Fixed Income Daily One Pager Series — Daily Bond Lantern
Indonesian bonds saw a bull flattening in the 5Y–10Y segment, with the 5Y yield (FR104) easing -1.3 bps to 6.68% and the 10Y yield (FR0108) declining more sharply by -5.0 bps to 6.84%, narrowing the spread by -3.7 bps, while INDOBeX slipped 0.12%. The macro backdrop remained cautious, as uncertainty around US–Iran negotiations persisted, with Washington expressing skepticism over Iran’s latest proposal and signaling that strikes could resume if conditions are not met, keeping geopolitical risks elevated. Domestically, policy developments came into focus as the government moved to cap ride-hailing commissions at 8%, a measure aimed at improving driver welfare but one that may weigh on platform margins. In the US, the Federal Reserve’s balance sheet was broadly unchanged at around USD6.71tn, still elevated relative to historical levels. On the credit side, WIFI was assigned an idA (stable) rating, supported by strong infrastructure and margin profile despite execution and regulatory risks, while WIKA was upgraded to idB and placed on CreditWatch Negative following successful debt restructuring measures, though near-term liquidity pressures remain.