SUN market at the beginning of the week was mixed. Investors are watching as many as three Central Banks are projected to return to Hawkish, with BI +25Bps; BoE +50Bps and the Fed +75Bps, Thursday West Indonesia Time. NHKSI Research saw that Hawkish continued aggressively by the Fed by using Lagging Indicators which still showed inflation, while Leading Indicators had shown deflation, potentially bringing US GDP to the verge of recession, after experiencing the 1H22 Technical Recession. In fact, global oil prices have fallen more than 30% from their peak levels.

Corporate Bonds
TINS: Ready to Operate Ausmelt Furnance Smelter. PT Timah Tbk (TINS) said that the Ausmelt Furnace smelter is ready to be operated in November 2022. It is known that the progress of the smelter has reached 97%. The smelter is projected to increase efficiency in the range of 25-30%. In addition, the project will also have a capacity of 40 thousand tons of crude tin per year. (Emiten News)

Domestic Issue
Government Offers First Green Sukuk PBSG001. In today’s State Sharia Securities (SBSN) auction, the PBSG001 Series was offered for the first time, which is the first green sukuk series offered through auction in the domestic primary market. The issuance of the Green Sukuk series through this auction complements the Green Sukuk issuance program which has been carried out 5 times in the global market since 2018 and 3 times in the domestic market through retail green sukuk since 2019. The PBSG001 series can also be used to support the RPIM (Financing Ratio) program Macroprudential Inclusion) for Conventional Commercial Banks, Sharia Commercial Banks, and Sharia Business Units. (DJPPR)

Investors Wait and See ahead of BI RDG results. Concerns occur in the bond market, UST2Y or short tenor bonds which are very sensitive to rising interest rates, approaching the psychological yield of 4%. NHKSI Research sees the Fed’s tight monetary policy having a significant impact on the property market, compared to the labor market and consumer spending that remain high, making the US Home Builder US September data down to 46 (Vs. Surv. 47; Aug. 49), along with the increase. Mortgage interest with Fixed Rate 30Y broke the 6% level for the first time.

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