Indonesia: Market Summary
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Market Summary
Yield Movements
Local currency (LCY) government bond yields in Indonesia rose across all tenors between 2 February and 29 May, driven by rising inflationary pressures due to the conflict in the Middle East and Bank Indonesia's policy rate hike. Investor sentiment was further weighed by a range of domestic factors, including concerns over fiscal sustainability, outlook downgrades by rating agencies, and MSCI-related downgrades in equity markets.
Local Currency Bond Market Size and Issuance
Indonesia's LCY bond market reached a size of IDR8,370.7 trillion at the end of March, with its expansion accelerating to 3.8% quarter-on-quarter (q-o-q) in the first quarter (Q1) of 2026 from 1.6% q-o-q in the previous quarter. However, total issuance in Q1 2026 contracted 24.6% q-o-q due to reduced issuance of corporate bonds and central bank securities.
Sustainable Bond Market
Heightened global uncertainty weighed on Indonesia's sustainable bond market, with bonds outstanding contracting 0.6% q-o-q to USD17.7 billion at the end of March. Sustainable bond issuance fell 68.9% q-o-q to USD0.4 billion in Q1 2026, driven by reduced public sector issuance.