Bond Market Review (Tuesday,11/04)
Government Debt Securities (SUN) prices weakened in yesterday’s trading session. Based on data from PHEI, the yield on the 5-year SUN Benchmark (FR0104) rose by 2 basis points (bps) to 5.52%, while the yield on the 10-year SUN Benchmark (FR0103) increased by 6 bps to 6.19%. Bloomberg data showed that the 10-year SUN yield curve (GIDN10YR) climbed by 1 bp to 6.17%. The 10-year yield curve level remains within our weekly estimated range of 5.98%–6.22%.
The outright transaction volume of Government Securities (SBN) was recorded at Rp32.3 trillion yesterday, higher than the previous day’s volume of Rp18.9 trillion. FR0104 and FR0103 were the two most actively traded series in the secondary market, with transaction volumes of Rp5.2 trillion and Rp4.6 trillion, respectively. Meanwhile, the outright trading volume of corporate bonds stood at Rp4.8 trillion.
Bloomberg data indicated that the Rupiah exchange rate against the US Dollar weakened by 0.19%, moving from Rp16,676/US$ on Monday to Rp16,708/US$ yesterday.
Bond Market Preview (Wednesday,11/05)
As of this morning, global indicators point to a generally negative sentiment. The US Treasury (UST) 5-year and 10-year yields each fell by 3 bps to 3.69% and 4.10%, respectively. On the other hand, Indonesia’s 5-year Credit Default Swap (CDS) rose by 4 bps to 78 bps. The combination of lower UST yields and higher CDS levels typically occurs when investors shift toward safe-haven instruments, indicating a risk-off sentiment.
Considering these factors, we anticipate heightened volatility in the prices and yields of Rupiah-denominated Government Securities (SBN). Based on yield curve valuation, the following bonds may be attractive to investors: FR0075, FR0098, FR0079, FR0083, and FR0106.
Kindly find the link to our Fixed Income Daily Market View for November 5, 2025 provided below this message. Thank you and best regards!
IND
https://research.bnisekuritas.co.id/doc-view?z=dec80340-ee11-484e-9b3d-c8c38e4629e8
ENG
https://research.bnisekuritas.co.id/doc-view?z=d681aeaf-83b5-4b1a-a784-343c16510978
