Closing the fourth week of April, all of the rupiah asset class goes up on Friday (25-Apr). The JCI index recovered by +0.99% to 6,678.92 (vs. -0.32% on the previous day or -4.68% YTD), while the total trading value in the secondary market declined to Rp10.1tn (vs. Rp13.7tn on the previous day or Rp12.29tn average trading value per day YTD), and foreign investors posted a net buy of +Rp173.2bn (vs. a net sell of -Rp514.6bn on the previous day or -Rp50.92tn YTD). Meanwhile, most Asian equity markets closed higher; the Nikkei 225 index rose further by +1.90% to 35,705.74 (vs. +0.49% on the previous day or -9.56% YTD), while the Hang Seng index gained by +0.32% to 21,980.74 (vs. -0.74% on the previous day or +11.14% YTD) after PBoC Governor Pan Gongsheng reaffirmed the central bank’s commitment to an “appropriately loose” monetary policy to support China’s economy. Reports that Beijing may exempt some US goods from its 125% tariffs also lifted the mood as China weighs the economic toll of the trade war.
Meanwhile, rupiah government bonds experienced a day of mixed performance. As reported, INDOGB was supported by gains from the 5-yr and 10-yr tenors, while the 10-yr and 15-yr tenors were relatively stable. After reporting a net outflow of -Rp1.8tn on the previous day, foreign investors went back to rupiah government bonds and reported a net buy of +Rp0.2tn, which was contributed by benchmark series, totaling Rp417.88bn; otherwise, non-benchmark series reported a net sell of -Rp220.46bn. According to Bloomberg, the 5-yr FR104 benchmark series was trading at 99.63 (+0.35%) or yielded 6.58% (-8.00 bps), the 10-yr FR103 at 98.84 (+0.17%) or yielded 6.91% (-2.30 bps), the 15-yr FR106 at 100.76 (-0.01%) or yielded 7.04% (+0.10 bps), and the 20-yr FR107 at 101.15 (-0.01%) or yielded 7.02% (+0.10 bps). Regarding the 10-yr RoI USD global bond that will mature in Mar-2031, its price went up to 84.67 (+0.45%), or it yielded 4.89% (-7.90 bps), and the 5-yr CDS descended to 96.18 (-4.06 bps). Meanwhile, the rupiah appreciated against the USD, strengthening slightly by +0.06% to Rp16,860/USD (vs. depreciating by -0.10% on the previous day or depreciating by -4.58% YTD).
According to IDX s OTC trading report, Indonesian rupiah government bond trading volume continued to slow on Friday (25-Apr), declining to Rp18.7tn (vs. Rp22.8tn on 24-Apr). The figure fell short of the current week s average daily trading volume of Rp26.1tn, as well as the 2025 year-to-date (YTD) daily average of Rp28.1tn and the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) emerged as the most actively traded bond, recording a trading volume of Rp3.7tn (vs. Rp3.5tn on the previous day). Its price edged higher to 99.66 (+0.31%), sending the yield lower to 6.57% (-7.13 bps). Following closely, the 10-yr FR0103 series (maturing on 15-Jul-35) saw its volume ease to Rp3.2tn (vs. Rp6.7tn on the previous day). The bond s price increased to 99.90 (+1.27%), compressing its yield to 6.76% (-17.27 bps).
The latest DMO bond flow data is as of 24-Apr (reflecting transactions on 22-Apr), wherein foreign ownership in government bonds increased further to Rp895.2tn or 14.28% of the total outstanding. Year-to-date, Bank Indonesia has been the biggest net buyer of government bonds (amounting to +Rp66.3tn), followed by onshore banks (+Rp48.9tn), insurance and pension funds (+Rp42.7tn), retail investors (+Rp25.13tn), other investors (+Rp25.09tn), foreign investors (+Rp18.5tn), and mutual funds (+Rp4.1tn).
Over the week, the JCI flew up by +3.70% (vs. +2.81% in the previous week), the 10-yr INDOGB bond yield slipped by -2.7 bps (vs. -12.3 bps in the previous week), the USD-denominated 10-yr INDOGB bond yield fell by -16.4 bps (vs. -20.1 bps in the previous week), and the rupiah against the USD appreciated slightly by +0.01% (vs. depreciated by -0.28% in the previous week). Foreign investors in the equity market posted a net sell of -Rp0.93tn (vs. net sell of -Rp13.68tn in the previous week), while in the bond market, they posted a strong net buy of +Rp11.52tn (vs. net buy +Rp3.25tn in the previous week).
