JAKARTA – Indonesia’s government securities (SBN) market remained stable in the first quarter of 2025, despite global uncertainty and the ongoing US–China tariff war.

According to a press release from the Financial System Stability Committee (KSSK) on Thursday (24/4), the yield on the 10-year benchmark series of government bonds (SUN) fell by 2.0 basis points (bps) to 7.00% year-to-date by the end of March 2025.

Foreign investor ownership rose by IDR 15.23 trillion from the start of the year to 27 March 2025. The yield movement in Q1 2025 was partly influenced by expectations surrounding US inflationary pressures and Trump’s tariff policy, which applies lower duties to trade partners other than China.

On the first trading day following the extended Eid al-Fitr holiday (8/4), the SUN yield rose by 5.2 bps to 7.08% year-to-date. However, by 22 April 2025, the yield had declined again by 4.5 bps to 6.98%.

In terms of ownership, as of 22 April 2025, foreign investors recorded a net buy of IDR 12.78 trillion, maintaining a 14.25% share of total government bond holdings. (LK/ZH)