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Indon Sovereign Debt Curves Steepen, Palm Oil Prices Hit Yearly Highs

INDONESIA
EM BulletDataHomepagemarkets-real-timeData BulletBulletEmerging Market News

Indonesian USD sovereign debt curve is slight steeper today, although there has been little trading. Bank Indonesia sees Retail sales increases for Feb, while Palm Oil prices hit one year high.

  • The 2Y yield is 1bps higher at 4.92%, 5Y yield is 1.5bps higher at 4.89%, the 10Y yield is 1.5bps higher at 4.97%, while the 5-year CDS is down 0.5bp to 67.5bps.
  • The Indon to US Treasury spread difference has closed over the past week, with the spread difference for the 2yr is 29bps, 5yr is 26bps, while the 10yr is 78.5bps.
  • In cross-market moves, the USD/IDR is unchanged, the JCI is 0.26% higher, while US Tsys yields are unchanged
  • Retail sales are predicted to increase in February 2024, as reflected in the Real Sales Index (IPR) growing by 3.6% annually, with improvements seen in various groups such as Food, Beverage, and Tobacco, driven by increased community activities during holidays and events like the 2024 Election and Ramadan preparation, according to Bank Indonesia survey
  • Indonesians top export Palm Oil has surged to its highest level since March last year due to concerns over declining reserves in Malaysia and increased demand from major buyers like China and the Middle East, supported further by rising purchases during Ramadan and the upcoming Eid-al-Fitr festival.
  • Looking ahead: Trade Balance Data is due on Friday
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Indonesian USD sovereign debt curve is slight steeper today, although there has been little trading. Bank Indonesia sees Retail sales increases for Feb, while Palm Oil prices hit one year high.

  • The 2Y yield is 1bps higher at 4.92%, 5Y yield is 1.5bps higher at 4.89%, the 10Y yield is 1.5bps higher at 4.97%, while the 5-year CDS is down 0.5bp to 67.5bps.
  • The Indon to US Treasury spread difference has closed over the past week, with the spread difference for the 2yr is 29bps, 5yr is 26bps, while the 10yr is 78.5bps.
  • In cross-market moves, the USD/IDR is unchanged, the JCI is 0.26% higher, while US Tsys yields are unchanged
  • Retail sales are predicted to increase in February 2024, as reflected in the Real Sales Index (IPR) growing by 3.6% annually, with improvements seen in various groups such as Food, Beverage, and Tobacco, driven by increased community activities during holidays and events like the 2024 Election and Ramadan preparation, according to Bank Indonesia survey
  • Indonesians top export Palm Oil has surged to its highest level since March last year due to concerns over declining reserves in Malaysia and increased demand from major buyers like China and the Middle East, supported further by rising purchases during Ramadan and the upcoming Eid-al-Fitr festival.
  • Looking ahead: Trade Balance Data is due on Friday