The week opened with the rupiah extending its gains, INDOGB yields remaining broadly stable, and the JCI Index pausing after a three-day rally. The rupiah appreciated slightly by +0.08% to Rp16,671/USD (vs. +0.03% prior; -0.07% WoW; YTD: -3.62%), supported by improved regional sentiment. Meanwhile, the JCI Index edged down by -0.04% to 8,391.24 (vs. +0.69% prior; +0.56% WoW; YTD: +18.48%) despite a stronger turnover of Rp19.5tn (vs. Rp15.5tn prior), well above the YTD daily average of Rp16.6tn. Across the region, Asian equities closed higher as investors welcomed progress toward resolving the US government shutdown. The Nikkei 225 Index rebounded firmly by +1.26% (vs. -1.19% prior; YTD: +29.52%), while the Hang Seng Index climbed +1.55% (vs. -0.92% prior; YTD: +35.80%), supported by renewed foreign fund inflows into Asia s technology and AI-related sectors.
In the bond market, INDOGB yields were largely unchanged. Based on Bloomberg data, the 5-yr FR104 yield stood at 5.52%, the 10-yr FR103 yield at 6.17%, the 15-yr FR106 yield edged down to 6.42 (-0.4 bps), and the 20-yr FR107 yield at 6.52%. Offshore, Indonesia s 5-yr USD global bond yield was steady at 4.36% (+0.4 bps), while the 5-yr CDS held at 75.83 bps. After 6 consecutive days of net selling, foreign investors turned into net buyers of rupiah government bonds, posting +Rp0.34tn (vs. -Rp2.02tn prior; -Rp6.13tn cumulatively last week).
According to IDX s OTC trading report, Indonesian government bond trading activity continued to moderate on Monday (10-Nov), with total volume declining to Rp16.3tn (vs. Rp21.2tn on 7-Nov), as market participants adopted a cautious stance ahead of the Sukuk auction on Tuesday. The figure remained well below the prior week s daily average of Rp30.3tn, the 2025 year-to-date (YTD) daily average of Rp33.0tn, and the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) dominated market activity, recording Rp4.0tn in trading volume (vs. Rp3.0tn previously). Its price slipped slightly to 104.38 (-0.03%), leaving the yield relatively unchanged at 6.14% (+0.40 bps). This was followed by the 5-yr FR0104 series (maturing on 15-Jul-30), which booked Rp2.1tn in trading volume (vs. Rp4.2tn previously). Its price was unchanged at 104.25, yielding 5.46% (-0.15 bps).
Meanwhile, the government will hold another sukuk auction on 11-Nov, maintaining its issuance target at Rp7tn, similar to the previous round. The auction will offer a mix of short-term SPNS (1-mo, 6-mo, and 9-mo) and medium- to long-term PBS series (2.7-yr, 5-yr, 13.6-yr, 15.7-yr, and 24.1-yr). Based on our incoming bids model, we project sideways demand at ca. Rp48tn (range: Rp43tn 53tn).
Domestic Corp Bond Market
On the corporate side, bond trading activity continued to ease on Monday (10-Nov), with total volume slipping to Rp2.1tn (vs. Rp2.3tn on 7-Nov). The figure remained well below the prior week s daily average of Rp4.4tn and the 2025 YTD average of Rp3.9tn, yet stood broadly in line with the 2024 daily average of Rp2.05tn.
The RMKE01BCN1 series (maturing on 9-Jul-28), rated idA, led the segment, recording Rp150bn in trading volume. The bond s price edged lower to 104.97 (-1.40%), lifting the yield to 8.86% (+5.24 bps). This was followed by the SWMEDP01ACN2 series (maturing on 30-Dec-25), rated idA(sy), which recorded Rp150bn in trading volume. The bond s price edged lower to 101.57 (-1.55%), driving the yield significantly higher to 8.17% (+45.86 bps).
