Pefindo Forecasts Corporate Bond Issuance to Reach Rp 196 Trillion This Year
JAKARTA, KOMPAS.com - PT Pemeringkat Efek Indonesia (Pefindo) forecasts that total corporate bond issuance throughout 2026 will remain strong, in the range of Rp 154 trillion to Rp 196.86 trillion.
Pefindo’s Head of Research Division, Suhindarto, stated that several supporting factors include the high value of maturities until the end of the year, reaching Rp 124.12 trillion, as well as sustained high investor demand.
“Investor demand remains strong, particularly as they seek alternative investments with higher returns amid suboptimal stock market conditions,” Suhindarto said virtually on Wednesday (15/4/2026).
Although first-quarter performance was solid, Suhindarto cautioned about risks from external factors, especially global geopolitical volatility that has begun to drive yield increases since March.
“Yield increases have been evident since March due to global volatility, particularly the conflict in the Middle East, which could raise funding costs going forward,” he said.
Additionally, currency depreciation and potential imported inflation are factors to watch, as they could pressure the bond market.
Looking ahead, the corporate bond market will face a combination of opportunities and challenges.
On one hand, refinancing needs and liquidity conditions continue to support growth.
On the other hand, geopolitical risks, exchange rate fluctuations, and potential global interest rate hikes could exert pressure.
“If global conditions remain stable, the corporate bond market still has growth potential. However, external risks must still be anticipated,” he concluded.
For information, Pefindo recorded that by the end of March 2026, corporate bond issuance realisation reached Rp 59.35 trillion, surpassing its maturities of Rp 26.88 trillion.
This was driven by relatively low interest rates and the funding needs of businesses.
Meanwhile, issuers with the highest rating (AAA) were the main contributors to fundraising in the first quarter of 2026, with issuance value of Rp 39.3 trillion.
In the meantime, bond issuance by state-owned enterprise (SOE) issuers in the first quarter of 2026 was recorded at Rp 20 trillion.