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Daily Fixed Income Research (26 Aug 2021)

Long-Duration INDOGB Rallies the Most; July Budget Realization indicate ongoing economic recovery INDOGB and JCI continued up on foreign inflows, but the rupiah fell slightly against the USD on Wednesday. The JCI rose 0.4% to 6,113.2 (+0.7% MTD or +2.2% YTD), with foreign reporting net inflow of Rp789bn (net inflow of Rp3.2tn MTD or Rp20.9tn […]

Daily Commentary (24-Aug): Bond Market Responds Positively to SKB3 So Far

After the announcement of an extended burden-sharing between MoF and BI (SKB3), the INDOGB market rally pushed bond yields lower, and sukuk auction incoming bids remained solid on Tuesday. On the same day, the JCI closed lower, and the rupiah went up slightly against the USD. The JCI fell 0.3% to 6,089.5 (+0.3% MTD or […]

IPO Bond Pipeline August 2021

Obligasi Berkelanjutan IV Medco Energi Internasional Tahap I Tahun 2021 Issuance Size IDR 1 TriliunRating idA+ by Pefindo Indicative Yield & Tenor :Seri A 3 Years : 7.50% – 8.25%Seri B 5 Years : 8.00% – 9.00% Bookbuilding Period:August 19th – 26th 2021 Tentative Payment Date:September 8th 2021 Source: Mandiri Sekuritas IDR BOOKBUILDING OPEN Obligasi […]

IDR Sukuk Auction (24-Aug)

Today, on 23-Aug, the government will hold another sukuk auction, targeted to issue Rp10tn or lower than the prev. sukuk auction’s target of Rp12tn. As scheduled, the government will offer 6-mo SPNS, 2.9-yr PBS031 (reopening), 4.9-yr PBS032 (reopening), 6.9-yr PBS030 (reopening), 12.6-yr PBS029 (reopening), 15.5-yr PBS004 (reopening), and 25.1-yr PBS028 (reopening). We still expect demand […]

Daily Commentary (23-Aug): All Rupiah Asset Classes Rebound; Extended burden-sharing between MoF and BI to Handle COVID-19 Cost

Early this week, all rupiah asset classes rebounded, in line with regional. The JCI rose significantly by 1.3% to 6,109.8 (+0.7% MTD or +2.2 % YTD), although foreign reported a slight net inflow of only Rp2.2bn (net inflow of Rp2.4tn MTD or +Rp20.1tn YTD). Most Asian equity indices also finished strong during the first trading […]

Fixed Income Market Closing Commentary (12/8/21)

Harga obligasi berdenominasi Rupiah melemah terbatas pada perdagangan hari ini. Harga SUN seri acuan ditutup turun hingga 25 bp, dimana yield SUN bertenor 10 tahun (FR0087) naik tipis 1 bp ke level 6,32%. Volume transaksi SBN secara outright tercatat sebesar IDR13,9 triliun hari ini, meningkat dari volume transaksi hari Selasa yang sebesar IDR11,8 triliun, namun […]

Daily Commentary (10-Aug): Still Solid Demand for Sukuk Auction

Total incoming bids in Tuesday’s sukuk bond auction remained solid at Rp51.7tn although slightly lower than in the previous auction at Rp56.7tn (vs. average YTD bids of Rp32.3tn–excluding GSO). This was slightly below our lower bid range forecast of Rp52tn-62tn. Short-end tenors still attracted the biggest demand, i.e., 6-mo SPNS and 2.9-yr PBS31, reaching Rp10.3tn […]

Fixed Income Market Closing Commentary (10/8/21)

Harga obligasi berdenominasi Rupiah bergerak sideways pada perdagangan hari ini. Harga SUN seri acuan ditutup turun pada kisaran 5 – 65 bp, dimana yield SUN bertenor 10 tahun (FR0087) naik tipis 1 bp ke level 6,30%. Volume transaksi SBN secara outright tercatat sebesar IDR11,8 triliun hari ini, menurun dari volume transaksi kemarin yang sebesar IDR13,9 […]

Government Sukuk Auction (10/8/21)

Pemerintah akan melakukan lelang Sukuk Negara hari ini dengan target indikatif sebesar IDR12,0 triliun. Dalam lelang hari ini, Pemerintah akan menawarkan enam seri Sukuk yaitu seri SPNS12022022 (6 bulan), PBS031 (2,9 tahun), PBS032 (4,9 tahun), PBS029 (12,6 tahun), PBS004 (15,5 tahun), dan PBS028 (25,2 tahun). Potensi permintaan investor terhadap lelang Sukuk kali ini diperkirakan masih […]

Fixed Income Daily Notes (10/8/21)

Analisa Perdagangan Obligasi (Senin, 9/8) Harga obligasi berdenominasi Rupiah melanjutkan pelemahan terbatasnya pada perdagangan awal pekan ini. Sebagian besar yield SUN mengalami kenaikan pada kisaran 1 – 3 bp di sepanjang kurva, dimana yield SUN bertenor 10 tahun naik tipis 1 bp ke level 6,29%. Sejalan dengan obligasi berdenominasi Rupiah, yield obligasi Pemerintah berdenominasi USD […]