Rupiah-denominated assets rallied across the board on Wednesday. The JCI climbed +1.30% to 7,892.91 (YTD: +12.3%), with the turnover rising to Rp21tn and supported by +Rp1.5tn of foreign equity inflows (vs. +Rp2.2tn prior, or YTD: -Rp57.3tn). The positive tone mirrored regional markets, with the Hang Seng Index (+2.58%) and the Nikkei Index (+1.30%) advancing on rising expectations of a Fed rate cut next month after a benign US CPI data suggested limited tariff pass-through.
INDOGB continued its rally, sending bond yields falling further across the curve, led by the 5-yr FR104 (-6.6 bps to 5.85%) and the 10-yr FR103 (-2.6 bps to 6.39%), whereas the 15-yr FR106 went up to 103.56 (yield: 6.74%, -3.2 bps) and the 20-yr FR107 went up to 103.48 (yield: 6.80%, -2.5 bps), as foreigners added Rp3.94tn net mainly in non-benchmark series. Offshore sentiment also improved, with the 5-yr USD global bond yield going down to 4.44% and the CDS narrowing to 70.3 bps. Additionally, the rupiah appreciated by +0.63% to Rp16,190/USD.
According to IDX s OTC trading report, Indonesian government bond trading activity remained elevated on Wednesday (13-Aug), although total volume eased to Rp45.9tn (vs. Rp47.9tn on 12-Aug). The figure stayed held firm above the prior week s daily average of Rp35.8tn, the 2025 year-to-date (YTD) daily average of Rp30.5tn, and the 2024 daily average of Rp21.7tn. The 10.7-yr FR0108 series (maturing on 15-Apr-36) led market flows, with trading volume reaching Rp5.7tn (vs. Rp7.9tn in the previous day). Its price advanced to 102.70 (+2.63%), driving the yield sharply lower to 6.15% (-34.00 bps). This was followed by the 4.9-yr FR0104 series (maturing on 15-Jul-30), which posted a trading volume of Rp5.3tn. The bond s price edged up to 102.54 (+0.09%), resulting in a modest yield decline to 5.90% (-2.00 bps).
On the flow side, based on the latest DMO data (as of 11-Aug), foreign holding in government bonds further went up to Rp938.3tn, or 14.61% of the total outstanding. Year-to-date, Bank Indonesia has been the biggest net buyer of government bonds (amounting to +Rp116tn), followed by onshore banks (+Rp71.3tn), insurance & pension funds (+Rp67.4tn), foreign investors (+Rp61.6tn), retail investors (+Rp39.7tn), other investors (+Rp18.8tn), and mutual funds (+Rp6.2tn).
Domestic Corp Bond Market
On the corporate side, trading activity moderated on Wednesday (13-Aug), with total volume easing to Rp2.8tn (vs. Rp3.6tn on 12-Aug). The figure fell below the prior week s daily average of Rp3.7tn and the 2025 YTD average of Rp3.98tn, while remaining comfortably above the 2024 daily average of Rp2.05tn.
The OPPM01BCN6 series (maturing on 8-Nov-27), rated idA+, led the market with a trading volume of Rp202bn. Its price rose to 106.74 (+0.38%), pushing the yield lower to 6.97% (-19.00 bps). This was followed by the PIDL02C27 series (maturing on 14-Jul-27), rated idA+, which recorded a trading volume of Rp188bn. The bond s price also increased to 107.52 (+0.36%), sending the yield down to 6.79% (-23.13 bps).
Pefindo has affirmed idAAA ratings for PT Semen Indonesia (Persero) Tbk (SMGR) and its outstanding shelf-registered (SR) bonds I and II. Outlook for the corporate rating is stable. Meanwhile, the rating reflects SMGR s important role to the government, the Company s very strong market position, well-diversified production and logistic facilities, as well as its conservative financial profile.
