Ministry of Finance Targets Rp12 Trillion from Sukuk Auction Next Week

The government, through the Ministry of Finance (MoF), will auction eight series of State Sharia Securities (SBSN) or Government Sukuk on Tuesday, 2 June 2026, targeting Rp12 trillion. Citing the Ministry of Finance’s Directorate General of Debt and Risk Management (DJPPR) website, the auctioned SBSN series include SPN-S (Sharia-compliant State Treasury Bills) and PBS (Project-Based Sukuk). Eight series will be offered, including SPNS13072026 (reopening), SPNS23112026 (reopening), and SPNS01032027 (new issuance), all offering discounted yields. Other series include PBS030 (reopening), PBS040 (reopening), PBS034 (reopening), PBS005 (reopening), and PBS038 (reopening). PBS038 offers the highest yield at 6.87500%, while PBS040 has the lowest at 5%.

According to DJPPR data, investor interest in previous government sukuk auctions has plummeted. The total bids for the SBSN auction on 19 May 2026 amounted to Rp18.79 trillion, down from Rp21.19 trillion in the auction on 5 May. This follows a further decline compared to the 21 April 2026 auction, which saw incoming bids of Rp33.5 trillion, with the government winning Rp15 trillion.

The auction aims to meet part of the 2026 state budget financing target. With an indicative target of Rp12 trillion, the maximum successful bids could reach 200% of this amount. Government bond offerings form part of budget financing and cover the projected Rp689.1 trillion fiscal deficit. According to the 2026 state budget law (Law No. 17 of 2025), debt financing is targeted at Rp832.2 trillion, up from last year’s Rp775.9 trillion.