HIGHLIGHTS
- The yield on Indonesia’s 10-year government bonds stood at 7.170% as of March 21, 2025, rising from 7.111% the previous day. Meanwhile, UST 10yr yield slightly up 1bps to 4.25% in Friday.
- Government bond transactions totaled IDR41.19 trillion, primarily driven by medium-term maturities (5–15 years). This marked a decline from the prior day’s transaction volume of IDR53.30 trillion and fell below the year-to-date average of IDR48.65 trillion. Meanwhile, outright transactions increased to IDR24.67 trillion, up from IDR20.36 trillion recorded the previous day.
- The total volume of corporate bond transactions reached IDR6,551 billion, with short-term maturities (<5 years) dominating activity. This represented an increase from the prior day's volume of IDR3,029 billion and exceeded the year-to-date average of IDR2,321 billion. Outright transactions also rose to IDR6,544 billion, up from IDR2,896 billion recorded the previous day.
- The Rupiah depreciated against the US Dollar by 0.15%, weakening to IDR16,500 from IDR16,475. Meanwhile, the Jakarta Composite Index (JCI) declined by 1.94%, falling from 6,382 to 6,258. In commodity markets, Brent crude oil rose from USD 71.50 to USD 72.52 per barrel, while WTI Cushing crude oil advanced from USD 67.16 to USD 68.26 per barrel.
DOMESTIC UPDATES
- Moody's reaffirmed Indonesia rating at Baa2, citing solid domestic growth and a more stable debt outlook compared to peers. However, Moody's noted the increasing challenge of fiscal revenue and the global tariff war that could dampen the economy growth. (Bloomberg Technoz)
- Indonesia Money Supply (M2) rose 5.7% y-y in Feb-25, slightly accelerating from Jan's 5.5%, driven by stable loan growth at 9%. MSMEs Loan growth dropped to 2.1% from downwardly revised Jan's 2.5%. (Bank Indonesia)
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