HIGHLIGHTS
- The yield on Indonesia’s 10-year government bonds remained stable at 6.798% on April 28, 2026, unchanged from the previous day. Meanwhile, the UST 10-year yield rose by 1 bps to 4.36% yesterday.
- Government bond trading volume totaled IDR 59.27 trillion, primarily driven by short-term tenors (<5 years). This marked a decline from the previous day’s volume of IDR 65.02 trillion, although it remained above the year-to-date (YTD) average of IDR 49.43 trillion. Meanwhile, outright transactions surged to IDR 48.70 trillion, significantly higher than IDR 24.52 trillion recorded in the prior session.
- In the corporate bond market, total trading volume reached IDR 5,874 billion, also dominated by short-term instruments (<5 years). This represented a slight increase from the previous day’s volume of IDR 5,812 billion and was well above the YTD average of IDR 3,313 billion. Outright transactions stood at IDR 5,874 billion, rising from IDR 5,807 billion in the previous session.
- The Rupiah depreciated by 0.17% against the US Dollar to IDR 17,225 (from IDR 17,195). Meanwhile, the Jakarta Composite Index (JCI) declined by 0.48% to 7,072 (from 7,107). In the commodities market, Brent crude oil prices increased from USD 108.23 to USD 111.08 per barrel, while WTI Cushing crude oil spot prices rose from USD 96.37 to USD 99.19 per barrel.
GLOBAL UPDATES
- The Bank of Japan maintained its benchmark rate at 0.75% in a contentious 6-3 vote, the widest split under Governor Kazuo Ueda. While the "stand-pat" decision met market expectations, the dissenting voices fueled a hawkish shift, pushing the yen toward 159/USD. Revised forecasts now project fiscal inflation at 2.8%, while growth estimates were trimmed to 0.5%. Crucially, the BOJ updated its guidance to allow for hikes based on economic "developments" rather than just "improvements." Markets now price in a 74% probability of a rate increase at the June 16 meeting. (Bank of Japan)
DOMESTIC UPDATES
- The Government Bond (SUN) auction held on April 28, 2026 recorded total incoming bids of IDR 74.95 trillion, slightly lower than IDR 78.44 trillion in the previous auction on April 14, 2026. Series FR0109 attracted the strongest investor interest, with total bids reaching IDR 34.74 trillion and a yield range of 6.57%–7.00%. This was followed by series FR0108, which recorded bids of IDR 9.22 trillion with a yield range of 6.75%–7.05%, and series FR0107, which received IDR 7.05 trillion in bids with a yield range of 6.73%–7.15%. The government awarded a total amount of IDR 40 trillion, exceeding its indicative target of IDR 36 trillion. As a result, the auction achieved a bid-to-cover ratio of 1.87x. (MoF)
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