Indonesia s rupiah-denominated assets closed mixed in the first session after the Eid holidays. The rupiah extended its gains, appreciating by +0.47% to Rp16,903/USD (vs. +0.08% prior; YTD: -1.29%), supported by a softer dollar index at 99.4 and easing geopolitical concerns. Market sentiment improved on headlines suggesting potential de-escalation in the Iran conflict, although uncertainty remains.
On the equity side, the JCI extended its rally, rising by +2.75% to 7,302.12 (vs. +1.20% prior), driven mainly by the industrial and energy sectors. This reduced the YTD losses to -15.55%. Market activity remained solid, with turnover at Rp25.9tn (vs. Rp24.5tn; YTD avg.: Rp28.2tn), while foreign investors returned as net buyers, booking +Rp102.8bn (vs. -Rp679.2bn prior; YTD: -Rp8.41tn). Regionally, Asian equities were mixed but generally firmer, with the Nikkei Index at +2.87% and the Hang Seng Index at +1.09%, as oil prices eased and risk sentiment improved.
In contrast, the bond market continued to face pressure. INDOGB yields moved higher across the curve, while foreign investors recorded net buy of Rp0.8tn. The 5-yr FR109 yield rose to 6.63% (+10 bps), the 10-yr FR108 to 6.91% (+3.5 bps), the 15-yr FR106 to 7.00% (+5.1 bps), and the 20-yr FR107 to 6.92% (+3.8 bps). Offshore indicators also weakened, with the 5-yr USD sovereign yield trading at 4.90% (+14.5 bps) and the 5-yr CDS widening to 97.12 (+6.7 bps).
According to IDX s OTC trading report, Indonesian government bond trading activity moderated to Rp21.1tn (vs. Rp24.2tn prior, or YTD avg.: Rp33.7tn). The 0.1-yr FR0086 series (maturing on 15-Apr-26) led market activity, recording Rp2.2tn in trading volume. Its price rose to 99.96 (+0.17%), while the yield declined to 6.07% (-1,462.24 bps). This was followed by the 5-yr FR0109 and 4.5-yr FR0082 which recorded trading volume of Rp2.1tn and Rp1.7tn, respectively.
From a flow perspective, domestic investors have remained the key support. As of 16-Mar, foreign ownership stood at Rp858tn (12.67%) of the total outstanding. YTD, the largest buyers have been insurance companies and pension funds (+Rp58.6tn), followed by onshore banks (+Rp54.3tn), others investors (+Rp50.5tn), Bank Indonesia (+Rp41.4tn), and mutual funds (+Rp25.2tn). Meanwhile, foreign (-Rp20.7tn) and retail (-Rp6.6tn) investors have remained net sellers.
On the monetary side, the latest SRBI auction (25-Mar) showed weak demand, with incoming bids dropping to Rp4.7tn (vs. Rp14.6tn prior; YTD avg.: Rp34.8tn) the lowest since Mar-2024. Despite this, issuance rose to Rp3.6tn, pushing the bid-to-cover ratio down to 1.32x (from 3.41x). Yields continued to adjust higher, with the weighted average yield rising by +13.3 bps to 5.43% (6-mo: 5.39%, 9-mo: 5.42%, 12-mo: 5.44%).
Domestic Corp Bond Market
On the corporate side, trading activity eased on Wednesday (25-Mar), with total volume declining to Rp11.5tn (vs. Rp14.5tn prior, or YTD avg.: Rp5.5tn).
The SMINKP04BCN2 series (maturing on 5-Dec-27), rated idA+(sy), was the most actively traded with a total volume of Rp195bn. Its price rose to 106.51 (+2.75%), while the yield declined to 6.17% (-177.44 bps). This was followed by the SMMA03CN1 series (maturing on 5-Apr-29), rated irAA with a volume of Rp172bn. Its price increased to 109.03 (+1.48%), while the yield declined to 6.68% (-57.71 bps). Close behind was the SMINKP03BCN2 series (maturing on 25-Aug-26), rated idA+(sy) with a volume of Rp176bn. Its price rose to 102.32 (+1.11%), while the yield declined to 4.59% (-285.82 bps).
Pefindo has assigned idA rating with stable outlook to PT Raharja Energi Cepu Tbk (RATU) s proposed Bond I Year 2026 of IDR300 billion and idA(sy) rating to RATU s proposed Sukuk Wakalah I Year 2026 of IDR500 billion. The bond and sukuk wakalah issuance proceeds will be used for new development capital expenditure and refinancing bank loans. According to Pefindo, the rating refelects RATU s strong credit profile of its key investee, good investment management, and strong financial profile. Meanwhile, the rating is constrained by RATU s concentrated investment portfolio, as well as interest risk in commodity-based sectors and exposure to energy transition risk.
