Rupiah-denominated assets ended the last trading day of November on a softer note. The JCI fell by 0.4% to 8,509 (+4.2% MTD; +20.2% YTD), dragged mainly by weakness in the technology and healthcare sectors. Trading activity reached Rp20.3tn, bringing the 2025 average daily turnover to Rp17.1tn. Foreign investors posted net outflows of Rp1.0tn, although they remained net buyers on a monthly basis (+Rp12.2tn MTD), while YTD flows stayed negative at Rp29.6tn. Across the region, Asian equity markets traded firmer, supported by expectations of a potential Fed rate cut in December, with the Nikkei rising 0.2% (+26.0% YTD) and the Shanghai Composite going up 0.3% (+16.0% YTD), despite US markets being closed for Thanksgiving.
INDOGB continued to weaken, led by short-to-mid tenors, in line with SRBI auction results, even as foreign investors recorded a modest net buy of Rp2.3tn (CTP PLTE). The 5-yr FR104 yield rose to 5.84% (+10.9 bps), and the 10-yr FR103 climbed to 6.30% (+3.3 bps), while the long end was relatively stable, with the 15-yr FR106 easing slightly to 6.44% ( 1.0 bps), and the 20-yr FR107 flat at 6.54%. Offshore, the 5-yr USD global bond yield edged up slightly to 4.38% (+0.1 bps), and Indonesia s 5-yr CDS held steady at 73.45. Meanwhile, the rupiah weakened slightly by 0.10% to Rp16,660/USD ( 0.18% MTD; 3.47% YTD).
According to IDX s OTC trading report, Indonesian government bond trading activity moderated ahead of end of November, on Friday (28-Nov), with total volume declining to Rp26.6tn (vs. Rp40.0tn on 27-Nov). The figure fell below both the current week s daily average of Rp32.5tn and the 2025 year-to-date (YTD) average of Rp32.8tn, while remaining above the 2024 daily average of Rp21.7tn. The 1.1-yr PBS003 series (maturing on 15-Jan-27) led market activity, recording Rp3.8tn in volume. Its price inched up to 101.30 (+0.22%), driving the yield lower to 4.80% (-20.27 bps). This was followed by the 5.2-yr FR0087 series (maturing on 15-Feb-31), which booked Rp2.4tn in transactions. Its price slipped to 102.64 (-0.16%), lifting the yield slightly to 5.90% (+3.57 bps).
SRBI rates continued to move higher in the 28-Nov auction, following BI s recent decision to increase its auction frequency from once to twice weekly. The average SRBI rate rose by nearly 10 bps to 4.94% after a sharp 13-bps increase earlier in the week. All tenors saw gains the 6-mo at 4.83% (+11.3 bps), 9-mo at 4.90% (+16.6 bps), and 12-mo at 4.95% (+9.7 bps). Demand strengthened for a second straight auction, with bids rising by 27.6% to Rp26.2tn. BI also raised its issuance to Rp24tn (from Rp16tn), lowering the bid-to-cover ratio to 1.1x. We estimate the SRBI outstanding increased to Rp706.3tn, up from Rp699.3tn a week earlier.
Based on DMO data as of 26-Nov, foreign SBN holdings were broadly stable at Rp872.4tn (13.37% of outstanding). YTD, onshore banks remain the largest net buyers (+Rp153.0tn), followed by BI (+Rp148.3tn), insurance & pension funds (+Rp119.0tn), mutual funds (+Rp48.9tn), and others (+Rp20.7tn). Foreign investors remain the largest net sellers ( Rp4.3tn), along with retail investors ( Rp1.7tn).
Over the week, average daily trading in government bonds rose to Rp32.5tn (vs. Rp30.1tn in the prior week). The 10-yr FR0104 benchmark series emerged as the most actively traded, supported by a total weekly volume that expanded to Rp22.6tn (vs. Rp18.4tn previously).
For the week, the JCI gained 1.12%, the 10-yr rupiah government bond yield rose 13.1 bps, the 10-yr USD global bond yield fell 5.7 bps, and the rupiah appreciated by 0.24% against the USD.
Domestic Corp Bond Market
On the corporate side, trading activity normalized on Friday (28-Nov), with total volume declining to Rp4.1tn (vs. Rp8.6tn on 27-Nov). The figure fell below the current week s daily average of Rp6.1tn, yet remained comfortably above the 2025 YTD average of Rp3.8tn and the 2024 daily average of Rp2.05tn.
The SMMA03CN4 series (maturing on 23-Oct-30), rated irAA, led the segment with Rp200bn in trading volume. The bond slipped to 100.02 (-1.00%), pushing the yield higher to 7.99% (+24.71 bps). This was followed by the OPPM01BCN6 series (maturing on 8-Nov-27), rated idA+, which posted Rp164bn in turnover. Its price inched up to 108.76 (+1.21%), driving the yield sharply lower to 5.47% (-68.49 bps).
Over the week, average daily corporate bond trading volume surged to Rp6.1tn (vs. Rp2.7tn in the previous week). This upswing was driven largely by newly listed bonds, with the 1.0-yr PPGD06ACN4 series (maturing on 23-Nov-26), rated idAAA, emerging as the most actively traded corporate bond, recording a substantial total weekly volume of Rp2,591bn.
