GDP Below Expectations, Long Tenor Rises Significantly. Long tenor Government Securities (SUN) FR0083 and FR0092 recorded yield reductions of up to 5.7 bps and 4.8 bps, or the deepest declines compared to other benchmark series. The release of Indonesia’s 3Q21 Gross Domestic Product (GDP) data, which was below market expectations, made investors return to their interest in the safe haven instrument of Government Securities (SBN). Indonesia’s GDP in 3Q21 was 3.51% YoY and 1.55% QoQ, or lower than market expectations of 3.88% YoY and 1.90% QoQ.
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