■ The House approved the 2026 state budget with increased spending to accelerate economic growth.
■ Indonesia and the EU signed the IEU-CEPA in Bali, strengthening bilateral economic ties between the two parties.
■ On Tuesday (23/9), JCI closed +1.06% higher at 8,125.2 with foreign investors posting net buy of IDR 451.5 billion in the regular market and IDR 5,097.5 billion in the negotiated market.
■ According to Relative Rotation Graph (RRG), all government bond yields (tenors above 10 years) continue to lead the curve, while shorter tenors (below 10 years) generally trail the 10-year benchmark—except for the 9-year tenor, which remains aligned. The 8-year tenor, which previously outperformed, has now shifted into a lagging position. Overall, all tenors continue to show weakening momentum relative to the 10-year benchmark.
■ We recommend INDOGB bonds such as FR90, FR87, FR82, FR77, FR72 and INDOIS: PBS35, PBS24, PBS22.
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