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Indonesian 15-Year Bond Yield Falls to Nine-Month Low After Sale

Indonesia’s bonds rose, pushing the 15-year yield to the lowest level since February, after demand surged at the government’s last securities auction of 2012. The rupiah weakened.

The finance ministry raised 1.2 trillion rupiah ($125 million) yesterday from the sale, with bids exceeding the amount offered by more than nine times, the debt management office said in an e-mail. Demand for fixed-income notes rose after inflation slowed to 4.32 percent in November from 4.61 percent the previous month, according to official data. The trade balance swung to a record deficit of $1.5 billion in October, from a revised surplus of $549.5 million in September.

“The very strong demand at the last auction cast positive sentiment on the domestic bond market,” said Nurul Eti Nurbaeti, the Jakarta-based head of treasury research at PT Bank Negara Indonesia. “The rupiah has been stable, despite the trade situation. It will stay near this level until year-end.”

The yield on the government’s 7 percent notes maturing in May 2027 dropped one basis point, or 0.01 percentage point, to 5.90 percent as of 3:39 p.m. in Jakarta, according to prices from the Inter Dealer Market Association. That’s the lowest level since Feb. 23.

The rupiah weakened 0.2 percent to 9,613 per dollar, the biggest decline since Nov. 23, prices from local banks compiled by Bloomberg show. One-month implied volatility, a measure of expected moves in exchange rates used to price options, was steady at 4.65 percent.

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