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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

Moneda Outstanding bond issues Cumulative volume
Soberano
IDR 62 1 922 568 719 000 000
USD 39 57 575 000 000
JPY 14 450 000 000 000
EUR 7 7 300 000 000
Corporativo
IDR 942 449 452 053 925 820
USD 78 46 261 955 996
SGD 8 1 540 000 000
MYR 2 1 000 000 000
JPY 1 5 300 000 000
GBP 1 40 000 000

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.) ***
Expert RA *** Foreign curr. scale ***
Expert RA *** Local curr. scale ***
National Rating Agency *** Global scale ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Indonesia, 0.67% 31may2021, JPY - Bonos internacionales JP536000AJ59 0.67% 49 000 000 000  JPY 24/05/18 31/05/21
Indonesia, 0.92% 31may2023, JPY - Bonos internacionales JP536000BJ58 0.92% 39 000 000 000  JPY 24/05/18 31/05/23
Indonesia, 1.07% 30may2025, JPY - Bonos internacionales JP536000CJ57 1.07% 3 500 000 000  JPY 24/05/18 30/05/25
Indonesia, 1.27% 31may2028, JPY - Bonos internacionales JP536000DJ56 1.27% 8 500 000 000  JPY 24/05/18 31/05/28
Perusahaan Listrik Negara, 6.15% 21may2048, USD - Bonos internacionales US71568QAF46 6.15% 1 000 000 000  USD 15/05/18 21/05/48
Perusahaan Listrik Negara, 5.45% 21may2028, USD - Bonos internacionales US71568QAE70 5.45% 1 000 000 000  USD 15/05/18 21/05/28
Bhakti Investama, 9% 11may2021, USD - Bonos internacionales XS1810351533 9% 231 000 000  USD 03/05/18 11/05/21
Federal International Finance, 4.125% 10may2021, USD - Bonos internacionales XS1819477990 4.125% 300 000 000  USD 02/05/18 10/05/21
Bumi Serpong Damai, 7.25% 26apr2021, USD - Bonos internacionales XS1791728790 7.25% 300 000 000  USD 30/04/18 26/04/21
PT Pelabuhan Indonesia III, 4.5% 2may2023, USD - Bonos internacionales USY7140DAB65 4.5% 500 000 000  USD 24/04/18 02/05/23

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Indonesian international bonds, USD bln 92.700 90.400 88.200 89.400 80.500 78.500 75.000
BIS net issues of international-bond market of emerging countries
International-bond net issue of Indonesia, USD bln 2.000 3.400 1.300 9.200 1.600 3.700 3.400

Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Asian International Bonds Markets
Indonesia’s international bonds, USD bln 98.561 98.960 96.063 95.881 91.979 91.017 91.450
Indonesia’s corporate international bonds, USD bln 31.757 32.242 32.271 30.526 30.686 29.934 30.238
Indonesia’s sovereign international bonds, USD bln 66.805 66.717 63.792 65.355 61.292 61.083 61.212
Asian International Bonds Markets (adjusted for amortization)
Indonesia international bonds, USD bln 98.546 98.945 96.048 95.974 91.972 90.247 90.816
Indonesia corporate international bonds, USD bln 31.757 32.242 32.271 30.634 30.695 29.155 29.593
Indonesia sovereign international bonds, USD bln 66.790 66.703 63.778 65.340 61.277 61.093 61.223
show other indices

Interbank market

Daily indices

Type: 25/05/18 24/05/18 23/05/18 22/05/18 21/05/18 19/05/18 18/05/18
JIBOR
1M JIBOR IDR 6.248 6.247 6.232 6.232 6.217 0.000 6.210
3M JIBOR IDR 6.386 6.384 6.371 6.376 6.361 0.000 6.347
6M JIBOR 6.444 6.446 6.434 6.435 6.427 0.000 6.405
12M JIBOR 6.498 6.496 6.489 6.491 6.485 0.000 6.464
show other indices

