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Indonesian Sovereign Debt Steady, BI Rate Decision Wednesday

INDONESIA
EM BulletDataHomepagemarkets-real-timeData BulletBulletEmerging Market News

Indonesian USD sovereign debt curve is largely unchanged over the past day, there has been slightly better selling in the front end, with yields 1-2bps higher. The Indonesian President is expected to be announced on Wednesday, although it is also expected to be met with protests and a legal challenge. The Bank Indonesia will holds their rate decision meeting also on Wednesday where rates are expected to be left at 6.00%

  • Curves are mostly unchanged over the past day, the front end saw some selling, although it should be noted that Friday saw the INDON front-end trading 8-10bps tighter vs the US Treasuries, the 2Y yield is 1bp higher at 4.98%, 5Y yield is unchanged at 4.995%, the 10Y yield is unchanged at 5.09%, while the 5-year CDS is down 1bp to 68bps.
  • The INDON to UST spread difference continues to move tighter, the front end did push slightly wider over the past day up 1bp, while the longer end tightened, 2yr is 26bps (+1bp), 5yr is 66.5bps (-1.5bps), while the 10yr is 77.5bps (-0.5bps).
  • In cross-asset moves, the USD/IDR is 0.12% higher, the JCI is 0.56% higher, Palm Oil is down 0.47%, while US Tsys yields are 1-3bps lower.
  • Foreign Investors continue to sell Indonesian debt with Friday marking the 7th consecutive day of selling. The 5-day average is now -$131m, the 20-day average has turned negative at -$64m while the longer term 200-day average now also sits negative at -$0.71m
  • The General Election Commission is set to declare the official result of Indonesia’s presidential election by Wednesday, with Defense Minister Prabowo Subianto expected to be declared President after already claiming victory, however Presidential candidates Anies Baswedan and Ganjar Pranowo are expected to file a legal challenge citing fraud.
  • Looking ahead: Wednesday BI Rate decision, expected to hold steady at 6.00%
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Indonesian USD sovereign debt curve is largely unchanged over the past day, there has been slightly better selling in the front end, with yields 1-2bps higher. The Indonesian President is expected to be announced on Wednesday, although it is also expected to be met with protests and a legal challenge. The Bank Indonesia will holds their rate decision meeting also on Wednesday where rates are expected to be left at 6.00%

  • Curves are mostly unchanged over the past day, the front end saw some selling, although it should be noted that Friday saw the INDON front-end trading 8-10bps tighter vs the US Treasuries, the 2Y yield is 1bp higher at 4.98%, 5Y yield is unchanged at 4.995%, the 10Y yield is unchanged at 5.09%, while the 5-year CDS is down 1bp to 68bps.
  • The INDON to UST spread difference continues to move tighter, the front end did push slightly wider over the past day up 1bp, while the longer end tightened, 2yr is 26bps (+1bp), 5yr is 66.5bps (-1.5bps), while the 10yr is 77.5bps (-0.5bps).
  • In cross-asset moves, the USD/IDR is 0.12% higher, the JCI is 0.56% higher, Palm Oil is down 0.47%, while US Tsys yields are 1-3bps lower.
  • Foreign Investors continue to sell Indonesian debt with Friday marking the 7th consecutive day of selling. The 5-day average is now -$131m, the 20-day average has turned negative at -$64m while the longer term 200-day average now also sits negative at -$0.71m
  • The General Election Commission is set to declare the official result of Indonesia’s presidential election by Wednesday, with Defense Minister Prabowo Subianto expected to be declared President after already claiming victory, however Presidential candidates Anies Baswedan and Ganjar Pranowo are expected to file a legal challenge citing fraud.
  • Looking ahead: Wednesday BI Rate decision, expected to hold steady at 6.00%