Rupiah assets delivered mixed performance on Friday, with the JCI and the rupiah weakening, while the INDOGB market continued to rally, sending bond yields lower. The JCI index fell by -2.9% to 6,969 (+0.2% MTD, -19.4% YTD), mainly dragged down by commodity sectors, including Barito Renewables Energy (-11.8%), Dian Swastatika Sentosa (-14.9%), and Amman Mineral Internasional (-9.3%). Despite the decline, market turnover remained strong at Rp36.1tn, bringing the 2026 daily average trading value to Rp24.4tn. Foreign investors, however, continued to post sizable net inflows into equities, totaling Rp11.4tn (+Rp12.3tn MTD, -Rp37.6tn YTD). Meanwhile, regionally, Asian equities closed broadly higher, with the Nikkei index rising by +0.2% and the Hang Seng index gaining +0.9%.<\/p>\n\n\n\n
In the bond market, INDOGBs continued to strengthen, supported by ongoing foreign inflows of around Rp0.6tn. Benchmark government bond yields moved lower across the curve, with the 5-yr FR109 yield flat at 6.47%, while the 10-yr FR108 yield declined to 6.58% (-0.8 bps). Meanwhile, the 15-yr FR106 and 20-yr FR107 yields also eased to 6.74% (-1.2 bps) and 6.71% (-1.0 bps), respectively. External indicators also improved modestly, with Indonesia s 5-yr USD bond yield stable at 4.54%, while the 5-yr CDS tightened slightly to 83.79 bps. Meanwhile, the rupiah depreciated modestly by -0.18% to Rp17,373\/USD (-0.12% MTD, -4.09% YTD), reflecting lingering external pressures and elevated global uncertainty.<\/p>\n\n\n\n
According to IDX s OTC trading report, Indonesian government bond trading activity weakened on Friday (8-May), with total volume declining to Rp18.5tn (vs. Rp35.9tn on 7-May). Turnover came in below the prior week s daily average of Rp37.5tn, the 2026 YTD average of Rp 32.6tn, and the 2025 daily average of Rp32.0tn. The 9.2-yr FR0103 series (maturing on 15-Jul-35) led market activity, recording Rp3.4tn in trading volume. Its price declined to 100.74 (-0.24%), while the yield rose to 6.64% (+3.51 bps). This was followed the 5-yr FR0109 benchmark series (maturing on 15-Mar-31) led market activity, recording Rp2.0tn in trading volume. Its price rose to 97.40 (+0.36%), while the yield declined to 6.51% (-8.64 bps). Close behind was the 10-yr FR0108 benchmark series (maturing on 15-Apr-36), with a total volume of Rp1.4tn. Its price slipped to 98.85 (-0.70%), while the yield inched up to 6.66% (+9.77 bps).<\/p>\n\n\n\n
From a positioning perspective, foreign ownership in SBN edged slightly lower to Rp865.4tn, equivalent to 12.72% of the total outstanding as of 7-May. On a year-to-date basis, domestic investors continued to dominate government bond absorption, led by insurance and pension funds (+Rp85tn), Bank Indonesia (+Rp66.4tn), and other investors (+Rp64.5tn). Mutual funds and retail investors also recorded net inflows, while foreign investors remained net sellers, with cumulative outflows of -Rp13.3tn YTD.<\/p>\n\n\n\n
The only domestic economic data released on Friday showed that Indonesia s foreign exchange reserves declined to USD 146.2bn in Apr-2026 from USD 148.2bn in March, marking the lowest level since Jul-2024. Bank Indonesia attributed the decline mainly to tax- and services-related outflows, external debt repayments, and ongoing FX intervention to stabilize the rupiah amid heightened global financial market volatility. Nevertheless, reserve adequacy remained solid at 5.8 months of imports, well above the international adequacy benchmark.<\/p>\n\n\n\n
In the SRBI auction held on Friday (8-May), incoming bids rose significantly to Rp78.2tn, while Bank Indonesia issued Rp30tn, exceeding the initial target of Rp20tn. More importantly, weighted average SRBI rates started to ease compared to the previous auction. Current SRBI rates for the 6-mo, 9-mo, and 12-mo tenors stood at 6.12% (+1 bps), 6.22% (-2 bps), and 6.40% (-10 bps), respectively, suggesting early signs of easing pressure in short-term rates.<\/p>\n\n\n\n
Over the week, average daily government bond trading moderated to Rp30.0tn (vs. Rp37.5tn in the prior week). The 5-yr FR0109 benchmark series remained the most actively traded, with its total weekly trading volume declining to Rp30.0tn (vs. Rp48.6tn previously).<\/p>\n\n\n\n
On the corporate side, trading activity increased on Friday (8-May), with total volume rising to Rp13.8tn (vs. Rp8.8tn on 7-May). Turnover came in above the prior week s daily average of Rp9.2tn, the 2026 YTD average of Rp7.3tn, and the 2025 daily average of Rp4.0tn.<\/p>\n\n\n\n The MBMA01BCN4 series (maturing on 8-May-29), rated idA, was the most actively traded with a total volume of Rp455bn, marking its debut on the secondary market. It traded at 100.00, yielding 9.00%. This was followed by the MBMA01ACN4 series (maturing on 15-May-27), rated idA with a volume of Rp300bn, making its first appearance in the secondary market. It traded at 99.95 and yielding 7.55%. Close behind was the MBMA01CCN4 series (maturing on 8-May-31), rated idA with a volume of Rp300bn, which also traded for the first time in the secondary market. It traded at 100.00 and yielding 9.25%.