HIGHLIGHTS
- The yield on the 10-year Indonesian Government Bond stood at 6.745% as of June 16, 2025, rising from 6.724% the previous day. Meanwhile, UST 10yr yield rose by 5bps to 4.46% yesterday.
- Government bond trading volume reached IDR59.07 trillion, with activity concentrated in medium-term tenors (5–15 years). This marks a significant increase from the prior day's volume of IDR37.76 trillion and exceeds the year-to-date (YTD) average of IDR50.18 trillion. Meanwhile, outright transactions totaled IDR25.81 trillion, declining from IDR32.59 trillion recorded the previous day.
- In the corporate bond market, total trading volume amounted to IDR1.97 trillion, primarily driven by short-term instruments (less than 5 years). This figure declined from the previous day's volume of IDR2.35 trillion and remained below the YTD average of IDR2.89 trillion. Outright transactions matched the total volume at IDR1.97 trillion, also down from IDR2.35 trillion the day before.
- On the macro front, the Rupiah appreciated by 0.18% against the US Dollar, strengthening to IDR16,265 from IDR16,295. Meanwhile, the Jakarta Composite Index (JCI) declined by 0.68%, falling from 7,166 to 7,118. In the commodities market, Brent crude rose from USD70.87 to USD75.19 per barrel, while WTI Cushing crude advanced from USD68.04 to USD72.98 per barrel.
GLOBAL UPDATES
- China’s retail sales rose 6.4% y-y in May-25, the fastest since Dec-23, boosted by holidays and early “618” shopping promos. Despite stronger consumption, market remain cautious as high US tariffs, weak property sector, and fading stimulus threaten to weigh further on growth. (Reuters)
- Iran has asked Qatar, Saudi Arabia, and Oman to urge U.S. President Trump to press Israel for an immediate ceasefire, offering flexibility in nuclear talks in return. Gulf states, concerned about escalating conflict, have been in intense communication with Tehran and Washington. (Reuters)
DOMESTIC UPDATES
- The Government of Indonesia is scheduled to conduct a Government Securities (SUN) auction on Tuesday, June 17, 2025, as part of its strategy to support the financing of the 2025 State Budget (APBN). The auction will offer a mix of instruments, including two newly issued series—SPN03250915 alongside reopenings of existing benchmark series: SPN12260604, FR0104, FR0103, FR0106, FR0107, FR0102, and FR0105. The government has set an indicative issuance target of IDR 26 trillion for this auction. BRI Danareksa Sekuritas projects that total incoming bids for the upcoming auction may range between IDR 70 trillion and IDR 80 trillion, with an expected bid-to-cover ratio between 2.69x and 3.08x. (Sources: MoF, BRIDS Estimated)
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