Indonesian Bond Index Rises 12% in 2025, Highest in the Last Five Years

Indonesia's bond market recorded positive performance in 2025. This is evident from the rise of the Indonesia Bond Indexes or INDOBeX.

INDOBeX is an indicator used to measure bond price movements or yields.

INDOBeX covers all rupiah-denominated bonds or debt securities issued by the government and corporations in Indonesia, including both conventional bonds and sukuk, subject to certain criteria.

As of December 31, 2025, INDOBeX comprised 629 series of bonds and sukuk, with a market capitalization of Rp5,947.33 trillion.

At the end of 2025, Indonesia's composite bond index, known as INDOBeX Composite or Indonesia Composite Bond Index (ICBI) Total Return category, stood at 441.43; an increase of 12.40% compared to the end of the previous year (year-to-date/ytd).

This means that the overall return rate of bonds in Indonesia generally increased by 12.40% (ytd).

Broken down by issuer, the government-issued bond index or INDOBeX Government Total Return was at 431.32 at the end of 2025; up 12.41% (ytd).

Furthermore, the corporate-issued bond index or INDOBeX Corporate Total Return was at 511.21 at the end of 2025; an increase of 12.17% (ytd).

Thus, investors who invested in the Indonesian bond market generally gained approximately 12% throughout 2025.

This increase in bond returns in 2025 is the highest in the last 5 years.

This profit percentage is also well above the 2025 inflation rate of 2.92% (ytd); higher than Bank Indonesia's benchmark interest rate of 4.75% (December 2025); and the 12-month time deposit interest rate at commercial banks, which was 4.82% (November 2025).

Below are the details of the increase in the composite bond index (INDOBeX Composite/ICBI Total Return) over the last 5 years:

• 2021: 5.91% (ytd)
• 2022: 3.60% (ytd)
• 2023: 8.53% (ytd)
• 2024: 4.93% (ytd)
• 2025: 12.40% (ytd)

Next, here is the increase in the government-issued bond index (INDOBeX Government Total Return) over the last 5 years:

• 2021: 5.52% (ytd)
• 2022: 3.40% (ytd)
• 2023: 8.72% (ytd)
• 2024: 4.64% (ytd)
• 2025: 12.41% (ytd)

Then, here is the increase in the corporate-issued bond index (INDOBeX Corporate Total Return) over the last 5 years:

• 2021: 5.91% (ytd)
• 2022: 3.60% (ytd)
• 2023: 8.53% (ytd)
• 2024: 4.93% (ytd)
• 2025: 12.17% (ytd)