Rupiah assets ended the week with mixed notes, with equities under pressure and bond yields rising further, while the rupiah strengthened against the USD. On Friday (24-Apr), the Jakarta Composite Index (JCI) fell sharply by -3.38% to 7,129.49 (vs. -2.16% prior; YTD: -17.55%), accompanied by higher trading volume, indicating intensified selling pressure. Foreign investors recorded net outflows of -Rp2tn (vs. -Rp978.7bn prior; YTD: -Rp42.8tn). Regionally, Asian equities were mixed, with Japan (+0.97%) outperforming, while China (-0.33%) edged lower, reflecting divergence across sectors.
In the bond market, INDOGB yields continued to move higher across the curve, with more pronounced pressure at the short end, reflecting ongoing policy uncertainty and inflation concerns. Despite this, foreign investors returned to the bond market, posting net inflows of +Rp2.4tn (vs. -Rp352.6bn prior). Bloomberg data showed that the 5-yr FR109 yield rose to 6.57% (+9.7 bps), the 10-yr FR108 to 6.76% (+7.9 bps), the 15-yr FR106 to 6.77% (+2.2 bps), and the 20-yr FR107 to 6.67% (+1.3 bps). Trading activity improved, with the total volume increasing to Rp24.5tn (vs. Rp21.2tn prior; YTD avg.: Rp33.8tn), led by 2.2-yr PBS030 (Rp4.3tn), 5-yr FR109 (Rp3.5tn), and 9.2-yr FR103 (Rp2.3tn). Offshore indicators were mixed, with the 5-yr USD bond yield easing slightly to 4.57% (-0.2 bps), while the 5-yr CDS widened to 89.07 (+2.46 bps). Meanwhile, the rupiah appreciated by +0.51% to Rp17,205/USD (vs. -0.69% prior; YTD: -3.09%), supported by selective inflows and stabilization in global sentiment.
From a positioning perspective, foreign ownership in government bonds stood at Rp857.1tn (12.67% of outstanding) as of 23-Apr. On a YTD basis, domestic investors remained the key buyers, led by insurance and pension funds (+Rp66.9tn), Bank Indonesia (+Rp60.3tn), and other investors (+Rp59.1tn). Mutual funds (+Rp18.2tn) and retail investors (+Rp11.6tn) also recorded net inflows, mostly coming from sukuk retail issuances, while foreign investors (-Rp21.4tn) and onshore banks (-Rp1.2tn) remained net sellers.
On a weekly basis, rupiah assets were under pressure. The JCI declined by -6.75% (vs. +2.36% prior week), while the 10-yr INDOGB yield rose sharply by +19.6 bps (vs. +1.3 bps in the prior week), and the rupiah weakened slightly by -0.14% (vs. -0.49% in the prior week). Foreign investors recorded net outflows of -Rp2.95tn in the equity market (vs. -Rp2.71tn in the prior week), whereas bond inflows remained positive at +Rp4.18tn (vs. +Rp4.58tn in the prior week). Meanwhile, the average daily government bond trading volume slightly rose to Rp30.6tn (vs. Rp29.9tn in the prior week). The 5-yr benchmark FR109 remained the most actively traded series, with the total weekly trading volume rising significantly to Rp44.2tn (vs. Rp21.0tn prior).
Domestic Corporate Bonds
On the corporate side, trading activity increased on Friday (24-Apr), with total volume rising to Rp7.0tn (vs. Rp5.5tn prior or YTD average: Rp7.3tn). The SMLPPI01CN1 series (maturing on 4-Oct-29), rated idA(sy), was the most actively traded with a total volume of Rp320bn. Its price declined to 108.12 (-0.78%), while the yield increased to 8.27% (+26.98 bps). This was followed by the SMLPPI02BCN2 series (maturing on 24-Feb-31), rated idA(sy) with a volume of Rp300bn. Its price rose to 99.62 (+1.77%), while the yield edged down to 7.34% (-43.35 bps). Close behind was the BOLD03B series (maturing on 10-Oct-28), rated idA+ with a volume of Rp300bn. Its price declined to 98.02 (-1.00%), while the yield rose to 8.90% (+45.53 bps).
Over the week, average daily corporate bond trading volume declined to Rp7.3tn (vs. Rp7.1tn in the prior week). The ASDF07ACN3 series (maturing on 20-Apr-27), rated idAAA, emerged as the most actively traded corporate bond, recording total weekly trading volume of Rp1.0tn.
Pefindo has assigned idBBB+ rating with stable outlook to PT Mitra Bisnis Keluarga Ventura (MBK). According to Pefindo, the rating reflects MBK s strong presence in the microfinance business, diversified financing portfolio, and strong capitalization. Meanwhile, the rating is constrained by MBK s below-average profitability indicators, high-risk debtors profile, and intense competition in the targeted segment.
Fitch Ratings has placed the Long-Term Issuer Default Rating (IDR) of PT Japfa Comfeed Indonesia Tbk on Rating Watch Positive (RWP) at B+ , while its National Rating has also been placed on RWP at A(idn) . The rating action follows the proposed US dollar bond issuance by its parent, Japfa Pte. Ltd., which is expected to improve financial transparency and governance following its privatisation. Fitch expects Japfa s financial performance to normalise from its 2025 peak, with EBITDA net leverage remaining relatively low at around 2x in the medium term. The agency indicated that the ratings could be upgraded upon successful completion of the bond issuance, as improved transparency would strengthen Japfa s standalone credit profile. Meanwhile, Japfa s credit profile continues to reflect its vertically integrated operations, which provide some cost flexibility, although margins are expected to moderate amid rising raw material costs and potential demand pressures.