Over the week, the average daily trading volume of government bonds rose sharply to Rp26.1tn (vs. Rp22.5tn in the prior week). The 10-yr FR0103 series continued to dominate trading activity, with its total weekly volume surging to Rp38.2tn (vs. Rp15.27tn in the previous week).
Domestic Corp Bond Market
On the corporate side, trading activity picked up on Friday (25-Apr), with volume rising notably to Rp5.4tn (vs. Rp3.8tn on 24-Apr). The figure exceeded the current week s average daily volume of Rp4.9tn and remained above both the 2025 YTD daily average of Rp3.54tn and the 2024 daily average of Rp2.05tn.
The FIFA06ACN5 series (maturing on 25-Apr-26), rated idAAA, led the corporate bond market, posting a trading volume of Rp824bn. Its price edged slightly higher to 99.93 (+0.07%), nudging the yield down to 11.28% (-6.97 bps). Trailing behind, the WISL03B series (maturing on 5-Jul-27), rated idA, booked a volume of Rp449bn. The bond s price slipped to 101.24 (-1.15%), driving a sharp yield rise to 8.13% (+58.27 bps).
Over the week, the average daily trading volume of corporate bonds softened to Rp4.9tn (vs. Rp5.5tn in the previous week). The 4.0-yr SMMA03CN1 series (maturing on 5-Apr-29), rated irAA, emerged as the most actively traded corporate bond, accumulating a total weekly volume of Rp1.3tn.
Fitch Ratings Indonesia has affirmed PT Pelayaran Nasional Indonesia (Persero)’s (PELNI) National Long-Term Rating at ‘AAA(idn)’ and National Short-Term Rating at ‘F1+(idn)’. The Outlook is Stable. Fitch assesses PELNI’s Standalone Credit Profile (SCP) as ‘aa-(idn)’, which reflects the Company s risk and financial profile, considering its operating environment, sector specific risks in its industry, and a significant reliance on government support. Fitch expects PELNI to maintain a low leverage ratio and a favourable debt-service ratio. This is counterbalanced by the company’s inability to adjust prices for public service obligations (PSO) and its significant capex programme in the short to medium term.
Fitch Ratings has affirmed PT Medco Energi Internasional Tbk’s Long-Term Issuer Default Rating (IDR) at ‘BB-‘. The Outlook is Stable. Fitch has also affirmed the ratings on the senior unsecured US dollar notes guaranteed by Medco at ‘BB-‘. According to Fitch, Medco’s credit profile is characterised by an average production scale relative to ‘BB’ category upstream oil and gas (O&G) producers, a low-cost position and favorable earnings mix through fixed-price contracts. Meanwhile, the Stable Outlook is supported by Medco’s ability to generate free cash flow and maintain adequate liquidity.
Fitch Ratings has affirmed PT Pertamina (Persero)’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB’ with a Stable Outlook. Fitch has also affirmed the senior unsecured rating, and the ratings on its USD20 billion global medium-term note programme and existing senior unsecured notes at ‘BBB ‘. According to Fitch, Pertamina’s IDR is equalised with that of Indonesia (BBB/Stable) as we look through the direct owner, Indonesia’s new sovereign wealth fund, Danantara. Moreover, Fitch assesses Pertamina’s Standalone Credit Profile (SCP) at ‘bbb-‘, reflecting its large scale, vertically integrated operations and modest leverage profile.
Pefindo has affimed idAAA rating with stable outlook for Peurm Jasa Tirta I (PJTT) . According to Pefindo, the rating is mainly driven by PJTT s almost certain likelihood of support from the Government due to its critical status in managing water resources in several river areas. Meanwhile, the Company s standalone credit profile is supported by its very strong economic service area and very conservative financial profile. However, the rating is constrained by PJTT s exposure to hydrological risk and inflexibility to adjust tariff.
Mandiri Sekuritas Research Team
