Yesterday’s Government Bond (SUN) auction results recorded the largest incoming bids in 10-year to 20-year tenors (FR0087, FR0080, and FR0083) reaching 68.4% of the total incoming bids of IDR 94 , 3 trillion. On the other hand, the government remains selective or only won IDR 25.6 trillion. This figure is still in the range of the indicative target of IDR 20 trillion to IDR 40 trillion. In the same period, IHS Markit reported manufacturing activity as reflected by the Indonesian Manufacturing Purchasing Managers’ Index (PMI) at 50.6 in November 2020. This figure was a significant increase compared to the previous month’s position of 47.8, and market consensus was at the level of 47.2.

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