One Pager Series — SIMINVEST Bond Pharos
Indonesian government bond yields mostly eased. The 10-year yield led the decline, falling 11.7 bps to 6.98%, while the 5-year fell 7.4 bps to 6.83%, which flattened the 5Y–10Y curve by 4.3 bps. Sukuk yields were mixed, and the INDOBeX Composite rose 0.30% to 440.747. On the macro side, U.S. private employers added an average of 20k jobs per week in the four weeks to September 5, a modest improvement, and U.S. M2 reached a record US$23.34tn in August.
Indonesia’s loan growth eased slightly to 13.36% YoY in August from July’s 13.58%, which had been the strongest since 2014. Bank Indonesia held the BI Rate at 5.75% for a third straight meeting to support rupiah stability, with inflation at 3.19%. In corporate fixed income, PALM (IDR100bn, due December 26, 2026) and IIF (IDR245.1bn, due December 22, 2026) both look well-funded to repay their maturing bonds from internal cash and undrawn facilities, and IIF plans to issue up to IDR2.0tn in new bonds by November 2026.