Rupiah assets delivered a mixed performance on Monday (27-Apr). The rupiah continued to strengthen modestly, appreciating by +0.06% to Rp17,195/USD (vs. +0.51% prior; -0.14% over the past week; -3.03% YTD). In contrast, the JCI extended its decline, albeit at a slower pace, falling by -0.32% to 7,106.52 (vs. -3.38% prior; -6.75% WoW; -17.81% YTD), with trading activity moderating to Rp16.6tn (vs. Rp20.4tn prior; YTD avg.: Rp25.2tn). Foreign investors remained net sellers at -Rp2.04tn (vs. -Rp2tn prior; -Rp2.95tn WoW; YTD: -Rp44.8tn). Regionally, Asian equities were mixed but relatively resilient, with Japan (+1.38%) supported by tech strength and inflows, while the Hang Seng (-0.20%) edged lower amid softer risk appetite.
In the bond market, INDOGB yields were broadly stable ahead of the conventional bond auction, supported by continued foreign inflows of +Rp1.1tn (vs. +Rp2.37tn prior; +Rp4.18tn over the past week). Bloomberg data showed that the 5-yr FR109 yield edged up to 6.57% (+1.6 bps), the 10-yr FR108 to 6.77% (+1.2 bps), and the 20-yr FR107 to 6.67% (+0.5 bps), while the 15-yr FR106 eased slightly to 6.76% (-0.4 bps). Offshore indicators improved, with the 5-yr USD bond yield declining to 4.56% (-0.6 bps) and the 5-yr CDS tightening to 88.54 (-1.02 bps).
According to IDX OTC data, government bond trading activity strengthened, with the total volume rising to Rp27.0tn (vs. Rp24.5tn on 24-Apr), above the prior week s daily average of Rp21.0tn but still below the 2026 YTD average of Rp32.3tn. Trading was led by short-tenor series, particularly PBS032 (Rp6.7tn), followed by FR109 (Rp5.5tn) and PBS003 (Rp3.4tn).
From a positioning perspective, foreign ownership in government bonds edged up to Rp858.7tn (12.70% outstanding) as of 24-Apr. On a YTD basis, domestic investors remained key buyers, led by insurance and pension funds (+Rp67.2tn), Bank Indonesia (+Rp60.4tn), and other investors (+Rp59.5tn). Mutual funds (+Rp17.9tn) and retail investors (+Rp12tn) were also net buyers, while foreign investors (-Rp20tn) and onshore banks (-Rp3.7tn) remained net sellers.
Looking ahead, the government will conduct a conventional bond auction on 28-Apr, with a target issuance of Rp36tn and a maximum of Rp54tn, unchanged from the previous auction. Instruments offered include SPNs (1-, 3-, and 12-month tenors) and reopening FR series (FR109, FR108, FR106, FR107, FR102, and FR105). Based on our incoming bids model, we expect demand to remain solid in the range of Rp65tn-75tn.
Domestic Corporate Bonds
On the corporate side, trading activity increased on Monday (27-Apr), with total volume rising to Rp8.4tn (vs. Rp7.0tn on 24-Apr). Turnover came in above the prior week s daily average of Rp7.3tn and the 2026 YTD average of Rp7.2tn.
The OPPM01BCN6 series (maturing on 8-Nov-27), rated idA+, was the most actively traded with a total volume of Rp364bn. Its price increased to 102.21 (+0.09%), while the yield declined to 8.69% (-7.68 bps). This was followed by the PALM02BCN3 series (maturing on 18-Sep-27), rated idA with a volume of Rp340bn. Its price rose to 102.52 (+2.12%), while the yield edged down to 6.09% (-160.35 bps). Close behind was the SMINKP03BCN2 series (maturing on 25-Aug-26), rated idA+(sy) with a volume of Rp307bn. Its price rose to 101.26 (+1.26%), while the yield declined to 6.32% (-390.52 bps).
Fitch Ratings Indonesia has affirmed the National Long-Term Rating of PT Pos Indonesia (Persero) at A(idn) with a Positive Outlook, along with its National Short-Term Rating at F1(idn) . The affirmation reflects Fitch s continued expectation of government support, given POST s role as a government-related entity, while the Positive Outlook indicates anticipated improvements in its debt profile over the coming years. The rating also considers potential upside from the government s plan to consolidate multiple state-owned logistics entities under POST, although this remains an event risk until details are finalised. Meanwhile, POST s credit profile is constrained by its weaker risk profile, particularly due to reliance on short-term funding and exposure to competitive market dynamics, despite maintaining a solid financial profile and ongoing support through subsidies and capital injections.
