HIGHLIGHTS

  1. The yield on 10-year Indonesian Government Bonds stood at 6.899% on May 14, 2025, slightly up from 6.856% the previous day. Meanwhile, UST 10yr yield rose by 4 bps to 4.53% as of yesterday.
  2. Government bond trading volume reached IDR 100.92 trillion, significantly higher than the previous day's IDR 41.88 trillion and above the year-to-date average of IDR 49.07 trillion. The activity was dominated by medium-term tenors (5–15 years). Outright transactions also increased to IDR 29.52 trillion from IDR 25.76 trillion.
  3. Corporate bond trading volume amounted to IDR 4.88 trillion, dominated by short-term maturities (<5 years). This marked an increase from IDR 2.08 trillion the previous day and was above the year-to-date average of IDR 2.96 trillion. Outright transactions rose to IDR 4.88 trillion from IDR 2.06 trillion.
  4. The Rupiah depreciated by 0.21% against the US Dollar to IDR 16,550 from IDR 16,515. Meanwhile, the Jakarta Composite Index (JCI) gained 2.15% to close at 6,980 from 6,833. Brent crude rose from USD 62.30 to USD 66.15 per barrel, while WTI crude increased from USD 59.91 to USD 63.67 per barrel.

DOMESTIC UPDATES

  1. The Government Sharia Securities (SBSN) auction on May 14, 2025, recorded total incoming bids of IDR 27.32 trillion, slightly lower than the IDR 32.68 trillion in the previous auction on April 29. PBS030 attracted the highest interest with IDR 6.33 trillion in bids and a yield range of 6.43%–6.59%, followed by SPNS10022026 and PBS038 with bids of IDR 5.67 trillion and IDR 4.78 trillion, respectively. The yield range for SPNS10022026 was 5.95%–6.18%, while PBS038 was in the range of 7.02%–7.15%. The government raised IDR 10 trillion, in line with the target, resulting in a bid-to-cover ratio of 2.73x. (MoF)
  2. Indonesia’s Real Sales rose 5.5% y-y in Mar-25, sharply revised up from the initial 0.5% estimate, driven by Ramadan demand for food, apparel, and cultural goods. April retail sales is projected to contract by 2.2% y-y, weighed by the decline in FnB category. (Bank Indonesia)

 

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