Fixed Income Daily One Pager Series — Daily Bond Lantern
Indonesian government bond yields showed a bear steepening, with the 5Y up 0.7 bps to 6.33% and the 10Y up 4.3 bps to 6.62% (spread +3.6 bps), while INDOBeX was broadly stable. Macro remains mixed as oil risks from Hormuz tensions could push Brent above $100/bbl, while the US economy stays resilient with low layoffs and sticky inflation. Domestically, rising SOE-related credit risks and a weaker rupiah add pressure, while HRTA’s upgrade reflects improving fundamentals and PNM’s repayment highlights strong liquidity.