US Fed Considered Raising Bank Oversight Thresholds
The Fed is considering raising asset thresholds that trigger stricter stress testing, capital, liquidity, and reporting requirements for US banks. The highest threshold could increase from USD 700 bn to around USD 1 tn, while some lower thresholds could rise to around USD 150 bn, potentially allowing banks to expand their assets before facing tighter oversight. U.S. Bancorp, Capital One, PNC Financial, and Truist could benefit from the higher thresholds, while the proposal could also support further consolidation in the banking sector. The Fed is expected to propose the changes by end-26. (Reuters)

Iran Maintained Conditions for Reopening Strait of Hormuz
Iran maintained its seven-day proposal to reopen the Strait of Hormuz, while President Donald Trump rejected its latest offer but said negotiations could resume this week. Tehran said the strait could be reopened if the US met certain conditions, including lifting sanctions and the blockade, while the US said economic pressure was pushing Iran toward negotiations. Separately, Houthi militants launched drones and a ballistic missile toward Saudi Arabia, which were intercepted by Saudi air defenses. (Bloomberg)

Indonesia Govt. Planned Free Education from Primary School to University by 2028
The govt. and DPR are planning to implement free education from elementary school through university starting in 2028, with preliminary funding needs estimated at around IDR 302 tn, comprising IDR 210 tn for elementary to high school and IDR 92 tn for higher education. A pilot program of around IDR 5 tn is planned for elementary and junior high schools in 3T regions, with implementation expected to be gradual, potentially reaching 60–75% coverage in 2028 and 100% in 2029. For public universities, the government is still reviewing the budget requirement, with an earlier estimate of IDR 93.74 tn covering around 2.83 mn students. (Bloomberg Technoz)

Indonesia Stock Exchange (IDX) Lowered Minimum Share Price to IDR 1 from 28 Sep-26
IDX will remove the IDR 50 minimum share price for regular and cash markets from 28 Sep-26, allowing share prices to fall to as low as IDR 1. During Stage I, ARA/ARB limits will remain asymmetric, with 35%/25% for shares priced at IDR 50–200, 25%/15% for >IDR 200–5,000, and 20%/15% for >IDR 5,000, while the IDR 1–10 range has IDR 1 ARA/ARB limits. From 1 Jan-27, Stage II will introduce symmetric ARA/ARB limits of 35%, 25%, and 20% across the respective price ranges. (Bloomberg Technoz)

BCAS: BBRI IJ – 8M26 Earnings Grew +6.6% YoY
− BBRI Aug-26 net profit came in at IDR3.9tn (+16.1% MoM; -3.0% YoY), bringing 8M26 net profit to IDR34.8tn (+6.6% YoY).
− Aug-26 NII stood at IDR9.0tn (-0.7% MoM; -3.6% YoY), bringing 8M26 NII to IDR77.3tn (+3.4% YoY). NIM declined to 6.0% (vs. 6.3% in 8M25).
− Aug-26 operating income reached IDR13.1tn (+0.3% MoM; -2.0% YoY), bringing 8M26 operating income to IDR112.6tn (+3.0% YoY), with non-interest income of IDR4.1tn in Aug-26 (+2.5% MoM; +1.6% YoY).
− Aug-26 opex stood at IDR5.2tn (-0.1% MoM; +3.1% YoY), bringing 8M26 opex to IDR39.8tn (-3.2% YoY)
− Provisioning declined to IDR3.1tn (-13.7% MoM; -10.8% YoY) in Aug-26, although 8M26 provisioning increased 8.9% YoY to IDR29.9tn, while PPOP grew 6.7% YoY to IDR72.8tn.
− Loan growth accelerated to +13.7% YoY, while deposit growth stood at +12.6% YoY. LDR increased to 87.4% (vs. 86.6% in 8M25), while CASA declined to 64.8% (vs. 65.6%).

Merdeka Copper Gold (MDKA) Recorded USD 101.8 mn Net Profit, Up 743% YoY in 1H26
MDKA recorded net profit of USD 101.8 mn in 1H26, reversing from a net loss of USD 15.8 mn in 1H25, while revenue increased 64.7% YoY to USD 1.4 bn from USD 854.59 mn. Gross profit rose to USD 433.94 mn from USD 105.95 mn, while operating profit increased to USD 397.29 mn from USD 78.88 mn. Finance costs increased to USD 75.87 mn from USD 66.28 mn, while total assets stood at USD 6.46 bn as of Jun-26, up from USD 5.7 bn at end-25; liabilities increased to USD 3.36 bn from USD 2.78 bn and equity rose to USD 3.09 bn from USD 2.92 bn. (Emitennews)

Merdeka Battery Materials (MBMA) Recorded 830% YoY Net Profit Growth in 1H26
MBMA recorded net profit of USD 54.43 mn in 1H26, up 830.42% YoY from USD 5.85 mn, while revenue increased 66.66% YoY to USD 1.05 bn from USD 627.7 mn. Gross profit rose to USD 274.13 mn from USD 49.33 mn, while operating profit increased to USD 251.48 mn from USD 35.85 mn. Finance costs increased to USD 30.06 mn from USD 7.54 mn, while income tax expense rose to USD 33.49 mn from USD 2.71 mn. Total assets stood at USD 4.24 bn as of Jun-26, up from USD 3.73 bn at end-25, while liabilities increased to USD 1.77 bn from USD 1.38 bn and equity rose to USD 2.47 bn from USD 2.35 bn. (Emitennews)

Pertamina Geothermal Energy (PGEO) Started Drilling Second Well for 55 MW Lumut Balai Unit 3
PGEO started drilling the second well, LMB-19.4, for the 55 MW Lumut Balai Unit 3 geothermal power plant in South Sumatra. The drilling follows the first exploration well, LMB-19.3, which was spudded in Jul-26, with LMB-19.4 targeted for completion within 40 days using the GDAP#123 rig. The project is targeted for COD in 2030 and is part of PGEO’s plan to reach 1 GW of installed geothermal capacity by 2028 and 1.8 GW by 2034. (Emitennews)

Energi Mega Persada (ENRG) Secured OJK Approval for IDR 4.12 tn Rights Issue
ENRG received OJK’s effective approval for its PMHMETD V rights issue, which is scheduled for Oct-26. The co. will issue 13.28 bn new Series B shares at IDR 310/sh with a 1:2 rights ratio, potentially raising up to IDR 4.12 tn. Controlling shareholder PT Shima Global Kapital will not exercise its rights, with 2.33 bn HMETD transferred to PT Bakrie Kalila Investment (BKI), which will also act as standby buyer for up to 10.5 bn HMETD. Of the proceeds, 54.8% will be lent to EMP Bentu for drilling nine wells, 16.1% to EMP Inc. for gas pipeline development and working capital, and 13.5% to PT Imbang Tata Alam for a pilot EOR project at the Malibur Field, with the remainder allocated to other subsidiaries for drilling, maintenance, and facility development. (IDXChannel)

Fixed Income Daily Notes 28 Sep 2026

Fixed Income Daily Notes 28 Sep 2026

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Fixed Income Daily Notes 28 Sep 2026

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U.S. 15-Year Mortgage Rate Increased to 6.42%