HIGHLIGHTS
- The yield on the 10-year Indonesia Government Bond stood at 5.999% on October 27, 2025, slightly higher than 5.994% recorded the previous day. Meanwhile, UST 10yr yield declined by 1 bps to 4.01% yesterday.
- Government bond trading volume reached IDR44.38 trillion, dominated by short-term series (tenors under five years). The volume increased from IDR36.09 trillion in the previous session but remained below the year-to-date (YTD) average of IDR51.15 trillion. Meanwhile, outright transactions totaled IDR26.91 trillion, rising from IDR26.38 trillion in the prior session.
- Corporate bond trading volume amounted to IDR2.79 trillion, also dominated by short-term tenors (<5 years). The figure declined from IDR5.82 trillion in the previous session and was below the YTD average of IDR3.23 trillion. Outright transactions reached IDR2.72 trillion, down from IDR5.03 trillion the day before.
- The Rupiah depreciated by 0.12% to IDR16,615 per USD, compared to IDR16,595 previously. The Jakarta Composite Index (JCI) fell 1.87%, from 8,272 to 8,117. Meanwhile, Brent crude oil prices rose from USD65.39 to USD66.46 per barrel, whereas WTI Cushing crude prices edged down from USD62.62 to USD62.31 per barrel.
GLOBAL UPDATES
- Both US and China bond yields climbed as market sentiment improved ahead of the Trump–Xi summit and the upcoming Fed decision. The US 10-year Treasury yield rose to around 4.03%, while China’s 10-year yield advanced to 1.79%, the highest in weeks. Optimism over progress in trade talks, covering export controls, fentanyl, and tariffs, boosted risk appetite. China’s industrial profits surged 21.6% y/y in September, signaling a corporate rebound, while the PBoC maintained liquidity support through continued net injections. (Trading Economics)
DOMESTIC UPDATES
- The Government will conduct an auction of State Sharia Securities (SBSN) or Sukuk Negara on Tuesday, October 28, 2025. The series to be offered include SPNS08122025 (reopening), SPNS06042026 (reopening), SPNS13072026 (reopening), PBS030 (reopening), PBS040 (new issuance), PBSG002 (new issuance), PBS034 (reopening), and PBS038 (reopening). For this auction, the Government has set an indicative target of IDR 7 trillion. BRI Danareksa Sekuritas estimates that total incoming bids in the upcoming auction could reach IDR55–65 trillion, with an expected bid-to-cover ratio of 7.86x–9.29x. (MoF, BRIDS Estimate)
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