BI Reported Adjusted M0 Growth Accelerated to 17.1% YoY in Jul-26
Bank Indonesia (BI) reported adjusted primary money (M0) grew 17.1% YoY to IDR 2,254.5 tn in Jul-26, accelerating from 13.8% YoY in the previous month. The growth was driven by adjusted commercial bank demand deposits at BI, which rose 17.1% YoY, and currency in circulation, which increased 15.1% YoY. Adjusted M0 declined from IDR 2,367.8 tn in Dec-25 to IDR 2,254.5 tn in Jul-26. (Bloomberg Technoz)

SRBI Demand Surged to IDR 45.12 tn in 7 Aug-26 Auction
SRBI demand surged to IDR 45.12 tn in the 7 Aug-26 auction, more than doubling from IDR 17.51 tn in the previous auction. The 12 month tenor accounted for the largest share of bids at IDR 39.78 tn, while BI only absorbed IDR 5 tn, driving the bid-to-cover ratio to above 9x from around 1.95x. SRBI yields declined across all tenors, with the 6-month, 9-month, and 12-month yields falling to 7.18%, 7.40%, and 7.59%, respectively. (Bloomberg Technoz)

Iran Denied Direct U.S. Talks on Reopening Strait of Hormuz
Iran denied direct negotiations with the U.S. over reopening the Strait of Hormuz, saying messages were being exchanged through intermediaries. Tehran said reopening the waterway would depend on conditions including sanctions relief, U.S. military withdrawal and compensation, while Iran and Oman continued discussions on transit routes. Meanwhile, Iran-backed Houthis reportedly claimed a drone strike on a Saudi Aramco refinery in Jazan, although the claim was not independently verified. Ship traffic through Hormuz fell 33% on Friday. (CNBC)

Danantara Invested USD2.5bn for 25% Stake in JBS Australia and New Zealand JV
Danantara Investment Management (DIM) invested USD 2.5 bn for a 25% stake in a new JV managing JBS Group’s operations in Australia and New Zealand. The JV may raise an additional USD 2.5 bn in investment financing, bringing total available capital to USD 5 bn. The funding will be used for acquisitions and greenfield investments across Indonesia, Southeast Asia, Australia, and New Zealand. (Bloomberg Technoz)

Multifinance Car Financing Contracted 3.25% YoY in Jun-26
Auto financing for new and used cars reached IDR 230.47 tn as of Jun-26, down 3.25% YoY, reflecting still-weak demand in the multifinance industry. OJK expects vehicle financing, including EVs, to improve on stronger vehicle demand, particularly following automotive events such as GIIAS. Total multifinance financing grew 1.88% YoY to IDR 511.26 tn, while gross NPF improved to 3.01% from 3.06% in May-26. (Kontan)

BCAS: DEWA IJ - 2Q26 – Operational Recovery on Track, but Bottom Line Still One-Off Driven; Below Ours
- In 2Q26, DEWA delivered revenue of IDR 1.66 tn (+6.9% QoQ; +8.7% YoY), reflecting stronger mining activity and improved execution. This brought 6M26 revenue to IDR 3.21 tn (+3.1% YoY), broadly in line with our estimate (48.0%) but below consensus (43.7%).
- Operationally, gross profit improved to IDR 343 bn (+27.8% QoQ; +49.5% YoY), implying gross margin expansion to 20.7% (+3.4ppt QoQ; +5.7ppt YoY), while EBIT reached IDR 217 bn (+12.4% QoQ; +33.0% YoY). EBITDA also increased to IDR 490 bn (+11.7% QoQ; +15.9% YoY), reflecting stronger operating performance on the back of a higher in-house contribution, which reached 92% of total material moved (vs 74% in 1Q26). However, higher opex of IDR 127 bn (+66.7% QoQ; +89.7% YoY) partially offset the improvement. 6M26 EBIT reached IDR 410 bn (+17.6% YoY), equivalent to 26.3% of our estimate and 46.8% of consensus, while EBITDA reached IDR 929 bn (+15.4% YoY), equivalent to 36.4% and 46.4%, respectively.
- At the bottom line, net profit stood at IDR 262 bn (+182.1% QoQ; +163.9% YoY), supported by IDR 229 bn of gain from fair value adjustment, despite higher net interest expense of IDR 136 bn. This brought 6M26 net profit to IDR 354 bn (+110.9% YoY), reaching 38.7% of our estimate and 68.9% of consensus. Excluding the one-off gain, core profit declined to IDR 22 bn in 2Q26 (–78.4% QoQ; 78.9% YoY), indicating that improving operating profitability has yet to translate into sustainable bottom-line earnings.

Telekomunikasi Indonesia (TLKM) Advanced IDR 49.9 tn InfraCo Phase 2 Spin-Off
TLKM continued its digital infrastructure transformation following the effective completion of InfraCo Phase 1 in Jan-26, with InfraNexia strengthening its position as a neutral wholesale digital infrastructure provider. TLKM is proceeding with InfraCo Phase 2 with a transaction value of IDR 49.9 tn, supporting asset consolidation and value unlocking across its digital infrastructure portfolio. The transaction is also aligned with TLKM 30’s strategy to monetize high-value infrastructure assets, including data centers, towers, and fiber networks. (Emitennews)

Dayamitra Telekomunikasi (MTEL) Completed Merger of Two Subsidiaries Effective Jul-26
MTEL completed the merger of PT Persada Sokka Tama (PST) and PT Ultra Mandiri Telekomunikasi (UMT), which became effective on 1 Jul-26 following regulatory and shareholder approval on 30 Jun-26. The merger aims to simplify the group structure and improve operational efficiency, with MTEL expanding its business coverage to managed service IoT, power service, and other digital infrastructure solutions. The integration is also expected to create synergies through higher tenancy ratio, cost efficiency, and stronger operating leverage. (IDXChannel)

Sumber Alfaria Trijaya (AMRT) Expanded Network with 323 New Stores in 1H26
AMRT expanded its owned Alfamart network by 323 stores to 15,554 outlets as of 30 Jun-26, while franchise stores increased to 5,888 outlets. Total Alfamart network reached 21,442 stores across Indonesia. Revenue rose 6.48% YoY to IDR 67.96 tn in 1H26, with food sales increasing to IDR 48.58 tn from IDR 45.48 tn. (Emitennews)

Fixed Income Daily Notes 18 February 2026

Fixed Income Daily Notes 18 February 2026

Fixed Income

18 February 2026 - 07.58am

Fixed Income Daily Notes 18 February 2026

bonds

Fixed Income Daily Notes 10 Aug 2026

stocks

BI Reported Adjusted M0 Growth Accelerated to 17.1% YoY in Jul-26

bonds

Fixed Income Daily Notes 7 Aug 2026