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This study evaluates how macroeconomic variables such as interest rates, inflation, and exchange rates affect the returns on corporate bonds issued by the banking sector in Indonesia. Corporate bonds are an attractive investment alternative, but their performance is highly influenced by fluctuations in national economic conditions. This study uses secondary data obtained from company financial reports, macroeconomic data, and bond market information over a certain period. Multiple linear regression analysis is applied to assess the extent to which each factor affects bond returns. The analysis results indicate that increases in interest rates and inflation tend to reduce bond returns, while the effect of exchange rates is inconsistent and depends on the economic stability at the time. These findings can serve as important considerations for investors, financial analysts, and policymakers in managing risks and opportunities in the Indonesia banking bondmarket.

The bond market in Indonesia continues to develop and become one of the investment instruments of interest, both by institutional and individual investors. This study aims to compare the characteristics of government bonds and corporate bonds based on several factors such as Yield to Maturity (YTM), bond prices, and duration (Macaulay and Modified Duration). The method used is comparative quantitative analysis with secondary data obtained from the website of Kustodian Sentral Efek Indonesia (KSEI). The results of the study indicate that government bonds have a lower risk with a YTM of 6%, a market price of IDR990,000.00, a macaulay duration of 1,903  years, and a modified duration of 1,82 years. In contrast, corporate bonds offer higher returns with a YTM of 12.14%, a market price of IDR980,000.00, a Macaulay duration of 1,847 years, and a modified duration of 1,77 years. Thus, this study is expected to provide insight for investors in adjusting investment choices based on risk profiles and financial goals.