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There are 8 bonds issuers in July with total issuance of IDR8.1trillion, it was much lower than IDR22.4trillion booked in June. Less corporate bonds issuance in July was due to Idul Fitri holiday, urging issuers to delay bonds issuance this month. Current ongoing issuance is Bank Tabungan Negara, Tbk (BBTN IJ, idAA+/Sta) offering Shelf Registration.

On the rating action front, Pemeringkat Efek Indonesia (Pefindo) has lowered Duta Anggada Realty, Tbk (DART IJ) rating to idBBB+/Sta from idA-/Sta. The downgrade was driven by weakening financial condition due to lower revenue projection amid higher debt level. Lower revenue projection is expected due to weak sales performance from La Mansion project and late.

PT Pelabuhan Indonesia I (Pelindo) is currently offering IDR1trn bonds consisting of four series; Series A (3y priced at indicative 8.25%-9%); Series B (5y; coupon 9-9.5%); Series C (7y; coupon 9.25%-10%); and Series D (10y; coupon 9.5%-10.25%). Current bond offering is the IDR bonds issued by Pelindo I. As the company engage in infrastructure sector, .

After postponing the bond issuance this year, PT Angkasa Pura II plans to release IDR1–2Trn bond in March or April 2016. The company will be using 2015’s financing statement for bond issuance purposes. In the next two years, Angkasa Pura II will need IDR8–10Trn capital to develop some airport infrastructure such as i) improvement of.

On rating front, Pemeringkat Efek Indonesia (Pefindo) lowered PT Medco Energi Internasional, Tbk (MEDC:IJ) to idA+/stable (from idAA-/negative) along with its Shelf Registered Bond I 2012-2013, USD bond I 2011-2012 and Bond III/2012. Downgrade was driven by continued weak crude prices which resulted a weaker revenue and profitability. In 1H2015, the company realized lower revenue.

In the next two weeks trading, Indonesia primary activity will be supported by some multifinance new bonds issuance. There are three companies preparing to release bond in the next two weeks; Toyota Astra Finance (TAFS), Indomobil Finance (IMFI) and BII finance. TAFS has closed its book building period on Friday last week while the book.

Indonesia recent market volatility has caused some issuers to cancel the bond issuance this year. Las week, Tower Bersama Infrastructure Tbk (TBIG:IJ) has decided to cancel the sale of IDR 3.2 trillion bond from its remaining continuous bond I program due to unfavorable market condition. The company actually has completed the book building period for IDR.

On the rating front, Pemeringkat Efek Indonesia (Pefindo) downgraded another company last week. Pefindo lowered Trikomsel Oke, Tbk (TRIO:IJ) rating to idBBB (from idBBB+) though the outlook was revised to stable from negative. Its convertible bond’s rating was also slashed to idBBB from idBBB-. The downgrade was driven by its weakening capital structure and cash.

The new bonds release has been falling since the last two months as issuers turned cautious on higher premium expected by investors. However, there were two new bonds series released by Federal International Finance (idAAA) totaled IDR 1.5 trillion. Company issued short term bonds i.e. Series A (1 year) offered 8.5% coupon rate on IDR.

We reinitiate coverage on Media Nusantara Citra with a NEUTRAL call and DCF-derived TP of IDR2,100 (8% upside, 18.6x/16.0x FY15F/FY16F P/Es). Ad revenue is particularly challenging in FY15 amid economic headwinds, but we estimate that the newly-acquired I-News TV could grow at a 60% CAGR over FY15-18. We expect the group’s revenue to grow 3%/11.1%.