government securities management - djppr · includes the contribution of idr 109.5 tn from tax...

DIRECTORATE OF GOVERNMENT DEBT SECURITIES

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA

GOVERNMENT SECURITIES

MANAGEMENT

MAY 3, 2017

DEBT FINANCING STRATEGY 2017

Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia

• Credible and realistic budget with 2016 outlook number used

as a base for formulating the 2017 State Budget

• Tax revenue grew 3.6%, between 2015 and 2016, which

includes the contribution of IDR 109.5 tn from tax amnesty

• Improved efficiency in government expenditure

• Discipline in managing budget deficit

Indicator 2016

Realization1

2017

Budget

Economic growth (%, yoy) 5.0 5.1

Inflation (%, yoy) 3.0 4.0

3-Month Treasury Bill (SPN) (%) 5.7 5.3

Exchange Rate (IDR/USD) 13,305 13,300

ICP (USD/barrel) 40 45

Oil Production (thousand barrel/day) 829 815

Gas Production (thousand barrel oil equivalent/day) 1,184 1,150

Description (IDR tn)

2016 2017

Revised Budget Outlook Realization1 % realization to

revised budget

% realization

to outlook State budget

% growth to

realization

A. Revenues and grants 1,786.2 1,582.9 1,555.1 87.1% 98.3% 1,750.3 12.5%

I. Domestic revenue 1,784.2 1,580.9 1,546.8 86.7% 97.9% 1,748.9 13.1%

1. Tax revenue 1,539.2 1,320.2 1,285.0 83.5% 97.3% 1,498.9 16.7%

2. Non tax revenue 245.1 260.7 261.9 106.9% 100.5% 250.0 -4.6%

II. Grants 2.0 2.0 8.2 410.0% 410.0% 1.4 -82.9%

B. Expenditure 2,082.9 1,898.6 1,860.3 89.3% 98.0% 2,080.5 11.8%

I. Total Central government expenditure 1,306.7 1,195.3 1,150.1 88.0% 96.2% 1,315.5 14.4%

1. Ministerial spending 767.8 672.0 680.9 88.7% 101.3% 763.6 12.2%

2. Non ministerial spending 538.9 523.3 469.2 87.1% 89.7% 552.0 17.6%

II. Transfer to region and village Fund 776.3 703.3 710.3 91.5% 101.0% 764.9 7.7%

1. Regional transfer 729.3 659.1 663.6 91.0% 100.7% 704.9 6.2%

2. Village fund 47.0 44.2 46.7 99.4% 105.7% 60.0 28.5%

C. Primary balance -105.5 -126.4 -122.4 116.0% 97.1% -109.0 -11.2%

D. Surplus (deficit) -296.7 -315.7 -305.2 102.9% 96.7% -330.2 8.1%

% of GDP -2.35% -2.50% -2.46% 104.7% 98.4% -2.41% -2.0%

E. Financing 296.7 315.7 331.0 111.6% 104.7% 330.2 -0.1%

2017 STATE BUDGET

3


BUDGET FINANCING BREAKDOWN IN 2017

4

Breakdown of budget financing IDR tn USD bn

Government debt (net) 384.7 28.9

Government securities (net) 400.0 30.0

Domestic loans (net) 1.5 0.1

Foreign loans (net) -16.8 -1.3

USD/IDR: 13,321 as of 31 Mar 2017

Source: Ministry of Finance

Note: Subject to change in market conditions and other factors

Debt (Gross) IDR735.6tn (eq. USD 55.2bn)

Redemption

IDR350.9tn

(eq. USD 26.3bn)

Budget Financing

IDR330.2tn

(eq. USD 24.8bn)

Non-Debt

Financing

IDR54.5tn

(eq. USD 4.1bn)


GOVERNMENT SECURITIES – INDICATIVE FINANCING PLAN

FOR 2017

International Bonds Issuance (USD, EUR, JPY-denominated)

Issuance of International Bonds as complement to avoid crowding out in domestic market consists of USD, YEN or EURO global bonds;

International bond issuance can be maximized up to 25% from gross target, depends on financing need.

Government Debt Securities (SUN): 71 %; Sukuk : 29% ATM for Government Securities (SBN): 6-8 years.

