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Bonds · Sovereign

Indonesia government bonds

Indonesia's bonds as US funds mark them in their filings (SEC Form N-PORT), by currency. Fund marks as of Jul 2026; they lag the market by about two months.

By currency

BondsMeasured againstCountSpread10-year spreadPriced-in 5y odds1-month changeMedian yieldHeld by US funds
IDR Own-currency bonds own currency: yield only, no default number56 — —— —7.47% $2.95B
USD Emerging markets, US-dollar bonds vs US Treasuries93 105 bp 111 bp8.4% +25 bp5.63% $1.67B
EUR Euro bonds of non-euro countries vs German Bunds16 155 bp 163 bp12.1% -6 bp4.61% $335.6M
JPY Other foreign-currency bonds own currency: yield only, no default number4 — —— —— $44.6M
CNY Other foreign-currency bonds own currency: yield only, no default number3 — —— —2.38% $15.1M

Priced-in odds = spread ÷ (1 − 40% recovery) over five years; it includes a risk premium and overstates actual defaults. Own-currency bonds get a yield and no odds: a government can print its own currency.

USD spread history

Median spread vs US Treasuries, month-ends with complete filings. Fund-reported.

58 bp117 bp177 bpJan 2021Jul 20262021-01-31: 116 bp2021-02-28: 140 bp2021-03-31: 118 bp2021-04-30: 101 bp2021-05-31: 96 bp2021-06-30: 96 bp2021-07-31: 110 bp2021-08-31: 101 bp2021-09-30: 102 bp2021-10-31: 93 bp2021-11-30: 90 bp2021-12-31: 84 bp2022-01-31: 99 bp2022-02-28: 108 bp2022-03-31: 94 bp2022-04-30: 122 bp2022-05-31: 122 bp2022-06-30: 144 bp2022-07-31: 108 bp2022-08-31: 121 bp2022-09-30: 177 bp2022-10-31: 145 bp2022-11-30: 87 bp2022-12-31: 114 bp2023-01-31: 98 bp2023-02-28: 111 bp2023-03-31: 96 bp2023-04-30: 102 bp2023-05-31: 111 bp2023-06-30: 103 bp2023-07-31: 86 bp2023-08-31: 92 bp2023-09-30: 118 bp2023-10-31: 104 bp2023-11-30: 65 bp2023-12-31: 58 bp2024-01-31: 84 bp2024-02-29: 89 bp2024-03-31: 77 bp2024-04-30: 90 bp2024-05-31: 80 bp2024-06-30: 90 bp2024-07-31: 76 bp2024-08-31: 84 bp2024-09-30: 85 bp2024-10-31: 89 bp2024-11-30: 71 bp2024-12-31: 97 bp2025-01-31: 71 bp2025-02-28: 71 bp2025-03-31: 101 bp2025-04-30: 94 bp2025-05-31: 79 bp2025-06-30: 64 bp2025-07-31: 63 bp2025-08-31: 68 bp2025-09-30: 71 bp2025-10-31: 69 bp2025-11-30: 72 bp2025-12-31: 69 bp2026-01-31: 78 bp2026-02-28: 78 bp2026-03-31: 110 bp2026-04-30: 86 bp2026-05-31: 71 bp2026-06-30: 80 bp2026-07-31: 105 bp

EUR spread history

Median spread vs German Bunds, month-ends with complete filings. Fund-reported.

104 bp202 bp301 bpJan 2021Jul 20262021-01-31: 140 bp2021-02-28: 145 bp2021-03-31: 141 bp2021-04-30: 122 bp2021-05-31: 121 bp2021-06-30: 123 bp2021-07-31: 143 bp2021-08-31: 117 bp2021-09-30: 142 bp2021-10-31: 132 bp2021-11-30: 167 bp2021-12-31: 155 bp2022-01-31: 150 bp2022-02-28: 215 bp2022-03-31: 188 bp2022-04-30: 193 bp2022-05-31: 226 bp2022-06-30: 301 bp2022-07-31: 291 bp2022-08-31: 250 bp2022-09-30: 277 bp2022-10-31: 293 bp2022-11-30: 243 bp2022-12-31: 187 bp2023-01-31: 164 bp2023-02-28: 155 bp2023-03-31: 179 bp2023-04-30: 163 bp2023-05-31: 173 bp2023-06-30: 141 bp2023-07-31: 161 bp2023-08-31: 193 bp2023-09-30: 175 bp2023-10-31: 194 bp2023-11-30: 184 bp2023-12-31: 168 bp2024-01-31: 159 bp2024-02-29: 136 bp2024-03-31: 137 bp2024-04-30: 118 bp2024-05-31: 124 bp2024-06-30: 139 bp2024-07-31: 147 bp2024-08-31: 137 bp2024-09-30: 144 bp2024-10-31: 126 bp2024-11-30: 151 bp2024-12-31: 137 bp2025-01-31: 139 bp2025-02-28: 137 bp2025-03-31: 144 bp2025-04-30: 152 bp2025-06-30: 111 bp2025-07-31: 104 bp2025-09-30: 110 bp2025-10-31: 111 bp2025-12-31: 116 bp2026-01-31: 113 bp2026-02-28: 156 bp2026-03-31: 175 bp2026-04-30: 135 bp2026-05-31: 156 bp2026-06-30: 161 bp2026-07-31: 155 bp

