Indonesia’s bond market is likely to remain among the most attractive in the developing world, but the risks of COVID-19 surges, a slow economic recovery and depressed state revenue weigh on fiscal capability and may trigger capital outflows, market experts say. As of Nov. 17, the bond market had grown 11.6 percent year-to-date (ytd). This is its best performance so far and an outperformance of the stock market, analysts at Bank Mandiri wrote in a November research note. The 10-year government bond yield increased 1.7 basis points (bps) to 6.19 percent on Friday, down by 87.2 bps ytd. The Bank Mandiri analysts noted that lower benchmark rates globally, as well as fresh liquidity from global investors and Bank Indonesia’s (BI) quantitative easing would continue to support the bond market. “Although the 10-year government bond yield has fallen, the real yiel...