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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 2 508 311 123 000 000
USD 43 58 850 000 000
JPY 10 353 000 000 000
EUR 8 8 050 000 000
corporate
IDR 860 417 916 467 312 770
USD 106 59 759 538 225
SGD 7 1 440 000 000
MYR 2 700 000 000
JPY 2 8 300 000 000
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
Sritex, 7.25% 16jan2025, USD - International bonds USY714AGAB82 7.25% 225 000 000  USD 10/09/2019 01/16/2025
Federal International Finance, 0.55% 1oct2022, JPY - International bonds XS2052386468 0.55% 3 000 000 000  JPY 09/24/2019 10/01/2022
PERTAMINA, 4.7% 30jul2049, USD - International bonds US69370RAE71 4.7% 750 000 000  USD 07/24/2019 07/30/2049
PERTAMINA, 3.65% 30jul2029, USD - International bonds US69370RAD98 3.65% 750 000 000  USD 07/24/2019 07/30/2029
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
Lippo Malls Indonesia Retail Trust, 7.25% 19jun2024, USD - International bonds XS2010198260 7.25% 250 000 000  USD 06/12/2019 06/19/2024
Indonesia, 3.4% 18sep2029, USD - International bonds US455780CK06 3.4% 750 000 000  USD 06/11/2019 09/18/2029
Indonesia, 1.45% 18sep2026, EUR - International bonds XS2012546714 1.45% 750 000 000  EUR 06/11/2019 09/18/2026
Medco Energi International, 7.375% 14may2026, USD - International bonds USY59501AA78 7.375% 650 000 000  USD 05/02/2019 05/14/2026

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: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
JIBOR
[18927] 1M JIBOR 5.554 5.569 5.571 5.571 5.575 5.581 5.596
[18947] 3M JIBOR 5.749 5.770 5.777 5.796 5.800 5.802 5.804
[19745] 6M JIBOR 6.026 6.034 6.041 6.050 6.050 6.050 6.050
[19747] 12M JIBOR 6.200 6.215 6.228 6.233 6.241 6.245 6.247
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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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Credit Default Swaps (CDS)

Daily indices

Type: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
CDS Indonesia
[13589] CDS 6M Indonesia 12.7500 13.0300 13.2400 13.6800 13.7400 13.8200 14.0700
[13651] CDS 1Y Indonesia 15.0100 15.3400 15.6000 16.1100 16.1900 16.2800 16.5800
[13713] CDS 2Y Indonesia 29.8400 30.4700 30.9900 31.9800 32.1500 32.3400 32.9500
[13775] CDS 3Y Indonesia 45.7900 46.7900 47.5900 49.1200 49.3800 49.6800 50.6400
[13837] CDS 4Y Indonesia 61.6500 63.0000 64.1100 66.1600 66.5100 66.9300 68.2300
[13899] CDS 5Y Indonesia 79.3000 81.0400 82.4700 85.1100 85.5600 86.1200 87.7900
[13961] CDS 7Y Indonesia 111.3700 113.5800 115.3900 118.7000 119.2500 119.9700 122.0500
[14023] CDS 10Y Indonesia 144.3300 146.8100 148.8300 152.4600 153.0500 153.8600 156.1400
[14085] CDS 15Y Indonesia 172.5500 175.0400 177.0200 180.5500 181.1100 181.9600 184.1600
[14147] CDS 20Y Indonesia 186.5200 188.9500 190.8800 194.2900 194.8500 195.6900 197.8000
[14209] CDS 30Y Indonesia 199.6300 201.9800 203.8300 207.0500 207.5800 208.4100 210.3900
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International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Asia international bonds outstanding volume
[21649] Indonesia international bonds, USD bln 112.057 112.091 112.326 109.901 112.469 110.641 109.939
[21687] Indonesia corporate international bonds, USD bln 44.716 44.691 44.852 42.200 42.915 41.150 40.428
[21725] Indonesia sovereign international bonds, USD bln 67.342 67.400 67.474 67.701 69.554 69.491 69.510
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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

Default probability (based on CDS)

Daily indices

Type: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
Default Probability India (Interactive Data)
[20341] 6M Default Probability Indonesia 0.1400 0.1500 0.1500 0.1600 0.1600 0.1600 0.1600
[20403] 1Y Default Probability Indonesia 0.2900 0.3000 0.3100 0.3200 0.3200 0.3200 0.3300
[20465] 2Y Default Probability Indonesia 1.0900 1.1100 1.1400 1.1800 1.1800 1.1900 1.2200
[20527] 3Y Default Probability Indonesia 2.4400 2.5000 2.5500 2.6300 2.6500 2.6600 2.7200
[20589] 4Y Default Probability Indonesia 4.3100 4.4100 4.4900 4.6400 4.6700 4.7000 4.7900
[20651] 5Y Default Probability Indonesia 6.8500 7.0000 7.1300 7.3600 7.4000 7.4500 7.6000
[20713] 7Y Default Probability Indonesia 13.1200 13.3800 13.5900 13.9700 14.0300 14.1200 14.3500
[20775] 10Y Default Probability Indonesia 23.2500 23.6300 23.9200 24.4400 24.5300 24.6600 24.9700
[20837] 15Y Default Probability Indonesia 38.3900 38.8500 39.1800 39.7900 39.8900 40.0500 40.4000
[20899] 20Y Default Probability Indonesia 50.7700 51.2700 51.5900 52.2000 52.3000 52.4800 52.8200
[20961] 30Y Default Probability Indonesia 68.8000 69.2700 69.5400 70.0600 70.1400 70.3000 70.5700
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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: 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019 10/11/2019
RMI CVI - Asia
[10173] Indonesia CVI value weighted  32.16 32.21 32.65 33.29 32.87 33.12 33.61
[10175] Indonesia CVI tail  153.03 154.89 153.96 155.53 155.11 156.72 164.06
[10177] Indonesia CVI equally weighted  38.50 38.55 38.77 39.42 39.25 39.56 39.87
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