One Pager Series — SIMINVEST Bond Pharos
Fixed income markets came under pressure, with the 5Y–10Y curve steepening 5.7bps as benchmark yields rose 0.6–7.7bps, led by the 10Y FR0108 to 7.18%. Global pressure from renewed U.S. tariff uncertainty, elevated oil prices, and sticky inflation reinforced a cautious rates backdrop, while Indonesia’s August CPI remained firm at 4.8% YoY. Indonesia’s decision to maintain subsidized fuel prices despite higher global oil prices should help contain first-round inflationary pressure, although second-round risks remain through transportation, logistics, and imported inputs. On the credit side, PEFINDO downgraded Bank BJB to idAA- but maintained a stable outlook, while BJBR and GRENCO-related ratings remained under review amid refinancing and shareholder-support considerations.