The Indonesian sov curve is little changed today, front-end yields are a touch higher up about 1bps, while the rest of the curve remains unchanged. The Bank Indonesia Governor Warjiyo is to give economic review in just over an hour. Earlier Foreign reverse data was out showing the biggest drop in almost a year.

• The INDON curve is little changed, the 2Y yield 1bp higher at 5.24%, 5Y yield is 0.5bps lower at 5.195%, the 10Y yield is unchanged at 5.255%, while the 5-year CDS is 1.5bp higher at 71.5bps.
• The INDON to UST spread diff the 2Y is now 40bps (unchanged), 5yr is 71bps (-2bps), while the 10yr is 78bps (-2bps). Over the past month the belly of the INDON curve has underperformed, the 5yr was trading just 46bps wider early march.
• In cross-asset moves, the USD/IDR is higher 0.23% at 16,085, the JCI is 0.36% lower, Palm Oil 0.38% lower, while US tsys futures are 1-2bps higher
• Indonesia's foreign reserves experienced a significant drop of $4.2 billion in April, marking the fourth consecutive monthly decline and reaching their lowest level since October. This decline, attributed to currency intervention and external debt payments, underscores the challenges posed by currency weakness and market volatility amid geopolitical tensions, despite recent stabilization efforts by the central bank.
• Looking ahead; BI Gov Warjiyo to speak at 2pm local.