INDOGB Mixed, Supported by Long Tenors
The rupiah asset class was mixed on Wednesday; the rupiah rebounded, the INDOGB was mixed, while the JCI (still) closed negatively. As reported, the rupiah appreciated against the USD by +0.40% to Rp16,900/USD (vs. depreciated by -1.53% on the previous day or -4.81% YTD) thanks to Bank Indonesia, which acted boldly to maintain the rupiah s stability amid trade tariff threat. Meanwhile, the INDOGB was mixed, supported by long tenors, as reflected by the rebound of the 15-yr and 20-yr prices, while foreign investors (again) reported net inflows, amounting to +Rp1.69tn (vs. net outflows of -Rp1.91tn on the previous day), based on the CTP PLTE on Wednesday. According to Bloomberg, the 5-yr FR104 benchmark series was trading at 98.18 (-0.36%) or yielded 6.91% (+8.10 bps), the 10-yr FR103 at 97.39 (-0.40%) or yielded 7.11% (+5.50 bps), the 15-yr FR106 at 100.38 (+0.32%) or yielded 7.08% (-3.40 bps), and the 20-yr FR107 at 100.12 (-0.05%) or yielded 7.11% (+0.50 bps). Regarding the 10-yr RoI USD global bond that will mature in Mar-2031, its price fell to 82.84 (-0.89%) or yielded 5.26% (+16.40 bps), whereas the 5-yr CDS continued to increase to 131.63 (+1.79 bps) due to the increasing US Treasury bond yield. As a note, this was the highest level of Indonesian 5-yr CDS since Jun-2011.
According to IDX s OTC trading report, Indonesian rupiah government bond trading volume moderated on Wednesday (9-Apr), declining to Rp30.0tn (vs. Rp36.8tn on 8-Apr). Despite the drop, volume remained above the prior week s average daily trading volume of Rp25.9tn, the 2025 year-to-date (YTD) daily average of Rp29.0tn, and the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) continued to dominate the market as the most actively traded government bond, posting a substantial volume of Rp6.5tn. Its price extended its decline to 97.30 (-0.36%), pushing the yield higher to 7.12% (+4.94 bps). Meanwhile, the 5-yr FR0104 series (maturing on 15-Jul-30) followed with a trading volume of Rp3.7tn. The bond closed slightly lower at 98.24 (-0.62%), with its yield rising to 6.90% (+14.11 bps), reflecting persistent selling pressure amid renewed trade policy uncertainty stemming from the U.S. tariff announcement.
The latest DMO bond flow data is as of 8-Apr (reflecting transaction on 26-Mar), wherein foreign ownership in government bonds rebounded to Rp893.5tn or 14.34% of the total outstanding. Year-to-date, Bank Indonesia has been the biggest net buyer of government bonds (amounting to +Rp60.6tn), followed by insurance and pension funds (+Rp37.8tn), onshore banks (+Rp28.5tn), retail investors (+Rp25.3tn), other investors (+Rp21.7tn), foreign investors (+Rp16.8tn), and mutual funds (+Rp0.03tn).
Meanwhile, the Indonesian equity market remained negative; the JCI index continued to fall, but it eased by -0.47% to 5,967.99 (vs. -7.90% on the previous day, or -16.10% YTD) even though the trading value in the secondary market declined to Rp12.1tn (vs. Rp20.9tn on the previous day, or Rp12.42tn average trading value per day YTD); and foreign investors still did a net sell of -Rp1.1tn (vs. -Rp3.9tn on the previous day, or -Rp35.35tn YTD). Concurrently, Asian equity indices closed mixed on Wednesday; the Nikkei 225 plummeted by -3.93% to 31,714.03 (vs. +6.03% on the previous day, or -21.92% YTD), while the Shanghai index continued to go up by +1.31% to 3,186.81 (vs. +1.58% on the previous day, or -6.12% YTD) as Trump’s policy on Chinese imports kicked in and Beijing vowed to take resolute and effective measures to safeguard its rights and interests.
Domestic Corp Bond Market
On the corporate side, according to IDX s OTC trading report, Indonesian rupiah corporate bond market activity remained solid on Wednesday (9-Apr), with volume recorded at Rp7.6tn (vs. Rp8.0tn on 8-Apr). The level stayed well above the prior week s average daily trading volume of Rp7.1tn, and continued to exceed both the 2025 YTD daily average of Rp3.16tn and the 2024 average of Rp2.05tn.
The OPPM02ACN1 series (maturing on 5-Apr-26), rated idA+, emerged as the most actively traded corporate bond, recording a volume of Rp472bn. It traded flat at 100.01, yielding 6.99% (+0.30 bps). Close behind, the SMINKP03BCN2 series (maturing on 25-Aug-26), also rated idA+, recorded a volume of Rp468bn. It closed at 103.31 (-0.02%), with the yield tightening slightly to 7.69% (-4.18 bps).
Pefindo has affirmed idAAA ratings for Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank) and its Shelf Registration Bond III-IV. Pefindo has also affirmed the rating of Indonesia Eximbank s Shelf Registration Sukuk Mudharabah I at idAAA(sy). Outlook for the corporate rating is stable. According to Pefindo, the rating is mainly driven by the very strong likelihood of support from the Government of Indonesia. Meanwhile, Indonesia Eximbank s standalone credit profile reflect sits very strong capitalization profile and strong position in the export financing segment but its constrained by its very weak asset quality and profitability indicators.
Pefindo has affirmed idAAA ratings for PT Telkom Indonesia (Persero) Tbk (TLKM) and its Shelf Registered Bond I Yeat 2015. Outlook for the corporate rating is stable. According to Pefindo, the rating reflects TLKM s very strong likelihood of support from the government as the controlling shareholder. Meanwhile, TLKM s standalone credit profile reflects its superior business position with diversified business and extensive networks, as well as its very strong financial profile, but constrained by intense competition in the industry and sensitivity to macroeconomic changes.
Mandiri Sekuritas Research Team
