Indonesia: bonds

Indonesia’s bond market has grown steadily in recent years to offer a more diversified array of debt instruments and cater to a broader investor base. The market accommodates the needs of both local and foreign investors.

As the largest issuer of bonds, the Government of Indonesia regularly taps the local market to finance the state budget. The Indonesia government bond forms vary from conventional and retail government bonds to government sukuk in several tenors. Municipal bonds are issued by the province or district government for financing public utilities projects.

    Corporate and/or Public Bonds include
  • a. Corporate Bond and Medium-Term Note (MTN)
  • b. Corporate Sukuk c. Convertible Bonds.

Although both government and corporate bonds are listed on the Indonesia Stock Exchange (IDX), they are mostly traded Over-the-Counter (OTC). Bank Indonesia (BI) also issues short-term bank certificates known as Certificate of Central Bank.

Corporate bond activities, including conventional and Islamic bond offerings, accelerated significantly beginning in 2003 and have maintained momentum since then. Islamic bonds, which are based on shari'a principles, play a major role in Indonesian capital markets. In April 2008, the Islamic Shari'a Debt Bill was passed into law to enable the Government to issue Islamic bonds.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
IDR 69 1 767 910 366 755 000
USD 31 49 450 000 000
JPY 10 350 000 000 000
EUR 5 5 300 000 000
corporate
IDR 695 350 858 018 700 960
USD 62 40 706 582 160
SGD 9 1 555 000 000
MYR 1 500 000 000
GBP 1 40 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Rating Agency RAEX (Expert RA) *** Foriegn curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Lippo Malls Indonesia Retail Trust, 6.6% perp., SGD - International bonds XS1632471352 6.6% 120 000 000  SGD 06/12/2017
Japfa Comfeed, 5.5% 31mar2022, USD - International bonds XS1588422201 5.5% 250 000 000  USD 06/12/2017 03/31/2022
Aneka Gas Industri, 9.9% 6jun2020, IDR (A) - Domestic bonds IDA0000810A4 9.9% 45 000 000 000  IDR 06/06/2017 06/06/2020
Aneka Gas Industri, 10.35% 6jun2022, IDR (B) - Domestic bonds IDA0000810B2 10.35% 19 000 000 000  IDR 06/06/2017 06/06/2022
Hutama Karya, 8.07% 6jun2027, IDR - Domestic bonds IDA000081301 8.07% 1 968 000 000 000  IDR 06/06/2017 06/06/2027
Aneka Gas Industri, 9.9% 6jun2020, IDR (A) - Domestic bonds IDJ0000090A4 9.9% 147 000 000 000  IDR 06/06/2017 06/06/2020
Aneka Gas Industri, 10.35% 6jun2022, IDR (B) - Domestic bonds IDJ0000090B2 10.35% 99 000 000 000  IDR 06/06/2017 06/06/2022
Bank Jambi, 9.6% 6jun2020, IDR - Domestic bonds IDH000039502 9.6% 125 000 000 000  IDR 06/06/2017 06/06/2020
Mandiri Tunas Finance, 8.5% 6jun2020, IDR (A) - Domestic bonds IDA0000811A2 8.5% 610 000 000 000  IDR 06/06/2017 06/06/2020
Mandiri Tunas Finance, 8.85% 6jun2022, IDR (B) - Domestic bonds IDA0000811B0 8.85% 240 000 000 000  IDR 06/06/2017 06/06/2022

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Indonesian international bonds, USD bln 92.700 90.400 88.200 89.400 80.500 78.500 75.000
BIS net issues of international-bond market of emerging countries
International-bond net issue of Indonesia, USD bln 2.000 3.400 1.300 9.200 1.600 3.700 3.400

Emerging Markets International Bonds

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016
Asian International Bonds Markets
Indonesia’s international bonds, USD bln 89.003 86.386 84.489 84.437 84.129 87.843 80.615
Indonesia’s corporate international bonds, USD bln 31.235 29.713 29.932 29.931 29.525 33.437 29.639
Indonesia’s sovereign international bonds, USD bln 57.768 56.673 54.556 54.506 54.604 54.406 50.976
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Credit Risk Indicators

Daily indices

Type: 06/26/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017
CDS Interactive Data 
CDS 6M Indonesia * * * * * * *
CDS 1Y Indonesia * * * * * * *
CDS 2Y Indonesia * * * * * * *
CDS 3Y Indonesia * * * * * * *
CDS 4Y Indonesia * * * * * * *
CDS 5Y Indonesia * * * * * * *
CDS 7Y Indonesia * * * * * * *
CDS 10Y Indonesia * * * * * * *
CDS 15Y Indonesia * * * * * * *
CDS 20Y Indonesia * * * * * * *
CDS 30Y Indonesia * * * * * * *
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Risk Management Institute

