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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 58 1 967 065 223 000 000
USD 39 57 575 000 000
JPY 14 450 000 000 000
EUR 7 7 300 000 000
Corporativo
IDR 894 426 675 253 925 820
USD 79 46 761 955 996
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.) ***
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
Bank Rakyat, 4.625% 20jul2023, USD - Bonos internacionales XS1852235586 4.625% 500 000 000  USD 16/07/18 20/07/23
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

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Indonesian international bonds, USD bln 112.100 109.900 106.000 98.400 92.700 90.400 88.200
BIS net issues of international-bond market of emerging countries
International-bond net issue of Indonesia, USD bln 1.600 3.600 7.200 4.900 2.000 3.400 1.300

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Asia)
Annual new issues of Indonesia sovereign international bonds, USD bln 11.046 10.351 11.317 6.865
Annual new issues of Indonesia corporate international bonds, USD bln 7.529 2.380 3.843 5.129
Annual new issues of Indonesia corporate international bonds, (financial sector) USD bln 0.500 0.000 0.036 0.000
Annual new issues of Indonesia corporate international bonds, (non-financial sector) USD bln 7.029 2.380 3.807 5.129

Emerging Markets International Bonds

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Asian International Bonds Markets
Indonesia international bonds, USD bln 102.583 102.094 102.223 99.235 99.227 96.225 96.874
Indonesia corporate international bonds, USD bln 33.255 32.760 32.804 30.466 30.417 29.435 30.171
Indonesia sovereign international bonds, USD bln 69.328 69.334 69.419 68.769 68.810 66.790 66.703
show other indices

Interbank market

Daily indices

Type: 31/07/18 30/07/18 28/07/18 27/07/18 26/07/18 25/07/18 24/07/18
JIBOR
1M JIBOR IDR 6.448 6.448 0.000 6.461 6.506 6.543 6.570
3M JIBOR IDR 7.091 7.099 0.000 7.113 7.127 7.147 7.155
6M JIBOR 7.291 7.297 0.000 7.302 7.302 7.311 7.319
12M JIBOR 7.379 7.390 0.000 7.390 7.396 7.401 7.409
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Credit Risk Indicators

Daily indices

Type: 17/08/18 16/08/18 15/08/18 14/08/18 13/08/18 10/08/18 09/08/18
Default Probability India (Interactive Data)
6M Default Probability Indonesia 0.1300 0.1300 0.1100 0.1100 0.1100 0.1100 0.1100
1Y Default Probability Indonesia 0.3500 0.3500 0.3200 0.3100 0.3100 0.3100 0.2900
2Y Default Probability Indonesia 1.4300 1.4200 1.4200 1.3700 1.3900 1.3500 1.2700
3Y Default Probability Indonesia 3.4700 3.4400 3.5300 3.4000 3.4600 3.3500 3.1700
4Y Default Probability Indonesia 6.3000 6.2600 6.4000 6.1800 6.2800 6.0800 5.7500
5Y Default Probability Indonesia 10.0700 10.0100 10.2600 9.9200 10.0700 9.7500 9.2400
7Y Default Probability Indonesia 18.7500 18.6500 19.1800 18.6300 18.8800 18.3400 17.5100
10Y Default Probability Indonesia 31.5500 31.4100 31.6100 30.9000 31.2200 30.5100 29.4000
15Y Default Probability Indonesia 48.2600 48.1100 47.9600 47.2000 47.5400 46.7600 45.5400
20Y Default Probability Indonesia 60.7200 60.5800 60.2700 59.5400 59.8700 59.1100 57.9200
30Y Default Probability Indonesia 77.2100 77.1000 76.7100 76.1400 76.4000 75.7800 74.8100
CDS Indonesia (Interactive Data)
CDS 6M Indonesia 21.8000 21.6400 19.5100 18.8200 19.1300 18.4800 17.4500
CDS 1Y Indonesia 24.8900 24.7000 22.3000 21.5100 21.8500 21.0800 19.8900
CDS 2Y Indonesia 45.9200 45.5600 45.3000 43.6500 44.3300 42.7200 40.3100
CDS 3Y Indonesia 72.1300 71.6000 73.2200 70.5700 71.6700 69.0900 65.2100
CDS 4Y Indonesia 97.4000 96.6900 98.8300 95.2900 96.7900 93.3500 88.1400
CDS 5Y Indonesia 124.4200 123.5400 126.6500 122.1500 124.0800 119.7000 113.0700
CDS 7Y Indonesia 168.0300 166.9700 171.9300 166.4700 168.8200 163.4500 155.2800
CDS 10Y Indonesia 207.5000 206.3900 208.4300 202.6900 205.1700 199.4900 190.7800
CDS 15Y Indonesia 234.1400 233.0900 233.2200 227.7900 230.1600 224.7000 216.3200
CDS 20Y Indonesia 245.4600 244.4500 243.9000 238.6700 240.9700 235.7000 227.6000
CDS 30Y Indonesia 254.5200 253.5400 252.5100 247.5700 249.7600 244.7300 236.9900
show other indices

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Risk Management Institute

Daily indices

Type: 17/08/18 16/08/18 15/08/18 14/08/18 13/08/18 10/08/18 09/08/18
RMI CVI - Asia
Indonesia CVI value weighted  32.04 32.05 31.49 31.64 30.69 28.32 28.06
Indonesia CVI tail  197.86 197.86 198.25 196.48 189.72 177.70 177.50
Indonesia CVI equally weighted  55.66 55.66 55.43 54.86 54.41 53.27 53.17
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Indonesia) 3.18 3.12 3.23 3.41 3.40 3.18 3.25
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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, 3.75% 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, 4.625% 15apr2043, USD   USD 15/04/43 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, 5.125% 15jan2045, USD   USD 15/01/45 18/05/16 ***.** * 18/05/16 ***.** *.**
Indonesia, 5.25% 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, 6.125% 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, 7.75% 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% 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% 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, 6.5% 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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