The govt. will issue IDR10tn of govt. sukuk in this week’s auction, with the details as follows: SPNS13102025 with indicative yield of 6.00−6.10%, SPNS12012026 with indicative yield 6.20−6.30%, PBS003 with indicative yield of 6.37−6.42%, PBS030 with indicative yield 6.46−6.51%, PBS034 with indicative yield of 6.93−6.98%, PBS039 with indicative yield of  6.95−7.05%, and PBS038 with indicative yield of 7.05−7.10%.

Scott Bessent said that trade deals were up to China, while US put China aside for a while, as they were dealing with 17 countries. India may be the first country to announce such deals. From China, patriotism was flourishing even among critics of Xi’s administrations, where they stood together to fight Trump’s tariffs. From domestic, Indonesia’s income tax reporting hit 68.55% of total, while this year’s compliance target was set at 81.95%>

Last national business day, the dollar index was closed at 99.01 (-0.5%). Rupiah was depreciated by 0.2% at USDIDR at 16,856. The UST yield was down by -2.7bps to 4.21% and 10yr INDOGBR was down by -1.5bps to 6.91% – the spread between the two was at 270bps.

Economy: Bessent said that deals were up to China

US Secretary of Treasury, Scott Bessent, said that “all aspects” of govt. were in contact with their China’s counterparts. However, the progress would depend on China, considering China’s greater exposures to the deal. Bessent said that he had tools to escalate the tension, e.g. embargo, but he did not want to go to such stages. A week earlier, during IMF-World Bank meetings, US-China officials discussed financial stability, but there was no signal on trade talks. Currently, US put China aside for a while, as they were dealing with 15—17 countries, while India may be the first country to announce the deal. Source: Bloomberg

Economy: Indonesia’s Income Tax reporting hit 68.55% of total

A.o 27 Apr’25, 13.56mn income taxpayers already reported Annual Income Tax Returns (SPT), consisting of 12.92mn individuals and 0.64mn corporates. Meanwhile, the total income taxpayers were 19.78mn. Reporting would remain open until the end of this year, with govt. targeting compliance level at 81.95%. Individuals submitting late would be fined IDR0.1mn, while corporates will be subject to a fine of IDR1mn. Source: Kontan

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Research Division