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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 90 2 265 011 991 000 000
USD 41 59 575 000 000
JPY 14 450 000 000 000
EUR 7 7 300 000 000
corporate
IDR 775 389 899 864 276 110
USD 88 51 942 259 360
SGD 7 1 440 000 000
MYR 2 1 000 000 000
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
Alam Sutera, 11.5% 22apr2021, USD - International bonds XS1937702311 11.5% 175 000 000  USD 01/15/2019 04/22/2021
Indonesia, TB 16apr2019 3m - Domestic bonds IDQ000029900 0% 2 000 000 000 000  IDR 01/15/2019 04/16/2019
Indonesia, TB 9jul2019 6m - Domestic bonds IDQ000029801 0% 3 000 000 000 000  IDR 01/08/2019 07/09/2019
Indonesia, TB 6apr2019 3m - Domestic bonds IDQ000029603 0% 2 000 000 000 000  IDR 01/03/2019 04/06/2019
Indonesia, TB 6jan2020 12m - Domestic bonds IDQ000029702 0% 6 000 000 000 000  IDR 01/03/2019 01/06/2020
Indonesia, FR 8.375 15apr2039 - Domestic bonds IDG000013202 8.375% 6 650 000 000 000  IDR 01/03/2019 04/15/2039
Indonesia, 4.45% 11feb2024, USD - International bonds US455780CG93 4.45% 750 000 000  USD 12/04/2018 02/11/2024
Indonesia, 4.75% 11feb2029, USD - International bonds US455780CH76 4.75% 1 250 000 000  USD 12/04/2018 02/11/2029
Indonesia, 5.35% 11feb2049, USD - International bonds US455780CJ33 5.35% 1 000 000 000  USD 12/04/2018 02/11/2049
Indonesia, TB 22feb2019 12m - Domestic bonds IDQ000029504 0% 1 000 000 000 000  IDR 11/21/2018 02/22/2019

World Bond market statistics

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS volume of international-bond market of emerging countries
[10329] Indonesian international bonds, USD bln 117.600 117.600 112.100 109.900 106.000 98.400 92.700
BIS net issues of international-bond market of emerging countries
[10517] International-bond net issue of Indonesia, USD bln 0.300 6.600 1.600 3.600 7.200 4.900 2.000

New issues of Emerging markets International Bonds

Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Asia)
[19457] Annual new issues of Indonesia sovereign international bonds, USD bln 9.153 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

Emerging Markets International Bonds

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Volume of Asian International Bonds Markets
[21649] Indonesia international bonds, USD bln 110.773 107.572 103.876 102.580 102.670 102.583 102.094
[21687] Indonesia corporate international bonds, USD bln 39.582 39.579 34.853 33.373 33.388 33.255 32.760
[21725] Indonesia sovereign international bonds, USD bln 71.191 67.992 69.023 69.207 69.283 69.328 69.334
show other indices

Interbank market

Daily indices

Type: 07/31/2018 07/30/2018 07/28/2018 07/27/2018 07/26/2018 07/25/2018 07/24/2018
JIBOR
[18927] 1M JIBOR IDR 6.448 6.448 0.000 6.461 6.506 6.543 6.570
[18947] 3M JIBOR IDR 7.091 7.099 0.000 7.113 7.127 7.147 7.155
[19745] 6M JIBOR 7.291 7.297 0.000 7.302 7.302 7.311 7.319
[19747] 12M JIBOR 7.379 7.390 0.000 7.390 7.396 7.401 7.409
show other indices

Credit Risk Indicators

Daily indices

Type: 01/22/2019 01/21/2019 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019
Default Probability India (Interactive Data)
[20341] 6M Default Probability Indonesia 0.1800 0.1900 0.1900 0.2000 0.2000 0.2000 0.2100
[20403] 1Y Default Probability Indonesia 0.4400 0.4600 0.4700 0.4800 0.4700 0.4800 0.4900
[20465] 2Y Default Probability Indonesia 1.6900 1.6800 1.6900 1.7200 1.7000 1.7400 1.7900
[20527] 3Y Default Probability Indonesia 3.6800 3.6500 3.6600 3.7300 3.6700 3.8900 3.9800
[20589] 4Y Default Probability Indonesia 6.5700 6.4600 6.5000 6.6200 6.5200 6.8000 6.9600
[20651] 5Y Default Probability Indonesia 10.2100 9.9900 10.0800 10.2700 10.1500 10.4100 10.6500
[20713] 7Y Default Probability Indonesia 18.1200 17.9700 18.1900 18.4700 18.2300 18.9500 19.3100
[20775] 10Y Default Probability Indonesia 29.9700 29.8700 30.1100 30.4800 30.1600 30.7400 31.2100
[20837] 15Y Default Probability Indonesia 46.0500 46.0000 46.2400 46.6400 46.3000 46.7200 47.2200
[20899] 20Y Default Probability Indonesia 58.3700 58.3600 58.5800 58.9700 58.6300 58.9400 59.4200
[20961] 30Y Default Probability Indonesia 75.3500 75.3800 75.5700 75.8600 75.5800 75.7500 76.1400
CDS Indonesia (Interactive Data)
[13589] CDS 6M Indonesia 25.8700 27.0600 27.4800 28.0100 27.5700 27.9900 28.6500
[13651] CDS 1Y Indonesia 28.3700 29.6500 30.0800 30.6600 30.1700 30.6200 31.3400
[13713] CDS 2Y Indonesia 52.4200 51.9900 52.1200 53.1000 52.2300 53.5300 54.7600
[13775] CDS 3Y Indonesia 75.1400 74.3700 74.3300 75.7400 74.5200 78.8000 80.5900
[13837] CDS 4Y Indonesia 100.1200 98.3800 98.7400 100.6200 99.0200 103.3700 105.7200
[13899] CDS 5Y Indonesia 124.9000 122.0200 122.9700 125.3200 123.7600 127.1700 130.0500
[13961] CDS 7Y Indonesia 161.5200 159.8400 161.5900 164.4000 162.0900 168.8100 172.2700
[14023] CDS 10Y Indonesia 195.9300 194.7300 196.3300 199.3000 196.8900 201.6800 205.2800
[14085] CDS 15Y Indonesia 220.7300 219.8600 221.3200 224.1500 221.8700 225.4100 228.8500
[14147] CDS 20Y Indonesia 231.6900 230.9600 232.3600 235.0800 232.8800 235.8900 239.2000
[14209] CDS 30Y Indonesia 241.3900 240.7800 242.1200 244.7100 242.6100 245.1900 248.3600
show other indices

Risk Management Institute

Daily indices

Type: 01/21/2019 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019
RMI CVI - Asia
[10173] Indonesia CVI value weighted  28.17 27.99 28.45 28.28 28.28 29.07 28.40
[10175] Indonesia CVI tail  175.39 171.22 173.18 170.26 174.06 179.40 175.75
[10177] Indonesia CVI equally weighted  47.16 47.16 48.05 47.94 48.28 49.08 47.19
show other indices

Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15577] Inflation Rate (Indonesia) 3.16 2.88 3.20 3.18 3.12 3.23 3.41
show other indices

Yearly indices

Type: 2017 2016 2015 2014
Government Debt to GDP (World), %
[15229] 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) 
[3083] EMBI Global Indonesia * * * * * * *
show other indices

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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, 3.75% 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 ***.** *.**
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% 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, 5.25% 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 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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