not reflect the exact price upon transaction and are subject to change and may vary based on market
           conditions and other factors. Transaction starts from IDR 1 Bio for IDR transaction and start from USD 200K for USD transaction, except for
           transaction with the availability size below the stated amount. Information shown for IPO Offering are subject to change. YTM shown are based on
           each instrument’s fair value. For more information please contact [email protected]
April 8, 2025
USD GOV Bonds
                                                                                                        Price (%)                               YTM (%)
         Instrument                            Maturity                  Coupon
                                                                                                    Bid          Offer                      Bid        Offer
 INDON 6.75 44                                      15-Jan-44                    6,750%              109,23        110,71                     5,989       5,873
 INDON 5.65 53                                      11-Jan-53                    5,650%               95,62         96,99                     5,935       5,845
 INDON 5.95 46                                        8-Jan-46                   5,950%               99,91        101,39                     5,957       5,843
 INDOIS 5.5 54                                        2-Jul-54                   5,500%               93,78         95,11                     5,893       5,807
 INDON 5.45 52                                     20-Sep-52                     5,450%               93,43         94,86                     5,879       5,783
 INDON 5.25 47                                        8-Jan-47                   5,250%               92,09         93,49                     5,839       5,732
 INDON 5.15 54                                     10-Sep-54                     5,150%               89,58         90,94                     5,801       5,712
 INDON 5.1 54                                      10-Feb-54                     5,100%               88,94         90,34                     5,799       5,706
 INDON 5.125 45                                     15-Jan-45                    5,125%               91,33         92,80                     5,809       5,689
 INDON 5.35 49                                     11-Feb-49                     5,350%               93,70         95,23                     5,793       5,683
 INDON 4.35 48                                      11-Jan-48                    4,350%               79,98         81,44                     5,797       5,681
 INDON 5.25 42                                      17-Jan-42                    5,250%               93,68         95,12                     5,805       5,675
 INDON 4.75 47                                       18-Jul-47                   4,750%               86,12         87,58                     5,764       5,650
 INDON 4.625 43                                    15-Apr-43                     4,625%               86,27         87,69                     5,772       5,646
 INDON 4.3 52                                      31-Mar-52                     4,300%               77,96         79,35                     5,737       5,636
 INDON 7.75 38                                      17-Jan-38                    7,750%              118,75        120,14                     5,763       5,630
 INDOIS 3.8 50                                      23-Jun-50                    3,800%               71,58         73,05                     5,725       5,610
 INDON 3.7 49                                       30-Oct-49                    3,700%               70,80         72,27                     5,709       5,591
 INDON 4.2 50                                       15-Oct-50                    4,200%               77,67         79,16                     5,700       5,588
 INDON 6.625 37                                    17-Feb-37                     6,625%              108,04        109,44                     5,727       5,577
 INDON 4.45 70                                     15-Apr-70                     4,450%               76,13         77,65                     5,647       5,561
 INDON 8.5 35                                       12-Oct-35                    8,500%              122,72        124,20                     5,714       5,552
 INDON 3.5 50                                      14-Feb-50                     3,500%               68,48         69,96                     5,639       5,520
 INDOIS 3.55 51                                      9-Jun-51                    3,550%               68,44         69,81                     5,627       5,520
 INDON 3.05 51                                     12-Mar-51                     3,050%               61,95         63,34                     5,553       5,441
 INDON 3.2 61                                      23-Sep-61                     3,200%               59,05         60,49                     5,416       5,319
 INDOIS 5.2 34                                        2-Jul-34                   5,200%               98,05         99,13                     5,461       5,316
 INDON 4.75 34                                     10-Sep-34                     4,750%               94,90         96,02                     5,422       5,271
 INDOIS 5.6 33                                       1-Nov-33                    5,600%              101,31        102,41                     5,414       5,259
 INDON 4.7 34                                      10-Feb-34                     4,700%               95,17         96,30                     5,368       5,209
 INDOIS 4.7 32                                       6-Jun-32                    4,700%               96,18         97,28                     5,327       5,144
 INDON 4.65 32                                     20-Sep-32                     4,650%               95,97         97,08                     5,290       5,111
 INDON 3.55 32                                     31-Mar-32                     3,550%               90,01         91,15                     5,222       5,022
 INDOIS 2.55 31                                      9-Jun-31                    2,550%               86,13         87,21                     5,121       4,908
