Weekly Fixed Income. Indonesia Government Bond. Exchange Rate. NH Korindo Sekuritas Indonesia

Transcription

1 Weekly Fixed Income Weekly Report Jul 09, 2018 Government Bond Benchmark Weekly Yield Curve Last 4 Weeks Performance Benchmark Information FR0063 TTM (Years) 4.86 Yield (%) Price Coupon (%) FR0064 TTM (Years) 9.87 Yield (%) Price Coupon (%) Source: IBPA Government Bond Highlights At the government bond (Surat Utang Negara, SUN ) auction dated 07/03/2018, the government absorbed the proceeds of IDR11.32 trillion from the total incoming bid of IDR21.46 trillion. The proceeds absorbed were higher than the indicative target of IDR10 trillion. SPN , oneyear-tenor SUN, obtained the biggest bid. Composite Bond Index (ICBI) closed higher by 0.54% to in last week. posted June s inflation of 0.59% slightly higher than the estimated inflation of 0.51% m-m. On annual basis, June s inflation was at 3.12% lower than May s inflation of 3.23%. The more controlled annual inflation made BI focus more on controlling the depreciated rupiah. In light of the depreciated rupiah, the government planned to review import activities with a view to curbing a widening current account deficit. This backdrop signaled that the government currently prioritizes a stable financial market than pursing economic growth. Exchange Rate Rupiah closed lower by 0.31% to IDR14,375 per USD within last week. Rupiah is estimated to hike within this week after the release of the U.S. job data showed the increasing jobless figures. It likely sparks the expectation of the Fed s less aggressive stance of monetary tightening as a way to cushion the inflation. s forex reserves whittled away within 5 consecutive months and tumbled to USD119.8 billion because of BI s market intervention in controlling rupiah exchange rate. FR0065 TTM (Years) Yield (%) Price Coupon (%) FR0075 TTM (Years) Yield (%) Price Coupon (%) Most Active Securities Exchange Rate Maturity YTM (%) Volume (IDR tn) FR /15/ FR /15/ SPN /04/ FR /15/ FR /15/ Currency Last Chg. USDIDR 14, % GBPIDR 19, % EURIDR 16, % JPYIDR % CNYIDR 2, % KRWIDR % AUDIDR 10, % HKDIDR 1, % NH Korindo Sekuritas

2 Government Bond Auction Source: DJPPR Ministry of Finance Economic Calendar Date Country Hour Jakarta Event Period Actual Consensus Previous Monday CHN Tentative Foreign Reserves Jun $ b $ b 09 - July JPN 06:50 BoP Current Account Balance May b b GER 13:00 Trade Balance May 19.8b 20.4b IDN Tentative Consumer Confidence Index Jun Tuesday CHN 08:30 PPI YoY Jun 4.50% 4.10% 10 - July CHN 08:30 CPI YoY Jun 1.90% 1.80% UK 15:30 Trade Balance May UK 15:30 Industrial Production MoM May 0.50% -0.80% UK 15:30 Manufacturing Production MoM May 0.70% -1.40% Wednesday JPN 06:50 PPI YoY Jun 2.80% 2.70% 11 - July JPN 06:50 Core Machine Orders MoM May -5.00% 10.10% Thursday GER 13:00 CPI MoM Jun F 0.10% 0.10% 12 - July GER 13:00 CPI YoY Jun F 2.10% 2.10% USA 19:30 Initial Jobless Claims 7-Jul k USA 19:30 CPI MoM Jun 0.20% 0.20% USA 19:30 CPI YoY Jun 2.90% 2.80% Friday CHN Tentative Trade Balance Jun $27.22b $24.92b 13 - July CHN Tentative Exports YoY Jun 10.40% 12.60% CHN Tentative Imports YoY Jun 22.20% 26.00% JPN 11:30 Industrial Production MoM May F % USA 19:30 Import Price Index MoM Jun 0.10% 0.60% PT NH Korindo Sekuritas Weekly Report Page 22

3 Global Fixed Income Highlights Major Emerging Market IRS Foreign Exchange Fluctuation 10-years Government Yield (%) USA & Germany 10-years Government Yield (%) Japan & UK 10-years Government Yield (%) Korea, Australia, Thailand, & China 5-years Government Yield (%) Korea, Australia, Thailand, & China PT NH Korindo Sekuritas Weekly Report Page 33

4 Global Fixed Income Highlights 10-years Government Yield & Malaysia 5-years Government Yield & Malaysia 10-years USD Government Bond Yield 5-years USD Government Bond Yield PT NH Korindo Sekuritas Weekly Report Page 44

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