Rupiah-denominated assets extended their gains on Monday as progress in US-Iran peace negotiations over the weekend eased concerns over a broader Middle East conflict and kept Brent crude oil below USD 90/bbl. The proposed reopening of the Strait of Hormuz further supported risk sentiment across regional markets.
Asian equities closed broadly higher, led by the Nikkei, which gained 5.0%, while the Hang Seng rose 0.5%. The JCI also rallied by 4.1% to 6,255 (+2.1% MTD, -27.7% YTD). Trading value reached Rp30.1tn, above the 2026 daily average of Rp24.5tn. Despite the strong market performance, foreign investors remained net sellers, recording Rp106bn, bringing the cumulative outflows to Rp13.5tn MTD and Rp67.5tn YTD.
The government bond market also strengthened, supported by continued foreign buying. Based on PLTE data, foreign investors recorded net purchases of Rp1.8tn. Bond yields declined across the curve, with the 5-yr FR109 yield falling 29.9 bps to 6.90%, the 10-yr FR108 yield declining by 23 bps to 6.94%, the 15-yr FR106 yield dropping 5.2 bps to 7.32%, and the 20-yr FR107 yield falling 31.1 bps to 7.08%.
External indicators also improved. Indonesia’s 5-yr USD sovereign yield declined by 3.4 bps to 4.80%, while the 5-yr CDS tightened by 5.8 bps to 87.38. Meanwhile, the rupiah further appreciated by 0.93% to Rp17,703/USD, bringing its month-to-date gain to 0.96%.
According to IDX s OTC trading report, Indonesian government bond trading activity moderated on Monday (15-June), with total volume unchanged at Rp27.7tn. Turnover came in below the prior week s daily average of Rp30.4tn, the 2026 YTD average of Rp 31.9tn, and the 2025 daily average of Rp32.0tn. The 5-yr FR0109 benchmark series (maturing on 15-Mar-31) led market activity, recording Rp4.1tn in trading volume. Its price rose to 96.80 (+2.29%), while the yield declined to 6.67% (-55.71 bps). This was followed the 9.1-yr FR0103 series (maturing on 15-Jul-35), recording Rp4.0tn in trading volume. Its price increased to 99.35 (+2.38%), while the yield declined to 6.85% (-35.33 bps). Close behind was the 10-yr FR0108 series (maturing on 15-Apr-36), with a total volume of Rp2.2tn. Its price increased to 97.65 (+0.05%), while the yield declined to 6.83% (-0.75 bps).
The latest bond ownership data as of 12-Jun (reflecting transactions on 10-Jun) showed no evidence of Bank Indonesia intervening in the secondary market. Foreign investors recorded net purchases of Rp1.0tn, while domestic banks were net sellers of Rp1.4tn.
Year-to-date, domestic institutional investors remained the primary source of demand for government bonds. Insurance companies and pension funds have accumulated net purchases of Rp126.5tn, followed by Bank Indonesia (Rp85.7tn), other domestic investors (Rp75.9tn), banks (Rp30.3tn), mutual funds (Rp17.3tn), and retail investors (Rp15.3tn). Foreign investors, meanwhile, remained net sellers with cumulative net sales of Rp11.1tn year-to-date.
The government is scheduled to hold a sukuk auction on 17-Jun, with an issuance target of Rp12tn, unchanged from the previous auction. The auction will offer SPNS tenors of 1-mo, 6-mo, and 9-mo, alongside PBS030 (2.1-yr), PBS040 (4.4-yr), PBSG002 (7.3-yr), PBS034 (13-yr), and PBS038 (23.5-yr). We expect auction demand to remain firm amid improving market sentiment. We forecast total incoming bids of around Rp29tn (range: Rp24tn 34tn), slightly up from Rp26tn at the previous sukuk auction on 2-Jun.
Domestic Corp Bond Market
On the corporate side, trading activity moderated on Monday (15-June), with total volume declining to Rp11.4tn (vs. Rp11.8tn on 11-June). Turnover came in below the prior week s daily average of Rp12.6tn, but above the 2026 YTD average of Rp7.9tn and the 2025 daily average of Rp4.0tn.
The BAFI03BCN3 series (maturing on 28-May-28), rated idAAA, was the most actively traded with a total volume of Rp395bn. Its price declined to 99.09 (-0.139%), while the yield rose to 7.50% (+7.82 bps). This was followed by the DART04BCN1 series (maturing on 2-Jul-28), rated idrA- with a volume of Rp316bn. Its price declined to 99.76 (-1.92%), while the yield increased to 10.63% (+132.02 bps). Close behind was the SIBALI01BCN3 series (maturing on 5-Dec-28), rated idA(sy) with a volume of Rp265bn. Its price rose to 98.18 (+0.26%), while the yield declined to 8.06% (-11.13 bps).
Pefindo has lowered the rating of PT Adhi Commuter Properti Tbk (ADCP) s rating to idCCC with CreditWatch with Negative Implications from idB with Negative outlook. Pefindo also lowered the rating of ADCP’s outstanding unguaranteed Bond II to idCCC. The rating actions follow ADCP’s missed coupon payment on its Bond III series A & B due on June 8, 2026, reflecting the Company’s very tight liquidity position to fulfil its financial obligations in a timely manner, mainly attributable to constrained operating cash flow generation, limited funding flexibility, and continued pressure from the challenging operating environment in Indonesia’s property sector. Pefindo affirmed ADCP’s guaranteed Bond III at idAAA(cg), which is fully, unconditionally and irrevocably guaranteed by Credit Guarantee and Investment Facility (CGIF, idAAA/Stable) as we expect CGIF to fulfill its obligation as the guarantor as stipulated in the guarantee agreement. According to Pefindo, the corporate rating reflects ADCP’s captive market from light rail transit (LRT) commuters. However, the rating is constrained by its very aggressive capital structure and weak liquidity, limited recurring income, as well as sensitivity to changes in macroeconomic conditions.
Pefindo has assigned idAAA rating with Stable outlook to PT Wahana Ottomitra Multiartha Tbk (WOM Finance). At the same time, PEFINDO has assigned its idAAA ratings to WOM Finance’s proposed Shelf-Registration Bond VI Year 2026 with a maximum amount of IDR5 trillion. The rating is mainly driven by its highly strategic importance to Maybank Bhd. According to Pefindo, the rating reflects strong market position and strong capitalization. Meanwhile, the rating is constrained by below-average profitability indicators and a moderate asset quality profile.
