In the latest sukuk auction (24-Nov), the total incoming bids softened by 20.7% to Rp34.5tn, down from the previous Rp43.4tn and slightly below the YTD average of Rp36.3tn, broadly in line with our forecast range of Rp32tn 42tn. Unlike in the prior auction, the demand this round was led by shorter tenors, with the 9-mo SPNS emerging as the most attractive series at Rp7.5tn (21.8% of bids). This was followed by the 2.6-yr PBS030 (Rp5.6tn), 7.9-yr PBSG002 (Rp5.2tn), and 5-yr PBS040 (Rp5tn).
Despite weaker demand, the government awarded Rp10tn, matching the previous auction and exceeding its Rp7tn target. The weighted average cost of funds rose to 5.69% (from 5.58%), while the average tenor lengthened to 9.98 years (from 8.24 years). Year-to-date, the gross issuance has reached Rp1,296.6tn, or 94.5% of our full-year projection (assuming a fiscal deficit of 2.78% of GDP). We continue to see bond supply risk as manageable for the remainder of the year.
Post-auction, INDOGB yields reversed lower, led by short-to-medium maturities. According to Bloomberg, the 5-yr FR104 yield edged down to 5.64% (-1.0 bps), the 10-yr FR103 yield edged down to 6.19% (-2.0 bps), while the 15-yr FR106 and the 20-yr FR107 yields were steady at 6.45% and 6.54%, respectively. Offshore, the 5-yr USD global bond yield slipped to 4.39%, and Indonesia s 5-yr CDS tightened further to 74.89 (-1.7 bps). Meanwhile, the rupiah closed at Rp16,655/USD, strengthening by +0.24% (vs. -0.03% prior; YTD: -3.54%).
According to IDX s OTC trading report, Indonesian government bond trading activity eased slightly on Tuesday (25-Nov), as total volume slipped to Rp30.3tn (vs. Rp31.4tn on 24-Nov). The figure was broadly in line with the prior week s daily average of Rp30.1tn, yet remained below the 2025 year-to-date (YTD) average of Rp32.8tn, while continuing to sit comfortably above the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) continued to dominate market turnover, posting Rp8.3tn in trading volume (vs. Rp6.9tn previously). Its price eased to 104.10 (-0.12%), nudging the yield higher to 6.18% (+1.62 bps). This was followed by the 5.3-yr FR0109 series (maturing on 15-Mar-31), which booked Rp3.3tn in transactions. Its price moved lower to 101.20 (-0.58%), pushing the yield up to 5.61% (+12.85 bps).
The DMO data (as of 21-Nov) showed foreign ownership rising to Rp873tn (13.38% of outstanding). Year-to-date, domestic investors continue to anchor the market: onshore banks (+Rp155.6tn), Bank Indonesia (+Rp148.6tn), insurance & pension funds (+Rp118.1tn), and mutual funds (+Rp45.9tn). Foreign and retail investors remain net sellers at -Rp3.6tn and -Rp0.9tn, respectively.
In equities, the JCI fell 0.56% to 8,521.88 after a strong prior session. The turnover remained solid at Rp31.2tn (vs. Rp45.6tn; YTD avg.: Rp17tn). Foreign investors booked a Rp0.31tn outflow (YTD: Rp27.73tn). Regionally, Asian markets extended gains on strong risk-on sentiment, with the Shanghai Index up 0.87% and the Hang Seng Index rising 0.69%. The sentiment was boosted further by the latest Trump Xi phone call, which was described as highly productive, with plans for a presidential visit to Beijing in Apr-2026.
Domestic Corp Bond Market
On the corporate side, trading activity slowed on Tuesday (25-Nov), with total volume easing to Rp5.8tn (vs. Rp6.3tn on 24-Nov). Despite the decline, activity remained significantly higher than the prior week s daily average of Rp2.7tn, the 2025 YTD average of Rp3.8tn, and the 2024 daily average of Rp2.05tn.
The SMPPGD01ASOCN3 series (maturing on 23-Nov-26), rated idAAA(sy), led the segment with Rp636bn in volume (vs. Rp667bn previously). The bonds softened to 99.01 (-0.99%), lifting the yield to 6.28% (+103.46 bps). This was followed by the BOLD03A series (maturing on 20-Oct-26), rated idA+, which recorded Rp390bn in trading volume. Its price advanced to 99.61 (+0.47%), bringing the yield down to 7.20% (-53.36 bps).
