{"id":9437,"date":"2023-07-11T00:00:00","date_gmt":"2023-07-10T17:00:00","guid":{"rendered":"http:\/\/mandiri.test\/uncategorized-id\/bond-market-commentary-june-2023\/"},"modified":"2026-01-19T16:36:28","modified_gmt":"2026-01-19T09:36:28","slug":"bond-market-commentary-june-2023","status":"publish","type":"post","link":"https:\/\/mandiri-invest.azdevs.my.id\/en\/market-update\/bond-market-commentary-june-2023\/","title":{"rendered":"Bond Market Commentary : June 2023"},"content":{"rendered":"
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Likely Lesser Issuances<\/h2>\n

Two central banks took a big step in monetary policy in June 2023. The US Central Bank has paused the rate hike in June 2023 meeting after raising 5% continuously since March 2022 in each of the meetings. The Fed rate stayed at 5.25%, the same as the previous meeting in May 2023. Meanwhile, China Central Bank, PBOC, cut 10 bps of the <\/span>loan prime rate for 1 year and 5 years to 3.6% and 4.2%, respectively, for the first time since August 2022. The monetary change of two major countries definitely resulted from the development of the economic situation. The US economy is probably heading to a soft landing with the recession in the shadow, while China\u2019s economy needs more stimulus to warmer the engine of growth that is still slower than expected. Looking at the global perspective, we see monetary policy provides room for the economy to stay nimble. So does the Bank Indonesia too that hold policy rate at 5.75% since January 2023. As the headline inflation keeps declining (Jun23 3.5% vs May23 inflation 4%) and the exchange rate of the Rupiah shows stability, we don\u2019t think Bank Indonesia will still raise the policy rate this year. <\/span><\/p>\n

\n

Until the end of May 2023, the f<\/span>iscal budget recorded a surplus of Rp 204.3 trillion or 0.97% of GDP (vs 5M22 at Rp 132,0 trillion or 0.67% of GDP). \u00a0The state revenue has reached 49% of the budget target, while expenditure is only 33%. Despite slowing commodity prices and the global growth outlook, government revenues still increase by 13% yoy and government spending realization also increased by 7% yoy. There is a possibility that a budget deficit of <2% of GDP can happen although the state budget has allocated a deficit of 2.8% of GDP in the full year 2023. Therefore, there is also a potential lower bond issuance target in the second semester of 2023. That was one of the reasons the IndoGb yield stayed below 6.5% in June 2023.<\/span><\/p>\n

 <\/p>\n<\/div>\n<\/div>\n<\/div>\n

Rekomendasi Produk<\/h2>\n\n\n\n\n\n\n\n
PRODUK<\/th>\n<\/tr>\n<\/thead>\n
MIDU<\/a><\/td>\nReksa Dana MIDU berinvestasi pada Instrumen Obligasi dengan segmen Jangka Menengah dan dikategorikan berisiko rendah – menengah.
\nInvestor memiliki risiko atas Portofolio Obligasi tersebut.<\/td>\n<\/tr>\n
IDAMAN<\/a><\/td>\nReksa Dana IDAMAN berinvestasi pada Obligasi Pemerintah Indonesia USD dengan durasi pendek dan dikategorikan berisiko menengah.
\nInvestor memiliki risiko atas Portofolio Obligasi tersebut.<\/td>\n<\/tr>\n
MIDO2<\/a><\/td>\nReksa Dana MIDO2 berinvestasi pada Obligasi Pemerintah Indonesia Rupiah dengan durasi panjang dan dikategorikan berisiko tinggi.
\nInvestor memiliki risiko atas Portofolio Obligasi tersebut.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

\n

<\/h3>\n

Info Lebih Lanjut<\/h3>\n

Hubungi Mandiri Investasi –\u00a0(021) 526 3505<\/a>
\nWhatsapp Mandiri Investasi – 0816 86 0003
\nEmail Mandiri Investasi – cs@mandiri-investasi.co.id
\nMandiri Investasi –\u00a0www.mandiri-investasi.co.id<\/a>
\nMoinves –\u00a0www.moinves.co.id<\/a><\/p>\n

 <\/p>\n

\n

 <\/p>\n

DISCLAIMER<\/em>
\n
\nPendapat yang diungkapkan dalam artikel adalah untuk tujuan informasi umum saja dan tidak dimaksudkan untuk memberikan saran atau rekomendasi khusus untuk individu atau produk keamanan atau investasi tertentu. Ini hanya dimaksudkan untuk memberikan edukasi tentang industri keuangan. Pandangan yang tercermin dalam konten dapat berubah sewaktu-waktu tanpa pemberitahuan. Seluruh data kinerja dan return investasi yang tertera di artikel ini tidak dapat digunakan sebagai dasar jaminan perhitungan untuk membeli atau menjual suatu efek. Data tersebut merupakan catatan kinerja berdasarkan data historis dan bukan merupakan jaminan atas kinerja suatu efek di masa mendatang. Investasi melalui reksa dana mengandung risiko. Investor wajib membaca dan memahami prospektus sebelum memutuskan untuk berinvestasi melalui reksa dana.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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