HIGHLIGHTS
- The yield on 10-year Indonesian Government Bonds stood at 6.774% as of June 10, 2025, unchanged from the previous trading day. Meanwhile, UST 10yr yield declined by 2bps to 4.47% yesterday.
- Total government bond trading volume reached IDR62.86 trillion, dominated by short-term tenors (less than 5 years). This marked a decline from the previous day’s volume of IDR65.52 trillion, but remained above the year-to-date (YTD) average of IDR50.32 trillion. Outright transactions amounted to IDR31.31 trillion, also lower than the previous day’s figure of IDR43.55 trillion.
- Corporate bond transactions totaled IDR4.83 trillion, also largely concentrated in short-term instruments. The volume rose significantly compared to the prior day's IDR1.93 trillion and was above the YTD average of IDR2.92 trillion. Outright transactions were recorded at IDR4.80 trillion, up from IDR1.93 trillion the day before.
- The Indonesian Rupiah appreciated slightly by 0.01% against the US Dollar to IDR16,273 from IDR16,275. The Jakarta Composite Index (JCI) rose 1.65%, closing at 7,231 from 7,113. Meanwhile, Brent crude oil increased
GLOBAL UPDATES
- The World Bank cut its 2025 global growth forecast to 2.3% (–0.4ppt) due to rising tariffs and uncertainty, marking the weakest non-recessionary pace since 2008. Growth projections were lowered for nearly 70% of economies, including the U.S. (1.4%, –0.9ppt), EU (0.7%), and Japan (0.7%). Global trade is expected to slow to 1.8%, and inflation to remain elevated at 2.9%. A further 10ppt tariff hike could shave another 0.5ppt off growth. Developing countries face long-term setbacks, while China’s forecast remains at 4.5%. (Reuters)
DOMESTIC UPDATES
- The results of the State Sharia Securities (SBSN) auction on June 10, 2025, showed total incoming bids of IDR36.89 trillion, higher than the previous auction on May 27, 2025, which recorded IDR24.79 trillion in bids. The series that attracted the highest bids was PBS030, with a yield range of 6.30%–6.45% and total incoming bids amounting to IDR13.72 trillion, followed by PBS003 and SPNS09032026, which received bids of IDR8.68 trillion and IDR4.47 trillion, respectively. The PBS003 series offered a yield range of 6.21%–6.37%, while SPNS09032026 had a yield range of 5.85%–6.00%. As a result, the awarded amount in this auction was IDR10 trillion, in line with the government’s target of IDR10 trillion, resulting in a bid-to-cover ratio of 3.69x. (MoF)
- Indonesia’s FX reserves held steady at USD152.5bn in May-25, supported by tax, service, and O&G receipts amid external debt payments and BI’s Rupiah stabilization. (Bank Indonesia)
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