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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 91 2 400 423 991 000 000
USD 42 58 825 000 000
JPY 11 388 000 000 000
EUR 8 8 050 000 000
corporate
IDR 903 436 452 127 312 770
USD 105 58 819 538 225
SGD 7 1 440 000 000
MYR 1 500 000 000
JPY 1 5 300 000 000
GBP 1 40 000 000
EUR 1 500 000 000

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.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
Indonesia, TB 17oct2019 3m - Domestic bonds IDQ000032409 0% 1 450 000 000 000  IDR 07/16/2019 10/17/2019
Perusahaan Listrik Negara, 3.875% 17jul2029, USD - International bonds US71568QAJ67 3.875% 700 000 000  USD 07/10/2019 07/17/2029
Perusahaan Listrik Negara, 4.875% 17jul2049, USD - International bonds US71568QAK31 4.875% 700 000 000  USD 07/10/2019 07/17/2049
Indonesia, TB 10jan2020 6m - Domestic bonds IDQ000032300 0% 1 050 000 000 000  IDR 07/09/2019 01/10/2020
Indonesia, TB 3oct2019 3m - Domestic bonds IDQ000032102 0% 2 000 000 000 000  IDR 07/02/2019 10/03/2019
Indonesia, TB 3jul2020 12m - Domestic bonds IDQ000032201 0% 2 000 000 000 000  IDR 07/02/2019 07/03/2020
Indonesia, FR 7.5 15jun2035 - Domestic bonds IDG000013509 7.5% 10 250 000 000 000  IDR 07/02/2019 06/15/2035
Indonesia, TB 19sep2019 3m - Domestic bonds IDQ000031906 0% 1 500 000 000 000  IDR 06/18/2019 09/19/2019
Indonesia, TB 19jun2020 12m - Domestic bonds IDQ000032003 0% 1 100 000 000 000  IDR 06/18/2019 06/19/2020
Lippo Malls Indonesia Retail Trust, 7.25% 19jun2024, USD - International bonds XS2010198260 7.25% 250 000 000  USD 06/12/2019 06/19/2024

Свалка

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+ Indonesia spread 249 245 234 232 230 235 243
EMBI Global Indonesia 274 270 257 256 254 259 267
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Interest rates

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
JIBOR
[18927] 1M JIBOR 6.189 6.310 6.408 6.492 6.501 6.508 6.518
[18947] 3M JIBOR 6.486 6.505 6.638 6.653 6.655 6.660 6.673
[19745] 6M JIBOR 6.762 6.818 6.974 6.991 7.023 7.052 7.092
[19747] 12M JIBOR 6.915 6.942 7.071 7.093 7.137 7.161 7.198
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Stocks indices

Daily indices

Type: 08/24/2011 08/19/2011 08/16/2011 08/15/2011 08/12/2011 08/11/2011 08/10/2011
Stock market (Asia)
[1531] JCI (Indonesia)  3 847.02 3 825.13 3 953.28 3 960.02 3 890.53 3 869.37 3 863.58
show other indices

BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10329] Indonesian international bonds, USD bln 123.400 117.600 117.600 112.100 109.900 106.000 98.400
BIS new international bonds volume
[10517] International-bond net issue of Indonesia, USD bln -2.900 0.300 6.600 1.600 3.600 7.200 4.900

GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Asia, excl. Japan)
[15229] Government Debt to GDP(Indonesia) 29.80 28.70 27.90 27.00 24.90

Credit Default Swaps (CDS)

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
CDS Indonesia
[13589] CDS 6M Indonesia 12.8600 12.8100 13.1500 13.0700 12.9400 12.2800 12.3600
[13651] CDS 1Y Indonesia 17.3900 17.2900 17.7300 17.6100 17.4200 16.5300 16.6000
[13713] CDS 2Y Indonesia 31.3100 31.1200 31.8900 31.6800 31.3300 32.5100 32.6300
[13775] CDS 3Y Indonesia 48.7200 48.4600 49.6600 49.3100 48.8000 48.6600 48.8700
[13837] CDS 4Y Indonesia 65.7000 65.3700 66.9800 66.5100 65.8300 65.3400 65.6300
[13899] CDS 5Y Indonesia 85.0600 84.6700 86.7300 86.1200 85.2600 84.8600 85.2600
[13961] CDS 7Y Indonesia 121.3800 120.9100 123.5100 122.7100 121.6300 119.6700 120.1700
[14023] CDS 10Y Indonesia 154.2500 153.7600 156.5600 155.6500 154.5100 152.9000 153.4300
[14085] CDS 15Y Indonesia 181.2200 180.7600 183.4600 182.4900 181.4200 180.2300 180.7400
[14147] CDS 20Y Indonesia 194.1800 193.7400 196.3500 195.3600 194.3400 193.3200 193.7900
[14209] CDS 30Y Indonesia 206.5400 206.1300 208.5900 207.5700 206.6300 205.7400 206.1500
show other indices

