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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 63 1 924 533 719 000 000
USD 39 57 575 000 000
JPY 10 350 000 000 000
EUR 7 7 300 000 000
corporate
IDR 966 460 180 053 925 820
USD 75 43 578 621 156
SGD 8 1 540 000 000
MYR 2 1 000 000 000
JPY 1 5 300 000 000
GBP 1 40 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** 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.) ***
Expert RA *** Foreign curr. scale ***
Expert RA *** Local curr. scale ***
National Rating Agency *** Global scale ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Indonesia, 1.75% 24apr2025, EUR - International bonds XS1810775145 1.75% 1 000 000 000  EUR 04/18/2018 04/24/2025
Indonesia, 4.1% 24apr2028, USD - International bonds US455780CF11 4.1% 1 000 000 000  USD 04/17/2018 04/24/2028
Star Energy, 6.75% 24apr2033, USD - International bonds USG84393AC49 6.75% 580 000 000  USD 04/17/2018 04/24/2033
Astra Sedaya Finance PT, 0.55% 19mar2021, JPY - International bonds XS1792107465 0.55% 5 300 000 000  JPY 03/12/2018 03/19/2021
Chandra Asri Petrochemical, 7.5% 1mar2021, IDR (A) - Domestic bonds IDA0000884A9 7.5% 100 000 000 000  IDR 03/01/2018 03/01/2021
Chandra Asri Petrochemical, 8.25% 1mar2023, IDR (B) - Domestic bonds IDA0000884B7 8.25% 100 000 000 000  IDR 03/01/2018 03/01/2023
Chandra Asri Petrochemical, 9% 1mar2025, IDR (C) - Domestic bonds IDA0000884C5 9% 300 000 000 000  IDR 03/01/2018 03/01/2025
Bank Panin, 7.6% 27feb2023, IDR - Domestic bonds IDA000088207 7.6% 3 900 000 000 000  IDR 02/27/2018 02/27/2023
Waskita Karya, 7.75% 23feb2021, IDR (A) - Domestic bonds IDA0000881A5 7.75% 1 175 000 000 000  IDR 02/23/2018 02/23/2021
Waskita Karya, 8.25% 23feb2023, IDR (B) - Domestic bonds IDA0000881B3 8.25% 2 276 500 000 000  IDR 02/23/2018 02/23/2023

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 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Asian International Bonds Markets
Indonesia’s international bonds, USD bln 98.561 98.960 96.063 95.881 91.979 91.017 91.450
Indonesia’s corporate international bonds, USD bln 31.757 32.242 32.271 30.526 30.686 29.934 30.238
Indonesia’s sovereign international bonds, USD bln 66.805 66.717 63.792 65.355 61.292 61.083 61.212
Asian International Bonds Markets (adjusted for amortization)
Indonesia international bonds, USD bln 98.546 98.945 96.048 95.974 91.972 90.247 90.816
Indonesia corporate international bonds, USD bln 31.757 32.242 32.271 30.634 30.695 29.155 29.593
Indonesia sovereign international bonds, USD bln 66.790 66.703 63.778 65.340 61.277 61.093 61.223
show other indices

Interbank market

Daily indices

Type: 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/14/2018 04/13/2018
JIBOR
1M JIBOR IDR 5.103 5.077 5.070 5.055 5.036 0.000 5.031
3M JIBOR IDR 5.395 5.373 5.373 5.373 5.370 0.000 5.368
6M JIBOR 5.720 5.719 5.718 5.718 5.718 0.000 5.719
12M JIBOR 5.981 5.981 5.981 5.981 5.984 0.000 5.981
show other indices

Credit Risk Indicators

Daily indices

Type: 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018
Default Probability
6M Default Probability Indonesia 0.1900 0.1900 0.2000 0.2100 0.2200 0.2200 0.2300
1Y Default Probability Indonesia 0.3700 0.3600 0.3800 0.4000 0.4100 0.4200 0.4300
2Y Default Probability Indonesia 1.3600 1.3500 1.3300 1.3700 1.4000 1.4300 1.5000
3Y Default Probability Indonesia 3.1100 3.0800 3.0300 3.0600 3.1000 3.1400 3.3000
4Y Default Probability Indonesia 5.5400 5.4800 5.3800 5.3900 5.4500 5.5000 5.7400
5Y Default Probability Indonesia 8.6600 8.5600 8.4200 8.3900 8.4600 8.4800 8.7900
7Y Default Probability Indonesia 15.9800 15.8200 15.5700 15.5500 15.7000 15.7000 16.2100
10Y Default Probability Indonesia 26.8400 26.6300 26.3800 26.3600 26.5100 26.5900 27.4000
15Y Default Probability Indonesia 43.8100 43.5600 43.3200 43.2900 43.4400 43.5900 44.6400
20Y Default Probability Indonesia 56.7800 56.5300 56.3200 56.2800 56.4100 56.5900 57.6900
30Y Default Probability Indonesia 74.1900 73.9700 73.8300 73.7700 73.8700 74.0400 75.0100
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 * * * * * * *
show other indices

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Risk Management Institute

Daily indices

Type: 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018 04/11/2018
RMI CVI - Asia
Indonesia CVI value weighted  23.06 23.21 23.60 23.65 23.33 23.19 22.75
Indonesia CVI tail  111.59 110.17 108.99 111.85 115.49 116.63 115.19
Indonesia CVI equally weighted  31.60 31.86 32.04 32.22 33.14 33.07 32.78
show other indices

Macroeconomic Indicators (World economy)

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Indonesia) 3.40 3.18 3.25 3.61 3.30 3.58 3.72
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Indonesia) 28.70 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 ***.*** *.**
Japfa Comfeed, 6% 2may2018, USD   USD 05/02/2018 05/18/2016 ** **.** 05/18/2016 **.* *.**
Kawasan Industri Jababeka, 7.5% 24sep2019, USD   USD 09/24/2019 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 ***.* *.**
Perusahaan Listrik Negara, 5.250% 24oct2042, USD   USD 10/24/2042 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Perusahaan Listrik Negara, 5.50% 22nov2021, USD   USD 11/22/2021 05/18/2016 *** *.** 05/18/2016 ***.* *.**
Perusahaan Listrik Negara, 7.25% 28jun2017, USD   USD 06/28/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Perusahaan Listrik Negara, 7.75% 17oct2016, USD   USD 10/17/2016 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Perusahaan Listrik Negara, 7.750% 20jan2020, USD   USD 01/20/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Perusahaan Listrik Negara, 7.875% 29jun2037, USD   USD 06/29/2037 05/18/2016 ***.** *.** 05/18/2016 *** *.**
Perusahaan Listrik Negara, 8.0% 7aug2019, USD   USD 08/07/2019 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 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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