HIGHLIGHTS
- The 10-year Indonesia Government Bond (INDOGB) yield stood at 6.707% on March 11, 2026, slightly higher than 6.706% in the previous session. Meanwhile, UST 10yr yield went up by 6bps to 4.21%, yesterday.
- Government bond trading volume reached IDR60.83 trillion, dominated by medium-term tenors (5–15 years). This was higher than the previous day’s transaction of IDR52.35 trillion and above the YTD average of IDR49.43 trillion. Meanwhile, outright transactions amounted to IDR35.38 trillion, slightly lower than the previous day’s IDR36.12 trillion.
- In the corporate bond market, total trading volume was recorded at IDR8.44 trillion, mainly concentrated in short-term tenors (<5 years). The transaction volume increased from IDR7.17 trillion in the prior session and remained above this year’s average of IDR3.31 trillion. Outright transactions also rose to IDR8.44 trillion, compared to IDR7.16 trillion previously.
- In the broader market, the Rupiah weakened by 0.05% against the US Dollar to IDR16,870, from IDR16,861 previously. Meanwhile, the Jakarta Composite Index (JCI) declined by 0.69%, falling from 7,441 to 7,389. In the commodities market, Brent crude oil dropped from USD102.93 to USD88.34 per barrel, while WTI Cushing crude oil spot prices increased from USD82.79 to USD86.66 per barrel.
GLOBAL UPDATES
- US inflation held steady at 2.4% yoy in February 2026, unchanged from January and in line with expectations, marking the lowest level since May 2025. The stability reflected a rebound in energy prices alongside steady food and shelter inflation, while used car prices declined further. On a monthly basis, CPI rose 0.3%, slightly faster than January’s 0.2%, driven mainly by shelter, gasoline, and food. Meanwhile, core inflation remained at 2.5% yoy, near its lowest level since 2021, with monthly core CPI increasing 0.2%, indicating easing underlying price pressures. (U.S. BLS, Bloomberg)
DOMESTIC UPDATES
- Indonesia’s state revenue reached IDR 358 tn as of February 2026, growing 12.8% yoy, supported by strong tax collection. Tax revenue totaled IDR 245.1 tn, rising 30.4% yoy, while excise revenue stood at IDR 44.9 tn, still contracting 14.7% due to commodity price factors but recently showing a 7% yoy recovery. Meanwhile, state spending surged 41.9% yoy to IDR 493.8 tn, consisting of IDR 346.1 tn in central government spending and IDR 147.7 tn in transfers to regions. As a result, the fiscal balance recorded a deficit of 0.53% of GDP, still within the 2026 budget target corridor. (MoF)
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