Bond Market Review (Tuesday,04/21)
Prices of Government Debt Securities (SUN) closed with a weakening bias in yesterday’s trading session. PHEI data showed that the yield on the 5-year SUN benchmark (FR0109) increased by 3 basis points (bps) to 6.30%, while the yield on the 10-year SUN benchmark (FR0108) rose by 1 bp to 6.57%. According to Bloomberg data, the 10-year SUN yield curve (GIDN10YR) was unchanged at 6.60%. The 10-year yield remains within our weekly estimated range of 6.43%–6.69%.
Outright transaction volume in Government Securities (SBN) reached Rp19.5 trillion yesterday, higher than the previous day’s volume of Rp12.6 trillion. PBSG002 and PBS040 were the two most actively traded series in the secondary market, with transaction volumes of Rp4.1 trillion and Rp2.3 trillion, respectively. Meanwhile, outright transaction volume for corporate bonds totaled Rp7.0 trillion.
DJPPR data showed that total incoming bids at yesterday’s Government Sharia Securities (SBSN) auction reached approximately Rp33.6 trillion, higher than the previous SBSN auction on 7 April 2026, which recorded Rp30.6 trillion. The Government set the total amount awarded at Rp15.0 trillion, above the indicative target of Rp12.0 trillion.
Bloomberg data showed that the Rupiah strengthened by 0.15% against the US Dollar, moving from Rp17,168/US$ on Monday to Rp17,143/US$ yesterday.
Bond Market Preview (Wednesday,04/22)
As of this morning, global indicators point to negative sentiment for the bond market. The 5-year and 10-year US Treasury (UST) yields increased by 5 bps and 4 bps from the previous day to 3.91% and 4.30%, respectively. Meanwhile, Indonesia’s 5-year Credit Default Swap (CDS) remained unchanged at 82 bps.
Taking the above factors into account, we expect volatility to persist. Based on yield-curve valuation, the following bonds may be attractive for investors: FR0096, FR0100, FR0068, FR0103, FR0108, and FR0072.
Kindly find the link to our Fixed Income Daily Market View for April 22, 2026 provided below this message. Thank you and best regards!
IND
https://research.bnisekuritas.co.id/doc-view?z=94722cc3-06c2-4617-8199-c717a3f05336
ENG
https://research.bnisekuritas.co.id/doc-view?z=49c78382-b4e6-460a-811c-5fa3f498289b