Daily indices

Type: 06/26/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017
RMI CVI - Asia
Indonesia CVI value weighted  25.23 25.23 25.23 25.21 25.30 25.57 25.62
Indonesia CVI tail  146.12 146.12 146.12 146.78 145.66 141.77 140.64
Indonesia CVI equally weighted  38.62 38.62 38.62 38.53 38.05 37.71 37.34
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Indonesia) 4.33 4.17 3.61 3.83 3.49
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Indonesia) 27.90 27.00 24.90

JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Indonesia * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Indonesia, 0.91% 13aug2025, JPY   JPY 08/13/2025 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.**
Indonesia, 11.625% 4mar2019, USD   USD 03/04/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Indonesia, 2.730% 29jul2019, JPY   JPY 07/29/2019 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.**
Indonesia, 2.875% 8jul2021, EUR   EUR 07/08/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Indonesia, 3.3% 21nov2022, USD   USD 11/21/2022 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Indonesia, 3.375% 15apr2023, USD   USD 04/15/2023 05/18/2016 **.* *.** 05/18/2016 **.* *.**
Indonesia, 3.375% 30jul2025, EUR   EUR 07/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Indonesia, 3.4% 29mar2021, USD   USD 03/29/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Indonesia, 3.750% 25apr2022, USD   USD 04/25/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Indonesia, 4.0% 21nov2018, USD   USD 11/21/2018 05/18/2016 *** *.** 05/18/2016 ***.* *.**
Indonesia, 4.125% 15jan2025, USD   USD 01/15/2025 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Indonesia, 4.325% 28may2025, USD   USD 05/28/2025 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Indonesia, 4.35% 10sep2024, USD   USD 09/10/2024 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Indonesia, 4.55% 29mar2026, USD   USD 03/29/2026 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Indonesia, 4.75% 8jan2026, USD   USD 01/08/2026 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Indonesia, 4.875% 5may2021, USD   USD 05/05/2021 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Indonesia, 5% 15apr2043, USD   USD 04/15/2043 05/18/2016 **.*** *.** 05/18/2016 **.* *.**
Indonesia, 5.125% 15jan2045, USD   USD 01/15/2045 05/18/2016 ***.** * 05/18/2016 ***.** *.**
Indonesia, 5.250% 17jan2042, USD   USD 01/17/2042 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Indonesia, 5.375% 17oct2023, USD   USD 10/17/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Indonesia, 5.875% 13mar2020, USD   USD 03/13/2020 05/18/2016 ***.*** *.* 05/18/2016 ***.** *.**
Indonesia, 5.875% 15jan2024, USD   USD 01/15/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Indonesia, 5.95% 8jan2046, USD   USD 01/08/2046 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Indonesia, 6.13% 15mar2019, USD   USD 03/15/2019 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Indonesia, 6.625% 17feb2037, USD   USD 02/17/2037 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Indonesia, 6.75% 15jan2044, USD   USD 01/15/2044 05/18/2016 ***.*** *.** 05/18/2016 *** *.**
Indonesia, 6.875% 17jan2018, USD   USD 01/17/2018 05/18/2016 *** *.** 05/18/2016 ***.* *.**
Indonesia, 6.875% 9mar2017, USD   USD 03/09/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Indonesia, 7.750% 17jan2038, USD   USD 01/17/2038 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Indonesia, 8.50% 12oct2035, USD   USD 10/12/2035 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Alam Sutera, 6.95% 27mar2020, USD   USD 03/27/2020 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Alam Sutera, 9% 29jan2019, USD   USD 01/29/2019 05/18/2016 ***.* *.** 05/18/2016 *** *.**
Astra International, 2.115% 18dec2017, SGD   SGD 12/18/2017 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
Astra Sedaya Finance PT, 2.875% 1apr2018, USD   USD 04/01/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Bank Negara Indonesia, 4.125% 27apr2017, USD   USD 04/27/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Bank Rakyat, 2.95% 28mar2018, USD   USD 03/28/2018 05/18/2016 ***.* *.** 05/18/2016 *** *.**
Berau Coal, 7.250% 13mar2017, USD   USD 03/13/2017 05/18/2016 **.** ***.** 05/18/2016 **.** ***.*
Bhakti Investama, 5.875% 16may2018, USD   USD 05/16/2018 05/18/2016 **.*** **.** 05/18/2016 **.*** **.**
Bumi Resources, 10.750% 6oct2017, USD   USD 10/06/2017 05/18/2016 ** ***.** 05/18/2016 ** ***.**
