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Indonesia Bonds Complete First Monthly Advance Since December

Indonesia’s 10-year government bonds advanced in April, snapping three months of declines, as monetary easing in developed nations spurred inflows into the nation’s debt. The rupiah weakened for a second month.

Overseas investors pumped a net 14 trillion rupiah ($1.4 billion) into local-currency sovereign notes this month through April 26, taking holdings to a record 294.7 trillion rupiah, finance ministry data show. Foreign-currency reserves may rise from a two-year low of $104.8 billion in March after the government sold $3 billion of dollar bonds on April 8, with investors submitting bids for more than four times the amount offered, official data show.

The yield on the government’s 5.625 percent notes due May 2023 dropped eight basis points in April to 5.49 percent as of 3:50 p.m. in Jakarta, prices from the Inter Dealer Market Association show. The yield rose one basis point today. That compares with the 3.48 percent rate on similar-maturity Philippine notes and 3.41 percent on Thai securities.

“The bonds turned around after the successful global issuance, which improved confidence in investing in Indonesia as it increases the reserves and the rupiah’s stability,” said Dini Anggraeni, a fixed-income analyst at PT Mandiri Sekuritas in Jakarta. “The rally may continue as yields remain attractive.”

Bank of Japan Governor Haruhiko Kuroda announced on April 4 a plan to buy 7.5 trillion yen ($77 billion) of debt a month, almost as much as the Federal Reserve’s $85 billion of purchases.

Indonesia will increase the price of subsidized fuel only after it revises the budget to include compensation programs for the poor, President Susilo Bambang Yudhoyono said today.

Rupiah Weakens

The rupiah fell 0.1 percent this month and was little changed today at 9,722 per dollar, prices from local banks compiled by Bloomberg show. It traded at a 0.3 percent premium to its one-month non-deliverable forwards, which advanced 0.2 percent in April and fell 0.2 percent today at 9,752, data compiled by Bloomberg show.

A daily fixing used to settle the derivatives was set at 9,722 by the Association of Banks in Singapore, compared with 9,719 on March 28 and 9,720 yesterday.

One-month implied volatility for the rupiah, a measure of expected moves in the exchange rate used to price options, dropped 22 basis points, or 0.22 percentage point, in April to 5.51 percent. It fell 21 basis points today.

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