The government said global investor confidence in Indonesia's government securities (SBN) remains very high. The proof was seen in the latest global debt issuance in early November 2026, a state sharia securities (SBSN) issue, or global sukuk.

Investor demand

Finance Minister Suahasil Nazara said that when the offering opened in the first week of November 2026, investors placed orders of up to US$8.9 billion. "This US$8.9 billion proves that international investors trust the credibility of Indonesian government securities in dollar form," he said at his office in Jakarta on Friday (13/11/2026).

Of the orders received, the government took only US$3 billion, equal to Rp54.65 trillion at an exchange rate of Rp18,216 per US dollar. "The issuance value is therefore US$3 billion with oversubscription of 2.9 times. When the offering opened, orders of US$8.9 billion came in for our global sukuk," he stressed.

Investor breakdown

• Europe: 31%
• North America: 27%
• Middle East and Africa: 17%
• Other Asia: 16%
• East Asia: 9%

Series and yields

The US dollar-denominated global sukuk consists of US$0.5 billion with a 3-year tenor, US$1.0 billion with a 5-year tenor and US$1.5 billion with a 10-year tenor, in RegS/144A Trust Certificates format maturing in 2029, 2031 and 2036 respectively.

• 3-year tenor, series SNI1129: yield of 5.45%.
• 5-year tenor, series SNI1131: yield of 5.85%.
• 10-year tenor, series SNI1136: yield of 6.25%.

Final orderbook oversubscription was recorded at 3.0 times, 2.9 times and 2.2 times for the 3-, 5- and 10-year tenors respectively, or 2.9 times overall.

Parties involved

The transaction marks the sixth time the government has tapped international financial markets. Earlier, the government had issued debt five times this year in USD, EUR, CNH, JPY and CNY in conventional format.

BofA Securities, Dubai Islamic Bank, HSBC, J.P. Morgan (B&D) and KFH Capital Investment Company K.S.C.C acted as Joint Lead Managers and Joint Bookrunners. PT BRI Danareksa Sekuritas, PT BNI Sekuritas and PT Trimegah Sekuritas Indonesia Tbk acted as Co-Managers.

Sources

• Warga Eropa-Amerika Doyan Surat Utang Syariah RI — CNBC Indonesia (Robertus Andrianto), 13 November 2026 14:50 WIB. https://www.cnbcindonesia.com/market/20261113131605-17-784997/warga-eropa-amerika-doyan-surat-utang-syariah-ri