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Selasa, 12 Juli 2011

Asia Rates – Indonesia Data Watch - Credit Suisse

It is exciting to see how Indonesia’s bond market has been very well bid. In 1H11 the government sold Rp95.6 tn of bonds, ~15% higher compared to the targeted amount. And every time the government is launching an auction, the bid-to-cover ratio, especially on the long-end, comes strongly at 5-8x. We do not mind short-term correction, as the benchmark 10-yr yield is now technically overbought at 7.28% (vs all time low at 7.02%). On a side note, Bank Indonesia is expected to maintain its policy rate steady at 6.75% in today’s meeting.

· Analyst Ashish Agarwal continues to see strong demand for Indonesian government bonds. While foreign investors remain overweight at the long-end, new buying is directed towards the shorter segments.
· Ashish think valuation is no longer cheap, and firm fund flows into the bond market will trigger flattening in the longer segments
· In the short-run, the bond market sentiment will continue to remain firm, supported by Indonesia’s robust macro backdrop.

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