The government will hold another sukuk auction today on 19-May, with a target of Rp12tn, or the same as the previous sukuk auction s figure. The offered series include the SPNS (1-mo, 6-mo, and 9-mo tenors), as well as PBS030 (2.2-yr), PBS040 (4.5-yr), PBSG002 (7.4-yr), PBS034 (13.2-yr), and PBS038 (23.6-yr). We still expect demand to continue to be higher than targeted but slightly lower than in the previous sukuk auction, estimated at Rp18tn (range: Rp13tn-23tn).<\/p>\n\n\n\n
Sukuk auction recap (5-May): The lowest incoming bids so far this year<\/strong>. Sukuk auction demand weakened significantly on 5-May, with the total incoming bids falling by -37% to Rp21.2tn (vs. Rp33.6tn on 21-Apr; YTD avg.: Rp36.2tn), marking the lowest demand so far this year. Demand remained concentrated in PBS series (60.6% of total bids), although the share declined from prior levels of 70%, or the YTD average of 62.6%. Demand for SPNS series reached Rp8.4tn (vs. Rp10.2tn in the previous auction), but the portion to total bids rose to 39.4% (vs. 30.4% prior), likely reflecting competition from higher-yielding SRBI instruments. By series, demand was led by the 23.6-yr PBS38 at Rp4.3tn, followed by the 9-mo SPNS at Rp4.2tn and the 1-mo SPNS at Rp2.8tn.<\/p>\n\n\n\n The government maintained issuance at Rp12tn (in line with target but lower than Rp15tn prior). SPNS issuance declined further to Rp3.2tn (26.3% of total). The average tenor increased to 11.8 years (vs. 6.8 years prior), while the weighted average cost of funds rose to 6.50% (vs. 6.07%). Including the latest conventional bond auction issuance, the year-to-date issuance has reached Rp681.5tn, or 43.5% of the FY2026 target.<\/p>\n\n\n\n Investor breakdown: Onshore banks were the primary buyers in the most recent sukuk auction.<\/strong> Based on DMO data, in the last sukuk auction on 5-May, we estimate that onshore banks were the type of biggest net buyer, securing Rp3.8tn (31.4% of total issuance). Close behind them were insurance and pension funds (Rp3.2tn or 26.9%), other investors (Rp2.2tn or 18.6%), Bank Indonesia (Rp2.1tn or 17.7%), and mutual funds (Rp0.6tn or 5.2%). Thus, year-to-date, onshore banks have still been the biggest type of net buyer, totaling Rp46.1tn YTD (or 45.6% of total sukuk issuances YTD-2026). They were followed by Bank Indonesia and other investors, which reported net buys of Rp24.8tn and Rp14.9tn, respectively, or 24.5% and 14.8% of total sukuk issuances YTD. Meanwhile, insurance & pension funds, mutual funds, foreign investors, and retail investors have bought 10.8%, 3.3%, 0.9%, and 0.1% of the total sukuk issuance YTD-2026.<\/p>\n\n\n\n Furthermore, including the non-auction primary market, secondary market, and maturing bonds, onshore banks were also the biggest sukuk net buyer type, totaling +Rp28.7tn YTD. Close behind, Bank Indonesia and other investors posted sukuk net buys of +Rp25.7tn and +Rp18.5tn, respectively. Insurance & pension funds and mutual funds also posted as sukuk net buyers, reaching +Rp12.6tn and +Rp7.6tn, according to the DMO bond flow data with settlement date as of 13-May-2026.<\/p>\n\n\n\n Current sukuk auction preview (19-May): Demand will remain solid but lower than in the previous sukuk auction. <\/strong>We expect the total demand to remain higher than its target but lower than the previous one, estimated at Rp18tn (range: Rp13tn-23tn). The liquidity will be supported by Rp479.2bn of maturing bonds, plus Rp256.7bn in bond coupon payments this week.<\/p>\n\n\n\n We forecast the fair yields for the sukuk series to be auctioned today as follows: 5.80% (range: 5.75-5.85%) for 1-mo SPNS, 6.15% (range: 6.10-6.20%) for 6-mo SPNS, 6.20% (range: 6.15-6.25%) for 9-mo SPNS, 6.50% (range: 6.45-6.55%) for 2.2-yr PBS030, 6.56% (range: 6.51-6.61%) for 4.5-yr PBS040, 6.73% (range: 6.68-6.78%) for 7.4-yr PBSG002, 6.77% (range: 6.72-6.82%) for 13.1-yr PBS034, and 6.88% (range: 6.83-6.93%) for 23.6-yr PBS038.<\/strong><\/p>","protected":false},"excerpt":{"rendered":" The government will hold another sukuk auction today on 19-May, with a target of Rp12tn, or the same as the […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[7],"tags":[],"class_list":["post-6842","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/comments?post=6842"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6842\/revisions"}],"predecessor-version":[{"id":6843,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6842\/revisions\/6843"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=6842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=6842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=6842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}