Indonesia's CNY curve

Yield to maturity of each CNY bond US funds hold (3 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.

2.18%2.28%2.38%0y2y4yREPUBLIC OF INDONESIA 2.45 2029-03-04: 2.18%REPUBLIC OF INDONESIA 2.5 2030-10-31: 2.38%

Indonesia's EUR curve

Yield to maturity of each EUR bond US funds hold (15 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.

3.57%4.36%5.15%0y6y12yREPUBLIC OF INDONESIA 0.9 2027-02-14: 3.57%REPUBLIC OF INDONESIA 3.75 2028-06-14: 3.77%REPUBLIC OF INDONESIA 1.0 2029-07-28: 3.90%REPUBLIC OF INDONESIA 1.4 2031-10-30: 4.16%Indonesia Government International Bond 3.65 2032-09-10: 4.30%Republic of Indonesia 3.875 2033-01-15: 4.48%REPUBLIC OF INDONESIA 1.1 2033-03-12: 4.58%REPUBLIC OF INDONESIA 4.5 2033-05-29: 4.62%Indonesia Government International Bond 3.75 2033-10-16: 4.60%REPUBLIC OF INDONESIA 4.1 2034-03-04: 4.72%REPUBLIC OF INDONESIA 1.3 2034-03-23: 4.68%INDONESIA GOVT 4.125 2037-01-15: 4.89%REPUBLIC OF INDONESIA 4.46 2038-03-04: 5.08%REPUBLIC OF INDONESIA 5.13 2038-05-29: 5.15%

Indonesia's IDR curve

Yield to maturity of each IDR bond US funds hold (56 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.

