HIGHLIGHTS
- As of April 21, 2025, the yield on the 10-year Indonesia Government Bond rose slightly to 6.966%, compared to 6.950% recorded the previous day. Meanwhile, UST 10yr yield rose by 8bps to 4.42% yesterday.
- The total trading volume of government bonds reached IDR 53.83 trillion, driven primarily by short-term tenors (less than 5 years). This marked an increase from the previous day's volume of IDR 47.58 trillion and exceeded the year-to-date (YTD) average of IDR 48.60 trillion. Outright transactions totaled IDR 16.17 trillion, up from IDR 14.29 trillion in the prior session.
- Corporate bond trading volume stood at IDR 3.11 trillion, with activity dominated by short-term instruments (less than 5 years). This represented a decline from IDR 5.21 trillion recorded in the previous session, although still above the YTD average of IDR 2.82 trillion. Outright transactions also decreased to IDR 3.11 trillion from IDR 5.20 trillion the day before.
- The Rupiah appreciated by 0.12% against the US Dollar, strengthening to IDR 16,805 from IDR 16,825. Meanwhile, the Jakarta Composite Index (JCI) edged up 0.12% from 6,438 to 6,446. In the commodities market, Brent crude oil rose from USD 67.61 to USD 68.12 per barrel, while WTI Cushing crude increased from USD 62.47 to USD 64.68 per barrel.
DOMESTIC UPDATES
- The Government of Indonesia will hold an auction of Government Securities (Surat Utang Negara/SUN) on Tuesday, April 22, 2025. The instruments to be offered include two newly issued series: SPN03250723 and SPN12260423, as well as six reopened series: FR0104, FR0103, FR0106, FR0107, FR0102, and FR0105. The indicative target for this auction is set at IDR 26 trillion. The Government Securities auction on March 18, 2025, recorded total incoming bids of IDR 61.76 trillion, down from IDR 75.78 trillion in the previous auction on March 4, 2025. The government awarded IDR 28 trillion, exceeding the IDR 26 trillion target, resulting in a bid-to-cover ratio of 2.21x. BRI Danareksa Sekuritas projects that the total incoming bids for the upcoming auction may fall between IDR 60 trillion and IDR 70 trillion, with an anticipated bid-to-cover ratio ranging from 2.31 to 2.69. (Sources: DJPPR, BRIDS Estimated)
- Indonesia’s trade surplus rose to USD4.3bn in Mar-25 (Feb: USD3.1bn), lifting the 1Q25 surplus to USD10.9bn, up USD2.5bn y-y. Exports grew 3.2% y-y (+5.9% m-m) to USD21.3bn, driven by a 40.8% y-y surge in palm oil, while coal fell 23.1% y-y on lower prices. Imports rose 5.3% y-y (+0.4% m-m) to USD18.9bn, with a 9.1% m-m rise in oil & gas offsetting a 1.2% m-m drop in non-O&G. Non-O&G surplus widened by USD2.2bn, O&G deficit narrowed USD260mn. Surplus gains came mainly from ASEAN (+USD2.8bn) and the US (+USD720mn). (BPS)
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