Indonesia Bond Market Directory

Front matter of the 2026 edition: covers, institutional pages, forewords and the introduction of the directory.

View full page

View full page

View full page

View full page

View full page

View full page

The Indonesia Bond Market Directory is the annual reference to every debt security listed and traded in Indonesia — government and corporate, conventional and sharia.

This edition combines the review of the economy and the bond market with the directory sections: issuer profiles, outstanding series, trading highlights and the PHEI index family. Data are presented as at the cut-off date stated in each table.

Publication

Indonesia Bond Market Directory 2025
Research and Market Information Department, PT. Penilai Harga Efek Indonesia

IBMD was published in collaboration between PT Penilai Harga Efek Indonesia and PT Bursa Efek Indonesia.

• © 2025 PT Bursa Efek Indonesia — Indonesia Stock Exchange Building, Tower 1, Jln. Jend. Sudirman Kav. 52–53, Jakarta 12190 — www.idx.co.id
• Published by PT Penilai Harga Efek Indonesia — Indonesia Stock Exchange Building, Tower 2, GF, Jln. Jend. Sudirman Kav. 52–53, Jakarta 12190 — www.phei.co.id
• All rights reserved. Published 2025. Printed in Indonesia.

Rights and Permissions

This publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of Law of The Republic of Indonesia Number 19 Year 2002 Regarding Copyright.

Disclaimer

The facts and opinions stated or expressed in this publication are for information purposes only and are not necessarily and must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work. Although every care has been taken to ensure the accuracy of the information contained within the publication it should not be by any person relied upon as the basis for taking any action or making any decision. PT Penilai Harga Efek Indonesia cannot be held liable or otherwise responsible in any way for any advice action taken or decision made on the basis of the facts and opinions stated or expressed or stated within this publication.

Data Notes

The trading data on this publication was taken on July 1, 2025. If in the future, any cancelation occurs on the securities transaction that was submitted by Participant or if any late reporting occurs in reporting the securities transaction performed by Participant, then such data may be revised at any time. Trading highlight data in government and corporate bond sections is based on outright and repo types of transaction.

All financial statement data are based on issuers’ financial reports for full year 2024 and 2023 that are recorded on XBRL system of IDX. All financial accounts are displayed in Indonesia rupiah (IDR). Any original published financial statement denominated in U.S. dollars (USD) are converted to IDR with end of year exchange mid-rate of Bank Indonesia.

The profile of bond issuers data are as of June 2025 that are taken from IDXnet reporting system.

Dollar figures ($) are current U.S. dollars, unless otherwise specified. Billion means 1,000 million; trillion means 1,000 billion.

Chief Executive of Capital Market, Financial Derivatives, and Carbon Exchange Supervision, Otoritas Jasa Keuangan

Praise be to God Almighty, for by His grace, the Financial Services Authority (OJK) is once again able to present the Indonesia Bond Market Directory (IBMD) 2025, together with all stakeholders, as a comprehensive reference for all participants and observers of the Indonesian capital market.

Throughout 2024 and into 2025, the global economy has continued to be characterised by uncertainty due to slower growth, geopolitical tensions, persistently high interest rates and tariffs, and the challenges of the energy transition. Despite these challenges, the Indonesian bond market has shown resilience. The Indonesia Composite Bond Index (ICBI) recorded a positive performance, reflecting investor confidence in the domestic bond market as a stable, long-term investment instrument. This development also reaffirms the vital role of the bond market in supporting financial market deepening and financing national development, particularly in line with the Asta Cita 2025–2029 agenda to achieve inclusive and sustainable economic growth.

As the regulator, the OJK continues to strengthen the bond market's foundation by issuing strategic policies that align with the mandate of the Financial Sector Development and Strengthening Law (UU P2SK). One such policy is POJK No. 33 of 2024 on the development and strengthening of investment management, which is expected to expand the investor base and improve the quality of bond-based investment products. Additionally, POJK No. 32 of 2024 on the development and strengthening of securities transactions and institutions was issued to enhance transparency, efficiency and investor confidence in bond market transactions. These policy measures are part of OJK’s ongoing efforts to ensure that the bond market grows in credibility, liquidity, and competitiveness as well as in quantity. In line with this, PT Penilai Harga Efek Indonesia (PHEI) has played an important role in providing reliable data, references and insights for all stakeholders through the preparation of IBMD.

We hope that IBMD 2025 will further strengthen transparency, enhance market literacy and support sound investment decision-making. This will enable the Indonesian bond market to grow in depth and inclusivity, and become more sustainable, thereby contributing to national development financing.

