HIGHLIGHTS
- The yield on Indonesia’s 10-year government bonds stood at 6.844% as of May 20, 2025, slightly lower than the previous day's level of 6.871%. Meanwhile, UST 10yr yield rose by 2bps to 4.48% yesterday.
- The total trading volume of government bonds reached IDR73.89 trillion, predominantly in medium-term tenors (5–15 years). This marks a significant increase from the previous day’s volume of IDR47.57 trillion and exceeds the year-to-date (YTD) average of IDR49.11 trillion. Outright transactions amounted to IDR52.89 trillion, a notable rise from IDR14.71 trillion recorded the day prior.
- Corporate bond trading volume totaled IDR1.001 trillion, primarily in short-term instruments (less than 5 years). This represents a decline from the previous day’s volume of IDR2.297 trillion and falls below the YTD average of IDR2.912 trillion. Outright transactions also decreased to IDR1.001 trillion, down from IDR2.297 trillion the day before.
- The Indonesian Rupiah appreciated by 0.09% against the US Dollar, strengthening to IDR16,415 from IDR16,430. Meanwhile, the Jakarta Composite Index (JCI) declined by 0.65%, closing at 7,095 from 7,141. In the commodities market, Brent crude oil rose to USD66.04 per barrel from USD65.08, while WTI Cushing crude increased to USD62.69 per barrel from USD62.49.
DOMESTIC UPDATES
- The Government Bond (SUN) auction on May 20, 2025, received bids totaling IDR 108.33 trillion, marking the highest level since August 20, 2024, when bids reached IDR 104 trillion. Bonds maturing in May 2025 total IDR 164 trillion, including IDR 117 trillion in Indonesian Government Bonds and IDR 33 trillion in USD-denominated bonds. The highest bid was for series FR0104, with a yield of 6.45%–6.59%, totaling IDR 46.74 trillion. This was followed by FR0103 (yield 6.83%–7.00%) and FR0106 (yield 6.97%–7.13%), with bids of IDR 39.26 trillion and IDR 7.48 trillion, respectively. The auction raised IDR 28 trillion, which is above the government's target of IDR 26 trillion but lower than the previous auction's IDR 30 trillion. The bid-to-cover ratio was 3.87x. (DJPPR)
- Indonesia posted a fiscal surplus of IDR4.3 trillion in April 2025 (4M25), reversing the deficit trend since January. The surplus was driven by a 47.8% m-m revenue jump while spending declined 31.7% m-m. Cumulatively, revenue still contracted 12.4% y-y—an improvement from the 16.8% drop in 3M25. The government remains focused on keeping the 2025 fiscal deficit within target and projects the 2026 deficit to stay in the 2.48%–2.53% of GDP range. (CNBC Indonesia)
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