Domestic Issuance

Issuance targets for GDS, Sukuk and ATM target

Weekly Auction: Conventional Securities: 24x Islamic Securities: 24x

Non-Auction: Retail bonds Private Placements: Based on request

Instruments Indicative Target (IDR tn)

2017 Budget

Government Securities (Net) 399,993

Redemption 162,842

Cash Management 119,000

Buyback 3,000

Government Securities (Gross) 684,835

Composition

Domestic 79%

Auction 93%

Non-Auction 7%

International Bond 21%

5

Pre-funding to optimize cost ahead of potential Fed rate hike Anticipate developments in global environment Government Securities target for 1st semester 2017 is 64.4%

from gross issuance target; Government Securities target in Rupiah for 1st semester 2017 is

46.9% from gross issuance target.

Front loading issuance for budget financing


2017 SECURITIES FINANCING REALIZATION

(In Million IDR)

*Adjusted with issuance related to cash management realization.

6

Budget 2017Budget Realization

(as of May 3, 2017)

% Realization to

Budget 2017

Government Securities Net 399,992,586 205,036,694 51.26%

Government Securities Maturing in 2017 and Buyback 284,842,264 107,468,581 37.73%

Issuance Need for 2017* 684,834,850 312,505,275 45.63%

Government Debt Securities (GDS) 204,053,508

IDR Denominated GDS 156,130,000

-Coupon GDS 72,230,000

-Conventional T-Bills 83,900,000

-Private Placement -

-Retail Bonds -

International Bonds 47,923,508

-USD GMTN 47,197,500

-Euro GMTN -

-Samurai Bonds -

-Domestic Foreign Denominated Bonds 726,008

Government Islamic Debt Securities 108,451,767

Domestic Government Islamic Debt Securities 68,482,767

- IFR/PBS/T-Bills Sukuk (Islamic Fixed Rated Bond/Project Based Sukuk) 52,445,457

- Retail Sukuk 14,037,310

- Private Placement 2,000,000

Global Sukuk 39,969,000

GOVERNMENT SECURITIES PERFORMANCE


1.97 1.89

1.11

1.73 1.74

1.94

2.60

2.14

1.39

1.58 1.75

4.72

2.44

1.93 2.01

2.62

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

-

20

40

60

80

100

120

140

160

Incoming Bids Awarded Bids % Bid to Cover Ratio (RHS)

8

Average awarded bids

2017= IDR17.35T/auction Average incoming bids

2017 = IDR39.62T/auction

8

GDS PRIMARY MARKET PERFORMANCE 2017 THROUGH AUCTION

Average Incoming Bid 2016 = IDR25.55T while Average Awarded Bid 2016 = IDR13.37T

as of April 25, 2017

[In Trillion IDR ]


2.14 2.02

1.64

1.91 1.93

1.82

3.34

2.32

1.66 1.58 1.67

4.72

2.67

2.00 2.07

2.81 2.69

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

-

20

40

60

80

100

120

140

160

180

200

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 2-May-17

Incoming Bids Awarded Bids % Bid to Cover Ratio (RHS)

9

Average Incoming Bid


Average Awarded bids


GS PRIMARY MARKET PERFORMANCE 2017

9

THROUGH AUCTION

as of May 2, 2017

Average Incoming Bid 2016 = IDR19.05T, while Average Awarded Bid 2016 = IDR9.37T

[In Trillion IDR ]

5.88 5.73 5.31 7.91 9.38 9.54

6.82 9.99

12.36 10.41

8.57 0.16 0.38 0.25

0.76 0.72 0.61

0.76

2.21 0.82

0.76 0.59 1.54

3.07 6.46

8.80

10.15

15.50

24.81

16.62 15.84

11.47

4.96

-

10.00

20.00

30.00

40.00

2011 2012 2013 2014 2015 2016 Jan-17 Feb-17 Mar-17 Apr-17 s.d 2Mei'17

OUTRIGHT REPO BANK REPO BI

0

100

200

300

400

500

600

700

800

0

2

4

6

8

10

12

14

Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17

[%] [Rp Triliun]

Non Residen [RHS] Yield 10 Y [LHS]

2

4

6

8

10

12

14

16

18

20

22

May'1

1

Aug'1

1

Nov'1

1

Feb'1

2

May'1

2

Aug'1

2

Nov'1

2

Feb'1

3

May'1

3

Aug'1

3

Nov'1

3

Feb'1

4

May'1

4

Aug'1

4

Nov'1

4

Feb'1

5

May'1

5

Aug'1

5

Nov'1

5

Feb'1

6

May'1

6

Aug'1

6

Nov'1

6

Feb'1

7

May'1

7

5Y 10Y 15Y 20Y

6.64 (5Y), 7.00 (10Y), 7.42 (15Y), 7.69 (20Y)

