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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 2 304 734 991 000 000
USD 43 61 575 000 000
JPY 14 450 000 000 000
EUR 7 7 300 000 000
corporate
IDR 1055 491 464 358 012 770
USD 99 54 108 909 360
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
Indonesia, 3.9% 20aug2024, USD - International bonds US71567RAL06 3.9% 750 000 000  USD 02/12/2019 08/20/2024
Indonesia, 4.45% 20feb2029, USD - International bonds US71567RAM88 4.45% 1 250 000 000  USD 02/12/2019 02/20/2029
Alam Sutera, 11.5% 22apr2021, USD - International bonds XS1937702311 11.5% 175 000 000  USD 01/15/2019 04/22/2021
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 Asahan Aluminium, 6.53% 15nov2028, USD - International bonds USY7140WAC20 6.53% 1 000 000 000  USD 11/07/2018 11/15/2028
Indonesia Asahan Aluminium, 5.71% 15nov2023, USD - International bonds USY7140WAB47 5.71% 1 250 000 000  USD 11/07/2018 11/15/2023
Indonesia Asahan Aluminium, 6.757% 15nov2048, USD - International bonds USY7140WAD03 6.757% 750 000 000  USD 11/07/2018 11/15/2048
Indonesia Asahan Aluminium, 5.23% 15nov2021, USD - International bonds USY7140WAA63 5.23% 1 000 000 000  USD 11/07/2018 11/15/2021

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: Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018
Volume of Asian International Bonds Markets
[21649] Indonesia international bonds, USD bln 111.366 110.773 107.572 103.876 102.580 102.670 102.583
[21687] Indonesia corporate international bonds, USD bln 40.129 39.582 39.579 34.853 33.373 33.388 33.255
[21725] Indonesia sovereign international bonds, USD bln 71.237 71.191 67.992 69.023 69.207 69.283 69.328
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: 02/18/2019 02/15/2019 02/14/2019 02/13/2019 02/12/2019 02/11/2019 02/08/2019
CDS Indonesia (Interactive Data)
[13589] CDS 6M Indonesia 26.2500 26.3200 26.3600 26.0000 27.0100 25.7200 25.8400
[13651] CDS 1Y Indonesia 28.9900 29.0500 29.0900 28.6800 29.7900 28.3500 28.4600
[13713] CDS 2Y Indonesia 48.0700 48.1000 48.1400 47.4600 49.2600 46.8600 46.9800
[13775] CDS 3Y Indonesia 70.3300 70.4000 70.4500 69.4700 72.1100 68.5900 68.7800
[13837] CDS 4Y Indonesia 91.3600 91.4800 91.5500 90.2900 93.6900 92.3400 92.6100
[13899] CDS 5Y Indonesia 111.1900 111.3500 111.4400 109.9300 114.0100 115.8700 116.2100
[13961] CDS 7Y Indonesia 143.8300 144.0500 144.1300 142.3800 147.1800 150.6400 151.0500
[14023] CDS 10Y Indonesia 177.8900 178.1400 178.1900 176.3600 181.5400 184.0400 184.4800
[14085] CDS 15Y Indonesia 203.5400 203.7800 203.7900 202.0700 207.0700 208.9600 209.3700
[14147] CDS 20Y Indonesia 215.1900 215.4300 215.4100 213.7800 218.6100 220.2500 220.6300
[14209] CDS 30Y Indonesia 225.8100 226.0400 226.0000 224.4800 229.0800 230.5200 230.8500
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Risk Management Institute

Daily indices

Type: 02/18/2019 02/15/2019 02/14/2019 02/13/2019 02/12/2019 02/11/2019 02/08/2019
RMI CVI - Asia
[10173] Indonesia CVI value weighted  28.66 29.67 29.59 28.80 28.72 28.13 27.31
[10175] Indonesia CVI tail  152.18 155.24 151.45 154.30 157.65 152.39 151.16
[10177] Indonesia CVI equally weighted  45.84 46.24 45.48 45.63 46.10 45.35 44.85
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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 * * * * * * *
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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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