One Pager Series — SIMINVEST Bond Pharos
Indonesian government bonds were mixed, with the 5Y yield (FR104) rising 0.8bps to 6.94% while the 10Y yield (FR0108) fell 2.5bps to 7.14%, flattening the 5Y–10Y curve by 3.3bps, while the INDOBeX Composite declined 0.13% to 438.125. Ahead of the Fed decision, US Treasury traders increased bearish positions as yields reached multi-year highs, while ADP data pointed to a modest improvement in private-sector hiring. Domestically, Suahasil Nazara’s appointment as Finance Minister is expected to prioritize fiscal stability, government coordination, and keeping the budget deficit below the 3% legal limit. On the credit front, PEFINDO downgraded ADHI’s corporate rating to idSD and its SR Bond III Phase III Series B and C ratings to idD following a missed IDR60.82bn coupon payment, while bank bjb syariah’s corporate rating was lowered to idA+ from idAA- following the downgrade of its parent, bank bjb.