Encouraging Public Funding for Green Projects, PT SMI Prepares Retail Bonds for 2026

PT Sarana Multi Infrastruktur (Persero) (PT SMI) plans to launch a retail bond instrument in 2026 to widen public participation in the ecosystem of sustainable development financing. Chief Executive Reynaldi Hermansjah explained that structurally, tenor and coupon offered will not differ much from conventional bonds. ‘The main differentiator lies in the target investor profile,’ Reynaldi said at the PT SMI office in Jakarta on Tuesday, 3 March 2026. Previously, the bonds issued by PT SMI were targeted at banks, insurers, and pension funds. Now, PT SMI seeks to expand its market share to retail investors. ‘Retail investors will gain from attractive yields compared with short-term instruments and will contribute directly to national development,’ he said. Reynaldi added that the instruments to be issued will be based on sustainability principles. Funds collected from the public will be allocated to financing projects in the energy sector of new and renewable energy (EBT). ‘We see this as a major opportunity to bridge green financing with public investment interest,’ he said. Regarding the size target and the composition of retail versus institutional investors, Reynaldi stressed that no fixed composition is set. PT SMI will monitor market demand and the financing needs of priority sectors. The focus of the company is not solely on debt ratio but on the economic and social impact of the projects financed. In its portfolio, PT SMI allocates 16 per cent to public financing and 84 per cent to corporate financing. The total funds raised from domestic issuances up to 2025 exceeds Rp 50 trillion. According to internal measurements, infrastructure projects financed by PT SMI have multiplier effects above the national average. ‘The impact is visible in the construction of strategic infrastructure such as roads, bridges, schools, hospitals, micro hydro plants, and toll roads, which can boost regional economic activity,’ said Reynaldi.