HIGHLIGHTS
- The yield on 10-year Indonesian Government Bonds stood at 6.579% on July 15, 2025, slightly down from 6.589% in the previous session. Meanwhile, UST 10yr yield rose by 7 bps to 4.50% yesterday.
- The total volume of government bond transactions reached IDR54.02 trillion, dominated by medium-term tenors (5–15 years). This marked an increase from the previous day's volume of IDR46.28 trillion and was also higher than the year-to-date (YTD) average of IDR49.92 trillion. Outright transactions rose significantly to IDR41.22 trillion, compared to IDR16.91 trillion in the prior session.
- Meanwhile, corporate bond trading volume amounted to IDR4.33 trillion, mainly comprising short-term instruments (< 5 years). The volume declined from IDR5.48 trillion in the previous session but remained above the YTD average of IDR3.17 trillion. Outright transactions also fell to IDR4.33 trillion, from IDR5.48 trillion the day before.
- On the macro front, the Rupiah depreciated by 0.09% to IDR16,260 per US Dollar from IDR16,245, while the Jakarta Composite Index (JCI) rose by 0.61% to 7,140 from 7,097. In the commodity market, Brent crude oil prices declined from USD72.44 to USD71.36 per barrel, while WTI Cushing crude fell from USD68.45 to USD66.98 per barrel.
GLOBAL UPDATES
- US inflation rose to 2.7% y-y in June from 2.4%, with monthly CPI up 0.3%—the biggest gain since January—driven by food and energy. Core inflation climbed to 2.9% y-y and 0.2% m-m, slightly below expectations. Tariff-related cost pressures surfaced in goods like furnishings and toys, but the data is unlikely to accelerate Fed rate cuts, with markets still eyeing September. (Bloomberg)
DOMESTIC UPDATES
- At the Government Securities (SUN) auction held on July 15, 2025, the Indonesian Government received total bids amounting to IDR109.01 trillion, down from IDR121.68 trillion in the previous auction on July 1. The FR0104 series saw the highest demand, attracting IDR37.47 trillion in bids, with the highest awarded yield at 6.15%. It was followed by FR0103 and FR0106, which received bids of IDR32.47 trillion and IDR12.60 trillion, with awarded yields of 6.58% and around 6.90%, respectively. The government awarded a total of IDR32 trillion, above the indicative target of IDR27 trillion, resulting in a bid-to-cover ratio of 3.80x. (MoF)
- US President Donald Trump announced that Indonesian goods will face a 19% tariff, while US exports to Indonesia will remain untaxed. Indonesia committed to purchasing USD15bn in US energy, USD4.5bn in agricultural products, and 50 Boeing jets. (Bloomberg)
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