{
    "success": true,
    "data": {
        "id": 1903366,
        "msgid": "economist-merah-putih-bond-has-potential-to-deepen-financial-markets-1785995855",
        "date": "2026-08-06 11:47:18",
        "title": "Economist: Merah Putih Bond Has Potential to Deepen Financial Markets",
        "author": "",
        "source": "ANTARA_ID",
        "tags": "",
        "topic": "Finance",
        "summary": "An INDEF economist argues that the Merah Putih Bond could significantly deepen Indonesia's financial markets if it creates a new source of long-term financing beyond the state budget and bank credit. The instrument's success hinges on attracting institutional funds into strategic projects with transparent governance. Without clear underlying projects and strong cash flows, the bond risks merely shifting funds from existing instruments, resulting in a superficial deepening effect.",
        "content": "<p>Economist at the Institute for Development of Economics and Finance\n(INDEF) M Rizal Taufikurahman assesses that the Merah Putih Bond has the\npotential to deepen the national financial market.<\/p>\n<p>\u201cThe Merah Putih Bond has the potential to deepen the financial\nmarket if it truly creates a new source of long-term financing outside\nthe State Revenue and Expenditure Budget (APBN), bank credit, and\nGovernment Securities (SBN),\u201d Rizal told ANTARA in Jakarta on\nThursday.<\/p>\n<p>According to him, this instrument can attract pension funds,\ninsurance companies, institutional investors, and public funds to enter\nstrategic and productive projects.<\/p>\n<p>Therefore, the potential of the Merah Putih Bond is considered quite\nlarge for strengthening national financing capacity while reducing\ndependence on short-term funds and external financing.<\/p>\n<p>\u201cIf the underlying project is unclear, cash flow is weak, and\ngovernance is not transparent, the Merah Putih Bond actually risks\nmerely shifting funds from SBN or other corporate bonds, so that the\nmarket-deepening effect becomes illusory,\u201d he added.<\/p>\n<p>Regarding incentives, Rizal said the forms provided should ideally be\ncompetitive coupon tax rates, market maker facilities, proportional\nprudential treatment for institutional investors, as well as strict\ntransparency and project reporting standards.<\/p>\n<p>Overall, he assesses that the attractiveness of this instrument must\nultimately be supported by project quality, issuer credibility, a clear\nrisk structure, and market-aligned yields.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/economist-merah-putih-bond-has-potential-to-deepen-financial-markets-1785995855",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}