Indonesian government bonds (INDOGBs) extended their gains on Friday, with yields edging lower across the curve and ending the week in positive territory. Meanwhile, foreign investors reported a net sell of Rp0.8tn (vs. +Rp0.3tn previously), with flows concentrated in benchmark series.<\/p>\n\n\n\n
According to Bloomberg, the 5-yr FR104 closed at 104.37 (+0.03%), yielding 5.42% (-0.9 bps); the 10-yr FR103 at 104.59 (+0.05%), yielding 6.11% (-0.7 bps); the 15-yr FR106 at 107.38 (+0.14%), yielding 6.35% (-1.5 bps); and the 20-yr FR107 at 106.91 (+0.11%), yielding 6.50% (-1.0 bps). Offshore, Indonesia s 5-yr USD global bond yield was broadly stable at 4.37% (+0.4 bps), while the 5-yr CDS ticked up to 74.96 bps (+0.48 bps). Meanwhile, the rupiah strengthened to Rp16,704\/USD (+0.14%; YTD: -3.74%).<\/p>\n\n\n\n
According to IDX s OTC trading report, Indonesian government bond trading activity continued to moderate on Friday (14-Nov), with total volume easing to Rp21.8tn (vs. Rp28.8tn on 13-Nov). The figure fell below both the current week s daily average of Rp26.5tn and the 2025 year-to-date (YTD) daily average of Rp32.9tn, while still sitting comfortably above the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) led market activity, posting Rp2.5tn in trading volume (vs. Rp3.8tn previously). Its price rose to 104.60 (+1.55%), driving the yield lower to 6.11% (-21.75 bps). This was followed by the 5.3-yr FR0109 series (maturing on 15-Mar-31), which recorded Rp2.5tn in trading volume. Its price inched up to 102.25 (+0.10%), nudging the yield down to 5.38% (-2.18 bps).<\/p>\n\n\n\n
Based on DMO data as of 12-Nov, foreign ownership in government bonds declined further to Rp872.6tn (13.45% of outstanding). Year-to-date, Bank Indonesia remains the largest net buyer (+Rp144.5tn), followed by onshore banks (+Rp143.9tn), insurance & pension funds (+Rp102.9tn), mutual funds (+Rp40tn), others (+Rp18.9tn), and retail investors (+Rp2.6tn). Foreign investors remain the only net sellers, totaling -Rp4.1tn.<\/p>\n\n\n\n
Equities traded slightly softer, with the JCI down -0.02% to 8,370.44, extending Thursday s losses, though the index is still up +18.23% YTD. The market turnover moderated to Rp20.8tn (vs. Rp25.4tn prior; YTD avg.: Rp16.8tn), while foreign investors booked a modest net outflow of -Rp73.4bn (vs. +Rp2.92tn prior), bringing the YTD outflows to -Rp34.48tn. Across the region, Asian equities mostly closed lower as investors locked in profits following recent strong gains. The Nikkei 225 weakened by -1.77%, while the Hang Seng Index fell by -1.85%.<\/p>\n\n\n\n
On a weekly basis, the equity market slipped -0.29% (vs. +0.56% last week). In contrast, the bond market rallied, with the 10-yr INDOGB yield falling -5.8 bps (vs. +13.9 bps prior). The USD INDOGB yield rose +2.1 bps (vs. +4.2 bps prior), while the rupiah weakened by -0.37% for the week (vs. -0.07% previously). Foreign flows were mixed, with +Rp3.85tn net inflows into equities (vs. +Rp3.46tn prior) but -Rp1.6tn net outflows from the bond market (vs. -Rp6.13tn last week).<\/p>\n\n\n\n
Over the week, the average daily government bond trading volume moderated further to Rp26.5tn (vs. Rp30.3tn in the prior week). The 5-yr FR0104 series remained the most actively traded benchmark, although its total weekly volume declined to Rp19.4tn (vs. Rp22.5tn previously).<\/p>\n\n\n\n
Domestic Corp Bond Market<\/p>\n\n\n\n
The SIIJEE01B series (maturing on 8-Jul-28), rated idA(sy), led the segment with Rp265bn in trading volume. Its price edged lower to 102.00 (-1.44%), sending its yield sharply higher to 10.62% (+63.62 bps). This was followed by the TAFS04BCN1 series (maturing on 11-Jul-26), rated AAA(idn), which booked Rp200bn in trading volume. Its price inched up to 100.70 (+0.53%), pushing the yield down to 4.91% (-88.15 bps).<\/p>\n\n\n\n
Over the week, average daily corporate bond trading volume declined to Rp2.9tn (vs. Rp4.4tn in the previous week). The newly listed 1.0-yr PPGD06ACN4 series (maturing on 23-Nov-26), rated idAAA, emerged as the most actively traded corporate bond, recording a total weekly volume of Rp734bn.<\/p>\n\n\n\n
Pefindo has assigned idAA- rating with a stable outlook to PT Bank Pembangunan Daerah Bali (BPD Bali or the Bank). According to Pefindo the rating mainly reflects BPD Bali s captive market in the region, very strong capitalization, and very strong asset quality profile. Meanwhile, the rating is constrained by intense competition outside the captive market.<\/p>\n\n\n\n
Fitch Ratings Indonesia has affirmed PT Bank DBS Indonesia’s (DBSI) National Long-Term Rating of ‘AAA(idn)’ and National Short-Term Rating of ‘F1+(idn)’. The Outlook on the National Long-Term Rating is Stable. According to Fitch, the key rating drivers for DBSI rating are as follows: 1) Fitch s view of a high likelihood of extraordinary support from the bank’s 99% parent, DBS Bank Ltd. (DBS, AA-\/Stable\/aa-); 2) Anchored to DBS’s Viability Rating; 3) Strong support ability from parent, considering its high credit rating and the subsidiary’s relatively small size; 4) High support propensity.<\/p>\n\n\n\n
Fitch Ratings Indonesia has revised the Outlook on PT Bank Maspion Indonesia Tbk’s (Bank Maspion) National Long-Term Rating to Positive from Stable, and affirmed the rating at ‘AA(idn)’. The National Short-Term Rating has also been affirmed at ‘F1+(idn)’. The Positive Outlook reflects Fitch s view of a potential increase in parent support likelihood, driven by increasing integration and strengthening reputational ties that signal Bank Maspion’s 89.5% parent, KASIKORNBANK Public Company Limited’s (KBank; BBB\/Stable\/bbb) growing commitment as well as willingness to provide extraordinary support to Bank Maspion.<\/p>","protected":false},"excerpt":{"rendered":"
Indonesian government bonds (INDOGBs) extended their gains on Friday, with yields edging lower across the curve and ending the week […]<\/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-6228","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6228","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=6228"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6228\/revisions"}],"predecessor-version":[{"id":6229,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6228\/revisions\/6229"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=6228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=6228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=6228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}