Investors' Bids at Rp50.9 Trillion Government Bond Auction

On Tuesday, 3 March 2026, the Ministry of Finance conducted a government securities auction (SUN auction). Total bids received for the fifth SUN auction of 2026 amounted to Rp50.9 trillion, a figure that has continued to shrink since the start of the year.

Nine series were offered in this fifth SUN auction of 2026. ‘The total nominal value awarded across the nine series offered is Rp34.1 trillion,’ the announcement on the website of the Directorate General of Financing and Risk Management, Ministry of Finance, quoted on Wednesday, 4 March 2026.

The nine SUN series auctioned were SPN01260404, SPN12260604, SPN12270304, FR0109, FR0108, FR0106, FR0107, FR0102 and FR0105. The FR0108 issue was the most sought after with incoming bids of Rp14.6 trillion. It was followed by FR0109 and SPN12270304, with investor bids of Rp10.7 trillion and Rp6.8 trillion respectively.

In the previous auction, the Ministry also offered 9 SPN (Surat Perbendaharaan Negara) and FR (Fixed Rate) series. In the fourth auction on 18 February, the government collected Rp40 trillion.

Since the start of the year, investor appetite for government securities has been waning. In the first auction on 6 January 2026, total bids were Rp90.9 trillion. At the next SUN auction on 20 January 2026, incoming bids were Rp82.9 trillion. In the third auction on 3 February 2026, investor bids again fell to Rp76.5 trillion. While at the fourth auction on 18 February 2026, total incoming bids were Rp63 trillion. It has now fallen to Rp50.9 trillion.

This SUN auction was conducted to meet the 2026 state budget financing target. Government bond bids are part of budget financing and also to cover the year’s deficit, targeted at Rp689.1 trillion. Under the 2026 State Budget Law (UU APBN No. 17 of 2025), the debt financing target for the year is Rp832.2 trillion, higher than last year’s target of Rp775.9 trillion.