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Indon Sovereign Debt Curves Bull Flatten As Foreign Investors Buy

INDONESIA

Indonesian USD Sovereign Debt curves are bull flattening as trading kicks off for the week, with yields +2 to - 4bps across the curve, out-performing US treasuries.

  • The 2Y is 1.8bp higher at 4.800%, 10Y is -3bps lower at 4.961%, while 5yr CDS are down unchanged to 69.25bps
  • The spread difference between USD Indon & US Treasury yields has closed over the past month with the 2Y now 33bps, while the 10Y is now 79bps moving 4bps wider over the past month
  • Cross market moves, the USD/IDR is 0.13% higher, the JCI is 0.05% lower, whilst US Tsys are 1-2bps higher.
  • Foreign Investors bought Indonesian Debt on Thursday with $106m flowing in, the highest Since Mid January, however investors have largely been better sellers of Indonesian bonds over the past month as the 20-day average daily flow currently at -$38m.
  • Looking Ahead: It's a quiet Calendar this week, other than on Tuesday when 108D bills to 25Y Sukuk Bonds are sold, while Foreign Reserves are due on Friday.
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