Credit Risk Indicators

Daily indices

Type: 25/05/18 24/05/18 23/05/18 22/05/18 21/05/18 18/05/18 17/05/18
Default Probability India (Interactive Data)
6M Default Probability Indonesia 0.2000 0.2100 0.2200 0.2200 0.2300 0.2400 0.2300
1Y Default Probability Indonesia 0.4200 0.4300 0.4500 0.4600 0.4800 0.4800 0.4700
2Y Default Probability Indonesia 1.6500 1.6700 1.7700 1.7500 1.8300 1.8600 1.8300
3Y Default Probability Indonesia 3.6400 3.6900 3.8900 3.8100 3.9900 4.0600 3.9900
4Y Default Probability Indonesia 6.4100 6.5000 6.8000 6.5700 6.8600 7.0500 6.9200
5Y Default Probability Indonesia 9.9300 10.0800 10.4100 10.1500 10.6000 10.6100 10.4300
7Y Default Probability Indonesia 18.3000 18.5200 18.5700 18.1200 18.8000 18.9300 18.6500
10Y Default Probability Indonesia 30.0000 30.3000 31.0000 30.1400 31.0400 31.8800 31.5200
15Y Default Probability Indonesia 47.5200 47.8500 49.0900 47.9400 48.9400 50.3000 49.9400
20Y Default Probability Indonesia 60.4700 60.7900 62.1700 60.9900 61.9500 63.4400 63.1100
30Y Default Probability Indonesia 77.2100 77.4500 78.7000 77.7200 78.4700 79.7600 79.5400
CDS Indonesia (Interactive Data)
CDS 6M Indonesia 20.9600 21.2800 22.1900 22.6100 23.6400 23.5600 23.1200
CDS 1Y Indonesia 23.2800 23.6300 24.6200 25.0900 26.2200 26.1000 25.6200
CDS 2Y Indonesia 46.9900 47.6500 50.1900 49.6100 51.8500 52.6500 51.6400
CDS 3Y Indonesia 70.0600 71.0300 74.7400 73.2000 76.5000 77.6600 76.1800
CDS 4Y Indonesia 93.3700 94.6600 98.9700 95.5700 99.8900 102.3400 100.3900
CDS 5Y Indonesia 116.9500 118.5400 122.6500 119.3600 124.7200 124.7800 122.4400
CDS 7Y Indonesia 157.9700 159.9000 160.6800 156.3500 162.6900 163.6900 160.9300
CDS 10Y Indonesia 191.3300 193.3500 198.0400 191.7200 198.4700 203.7100 200.7600
CDS 15Y Indonesia 223.0600 224.9800 231.6900 224.4800 231.0500 238.3800 235.5500
CDS 20Y Indonesia 236.5700 238.3900 245.6200 238.2600 244.6300 252.5000 249.7900
CDS 30Y Indonesia 246.8200 248.5100 255.9100 248.6200 254.7100 262.7400 260.1700
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Risk Management Institute

Daily indices

Type: 25/05/18 24/05/18 23/05/18 22/05/18 21/05/18 18/05/18 17/05/18
RMI CVI - Asia
Indonesia CVI value weighted  25.95 26.12 27.81 28.32 28.67 27.87 26.69
Indonesia CVI tail  169.71 167.27 178.94 179.77 176.40 181.03 175.01
Indonesia CVI equally weighted  49.06 49.40 49.16 49.28 49.31 48.50 47.64
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Indonesia) 3.41 3.40 3.18 3.25 3.61 3.30 3.58
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Indonesia) 28.70 27.90 27.00 24.90

