Bond Market Review (Friday,12/05)
Government Debt Securities (SUN) prices moved mixed during the final trading session of last week. According to data from PHEI, the yield on the 5-year SUN benchmark (FR0104) rose by 1 basis point (bp) to 5.64%, while the yield on the 10-year benchmark (FR0103) also increased by 1 bp to 6.18%. Bloomberg data showed that the 10-year SUN yield curve (GIDN10YR) declined by 2 bps to 6.20%.
The outright traded transaction volume of Government Securities (SBN) reached Rp12.5 trillion yesterday, lower than the previous day’s volume of Rp15.4 trillion. FR0104 and FR0103 were the two most actively traded series in the secondary market, with transaction volumes of Rp3.5 trillion and Rp1.1 trillion, respectively. Meanwhile, the outright trading volume of corporate bonds totaled Rp3.1 trillion.
Last week, Bank Indonesia conducted two SRBI auctions on Wednesday and Friday. The SRBI auction on 3 December 2025 absorbed Rp11 trillion with a 12-month Weighted Average Yield (WAY) of 5.01%. The SRBI auction on 5 December absorbed Rp24.5 trillion with a 12-month WAY of 5.02%. In comparison, the SRBI auction on 28 November recorded a 12-month WAY of 4.95%.
According to Bank Indonesia’s Report on the Performance of Rupiah Stability Indicators, nonresident investors recorded a net buy of Rp14.08 trillion during the trading period of 1–4 December 2025. This flow consisted of a net buy of Rp2.11 trillion in equities, Rp1.06 trillion in the SBN market, and Rp10.92 trillion in Bank Indonesia Rupiah Securities (SRBI). Cumulatively, from the beginning of the year up to 4 December 2025 (based on settlement data), nonresidents posted a net sell of Rp27.93 trillion in equities, Rp122.14 trillion in SRBI, and Rp2.79 trillion in the SBN market.
Bloomberg data showed that the Rupiah slightly appreciated by 0.03% against the US Dollar, moving from Rp16,653/US$ on Thursday to Rp16,648/US$ on Friday.
Bond Market Preview (Monday,12/08)
As of Friday, global indicators signaled negative sentiment for the bond market, reflected in rising US Treasury (UST) yields. The 5-year and 10-year UST yields increased by 4 bps and 3 bps from the previous day, reaching 3.72% and 4.14%. Meanwhile, Indonesia’s 5-year Credit Default Swap (CDS) remained unchanged at 72 bps.
On a week-over-week basis, the 10-year UST yield rose by 12 bps. Meanwhile, Indonesia’s 5-year CDS declined by 1 bp compared to the previous week, and the Rupiah strengthened by 0.16% against the US Dollar. Although indicators appear mixed, the 10-year SUN yield curve (GIDN10YR) still recorded a weekly decline of 12 bps to 6.20%.
Market participants are now awaiting the results of the upcoming FOMC Meeting scheduled for 9–10 December. Considering the factors above, we anticipate a slight increase in price and yield volatility for Rupiah-denominated Government Securities (SBN). We project the weekly range for the 10-year SUN yield for the period of 1–5 December to be in the range of 6.11%–6.35%. Based on yield curve valuation, the following bonds may be attractive to investors: FR0100, FR0068, FR0103, FR0079, and FR0106.
Kindly find the link to our Fixed Income Daily Market View for December 8, 2025 provided below this message. Thank you and best regards!
IND
https://research.bnisekuritas.co.id/doc-view?z=4d049f42-430e-4d6a-8205-1cf2e53cceec
ENG
https://research.bnisekuritas.co.id/doc-view?z=27835831-54ea-44f5-8151-af923f615b93
