Indonesia s rupiah-denominated assets closed mixed on Thursday (12-Feb). The rupiah weakened by -0.16% to Rp16,810/USD (vs. +0.09% prior; YTD: -0.69%). Meanwhile, the JCI declined by -0.31% to 8,265.35, ending its 3-day rally. The trading turnover moderated to Rp23.8tn (vs. Rp29.7tn prior; YTD avg.: Rp31.8tn). Foreign investors remained net sellers in equities for the fourth consecutive day, posting -Rp1.49tn (vs. -Rp526bn prior), widening the year-to-date outflows to -Rp14.46tn. Regionally, Asian equities closed mixed following stronger-than-expected US jobs data earlier this week. The Hang Seng fell -0.86% (YTD: +5.47%), while the Shanghai Composite edged up +0.05% (YTD: +4.16%).
In contrast to equities, the government bond market continued to rally. INDOGB yields declined across tenors despite foreign investors recording net selling of -Rp1.23tn (vs. +Rp3.89tn prior). According to Bloomberg, the 5-yr FR109 yield edged down to 5.73% (-0.1 bps), the 10-yr FR108 to 6.42% (-0.3 bps), the 15-yr FR106 to 6.63% (-0.4 bps), and the 20-yr FR107 to 6.70% (-0.4 bps). Meanwhile, offshore indicators softened slightly. Indonesia s 5-yr USD sovereign yield rose to 4.38% (+0.6 bps), while the 5-yr CDS widened to 79.9 bps (+1.2 bps), indicating mild risk repricing externally.
According to IDX s OTC trading report, Indonesian government bond trading activity picked up, with total volume rising to Rp28.8tn (vs. Rp22.1tn prior; or YTD avg.: Rp 32tn). The 5-yr FR0109 benchmark series (maturing on 15-Mar-31) led market activity, recording Rp3.6tn in trading volume.. This was followed by the 9.4-yr FR0103 series (maturing on 15-Jul-35), which recorded Rp2.9tn in trading volume. Its price rose to 102.50 (+0.20%), while the yield fell to 6.39% (-2.83 bps). Close behind, the 4.4-yr FR0104 series (maturing on 15-Jul-30), which recorded Rp2.3tn in trading volume. Its price inched up to 103.15 (+0.24%), while the edged lower to 5.68% (-6.40 bps).
Based on DMO data as of 9-Feb, foreign ownership in SBN declined slightly to Rp888.3tn (13.25% of the total outstanding). Year-to-date, onshore banks remained the largest net buyers (+Rp44.9tn), followed by insurance and pension funds (+Rp34.2tn) and other investors (+Rp24.4tn, mainly private placements). Mutual funds (+Rp18.7tn), foreign investors (+Rp9.6tn), and Bank Indonesia (+Rp7.1tn) also recorded net purchases, while retail investors continued to post net selling, amounting to -Rp3.5tn.
Domestic Corp Bond Market
On the corporate side, trading activity strengthened on Thursday (12-Feb), with total volume increasing to Rp6.6tn (vs. Rp4.5tn on 11-Feb). Turnover came in above the prior week s daily average of Rp3.1tn, the 2026 YTD average of Rp 3.6tn, and the 2025 daily average of Rp4.0tn.
The SIBALI01BCN3 series (maturing on 5-Dec-28), rated idA(sy), led the segment with Rp363bn in trading volume. Its price rose to 97.92 (+1.70%), while the yield declined to 8.08% (-67.05 bps). This was followed by the TBIG07ACN3 series (maturing on 22-Feb-27), rated AA+(idn) with a volume of Rp308bn, which traded for the first time in the secondary market. It traded at 99.85 and yielding 5.00%. Close behind was the SMINKP03BCN2 series (maturing on 25-Aug-26), rated idA+(sy) with a total volume Rp308bn. Its price increased to 103.20 (+1.93%), while the yield fell sharply to 4.18% (-368.39 bps).
Pefindo has affirmed idA- rating with stable outlook to Polytama Propindo (Polytama). Pefindo has also affirmed idAAA(cg) rating to Polytama s Bond II Year 2021 Series B and idAAA(sy)(cg) rating to the Polytama s Sukuk Ijarah II Year 2021 Series B. The debt instruments are guaranteed by Credit Guarantee and Investment Facility (CGIF, idAAA/stable). According to Pefindo, the rating reflects Polytama s strategic position to PT Pertamina (Persero), strong vertical integration and high product demand in the domestic market. Meanwhile, the rating is constrained Polytama s aggressive financial leverage, risks of developing new projects, and exposure to commodity price volatility.
Fitch Ratings has affirmed PT Penjaminan Infrastruktur Indonesia (Persero)’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘BBB’ and Short-Term Foreign-Currency IDR at ‘F2’. Concurrently, Fitch Ratings Indonesia has affirmed the National Long-Term Rating at ‘AAA(idn)’ with a Stable Outlook. The affirmation reflects Fitch’s unchanged assessment of the government support score for the entity, also known as Indonesia Infrastructure Guarantee Fund (IIGF) under our Government-Related Entities (GREs) Rating Criteria. Fitch classifies the entity as a GRE that is credit-linked to the Indonesian sovereign (BBB/Stable), fully owned through the Ministry of Finance (MoF). IIGF’s ratings are solely driven by its GRE support score, reflecting our view of the government’s ‘Virtually Certain’ responsibility and incentive to provide extraordinary support, if needed, resulting in the equalisation of its ratings to those of the Indonesian sovereign.
Fitch Ratings has affirmed Indonesia-based PT Golden Energy Mines Tbk’s (GEMS) Long-Term Issuer Default Rating at ‘BB-‘. At the same time, Fitch Ratings Indonesia has affirmed GEMS’ National Long-Term Rating at ‘A+(idn)’ with a Stable Outlook. The affirmation reflects GEMS’ business profile, which is commensurate with that of ‘BB-‘ rated mining peers and underpinned by its operational scale and ability to manage costs during coal-price downturns. GEMS also maintains a consistent net cash position, which is conservative for its rating level.
