MACROECONOMY
U.S. Took Control of Venezuela, Oil Business Outlook at Risk
U.S. President Donald Trump ordered the arrest of Venezuelan President Nicolas Maduro and declared Washington would temporarily take control of Venezuela, including its oil sector, pending a “managed transition,” reshaping the global energy landscape on 04-Jan. The move raised expectations of U.S. oil majors returning to Venezuela’s vast reserves after years of sanctions, although analysts warned production recovery would be slow and capital-intensive due to severely degraded infrastructure. The action escalated geopolitical tensions, drawing criticism from Russia and China, while Maduro faces narcoterrorism charges in New York. (Reuters)

Indonesia Withdrew IDR 75 tn Govt. Funds From Banks for Routine Spending Finance Minister Purbaya Yudhi Sadewa said the govt. withdrew IDR 75 tn of surplus budget funds (SAL) previously placed in banks and redirected the money to routine spending, covering second-batch placements of IDR 25 tn each at Bank Mandiri, Bank Rakyat Indonesia, and Bank Negara Indonesia. He said the move was taken as fund utilization was deemed suboptimal, while OJK chief Dian Ediana Rae noted the withdrawal would not materially disrupt bank liquidity, citing a relatively loose loan-to-deposit ratio of 84.26% as of Oct-25. The govt. expects the funds to quickly re-enter the economy through spending and deposits, limiting systemic impact. (Kontan)

COMPANY
Chandra Asri Pacific (TPIA) Set Interest Rates for IDR 1.5 tn Bond Issuance
TPIA set interest rates for its Sustainable Bond V Phase I worth IDR 1.5 tn, issued on 13-Jan-26 and listed on 14-Jan-26, as part of a total IDR 6 tn program, based on KSEI disclosure on 02-Jan-26. The bonds are split into three series, Series A IDR 150 bn at 6.5% due 13-Jan-29, Series B IDR 350 bn at 7.0% due 13-Jan-31, and Series C IDR 1.0 tn at 7.5% due 13-Jan-33, with proceeds fully allocated for working capital, mainly raw material purchases. The issuance is underwritten by seven securities firms including BCA Sekuritas, BNI Sekuritas, Mandiri Sekuritas, and Trimegah Sekuritas. (Emitennews)

Vale Indonesia (INCO) Temporarily Halted Mining Operations Pending RKAB 2026 Approval
INCO temporarily halted all mining operations across its IUPK areas after the Ministry of Energy and Mineral Resources had yet to issue approval for the 2026 Work Plan and Budget (RKAB), as disclosed on 02-Feb-26. Management stated the suspension reflects compliance with prevailing regulations and good corporate governance, with mining and development activities paused until RKAB approval is granted. INCO added that the delay is not expected to have a material impact on financial condition or business continuity, while the co. remains committed to operational stability, safety, and sustainability as it awaits regulatory clearance. (Emitennews)

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Indonesia Withdrew IDR 75 tn Govt. Funds From Banks for Routine Spending

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Fixed Income Daily Notes 5 January 2026

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Indonesia Raised Copper Concentrate Export Reference Price by 4.54% for Early Jan-26