(%)

Average Daily Trading Yields of Benchmark Series

Peers 10y Govt Bonds’ Yield

SECONDARY MARKET PERFORMANCE

10

As of May 2, 2017 As of May 3, 2017

Foreign Ownership V. 10Y Yield Movement

LCY 10 Year Government

Bonds (as of May 3, 2017) Latest Yield YTD Change (BP) MTD Change (BP)

HK 1.515 -45.9 +4.4

ID 7.053 -92.0 +0.5

JP 0.021 -2.5 +0.3

KR 2.237 +14.5 +4.5

MY 3.988 -24.0 -5.8

PH 5.096 +46.8 -6.6

SG 2.142 -33.2 +1.7

TH 2.733 +8.5 +1.9

US 2.280 -16.4 +0.0

VN 6.050 -32.5 -5.0

Source: IBPA


OWNERSHIP OF TRADABLE DOMESTIC GOVT SECURITIES

(in trillion IDR)

1) Non Resident consists of Private Bank, Fund/Asset Manager, Securities Company, Insurance Company, and Pension Fund.

2) Others such as Securities Company, Corporation, and Foundation.

*) Including the Government Securities used in monetary operation with Bank Indonesia.

**) net, excluding Government Securities used in monetary operation with Banks.

11

Description

Banks* 375.55 30.98% 350.07 23.95% 361.54 21.95% 399.46 22.53% 493.82 27.27% 491.93 25.79% 493.89 25.97%

Govt Institutions (Bank Indonesia**) 41.63 3.43% 148.91 10.19% 150.13 9.12% 134.25 7.57% 53.31 2.94% 69.98 3.67% 66.51 3.50%

Bank Indonesia (gross) 149.07 9.05% 157.88 8.90% 163.63 9.03% 176.63 9.26% 174.63 9.18%

GS used for Monetary Operation -1.05 -0.06% 23.63 1.33% 110.32 6.09% 106.65 5.59% 108.11 5.68%

Non-Banks 795.17 65.59% 962.86 65.87% 1135.18 68.93% 1239.57 69.90% 1264.02 69.79% 1345.68 70.54% 1341.64 70.54%

Mutual Funds 45.79 3.78% 61.60 4.21% 76.44 4.64% 85.66 4.83% 87.84 4.85% 90.11 4.72% 90.10 4.74%

Insurance Company 150.60 12.42% 171.62 11.74% 214.47 13.02% 238.24 13.43% 241.25 13.32% 250.96 13.16% 250.61 13.18%

Foreign Holders 461.35 38.05% 558.52 38.21% 643.99 39.10% 665.81 37.55% 685.51 37.85% 745.82 39.10% 742.10 39.02%

Foreign Govt's&Central Banks 103.41 8.53% 110.32 7.55% 118.53 7.20% 120.84 6.81% 118.91 6.57% 135.21 7.09% 135.16 7.11%

Pension Fund 43.30 3.57% 49.83 3.41% 64.67 3.93% 87.28 4.92% 86.95 4.80% 87.41 4.58% 87.37 4.59%

Individual 32.80 2.71% 42.53 2.91% 48.90 2.97% 57.75 3.26% 57.69 3.19% 62.34 3.27% 62.33 3.28%

Others 61.32 5.06% 78.50 5.37% 86.72 5.27% 104.84 5.91% 104.78 5.79% 109.04 5.72% 109.13 5.74%

Total 1,212.35 100% 1,461.85 100% 1,646.85 100% 1,773.28 100% 1,811.14 100% 1,907.59 100.00% 1,902.04 100.00%

Dec-16 Jan-17Jun-16Dec-15Dec-14 Apr-17 02-May-17


20.15

6.43

14.67 15.95

13.17 12.49

21.34

(19.84)

39.48

6.84

(3.59)

4.10 6.31

23.04

(3.90)

(7.96)

(2.30)

5.39

8.38

21.37 19.80

9.46

18.30 20.09

(4.21)

22.03

15.04

9.06

16.89

(9.35)

(19.58)

9.75

19.70

6.38

31.33

22.59

(3.72)

