On Thursday (16-Oct), Indonesian assets traded mixed; the JCI rebounded, the INDOGB rallied further, while the rupiah softened slightly. After weakening in the last 3 consecutive days, the Jakarta Composite Index (JCI) rebounded by +0.91% to 8,124.76, erasing the previous day s loss of -0.19% and widening the YTD performance by +14.76%. In contrast, the equity market turnover plunged to Rp19.5tn (vs. Rp29.9tn prior), but it was still well above the YTD avg. of +Rp16.2tn. Moreover, across Asia, equity markets closed mixed; the Japanese Nikkei 225 Index rose +1.27% (YTD: +22.82%) as investors grew increasingly confident that the US Federal Reserve would soon begin cutting interest rates, whereas Hong Kong s Hang Seng Index slipped -0.09% (YTD: +31.93%) as investors stayed cautious amid renewed geopolitical tension between the US and China after US criticism of Beijing s export restrictions on rare earth minerals.
On the bond market side, the INDOGB yields extended their downward trend, concentrated on the longer tenors, except the 5-yr FR104, which saw a small uptick of +0.4 bps. Meanwhile, foreign outflows persisted, totaling -Rp2.13tn (vs. -Rp2.16tn prior), based on the CTP PLTE data. According to Bloomberg, the 5-yr FR104 closed at 104.92 (-0.03%), yielding 5.31% (+0.4 bps); the 10-yr FR103 at 105.85 (+0.39%), yielding 65.95% (-5.5 bps); the 15-yr FR106 at 106.95 (+0.90%), yielding 6.39% (-9.6 bps); and the 20-yr FR107 at 1056.59 (+1.24%), yielding 6.53% (-11.4 bps). Offshore, the 5-yr USD global bond yield moved marginally lower to 4.37% (-0.6 bps), while Indonesia s 5-yr CDS edged up to 80.97 bps (+0.04 bps). The rupiah softened slightly to Rp16,573/USD (-0.05%; YTD: -2.93%).
According to IDX s OTC trading report, Indonesian government bond trading activity moderated on Thursday (16-Oct), with total volume declining to Rp37.6tn (vs. Rp51.5tn on 15-Oct). Despite the moderation, the figure remained slightly higher than the prior week s daily average of Rp37.4tn and stood well above both the 2025 year-to-date (YTD) daily average of Rp32.8tn and the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) continued to dominate market activity, recording Rp6.3tn in trading volume (vs. Rp10.9tn previously). Its price eased slightly to 104.95 (-0.05%), bringing the yield marginally higher to 5.30% (+1.11 bps). This was followed by the 10-yr FR0103 series (maturing on 15-Jul-35), which booked Rp2.5tn in trading volume. Its price rose to 105.90 (+0.92%), compressing the yield to 5.94% (-12.87 bps).
Regarding flows, as of 15-Oct, foreign ownership of government bonds remained stable at Rp900.6tn (14.06% of outstanding). Year-to-date, Bank Indonesia is still the largest net buyer (+Rp141.7tn), followed by onshore banks (+Rp80.6tn), insurance & pension funds (+Rp74.6tn), foreign investors (+Rp23.9tn), mutual funds (+Rp23.4tn), and others (+Rp23.1tn). Meanwhile, only retail investors reported a net sell (-Rp0.2tn).
Domestic Corp Bond Market
On the corporate side, bond trading activity remained stable on Thursday (16-Oct), with total volume relatively unchanged at Rp2.2tn (vs. Rp2.2tn on 15-Oct). The figure stayed below both the prior week s daily average of Rp3.7tn and the 2025 YTD average of Rp3.9tn, while still comfortably above the 2024 daily average of Rp2.05tn.
The WISL03B series (maturing on 5-Jul-27), rated idA, led the segment with Rp271bn in trading volume. The bond s price declined to 103.92 (-2.70%), driving the yield sharply higher to 6.32% (+169.97 bps). This was followed by the BOLD03B series (maturing on 10-Oct-28), rated idA+, which recorded Rp183bn in trading volume. Its price inched up to 100.70 (+0.51%), pushing the yield lower to 7.73% (-19.30 bps).
Fitch Ratings Indonesia has affirmed PT Asuransi Wahana Tata’s (ASWATA) National Insurer Financial Strength (IFS) Rating at ‘AA(idn)’. The Outlook is Stable. According to Fitch, the affirmation reflects ASWATA’s ‘Moderate’ company profile, improved reinsurance risk and continued profitability. It also considers the insurer’s satisfactory capitalisation and conservative investment mix.
