Rupiah-denominated assets posted another day of gains on Thursday, with the JCI climbing +0.49% to 7,931.25 (YTD: +12.8%) despite a lighter turnover of Rp18.6tn. Meanwhile, foreign investors extended their buying streak in equities, adding +Rp827.2bn (vs. +Rp1.5tn prior), narrowing the YTD net sales to -Rp56.5tn. This outperformance came against a weaker regional backdrop, as most Asian markets closed lower: the Hang Seng Index with -0.37% and the Nikkei Index with -1.45% due to profit-taking.
In the bond market, INDOGB yields fell across the curve, supported by Rp1.58tn in net foreign inflows, mainly into non-benchmark series. According to Bloomberg, the 5-yr FR104 closed at 102.77 (5.84%, -1.2 bps), the 10-yr FR103 at 6.80% (-2.5 bps), the 15-yr FR106 at 103.67 (6.73%, -1.1 bps), and the 20-yr FR107 at 103.61 (6.79%, -1.1 bps). Moreover, offshore sentiment improved, with the 5Y USD global bond yield down to 4.41% (-3.5 bps) and the CDS tightening to 69.09 bps. The rupiah strengthened for a second straight day, appreciating by +0.53% to Rp16,105/USD (YTD: +0.02%).
According to IDX s OTC trading report, Indonesian government bond trading activity moderated on Thursday (14-Aug), with total volume declining to Rp27.1tn (vs. Rp45.9tn on 13-Aug). The figure fell below both the prior week s daily average of Rp35.8tn and the 2025 year-to-date (YTD) daily average of Rp30.5tn, yet remained comfortably above the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) led market flows, recording a trading volume of Rp3.9tn. Its price slipped to 101.00 (-0.88%), driving the yield higher to 6.61% (+12.36 bps). This was followed by the 5-yr FR0104 series (maturing on 15-Jul-30), which booked a trading volume of Rp2.4tn (vs. Rp5.3tn previously). The bond s price edged up to 102.81 (+0.26%), resulting in a modest yield decline to 5.83% (-6.26 bps).
On the flow side, based on the latest DMO data (as of 12-Aug), foreign ownership in government bonds has increased to Rp940.7tn, or 14.65% of the total outstanding. Year-to-date, Bank Indonesia has been the biggest net buyer of government bonds (amounting to +Rp116tn), followed by onshore banks (+Rp70.2tn), insurance & pension funds (+Rp66.7tn), foreign investors (+Rp64tn), retail investors (+Rp39.3tn), other investors (+Rp18.6tn), and mutual funds (+Rp6.3tn).
Domestic Corp Bond Market
On the corporate side, trading activity weakened further on Thursday (14-Aug), with total volume easing to Rp1.4tn (vs. Rp2.8tn on 13-Aug). The figure stayed below the prior week s daily average of Rp3.7tn and the 2025 YTD average of Rp3.98tn, and also fell short of the 2024 daily average of Rp2.05tn.
The OPPM03B series (maturing on 4-Nov-25), rated idA+, led the segment with a trading volume of Rp179bn. Its price declined to 100.02 (-0.86%), pushing the yield sharply higher to 10.83% (+358.77 bps). This was followed by the LPPI03BCN1 series (maturing on 4-Oct-29), rated idA+, which recorded a trading volume of Rp162bn. The bond s price inched up to 108.55 (+0.29%), sending the yield lower to 8.52% (-8.54 bps).
Pefindo has assigned idAAA rating with a stable outlook to PT Bank Tabungan Negara (Persero) Tbk (Bank BTN). According to Pefindo, the rating is mainly driven by BTN s very strong likelihood of support from the government. Meanwhile, the Bank s standalone credit profile reflects its very strong business position as well as very strong liquidity and financial flexibility, although constrained by its below-average asset quality and moderate profitability indicators.
Handy Yunianto
handy.yunianto@mandirisekuritas.co.id
Ariestya Putri Adhzani
