HIGHLIGHTS
- Yield of 10-year Indonesia Government Bonds is 6.905% on March 11, 2025, vs 6.881% the day before. Meanwhile, the UST 10-yr yield rose to 4.28%, from 4.22% the previous day.
- Government bonds volume was IDR47.11 trillion, and it was dominated by medium term (5-15 years). It was was up than the previous day transaction of IDR46.80 trillion. The volume lower than its YTD average of IDR48.73 trillion. While the outright transaction reached IDR26.70 trilion increased from the previous day's transaction which amount to IDR21.62 trilion.
- Meanwhile, the total volume of corporate bonds was recorded at IDR1,205 billion, dominated by short term (< 5 years). The transaction volume declined compared to the previous day's volume of IDR2,594 billion. The volume lower compared to this year's average of IDR2,125 billion. Meanwhile, outright transaction recorded at IDR1,003 billion fell from the previous day's transaction of IDR2,401 billion.
- The Rupiah exchange rate against the US Dollar weakened by 0.40% to IDR16,405 from IDR16,340 while the JCI dropped -0.79% from 6,598 to 6,546. Then Brent dropped from 72.05 to 71.11 USD per barrel, while WTI Cushing Crude Oil Spot price fell from 67.04 to 66.03 USD per barrel.
GLOBAL UPDATES
- President Trump raised tariffs on Canadian steel and aluminum to 50% in response to Ontario’s levy on electricity exports to the U.S. He also threatened higher tariffs on Canadian auto parts by April 2 unless Canada drops tariffs on U.S. dairy and other goods. (Bloomberg)
DOMESTIC UPDATES
- Indonesia's Consumer Confidence Index (CCI) remained optimistic 126.4 in Feb-25, slightly down from 127.2 in January. The Current Economic Condition Index (CEC) rose to 114.2 from 113.5, driven by higher Durable Goods Purchase Index (+3.4 points to 113.7) and Current Income Index (+0.1 points to 122.7), despite a drop in the Job Availability Index (-1.5 points to 106.2). The share of income spent on consumption increased to 74.7% from 73.6%, while savings and debt repayment proportions fell to 14.7% and 10.6% from 15.3% and 11.1%, respectively. (Bank Indonesia)
- The Government Sharia Securities (SBSN) auction on February 25, 2025, attracted IDR 21.69 trillion in bids, exceeding the previous auction’s IDR 19.91 trillion. PBS003 saw the highest demand at IDR 7.25 trillion (yield: 6.50%–6.85%), followed by PBS038 (IDR 4.75 trillion, yield: 7.00%–7.15%) and SPNS08122025 (IDR 4.72 trillion, yield: 6.09%–6.25%). The government awarded IDR 12 trillion, surpassing the IDR 10 trillion target, with a bid-to-cover ratio of 1.81x. (DJPPR)
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