HIGHLIGHTS
- On February 10, 2025, the yield on 10-year Indonesia Government Bonds was 6.846%, a slight decrease from the previous day's yield of 6.874%. Meanwhile, the UST 10yr yield rose to 4.51%, from 4.49% the previous day.
- The total volume of government bond transactions reached IDR 36.96 trillion, primarily in short-term bonds (< 5 years), marking a modest decline from the prior day's volume of IDR 37.20 trillion. This volume is also lower than the year-to-date average of IDR 48.81 trillion. Outright transactions amounted to IDR 18.87 trillion, showing a small increase from IDR 18.82 trillion the previous day.
- Corporate bond transactions totaled IDR 913 billion, with short-term bonds (< 5 years) dominating the volume. This represents a decrease from the previous day’s total of IDR 2,787 billion and is below the year-to-date average of IDR 1,938 billion. Outright transactions totaled IDR 714 billion, a decrease from IDR 2,707 billion the day before.
- The Rupiah weakened by 0.43%, closing at IDR 16,345 against the US Dollar, compared to IDR 16,275 the previous day. The Jakarta Composite Index (JCI) fell by 1.40%, dropping from 6,743 to 6,648. In the commodity markets, Brent crude oil prices decreased from USD 74.90 to USD 74.29 per barrel, while WTI Cushing crude oil prices rose from USD 70.61 to USD 71.00 per barrel.
DOMESTIC UPDATES
- The government will conduct an auction of State Sharia Securities (SBSN) or State Sukuk on Tuesday, February 11, 2025. The following series that will be offered at this auction are SPNS04082025 (Reopening), SPNS10112025 (New Issuance), PBS003 (Reopening), PBS030 (Reopening), PBS034 (Reopening), PBS039 (Reopening) and PBS038 (Reopening). Thus, in this auction the Government has a target of IDR10 trillion. The results of the Government Sharia Securities auction held on January 30, 2025, revealed a total incoming bid of IDR 20.52 trillion, surpassing the previous auction on January 14, 2025, which recorded IDR 14.06 trillion in bids. The total nominal amount awarded in this auction was IDR 10 trillion, which aligns with the government's target. As a result, the bid-to-cover ratio for this auction stood at 2.05x. BRI Danareksa Sekuritas projects that the total incoming bids for the upcoming auction may fall between IDR 15 trillion and IDR 25 trillion, with an anticipated bid-to-cover ratio ranging from 1.50x to 2.50x. (Sources: DJPPR, BRIDS Estimated)
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