7.02%7.36%7.69%0y14y28yINDONESIA GOVERNMENT 5.125 2027-04-15: 7.02%INDONESIA GOVERNMENT 7.0 2027-05-15: 7.07%INDONESIA GOVT SUKUK 5.88 2028-07-15: 7.08%INDONESIA GOVERNMENT 6.375 2028-08-15: 7.43%INDONESIA GOVERNMENT 9.0 2029-03-15: 7.29%Indonesia Treasury Bond 6.875 2029-04-15: 7.31%INDONESIA GOVERNMENT 8.25 2029-05-15: 7.54%INDONESIA GOVT SUKUK 6.63 2029-09-15: 7.11%INDONESIA GOVERNMENT 6.5 2030-07-15: 7.59%INDONESIA GOVERNMENT 10.5 2030-08-15: 7.28%INDONESIA GOVERNMENT 7.0 2030-09-15: 7.54%Indonesia (Republic of) 7.0 2030-09-15: 7.28%Indonesia Treasury Bond 6.5 2031-02-15: 7.31%INDONESIA GOVERNMENT 6.5 2031-02-15: 7.53%INDONESIA GOVERNMENT 5.875 2031-03-15: 7.47%INDONESIA, REPUBLIC OF - MINISTRY OF FINANCE 5.875 2031-03-15: 7.31%INDONESIA GOVERNMENT 8.75 2031-05-15: 7.47%INDONESIA GOVERNMENT 9.5 2031-07-15: 7.30%INDONESIA GOVERNMENT 6.375 2032-04-15: 7.61%INDONESIA GOVERNMENT 8.25 2032-06-15: 7.34%INDONESIA GOVERNMENT 7.5 2032-08-15: 7.63%INDONESIA GOVERNMENT 7.0 2033-02-15: 7.55%Indonesia (Republic of) 7.0 2033-02-15: 7.40%INDONESIA GOVERNMENT 6.625 2033-05-15: 7.69%Indonesia (Republic of) 6.625 2033-05-15: 7.51%INDONESIA GOVERNMENT 6.625 2034-02-15: 7.58%INDONESIA GOVERNMENT 8.375 2034-03-15: 7.57%PERUSAHAAN PENERBIT SBSN 6.38 2034-03-15: 7.12%INDONESIA GOVERNMENT 7.5 2035-06-15: 7.54%Indonesia (Republic of) 7.5 2035-06-15: 7.34%INDONESIA GOVERNMENT 6.75 2035-07-15: 7.50%INDONESIA GOVT SUKUK 6.88 2036-03-15: 7.24%INDONESIA GOVERNMENT 6.5 2036-04-15: 7.41%INDONESIA GOVERNMENT 8.25 2036-05-15: 7.47%INDONESIA GOVERNMENT 6.25 2036-06-15: 7.34%INDONESIA (REPUBLIC OF) 9.75 2037-05-15: 7.54%INDONESIA GOVERNMENT 6.38 2037-07-15: 7.31%INDONESIA GOVERNMENT 7.5 2038-05-15: 7.47%INDONESIA GOVERNMENT 7.125 2038-06-15: 7.54%INDONESIA GOVERNMENT 8.375 2039-04-15: 7.53%INDONESIA GOVT SUKUK 6.5 2039-06-15: 7.32%INDONESIA GOVERNMENT 7.5 2040-04-15: 7.54%Indonesia (Republic of) 7.125 2040-08-15: 7.31%INDONESIA GOVERNMENT 7.125 2040-08-15: 7.43%INDONESIA GOVERNMENT 9.5 2041-05-15: 7.44%INDONESIA GOVERNMENT 7.125 2042-06-15: 7.50%INDONESIA GOVERNMENT 7.125 2043-06-15: 7.49%INDONESIA GOVERNMENT 8.75 2044-02-15: 7.37%INDONESIA GOVERNMENT 7.13 2045-08-15: 7.42%INDONESIA GOVERNMENT 7.375 2048-05-15: 7.47%INDONESIA GOVT SUKUK 6.88 2049-12-15: 7.27%INDONESIA GOVERNMENT 6.875 2051-08-15: 7.46%INDONESIA GOVERNMENT 6.875 2054-07-15: 7.53%

Indonesia's USD curve

Yield to maturity of each USD bond US funds hold (91 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.

