Fixed InSight<\/p>\n\n\n\n
Today\u2019s highlights:<\/strong><\/p>\n\n\n\n President Prabowo replaced BGN leadership, appointing Nanik S Deyang as the new Head of the National Nutrition Agency to strengthen governance and accelerate implementation of the Free Nutritious Meal (MBG) program following ~1.5 years of monitoring. Indonesia’s May CPI came in above expectations at +3.08% y-y (vs. +2.98% consensus, prev: +2.42%), driven by Food, Beverage & Tobacco (+4.94% y-y) and persistent transportation inflation (+0.61% m-m), with core CPI also accelerating to +2.59% y-y. Indonesia’s April trade surplus hit a six-year low at +USD0.09bn (vs. +USD1.35bn consensus, prev: +USD3.32bn), as imports surged +22.49% y-y \u2014 led by oil & gas products \u2014 widening the O&G trade deficit to -USD3.44bn from -USD1.89bn previously.<\/em><\/p>\n\n\n\n From the bond market, FR 56, 37, 90, and 59 are currently the cheapest based on our yield curve model. Last national business day, the dollar index was closed at 99.22 (+0.3%). Rupiah was appreciated by 0.2% at USDIDR at 17,839. The 10yr UST yield increased by +0.8bps to 4.44% and 10yr INDOGBR increased by +3.9bps to 6.76% \u2013 the spread between the two was at 232bps.<\/em><\/p>\n\n\n\n Economy: President Prabowo replaced BGN leadership to improve governance and accelerate MBG implementation<\/strong><\/p>\n\n\n\n President Prabowo officially replaced the leadership of the National Nutrition Agency (BGN), including dismissing former Head Dadan Hindayana, as part of efforts to strengthen governance and improve the effectiveness of the Free Nutritious Meal (MBG) program. State Secretary Minister Prasetyo Hadi said the reshuffle followed ~1.5yr of monitoring and evaluation of BGN\u2019s performance, alongside feedback from ministries, local governments, and program beneficiaries. The govt. appointed Nanik S Deyang as the new Head of BGN, while Agustina Arumsari and Major General Trenggono were appointed as deputy heads. The new leadership was instructed to strengthen internal consolidation, improve coordination with ministries and regional governments, and accelerate the implementation of priority nutrition programs. The govt. emphasized stronger governance, accountability, and organizational performance as key priorities going forward. Source: Kontan<\/em><\/p>\n\n\n\n Economy: In May\u201926, Indonesia\u2019s CPI rose above expectations (curr: +3.08% y-y, TRIM: +2.88% y-y, cons: +2.98% y-y, prev: +2.42% y-y)<\/strong><\/p>\n\n\n\n Food, Beverage, & Tobacco prices rose by +4.94% y-y (prev: +3.06% y-y). During the month, core CPI accelerated to +2.59% y-y (TRIM: +2.44% y-y, cons: +2.50% y-y, prev: +2.44% y-y). On m-m basis, inflation hit +0.28% m-m (TRIM: +0.08% m-m, cons: +0.14% m-m, prev: +0.13% m-m). Transportation group saw persisting high inflation (curr: +0.61% m-m, prev: +0.99% m-m). Petrol price rose by +0.49% m-m, airfare by +2.75% m-m, engine oil by +3.85% m-m, diesel by +4.22% m-m, and transportation maintenance by +0.70% m-m. Source: BPS RI<\/em><\/p>\n\n\n\n Economy: In Apr\u201926, Indonesia\u2019s trade surplus hit 6yr low <\/a>(curr: +USD0.09bn, TRIM: +USD1.50bn, cons: +USD1.35bn, prev: +USD3.32bn)<\/a><\/strong><\/p>\n\n\n\n The figure was the lowest since Apr\u201920, when it hit deficit of -USDUSD0.38bn. Exports rose by +21.98% y-y (cons: +9.00% y-y, prev: -3.10% y-y), eq. to USD25.30bn. From import side, the growth was remarkable (curr: +22.49% y-y, cons: +2.64% y-y, prev: +1.51% y-y), eq. to USD25.21bn. O&G sector led the upside. Oil products imports rose to USD1.19bn (prev: USD0.61bn), resulting in worsening O&G trade deficit (curr: -USD3.44bn, prev: -USD1.89bn). Source: BPS RI<\/em><\/p>\n\n\n\n Fixed Income: Pefindo withdrew Lontar Papyrus’ idA rating following full repayment of Series A bonds<\/strong><\/p>\n\n\n\n PT Lontar Papyrus Pulp & Paper Industry has fully repaid its SR Bond III Lontar Papyrus Pulp & Paper Industry Phase III Year 2025 Serie A (rated idA) amounting to IDR201.7bn on 2 Jun\u201926. Following the full repayment of the debt instrument, Pefindo has accordingly withdrawn the rating. Source: Pefindo<\/em><\/p>\n\n\n\n Fixed Income: Pefindo withdrew BRI’s idA1+ rating following full repayment of commercial paper<\/strong><\/p>\n\n\n\n PT Bank Rakyat Indonesia (Persero) Tbk (BRI) has fully repaid its Commercial SR Paper I PT Bank Rakyat Indonesia (Persero) Tbk Year 2025 Phase I Serie C (rated idA1+) amounting to IDR20bn on 2 Jun\u201926. Following the full repayment of the debt instrument, Pefindo has accordingly withdrawn the rating. Source: Pefindo<\/em><\/p>\n\n\n\n Fixed Income: Indosat’s upcoming bond and sukuk maturity totaling IDR255bn to be repaid using internal funds<\/strong><\/p>\n\n\n\n PT Indosat Tbk (ISAT) announced that two of its debt instruments will mature on 2 Sep\u201926: SR Bond I Phase IV Year 2016 Serie E (rated idAAA) amounting to IDR201bn, and SR Sukuk Ijarah I Phase IV Year 2016 Serie D (rated idAAA(sy)\/stable) amounting to IDR54bn. The Company plans to repay both instruments using internal funds, supported by cash and cash equivalents of approximately IDR5.6tn as of end-Mar\u201926, with an additional unused credit facility of IDR7.8tn available as an alternative repayment source if needed. Source: Pefindo<\/em><\/p>","protected":false},"excerpt":{"rendered":" Fixed InSight Today\u2019s highlights: President Prabowo replaced BGN leadership, appointing Nanik S Deyang as the new Head of the National […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[7],"tags":[],"class_list":["post-6881","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/comments?post=6881"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6881\/revisions"}],"predecessor-version":[{"id":6882,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6881\/revisions\/6882"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=6881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=6881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=6881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}