Global Market Update

• On July 11th, 2024, the yield on US 10-year government bonds closed at 4.2101%, down by 7.40-bps compared to the previous day.
• Singapore's economy expanded by 2.9% year-on-year in the second quarter of 2024, beating market expectations of a 2.7% growth. This follows an upward revision to 3% growth in the previous quarter, marking the fastest expansion in the past year and a half.
• In June 2024, China's trade surplus soared to $99.05 billion, up from $69.80 billion a year ago, exceeding expectations of $85 billion. This marks the largest surplus since July 2022. The increase was driven by a strong 8.6% growth in exports, the fastest in 15 months, surpassing forecasts of an 8% increase.

          Sources: Bloomberg, General Administration of Customs - China, Statistics Singapore, Trading Economics and Binaartha.

            
Domestic Market Update

• On July 12th , 2024, the yield curve for the 10-year Indonesia Government Bond closed at a level of 7.0195%, marking a slight decrease of 3.18-bps compared to previous close.
• Based on KSEI's information, PT Tower Bersama Infrastcture, Tbk (TBIG) is going to conduct a corporate action regarding its "OBLIGASI BERKELANJUTAN V TOWER BERSAMA INFRASTRUCTURE TAHAP IV TAHUN 2022 SERI B, 6.35% p.a., quarterly," by paying its 8th coupon on August 12, 2024.
• PEFINDO affirmed its idAAA rating for PT Bahana Pembinaan Usaha Indonesia (Persero) (BPUI) and its Medium-Term Notes (MTN), with a stable outlook. The rating reflects strong government support, robust subsidiary businesses, solid capitalization and reserves, and strong liquidity. However, moderate operating performance partly offsets these strengths

         
           Sources:  KSEI, PEFINDO, PHEI, and Binaartha.

Market Projection
We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.6170% - 7.3135% for next Monday. Recommendations: FR0102, FR0089, FR0062, FR0093, and FR0088

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