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RESEARCH

Company Update

21 Juni 2022

Fixed Income Report June 21, 2022

Global Market Update
• US financial market was closed in commemorating the emancipation day on Monday (06/20/22).
• Eurozone government bond yield increased to start this week. Yield on 10- year government bond of UK and Germany jumped 10 bps and 9 bps respectively.
• European stock indices jumped with FTSE 100 was up 1.50% and GDAXI increased 1.06%.
• Market focus is now on Fed’s chair Powell monetary policy report to congress this Wednesday (06/22/22).

Domestic Market Update
• The benchmark 10-year Indo GB yield (FR0091) rose 2 bps to 7.48% on Monday (06/20/22).
• The IDR continued to weaken against USD and was closed at IDR14,836 last week vs IDR14,825 in the previous day.
• However, Indonesia’s risk premium 5-year CDS was down from 116.17 bps to 106.48 bps to start this week.
• Sales of SBR011 reached IDR13.91 trillion, oversubscribed 2.78x from the initial target of IDR5.0 trillion with the number of investors who invested reaching 47,673.
• SBR011 recorded the largest nominal sales and number of investors in the history of non-tradable retail SBN issuance.

Market Projection
• Government will conduct securities auction for 7 series with indicative target set at IDR20tn, we still expect that investors to remain wait and see as UST note yields stayed at multi-year highs.
• Given the recent development on global and domestic market, we expect the 10 year Indo GB yield to move within a range of 7.30-7.50% for today.
• Attractive Indo GB series to be traded today : FR0063, FR0081, FR0084, FR0090, FR0047, FR0052, FR0054, FR0091.

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