Primary Market Less Active During The Week

On the primary front, there are two issuers offering new bonds at the meantime, they are; i) Bank Bukopin, Tbk (BBKP IJ, idA+/Stable) proposing IDR1.6trn of 7y subdebt at 11% and ii) Toyota Astra Finansial (TAFS, idAAA/Stable) offering IDR1.5trn bond. TAFS split its bonds offering into 2 series; series A of 370 days is guided at 7.8-8.0% (risk premium 46-96bps) and series B of 3 year at 8.0% -8.5% (risk premium; 69-119bps). The coupon ranges are seen low compared to its previous bonds issue in June 2016 in which TAFS priced 1y and 3y bonds at final 7.7% and 8.4% respectively. As for BBKP, the bank also has issued 7y subdebt of IDR400bn in 2015 which priced at a high of 12%.

Metropolitan Land Books IDR1.19Trn in Marketing Sales

Hero Supermarket’s Result in 1H18

Interest Rate Rise does not Affect Credit Card Transactions

Customs and Excise Revenues 67.11% of Target

Third-Party Funds Banking Only Grew 6.3%