The Indonesian sov curve is slightly steeper today, with yields in the front 1bps lower, while the longer end is little changed. It has been a slow day in the region, with little in the local market headlines or economic data, while in the wider APAC region the RBA kept interest rates on hold at 4.35%.

• The INDON curve has seen better buying in the front-end today with the 2Y yield 2bps lower at 5.215%, 5Y yield is 0.5bps lower at 5.215%, the 10Y yield is 0.5bps lower at 5.27%, while the 5-year CDS is down 1bp at 70bps.
• The INDON to UST spread diff the 2Y is now 40bps (-2bp), 5yr is 74.5bps (+1.5bps), while the 10yr is 80bps (unchanged). Over the past month the belly of the INDON curve has underperformed, the 5yr was trading just 46bps wider early march.
• In cross-asset moves, the USD/IDR is down 0.19% at 16,054, the JCI is 0.10% lower, Palm Oil 1.55% higher, while US Tsys futures are 1-2bps lower.
• Looking ahead; Foreign Reserves on Wednesday.