Indonesian government bonds (INDOGBs) extended their gains on Friday, with yields edging lower across the curve and ending the week in positive territory. Meanwhile, foreign investors reported a net sell of Rp0.8tn (vs. +Rp0.3tn previously), with flows concentrated in benchmark series.
According to Bloomberg, the 5-yr FR104 closed at 104.37 (+0.03%), yielding 5.42% (-0.9 bps); the 10-yr FR103 at 104.59 (+0.05%), yielding 6.11% (-0.7 bps); the 15-yr FR106 at 107.38 (+0.14%), yielding 6.35% (-1.5 bps); and the 20-yr FR107 at 106.91 (+0.11%), yielding 6.50% (-1.0 bps). Offshore, Indonesia s 5-yr USD global bond yield was broadly stable at 4.37% (+0.4 bps), while the 5-yr CDS ticked up to 74.96 bps (+0.48 bps). Meanwhile, the rupiah strengthened to Rp16,704/USD (+0.14%; YTD: -3.74%).
According to IDX s OTC trading report, Indonesian government bond trading activity continued to moderate on Friday (14-Nov), with total volume easing to Rp21.8tn (vs. Rp28.8tn on 13-Nov). The figure fell below both the current week s daily average of Rp26.5tn and the 2025 year-to-date (YTD) daily average of Rp32.9tn, while still sitting comfortably above the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) led market activity, posting Rp2.5tn in trading volume (vs. Rp3.8tn previously). Its price rose to 104.60 (+1.55%), driving the yield lower to 6.11% (-21.75 bps). This was followed by the 5.3-yr FR0109 series (maturing on 15-Mar-31), which recorded Rp2.5tn in trading volume. Its price inched up to 102.25 (+0.10%), nudging the yield down to 5.38% (-2.18 bps).
Based on DMO data as of 12-Nov, foreign ownership in government bonds declined further to Rp872.6tn (13.45% of outstanding). Year-to-date, Bank Indonesia remains the largest net buyer (+Rp144.5tn), followed by onshore banks (+Rp143.9tn), insurance & pension funds (+Rp102.9tn), mutual funds (+Rp40tn), others (+Rp18.9tn), and retail investors (+Rp2.6tn). Foreign investors remain the only net sellers, totaling -Rp4.1tn.
Equities traded slightly softer, with the JCI down -0.02% to 8,370.44, extending Thursday s losses, though the index is still up +18.23% YTD. The market turnover moderated to Rp20.8tn (vs. Rp25.4tn prior; YTD avg.: Rp16.8tn), while foreign investors booked a modest net outflow of -Rp73.4bn (vs. +Rp2.92tn prior), bringing the YTD outflows to -Rp34.48tn. Across the region, Asian equities mostly closed lower as investors locked in profits following recent strong gains. The Nikkei 225 weakened by -1.77%, while the Hang Seng Index fell by -1.85%.
On a weekly basis, the equity market slipped -0.29% (vs. +0.56% last week). In contrast, the bond market rallied, with the 10-yr INDOGB yield falling -5.8 bps (vs. +13.9 bps prior). The USD INDOGB yield rose +2.1 bps (vs. +4.2 bps prior), while the rupiah weakened by -0.37% for the week (vs. -0.07% previously). Foreign flows were mixed, with +Rp3.85tn net inflows into equities (vs. +Rp3.46tn prior) but -Rp1.6tn net outflows from the bond market (vs. -Rp6.13tn last week).
Over the week, the average daily government bond trading volume moderated further to Rp26.5tn (vs. Rp30.3tn in the prior week). The 5-yr FR0104 series remained the most actively traded benchmark, although its total weekly volume declined to Rp19.4tn (vs. Rp22.5tn previously).
Domestic Corp Bond Market
The SIIJEE01B series (maturing on 8-Jul-28), rated idA(sy), led the segment with Rp265bn in trading volume. Its price edged lower to 102.00 (-1.44%), sending its yield sharply higher to 10.62% (+63.62 bps). This was followed by the TAFS04BCN1 series (maturing on 11-Jul-26), rated AAA(idn), which booked Rp200bn in trading volume. Its price inched up to 100.70 (+0.53%), pushing the yield down to 4.91% (-88.15 bps).
Over the week, average daily corporate bond trading volume declined to Rp2.9tn (vs. Rp4.4tn in the previous week). The newly listed 1.0-yr PPGD06ACN4 series (maturing on 23-Nov-26), rated idAAA, emerged as the most actively traded corporate bond, recording a total weekly volume of Rp734bn.
Pefindo has assigned idAA- rating with a stable outlook to PT Bank Pembangunan Daerah Bali (BPD Bali or the Bank). According to Pefindo the rating mainly reflects BPD Bali s captive market in the region, very strong capitalization, and very strong asset quality profile. Meanwhile, the rating is constrained by intense competition outside the captive market.
Fitch Ratings Indonesia has affirmed PT Bank DBS Indonesia’s (DBSI) National Long-Term Rating of ‘AAA(idn)’ and National Short-Term Rating of ‘F1+(idn)’. The Outlook on the National Long-Term Rating is Stable. According to Fitch, the key rating drivers for DBSI rating are as follows: 1) Fitch s view of a high likelihood of extraordinary support from the bank’s 99% parent, DBS Bank Ltd. (DBS, AA-/Stable/aa-); 2) Anchored to DBS’s Viability Rating; 3) Strong support ability from parent, considering its high credit rating and the subsidiary’s relatively small size; 4) High support propensity.
Fitch Ratings Indonesia has revised the Outlook on PT Bank Maspion Indonesia Tbk’s (Bank Maspion) National Long-Term Rating to Positive from Stable, and affirmed the rating at ‘AA(idn)’. The National Short-Term Rating has also been affirmed at ‘F1+(idn)’. The Positive Outlook reflects Fitch s view of a potential increase in parent support likelihood, driven by increasing integration and strengthening reputational ties that signal Bank Maspion’s 89.5% parent, KASIKORNBANK Public Company Limited’s (KBank; BBB/Stable/bbb) growing commitment as well as willingness to provide extraordinary support to Bank Maspion.
