Bond Market Review (Thursday,11/13)
Government Bond (SUN) prices continued to strengthen during yesterday’s trading session. According to data from PHEI, the yield on the 5-year SUN benchmark (FR0104) fell by 2 basis points (bps) to 5.41%, while the yield on the 10-year benchmark (FR0103) declined by 3 bps to 6.11%. Bloomberg data showed that the 10-year SUN yield curve (GIDN10YR) also fell by 2 bps to 6.14%. The 10-year yield curve level remains within our weekly estimated range of 6.04%–6.29%.
The outright transaction volume of Government Securities (SBN) was recorded at Rp20.7 trillion yesterday, lower than the previous day’s volume of Rp24.6 trillion. FR0103 and PBS032 were the two most actively traded series in the secondary market, with transaction volumes of Rp3.6 trillion and Rp1.5 trillion, respectively. Meanwhile, the outright trading volume of corporate bonds stood at Rp3.3 trillion.
Bloomberg data indicated that the Rupiah depreciated slightly against the US Dollar, moving from Rp16,717/US$ on Wednesday to Rp16,728/US$ yesterday.
Bond Market Preview (Friday,11/14)
US President Donald Trump signed the funding bill into law, officially ending the longest government shutdown in history. The shutdown lasted for 43 days since October 1.
As of this morning, global indicators point to a slightly negative sentiment for the bond market, reflected in the rise of US Treasury (UST) yields. The 5-year and 10-year UST yield curves rose by 3 bps each to 3.71% and 4.11%, respectively. Meanwhile, Indonesia’s 5-year Credit Default Swap (CDS) remained unchanged at 74 bps.
Considering the above factors, we anticipate stable demand for Rupiah-denominated Government Securities (SBN). Based on yield curve valuation, we expect the following bonds to be attractive to investors: FR0068, FR0103, FR0098, FR0079, and FR0083.
Kindly find the link to our Fixed Income Daily Market View for November 14, 2025 provided below this message. Thank you and best regards!
IND
https://research.bnisekuritas.co.id/doc-view?z=d685508e-76de-4f92-b6f7-3272af078eaf
ENG
https://research.bnisekuritas.co.id/doc-view?z=fcb6e92e-0d98-43d2-8c2e-978fdfe472a7
