HIGHLIGHTS
- The 10-year Indonesia Government Bond (INDOGB) yield declined to 6.713% on March 10, 2026, from 6.756% in the previous session. Meanwhile, UST 10yr yield moved up by 3bps to 4.15%, yesterday.
- Government bond trading volume reached IDR52.35 trillion, dominated by short-term tenors (<5 years). The volume was slightly lower than the previous day's transaction of IDR54.56 trillion, but remained above its YtD average of IDR49.43 trillion. Meanwhile, outright transactions increased to IDR36.12 trillion, from IDR31.58 trillion in the prior session.
- In the corporate bond market, total trading volume declined to IDR7.17 trillion, primarily concentrated in short-term tenors (<5 years), compared with IDR13.45 trillion in the previous session. Despite the decline, the volume remained above this year’s average of IDR3.31 trillion. Outright transactions also decreased to IDR7.16 trillion, from IDR13.45 trillion previously.
- In the broader market, the Rupiah strengthened by 0.50% to IDR16,861 per USD, while the Jakarta Composite Index (JCI) rose 1.41% to 7,441. In the commodities market, Brent crude oil advanced from USD94.31 to USD102.93 per barrel, while WTI Cushing crude oil spot prices declined from USD90.86 to USD82.79 per barrel.
GLOBAL UPDATES
- China’s trade surplus widened to a record USD 213.6 billion in January–February 2026, driven by stronger-than-expected export and import growth. Exports surged 21.8% YoY to USD 656.6 billion, far above forecasts, while imports rose 19.8% to USD 443.0 billion, reflecting firm global and domestic demand during the festive season. China combines January–February data to smooth Lunar New Year distortions. Trade with the EU and ASEAN increased strongly, although trade with the US declined. The strong trade performance suggests resilient external demand despite ongoing tariff tensions. (CNBC)
DOMESTIC UPDATES
- The Sharia Government Securities (SBSN) auction held on 10 March 2026 recorded total incoming bids of IDR30.98 trillion, lower than the IDR35.61 trillion booked in the previous auction on 24 February 2026. The PBS038 series attracted the highest demand, with total bids reaching IDR9.31 trillion and bid yield ranges of 6.78%–6.93%. This was followed by SPNS23112026 and PBS030, which garnered IDR8.17 trillion and IDR2.80 trillion in bids, respectively. The SPNS23112026 series offered yield ranges of 5.10%–5.32%, while PBS030 recorded bid yields of 5.50%–5.98%. The government awarded IDR15 trillion, exceeding the indicative target of IDR11 trillion, resulting in a bid-to-cover ratio of 2.07x. (MoF)
- Indonesia’s retail sales grew 5.7% YoY in January 2026, accelerating from 3.5% in December, supported by stronger sales of cultural and recreational goods, food and beverages, and clothing. Some segments also rebounded, including other goods and household equipment, although growth slowed in automotive parts and information and communication equipment. On a monthly basis, retail sales fell 2.7% due to post year-end holiday normalization. Looking ahead, Bank Indonesia expects retail sales to grow 6.9% YoY in February, supported by Ramadan and Eid-related demand, with monthly sales projected to rise 4.4%. (Bank Indonesia)
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