Mixed Benchmark Ahead of SUN Auction. The FR0091 series posted a slight 1.5 bps yield to 7.26% earlier in the week. Investors are also looking forward to the release of Cadev data this week. In addition to payment of USD-denominated debt and an increase in imports of raw materials, the absence of a June Global Bond issuance based on data from the DJPPR, has the opportunity to put Cadev under pressure again, after May was at the level of USD135.6 billion. Meanwhile, Cadev’s data was released Thursday morning, after the FOMC Meeting Minutes Results in the morning. The steady movement of Cadev provides room for BI in the middle of the rupiah which is approaching the level of IDR15,000/USD.
Bank Maybank Issues IDR 1 Trillion Bonds with Coupon 3.8%-6.8%. PT Bank Maybank Indonesia Tbk (BNII) set coupons ranging from 3.8% to 6.8% for bonds issued in the three series. In detail, the Company issued series A for a 370-day tenor of Rp 400 billion with a coupon of 3.8%; Series B with a 3-year tenor was issued in the amount of IDR 300 billion with a coupon of 6.25%; and Series C with a 5-year term of IDR 300 billion with a tenor of 6.8%. (Kontan)
Realization of Excise Revenue at IDR 121.5 Trillion. The Ministry of Finance reported that excise revenues up to 1H22 reached IDR 121.5 trillion or grew 33% YoY. This revenue has realized 40.42% of the target of excise revenue in the 2022 State Budget Act, which is IDR 203.92 trillion. The realization of the excise revenue, among others, resulted from the revenue from the Tobacco Products Excise (CHT) which was realized at IDR 117.06 trillion, or grew 24.36% YoY. Followed by revenue from Beverages containing ethyl alcohol (MMEA) at IDR 3.19 trillion or grew by around 15% YoY. (Kontan)
Benchmark and FR0089 Offered at SUN Auction. The government again offered FR0090, FR0091, FR0093, FR0092, and FR0089 in the 3Q22 inaugural SUN auction, setting an indicative target of IDR 15 trillion – IDR 22.5 trillion. Meanwhile, relatively sloping yield pressure and the rupiah exchange rate approaching the level of IDR15,000/USD, colored the SUN auction this time.
Download full report HERE.