Global Market Update

• On July 2nd, 2024, the yield on the US 10-year Government Bond closed at 4.4316%, marking a slight decrease of 2.97-bps compared to the previous day
• In June 2024, the Caixin China General Services PMI dropped to 51.2 from May's 54.0, missing expectations of 53.4. New orders and exports grew more slowly, causing a slight decrease in jobs due to resignations and layoffs.
• In May 2024, retail sales in Australia increased by 0.6% compared to the previous month. This was a pickup from a 0.1% growth in April and surpassed market expectations of 0.2%. Consumers were drawn to early end-of-financial-year promotions and sales events

          Sources: Bloomberg, S&P Global, Australian Bureau of Statistics, Trading Economics and Binaartha.

            
Domestic Market Update

• On July 3rd , 2024, the yield curve for the 10-year Indonesia Government Bond closed at a level of 7.0820%, marking a slight increase of 0.55-bps compared to yesterday
• On Thursday, July 4th, 2024, the Government will conduct a bond repurchase auction through a debt switch mechanism. The auction will take place via the MOFiDS (Ministry of Finance Dealing System) trading platform from 10:00 AM to 1:00 PM WIB. The bonds and their offered prices are as follows: FR0101 (99.69), FR0100 (96.93), FR0098 (100.39), FR0097 (100.15), FR0102 (97.10).
• On July 3rd, 2024, PEFINDO rated PT Bank Pan Indonesia Tbk (Panin Bank)'s proposed Shelf Registered Bond IV at idAA, with an approved issuance ceiling of up to IDR15 trillion. Additionally, PEFINDO assigned an idA+ rating to the proposed Shelf Registered Subordinated Bonds IV, allowing for a maximum issuance of IDR8 trillion.

           Sources: DJPPR, PEFINDO, PHEI, and Binaartha.

Market Projection
​We predict the 10-year Indonesia Government Yield Curve will continue to move within range 6.5967% - 7.2911% for tomorrow. Recommendations: FR0102, FR0089, FR0062, FR093, and FR0088.

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