Rupiah assets traded mixed on Thursday, with equities declining, while bonds and the rupiah strengthened following the Fed s widely expected third consecutive 25-bps rate cut to 3.50 3.75%. The JCI fell 0.9% to 8,620 (+1.3% MTD, +21.8% YTD), dragged down by broad sector weakness. Infrastructure led the decline (-4.08%), followed by consumer non-cyclicals (-2.34%) and technology (-1.57%). Trading activity remained elevated at Rp34.3tn, lifting the 2025 average to Rp17.4tn. Foreign investors recorded Rp1.4tn of net inflows (MTD: +Rp3.6tn; YTD: Rp26.0tn). Asian markets also weakened, with the Nikkei down 0.9% and the Shanghai down 0.7%, as global risk sentiment deteriorated after Oracle s weak earnings reignited concerns over rising AI infrastructure costs and margin pressures across the tech sector.
INDOGB strengthened modestly, sending yields lower across the curve, supported by foreign net inflows of nearly Rp1tn (vs. Rp0.8tn prior). The 5-yr FR104 yield edged down to 5.60% ( 3.4 bps), while the 10-yr FR103 yield slipped to 6.16% ( 1.0 bps). Long-end yields were stable, with FR106 at 6.44% and FR107 at 6.55%. In global markets, the 5-yr USD RoI yield eased slightly to 4.43%, while Indonesia s 5-yr CDS tightened to 73.70 bps. The rupiah appreciated by 0.06% to Rp16,675/USD (MTD: 0.09%; YTD: 3.56%).
According to IDX s OTC trading report, Indonesian government bond trading activity moderated further on Thursday (11-Dec), with total volume declining to Rp17.9tn (vs. Rp28.4tn on 10-Dec). The figure fell below the prior week s daily average of Rp23.6tn, the 2025 YTD average of Rp32.5tn, and the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) led market activity, recording Rp4.4tn in volume. Its price slipped slightly to 103.50 (-0.05%), with the yield edging marginally higher to 5.62% (+1.18 bps). This was followed by the 8.2-yr FR0100 series (maturing on 15-Feb-34), which booked Rp1.5tn in trades. Its price eased to 101.25 (-1.56%), sending the yield higher to 6.42% (+25.00 bps).
Still no new updates on the bond ownership data by the DMO. As of 5-Dec, foreign government bond holdings rose slightly to Rp874.1tn (13.34% of outstanding). Year-to-date, domestic banks remain the dominant buyers (+Rp155.3tn), followed by Bank Indonesia (+Rp147.1tn), insurance & pension funds (+Rp138.7tn), mutual funds (+Rp53.5tn), and others (+Rp25.8tn). Foreign investors have remained net sellers YTD ( Rp2.6tn), though the pace of outflows has continued to decelerate.
Domestic Corp Bond Market
On the corporate side, trading activity also eased further on Thursday (11-Dec), with total volume slowing to Rp4.2tn (vs. Rp6.0tn on 10-Dec). The figure slipped slightly below the prior week s daily average of Rp5.0tn, yet remained well above both the 2025 YTD average of Rp3.9tn and the 2024 daily average of Rp2.05tn.
The SIBOLD01A series (maturing on 6-Apr-26), rated idA+(sy), led the segment with Rp334bn in trading volume. Its price ticked up to 99.94 (+0.38%), driving the yield sharply lower to 7.68% (-119.43 bps). This was followed by the BOLD03B series (maturing on 10-Oct-28), rated idA+, which booked Rp255bn in trades. The bond s price edged down to 99.13 (-0.49%), nudging the yield higher to 8.35% (+19.69 bps).
Pefindo has lowered the ratings of PT Wijaya Karya (Persero) Tbk (WIKA) s Shelf-Registered (SR) Bond I Phase II and SR Bond II Phase I to I dD from idCCC and SR Sukuk Mudharabah I Phase II and SR Sukuk Mudharabah II Phase I to idD(sy) from idCCC(sy) . According to Pefindo, these rating actions follow WIKA s deferral coupon payment for the respective financial instruments due on the specified maturity dates. At the same time, WIKA s also unable to reach an agreement with its bondholders to defer the coupon payment during the 14 working days remedial period.
Fitch Ratings has downgraded PT Bukit Makmur Mandiri Utama’s (BUMA) Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B+’, from ‘BB-‘. Simultaneously, Fitch Ratings Indonesia has downgraded BUMA’s National Long-Term Rating to ‘A(idn)’, from ‘A+(idn)’. The Outlook is Stable. Fitch Ratings Indonesia has also downgraded the rating on BUMA’s unsecured rupiah bonds and sukuk to ‘A-(idn)’, from ‘A+(idn)’. According to Fitch, the downgrades reflect BUMA’s weakened financial profile, as Fitch forecast EBITDA net leverage to worsen to around 6.0x in 2025 and EBITDA interest coverage to fall to 2.0x. Fitch also estimates BUMA’s 2025 Fitch-adjusted EBITDA to fall by around 35% due to a very weak 1Q25. While EBITDA is likely to recover in 2026, leverage will stay at above 3.5x. Moreover, Fitch expects BUMA to continue deleveraging but see risk of a delay from volume weakness given the weaker macroeconomic conditions. The downgrade of BUMA’s unsecured rupiah notes also reflects their subordination to the group’s secured debt, which form the majority of the outstanding debt.
Fitch Ratings Indonesia has affirmed PT Asuransi Mitra Pelindung Mustika’s (MPM Insurance) National Insurer Financial Strength (IFS) Rating at ‘A+(idn)’. The Outlook is Stable. The rating action reflects the company’s subdued underwriting performance, which is offset by its satisfactory capital position and ‘Moderate’ company profile.
Pefindo has assigned idAA+ rating with stable outlook to PT Hino Finance Indonesia (HFI). According to Pefindo, the rating reflects the following factors: 1) HFI s status as strategic subsidiary of its majority shareholders, Hino Motors Limited, Japan, and Salim Group; 2) strong market position in the truck and bus leasing business; 3) very strong asset quality profile; and 4) very strong capitalization indicators. Meanwhile, the rating is constrained by high cost-to-income ratio and tight competition in its business segment.
Pefindo has affirmed idAAA rating for PT Aviasi Pariwisata Indonesia (Persero) (InJourney) and its idAAA(sy) rating for its outstanding sukuk. Outlook for the corporate rating is stable. According to Pefindo, InJourney s corporate rating is mainly driven by its very important role to the government. Meanwhile, its standalone credit profile is supported by the Company s strong credit quality of its airport subsidiaries and strong presences in the tourism segment.
Pefindo has affirmed idA- rating with stable outlook to PT Integra Indocabinet Tbk (WOOD). Pefindo has also affirmed idA- rating dor the Company s Shelf Registered Bond I and idA-(sy) rating for its Shelf-Registered Sukuk Mudharabah I. According to Pefindo, the rating reflects WOOD s strong market position, diversified product offering, and good profit margins. Meanwhile, the rating is constrained by its moderate financial profile, as well as exposure to tight competition and the economic and policy of the United States (US) as the Company s largest market.
Pefindo affirmed idAAA(sy) rating for PT Tamaris Hidro (TYRO) s Bond I Year 2022. According to Pefindo,the instrument rating reflects a very strong structure with credit enhancement from PT Sarana Multi Infrastruktur (Persero) (SMII, idAAA/stable). The rating has incorporated TYRO s moderate financial profile and exposure to hydrological conditions.
<>
