On the second trading day of October, Indonesian equities recovered. The JCI rebounded by +0.34% to 8,071.08 (vs. -0.21% prior; YTD: +14%), with the turnover improving to Rp26.8tn (vs. Rp23.9tn prior; YTD avg.: Rp15.6tn). Foreign investors, however, extended their net outflows, doubling to -Rp1.42tn (vs. -Rp737.8bn prior), bringing the YTD outflows to -Rp56.9tn. Regionally, equities traded firmer: Japan s Nikkei index gained +0.87% (vs. -0.85% prior; YTD: +14.3%), and Hong Kong s Hang Seng index rose +1.61% (vs. +0.87% prior; YTD: +39.1%) as investors assessed risks from a potential US government shutdown.
On the bond side, INDOGBs traded largely unchanged, with yields mixed amid continued foreign selling of -Rp4.35tn. According to Bloomberg, the 5-yr FR104 closed at 104.35 (+0.13%), yielding 5.45% (-3.3 bps); the 10-yr FR103 at 103.12 (-0.05%), yielding 6.32% (+0.6 bps); the 15-yr FR106 at 103.58 (+0.07%), yielding 6.74% (-0.7 bps); and the 20-yr FR107 was flat at 103.47, yielding 6.80%. Offshore, the 5-yr USD global bond yield was steady at 4.38%, while Indonesia s 5-yr CDS tightened to 79.8 bps (-1.9 bps). Meanwhile, the rupiah extended its strengthening trend, appreciating by +0.13% to Rp16,588/USD (vs. +0.35% prior; YTD: -3.02%), in line with broader EM FX gains against a softer USD.
According to IDX s OTC trading report, Indonesian government bond trading activity continued to ease on Thursday (2-Oct), with total volume declining to Rp37.4tn (vs. Rp47.3tn on 1-Oct). The figure fell below the prior week s daily average of Rp42.5tn, yet remained well above both the 2025 year-to-date (YTD) daily average of Rp32.6tn and the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) led market flows, booking Rp6.3tn in trading volume (vs. Rp1.6tn previously). Its price slipped to 103.15 (-0.19%), lifting the yield slightly to 6.31% (+2.70 bps). This was followed by the 5-yr FR0104 series (maturing on 15-Jul-30), which registered Rp2.7tn in trading volume (vs. Rp8.7tn previously). Its price inched up to 104.58 (+0.36%), pressing the yield down to 5.40% (-8.73 bps).
Regarding flows, foreign ownership of government bonds stood at Rp908.1tn (14.06% of the outstanding) as of 30-Sep. YTD, BI has remained the largest net buyer (+Rp143.9tn), followed by onshore banks (+Rp115.4tn), insurance & pension funds (+Rp70.1tn), foreigners (+Rp31.4tn), others (+Rp22.6tn), retail (+Rp17.1tn), and mutual funds (+Rp16.3tn).
Domestic Corp Bond Market
On the corporate side, bond trading activity strengthened markedly on Thursday (2-Oct), with total volume doubling to Rp6.0tn (vs. Rp3.1tn on 1-Oct). The figure stood well above the prior week s daily average of Rp2.7tn, surpassed the 2025 YTD average of Rp3.9tn, and remained comfortably above the 2024 daily average of Rp2.05tn.
The SMMA03CN1 series (maturing on 5-Apr-29), rated irAA, led the segment with Rp554bn in trading volume. Its price slipped to 111.60 (-0.13%), nudging the yield higher to 6.29% (+3.95 bps). This was followed by the INKP05BCN5 series (maturing on 30-Sep-30), rated idA+, which recorded Rp316bn in trading volume. The bond s price remained relatively unchanged at 103.00, yielding 8.75% (-0.04 bps).
Pefindo has affirmed idA+ ratings to PT Pindo Deli Pulp and Paper Mills (Pindo deli) and its outstanding bonds. Pefindo has also affirmed Pindo Deli s outstanding sukuk at idA+(sy). Outlook for the corporate rating is stable. According to Pefindo, the corporate rating reflects PIDL s very strong market position, vertically integrated operations, as well as diversified revenue stream and customer base. Meanwhile, the rating is constrained by its moderate financial profile, exposure to the fluctuations of raw material and product prices, as well as exposure to declining graphic paper demand.
Peifndo has affirmed idAA- ratings for PT Chandra Asri Pacific Tbk (TPIA) and its outstanding bonds. Outlook for the corporate rating is stable. Meanwhile, the rating reflects TPIA s leading position in the petrochemical industry, which is supported by synergies with its strategic partners, vertically integrated operations with satisfactory supporting facilities, as well as strong liquidity and financial flexibility. Meanwhile, the rating is constrained by the Company s moderate capital structure and financial policy, sensitivity to industry cyclicality, as well as risks related to the expansion of new projects.
Pefindo has affirmed idAAA rating with stable outlook to PT Adira Dinamika Multi Finance Tbk (Adira Finance), a surviving entity of the merger with PT Mandala Multifinance Tbk (Mandala Finance) effective on 1-Oct-2025. At the same time, Pefindo has affirmed idAAA on Adira Finance s outstanding bonds and its idAAA(sy) ratings on its outstanding sukuk, including the Shelf Registration Sukuk Mudharabah I previously issued by Mandala Finance, as the debt instrument has been assumed by Adira Finance.
