Pefindo Predicts Corporate Bond Issuance of Rp 175 T
PT Pefindo (PT Pemeringkat Efek Indonesia) predicts that corporate bond issuance in Indonesia will range from Rp 154 trillion to Rp 196.86 trillion throughout 2026. Pefindo projects the midpoint to be Rp 175.77 trillion.
“Corporate bond issuance in Indonesia for 2026 is estimated to remain solid, and our projection has not changed,” said Pefindo’s Head of Research Division, Suhindarto, as quoted from Antara on Wednesday, 15 April 2026.
Suhindarto explained that one of the main factors supporting this projection is the high volume of debt maturing throughout 2026. Corporate bonds worth Rp 124.12 trillion are scheduled to mature from May to December 2026.
He estimated that the large maturity value will drive refinancing activities, prompting companies to return to the market to issue new bonds to meet existing obligations. Additionally, he noted that financing needs for business expansion will remain steady amid relatively stable domestic economic conditions, thereby strengthening the prospects for corporate bond issuance throughout 2026.
“If we look at May to December (2026), there is still around Rp 124.12 trillion in bonds maturing. This will serve as fuel for refinancing issuance purposes, so it is hoped that with this high maturity volume, corporate bond issuance will remain maintained,” said Suhindarto.
Nevertheless, the firm warns of several challenges to watch in 2026. One key risk is global geopolitical tensions, particularly conflicts in the Middle East, which could trigger market volatility and drive up yields.
Furthermore, pressure on the rupiah exchange rate poses a risk factor, as rupiah depreciation could spark imported inflation, ultimately pushing bond yields higher.
“From the challenges perspective, the first and most prominent one we see in the first quarter is geopolitical risk, especially the war in the Middle East, which could make the market fluctuate and yields potentially increase going forward,” Suhindarto stated.
As of March 2026, Pefindo recorded corporate bond issuance reaching Rp 59.35 trillion, exceeding the maturity value of Rp 26.88 trillion. According to Suhindarto, this condition indicates strong corporate interest in capitalising on the relatively low interest rate momentum in the first two months of the year to raise funds from the bond market.