Foreign Interest in Indonesian Government Securities Rising, Evidence Shows
Jakarta — The Ministry of Finance has asserted that investor interest in State Securities (SBN) remains robust amid current global financial market uncertainties.
This statement was made by Deputy Finance Minister Juda Agung during a Budget (APBN) press conference in Jakarta on Wednesday, 11 March 2026.
Foreign investor interest in SBN has been maintained. The bid-to-cover ratio for foreign investors purchasing State Bonds (SUN) was recorded at 2.4 times, whilst Islamic State Bonds (SBSN) reached 2.8 times. Juda disclosed that these figures represent an increase compared to the previous year.
“This also demonstrates that investor interest and confidence in our economic fundamentals remain stable amid the highly uncertain dynamics of the global financial market,” explained Deputy Finance Minister Juda.
The government also conducted SBN issuances in the global market in February through dual-currency bond offerings in Chinese offshore yuan (CNH) and euro. Both debt instruments utilised a dual-currency structure.
Offshore Chinese yuan (CNH)-denominated bonds valued at 9.25 billion carried yields of approximately 2-3 per cent. Meanwhile, euro-denominated bonds worth 2.7 billion euro offered yields of around 4-5 per cent.
Additionally, according to Juda, SBN market developments continue to be influenced by volatile global dynamics. On a year-to-date basis, SBN yields increased by approximately 55 basis points, which has contributed to a widening of the yield spread between SBN and US Treasury securities.
As of 6 March 2026, the spread for 10-year tenor SBN against US Treasury was recorded at approximately 243 basis points as part of adjustments to global market conditions.
“Indonesia’s spread position remains at a competitive level. The government, together with Bank Indonesia, the Financial Services Authority, and relevant parties will continue monitoring these developments to ensure the stability of the domestic financial market,” concluded Juda.