-0.08

-0.06

-0.04

-0.02

0

0.02

0.04

0.06

0.08

0.1

(30.00)

(20.00)

(10.00)

0.00

10.00

20.00

30.00

40.00

50.00

Ma

y-1

4

Ju

l-1

4

Se

p-1

4

No

v-1

4

Ja

n-1

5

Ma

r-1

5

Ma

y-1

5

Ju

l-1

5

Se

p-1

5

No

v-1

5

Ja

n-1

6

Ma

r-1

6

Ma

y-1

6

Ju

l-1

6

Se

p-1

6

No

v-1

6

Ja

n-1

7

Ma

r-1

7

Ma

y-1

7

Net Inflows [LHS] Net Inflows Over Total Foreign Holdings [RHS]

FOREIGN INVESTOR ACTIVITY

Monthly Net Buyer (Seller) - Non Resident Foreign Ownership - Proportion by Tenor

[In Trillion IDR ]

FOREIGN INVESTORS MOSTLY DOMINATED BY HIGH QUALITY LONG TERM INVESTORS

12

As of May 2, 2017

5.2% 4.6% 3.2% 3.5% 3.4% 5.4% 5.1%

5.4% 3.7%

1.3% 5.3%

2.0%

5.9% 5.8%

12.9% 15.2%

11.8%

17.8%

17.8%

12.7% 12.7%

32.0% 33.6%

39.0%

37.4%

38.0% 36.3% 36.4%

44.5% 42.8% 44.7%

36.0% 38.8% 39.8% 39.9%

32.5%

38.1% 38.2% 37.5% 37.8% 39.1% 39.0%

0%

20%

40%

60%

80%

100%

Dec 13 Dec 14 Dec-15 Dec-16 Jan-17 Apr-17 2-May-17

0-1 ≥1-2 ≥2-5 ≥5-10 ≥10 %Foreign Ownership of Total


LOCAL INSURANCE AND PENSION FUND INCREASED

THEIR GOVT SECURITIES PORTFOLIO SIGNIFICANTLY

13

63.17

18.63

15.81

97.17

21.02

6.52

12.12

17.44

26.94

7.78

24.06

107.29

66.62

37.45

15.22

26.08

- 20 40 60 80 100 120

Banks*

Bank Indonesia**

Mutual Fund

Foreign Holders

Insurance Company

Pension Fund

Individual

Others

INV

ES

TO

R T

YP

E

NET BUY 2016 NET BUY 2015

[In trillion IDR]

*) Net, excluding Government Securities used in monetary operation with Banks.

**) Gross, including the Government Securities used in monetary operation with Bank Indonesia.


FSA (OJK) Regulation No 1/POJK.05/2016* on Investment in Government Securities for Non-Bank Financial Institution

Life Insurance Company

Min. 20% of total investment ( by Dec.

31 2016).

Min 30% of total investment ( by Dec.

31 2017).

General Insurance, Reinsurance & Guarantee

Company


31 2016).


31 2017).

Employer Pension Fund


31 2016)

Min 30% of total investment ( by Dec.

31 2017).

BPJS Ketenagakerjaan (The Social Security

Administration Body for Employment)

Min. 50% of total investment of

Employment Social Security Fund (by Dec. 31 2016).

Min. 30% of total portfolio investment

of BPJS Ketenagakerjaan (by

Dec. 31 2016)

BPJS Kesehatan (Healthcare Social Security Agency)

Min. 30% of total investment of BPJS Kesehatan (by Dec.

31 2016).

DOMESTIC INSTITUTIONAL INVESTORS

14

*Since November 14, 2016 this regulation is revised to be FSA (OJK) Regulation No.36/POJK.05/2016 . The revised regulation

has added SOE infrastructure bonds as instrument other than Gov’t Securities that can be utilized to fulfill the minimum

investment requirement.


