Indonesian government bond yields moved mixed with a flattening bias, as the 5Y rose 1.9 bps to 6.46% while the 10Y fell 7.6 bps to 6.60%, compressing the 5Y–10Y spread, while sukuk yields were also mixed and the INDOBeX Composite rose slightly. On the macro side, global tensions escalated following an attack in Kuwait City targeting Kuwait Petroleum Corporation, while domestically Danantara advanced its plan to consolidate asset management units of state-owned banks. In the US, labor data showed strong payroll growth and a slight decline in unemployment, though participation weakened. On the credit side, PT Sarana Multigriya Finansial (Persero)’s 2026 bond maturities remain manageable, supported by solid liquidity.

In March 2026, global markets were shaped by escalating tensions in the Middle East, particularly in the Persian Gulf, which heightened uncertainty and increased demand for safe-haven assets. As a result, the 10-year U.S. Treasury yield declined to around 4.3% from its recent peak of 4.44%, despite relatively stable inflation, with headline CPI at 2.4% […]

Indonesian government bond yields declined across the curve, with the 5Y falling 9.9 bps to 6.44% and the 10Y dropping 17.8 bps to 6.68%, resulting in a flatter 5Y–10Y curve, while longer tenors also saw notable compression. Meanwhile, government sukuk yields moved lower in line with the rally, and the INDOBEX Composite rose 0.53% to 343.97. On the macro side, inflation eased to 3.48% YoY in March with core at 2.52% YoY, while the trade surplus narrowed to USD1.28bn as imports outpaced exports and the PMI edged down to 50.1, signaling softer momentum. On the credit side, BSN maintained an idAA+ rating with a stable outlook supported by strong fundamentals, while SMF’s upcoming bond maturity remains manageable given solid liquidity.

Indonesian government bond yields moved mixed, with the 5Y edging down 0.1 bps to 6.54% while the 10Y rose 2.6 bps to 6.86%, resulting in a steeper 5Y–10Y curve. Meanwhile, the Indo auction showed solid demand with IDR58.2T in bids and IDR40.0T awarded (1.46x), led by FR0109 and FR0108, bringing net issuance to IDR39.3T. On the global side, US labor data signaled gradual cooling as job openings fell to 6.88M, while US Treasuries rallied with the 2Y at 3.82% and 10Y at 4.33%, as traders continue to price in a steady Fed stance. On the credit side, INKP and BRPT maintain manageable maturities, supported by strong liquidity and refinancing plans.

Fixed Income Daily One Pager Series — Daily Bond Lantern Indonesian government bond yields moved mixed, with the 5Y rising 1.9 bps to 6.54% while the 10Y eased 0.3 bps to 6.83%, resulting in a flatter 5Y–10Y curve, while the INDOBeX Composite inched up 0.02% to 432.975. Macro updates highlight stronger global bond demand amid rising […]

PT Petrosea Tbk “PTRO” PTRO benefits from a strong competitive position in the mining contractor industry, supported by more than 50 years of experience, successful contract renewals, new contract wins, and a significant increase in backlog to USD4.44 billion in 2025 from USD2.89 billion in December 2024. The Company’s business profile has also strengthened through the […]

Fixed Income Daily One Pager Series — Daily Bond Lantern Indonesian government bond yields for the 5Y and 10Y tenors declined by 2.1 bps and 4.5 bps, respectively, to 6.52% and 6.83%, narrowing the 5Y–10Y spread and lifting INDOBeX by 0.17%, while macro updates show a slight increase in the Fed’s balance sheet, slowing growth in […]

Fixed Income Daily One Pager Series — Daily Bond Lantern Indonesia bond yields showed mixed movement across the curve, with stronger performance in the mid-tenor segment, as the 5Y rose +1.1 bps while the 10Y fell -4.4 bps, leading to a notable widening in the 5- and 10-year spread and indicating curve steepening; meanwhile, INDOBeX edged […]

Perceiving 3% Deficit Ceiling Impact Amid Oil Shock The escalation of the Iran war has materially increased downside risks to Indonesia’s macro-fiscal outlook by driving oil prices higher, weakening the rupiah, and raising the likelihood of larger energy subsidy, compensation, and imported inflation pressures. Based on the RAPBN 2026 sensitivities, every USD1/bbl increase in oil prices […]

By the end of February 2026, global markets were heavily influenced by escalating tensions in the Middle East, as US–Israel military strikes on Iran led to the death of Ayatollah Ali Khamenei and the effective closure of the Strait of Hormuz, driving investors toward safe-haven assets and pushing the US 10-year Treasury yield down to […]