Bond Market Review (Tuesday,02/10)

Prices of Government Debt Securities (SUN) strengthened during yesterday’s trading session. Based on PHEI data, the yield on the 5-year SUN benchmark (FR0109) declined by 3 basis points (bps) to 5.74%, while the yield on the 10-year SUN benchmark (FR0108) also fell by 3 bps to 6.42%. Meanwhile, Bloomberg data showed that the 10-year SUN yield curve (GIDN10YR) decreased by 2 bps to 6.45%. The 10-year yield curve level remains within our weekly estimated range of 6.29%–6.48%.

The outright traded transaction volume of Government Securities (SBN) was recorded at Rp32.3 trillion yesterday, slightly lower than the previous day’s volume of Rp33.4 trillion. PBS030 and FR0109 were the two most actively traded series in the secondary market, with transaction volumes of Rp7.1 trillion and Rp2.2 trillion, respectively. Meanwhile, outright transaction volume for corporate bonds was recorded at Rp2.8 trillion.

DJPPR data showed that total incoming bids at yesterday’s Government Sharia Securities (SBSN) auction reached Rp43.8 trillion, higher than the previous SBSN auction on 27 January 2025, which recorded incoming bids of Rp38.6 trillion. The Government set the total amount awarded at Rp12.0 trillion, slightly above the indicative target of Rp11.0 trillion.

Bloomberg data showed that the Rupiah weakened marginally by 0.04% against the US Dollar, moving from Rp16,805/US$ on Monday to Rp16,811/US$ yesterday.

Bond Market Preview (Wednesday,02/11)

As of this morning, global indicators point to positive sentiment for the bond market, reflected in lower US Treasury (UST) yields. The 5-year and 10-year UST yields declined by 5 bps and 6 bps, respectively, from the previous day to 3.70% and 4.16%. Meanwhile, Indonesia’s 5-year Credit Default Swap (CDS) remained unchanged at 77 bps.

Taking the above factors into account, we anticipate stable demand for Rupiah-denominated Government Securities (SBN). Based on yield-curve valuation, the following bonds may be attractive for investors: FR0096, FR0100, FR0103, FR0098, and FR0106.

Kindly find the link to our Fixed Income Daily Market View for February 11, 2026 provided below this message. Thank you and best regards!

IND

https://research.bnisekuritas.co.id/doc-view?z=fc7b6809-276d-46e6-be8b-cf02c2f7a03f

ENG

https://research.bnisekuritas.co.id/doc-view?z=7a5608d4-f187-43fe-8d51-63a8e4cd88e5