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Indonesia Bonds Rally as Sale Demand Sends Yields to 11-Week Low

Indonesian bonds advanced this week, driving the 10-year yield to the lowest level in almost 11 weeks, as the government sold the maximum amount permitted at a sovereign debt auction.

The finance ministry sold 9 trillion rupiah ($937 million) of bonds and bills on Oct. 23, exceeding the 6 trillion rupiah on offer, according to the debt management office. The government is legally allowed to accept bids up to a maximum of 50 percent above the targeted amount. Global investors added 540 billion rupiah to their holdings of sovereign debt in the first two days of this week, official data show.

“Demand for bonds remains high as confirmed by the auction, with the government absorbing the maximum amount allowed,” said Nurul Eti Nurbaeti, the head of treasury research at PT Bank Negara Indonesia in Jakarta. “Current yields are already near our forecast so they have little room to move lower.”

The rate on the 7 percent securities due May 2022 fell one basis point, or 0.01 percentage point, this week to 5.75 percent, the lowest level since Aug. 10, closing prices from the Inter-Dealer Market Association show. The yield rose one basis point today. Markets are closed tomorrow for a public holiday.

The rupiah dropped 0.1 percent this week to 9,605 per dollar as of 4:26 p.m. in Jakarta, according to prices from local banks compiled by Bloomberg. The currency advanced 0.1 percent today. One-month implied volatility, which measures exchange-rate swings used to price options, was steady at 6.25 percent.

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