Not necessarily. He will have to be arraigned again after indictment, and at that point, you can ask the judge to set a cash surety or no-bond if you believe you have the facts to justify it. Otherwise, the judge will likely set a PR bond.
I have always taken the position that the defendant will have to be re-arrested and have to post a new bond. Lane is correct in that the defendant could be brought to court with a summons or notice and bond could be determined at that point, but after that, he would have to be arrested and post a bond.