{"id":6954,"date":"2026-06-22T02:46:17","date_gmt":"2026-06-22T02:46:17","guid":{"rendered":"https:\/\/himdasun.or.id\/?p=6954"},"modified":"2026-06-22T02:46:19","modified_gmt":"2026-06-22T02:46:19","slug":"bi-scales-back-srbi-issuance","status":"publish","type":"post","link":"https:\/\/himdasun.or.id\/en\/2026\/06\/22\/bi-scales-back-srbi-issuance\/","title":{"rendered":"BI Scales Back SRBI Issuance"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><a><strong>Daily Fixed Income Research<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>22 June 2026<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>BI Scales Back SRBI Issuance<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rupiah asset classes closed mixed on Friday, with the JCI edging higher, government bond yields broadly stable, and the rupiah weakening against the US dollar. The JCI rose 0.1% to 6,177 (+0.8% MTD, -28.6% YTD), despite concerns raised in MSCI&#8217;s Global Market Accessibility Review regarding ownership transparency and trading practices in Indonesia&#8217;s equity market. Trading value reached Rp26.5tn, bringing the average daily trading value in 2026 to Rp24.5tn. Foreign investors remained net sellers, recording net outflows of Rp3.2tn (MTD: -Rp14.3tn; YTD: -Rp68.2tn). Regional equity markets were mixed. Japan&#8217;s Nikkei gained 0.3% (+7.4% MTD, +41.5% YTD), while Singapore&#8217;s Straits Times declined by 0.4% (+3.1% MTD, +11.8% YTD). Investor sentiment was supported by easing geopolitical tensions following the US-Iran peace agreement and the gradual reopening of the Strait of Hormuz, which helped contain oil prices. However, gains were capped by the Federal Reserve&#8217;s hawkish policy outlook, which reinforced expectations of higher-for-longer US interest rates and supported both US Treasury yields and the US dollar. Trading activity was also lighter as US markets were closed for the Juneteenth holiday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the bond market, yields were broadly stable following Bank Indonesia&#8217;s 25-bps rate hike to 5.75%. Based on CTP PLTE data, foreign investors continued to accumulate government bonds, with estimated net purchases of Rp1.6tn. The 5-yr FR109 yield was unchanged at 6.90%, while the 10-yr FR108 yield rose modestly by 4.3 bps to 7.06%. Longer-tenor bonds were mixed, with the 15-yr FR106 yield declining by 15.6 bps to 7.17%, while the 20-yr FR107 yield edged up 1.4 bps to 7.15%. Indonesia&#8217;s 5-yr USD sovereign yield remained stable at 4.82%, while the 5-yr CDS was unchanged at 86.6 bps.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to IDX s OTC trading report, Indonesian government bond trading activity moderated on Thursday (18-June), with total volume declining to Rp18.2tn (vs. Rp30.5tn on 17-June). Turnover came in below the prior week s daily average of Rp30.4tn, the 2026 YTD average of Rp 31.9tn, and the 2025 daily average of Rp32.0tn. The 5-yr FR0109 benchmark series (maturing on 15-Mar-31) led market activity, recording Rp2.7tn in trading volume. Its price declined to 95.15 (-0.99%), while the yield rose to 7.09% (+24.56 bps). This was followed the 10-yr FR0108 benchmark series (maturing on 15-Apr-36), recording Rp2.0tn in trading volume. Its price increased to 99.50 (+2.10%), while the yield declined to 6.57% (-29.10 bps). Close behind was the 0.1-yr PBS032 series (maturing on 15-Jul-26), with a total volume of Rp1.5tn. Its price declined to 99.86 (-0.02%), while the yield increased to 6.88% (+32.75 bps).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The latest bond ownership data as of 18-Jun showed that Bank Indonesia became a net seller during the recent bond rally, reducing its holdings by Rp0.8tn. Foreign investors also recorded net sales of Rp0.9tn, likely reflecting profit-taking after the sharp decline in yields. In contrast, domestic banks emerged as the largest buyers, accumulating Rp1.9tn of government bonds. On a year-to-date basis, insurance companies and pension funds remained the largest buyers, with cumulative purchases of Rp126.5tn, followed by Bank Indonesia (Rp84.9tn), other domestic investors (Rp76.3tn), banks (Rp23.2tn), retail investors (Rp17.2tn), and mutual funds (Rp16.3tn). Foreign investors remained net sellers by Rp8.4tn YTD.