Pre-emptive Measures

Implementing Crisis Management Protocol (CMP)

Implementing Bond Stabilization Framework (BSF)

Enhancing coordination between government

institutions and continuous dialogue with market

participants

Specific policies in place to address crises

enacted in 2017 budget law

Swap facility arrangements based on

international cooperation

Crisis Management Protocol

Indicators to determine crisis level of Government

Securities Market condition (normal, aware, alert,

crisis)

Several market indicators that are monitored

daily:

- Yield of benchmark series;

- Exchange rate;

- Jakarta Composite Index;

- Foreign ownership in government securities

Policies to address the crisis at every level :

- Repurchase the government securities at

secondary market

- Postpone or stop the issuance

First Line of Defense

State’s Budget

Buyback fund at DG of Budget

Financing and Risk Management

Investment fund at Public Service

Agency (BLU) (min. level Aware)

State Owned Enterprises

(BUMN)’s Budget Related BUMNs (min. level Aware)

Social Security

Organizing Agency

(BPJS)’s Budget

BPJS (min. level Aware)

Second Line of Defense

State’s Budget

State General Treasury Account

(Rekening KUN) (min. level Alert)

Accumulated cash surplus (SAL) (min.

Level Crisis)

State Owned Enterprises

(BUMN)’s Budget Related BUMNs (min. level Alert)

Social Security

Organizing Agency

(BPJS)’s Budget

BPJS (min. level Alert)

Bond Stabilization Framework

IMPLEMENT MEASURES TO MANAGE EXTERNAL VOLATILITY TO MITIGATE SUDDEN REVERSALS

15

DEBT OUTSTANDING & RISK PROFILE

0

20

40

60

80

100

120

140

160

180

200

220

240

Domestic Foreign

-

20

40

60

80

100

120

140

160

180

200

220

240

Loan Gov't Sec

TOTAL DEBT MATURITY PROFILE A.O. END OF MARCH, 2017

17

Maturity Profile of Central Government by Currencies (in trillion IDR)

Maturity Profile of Central Government by Instruments (in trillion IDR)

80%

20%

Gov't Sec Loan

42% 58%

Foreign Domestic


OUTSTANDING CENTRAL GOVERNMENT DEBT

BY INSTRUMENT

18

Note: *) Preliminary figures **) Exclude accrued interest IDR43.3 trillion

2016*)

Nominal Nominal %

a. Foreign Loan (in billion USD) 68.4 63.6 58.4 54.2 54.4 54.0 54.9 20.0%

Bilateral 42.1 37.2 31.5 26.9 24.7 23.2 23.7 8.7%

Multilateral 23.5 23.8 23.7 23.5 26.1 27.5 27.8 10.2%

Commercial 2.8 2.5 3.3 3.8 3.6 3.3 3.3 1.2%

Suppliers 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0%

b Domestic Loan (in billion USD) 0.1 0.19 0.2 0.3 0.3 0.4 0.4 0.1%

c. Government Securities (in billion USD) 131.0 140.8 136.3 155.2 174.7 207.0 218.7 79.8%

Foreign Currency Denominated 21.6 27.4 32.8 36.7 47.8 57.1 59.3 21.6%

Rupiah Denominated 109.4 113.4 103.5 118.5 126.9 149.9 159.4 58.2%

Total Central Government Debt

(in billion USD) 199.5 194.9 209.7 229.4 261.3 274.0

Total Central Government Debt

(in trilion IDR)1,808.9 2,375.5 2,608.8 3,165.1 3,511.1 3,649.8

Exchange Rate Assumption (IDR/USD1) 9,068.0 12,189.0 12,440.0 13,795.0 13,436.0 13,321.0

GDP (in trillion IDR) 7,831.7 9,524.7 10,542.7 11,540.8 12,406.8

Debt to GDP Ratio 23.1% 23.0% 24.9% 24.7% 27.4% 28.3%

8,615.7

9,670.0

204.5

1,977.7

Mar 2017**)

2011 2012 2013 2014 2015Description


OUTSTANDING CENTRAL GOVERNMENT DEBT

BY CURRENCY

19

Note: *) Preliminary figures **) Exclude accrued interest IDR43.3 trillion

2011 2015 2016*)

Mar 2017**)

