Indonesian government bonds (INDOGBs) closed weaker on Friday, with yields edging higher across the curve. Despite the pullback, INDOGBs still registered weekly gains. Foreign investors remained net buyers, though at a softer pace of Rp287bn (vs. Rp2.35tn previously), concentrated in non-benchmark series.<\/p>\n\n\n\n
According to Bloomberg, the 5-yr FR104 closed at 102.89 (yield: 5.81%, +1.4 bps), the 10-yr FR103 at 102.99 (yield: 6.34%, +2.4 bps), the 15-yr FR106 at 103.82 (yield: 6.72%, +1.3 bps), and the 20-yr FR107 at 103.15 (yield: 6.83%, +2.5 bps). Indonesia’s 10-yr USD global bond price (Mar-2031) edged down slightly to 87.17 (yield: 4.49%, +1.5 bps), and the 5-yr CDS was broadly stable at 67.72 bps (+0.03 bps). The rupiah weakened for a fourth straight session, down 0.37% to Rp16,345\/USD (YTD: -1.45%).<\/p>\n\n\n\n
According to IDX s OTC trading report, Indonesian government bond trading activity eased further ahead of weekend, on Friday (22-Aug), with total volume declining to Rp35.4tn (vs. Rp38.4tn on 21-Aug). The figure fell below the current week s daily average of Rp39.0tn, though it remained well above both the 2025 year-to-date (YTD) daily average of Rp31.0tn and the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) continued to dominate market flows, booking a trading volume of Rp10.2tn (vs. Rp9.2tn previously). Its price slipped slightly to 102.97 (-0.03%), keeping the yield relatively unchanged at 5.79% (+0.66 bps). This was followed by the 10-yr FR0103 series (maturing on 15-Jul-35), which recorded Rp4.2tn in trading volume. The bond s price edged down to 102.90 (-0.39%), lifting the yield to 6.35% (+5.38 bps).<\/p>\n\n\n\n
Based on DMO data (as of 21-Aug), foreign ownership of government bonds declined to Rp948.3tn (14.85% of outstanding). YTD, Bank Indonesia has remained the largest net buyer (+Rp122.2tn), followed by onshore banks (+Rp72.1tn), foreigners (+Rp71.6tn), insurance & pension funds (+Rp34.3tn), retail (+Rp30.2tn), others (+Rp8.7tn), and mutual funds (+Rp5.6tn).<\/p>\n\n\n\n
Based on our calculation, in the 19-Aug sukuk auction, onshore banks secured the largest share with Rp4.2tn of net awards (46.8% of issuance), followed by insurance & pension funds (Rp3.2tn), other investors (Rp0.8tn), BI (Rp0.5tn), mutual funds (Rp0.15tn), and retail (Rp0.12tn).<\/p>\n\n\n\n
The JCI fell 0.40% to 7,858.85 on Friday, extending Thursday s -0.67% decline. Despite the back-to-back losses, the index still went up +11.9% YTD. The turnover moderated to ~Rp16tn (vs. Rp17tn previously; YTD avg.: Rp13.9tn), and foreign investors posted net inflows of Rp424.6bn (vs. +Rp681.6bn), trimming the YTD net outflows to -Rp52.4tn.<\/p>\n\n\n\n
On a weekly basis, the equity market fell by -0.49% (vs. +4.78% in the last week). Meanwhile, in the bond market, rallying continued with the 10-yr INDOGB yield falling -3.4 bps (vs. -2.1 bps prior), but conversely, the USD INDOGB yield reversed and went up by +3.2 bps (vs. -5.1 bps prior), and the rupiah weakened by -0.37%. Foreign flows were mixed, with +Rp2.74tn of net inflows into equities, but net outflows of -Rp1.9tn from the bond market.<\/p>\n\n\n\n
Meanwhile, for the week, average daily trading volume in government bonds climbed to Rp39.0tn (vs. Rp36.2tn in the prior week). The 5-yr FR0104 series remained the most actively traded benchmark, with total weekly volume increasing to Rp32.0tn (vs. Rp25.6tn previously).<\/p>\n\n\n\n
Domestic Corp Bond Market<\/strong><\/p>\n\n\n\n On the corporate side, trading activity picked up on Friday (22-Aug), with total volume rising to Rp2.4tn (vs. Rp1.45tn on 21-Aug). Despite the increase, the figure remained below both the current week s daily average of Rp3.1tn and the 2025 YTD average of Rp3.91tn, though it surpassed the 2024 daily average of Rp2.05tn.<\/p>\n\n\n\n The PALM02BCN3 series (maturing on 18-Sep-27), rated idA, led the segment with Rp161bn in trading volume. The bond s price edged up to 106.99 (+0.10%), bringing the yield down to 4.45% (-5.80 bps). This was followed by the SMMA03CN1 series (maturing on 5-Apr-29), rated irAA, which posted Rp153bn in trading volume. Its price advanced to 113.01 (+0.18%), lowering the yield to 5.97% (-6.02 bps).<\/p>\n\n\n\n Over the week, average daily trading volume in corporate bonds remained elevated, inching up to Rp3.1tn (vs. Rp3.0tn in the prior week). The 3-yr SMMBMA01BCN2 series (maturing on 20-Aug-28), rated idA(sy), stood out as the most actively traded corporate bond, registering total weekly volume of Rp1,122bn.<\/p>\n\n\n\n Fitch Ratings has affirmed Indonesian telecom operator PT XLSMART Telecom Sejahtera Tbk’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘BBB-‘ with a Stable Outlook and simultaneously withdrawn the IDRs. Fitch Ratings Indonesia has also affirmed the National Long-Term Rating and all outstanding rupiah-denominated senior unsecured bonds and sukuk at ‘AA+(idn)’. The Outlook on the National Long-Term Rating is Stable. According to Fitch, the rating reflects XLSMART’s improved business profile following its merger with PT Smartfren Telecom Tbk, resulting in a stronger market position, larger scale and larger spectrum holding. Meanwhile, this is partially offset by the increase in leverage. The Stable Outlook reflects Fitch s view that EBITDA net leverage will return to below 2.1x after 2025, the level above which Fitch may consider negative rating action.<\/p>","protected":false},"excerpt":{"rendered":" Indonesian government bonds (INDOGBs) closed weaker on Friday, with yields edging higher across the curve. Despite the pullback, INDOGBs still […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[7],"tags":[],"class_list":["post-5748","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/5748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/comments?post=5748"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/5748\/revisions"}],"predecessor-version":[{"id":5749,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/5748\/revisions\/5749"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=5748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=5748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=5748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}