HIGHLIGHTS
- The yield on 10-year Indonesian government bonds stood at 6.991% as of April 22, 2025, slightly higher than the previous day's level of 6.966%. Meanwhile, UST 10yr yield fell by 1bps to 4.41% yesterday.
- The total trading volume of government bonds reached IDR57.12 trillion, driven primarily by medium-term tenors (5–15 years). This marked an increase from the previous day’s volume of IDR53.83 trillion and surpassed the year-to-date (YTD) average of IDR48.72 trillion. Outright transactions amounted to IDR35.21 trillion, up significantly from IDR16.17 trillion recorded in the previous session.
- On the corporate bond side, total volume was recorded at IDR2.75 trillion, with a concentration in short-term instruments (less than 5 years). This reflected a decline from the previous day's volume of IDR3.11 trillion and was slightly below the YTD average of IDR2.82 trillion. Outright transactions totaled IDR2.65 trillion, also down from IDR3.11 trillion in the prior session.
- The Rupiah depreciated by 0.30% against the US Dollar to IDR16,855 from IDR16,805. Meanwhile, the Jakarta Composite Index (JCI) advanced 1.43%, rising from 6,446 to 6,538. Brent crude oil prices remained unchanged at USD68.12 per barrel, while the WTI Cushing crude oil spot price declined from USD64.68 to USD63.08 per barrel.
GLOBAL UPDATES
- US Treasury Secretary Scott Bessent said the current US-China tariff standoff is unsustainable and de-escalation is likely soon. He ruled out decoupling, calling the current 145% US and 125% Chinese tariffs a trade embargo. A broader deal may take 2–3 years and must rebalance trade in favor of US manufacturing. President Trump echoed a softer stance, saying final tariffs will likely be much lower and talks have not yet begun. (Bloomberg)
DOMESTIC UPDATES
- The Government Securities auction on April 22, 2025, attracted total bids of IDR77.47 trillion, up from IDR61.76 trillion in the March 18 auction. The FR0104 series received the highest demand at IDR43.48 trillion with a yield range of 6.75%–6.95%, followed by FR0103 (IDR13.52 trillion, 6.91%–7.15%) and SPN12260423 (IDR6.58 trillion, 6.28%–6.55%). The government awarded IDR28 trillion, exceeding the target of IDR26 trillion, resulting in a bid-to-cover ratio of 2.77x. (DJPPR)
- Bank Indonesia is expected to hold the BI Rate at 5.75% today (cons: 5.75%) amid ongoing tariff uncertainty and the IDR’s underperformance relative to regional peers. The announcement is scheduled for around 2:30 pm. (BRIDS Economic Research)
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