3.90%5.12%6.34%0y18y35yRepublic of Indonesia 4.35 2027-01-08: 3.90%PERUSAHAAN PENERBIT SBSN 4.15 2027-03-29: 3.97%PERUSAHAAN PENERBIT SBSN 4.4 2027-06-06: 4.04%Perusahaan Penerbit SBSN Indonesia III 4.4 2027-06-06: 3.91%Republic of Indonesia 3.85 2027-07-18: 4.19%REPUBLIC OF INDONESIA 4.15 2027-09-20: 4.12%REPUBLIC OF INDONESIA 3.5 2028-01-11: 4.42%Indonesia Government International Bonds 4.55 2028-01-11: 4.47%Perusahaan Penerbit SBSN Indonesia III 4.4 2028-03-01: 4.44%Republic of Indonesia 4.1 2028-04-24: 4.46%Perusahaan Penerbit SBSN Indonesia III 5.4 2028-11-15: 4.59%Republic of Indonesia 4.75 2029-02-11: 4.63%Perusahaan Penerbit SBSN Indonesia III 4.45 2029-02-20: 4.63%REPUBLIC OF INDONESIA 4.4 2029-03-10: 4.78%Perusahaan Penerbit SBSN Indonesia III 5.1 2029-07-02: 4.67%AID-INDONESIA 6.65 2029-07-15: 5.62%REPUBLIC OF INDONESIA 3.4 2029-09-18: 4.68%REPUBLIC OF INDONESIA 5.25 2030-01-15: 5.08%REPUBLIC OF INDONESIA 2.85 2030-02-14: 5.10%Perusahaan Penerbit SBSN Indonesia III 5.0 2030-05-25: 4.99%Perusahaan Penerbit SBSN Indonesia III 5.0 2030-05-25: 4.99%Perusahaan Penerbit SBSN Indonesia III 2.8 2030-06-23: 5.04%INDONESIA GOVT SUKUK 4.55 2030-07-23: 5.00%INDONESIA GOVT SUKUK 4.55 2030-07-23: 4.99%REPUBLIC OF INDONESIA 3.85 2030-10-15: 5.01%Perusahaan Penerbit SBSN Indonesia III 4.5 2030-12-01: 4.97%Perusahaan Penerbit SBSN Indonesia III 4.5 2030-12-01: 5.01%REPUBLIC OF INDONESIA 4.35 2031-02-21: 5.06%REPUBLIC OF INDONESIA 1.85 2031-03-12: 5.12%REPUBLIC OF INDONESIA 4.3 2031-04-16: 5.10%Indonesia Government International Bond 5.03 2031-05-29: 5.18%Perusahaan Penerbit SBSN Indonesia III 2.55 2031-06-09: 5.12%Indonesia Government International Bonds 2.15 2031-07-28: 5.19%REPUBLIC OF INDONESIA 3.55 2032-03-31: 5.29%Perusahaan Penerbit SBSN Indonesia III 4.7 2032-06-06: 5.20%REPUBLIC OF INDONESIA 4.65 2032-09-20: 5.31%REPUBLIC OF INDONESIA 4.85 2033-01-11: 5.45%Perusahaan Penerbit SBSN Indonesia III 5.6 2033-11-15: 5.51%Perusahaan Penerbit SBSN Indonesia III 5.6 2033-11-15: 5.52%REPUBLIC OF INDONESIA 4.7 2034-02-10: 5.42%INDONESIA GOVT SUKUK 5.2 2034-07-02: 5.64%Perusahaan Penerbit SBSN Indonesia III 5.2 2034-07-02: 5.56%Indonesia Government International Bonds 4.75 2034-09-10: 5.57%Perusahaan Penerbit SBSN Indonesia III 5.25 2034-11-25: 5.57%Perusahaan Penerbit SBSN Indonesia III 5.25 2034-11-25: 5.57%Indonesia Government International Bonds 5.6 2035-01-15: 5.63%Perusahaan Penerbit SBSN Indonesia III 5.2 2035-07-23: 5.57%INDONESIA GOVT SUKUK 5.2 2035-07-23: 5.55%Republic of Indonesia 8.5 2035-10-12: 5.75%Perusahaan Penerbit SBSN Indonesia III 5.0 2035-12-01: 5.56%REPUBLIC OF INDONESIA 4.95 2036-02-21: 5.72%REPUBLIC OF INDONESIA 4.9 2036-04-16: 5.70%Indonesia Government International Bond 5.69 2036-05-29: 5.74%Republic of Indonesia 6.625 2037-02-17: 5.91%INDONESIA REPUBLIC OF 6.625 2037-02-17: 5.90%Indonesia Government International Bond 6.625 2037-02-17: 5.93%Republic of Indonesia 7.75 2038-01-17: 5.95%INDONESIA REPUBLIC OF 7.75 2038-01-17: 5.95%Republic of Indonesia 5.25 2042-01-17: 6.07%Republic of Indonesia 4.625 2043-04-15: 6.21%REPUBLIC OF INDONESIA 4.625 2043-04-15: 6.20%Republic of Indonesia 6.75 2044-01-15: 6.26%INDONESIA REPUBLIC OF 6.75 2044-01-15: 6.26%REPUBLIC OF INDONESIA 5.125 2045-01-15: 6.23%INDONESIA REPUBLIC OF 5.125 2045-01-15: 6.23%Republic of Indonesia 5.95 2046-01-08: 6.25%REPUBLIC OF INDONESIA 5.25 2047-01-08: 6.21%Republic of Indonesia 5.25 2047-01-08: 6.20%Republic of Indonesia 4.75 2047-07-18: 6.25%Republic of Indonesia 5.35 2049-02-11: 6.19%REPUBLIC OF INDONESIA 3.7 2049-10-30: 6.34%REPUBLIC OF INDONESIA 3.5 2050-02-14: 6.27%PERUSAHAAN PENERBIT SBSN 3.8 2050-06-23: 6.27%REPUBLIC OF INDONESIA 4.2 2050-10-15: 6.34%REPUBLIC OF INDONESIA 3.05 2051-03-12: 6.32%Perusahaan Penerbit SBSN Indonesia III 3.55 2051-06-09: 6.33%Perusahaan Penerbit SBSN Indonesia III 3.55 2051-06-09: 6.32%REPUBLIC OF INDONESIA 4.3 2052-03-31: 6.34%REPUBLIC OF INDONESIA 5.45 2052-09-20: 6.25%REPUBLIC OF INDONESIA 5.65 2053-01-11: 6.24%REPUBLIC OF INDONESIA 5.1 2054-02-10: 6.18%INDONESIA GOVT SUKUK 5.5 2054-07-02: 6.15%Perusahaan Penerbit SBSN Indonesia III 5.5 2054-07-02: 6.15%REPUBLIC OF INDONESIA 5.15 2054-09-10: 6.22%Perusahaan Penerbit SBSN Indonesia III 5.65 2054-11-25: 6.16%Perusahaan Penerbit SBSN Indonesia III 5.65 2054-11-25: 6.15%Indonesia Government International Bond 5.475 2056-02-21: 6.07%REPUBLIC OF INDONESIA 3.2 2061-09-23: 6.28%