International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Asia international bonds outstanding volume
[21649] Indonesia international bonds, USD bln 109.901 112.469 110.641 109.939 113.040 111.366 110.773
[21687] Indonesia corporate international bonds, USD bln 42.200 42.915 41.150 40.428 39.932 40.129 39.582
[21725] Indonesia sovereign international bonds, USD bln 67.701 69.554 69.491 69.510 73.108 71.237 71.191
show other indices

Central banks rates

Periodic indices

Type: Current value Change Last update
Asia central banks rates
[9369] Indonesia Benchmark Rate, %  6.50 -0.25 16.06.2016

Inflation

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Inflation (Asia, excl. Japan)
[15577] Inflation Rate (Indonesia) 3.28 3.32 2.83 2.48 2.57 2.82 3.13
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Default probability (based on CDS)

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
Default Probability India (Interactive Data)
[20341] 6M Default Probability Indonesia 0.0900 0.0900 0.0900 0.0900 0.0900 0.0900 0.0900
[20403] 1Y Default Probability Indonesia 0.2700 0.2700 0.2800 0.2800 0.2700 0.2600 0.2600
[20465] 2Y Default Probability Indonesia 1.0100 1.0100 1.0400 1.0300 1.0200 1.0600 1.0700
[20527] 3Y Default Probability Indonesia 2.3900 2.3900 2.4500 2.4300 2.4100 2.4000 2.4200
[20589] 4Y Default Probability Indonesia 4.3200 4.3100 4.4100 4.3900 4.3500 4.3200 4.3400
[20651] 5Y Default Probability Indonesia 6.9900 6.9700 7.1400 7.0900 7.0300 7.0000 7.0500
[20713] 7Y Default Probability Indonesia 13.7900 13.7500 14.0300 13.9600 13.8600 13.6400 13.7100
[20775] 10Y Default Probability Indonesia 24.1400 24.1000 24.4800 24.3700 24.2400 24.0200 24.1200
[20837] 15Y Default Probability Indonesia 39.3700 39.3200 39.7600 39.6200 39.4900 39.3000 39.4300
[20899] 20Y Default Probability Indonesia 51.7100 51.6600 52.1100 51.9500 51.8400 51.6700 51.8100
[20961] 30Y Default Probability Indonesia 69.7300 69.6900 70.0800 69.9000 69.8400 69.7200 69.8400
show other indices

New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Asia new international bonds volume
[19457] Annual new issues of Indonesia sovereign international bonds, USD bln 8.238 11.046 10.351 11.317 6.865
[19495] Annual new issues of Indonesia corporate international bonds, USD bln 12.578 7.529 2.380 3.843 5.129
[19533] Annual new issues of Indonesia corporate international bonds, (financial sector) USD bln 0.800 0.500 0.000 0.036 0.000
[19571] Annual new issues of Indonesia corporate international bonds, (non-financial sector) USD bln 11.778 7.029 2.380 3.807 5.129

Risk Management Institute

Daily indices

Type: 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019 07/11/2019
RMI CVI - Asia
[10173] Indonesia CVI value weighted  26.38 26.92 27.01 26.76 27.16 27.21 27.08
[10175] Indonesia CVI tail  144.23 146.83 150.06 143.86 144.38 144.47 142.26
[10177] Indonesia CVI equally weighted  37.28 37.73 37.87 37.43 37.67 37.66 37.46
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Indonesia, 11.625% 4mar2019, USD   USD 03/04/2019 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, 3.75% 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, 4.625% 15apr2043, USD   USD 04/15/2043 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, 5.125% 15jan2045, USD   USD 01/15/2045 05/18/2016 ***.** * 05/18/2016 ***.** *.**
Indonesia, 5.25% 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, 6.125% 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, 7.75% 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, 7.25% 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% 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, 6.95% 21feb2019, USD   USD 02/21/2019 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% 16may2019, USD   USD 05/16/2019 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, 5.25% 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% 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, 6.5% 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 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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