On the final trading day of June, Indonesian rupiah-denominated assets closed with mixed results. The Jakarta Composite Index (JCI) gained +0.44% to 6,927.68, although it fell -0.88% for the week and has remained at -0.88% YTD. The trading volume slipped slightly to Rp13.6tn, which was below the YTD average of Rp13.3tn. Foreign investors turned into net sellers with outflows of -Rp358.96bn, reversing from last week s net inflows. YTD, foreign outflows in equities have now totaled -Rp53.57tn. Meanwhile, Asian equity markets closed mixed on Monday. The Hang Seng Index fell -0.87% to 24,072.28, extending recent losses despite a +3.19% gain last week. Year-to-date, the index has gone up by +20.52%. In contrast, Japan s Nikkei 225 rose +0.84% to 40,487.39, supported by growing expectations of a US Fed rate cut in 3Q, following the latest US personal income and spending data. These rate-cut expectations have boosted the demand for risk assets. The Nikkei has gained +4.48% over the past week and has gone up by +3.18% YTD.
Indonesian government bonds (INDOGB) continued their upward trend, led by mid-to-long tenors, such as the 10-yr FR103 and 15-yr FR106, whose yields have declined by 2.80 bps and 0.3 bps to 6.62% and 6.95%, respectively. However, the yields of the 5-yr FR104 and 20-yr FR107 rose slightly by 0.1 bps and 0.4 bps to 6.29% and 7.01%, respectively. Foreign investors remained as net buyers in the bond market, though the inflows slowed to +Rp0.85tn (vs. +Rp4.33tn previously), with demand spread across benchmark (Rp453.6bn) and non-benchmark series (Rp393.9bn). Furthermore, the yield of the 10-yr USD global bond (Mar-2031) fell 2.10 bps to 4.50%, and Indonesia s 5-yr CDS declined to 77.49 (-1.95 bps), indicating lower perceived credit risk. On the currency front, the rupiah weakened slightly by -0.20% to Rp16,238/USD, paring back some of last week s +1.10% gain. Year-to-date, the rupiah has depreciated by -0.79%.
According to IDX s OTC trading report, Indonesian rupiah government bond trading activity eased further on Monday (30-Jun), with volume slightly declining to Rp25.1tn (vs. Rp26.4tn on 26-Jun). The figure remained below both the prior week s average daily trading volume of Rp28.2tn and the 2025 year-to-date (YTD) daily average of Rp29.4tn, yet stayed comfortably above the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) retained its position as the most actively traded government bond, posting a volume of Rp5.1tn (vs. Rp5.6tn previously). Its price rose to 100.95 (+0.95%), sending the yield lower to 6.62% (-13.08 bps). Close behind, the 5-yr FR0104 series (maturing on 15-Jul-30) recorded a trading volume of Rp2.8tn (vs. Rp2.5tn previously). The bond s price inched up to 100.90 (+0.02%), while the yield remained relatively stable at 6.29% (-0.48 bps).
Based on DMO data (as of 26-Jun), foreign holdings in government bonds have rebounded to Rp918.9tn, or 14.56% of the total outstanding. Year-to-date, Bank Indonesia has been the biggest net buyer of government bonds (amounting to +Rp105.8tn), followed by insurance and pension funds (+Rp53.5tn), retail investors (+Rp44.6tn), foreign investors (+Rp42.3tn), onshore banks (+Rp16.2tn), and other investors (+Rp10.8tn). Meanwhile, the only investor type that was a net seller was mutual funds, with a net sell of -Rp3.4tn.
The government will hold its first conventional bond auction for 3Q-2025 on 1-Jul, targeting Rp27tn, with a maximum issuance of up to Rp40.5tn. This is slightly higher than the previous auction target of Rp26tn. The government will offer two SPN series (3-mo and 1-yr tenors) and reopen six fixed-rate bond series (5-yr FR0104, 10-yr FR0103, 15.1-yr FR106, 20.1-yr FR107, 29-yr FR102, and 39-yr FR0105). Based on our auction model, the incoming bids are projected in the range of Rp79tn 89tn, indicating potentially stronger demand than in the previous round.
Domestic Corp Bond Market
On the corporate side, trading activity normalized on Monday (30-Jun), with volume declining to Rp3.5tn (vs. Rp8.0tn on 26-Jun). The figure fell short of the prior week s average daily volume of Rp6.6tn, yet remained broadly in line with the 2025 YTD daily average of Rp3.6tn and stood well above the 2024 daily average of Rp2.05tn.
The BFIN06ACN2 series (maturing on 27-Jun-26), rated AA-(idn), led the corporate bond segment with a trading volume of Rp600bn. The bond s price edged up slightly to 100.03 (+0.03%), yielding 6.42% (+3.08 bps). Following this, the SMINKP03ACN1 series (maturing on 11-Jul-26), rated idA+(sy), posted a trading volume of Rp240bn. Its price rose to 101.61 (+0.41%), lowering the yield to 8.60% (-42.82 bps).
Pefindo has assigned idAAA rating to PT Bank Negara Indonesia (Persero) Tbk (BNI) s Sustainability Bond I Bank BNI Year 2025. At the same time, Pefindo affirmed idAAA ratings for BNI and its Green Bond I Year 2022. Outlook for the corporate rating is stable. The corporate rating is mainly driven by the Bank s critical importance to its controlling shareholder (Indonesian government). Meanwhile, the standalone credit profile reflects BNI s very strong business position, very strong profitability with favorable funding mix, and very strong liquidity profile. However, these strengths are partly offset by its tight competition amid challenging macroeconomic conditions.
Pefindo has affirmed idA rating with stable outlook for PT Trimegah Sekuritas Indonesia Tbk (Trimegah Sekuritas or TRIM) and its outstanding bond. At the same time, Pefindo has also assigned idA rating for TRIM s proposed Shelf Registered Bond II Year 2025 with a maximum amount of Rp2.0tn. The rating reflects Trimegah Sekuritas strong business position, well-diversified business lines, and strong capitalization. However, the rating is constrained by its exposure to the volatile nature.
Fitch Ratings has affirmed PT Perusahaan Pengelola Aset’s (PPA) National Long-Term Rating at ‘AA-(idn)’ with a Stable Outlook and has concurrently affirmed PPA’s senior unsecured notes at ‘AA-(idn)’. Simultaneously, Fitch has withdrawn all the ratings.