Bumi Resources, 12.0% 10nov2016, USD   USD 11/10/2016 05/18/2016 **.*** ****.** 05/18/2016 *** **.**
Bumi Serpong Damai, 6.75% 27apr2020, USD   USD 04/27/2020 05/18/2016 ***.**** *.** 05/18/2016 ***.** *.**
Cikarang Listrindo, 6.950% 21feb2019, USD   USD 02/21/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Ciputra Property, 5.625% 13feb2018, SGD   SGD 02/13/2018 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.*
Gajah Tunggal, 7.75% 6feb2018, USD   USD 02/06/2018 05/18/2016 ** **.** 05/18/2016 **.* **.**
Garuda Indonesia, 5.95% 3jun2020, USD   USD 06/03/2020 05/18/2016 ***.*** *.* 05/18/2016 ***.*** *.*
Indika Energy, 6.375% 22jan2023, USD   USD 01/24/2023 05/18/2016 **.* **.* 05/18/2016 **.* **.**
Indika Energy, 7.0% 7may2018, USD   USD 05/07/2018 05/18/2016 **.* **.** 05/18/2016 **.* **.**
Indonesia Eximbank, 3.750% 26apr2017, USD   USD 04/26/2017 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Indonesia Eximbank, 4.135% 3nov2020, SGD   SGD 11/03/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Jababeka, 7.5% 24sep2019, USD   USD 09/24/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Japfa Comfeed, 6% 2may2018, USD   USD 05/02/2018 05/18/2016 ** **.** 05/18/2016 **.* *.**
Lippo Karawaci, 6.125% 14nov2020, USD   USD 11/14/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Lippo Karawaci, 7% 11apr2022, USD   USD 04/11/2022 05/18/2016 *** *.** 05/18/2016 ***.** *.**
Lippo Karawaci, 7.0% 16may2019, USD   USD 05/16/2019 05/18/2016 ***.** *.** 05/18/2016 *** *.**
Lippo Malls Indonesia Retail Trust, 4.1% 2020, SGD   SGD 06/22/2020 05/18/2016 **.** *.* 05/18/2016 **.** *.**
Lippo Malls Indonesia Retail Trust, 4.5% 23nov2018, SGD   SGD 11/23/2018 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Modernland Realty, 9.75% 5aug2019, USD   USD 08/05/2019 05/18/2016 *** *.** 05/18/2016 *** *.**
MPM, 6.75% 19sep2019, USD   USD 09/19/2019 05/18/2016 **.**** *.** 05/18/2016 ***.** *.**
Multipolar, 9.75% 25jul2018, USD   USD 07/25/2018 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
PERTAMINA, 4.3% 20may2023, USD   USD 05/20/2023 05/18/2016 ***.** *.** 05/18/2016 *** *.**
PERTAMINA, 4.875% 3may2022, USD   USD 05/03/2022 05/18/2016 ***.*** *.* 05/18/2016 ***.* *.**
PERTAMINA, 5.250% 23may2021, USD   USD 05/23/2021 05/18/2016 ***.** *.* 05/18/2016 ***.**** *.**
PERTAMINA, 5.625% 20may2043, USD   USD 05/20/2043 05/18/2016 **.** *.** 05/18/2016 **.** *.**
PERTAMINA, 6.0% 3may2042, USD   USD 05/03/2042 05/18/2016 **.** *.** 05/18/2016 **.** *.*
PERTAMINA, 6.45% 30may2044, USD   USD 05/30/2044 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
PERTAMINA, 6.50% 27may2041, USD   USD 05/27/2041 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Perusahaan Gas Negara, 5.125% 16may2024, USD   USD 05/16/2024 05/18/2016 ***.**** *.** 05/18/2016 ***.* *.**
PT Logindo Samudramakmur Tbk., 2.93% 3feb2020, SGD   SGD 02/03/2020 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
PT Pelabuhan Indonesia III, 4.875% 1oct2024, USD   USD 10/01/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
PT PLN (Persero), 5.250% 24oct2042, USD   USD 10/24/2042 05/18/2016 **.* *.** 05/18/2016 **.** *.**
PT PLN (Persero), 5.50% 22nov2021, USD   USD 11/22/2021 05/18/2016 *** *.** 05/18/2016 ***.* *.**
PT PLN (Persero), 7.25% 28jun2017, USD   USD 06/28/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
PT PLN (Persero), 7.75% 17oct2016, USD   USD 10/17/2016 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
PT PLN (Persero), 7.750% 20jan2020, USD   USD 01/20/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
PT PLN (Persero), 7.875% 29jun2037, USD   USD 06/29/2037 05/18/2016 ***.** *.** 05/18/2016 *** *.**
PT PLN (Persero), 8.0% 7aug2019, USD   USD 08/07/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
PT Telekomunikasi Indonesia, 3.25% 27nov2024, SGD   SGD 11/27/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
PT. Pelabuhan Indonesia II, 2025   USD 05/05/2025 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
PT. Pelabuhan Indonesia II, 2045   USD 05/05/2045 05/18/2016 **.** *.** 05/18/2016 **.* *.**
Solusi Tunas Pratama, 6.25% 24feb2020, USD   USD 02/24/2020 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Sritex, 9% 24apr2019, USD   USD 04/24/2019 05/18/2016 *** *.** 05/18/2016 *** *.**
Star Energy, 6.125% 27mar2020, USD   USD 03/27/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Tower Bersama Infrastructure, 4.625% 3apr2018, USD   USD 04/03/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
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