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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 2 319 693 991 000 000
USD 41 58 075 000 000
JPY 14 450 000 000 000
EUR 7 7 300 000 000
corporate
IDR 960 467 063 627 312 770
USD 102 56 430 409 360
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 15may2020 12m - Domestic bonds IDQ000031708 0% 1 200 000 000 000  IDR 05/14/2019 05/15/2020
Indonesia, TB 8aug2019 3m - Domestic bonds IDQ000031500 0% 1 370 000 000 000  IDR 05/07/2019 08/08/2019
Indonesia, TB 8may2020 12m - Domestic bonds IDQ000031609 0% 3 300 000 000 000  IDR 05/07/2019 05/08/2020
Medco Energi International, 7.375% 14may2026, USD - International bonds USY59501AA78 7.375% 650 000 000  USD 05/02/2019 05/14/2026
Alam Sutera, 6.625% 24apr2022, USD - International bonds XS1504809499 6.625% 370 000 000  USD 04/30/2019 04/24/2022
Indonesia, TB 1nov2019 6m - Domestic bonds IDQ000031401 0% 3 550 000 000 000  IDR 04/30/2019 11/01/2019
Indonesia, TB 24jul2019 3m - Domestic bonds IDQ000031302 0% 950 000 000 000  IDR 04/23/2019 07/24/2019
Indonesia, TB 10jul2019 3m - Domestic bonds IDQ000031104 0% 1 420 000 000 000  IDR 04/09/2019 07/10/2019
Indonesia, TB 10apr2020 12m - Domestic bonds IDQ000031203 0% 2 000 000 000 000  IDR 04/09/2019 04/10/2020
Bank Mandiri, 3.75% 11apr2024, USD - International bonds XS1978319108 3.75% 750 000 000  USD 04/03/2019 04/11/2024

BIS

Quarterly indices

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

GDP

Yearly indices

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

Interest rates

Daily indices

Type: 05/21/2019 07/31/2018 07/30/2018 07/28/2018 07/27/2018 07/26/2018 07/25/2018
JIBOR
[18927] 1M JIBOR IDR 7.012 6.448 6.448 0.000 6.461 6.506 6.543
[18947] 3M JIBOR IDR 7.252 7.091 7.099 0.000 7.113 7.127 7.147
[19745] 6M JIBOR 7.468 7.291 7.297 0.000 7.302 7.302 7.311
[19747] 12M JIBOR 7.633 7.379 7.390 0.000 7.390 7.396 7.401
show other indices

Credit Default Swaps (CDS)

Daily indices

Type: 05/21/2019 05/20/2019 05/19/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019
CDS Indonesia
[23553] CDS Indonesia 5Y 106.3100 106.4500 104.9500 102.9500 103.3600 106.8900 106.1300
[13589] CDS 6M Indonesia 17.7100 17.7500   17.5500 17.2100 17.7100 17.5900
[13651] CDS 1Y Indonesia 22.9600 23.0000   22.7000 22.2500 22.8800 22.7100
[13713] CDS 2Y Indonesia 40.1600 41.6700   41.1100 40.2900 41.4100 41.0900
[13775] CDS 3Y Indonesia 60.4300 61.3100   60.5100 59.3300 60.9600 60.5100
[13837] CDS 4Y Indonesia 81.8200 83.2200   82.1500 80.5800 82.7700 82.1800
[13899] CDS 5Y Indonesia 104.0300 106.2200   104.8800 102.9100 105.6800 104.9300
[13961] CDS 7Y Indonesia 143.1500 144.9200   143.3000 140.8900 144.2700 143.3600
[14023] CDS 10Y Indonesia 176.8100 178.0200   176.2900 173.7500 177.3100 176.3600
[14085] CDS 15Y Indonesia 202.4800 203.3300   201.6700 199.2500 202.6300 201.7300
[14147] CDS 20Y Indonesia 214.3600 215.0600   213.4500 211.1500 214.3700 213.5100
[14209] CDS 30Y Indonesia 225.1900 225.7800   224.2200 222.0800 225.0900 224.3000
show other indices

International bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Asia international bonds outstanding volume
[21649] Indonesia international bonds, USD bln 110.641 109.939 113.040 111.366 110.773 107.572 103.876
[21687] Indonesia corporate international bonds, USD bln 41.150 40.428 39.932 40.129 39.582 39.579 34.853
[21725] Indonesia sovereign international bonds, USD bln 69.491 69.510 73.108 71.237 71.191 67.992 69.023
show other indices

Inflation

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation (Asia, excl. Japan)
[15577] Inflation Rate (Indonesia) 3.16 2.88 3.20 3.18 3.12 3.23 3.41
show other indices

Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[3083] EMBI Global Indonesia 274 270 257 256 254 259 267
show other indices

Default probability (based on CDS)

Daily indices

Type: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
Default Probability India (Interactive Data)
[20341] 6M Default Probability Indonesia 0.1700 0.1800 0.1800 0.1700 0.1800 0.1800 0.1900
[20403] 1Y Default Probability Indonesia 0.4200 0.4200 0.4200 0.4100 0.4200 0.4200 0.4400
[20465] 2Y Default Probability Indonesia 1.4100 1.4700 1.4500 1.4300 1.4700 1.4600 1.5200
[20527] 3Y Default Probability Indonesia 3.1400 3.1900 3.1500 3.1000 3.1800 3.1600 3.3000
[20589] 4Y Default Probability Indonesia 5.6100 5.7000 5.6400 5.5400 5.6900 5.6500 5.8900
[20651] 5Y Default Probability Indonesia 8.8200 9.0000 8.9100 8.7500 8.9800 8.9300 9.2800
[20713] 7Y Default Probability Indonesia 16.5500 16.7400 16.5800 16.3200 16.6900 16.6100 17.1700
[20775] 10Y Default Probability Indonesia 27.7800 27.9200 27.7000 27.3700 27.8500 27.7500 28.4900
[20837] 15Y Default Probability Indonesia 43.4600 43.5600 43.3000 42.9300 43.4600 43.3600 44.1700
[20899] 20Y Default Probability Indonesia 55.7700 55.8300 55.5800 55.2200 55.7300 55.6400 56.4200
[20961] 30Y Default Probability Indonesia 73.1400 73.1600 72.9300 72.6500 73.0500 73.0000 73.6200
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 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

Risk Management Institute

Daily indices

Type: 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019 05/10/2019
RMI CVI - Asia
[10173] Indonesia CVI value weighted  36.27 37.80 36.63 35.65 34.65 33.91 33.16
[10175] Indonesia CVI tail  186.88 189.56 199.25 192.06 191.05 180.37 180.34
[10177] Indonesia CVI equally weighted  48.87 50.79 51.87 50.94 50.17 48.97 49.20
show other indices

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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