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Indonesia

Market Watch
Close of
October 22, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 4.479     0.0     0.0 129.1
5 Year 5.484 1.9 16.6 95.2
10 Year 6.613 ▲ 0.5 13.8 45.0

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
IDR per USD 14,660.000 0.2 ▲ 0.2 5.7
IDR per JPY 139.805 ▲ 0.1 0.4 9.5

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D INDONIA 3.288 ▲ 0.1 ▲ 0.1 159.6
3M JIBOR 4.300     0.0     0.0 120.6

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(13-Oct-2020)
Previous Rate
(17-Sep-2020)
YTD
Rate
Bank Indonesia 7-day
Reverse Repo Rate
4.000     0.0 100.0

* Policy rate changes are expressed in basis point change.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I BBB+ stable 2020-03-17
RAM BBB2 stable 2019-10-31
Non-Regional Rating Institutions
Fitch BBB stable 2020-08-10
S&P BBB negative 2020-04-17

More details

  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Breakdown of LCY Bond Market Issuance
  • G3 Currency Bond Issuance
  • Government Securities Maturity Profile - LCY
  • Corporate Securities Maturity Profile - LCY
  • Investor Profile - Government Bonds
  • Foreign Holdings in LCY Government Bonds
  • Trading Volume
  • Bonds Turnover Ratio
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY Bonds
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

ASEAN+3 Bond Market Guide

ASEAN+3 Bond Market Guide 2017: Indonesia


ASEAN+3 Bond Market Guide is a comprehensive explanation of the region's bond markets. It provides information such as the history, legal and regulatory framework, specific characteristics of the market, trading and transaction (including settlement systems), and other relevant information. The Bond Market Guide 2017 for Indonesia is an outcome of the support and contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Indonesia.

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* Download previous issues PDF
2020 Sep Jun Mar
2019 Nov Sep Jun Mar
2018 Nov Sep Jun Mar
2017 Nov Sep Jun Mar
2016 Nov Sep Jun Mar
2015 Nov Sep Jun Mar
2014 Nov Sep Jun Mar
2013 Nov Sep Jun Mar
2012 Nov Sep Apr
2011 Nov Sep Mar
2010 Nov Oct Jul Mar
2009 Nov Sep

Market Summary



Yield Movements

Between 15 June and 15 August, local currency (LCY) government bond yields in Indonesia fell for all tenors except the 6-year maturity, which was unchanged. Bond yields declined more at the shorter-end of the curve than at the longer-end. The overall decline in yields was largely influenced by Bank Indonesia's accommodative monetary stance and the bleak economic outlook amid the coronavirus disease (COVID-19) outbreak. Also contributing to the overall decline in yields were concerns over increased debt supply and debt monetization.

Size and Composition

Indonesia's LCY bond market surged to a size of IDR3,585.2 trillion (USD251.3 billion) at the end of June, with growth accelerating to 7.8% quarter-on-quarter (q-o-q) in the second quarter of 2020 from only 0.4% q-o-q in the earlier quarter. On a year-on-year (y-o-y) basis, growth climbed to 16.8% in the second quarter of 2020 from 7.8% in the first quarter. The total stock of LCY government bonds at the end of June stood at IDR3,155.5 trillion on growth of 9.5% q-o-q and 19.0% y-o-y. Much of the growth stemmed from expansions in the stock of central government bonds amid higher issuance volume to fund a wider budget deficit. At the end of June, the total corporate bond stock reached IDR429.7 trillion on a decline of 3.0% q-o-q but an increase of 3.0% y-o-y. The amount of corporate bonds outstanding declined on weak issuance since the start of this year.

Policy, Institutional and Regulatory Developments

In June, a second revision to the 2020 state budget was signed into law, which called for increased spending and a wider budget deficit to support the economy amid the COVID-19 outbreak. The second revision to the 2020 state budget estimates a deficit amounting to IDR1.03 quadrillion, which is equivalent to 6.34% of gross domestic product, up from an earlier revision announced in April of a deficit equivalent to 5.07% of gross domestic product. The government expects state spending to hit IDR2.73 quadrillion in 2020, while state revenue is projected to be IDR1.69 quadrillion.

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