JP Morgan

Daily indices

Type: 30/10/13 29/10/13 28/10/13 25/10/13 24/10/13 23/10/13 22/10/13
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Indonesia * * * * * * *
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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Indonesia, 0.91% 13aug2025, JPY   JPY 13/08/25 18/05/16 ***.**** *.** 18/05/16 ***.**** *.**
Indonesia, 11.625% 4mar2019, USD   USD 04/03/19 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Indonesia, 2.730% 29jul2019, JPY   JPY 29/07/19 18/05/16 ***.**** *.** 18/05/16 ***.**** *.**
Indonesia, 2.875% 8jul2021, EUR   EUR 08/07/21 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
Indonesia, 3.3% 21nov2022, USD   USD 21/11/22 18/05/16 *** *.** 18/05/16 ***.** *.**
Indonesia, 3.375% 15apr2023, USD   USD 15/04/23 18/05/16 **.* *.** 18/05/16 **.* *.**
Indonesia, 3.375% 30jul2025, EUR   EUR 30/07/25 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Indonesia, 3.4% 29mar2021, USD   USD 29/03/21 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
Indonesia, 3.750% 25apr2022, USD   USD 25/04/22 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Indonesia, 4.0% 21nov2018, USD   USD 21/11/18 18/05/16 *** *.** 18/05/16 ***.* *.**
Indonesia, 4.125% 15jan2025, USD   USD 15/01/25 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Indonesia, 4.325% 28may2025, USD   USD 28/05/25 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Indonesia, 4.35% 10sep2024, USD   USD 10/09/24 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Indonesia, 4.55% 29mar2026, USD   USD 29/03/26 18/05/16 ***.** *.** 18/05/16 ***.*** *.**
Indonesia, 4.75% 8jan2026, USD   USD 08/01/26 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
Indonesia, 4.875% 5may2021, USD   USD 05/05/21 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Indonesia, 5% 15apr2043, USD   USD 15/04/43 18/05/16 **.*** *.** 18/05/16 **.* *.**
Indonesia, 5.125% 15jan2045, USD   USD 15/01/45 18/05/16 ***.** * 18/05/16 ***.** *.**
Indonesia, 5.250% 17jan2042, USD   USD 17/01/42 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
Indonesia, 5.375% 17oct2023, USD   USD 17/10/23 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Indonesia, 5.875% 13mar2020, USD   USD 13/03/20 18/05/16 ***.*** *.* 18/05/16 ***.** *.**
Indonesia, 5.875% 15jan2024, USD   USD 15/01/24 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Indonesia, 5.95% 8jan2046, USD   USD 08/01/46 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Indonesia, 6.13% 15mar2019, USD   USD 15/03/19 18/05/16 ***.** *.** 18/05/16 ***.*** *.**
Indonesia, 6.625% 17feb2037, USD   USD 17/02/37 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Indonesia, 6.75% 15jan2044, USD   USD 15/01/44 18/05/16 ***.*** *.** 18/05/16 *** *.**
Indonesia, 6.875% 17jan2018, USD   USD 17/01/18 18/05/16 *** *.** 18/05/16 ***.* *.**
Indonesia, 6.875% 9mar2017, USD   USD 09/03/17 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Indonesia, 7.750% 17jan2038, USD   USD 17/01/38 18/05/16 *** *.** 18/05/16 ***.** *.**
Indonesia, 8.50% 12oct2035, USD   USD 12/10/35 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
Alam Sutera, 6.95% 27mar2020, USD   USD 27/03/20 18/05/16 **.* *.** 18/05/16 **.** *.**
Alam Sutera, 9% 29jan2019, USD   USD 29/01/19 18/05/16 ***.* *.** 18/05/16 *** *.**
Astra International, 2.115% 18dec2017, SGD   SGD 18/12/17 18/05/16 **.*** *.** 18/05/16 **.*** *.**
Astra Sedaya Finance PT, 2.875% 1apr2018, USD   USD 01/04/18 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Bank Negara Indonesia, 4.125% 27apr2017, USD   USD 27/04/17 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Bank Rakyat, 2.95% 28mar2018, USD   USD 28/03/18 18/05/16 ***.* *.** 18/05/16 *** *.**
Berau Coal, 7.250% 13mar2017, USD   USD 13/03/17 18/05/16 **.** ***.** 18/05/16 **.** ***.*
Bhakti Investama, 5.875% 16may2018, USD   USD 16/05/18 18/05/16 **.*** **.** 18/05/16 **.*** **.**
Bumi Resources, 10.750% 6oct2017, USD   USD 06/10/17 18/05/16 ** ***.** 18/05/16 ** ***.**
Bumi Resources, 12.0% 10nov2016, USD   USD 10/11/16 18/05/16 **.*** ****.** 18/05/16 *** **.**
Bumi Serpong Damai, 6.75% 27apr2020, USD   USD 27/04/20 18/05/16 ***.**** *.** 18/05/16 ***.** *.**
