February 4, 2026 | 03:00 pm
TEMPO.CO, Jakarta - The alarm bells rang again in the bond market. The yield on the 10-year Indonesian government bond (SUN) climbed to 6.43 percent at the close of trading on Wednesday, January 28, 2026. That marked the highest level in the past four months. "This signals price pressure as well as limited appetite for Indonesian government bonds in the secondary market," said Liza Camelia Suryanata, Head of Research at Kiwoom Sekuritas Indonesia, after the market closed.
Yields entered a more favorable phase in the second half of 2025. By mid-October, the 10-year bond yield eased below 6 percent, reflecting improved market sentiment and stronger demand for government debt securities.
The trend, however, proved short-lived. Entering the new year, yields reversed course and in recent weeks hovered in the 6.3 to 6.4 percent range. The shift indicated renewed pressure in the bond market, as investors reassessed risk. In Southeast Asia, Indonesian government bond yields consistently ranked the highest—or most expensive—compared with neighboring countries such as Malaysia, Thailand, Vietnam, and even the Philippines.
Bhima Yudhistira Adhinegara, Executive Director of the Center of Economic and Law Studies (CELIOS), said investors had factored in the government's plan to inject new government securities (SBN) into the secondary market. With supply rising, he said, "Higher yields serve as compensation to keep government bonds attractive to investors, while also reflecting the market's risk adjustment."
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