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the SRBI auction on 19-Jun, investor demand moderated, with incoming bids declining to Rp42.8tn from Rp59.5tn in the previous auction. More notably, Bank Indonesia awarded only Rp5.5tn, significantly lower than Rp43tn previously and well below its initial target of Rp20tn. Despite the smaller issuance, SRBI rates continued to rise following BI&#8217;s latest policy rate hike. Awarded rates increased to 7.42% (+30 bps) for the 6-mo tenor, 7.55% (+22 bps) for the 9-mo tenor, and 7.74% (+15 bps) for the 12-mo tenor. However, the weighted average SRBI rate edged down by 5 bps to 7.51%, reflecting BI&#8217;s preference to allocate more issuance to shorter tenors. Year-to-date, SRBI rates have increased by approximately 261 bps, significantly outpacing the cumulative 100-bps increase in the BI-Rate. We estimate that the outstanding SRBI has risen to around Rp991tn, increasing sharply from Rp730.9tn at the end of 2025. This highlights Bank Indonesia&#8217;s continued reliance on SRBI as its primary instrument to absorb excess liquidity, enhance the attractiveness of rupiah assets, and support exchange rate stability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><br>Domestic Corp Bond Market<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the corporate side, trading activity moderated on Thursday (18-June), with total volume declining to Rp9.7tn (vs. Rp12.5tn on 17-June). Turnover came in below the prior week s daily average of Rp12.6tn, but above the 2026 YTD average of Rp7.9tn and the 2025 daily average of Rp4.0tn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SMLPPI01CN1 series (maturing on 4-Oct-29), rated idA(sy), was the most actively traded with a total volume of Rp1.0tn. Its price declined to 109.11 (+2.86%), while the yield rose to 7.84% (-101.77 bps). This was followed by the ASDF07BCN2 series (maturing on 24-Oct-28), rated idAAA with a volume of Rp536bn. Its price declined to 93.47 (-5.14%), while the yield increased to 8.75% (+247.38 bps). Close behind was the SMMBMA01ACN2 series (maturing on 27-Aug-26), rated idA(sy) with a volume of Rp398bn. Its price declined to 98.83 (-0.003%), while the yield rose to 13.70% (+9.83 bps).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over the week, average daily corporate bond trading volume declined to Rp11.5tn (vs. Rp12.6tn in the prior week). The SMLPPI01CN1 series (maturing on 4-Oct-29), rated idA(sy), emerged as the most actively traded corporate bond, recording total weekly trading volume of Rp1.1tn.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pefindo has assigned idAA(sy)(sf) rating for PT Tamaris Hidro (TYRO) s for Shelf Registered (SR) Sukuk Ijarah I of maximum IDR1.55 trillion. The Sukuk ijarah proceeds will be used for debt refinancing. At the same time, Pefindo has affirmed its idAAA(sf) rating for TYRO s outstanding Bond I Year 2022. According to Pefindo, the instrument rating a very strong structure with credit enhancement from PT Sarana Multi Infrastruktur (Persero) (SMI, rated idAAA\/stable). The instrument rating has incorporated TYRO s strong market position, benefits from the government s commitment to expanding renewable energy supply, and benefits as part of Salim Group. Meanwhile, it is constrained by a moderate financial profile and exposure to hydrological conditions.<\/p>","protected":false},"excerpt":{"rendered":"<p>Daily Fixed Income Research 22 June 2026 BI Scales Back SRBI Issuance Rupiah asset classes closed mixed on Friday, with [&hellip;]<\/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-6954","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6954","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=6954"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6954\/revisions"}],"predecessor-version":[{"id":6955,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6954\/revisions\/6955"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=6954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=6954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=6954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}