Inarno Djajadi
Chief Executive of Capital Market, Financial Derivatives, and Carbon Exchange Supervision Financial Services Authority (OJK)

President Director of Indonesia Stock Exchange (IDX)

The bond market is one of the key segments that enhances the value and depth of the Indonesian Capital Market. It offers a wide variety of debt instruments, ranging from conventional bonds and sukuk to green bonds. In 2024, there were 69 corporate bond/sukuk issuers, comprising 144 new listings of corporate bonds/sukuk that raised a total of IDR143.5 trillion (USD8.8 billion). Overall, the total funds raised by both government and corporate bonds reached IDR1,008.8 trillion (USD62.4 billion).

The Indonesian bond market has grown significantly, with the total outstanding value reaching approximately IDR6,512 trillion (USD 402.9 billion) by the end of 2024, reflecting an increase of around 5.14% compared to the previous year. The market remains dominated by government bonds, which account for approximately 92.75% of the total outstanding value, while corporate bonds represent around 7.25%. Indonesia Stock Exchange supports and appreciates PT Penilai Harga Efek Indonesia (PHEI) for publishing “Indonesia Bond Market Directory” (IBMD), a reliable and comprehensive source of information on the Indonesian bond market for investors. Since its first edition in 2011, IBMD has become a valuable reference for the Indonesian Capital Markets, particularly in the bond market segment.

I am certain that IBMD will continue to provide valuable insights for investors and enhance literacy and understanding of bond-related data. I hope this publication will further support the growth and development of Indonesia’s bond market. Thank you.

Iman Rachman President Director Indonesia Stock Exchange

President Director of PT Penilai Harga Efek Indonesia

The year 2025 marks a period of steady progress for Indonesia’s bond market. As the global economy evolves and the focus on sustainable financing intensifies, the bond market continues to play a vital role in supporting national funding and maintaining financial stability.

In this context, the publication of the Indonesia Bond Market Directory (IBMD) 2025, a collaboration between PT Penilai Harga Efek Indonesia (PHEI) and PT Bursa Efek Indonesia (IDX), reflects our shared commitment to promoting transparency, integrity, and accountability in bond market information.

PHEI continues to serve as a trust enabler in Indonesia’s bond market by delivering fair, objective, and independent valuation services. In an increasingly data-driven environment, reliable and credible information forms the foundation of investor and market confidence. Through the IBMD, we aim not only to present easily accessible data, but also to provide a comprehensive overview of Indonesia’s bond market.

The IBMD also highlights the importance of collaboration among bond market stakeholders. PHEI believes that market stability can best be achieved through consistent coordination among regulators, market infrastructure institutions, issuers, investors, and intermediaries. Strengthened collaboration is essential to developing a bond market that is efficient, credible, and sustainable.

The IBMD 2025, along with its future editions, represents PHEI’s continued commitment to supporting the growth of a transparent and trustworthy bond market ecosystem.

As a final note, we would like to express our sincere gratitude to the IDX for its continued support to PHEI and the Indonesian bond market, as well as to the Otoritas Jasa Keuangan and all institutions that contributed to the publication of the IBMD 2025. May this collaboration continue to drive the development of an integrated, competitive, and sustainable bond market in Indonesia.

M. Kadhafi Mukrom President Director PT Penilai Harga Efek Indonesia

PT Penilai Harga Efek Indonesia (PHEI) is the first and only licensed independent Securities Pricing Agency in Indonesia that focuses itself in valuating and pricing the Indonesia fixed income securities, sukuk, and other securities.

PHEI acquired its license as the official securities pricing agency in Indonesia from Bapepam-LK (Indonesia Securities and Financial Institution Supervisory Board — now Financial Service Authority or OJK) in August 2009. Since then, PHEI provides daily fair price market and yield information for all Indonesian government bonds and sukuk, as well as investment-grade corporate bonds and Sukuk. PHEI’s mission is to support the development of the Indonesian fixed income market in order to become more orderly, efficient, liquid and transparent.

The transparency that PHEI promotes to the Indonesia fixed income market contributes to growth in primary and secondary markets encourage product innovations and improves the quality of financial management in any institution which owns fixed-income securities and sukuk in their portfolios.

The availability of reliable fair prices for bonds, sukuk, and other securities from PHEI will in turn provide investors, market participants, and regulator a clearer view of the market, better understanding and improve every investment decision related to Indonesia fixed income markets.

The printed edition carries the full table of contents here. The list below is generated from the live structure of this website, so it always matches what is published — use the sidebar menu or the search box to jump straight to an issuer or section.

[Introduction of the new Bond Information and Pricing Services (BIPS) platform.]

[Feature overview, access, and subscription information.]