This study aims to analyze the effect of leverage, maturity and firm size on bond yields with bond ratings as an intervening variable. The population used in this study are financial sector companies listed on the Indonesia Stock Exchange (IDX) for the 2015-2020 period. A total of 53 bonds from 23 companies were sampled in this study using purposive sampling technique. The test is carried out using two regression equations, the first equation is to determine the effect of the independent variable on the intervening variable. The second equation is to determine the effect of the independent variable and the intervening variable on the dependent variable. The Sobel test was used to examine the effect of mediation between the independent variables on the dependent variable. The results of the first regression equation test show that leverage, maturity and firm size have a significant and significant effect on bond ratings. The results of the second regression equation test show that leverage and firm size have no significant effect on bond yields, while bond maturity and rating have a significant and significant effect on bond yields. Sobel test shows that bond ratings can mediate the effect of leverage and firm size on bond yields, while maturity cannot be