<\/p>\n\n\n\n Over the week, average daily corporate bond trading volume increased to Rp9.8tn (vs. Rp9.2tn in the prior week). The MBMA01BCN4 series (maturing on 8-May-29), rated idA, emerged as the most actively traded corporate bond, recording total weekly trading volume of Rp1.7tn.<\/p>\n\n\n\n Pefindo has assigned idBBB+ rating with stable outlook and and its Shelf-Registered Bond I\/2022 to PT PP Presisi Tbk (PPRE). According to Pefindo, the rating reflects PPRE s growing opportunities in the mining sector, diversified business segment, and above-average market position. Meanwhile, the rating is constrained by its exposure to the fluctuation of nickel prices and moderate capital structure.<\/p>\n\n\n\n Pefindo has assigned idAAA rating with stable outlook to PT Pertamina Power Indonesia (Pertamina NRE). The rating is mainly driven by the very strong likelihood of support from PT Pertamina (Persero) as the parent company. According to Pefindo, the standalone credit profile reflects Pertamina NRE s very strong market position, as well as a secure revenue stream with stable profit margins. Meanwhile, the rating is constrained by execution risks related to its project pipeline and exposure to geological risks.<\/p>\n\n\n\n Pefindo has assigned idAAA(cg) rating to PT Ketrosden Triasmitra Tbk (Triasmitra) s proposed Shelf-Registered Bond I Year 2026 (SR Bond I) of a maximum of IDR730 billion, with initial issuance of Phase I IDR220 billion. The proceeds from the issuance of Phase I will be used for the expansion of both subsea and land-based fiber-optic telecommunications networks, as well as for working capital for the maintenance services business managed by Triasmitra or its subsidiary. According to Pefindo, the instrument ratings reflect a full, unconditional and irrevocable guarantee from GuarantCo (idAAA\/Stable) as the guarantor to cover the principal and interest payments when they become due, as well as the guarantor s superior financial strength.<\/p>\n\n\n\n Pefindo has assigned idA+ financial strength rating with stable outlook to PT Jaminan Pembiayaan Askrindo Syariah (Askrindo Syariah). According to Pefindo, the rating is supported by the Company s strategic importance to PT Bahana Pembinaan Usaha Indonesia (Persero) (BPUI or IFG, rated idAAA\/stable) as its ultimate shareholder, in addition to Askrindo Syariah s standalone credit profile, which reflects conservative investment policy and moderate capitalization profile, although constrained by increasing trend of loss ratio and tight competition in the industry.<\/p>\n\n\n\n Pefindo has assigned idA rating with stable outlook to PT Agrinas Palma Nusantara (Persero) (Agrinas Palma). According to Pefindo, the rating reflects Agrinas Palma s strong market position and strong financial profile. Meanwhile, the rating is constrained by its participation in a highly fragmented market with high competition and exposure to the volatility of the construction-end markets.<\/p>\n\n\n\n Fitch Ratings Indonesia has affirmed the National Long-Term Rating of PT Pertamina Patra Niaga at AAA(idn) with a Stable Outlook. The rating remains closely linked to its parent, PT Pertamina (Persero), reflecting Fitch s view of a high likelihood of parental support driven by strong legal, strategic, and operational integration. Fitch believes support from the Indonesian government to Pertamina would ultimately flow through to PPN given its central role in Indonesia s fuel refining, distribution, and energy security framework. Fitch noted that the merger of PPN with refining subsidiary KPI and shipping arm PIS has strengthened operational integration and expanded PPN s role across the downstream energy value chain. However, the merger is expected to significantly increase leverage, with EBITDA net leverage projected to rise to around 6.0x by end-2026 due to the assumption of over USD6 billion in additional net debt and elevated oil prices amid Middle East tensions. Despite this, Fitch expects leverage to gradually improve over the following years, supported by near-monopoly market positioning, operational efficiencies from integration, rising refining capacity, and stronger subsidy payment mechanisms from the government.<\/p>","protected":false},"excerpt":{"rendered":" Rupiah assets delivered mixed performance on Friday, with the JCI and the rupiah weakening, while the INDOGB market continued to […]<\/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-6821","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6821","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=6821"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6821\/revisions"}],"predecessor-version":[{"id":6822,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6821\/revisions\/6822"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=6821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=6821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=6821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Domestic Corp Bond Market<\/strong><\/p>\n\n\n\n