HIGHLIGHTS
- On November 4, 2024, the yield on 10-year Indonesian government bonds rose slightly to 6.790%, up from 6.786% the previous day. Meanwhile, UST 10yr yield fell to 4.31%, from 4.37% the previous day.
- The volume of government bonds traded reached IDR 47.11 trillion, with medium-term bonds (5-15 years) dominating transactions. This marked an increase from the previous day’s volume of IDR 35.63 trillion and exceeded the year-to-date average of IDR 45.80 trillion. Outright transactions amounted to IDR 15.09 trillion, up from IDR 10.30 trillion the day before.
- In the corporate bond market, total trading volume was recorded at IDR 1,069 billion, primarily consisting of short-term bonds (less than 5 years). This represented an increase compared to the previous day's volume of IDR 566 billion, although it remained below this year's average of IDR 1,896 billion. Outright transactions also rose to IDR 1,069 billion from IDR 471 billion the previous day.
- The Rupiah remained stable against the US Dollar at IDR 15,720, while the Jakarta Composite Index (JCI) held steady at 7,505, showing no change. Additionally, Brent crude oil prices increased from USD 73.28 to USD 74.08 per barrel, and the WTI Cushing Crude Oil Spot price rose from USD 69.26 to USD 69.49 per barrel.
DOMESTIC UPDATES
- The government will hold an auction for State Sharia Securities (SBSN), also known as State Sukuk, on Tuesday, November 5, 2024. The following series will be offered in this auction: SPNS29052025 (Reopening), SPNS04082025 (Reopening), PBS032 (Reopening), PBS030 (Reopening), PBS004 (Reopening), PBS039 (Reopening), and PBS038 (Reopening). The government's target for this auction is IDR 9 trillion. The auction results for State Sharia Securities held on October 22 indicated total incoming bids of IDR 17.47 trillion, an increase from the IDR 14.85 trillion recorded in the previous auction on October 8, 2024. In total, IDR 10 trillion was awarded in this auction, exceeding both the government's target of IDR 8 trillion and the previous auction amount of IDR 7.75 trillion. The bid-to-cover ratio for this auction was 1.75x. BRI Danareksa Sekuritas estimates that total incoming bids for the upcoming auction could range between IDR 15 trillion and IDR 25 trillion, with an expected bid-to-cover ratio between 1.67x and 2.78x. (Sources: DJPPR, BRIDS Estimated)
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