Indonesian government bond yields moved mixed with a steepening bias, as the 5Y fell 1.8 bps to 6.44% while the 10Y rose 1.3 bps to 6.62%, widening the spread, while sukuk yields were mixed and the INDOBeX Composite was flat. On the macro side, tensions stayed elevated as Iran rejected ceasefire terms and Donald Trump extended the Hormuz deadline, while Indonesia maintained a manageable fiscal deficit of 0.93% of GDP (IDR240.1tn). On the credit side, OKI saw rating withdrawals post repayment, while SMI remained stable with strong government backing.