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Indonesia

Market Watch
Close of
October 17, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 6.153 ▲ 1.3 2.1 113.5
5 Year 6.639 ▲ 0.9 4.1 126.8
10 Year 7.150 3.2 11.9 87.5

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
IDR per USD 14,155.000 ▲ 0.1 0.0 ▲ 1.6
IDR per JPY 130.269 ▲ 0.0 ▲ 0.6 ▲ 0.7

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D INDONIA 5.065 2.7 7.6 76.4
3M JIBOR 5.796 0.4 2.1 190.7

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(19-Sep-2019)
Previous Rate
(22-Aug-2019)
YTD
Rate
Bank Indonesia 7-day
Reverse Repo Rate
5.250 25.0 75.0

* Policy rate changes are expressed in basis point change.

More details

Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I BBB stable 2018-03-07
RAM BBB2 stable 2018-06-01
Non-Regional Rating Institutions
Fitch BBB stable 2019-03-14
S&P BBB stable 2019-05-31

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
  • iBoxx ABF Index Family
  • 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 regionís 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
2019 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 between 1 June and 15 August, shifting the entire yield curve downward. The downward trend in bond yields was largely influenced by the 25 basis point policy rate cut by Bank Indonesia announced on 18 July and the sovereign ratings upgrade by S&P Global Ratings on 31 May. Dovish stances by central banks in major advanced economies likewise contributed to the decline in bond yields. Amid global growth moderation and low inflation, the European Central Bank and the Bank of Japan hinted at easing measures, and the United States Federal Reserve undertook a 25 basis point cut of the federal funds target rate on 31 July. This, in turn, fueled investor interest in higher yielding emerging market assets such as Indonesian bonds.

Size and Composition

Indonesia's LCY bond market reached a size of IDR3,069.9 trillion (USD217.3 billion) at the end of June, as growth contracted a marginal 0.5% quarter-on-quarter (q-o-q) in the second quarter of 2019 amid contractions in both central bank bonds and corporate bonds. On a year-on-year (y-o-y) basis, overall bond market growth moderated to 17.6% in the second quarter of 2019 from 18.7% in the first quarter. The stock of LCY government bonds at the end of June totaled IDR2,652.6 trillion, with growth falling 0.3% q-o-q but rising 20.1% y-o-y. In the same period, corporate bonds outstanding stood at IDR417.3 trillion, down 1.6% q-o-q but up 3.7% y-o-y.

Policy, Institutional and Regulatory Developments

In August, the President of Indonesia announced the macroeconomic assumptions for the draft 2020 state budget. Among the assumptions were (i) economic growth of 5.3% to be driven by consumption and investments, (ii) an inflation target of 3.1% to support purchasing power, (iii) an exchange rate of IDR14,400 per US dollar, (iv) a 3-month Treasury bill rate of 5.4%, and (v) an Indonesian crude oil price of USD65 per barrel. The government is looking at a 2020 budget deficit equivalent to 1.76% of gross domestic product.

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