Indonesian assets closed stronger ahead of the 3Q-2025 quarter-end and Tuesday s sukuk auction. The JCI gained +0.30% to 8,123.25 (YTD: +14.74%), extending the previous session s rise, with the turnover improving to Rp24tn (vs. Rp21.9tn prior; YTD avg.: Rp15.4tn). Foreign investors posted net inflows of +Rp555.6bn, trimming the YTD outflows to -Rp53.0tn. Regionally, Asian equities were mixed: the Hang Seng index rallied by +1.89%, while the Nikkei index slipped -0.69% as markets weighed prospects of further Fed cuts against sticky US inflation.
On the bond side, INDOGBs rallied, sending bond yields lower despite sizable foreign outflows of -Rp3.3tn (Rp1.6tn from benchmarks, Rp1.7tn from non-benchmarks), according to PLTE data. Yields fell across the curve: the 5-yr FR104 traded at 104.24 (+0.25%), yielding 5.48% (-6.2 bps); the 10-yr FR103 at 102.86 (+0.39%), yielding 6.35% (-5.5 bps); the 15-yr FR106 at 103.46 (+0.32%), yielding 6.75% (-3.6 bps); and the 20-yr FR107 at 103.18 (+0.35%), yielding 6.83% (-3.2 bps). Offshore sentiment softened further, with the 5-yr USD global bond yield easing to 4.40% (-1.7 bps), and the ID CDS 5-yr spread narrowed slightly to 82.5 bps (-1.7 bps). Meanwhile, the rupiah strengthened by +0.36% to Rp16,680/USD (YTD: -3.59%), extending its rebound as the DXY eased on the back of rising US government shutdown risks.
According to IDX s OTC trading report, Indonesian government bond trading activity slowed on Monday (29-Sep), with total volume easing to Rp35.7tn (vs. Rp38.6tn on 26-Sep). The figure stood well below the prior week s daily average of Rp42.5tn, yet remained above both the 2025 year-to-date (YTD) daily average of Rp32.3tn and the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) led the market with Rp9.8tn in trading volume (vs. Rp5.3tn previously). Its price inched up to 104.30 (+0.36%), compressing the yield to 5.47% (-8.81 bps). This was followed by the 3-yr PBS030 series (maturing on 15-Jul-28), which recorded Rp1.6tn in trading volume. The bond s price slipped to 101.60 (-0.29%), pushing the yield higher to 5.25% (+11.33 bps).
On flows, foreign ownership of government bonds stood at Rp912.4tn (14.20% of outstanding) as of 24-Sep. YTD, Bank Indonesia has remained the largest net buyer (+Rp138.9tn), followed by onshore banks (+Rp104.5tn), insurance & pension funds (+Rp57.7tn), foreign investors (+Rp35.7tn), retail (+Rp18.1tn), others (+Rp15tn), and mutual funds (+Rp13.9tn).
Looking ahead, the government will conduct its final sukuk auction for 3Q25 on 30-Sep, targeting Rp9tn (unchanged from the previous sukuk auction). The instruments offered include two SPNS series (6-mo and 9-mo reopenings) and five PBS series: PBS003 (1.3-yr), PBS030 (2.8-yr), PBSG001 (4-yr), PBS034 (13.7-yr), and PBS038 (24.2-yr). We project that investor demand will moderate from the previous auction but remain solid, with the total incoming bids estimated in the range of Rp44tn 54tn, supported by ample domestic liquidity.
Domestic Corp Bond Market
On the corporate side, trading activity strengthened further on Monday (29-Sep), with total volume rising to Rp4.5tn (vs. Rp3.0tn on 26-Sep). The figure remained well above the prior week s daily average of Rp2.7tn and surpassed the 2025 YTD average of Rp3.9tn, while still standing comfortably above the 2024 daily average of Rp2.05tn.
The BBKP02ACN2 series (maturing on 9-Sep-26), rated AAA(idn), led the segment with Rp370bn in trading volume. Its price slipped marginally to 99.96 (-0.04%), lifting the yield to 6.49% (+4.20 bps). This was followed by the SMARMA01 series (maturing on 24-Nov-25), rated irA-, which posted Rp325bn in volume. The bond s price eased slightly to 99.61 (-0.03%), driving the yield sharply higher to 12.23% (+31.04 bps).
Pefindo has assigned idA- rating for PT Sinergi Properti Pratama s Medium Term Notes (MTN) I/2025 of a maximum amount Rp300bn. The funds will be used to finance working capital for its construction projects. Pefindo has also affirmed idA- rating with stable outlook to PT Sinergi Properti Pratama. The key credit strengths of the rating are its captive market from PT Perusahaan Listrik Negara (Perero) (PLN) and diversified business portfolio. Meanwhile the key credit weaknesses are its moderate financial profile and pressure on profit margins.
