The results of the auction of Government Securities (SUN) yesterday were only won with a value of IDR 17 trillion, or far below the indicative target of IDR 30 trillion. This prompted the government to carry out additional auction (green shoe option) today. The government’s selective attitude towards the end of the 1Q21 period, in line with the consideration of reasonable yields on the secondary market and the planned financing needs for the National Economic Recovery (PEN) in 2021. In addition, the volatility of US Treasury (UST) yields has led investors to expect relatively high yields. In yesterday’s SUN auction, the highest bid was the FR0087 series, valued at IDR 15.2 trillion, with a bid to cover (BTC) ratio of 3.6x. The government finally won IDR 4.2 trillion. Meanwhile, the lowest offer was series SPN12210603 with a value of IDR 550 billion, with a BTC ratio of 1x.
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