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Market Watch
Close of
August 13, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 4.767 29.9 34.3 100.3
5 Year 5.851 ▲ 1.2 2.7 58.5
10 Year 6.778 ▲ 2.1 1.1 28.5

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
IDR per USD 14,775.000 0.1 1.3 6.6
IDR per JPY 138.175 0.1 ▲ 0.0 8.2

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D INDONIA 3.292 2.1 2.1 159.2
3M JIBOR 4.338 0.3 2.0 116.9

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
Previous Rate
Bank Indonesia 7-day
Reverse Repo Rate
4.000 25.0 100.0

* 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 2020-01-24
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 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 government bond yields in Indonesia climbed across all tenors, leading the yield curve to shift upward between 28 February and 15 May. The overall rise in yields was largely driven by a market sell-off as investor sentiments soured amid heightened global market uncertainty. As the coronavirus disease (COVID-19) pandemic spread globally, rising risk aversion led investors to shift toward safe-haven assets. Further contributing to the risk-off sentiment was S&P Global's downward revision of the sovereign rating outlook of Indonesia from stable to negative in April. The rise in yields was also reflective of the government's need for a wider budget deficit to fund COVID-19-related stimulus measures and recovery efforts, as well as of Bank Indonesia's less aggressive monetary policy stance compared with regional peers.

Size and Composition

The local currency bond market in Indonesia reached a size of IDR3,324.7 trillion (USD203.8 billion) at the end of March on growth of 0.4% quarter-on-quarter (q-o-q) and 7.8% year-on-year (y-o-y) in the first quarter of 2020. The outstanding size of government bonds reached IDR2,881.8 trillion at the end of March, up 0.6% q-o-q and 8.4% y-o-y. Growth was solely contributed by central government bonds, comprising of Treasury bills and Treasury bonds. Total corporate bonds outstanding stood at IDR442.9 trillion at the end of March, down 0.5% q-o-q but up 4.4% y-o-y. The LCY bond market in Indonesia largely comprises government bonds, with a share of 86.7% of the aggregate bond total at the end of March. The remaining 13.3% share was accounted for by corporate bonds.

Policy, Institutional and Regulatory Developments

In April, Bank Indonesia commenced its participation in the weekly auctions of the government to purchase Treasury instruments. Previously, Bank Indonesia was only allowed to purchase bonds from the secondary market. The regulation in lieu of Law 1/2020, which was passed in March, allows the central bank to participate in the weekly auctions as a noncompetitive bidder. Bank Indonesia and the Ministry of Finance set a limit on the central bank's bond purchases at 30% for Shari'ah Treasury auctions and 25% for conventional Treasury auctions. Bank Indonesia's purchase of government bonds in the primary market is only allowed when the market is unable to absorb the offers.

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