The JCI extended its upward momentum on Thursday, closing at +0.20% and increasing to 7,952.09 (YTD: +13.05%), though the gains slowed from the prior +0.38%. Despite the rise, foreign investors booked net outflows of -Rp278.8bn (vs. -Rp212.6bn prior), pushing the YTD net outflows to -Rp49.8tn. The daily turnover posted Rp16.6tn, above the YTD average of Rp14.3tn. Regionally, Asian equities were mixed: the Shanghai Composite Index rebounded strongly (+1.14% to 3,843.60), while the Hang Seng Index fell by -0.81% to 24,998.82.
INDOGB prices rallied further, driving yields lower across the curve as foreign investors returned with net inflows of +Rp2.76tn (benchmark: +Rp1.65tn, non-benchmark: +Rp1.11tn). According to Bloomberg, the 5-yr FR104 closed at 103.65 (yield: 5.63%, -5.1 bps), the 10-yr FR103 at 103.28 (yield: 6.30%, -1.0 bps), the 15-yr FR106 at 104.22 (yield: 6.67%, -0.9 bps), and the 20-yr FR107 at 103.36 (yield: 6.81%, -0.4 bps). In USD debts, the 5-yr global bond (Mar-2031) edged up to 87.41 (yield: 4.44%, -0.5 bps), while the 5-yr CDS widened to 67.66 bps (+0.51 bps). Meanwhile, the rupiah strengthened modestly against the USD, appreciating by +0.06% to Rp16,340/USD and trimming its YTD depreciation to -1.43%.
According to IDX s OTC trading report, Indonesian government bond trading activity moderated on Thursday (28-Aug), with total volume declining to Rp30.6tn (vs. Rp55.7tn on 27-Aug). The figure fell below both the prior week s daily average of Rp39.0tn and the 2025 year-to-date (YTD) daily average of Rp31.3tn, though it remained above the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) continued to dominate market flows, recording Rp6.5tn in trading volume (vs. Rp6.2tn previously). Its price was unchanged at 103.50, yielding 5.67% (-0.04 bps). This was followed by the 10-yr FR0103 series (maturing on 15-Jul-31), which booked Rp2.9tn in trading volume. The bond s price edged lower to 101.50 (-0.49%), lifting the yield to 6.54% (+6.85 bps).
On the flow side, based on the latest DMO data (as of 27-Aug), foreign ownership of government bonds fell slightly to Rp948.5tn (14.86% of outstanding). YTD, BI has been the largest net buyer (+Rp125.8tn), followed by foreign investors (+Rp71.8tn), onshore banks (+Rp70.1tn), insurance and pension funds (+Rp33.1tn), retail (+Rp28.6tn), other investors (+Rp8.5tn), and mutual funds (+Rp6.6tn).
Domestic Corp Bond Market
On the corporate side, trading activity also eased on Thursday (28-Aug), with total volume falling to Rp4.7tn (vs. Rp7.8tn on 27-Aug). Despite the decline, the figure stayed above the prior week s daily average of Rp3.1tn, the 2025 YTD average of Rp3.93tn, and the 2024 daily average of Rp2.05tn.
The MDKA04CN1 series (maturing on 13-Dec-25), rated idA+, led the segment with Rp400bn in trading volume. Its price advanced to 102.20 (+1.44%), driving the yield sharply lower to 2.70% (-498.92 bps). This was followed by the SMARMA01 series (maturing on 24-Nov-25), rated irA-, which recorded Rp303bn in trading volume. The bond s price inched up to 99.81 (+0.40%), compressing the yield markedly to 10.55% (-169.98 bps).
Fitch Ratings Indonesia has affirmed PT Surya Artha Nusantara Finance’s (SANF) National Long-Term Rating at ‘AA+(idn)’ with a Stable Outlook. The National Short-Term Rating has been affirmed at ‘F1+(idn)’. The ratings on SANF’s bond programme and senior bonds are also affirmed at ‘AA+(idn)’. According to Fitch, the key rating drivers for SANF s rating are as follows: 1) Fitch expectation of extraordinary support from its 60% shareholder, PT Astra International Tbk (AI); 2) Heavy equipment financing focus, primarily serving AI’s heavy-equipment arm, PT United Tractors Tb; 3) SANF’s strategic importance within the AI group; 4) Parent s strong ability to support; 5) Cyclical sector exposure; 6) Strong asset quality, modest profitability.
Fitch Ratings has affirmed PT Astra Sedaya Finance’s (ASF) Long-Term Issuer Default Rating (IDR) at ‘BBB’, Short-Term IDR at ‘F3’ and Shareholder Support Rating at ‘bbb’. At the same time, Fitch Ratings Indonesia has affirmed ASF’s National Long-Term Rating at ‘AAA(idn)’ and National Short-Term Rating at ‘F1+(idn)’. The Outlook on the long-term ratings is Stable. The ratings on the company’s bond programmes and issuance have also been affirmed. According to Fitch, the key rating drivers for ASF s are as follows: 1) Fitch’s expectation of extraordinary support from its shareholder, PT Astra International Tbk (AI); 2) Core subsidiary role as a captive financier for car brands manufactured and distributed by the AI group in Indonesia; 3) Brand and reputational connections to AI; 4) Close integration with parents across business strategy, management reporting, as well as funding and capital management; 5) Moderate standalone profile; 6) Steady financial performance.
Fitch Ratings has affirmed PT Federal International Finance’s (FIF) Long-Term Issuer Default Rating (IDR) at ‘BBB’ and Shareholder Support Rating at ‘bbb’. Fitch Ratings Indonesia has affirmed the National Long-Term Rating at ‘AAA(idn)’ and National Short-Term Rating at ‘F1+(idn)’. The Outlook on the long-term ratings is Stable. The ratings on the company’s bond programmes and issuance have also been affirmed. According to Fitch, the key rating drivers for FIF s are as follows: 1) Fitch’s expectation of extraordinary support from its shareholder, PT Astra International Tbk (AI); 2) Core subsidiary role as a captive financier for Honda motorcycle sales produced by PT Astra Honda Motor (AHM); 3) Reputational links to AI; 4) Close integration with parents across business strategy, financial reporting, as well as funding activities and capital planning; 5) Moderate standalone profile.
Pefindo has assigned idAA rating with a stable outlook to PT Bank DKI (Bank Jakarta). According to Pefindo the rating reflects a strong likelihood of support from the Provincial Government of Jakarta (Pemprov DKI) as the controlling shareholder, very strong market position and capitalization profile. Meanwhile, the rating is constrained by moderate asset quality profile and tigh competition outside the captive market.
