HIGHLIGHTS
- On October 29, 2024, the yield on 10-year Indonesian government bonds rose to 6.862%, up from 6.823% the previous day.
- The trading volume for government bonds reached IDR 52.33 trillion, primarily in the medium-term range (5-15 years), marking an increase from the prior day's transactions of IDR 30.22 trillion. This volume also surpassed the year-to-date average of IDR 45.85 trillion. Outright transactions totaled IDR 28.23 trillion, up from IDR 11.87 trillion the day before.
- In contrast, the total volume of corporate bonds amounted to IDR 1,281 billion, with a focus on short-term bonds (less than 5 years). This represented a decline from the previous day's volume of IDR 1,919 billion and fell short of the year's average of IDR 1,910 billion. Outright transactions in this category were recorded at IDR 1,271 billion, down from IDR 1,394 billion the previous day.
- The Rupiah depreciated by 0.22% against the US Dollar, moving from IDR 15,725 to IDR 15,760. The Jakarta Composite Index (JCI) also experienced a decrease of 0.37%, falling from 7,635 to 7,607. Additionally, Brent crude oil prices dropped from USD 75.97 to USD 72.16 per barrel, while the WTI Cushing Crude Oil Spot price decreased from USD 71.99 to USD 67.38 per barrel.
GLOBAL UPDATES
- US Job Openings fell by 418k to 7.4mn in Sep-24 from a downwardly revised 7.9mn in August and below market expectations of 7.99mn. It is the lowest level since January 2021, indicating the labor market is cooling. Number of job quits (3.1 million) and layoffs and discharges (1.8 million) changed little. (Trading Economics)
DOMESTIC UPDATES
- The results of the Government Securities auction on October 29 showed a total incoming bid of IDR29.58 trillion, higher than the previous auction on October 15, 2024 of IDR44.27 trillion. The series that has the largest incoming bid is the FR0103 series with a yield range of 6.87% - 7.05% with incoming bids reaching IDR5.70 trillion and followed by FR0104 and FR0105 which attracted bids of IDR4.76 trillion and IDR4.71 trillion respectively with a yield range of 6.70% - 6.98% for the FR0104 series and the FR0105 series has a yield range of 6.96% - 7.25%. Meanwhile, the nominal won in this auction amounted to IDR18.85 trillion, lower than the government's target of IDR22 trillion and also the previous auction of IDR25 trillion. Thus the bid-to-cover ratio of this auction is 1.57x. (DJPPR)
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