The JCI ended its 6-day winning streak on Thursday, slipping -0.21% to 8,008.43 (vs. +0.85% prior; YTD: +13.1%) as profit-taking emerged following the record high earlier this week. Market turnover rose sharply to Rp22tn (vs. Rp18.2tn prior), well above the YTD average of Rp14.7tn, while foreign investors extended their equity outflows, doubling to -Rp358bn (vs. -Rp152bn prior; YTD: -Rp61.6tn). Regionally, performance was mixed after the Fed delivered a widely expected 25-bps rate cut (target range: 4.00 4.25%) and projected 2 more cuts this year amid weakening labor market signs. The Nikkei 225 index rose +1.15% to 45,303.4 (YTD: +15.3%), while the Hang Seng index dropped -1.35% to 26,544.9 (YTD: +35.3%).
INDOGBs extended their rally despite net foreign selling of -Rp0.75tn (vs. +Rp1.13tn prior). Yields declined across the curve: the 5-yr FR104 trading at 104.90 (+0.39%), yielding 5.33% (-9.6 bps); the 10-yr FR103 at 103.53 (+0.03%), yielding 6.26% (-0.5 bps); the 15-yr FR106 at 103.93% (+0.27%), yielding 6.70% (-2.9 bps); and the 20-yr FR107 at 103.34 (+0.05%), yielding 6.82% (-0.4 bps). Offshore, the 5-yr USD Indonesian global bond prices went up slightly to 87.93 (+0.03%), yielding 4.35% (-0.5 bps), while the 5-yr CDS widened to 70.5 bps (+1.6 bps). Meanwhile, the rupiah weakened by -0.46% to Rp16,505/USD (vs. +0.06% prior; YTD: -2.45%).
According to IDX s OTC trading report, Indonesian government bond trading activity remained elevated on Thursday (18-Sep), although total volume eased slightly to Rp45.8tn (vs. Rp46.9tn on 17-Sep). The figure stayed above the prior week s daily average of Rp42.8tn, the 2025 year-to-date (YTD) daily average of Rp31.9tn, and the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) continued to dominate activity, recording Rp10.8tn in trading volume (vs. Rp9.9tn previously). Its price declined to 103.50 (-1.15%), lifting the yield sharply to 5.66% (+27.92 bps). This was followed by the 10-yr FR0103 series (maturing on 15-Jul-35), which posted Rp4.3tn in trading volume (vs. Rp5.8tn previously). The bond s price slipped to 103.49 (-0.15%), driving the yield higher to 6.27% (+2.14 bps).
In terms of flows, foreign ownership of government bonds fell to Rp919.3tn (14.38% of outstanding) as of 17-Sep. YTD, BI has remained the largest net buyer (+Rp137.2tn), followed by onshore banks (+Rp97.0tn), insurance & pension funds (+Rp54.3tn), foreign investors (+Rp42.6tn), other investors (+Rp12.5tn), mutual funds (+Rp10.2tn), and retail (+Rp1.3tn).
Domestic Corp Bond Market
On the corporate side, trading activity picked up on Thursday (18-Sep), with total volume edging up to Rp3.0tn (vs. Rp2.2tn on 17-Sep). The figure surpassed the prior week s daily average of Rp2.9tn yet remained below the 2025 YTD average of Rp3.9tn, while still standing well above the 2024 daily average of Rp2.05tn.
The SMOPPM02BCN1 series (maturing on 25-Mar-30), rated idA+(sy), led the segment with Rp246bn in trading volume. Its price increased to 106.50 (+0.98%), compressing the yield to 8.74% (-28.01 bps). This was followed by the LPPI03BCN3 series (maturing on 18-Sep-27), rated idA, which recorded Rp200bn in volume. The bond s price inched up to 104.46 (+0.81%), sending the yield lower to 8.37% (-35.78 bps).
Fitch Ratings Indonesia has published the ‘AAA(idn)’ rating on PT Federal International Finance’s (FIF; BBB/AAA(idn)/Stable) second tranche of bonds issued under its seventh rupiah bond programme. According to Fitch, the second tranche consists of the following series: 1) Series A, a 370-day bonds due Sep-2026, with a size Rp1,470bn and coupon 5.85%; 2) Series B, a three-year bonds due Sep-2028, with a size of Rp1,030bn and coupon 6.15%.
Pefindo has assigned idA rating with stable outlook to PT Bank Pembangunan daerah Nusa Tenggara Barat Syariah (Bank NTB Syariah). According to Pefindo, the rating reflects Bank NTB Syariah s: 1) strong market position supported by its captive market; 2) very strong capitalization; and 3) strong asset quality profile. Meanwhile, the rating is constrained by the Bank s moderate profitability indicators and concentrated funding profile.
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