Original Currency

IDR (in trillion) 993.0 1,098.0 1,263.9 1,477.8 1,755.2 2,019.2 2,128.7

USD (in billion) 43.9 49.8 56.8 61.0 73.3 80.5 82.8

JPY (in billion) 2,589.8 2,498.8 2,395.3 2,223.1 2,143.4 2,063.1 2,030.0

EUR (in billion) 5.0 4.5 4.2 5.1 6.2 8.9 8.9

Other currencies

Equivalent in Billion USD

IDR 109.5 113.5 103.7 118.8 127.2 150.3 159.8 58.3%

USD 43.9 49.8 56.8 61.0 73.3 80.2 82.8 30.2%

JPY 33.4 29.1 22.8 18.6 17.8 17.6 18.1 6.6%

EUR 6.4 6.0 5.8 6.3 6.7 9.4 9.5 3.5%

Other currencies 6.3 6.1 5.8 5.1 4.4 3.9 3.8 1.4%

Total Eq. in Billion USD 199.5 204.5 194.9 209.7 229.4 261.3 274.0

Equivalent in Trillion IDR

IDR 993.0 1,098.0 1,263.9 1,477.8 1,755.2 2,019.2 2,128.7

USD 397.9 481.9 692.0 758.6 1,009.2 1,077.1 1,102.2

JPY 302.5 281.2 278.3 231.8 245.5 236.9 241.3

EUR 58.5 57.5 71.1 77.7 92.4 126.0 126.5

Other currencies 57.1 59.1 70.2 62.9 62.9 52.1 51.1

Total Eq. in Trillion IDR 1,808.9 1,977.7 2,375.5 2,608.8 3,165.1 3,511.2 3,649.8

Foreign Currency Portion 45.1% 44.5% 46.8% 43.4% 44.5% 42.5% 41.7%

Exchange Rate Assumption USD/IDR 9,068 9,670 12,189.0 12,440.0 13,795.0 13,436.0 13,321.0

----------------Multiple Currencies -----------------------

20132012 2014


CENTRAL GOVERNMENT DEBT RATIOS

Debt to GDP Ratio Interest Payment to Revenue and

Expenditure Ratio

Debt Service to GDP Ratio Interest Payment to Tax Revenue &

Central Government Expenditure Ratio

Notes: Using GDP at Current Market Prices [2010 Version]

20

7.7

%

7.5

%

7.9

%

8.6

%

10

.3%

10

.7%

7.2

%

6.7

%

6.8

%

7.5

%

8.6

%

8.9

%

0%

2%

4%

6%

8%

10%

12%

2011 2012 2013 2014 2015 2016

to Revenue to Expenditure

10

.7%

10

.3%

10

.5%

11

.6%

12

.6%

13

.0%

10

.6%

9.9

%

9.9

%

11

.1%

13

.2%

16

.1%

0% 2% 4% 6% 8%

10% 12% 14% 16% 18%

2011 2012 2013 2014 2015 2016

to Tax Revenue to Central Gov't Expenditures

2.9% 3.2%

2.9%

3.5% 3.3%

4.1%

0%

1%

2%

3%

4%

5%

2011 2012 2013 2014 2015 2016

23.1% 23.0% 24.9% 24.7%

27.4% 28.3%

0%

5%

10%

15%

20%

25%

30%

2011 2012 2013 2014 2015 2016


16.2 16.0 14.8

13.7 12.3 11.5

22.5 23.2

21.0 20.7

17.8 19.5

2012 2013 2014 2015 2016*) Mar-17

Variable Rate Ratio (%) Refixing Rate (%)

10.2 11.7 10.7 12.2 11.7 11.1

44.4 46.7

43.4 44.5 41.8 41.7

2012 2013 2014 2015 2016*) Mar-17

FX Debt to GDP Ratio (%)** FX Debt to Total Debt Ratio (%)

9.7 9.6

9.7

9.4

9.0 9.0

2012 2013 2014 2015 2016*) Mar-17

ATM (in years)

Interest Rate Risk Exchange Rate Risk

Debt Average Time to Maturity Debt Maturing

DEBT RISK INDICATORS

*) Preliminary figures **) Using GDP assumption in 2017 Budget

-Risk indicators are improving amidst pressure from rupiah depreciation

-Risk indicators show improvements in interest rate risk and stability in exchange and refinancing risks

7.2 8.6 7.7 8.4 6.6

8.9

21.5 21.8 20.1 21.4 23.0 23.7

32.4 33.4 33.9 34.7 36.5 36.6

2012 2013 2014 2015 2016*) Mar-17

In < 1 year In < 3 year In < 5 year

21

Directorate General of Budget Financing and Risk Management Ministry of Finance of The Republic of Indonesia Directorate of Government Debt Securities Frans Seda building, 4th Floor Jl. Wahidin Raya No. 1, Jakarta Pusat – Postal Code: 10710 Phone: +6221 3810175 Fax. : +6221 3846516 Website: www.djppr.kemenkeu.go.id

END OF PRESENTATION

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