？？ *Kiwoom Research | FIXED INCOME – Daily Report 3 Sep 2026* _This document is for information only and for the use of the recipient. It is not to be reproduced, copied, or distributed to others._ ？？ *Ekspektasi Kenaikan Fed Rate Kembali Tekan Pasar Obligasi* *？？ Market Review:* *Pasar obligasi domestik* kembali tertekan, dengan yield SUN 10Y naik 24 bps ke 7,23%, meski masih turun 15 bps secara bulanan. Yield SUN 5Y naik 15 bps ke 7,09%, namun masih turun 21 bps MoM. Rupiah melemah ke sekitar Rp17.780/USD, sementara CDS 5Y naik tipis ke 85,50. Aktivitas perdagangan SUN meningkat menjadi Rp79,8 triliun, sedangkan transaksi obligasi korporasi turun menjadi Rp10,39 triliun. *Di pasar global,* yield US Treasury 10Y menembus 4,8%, tertinggi sejak Oktober 2023, didorong kenaikan harga minyak, ekspektasi kebijakan The Fed yang lebih ketat, serta kekhawatiran defisit fiskal AS. Yield JGB 10Y menembus 3%, sementara UK Gilt 10Y bertahan di atas 5,2%, seiring meningkatnya risiko inflasi dan ekspektasi kenaikan suku bunga bank sentral. ？？ *MOST ACTIVE GOVERNMENT BONDS* - FR108 | Price 96.86 | Coupon 6.5% | Yield 7.0% | Volume Rp493.2B - FR110 | Price 101.21 | Coupon 7.3% | Yield 7.0% | Volume Rp340.4B - PBS40 | Price 91.75 | Coupon 5.0% | Yield 7.3% | Volume Rp265.3B - PBS3 | Price 99.75 | Coupon 6.0% | Yield 6.7% | Volume Rp262.6B - FR106 | Price 99.93 | Coupon 7.1% | Yield 7.1% | Volume Rp156.2B *？？ MOST ACTIVE CORPORATE BONDS* - BOLD03B | Price 101.45 | Coupon 8.0% | Yield 7.3% | Volume Rp300.7B - SWCNAF01ACN3 | Price 99.155 | Coupon 6.2% | Yield 39.7% | Volume Rp250.0B - INKP05CCN2 | Price 110.89 | Coupon 10.8% | Yield 7.0% | Volume Rp235.5B - SMOPPM02ACN4 | Price 100.30 | Coupon 7.3% | Yield 7.2% | Volume Rp150.0B - SIINET01B | Price 107.87 | Coupon 10.3% | Yield 6.8% | Volume Rp149.0B _See our daily fixed income report for more information._？？ ©？ *KIWOOM SEKURITAS INDONESIA*