Indonesia’s bond market has grown steadily in recent years to offer a more diversified array of debt instruments and cater to a broader investor base. The market accommodates the needs of both local and foreign investors. As the largest issuer of bonds, the Government of Indonesia regularly taps the local market to finance the state budget. View upcoming auctions. Set up an account in TreasuryDirect (for noncompetitive bids only). Overview of the Auction Process . Treasury sells marketable securities (bills, notes, bonds, FRNs, and TIPS) through regular public auctions, by which the rate, yield, or discount margin of these securities are determined.