Indon Sov Curve Unchanged, Presidential Candidate Calls For Re-Run

Indonesian USD sovereign debt curve has had an uneventful day, yields are mostly unchanged for the day. In market headlines, Indonesia's losing presidential candidate has urged the court to disqualify the president-elect.

• The INDON sov curve is mostly unchanged on Wednesday, the 2Y yield unchanged at 4.93%, 5Y yield is unchanged at 4.88%, the 10Y yield is +1bps at 5.01%, while the 5-year CDS is also +0.75bp at 72.5bps
• The INDON to UST spread is slightly tighter in the front-end with the long-end a touch wider after out-performing and moving tighter the past two days, the 2yr is 34bps (-1bps), 5yr is 65.5bps (-0.5bp), while the 10yr is 77.5bps (+1.5bps).
• In cross-asset moves, the USD/IDR is 0.39% higher, with the IDR now falling to the lowest level since November, the JCI is 0.19% lower, Palm Oil is down 1.65%, while US Tsys yields are unchanged.
• Foreign Investors sold bonds at the highest rate since May 2023 on Monday, with an outflow of $335m. The 5-day average is now -$86m, the 20-day average is -$57m while the longer term 200-day average is -$3.10m
• {Reuters) -- Indonesia's losing candidate urges court to disqualify president-elect (See link)
• Looking ahead: Indonesia has a very quiet rest of the month in terms of data, with the next major data release not until April 1st