Rupiah assets closed positively on Wednesday, with equities rebounding, government bond yields edging lower, and the rupiah appreciating against the USD. The JCI rose by 0.5% to 8,322 (-0.1% MTD; -3.8% YTD), broadly in line with gains across Asian markets. The advance was led by the Healthcare (+2.73%), Consumer Cyclicals (+2.71%), and Industrials sectors (+2.21%). Trading value also increased to Rp29.8tn, bringing the 2026 average daily turnover to Rp29.5tn. Meanwhile, foreign investors recorded a strong net inflow of Rp2.7tn (MTD: +Rp0.7tn; YTD: -Rp9.2tn). Regionally, Asian markets also closed higher. The Nikkei surged by 2.2% (+9.9% MTD; +16.4% YTD), while the Shanghai Composite gained 0.7% (+0.7% MTD; +4.5% YTD). Improved domestic consumption indicators in Japan reinforced optimism over economic recovery and supported regional risk sentiment.<\/p>\n\n\n\n
In the bond market, INDOGBs extended their rally, with yields declining modestly, particularly in the medium-to-long tenors, despite foreign net selling of Rp1.2tn (PLTE data). Based on Bloomberg, benchmark yields lowered: the 5-yr FR109 was at 5.74% (-0.2 bps), the 10-yr FR108 at 6.42% (-1.3 bps), the 15-yr FR106 at 6.59% (-1.0 bps), and the 20-yr FR107 at 6.65% (-1.0 bps). Offshore indicators were mixed. The 5-yr USD sovereign yield ticked up to 4.33% (+1.6 bps), while the 5-yr CDS narrowed to 80.87 (-1.6 bps). The rupiah appreciated by 0.23% to Rp16,785\/USD (YTD: -0.57%).<\/p>\n\n\n\n
According to IDX s OTC trading report, the daily turnover of government bonds weakened to Rp30.3tn (vs. Rp42.4tn prior; or YTD avg.: Rp32.3tn), led by the FR108 benchmark series which recorded trading volume of Rp3.6tn. It was followed by the 5-yr FR109 and 2.4-yr PBS030 series which recorded total volume of Rp2tn and Rp1.8tn, respectively.<\/p>\n\n\n\n
Based on DMO data as of 23-Feb (reflecting 19-Feb trading), foreign ownership in INDOGB declined slightly to Rp877.3tn (13.07% of total outstanding). Year-to-date, other investors emerged as the largest net buyers (+Rp40.1tn), followed by onshore banks (+Rp38.4tn), insurance & pension funds (+Rp37.6tn), mutual funds (+Rp21.3tn), and Bank Indonesia (+Rp11.7tn). Meanwhile, foreign and retail investors remained net sellers at -Rp1.3tn and -Rp4.5tn, respectively.<\/p>\n\n\n\n
In the latest SRBI auction (25-Feb), incoming bids declined to Rp16.4tn (vs. Rp24.2tn previously), with no maturing SRBI this week. Issuance was set at Rp10tn (vs. Rp15tn prior), in line with the initial target, resulting in a relatively stable bid-to-cover ratio of 1.64x (vs. 1.61x previously). The weighted average rate rose slightly to 5.07% (+1 bps), with yields increasing across tenors: the 6-mo to 4.97% (+4 bps), the 9-mo to 5.03% (+5 bps), and the 12-mo to 5.13% (+5 bps). We estimate that the total SRBI outstanding increased to Rp829.2tn (from Rp819.2tn), reflecting the absence of maturities this week.<\/p>\n\n\n\n
Domestic Corporate Bonds<\/p>\n\n\n\n
On the corporate side, trading activity moderated on Wednesday (25-Feb), with total volume easing to Rp12.9tn (vs. Rp13.2tn prior, or YTD avg.: Rp4.8tn).<\/p>\n\n\n\n
The TPIA05BCN2 series (maturing on 25-Feb-31), rated idAA-, was the most actively traded with a total volume Rp602bn, marking its debut on the secondary market. It traded at 100.30, yielding 6.08%. This was followed by the TPIA05CCN2 series (maturing on 25-Feb-33), rated idAA-, which also debuted in the secondary market with a total volume Rp544bn. It traded at 102.50, yielding 4.33%. Close behind was the SANF05BCN2 series (maturing on 25-Feb-29), rated idAA+ with a volume of Rp470bn, which also traded for the first time in the secondary market. It traded at 99.91 and yielding 5.78%.<\/p>\n\n\n\n
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