HIGHLIGHTS

  1. Yield of 10-year Indonesia Government Bonds is 7.130% on January 21, 2025, vs 7.160% the day before. Meanwhile, the UST 10-year yield fell to 4.57%, from 4.61 the previous day.
  2. Government bonds volume was IDR59.25 trillion, and it was dominated by medium term (5-15 years). It was was up than the previous day transaction of IDR48.33 trillion. The volume higher than its YTD average of IDR48.17 trillion. While the outright transaction reached IDR37.17 trilion advanced from the previous day's transaction which amount to IDR9.17 trilion.
  3. Meanwhile, the total volume of corporate bonds was recorded at IDR736 billion, dominated by short term (< 5 years). The transaction volume declined compared to the previous day's volume of IDR1,335 billion. The volume lower compared to this year's average of IDR2,222 billion. Meanwhile, outright transaction recorded at IDR736 billion declined from the previous day's transaction of IDR1,335 billion.
  4. The Rupiah exchange rate against the US Dollar strengthened by 0.15% to IDR16,335 from IDR16,360 while the JCI increased 0.15% from 7,171 to 7,182. Then Brent declined from 82.20 to 80.69 USD per barrel, while WTI Cushing Crude Oil Spot price stabilized from 77.88 to 77.88 USD per barrel.

DOMESTIC UPDATES

  1. The results of the Government Securities auction on January 21, 2025, revealed a total incoming bid of IDR 54.57 trillion, marking an increase compared to the previous auction on January 7, 2025, which recorded IDR 31.66 trillion in bids. The series with the highest incoming demand was the FR0104 series, with bids reaching IDR 20.35 trillion and a yield range of 6.85% - 7.10%. This was followed by the FR0103 series, which attracted IDR 15.04 trillion in bids with a yield range of 7.09% - 7.29%, and the FR0106 series, which garnered IDR 5.97 trillion in bids with a yield range of 7.23% - 7.38%. The government successfully awarded a nominal value of IDR 26 trillion, meeting its target of IDR 26 trillion. As a result, the bid-to-cover ratio for this auction stood at 2.10x. (DJPPR)
  2. Government will increase the minimum export proceed that need to held domestically from 30% to 100% and increase the minimum tenor from 3 months to 12 months. To incentivize the exporters, government will exempt the interest earned through the deposits from income tax. (Bisnis)

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