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Indonesia

Market Watch
Close of
January 22, 2021		 Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 4.596 ▼ 3.0 ▲ 33.2 ▲ 74.5
5 Year 5.244 ▲ 1.0 ▲ 5.2 ▲ 3.8
10 Year 6.268 ▲ 1.3 ▲ 8.8 ▲ 38.2

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
IDR per USD 14,035.000 ▼ 0.3 ▼ 0.1 ▲ 0.1
IDR per JPY 135.238 ▲ 0.0 ▼ 0.2 ▲ 0.6

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D INDONIA 3.044 ▲ 0.6 ▲ 0.3 ▲ 0.5
3M JIBOR 4.049     0.0     0.0 ▼ 0.7

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(21-Jan-2021)		 Previous Rate
(17-Dec-2020)		 YTD
Rate
Bank Indonesia 7-day
Reverse Repo Rate		 3.750     0.0     0.0

* 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

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  • 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 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. View Report

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2020 Nov 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

Local currency (LCY) government bond yields in Indonesia declined for most maturities between 31 August and 30 October. The overall trend of declining yields was driven by expectations that Bank Indonesia would continue to maintain an easy monetary policy stance amid low inflation and a weak economic outlook. The coronavirus disease (COVID-19) outbreak in Indonesia has taken a toll on economic growth. A resurgence in the number of cases led the government to re-enforce social restrictions in September, further dampening investor sentiment in the bond market. In October however, investor interest picked up, leading to capital inflows for the first time since July, buoyed by the passage of the Omnibus Bill on Job Creation that is expected to improve investment climate in Indonesia.

Size and Composition

The LCY bond market in Indonesia continued to expand to reach a size of IDR3,940.6 trillion (USD264.8 billion) at the end of September. Overall growth accelerated to 9.9% quarter-on-quarter in the third quarter of 2020 after rising 7.8% quarter-on-quarter in the second quarter. The faster growth stemmed largely from the expansion in government bonds, particularly Treasury bills and bonds, due to the government's increased borrowing needs to support its stimulus measures and recovery efforts amid the COVID-19 pandemic. Corporate bonds also contributed to growth, albeit to a lesser extent. On the other hand, the stock of central bank bills and bonds contracted during the review period. On a year-on-year basis, growth in the LCY bond market of Indonesia quickened to 22.4% in the third quarter from 16.8% in the previous quarter, making it the fastest-growing bond market in the region.

Policy, Institutional and Regulatory Developments

In September, the Indonesian Parliament approved the 2021 state budget, which calls for a deficit equivalent to 5.7% of GDP. The 2021 state budget estimates revenue will reach IDR1,743.7 trillion, while state spending is expected to total IDR2,750.0 trillion. The underlying macroeconomic assumptions for the 2021 state budget include (i) economic growth of 5.0%, (ii) average inflation of 3.0%, (iii) an exchange rate of IDR14,600 per USD1, (iv) an average 10-year bond yield of 7.29%, and (v) Indonesian crude oil price of USD45 per barrel.

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