HIGHLIGHTS
- As of May 19, 2025, the yield on 10-year Indonesia Government Bonds stands at 6.870%, slightly lower than the previous day's yield of 6.880%. Meanwhile, UST 10yr yield rose by 3bps to 4.46% yesterday.
- The total volume of government bond transactions reached IDR 47.57 trillion, primarily driven by medium-term bonds (5-15 years). This represents an increase from the prior day's volume of IDR 41.30 trillion, although it remains below the year-to-date average of IDR 48.82 trillion. Notably, outright transactions amounted to IDR 14.71 trillion, a decline from the previous day's IDR 20.19 trillion.
- Corporate bond transactions totaled IDR 2.297 trillion, with a focus on short-term bonds (under 5 years). This marks an increase from the prior day's volume of IDR 2.041 trillion, but is still below the year-to-date average of IDR 2.934 trillion. Outright transactions in the corporate bond market also saw an increase, reaching IDR 2.297 trillion, compared to IDR 2.026 trillion the previous day.
- The Indonesian Rupiah appreciated by 0.06% against the US Dollar, strengthening to IDR 16,430 from IDR 16,440. Meanwhile, the Jakarta Composite Index (JCI) rose by 0.49%, closing at 7,141 from 7,107. In the commodities market, Brent Crude advanced from USD 64.02 to USD 65.08 per barrel, while WTI Cushing Crude Oil increased from USD 61.62 to USD 62.49 per barrel.
DOMESTIC UPDATES
- The Government of the Republic of Indonesia will conduct an auction of Government Securities (Surat Utang Negara/SUN) on Tuesday, May 20, 2025, as part of the financing strategy to support the 2025 State Budget (APBN). The following series will be offered in this auction: SPN03250820 (new issuance), PN12260507, FR0104, FR0103, FR0106, FR0107, FR0102, and FR0105 (reopenings). The indicative issuance target set by the Government for this auction is IDR 26 trillion. BRI Danareksa Sekuritas projects that the total incoming bids for the upcoming auction may fall between IDR 70 trillion and IDR 80 trillion, with an anticipated bid-to-cover ratio ranging from 2.69x to 3.08x. (Sources: DJPPR, BRIDS Estimated)
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