HIGHLIGHTS
- The yield on the 10-year Indonesia Government Bond (INDOGB) rose to 6.453% on 19 February 2026, compared to 6.389% in the previous session. Meanwhile, the UST 10-year yield declined by 1 bps to 4.08% yesterday.
- Government bond trading volume totaled IDR 59.51 trillion, predominantly in short-term maturities (<5 years). This was lower than the prior day’s IDR 75.42 trillion but remained above the year-to-date (YTD) average of IDR 49.43 trillion. Outright transactions amounted to IDR 29.30 trillion, declining from IDR 38.09 trillion recorded in the previous session.
- In the corporate bond market, total trading volume reached IDR 3,636 billion, also dominated by short-term maturities (<5 years). This marked a decrease from the previous day’s IDR 4,282 billion, although it was still above the YTD average of IDR 3,313 billion. Outright transactions were recorded at IDR 3,506 billion, down from IDR 4,060 billion in the prior session.
- On the currency front, the rupiah appreciated slightly by 0.02% to IDR 16,880 per USD from IDR 16,884. Meanwhile, the Jakarta Composite Index (JCI) declined by 0.43% to 8,274 from 8,310. In commodities, Brent crude rose from USD 69.69 to USD 71.29 per barrel, while WTI Cushing crude increased from USD 62.33 to USD 65.19 per barrel.
GLOBAL UPDATES
- The US trade deficit widened to $70.3 billion in December 2025 from $53 billion in November, exceeding expectations of a $55.5 billion gap. Exports fell 1.7% to $287.3 billion, mainly due to a drop in nonmonetary gold, while imports rose 3.6% to $357.6 billion, driven by computer accessories. For full-year 2025, the deficit reached $901.5 billion. Gaps narrowed with the EU and China but widened with Mexico, Vietnam, and Taiwan. (Bloomberg)
DOMESTIC UPDATES
- Bank Indonesia maintained the BI-Rate at 4.75%, with Deposit and Lending Rate at 3.75% and 5.50% respectively, prioritizing rupiah stability amid persistent global volatility and domestic market concerns. BI attributed recent rupiah depreciation to external pressures, elevated FX demand, including from SOEs and governance-related perceptions. BI reaffirmed its commitment to stabilizing the currency through offshore NDF, onshore spot and DNDF interventions, alongside secondary-market SBN purchases. At the same time, accommodative macroprudential measures remain in place to ensure effective monetary transmission, support credit expansion, and preserve financial system resilience. (Bank Indonesia)
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