Bond Market Review (Thursday,06/25)
Prices of Government Debt Securities (SUN) closed stronger in yesterday’s trading session. PHEI data showed that the yield on the 5-year SUN benchmark (FR0109) declined by 9 basis points (bps) to 7.12%, while the yield on the 10-year SUN benchmark (FR0108) fell by 5 bps to 7.13%. According to Bloomberg data, the 10-year SUN yield curve (GIDN10YR) declined by 4 bps to 7.18%. The 10-year SUN yield curve (GIDN10YR) remains slightly above our weekly estimated range of 6.89%–7.17%.
Outright transaction volume in Government Securities (SBN) reached Rp22.1 trillion yesterday, higher than the Rp15.0 trillion recorded in the previous trading session. FR0109 and PBS032 were the two most actively traded series in the secondary market, with transaction volumes of Rp7.3 trillion and Rp2.6 trillion, respectively. Meanwhile, outright transaction volume for corporate bonds totaled Rp9.3 trillion.
Bloomberg data showed that the Rupiah strengthened marginally by 0.05% against the U.S. Dollar, moving from Rp17,952/US$ on Wednesday to Rp17,943/US$ yesterday.
Bond Market Preview (Friday,06/26)
As of this morning, Brent crude oil prices increased by 2.06% from the previous day to US$75.3 per barrel. Global indicators point to generally positive sentiment for the bond market. The DXY Index declined by 0.17% to 101.4. Meanwhile, the 5-year and 10-year U.S. Treasury (UST) yields declined by 2 bps and 1 bp, respectively, to 4.15% and 4.40%. Indonesia’s 5-year Credit Default Swap (CDS) spread narrowed by 2 bps to 89 bps.
Taking the above factors into account, we expect Rupiah-denominated SUN yields to remain sensitive to global developments and domestic liquidity conditions. Based on yield-curve valuation, the following bonds may be attractive for investors: FR0056, FR0090, FR0101, FR0104, and FR0082.
Kindly find the link to our Fixed Income Daily Market View for June 26, 2026 provided below this message. Thank you and best regards!
IND
https://research.bnisekuritas.co.id/doc-view?z=34c11197-20c6-42e1-a02d-834bfed6af04
ENG
https://research.bnisekuritas.co.id/doc-view?z=47e7b888-e7c6-42ec-98f3-3e4119f0d43c
