Please find attached our BNIS Fixed Income Daily Report of February 25, 2026

Bond Market Review (Tuesday,02/24)

Prices of Government Debt Securities (SUN) closed mixed during yesterday’s trading session. PHEI data showed that the yield on the 5-year SUN benchmark (FR0109) increased by 1 basis point (bp) to 5.72%, while the yield on the 10-year SUN benchmark (FR0108) also rose by 1 bp to 6.43%. Meanwhile, Bloomberg data indicated that the 10-year SUN yield curve (GIDN10YR) was unchanged at 6.45%. The 10-year yield remains within our weekly estimated range of 6.23%–6.48%.

The outright traded transaction volume of Government Securities (SBN) amounted to Rp40.0 trillion yesterday, higher than the previous day’s volume of Rp32.4 trillion. PBS038 and FR0108 were the two most actively traded series in the secondary market, with transaction volumes of Rp5.8 trillion and Rp4.1 trillion, respectively. Meanwhile, outright transaction volume for corporate bonds was recorded at Rp7.0 trillion.

DJPPR data showed that total incoming bids at yesterday’s Government Sharia Securities (SBSN) auction reached Rp35.6 trillion, lower than the previous SBSN auction on 10 February 2026, which recorded Rp43.8 trillion. The Government set the total amount awarded at Rp20.0 trillion, significantly above the indicative target of Rp11.0 trillion.

Bloomberg data showed that the Rupiah weakened by 0.16% against the US Dollar, moving from Rp16,802/US$ on Monday to Rp16,829/US$ yesterday.

Bond Market Preview (Wednesday,02/25)

As of this morning, global indicators point to somewhat negative sentiment, reflected in higher US Treasury (UST) yields and Indonesia’s Credit Default Swap (CDS) levels. The 5-year and 10-year UST yields rose by 2 bps and 1 bp, respectively, to 3.61% and 4.04%. Meanwhile, Indonesia’s 5-year CDS increased by 1 bp to 82 bps.

Taking the above factors into account, we anticipate heightened volatility in prices and yields of Rupiah-denominated Government Securities (SBN). Based on yield-curve valuation, the following bonds may be attractive for investors: FR0100, FR0080, FR0103, FR0098, FR0083, and FR0106.

Kindly find the link to our Fixed Income Daily Market View for February 25, 2026 provided below this message. Thank you and best regards!

IND

https://research.bnisekuritas.co.id/doc-view?z=bf218bd7-cc80-4640-83f7-be85e1b10a03

ENG

https://research.bnisekuritas.co.id/doc-view?z=12738592-67b2-4718-9657-5dfb622916b1