Cikarang Listrindo, 6.950% 21feb2019, USD   USD 21/02/19 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Ciputra Property, 5.625% 13feb2018, SGD   SGD 13/02/18 18/05/16 ***.**** *.** 18/05/16 ***.**** *.*
Gajah Tunggal, 7.75% 6feb2018, USD   USD 06/02/18 18/05/16 ** **.** 18/05/16 **.* **.**
Garuda Indonesia, 5.95% 3jun2020, USD   USD 03/06/20 18/05/16 ***.*** *.* 18/05/16 ***.*** *.*
Indika Energy, 6.375% 22jan2023, USD   USD 24/01/23 18/05/16 **.* **.* 18/05/16 **.* **.**
Indika Energy, 7.0% 7may2018, USD   USD 07/05/18 18/05/16 **.* **.** 18/05/16 **.* **.**
Indonesia Eximbank, 3.750% 26apr2017, USD   USD 26/04/17 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Indonesia Eximbank, 4.135% 3nov2020, SGD   SGD 03/11/20 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
Japfa Comfeed, 6% 2may2018, USD   USD 02/05/18 18/05/16 ** **.** 18/05/16 **.* *.**
Kawasan Industri Jababeka, 7.5% 24sep2019, USD   USD 24/09/19 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Lippo Karawaci, 6.125% 14nov2020, USD   USD 14/11/20 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Lippo Karawaci, 7% 11apr2022, USD   USD 11/04/22 18/05/16 *** *.** 18/05/16 ***.** *.**
Lippo Karawaci, 7.0% 16may2019, USD   USD 16/05/19 18/05/16 ***.** *.** 18/05/16 *** *.**
Lippo Malls Indonesia Retail Trust, 4.1% 2020, SGD   SGD 22/06/20 18/05/16 **.** *.* 18/05/16 **.** *.**
Lippo Malls Indonesia Retail Trust, 4.5% 23nov2018, SGD   SGD 23/11/18 18/05/16 **.** *.** 18/05/16 **.** *.**
Modernland Realty, 9.75% 5aug2019, USD   USD 05/08/19 18/05/16 *** *.** 18/05/16 *** *.**
MPM, 6.75% 19sep2019, USD   USD 19/09/19 18/05/16 **.**** *.** 18/05/16 ***.** *.**
Multipolar, 9.75% 25jul2018, USD   USD 25/07/18 18/05/16 ***.** *.** 18/05/16 ***.*** *.**
PERTAMINA, 4.3% 20may2023, USD   USD 20/05/23 18/05/16 ***.** *.** 18/05/16 *** *.**
PERTAMINA, 4.875% 3may2022, USD   USD 03/05/22 18/05/16 ***.*** *.* 18/05/16 ***.* *.**
PERTAMINA, 5.250% 23may2021, USD   USD 23/05/21 18/05/16 ***.** *.* 18/05/16 ***.**** *.**
PERTAMINA, 5.625% 20may2043, USD   USD 20/05/43 18/05/16 **.** *.** 18/05/16 **.** *.**
PERTAMINA, 6.0% 3may2042, USD   USD 03/05/42 18/05/16 **.** *.** 18/05/16 **.** *.*
PERTAMINA, 6.45% 30may2044, USD   USD 30/05/44 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
PERTAMINA, 6.50% 27may2041, USD   USD 27/05/41 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Perusahaan Gas Negara, 5.125% 16may2024, USD   USD 16/05/24 18/05/16 ***.**** *.** 18/05/16 ***.* *.**
Perusahaan Listrik Negara, 5.250% 24oct2042, USD   USD 24/10/42 18/05/16 **.* *.** 18/05/16 **.** *.**
Perusahaan Listrik Negara, 5.50% 22nov2021, USD   USD 22/11/21 18/05/16 *** *.** 18/05/16 ***.* *.**
Perusahaan Listrik Negara, 7.25% 28jun2017, USD   USD 28/06/17 18/05/16 ***.*** *.** 18/05/16 ***.** *.**
Perusahaan Listrik Negara, 7.75% 17oct2016, USD   USD 17/10/16 18/05/16 ***.* *.** 18/05/16 ***.** *.**
Perusahaan Listrik Negara, 7.750% 20jan2020, USD   USD 20/01/20 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Perusahaan Listrik Negara, 7.875% 29jun2037, USD   USD 29/06/37 18/05/16 ***.** *.** 18/05/16 *** *.**
Perusahaan Listrik Negara, 8.0% 7aug2019, USD   USD 07/08/19 18/05/16 ***.** *.** 18/05/16 ***.** *.**
PT Logindo Samudramakmur Tbk., 2.93% 3feb2020, SGD   SGD 03/02/20 18/05/16 ***.** *.** 18/05/16 ***.*** *.**
PT Pelabuhan Indonesia III, 4.875% 1oct2024, USD   USD 01/10/24 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
PT Telekomunikasi Indonesia, 3.25% 27nov2024, SGD   SGD 27/11/24 18/05/16 ***.*** *.** 18/05/16 ***.**** *.**
PT. Pelabuhan Indonesia II, 2025   USD 05/05/25 18/05/16 **.*** *.** 18/05/16 **.*** *.**
PT. Pelabuhan Indonesia II, 2045   USD 05/05/45 18/05/16 **.** *.** 18/05/16 **.* *.**
Solusi Tunas Pratama, 6.25% 24feb2020, USD   USD 24/02/20 18/05/16 ***.* *.** 18/05/16 ***.* *.**
Sritex, 9% 24apr2019, USD   USD 24/04/19 18/05/16 *** *.** 18/05/16 *** *.**
Star Energy, 6.125% 27mar2020, USD   USD 27/03/20 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Tower Bersama Infrastructure, 4.625% 3apr2018, USD   USD 03/04/18 18/05/16 ***.** *.** 18/05/16 ***.** *.*
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