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INDON Sov Curve Flattens, Spread Little Changed, IDR Bond Auction Shortly

INDONESIA
The INDON sov curve has flattened today, it has been a quiet day, later today Indonesia will sell 5yr-30yr IDR bonds.
  • The INDON curve has twist-flattened yields are -/+ 1bps, the 2Y yield is -1bps at 5.27%, 5Y yield is 1bp higher at 5.10%, the 10Y yield is 1bps lower at 5.20%, while the 5-year CDS is unchanged at 72bps.
  • The INDON to UST spread diff the 2Y is now 35.5bps, 5yr is 59bps, while the 10yr is 73bps.
  • In cross-asset moves, USD/IDR is 0.17% higher at 16,093, the JCI is up 0.99% Palm Oil is 1.86% higher, while US tsys yields are about flat to 1bps lower.
  • Indonesia's state budget had a surplus of 75.7 trillion rupiah (0.33% of GDP) in April. State revenue fell by 7.6% year-on-year to 924.9 trillion rupiah, with tax revenue down 9.3% and non-tax revenue down 6.7%, while customs and excise revenue increased by 1.3%. State expenditure rose by 10.9% to 849.2 trillion rupiah, and budget financing dropped by 68.3% to 71.1 trillion rupiah. The government is preparing for global risks including prolonged high interest rates, commodity price volatility, and geopolitical issues.
  • Looking ahead, calendar is empty for the week
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