Who holds Indonesia's debt

Fund series holding Indonesia's government and government-related bonds in their latest quarterly report: 384 now, 370 a quarter earlier. Names as reported in the filings.

Fund seriesReportBondsFace valueValue
VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND2026-07-31 40$24.01T$1.37B
VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND2026-07-31 40$19.66T$1.13B
iShares J.P. Morgan USD Emerging Markets Bond ETF2026-07-31 46$556.4M$519.5M
VANGUARD TOTAL BOND MARKET INDEX FUND2026-06-30 38$528.4M$477.5M
VANGUARD TOTAL BOND MARKET II INDEX FUND2026-06-30 38$493.8M$445.7M
VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND2026-07-31 74$379.7M$349.3M
VanEck J.P. Morgan EM Local Currency Bond ETF2026-06-30 40$6.12T$340.2M
VANGUARD EMERGING MARKETS BOND FUND2026-06-30 7$269.0M$288.4M
American Funds Emerging Markets Bond Fund2026-06-30 22$4.23T$231.4M
VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND2026-07-31 7$193.8M$213.9M
BlackRock Strategic Income Opportunities Portfolio2026-06-30 8$3.83T$208.8M
T. Rowe Price International Bond Fund (USD Hedged)2026-06-30 9$2.43T$206.8M
PIMCO Emerging Markets Local Currency and Bond Fund2026-06-30 15$2.58T$153.5M
iShares Core U.S. Aggregate Bond ETF2026-05-31 39$164.7M$149.0M
TCW Emerging Markets Income Fund2026-07-31 11$156.3M$149.0M
VANGUARD SHORT-TERM INVESTMENT-GRADE FUND2026-07-31 3$148.9M$147.9M
State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF2026-06-30 48$2.08T$115.8M
VANGUARD CORE BOND FUND2026-06-30 7$102.4M$107.0M
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND2026-06-30 10$103.5M$100.5M
SIIT EMERGING MARKETS DEBT FUND2026-05-31 29$1.51T$99.9M

ETFs holding Indonesia's bonds

From each ETF's own latest N-PORT report, as a share of its net assets. A holdings list, not a recommendation.

ETFReportBondsValue% of net assets
BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND 2026-07-3140$1.13B 0.92%
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF 2026-07-3146$519.5M 3.56%
BND VANGUARD TOTAL BOND MARKET INDEX FUND 2026-06-3038$477.5M 0.12%
VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND 2026-07-3174$349.3M 5.23%
EMLC VanEck J.P. Morgan EM Local Currency Bond ETF 2026-06-3040$340.2M 6.98%
AGG iShares Core U.S. Aggregate Bond ETF 2026-05-3139$149.0M 0.11%
EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF 2026-06-3048$115.8M 5.12%
BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND 2026-06-3010$100.5M 0.19%
IUSB iShares Core Universal USD Bond ETF 2026-07-3170$83.3M 0.19%
IAGG iShares Core International Aggregate Bond ETF 2026-07-3146$79.7M 0.71%
BSV VANGUARD SHORT-TERM BOND INDEX FUND 2026-06-3012$79.1M 0.11%
SPSK Sp Funds Dow Jones Global Sukuk ETF 2026-05-3120$60.3M 11.37%
FEMB First Trust Emerging Markets Local Currency Bond ETF 2026-07-315$50.4M 13.93%
NXUS Nuveen International Aggregate Bond ETF 2026-06-3026$43.0M 1.11%
PCY Invesco Emerging Markets Sovereign Debt ETF 2026-07-313$37.3M 2.69%

Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms