HIGHLIGHTS
- The yield on 10-year Indonesian Government Bonds stood at 6.589% on July 8, 2025, slightly up from 6.580% in the previous session. Meanwhile, UST 10yr yield rose by 2bps to 4.42% yesterday.
- Total government bond trading volume reached IDR35.47 trillion, predominantly in short-term instruments (< 5 years). This marked a slight decline from the previous day's volume of IDR35.85 trillion and remained below the year-to-date (YTD) average of IDR50.17 trillion. However, outright transactions rose to IDR25.40 trillion, up from IDR18.72 trillion in the prior session.
- Corporate bond trading volume amounted to IDR9.59 trillion, also dominated by short-term tenors (< 5 years). This reflected an increase from IDR6.51 trillion the previous day and surpassed the YTD average of IDR3.11 trillion. Outright transactions likewise climbed to IDR9.40 trillion, compared to IDR6.50 trillion in the prior session.
- The Indonesian Rupiah appreciated 0.14% against the US Dollar to IDR16,208 from IDR16,230. The Jakarta Composite Index (JCI) edged up by 0.05%, from 6,901 to 6,904. Meanwhile, Brent crude rose from USD70.75 to USD71.41 per barrel, and WTI Cushing crude increased from USD67.00 to USD67.93 per barrel.
DOMESTIC UPDATES
- The SBSN auction on July 8, 2025, attracted total bids of IDR40.83 trillion, up from IDR39.73 trillion in the previous auction. PBS030 received the highest interest with IDR13.35 trillion in bids and a yield range of 5.93%–6.11%, followed by PBS003 (IDR8.58 trillion, 5.93%–6.11%) and PBS038 (IDR7.77 trillion, 6.90%–7.03%). The government awarded IDR12 trillion, exceeding the IDR9 trillion target, resulting in a bid-to-cover ratio of 3.40x. (MoF)
- Consumer confidence edged up to 117.8 in Jun-25 from 117.5 in May, as the Current Economic Condition Index rose to 106.7, supported by higher income and durable goods purchases, likely boosted by recent government stimulus. However, job availability worsened, with the index falling to 94.1—its lowest since the 2022 Covid peak—with all spending groups remaining pessimistic. In the Economic Expectation Index, income expectations hit a 2.5-year low, while job and business outlooks saw slight improvements. (Bank Indonesia)
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