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INDON Sov Curve Flatter, Foreign Investors Buy Bonds, CPI On Monday

INDONESIA
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

The INDON sov curve has twist-flatten today, there was little in the way of headlines or economic data for the region today. Focus will turn to CPI on Monday, last month CPI came in below estimates at 3% vs 3.10%, with consensus for May now 2.96%.

  • The INDON curve has twist-steepened today, pivoting at the 7yr. Yields are 2-5bps lower, the 2Y yield is -1.5bps at 5.295%, 5Y yield is -2.5bps at 5.175%, the 10Y yield is -3bps at 5.275%, while the 5-year CDS is unchanged at 72.5bps.
  • The INDON to UST spread diff the 2Y is now 38bps (+5bp), 5yr is 61bps (+4bps), while the 10yr is 72.5bps (+2bps).
  • In cross-asset moves, USD/IDR is 0.09% lower at 16,246, the JCI is off earlier lows, but broke below the YTD lows and has yet to be able to climb back above resistance at 7,000, down 0.64% and now 3.23% for the week. Palm Oil is 1.28% higher, while US tsys yields are little changed today.
  • Overseas investors bought about $1 billion of rupiah bonds this month as of May 22, putting the market on track for its first inflow this year. That coincided with the central bank’s holdings of the nation’s sovereign bonds easing to about 22% from 23% in early May, as per the latest government data, as per BBG
  • Looking ahead, S&P Global Indonesia PMI Mfg & CPI on Monday
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The INDON sov curve has twist-flatten today, there was little in the way of headlines or economic data for the region today. Focus will turn to CPI on Monday, last month CPI came in below estimates at 3% vs 3.10%, with consensus for May now 2.96%.

  • The INDON curve has twist-steepened today, pivoting at the 7yr. Yields are 2-5bps lower, the 2Y yield is -1.5bps at 5.295%, 5Y yield is -2.5bps at 5.175%, the 10Y yield is -3bps at 5.275%, while the 5-year CDS is unchanged at 72.5bps.
  • The INDON to UST spread diff the 2Y is now 38bps (+5bp), 5yr is 61bps (+4bps), while the 10yr is 72.5bps (+2bps).
  • In cross-asset moves, USD/IDR is 0.09% lower at 16,246, the JCI is off earlier lows, but broke below the YTD lows and has yet to be able to climb back above resistance at 7,000, down 0.64% and now 3.23% for the week. Palm Oil is 1.28% higher, while US tsys yields are little changed today.
  • Overseas investors bought about $1 billion of rupiah bonds this month as of May 22, putting the market on track for its first inflow this year. That coincided with the central bank’s holdings of the nation’s sovereign bonds easing to about 22% from 23% in early May, as per the latest government data, as per BBG
  • Looking ahead, S&P Global Indonesia PMI Mfg & CPI on Monday