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Indonesia

Market Watch
Close of
December 14, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 7.425 ▲ 1.5 ▲ 1.8 ▲ 188.6
5 Year 7.947 ▲ 2.8 ▲ 4.7 ▲ 198.3
10 Year 8.118 9.2 ▲ 8.3 ▲ 179.9

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
IDR per USD 14,581.000 0.6 0.7 7.6
IDR per JPY 128.592 0.8 0.1 6.9

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D JIBOR 5.905 ▲ 0.3 ▲ 0.2 ▲ 200.5
3M JIBOR 7.707 ▲ 0.7 ▲ 3.6 ▲ 222.3

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(15-Nov-2018)
Previous Rate
(23-Oct-2018)
YTD
Rate
Bank Indonesia 7-day
Reverse Repo Rate
6.000 ▲ 25.0 ▲ 175.0

* 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 2018-03-07
RAM BBB2 stable 2018-06-01
Non-Regional Rating Institutions
Fitch BBB stable 2018-09-02
S&P BBB- stable 2018-05-31

More details

  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Issuance Volume of LCY Bond Market
  • Breakdown of LCY Government 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 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
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 climbed for all tenors between 31 August and 15 October, shifting the curve upward. The overall rise in bond yields was largely influenced by the policy rate hikes undertaken by Bank Indonesia as a preemptive move to maintain the attractiveness of its financial market. Bank Indonesia has raised the 7-day reverse repurchase (repo) rate five times since mid-May for a cumulative increase of 150 basis points.  The Indonesian LCY bond market is highly sensitive to developments in the global market as foreign investors account for the largest investor group in government bonds. Foreign investor holdings of government bonds have been on a downtrend after accounting for over 40% of the total market at the end of January, reflecting investors’ risk-off sentiment toward emerging markets.

Size and Composition

Indonesia’s LCY bond market was the fastest growing in emerging East Asia on a quarter-on-quarter (q-o-q) basis, with growth rebounding strongly to 5.9% in the third quarter of 2018 from only 0.5% in the second quarter. On a year-on-year (y-o-y) basis, growth rose at a faster pace of 13.9% in the third quarter versus 12.0% in the previous quarter. Total bonds outstanding climbed to IDR2,764.3 trillion at the end of September. The outstanding size of LCY government bonds climbed to IDR2,345.4 trillion at the end of September on expansions of 6.2% q-o-q and 13.5% y-o-y. At the end of September, the LCY corporate bond stock reached IDR419.0 trillion on growth of 4.1% q-o-q and 16.5% y-o-y.

Policy, Institutional and Regulatory Developments

On 1 November, Bank Indonesia commenced the trading of nondeliverable forwards settled in Indonesian rupiah as part of measures to help stabilize the local currency. The Jakarta Interbank Spot Dollar Rate will be used as the reference price for domestic nondeliverable forwards, which may be offered by banks to investors and corporates as an alternative hedging tool against exchange rate volatility. To enter into a domestic nondeliverable forward transaction, underlying transactions—such as trade documents, proof of investments, and bank loans in a foreign currency used for the purpose of trade or investment—will be required.

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