 INDON 2.15 31                                       28-Jul-31                   2,150%               83,90         85,01                     5,076       4,858
 INDON 1.85 31                                     12-Mar-31                     1,850%               83,15         84,29                     5,081       4,844
 INDON 3.85 30                                      15-Oct-30                    3,850%               94,07         95,20                     5,067       4,829
 INDOIS 2.8 30                                      23-Jun-30                    2,800%               89,74         90,75                     4,998       4,771
 INDOIS 5.1 29                                        2-Jul-29                   5,100%              100,40        101,41                     4,997       4,738
 INDON 2.85 30                                     14-Feb-30                     2,850%               90,60         91,73                     4,993       4,725
 INDON 4.75 29                                     11-Feb-29                     4,750%               99,21        100,33                     4,972       4,658
 INDOIS 4.45 29                                    20-Feb-29                     4,450%               98,31         99,30                     4,922       4,644
 INDON 3.4 29                                      18-Sep-29                     3,400%               93,74         94,93                     4,942       4,642
 INDOIS 5.4 28                                       1-Nov-28                    5,400%              101,79        102,76                     4,862       4,574
 INDOIS 4.4 28                                      1-Mar-28                     4,400%               98,83         99,80                     4,826       4,473
 INDON 3.5 28                                       11-Jan-28                    3,500%               96,58         97,64                     4,804       4,395
 INDON 4.1 28                                      24-Apr-28                     4,100%               98,06         99,15                     4,774       4,394
 INDON 3.85 27                                       18-Jul-27                   3,850%               97,90         98,94                     4,810       4,332
 INDOIS 4.4 27                                       6-Jun-27                    4,400%               99,12        100,19                     4,823       4,309
 INDON 4.15 27                                     20-Sep-27                     4,150%               98,60         99,67                     4,746       4,290
 INDON 4.35 27                                        8-Jan-27                   4,350%               99,10        100,14                     4,878       4,268
 INDOIS 4.15 27                                    29-Mar-27                     4,150%               98,91         99,86                     4,721       4,223
 INDOIS 1.5 26                                       9-Jun-26                    1,500%               96,25         97,19                     4,751       3,924
 INDOIS 4.55 26                                    29-Mar-26                     4,550%               99,75        100,66                     4,810       3,868
 INDON 4.75 26                                        8-Jan-26                   4,750%               99,81        100,72                     5,003       3,794
           Disclaimer: price shown in this report may not reflect the exact price upon transaction and are subject to change and may vary based on market
           conditions and other factors. Transaction starts from IDR 1 Bio for IDR transaction and start from USD 200K for USD transaction, except for
           transaction with the availability size below the stated amount. Information shown for IPO Offering are subject to change. YTM shown are based on
           each instrument’s fair value. For more information please contact [email protected]
April 8, 2025
           Our Retail Sales
           Untuk bantuan bertransaksi, silahkan menghubungi tim Sales kami di cabang terdekat Anda.
       Yulius Kurniawan                     Head of Retail Sales & Distribution               [email protected]       6221 526 3445
       Rema Prostinaldo Yunanto             Fixed Income Sales                                   [email protected]        6221 526 3445
       Ariffianto                           Priority Services                                         [email protected]     6221 526 3445
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       Linawati                             Surabaya                                                   
[email protected]      6231 535 7218
       Maulidia Osviana                     Lampung                                           
[email protected]       62721 476 135
       Aidil Idham                          Palembang                                               
[email protected]      62711 319 900
       Ade Rakhmat Suryanto                 Bandung                                               
[email protected]       6222 426 5088
       Yuri Ariadi                          Pontianak                                                
[email protected]     62561 582 293
       Yogiswara Perdana                    Yogyakarta                                      
[email protected]        62274 560 596
       Bagus Agung Ketut Sentana            Bali                                                 
[email protected]       6221 526 3445
       Muhammad Alvin Ghaniya               Makassar                                      
[email protected]           0411 361 5073
       Care Center                                                                                 
[email protected]       14032
       Non Equity Product                                                                    
[email protected]           Disclaimer: price shown in this report may not reflect the exact price upon transaction and are subject to change and may vary based on market
           conditions and other factors. Transaction starts from IDR 1 Bio for IDR transaction and start from USD 200K for USD transaction, except for
           transaction with the availability size below the stated amount. Information shown for IPO Offering are subject to change. YTM shown are based on
           each instrument’s fair value. For more information please contact [email protected]