Rupiah assets closed positively on Wednesday, with equities rebounding, government bond yields edging lower, and the rupiah appreciating against the USD. The JCI rose by 0.5% to 8,322 (-0.1% MTD; -3.8% YTD), broadly in line with gains across Asian markets. The advance was led by the Healthcare (+2.73%), Consumer Cyclicals (+2.71%), and Industrials sectors (+2.21%). Trading value also increased to Rp29.8tn, bringing the 2026 average daily turnover to Rp29.5tn. Meanwhile, foreign investors recorded a strong net inflow of Rp2.7tn (MTD: +Rp0.7tn; YTD: -Rp9.2tn). Regionally, Asian markets also closed higher. The Nikkei surged by 2.2% (+9.9% MTD; +16.4% YTD), while the Shanghai Composite gained 0.7% (+0.7% MTD; +4.5% YTD). Improved domestic consumption indicators in Japan reinforced optimism over economic recovery and supported regional risk sentiment.
In the bond market, INDOGBs extended their rally, with yields declining modestly, particularly in the medium-to-long tenors, despite foreign net selling of Rp1.2tn (PLTE data). Based on Bloomberg, benchmark yields lowered: the 5-yr FR109 was at 5.74% (-0.2 bps), the 10-yr FR108 at 6.42% (-1.3 bps), the 15-yr FR106 at 6.59% (-1.0 bps), and the 20-yr FR107 at 6.65% (-1.0 bps). Offshore indicators were mixed. The 5-yr USD sovereign yield ticked up to 4.33% (+1.6 bps), while the 5-yr CDS narrowed to 80.87 (-1.6 bps). The rupiah appreciated by 0.23% to Rp16,785/USD (YTD: -0.57%).
According to IDX s OTC trading report, the daily turnover of government bonds weakened to Rp30.3tn (vs. Rp42.4tn prior; or YTD avg.: Rp32.3tn), led by the FR108 benchmark series which recorded trading volume of Rp3.6tn. It was followed by the 5-yr FR109 and 2.4-yr PBS030 series which recorded total volume of Rp2tn and Rp1.8tn, respectively.
Based on DMO data as of 23-Feb (reflecting 19-Feb trading), foreign ownership in INDOGB declined slightly to Rp877.3tn (13.07% of total outstanding). Year-to-date, other investors emerged as the largest net buyers (+Rp40.1tn), followed by onshore banks (+Rp38.4tn), insurance & pension funds (+Rp37.6tn), mutual funds (+Rp21.3tn), and Bank Indonesia (+Rp11.7tn). Meanwhile, foreign and retail investors remained net sellers at -Rp1.3tn and -Rp4.5tn, respectively.
In the latest SRBI auction (25-Feb), incoming bids declined to Rp16.4tn (vs. Rp24.2tn previously), with no maturing SRBI this week. Issuance was set at Rp10tn (vs. Rp15tn prior), in line with the initial target, resulting in a relatively stable bid-to-cover ratio of 1.64x (vs. 1.61x previously). The weighted average rate rose slightly to 5.07% (+1 bps), with yields increasing across tenors: the 6-mo to 4.97% (+4 bps), the 9-mo to 5.03% (+5 bps), and the 12-mo to 5.13% (+5 bps). We estimate that the total SRBI outstanding increased to Rp829.2tn (from Rp819.2tn), reflecting the absence of maturities this week.
Domestic Corporate Bonds
On the corporate side, trading activity moderated on Wednesday (25-Feb), with total volume easing to Rp12.9tn (vs. Rp13.2tn prior, or YTD avg.: Rp4.8tn).
The TPIA05BCN2 series (maturing on 25-Feb-31), rated idAA-, was the most actively traded with a total volume Rp602bn, marking its debut on the secondary market. It traded at 100.30, yielding 6.08%. This was followed by the TPIA05CCN2 series (maturing on 25-Feb-33), rated idAA-, which also debuted in the secondary market with a total volume Rp544bn. It traded at 102.50, yielding 4.33%. Close behind was the SANF05BCN2 series (maturing on 25-Feb-29), rated idAA+ with a volume of Rp470bn, which also traded for the first time in the secondary market. It traded at 99.91 and yielding 5.78%.
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