Rupiah assets extended their rally on Thursday, with the JCI rising further, INDOGB yields declining across the curve, and the rupiah appreciating against the USD amid improving global risk sentiment. The JCI gained +1.2% and recorded 7,174 (+3.1% MTD; -17.0% YTD), supported by positive spillover from Wall Street s record highs and a broader regional risk-on tone. Banking heavyweights led the gains, with Bank Central Asia rising by +4.6% to 6,225, Bank Rakyat Indonesia by +4.8% to 3,310, and Bank Mandiri by +2.9% to 4,640. Daily equity turnover also increased to Rp23.2tn, bringing the 2026 average daily trading value to Rp24.4tn. However, foreign investors still recorded net equity outflows of -Rp76.5bn (+Rp0.8tn MTD; -Rp49.0tn YTD). Meanwhile, regionally, Asian equities also closed mostly higher, with the Nikkei Index surging by +5.6% to 62,834 (+24.8% YTD) and the Hang Seng Index rising by +1.6% to 26,626 (+3.9% YTD). Risk sentiment improved significantly following renewed optimism over a potential US-Iran peace agreement, while Brent crude oil prices corrected by nearly 9% to around USD 101\/bbl.<\/p>\n\n\n\n
In the bond market, INDOGB prices continued to strengthen, driving yields lower across tenors, supported by stronger foreign inflows into the government bond market. Foreign investors posted net buying of Rp1.1tn, significantly higher than Rp269bn in the previous session. Benchmark yields declined sharply, with the 5-yr FR109 falling to 6.49% (-19.6 bps), the 10-yr FR108 to 6.59% (-12.4 bps), the 15-yr FR106 to 6.77% (-10 bps), and the 20-yr FR107 to 6.72% (-3.9 bps). External indicators also improved, with Indonesia s 5-yr USD bond yield declining to 4.53% (-3.4 bps), while the 5-yr CDS tightened further to 84.28 bps (-1.9 bps). Meanwhile, the rupiah appreciated by +0.27% to Rp17,342\/USD (+0.06% MTD; -3.91% YTD).<\/p>\n\n\n\n
According to IDX s OTC trading report, Indonesian government bond trading activity rebounded on Thursday (7-May), with total volume rising to Rp35.9tn (vs. Rp26.3tn on 6-May). Although turnover remained marginally below the prior week s daily average of Rp37.5tn, it continued to outperform the 2026 YTD average of Rp32.6tn. The 9.2-yr FR0103 series (maturing on 15-Jul-35) led market activity, recording Rp4.7tn in trading volume. Its price eased slightly to 100.98 (-0.02%), while the yield edged higher to 6.60% (+0.29bps). This was followed by the 5-yr FR0109 benchmark series (maturing on 15-Mar-31), which posted Rp3.2tn in trading volume. Its price inched up to 97.05 (+0.05%), while the yield declined to 6.59% (-1.21bps). Close behind was the 10-yr FR0108 benchmark series (maturing on 15-Apr-36) with Rp2.4tn in trading volume. Its price edged higher to 99.55 (+0.05%), while the yield slipped to 6.56% (-0.70bps), indicating relatively stable positioning in the longer tenor segment.<\/p>\n\n\n\n
From a positioning perspective, foreign ownership in SBN edged lower to Rp867.6tn, equivalent to 12.76% of total outstanding, as of 6-May. Year-to-date flow data continue to show domestic investors as the primary buyers of government bonds, led by insurance and pension funds (+Rp81.0tn), Bank Indonesia (+Rp67.7tn), and other investors (+Rp62.0tn). Mutual funds and retail investors also posted net inflows of Rp18tn and Rp13.8tn, respectively. Meanwhile, foreign investors and banks remained net sellers on a YTD basis, with outflows of -Rp11.0tn and -Rp1.2tn, respectively.<\/p>\n\n\n\n
Investors were also positioning ahead of the release of Indonesia s April foreign reserves data scheduled for Friday. Indonesia s foreign exchange reserves declined to USD 148.2bn in Mar-2026 from USD 151.9bn in the previous month, marking the lowest level since Jul-2024. The decline was mainly driven by Bank Indonesia s intervention efforts to stabilize the rupiah amid heightened global market volatility. Nevertheless, reserve levels remain relatively solid, equivalent to 6.0 months of imports, or 5.8 months of imports and government external debt servicing.<\/p>\n\n\n\n
On the corporate side, trading activity strengthened significantly on Thursday (7-May), with total volume increasing to Rp8.8tn (vs. Rp6.1tn on 6-May). Although turnover remained slightly below the prior week s daily average of Rp9.2tn, it continued to come in above the 2026 YTD average of Rp7.3tn, highlighting resilient appetite in the secondary corporate bond market.<\/p>\n\n\n\n The SIBALI01BCN3 series (maturing on 5-Dec-28), rated idA(sy), emerged as the most actively traded corporate bond, recording Rp455bn in trading volume. Its price declined to 96.22 (-1.12%), while the yield climbed to 8.91% (+48.78bps). This was followed by the BTPN05ACN3 series (maturing on 2-Sep-28), rated idAAA, which recorded Rp300bn in trading volume. Its price rose to 102.32 (+0.96%), while the yield declined sharply to 5.03% (-44.42bps). Meanwhile, the SIMORA02ACN1 series (maturing on 13-Jul-26), rated idA+(sy), followed with Rp300bn in trading volume. Its price increased to 99.74 (+0.09%), while the yield declined to 11.37% (-47.44bps).<\/p>\n\n\n\n Pefindo has assigned idA- rating with stable outlook to PT Bank Sahabat Sampoerna (Bank Sampoerna). According to Pefindo, the rating reflects Bank Sampoerna s strong likelihood of support from Sampoerna Strategic Group, strong collaboration with the affiliated cooperative partner, and very strong capitalization. Meanwhile, the rating is constrained by its weak asset quality and below-average profitability indicators.<\/p>\n\n\n\n Fitch Ratings Indonesia has published PT Danantara Investment Management’s (DIM, AAA(idn)\/Stable) ‘AAA(idn)’ rating on its second subordinated debt programme of up to Rp50tn, including the first tranche under the programme consisting of: 1) a five-year bonds with a size of Rp3.5tn and 2% coupon, due 18 March 2031;and 2) a seven-year bonds with a size of Rp3.5tn and 2% coupon due 17 March 2033.<\/p>","protected":false},"excerpt":{"rendered":" Rupiah assets extended their rally on Thursday, with the JCI rising further, INDOGB yields declining across the curve, and the […]<\/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-6817","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6817","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=6817"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6817\/revisions"}],"predecessor-version":[{"id":6818,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6817\/revisions\/6818"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=6817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=6817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=6817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Domestic Corp Bond Market<\/strong><\/p>\n\n\n\n