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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 94 2 462 368 564 000 000
USD 42 58 825 000 000
JPY 10 353 000 000 000
EUR 8 8 050 000 000
corporate
IDR 883 428 564 477 312 770
USD 106 59 569 538 225
SGD 7 1 440 000 000
JPY 1 5 300 000 000
EUR 1 500 000 000
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.) ***
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 11dec2019 3m - Domestic bonds IDQ000033100 0% 2 000 000 000  IDR 09/10/2019 12/11/2019
Indonesia, TB 11sep2020 12m - Domestic bonds IDQ000033209 0% 2 200 000 000  IDR 09/10/2019 09/11/2020
Indonesia, TB 4mar2020 6m - Domestic bonds IDQ000033001 0% 1 000 000 000 000  IDR 09/03/2019 03/04/2020
Indonesia, TB 28nov2019 3m - Domestic bonds IDQ000032904 0% 2 000 000 000  IDR 08/27/2019 11/28/2019
Indonesia, TB 14nov2019 3m - Domestic bonds IDQ000032706 0% 1 100 000 000 000  IDR 08/13/2019 11/14/2019
Indonesia, TB 14aug2020 12m - Domestic bonds IDQ000032805 0% 2 000 000 000 000  IDR 08/13/2019 08/14/2020
Indonesia, TB 31oct2019 3m - Domestic bonds IDQ000032508 0% 2 000 000 000 000  IDR 07/30/2019 10/31/2019
Indonesia, FR 6.5 15jun2025 - Domestic bonds IDG000013707 6.5% 17 100 000 000 000  IDR 07/30/2019 06/15/2025
Indonesia, FR 7 15sep2030 - Domestic bonds IDG000013806 7% 33 500 000 000 000  IDR 07/30/2019 09/15/2030
PERTAMINA, 4.7% 30jul2049, USD - International bonds US69370RAE71 4.7% 750 000 000  USD 07/24/2019 07/30/2049

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: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
JIBOR
[18927] 1M JIBOR 5.900 5.900 5.900 5.900 5.902 5.900 5.900
[18947] 3M JIBOR 6.112 6.116 6.112 6.112 6.104 6.113 6.123
[19745] 6M JIBOR 6.300 6.304 6.306 6.305 6.305 6.306 6.311
[19747] 12M JIBOR 6.492 6.495 6.496 6.497 6.496 6.497 6.498
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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
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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: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
CDS Indonesia
[13589] CDS 6M Indonesia 12.0100 12.0300 12.3200 12.3300 12.3700 12.0200 12.2500
[13651] CDS 1Y Indonesia 14.6900 14.7000 15.0500 15.0500 15.0900 14.6500 14.9300
[13713] CDS 2Y Indonesia 24.7400 24.7500 25.3300 25.3300 26.0500 29.2200 29.7600
[13775] CDS 3Y Indonesia 38.4100 38.4400 39.3400 39.3600 40.7200 43.9000 44.7400
[13837] CDS 4Y Indonesia 56.8500 56.9200 58.2600 58.3000 58.4800 61.1800 62.3700
[13899] CDS 5Y Indonesia 75.5800 75.6800 77.4600 77.5500 77.6600 78.3200 79.8700
[13961] CDS 7Y Indonesia 110.4800 110.6300 112.9300 113.1000 113.6300 114.5100 116.5800
[14023] CDS 10Y Indonesia 143.7500 143.9400 146.4500 146.7100 147.0000 146.8500 149.1700
[14085] CDS 15Y Indonesia 172.0200 172.2300 174.6600 175.0100 175.2200 174.8000 177.1300
[14147] CDS 20Y Indonesia 185.9100 186.1400 188.4800 188.8900 189.1200 188.5900 190.9200
[14209] CDS 30Y Indonesia 199.5500 199.8100 202.0000 202.5300 202.8500 202.2100 204.5400
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Historical yields

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
10Y Government Bond Yields, Asia (excl. Japan)
[24245] Indonesia 10Y YTM 7.203 7.256 7.257 7.255 7.294 7.315 7.319
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International bonds outstanding volume

Monthly indices

Type: Aug 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Asia international bonds outstanding volume
[21649] Indonesia international bonds, USD bln 112.091 109.901 112.469 110.641 109.939 113.040 111.366
[21687] Indonesia corporate international bonds, USD bln 44.691 42.200 42.915 41.150 40.428 39.932 40.129
[21725] Indonesia sovereign international bonds, USD bln 67.400 67.701 69.554 69.491 69.510 73.108 71.237
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Central banks rates

Periodic indices

Type: Current value Change Last update
Asia central banks rates
[9369] Indonesia Benchmark Rate, %  5.50 -0.25 22.08.2019

Inflation

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Inflation (Asia, excl. Japan)
[15577] Inflation Rate (Indonesia) 3.49 3.32 3.28 3.32 2.83 2.48 2.57
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Default probability (based on CDS)

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
Default Probability India (Interactive Data)
[20341] 6M Default Probability Indonesia 0.0500 0.0500 0.0600 0.0600 0.0600 0.0600 0.0600
[20403] 1Y Default Probability Indonesia 0.1900 0.1900 0.2000 0.2000 0.2000 0.1900 0.2000
[20465] 2Y Default Probability Indonesia 0.7400 0.7400 0.7600 0.7600 0.7800 0.8800 0.9000
[20527] 3Y Default Probability Indonesia 1.7900 1.8000 1.8400 1.8400 1.9100 2.0600 2.1000
[20589] 4Y Default Probability Indonesia 3.6100 3.6100 3.7000 3.7000 3.7100 3.8900 3.9700
[20651] 5Y Default Probability Indonesia 6.0500 6.0500 6.1900 6.2000 6.2100 6.2600 6.3900
[20713] 7Y Default Probability Indonesia 12.3400 12.3500 12.5900 12.6100 12.6600 12.7500 12.9700
[20775] 10Y Default Probability Indonesia 22.3200 22.3200 22.6600 22.7000 22.7100 22.6600 22.9900
[20837] 15Y Default Probability Indonesia 37.4000 37.3600 37.7600 37.8300 37.8100 37.6600 38.0800
[20899] 20Y Default Probability Indonesia 49.8100 49.7500 50.1500 50.2400 50.2000 50.0000 50.4600
[20961] 30Y Default Probability Indonesia 68.2200 68.1300 68.4600 68.5800 68.5400 68.2800 68.7500
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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 1.031 0.500 0.000 0.036 0.000
[19571] Annual new issues of Indonesia corporate international bonds, (non-financial sector) USD bln 11.547 7.029 2.380 3.807 5.129

Risk Management Institute

Daily indices

Type: 09/13/2019 09/12/2019 09/11/2019 09/10/2019 09/09/2019 09/06/2019 09/05/2019
RMI CVI - Asia
[10173] Indonesia CVI value weighted  31.40 31.25 30.92 31.23 31.56 28.42 28.33
[10175] Indonesia CVI tail  148.39 147.40 152.09 155.92 156.37 154.94 153.64
[10177] Indonesia CVI equally weighted  37.08 36.85 37.04 37.28 38.13 38.43 38.21
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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 **.** ***.*
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 MNC Investama, 5.875% 16may2018, USD   USD 05/16/2018 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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