Pefindo projects Rp175 trillion in corporate bond issuance for 2026
Jakarta (ANTARA) - PT Pemeringkat Efek Indonesia (Pefindo) projects corporate debt (bond) issuance in Indonesia to range from Rp154 trillion to Rp196.86 trillion throughout 2026, with a midpoint of Rp175.77 trillion.
“Corporate debt issuance in Indonesia for 2026 is still expected to remain solid; our projection remains unchanged at Rp154 to Rp196.86 trillion, with a midpoint of Rp175.77 trillion,” stated Pefindo’s Head of Research Division, Suhindarto, during a Pefindo press conference in Jakarta on Wednesday.
Suhindarto explained that one of the main factors supporting this projection is the high volume of debt maturing throughout 2026, with corporate bond maturities recorded at Rp124.12 trillion for the period from May to December 2026.
He estimated that the significant maturity value will drive refinancing activities, prompting companies to re-enter the market to issue new debt instruments to meet existing obligations.
Furthermore, he added, the need for financing business expansion will remain steady amid relatively stable domestic economic conditions, thereby strengthening the prospects for corporate debt issuance throughout 2026.
“If we look at the period from May to December (2026) ahead, there is still around Rp124.12 trillion in debt that will mature, which will continue to fuel refinancing issuance activities. It is hoped that with this high maturity level, corporate debt issuance will also remain stable,” said Suhindarto.
Nevertheless, they cautioned about several challenges to watch in 2026, one of which is global geopolitical risks, particularly conflicts in the Middle East that could trigger market volatility and drive up yields.
Additionally, he continued, pressure on the rupiah exchange rate is also a risk factor, where rupiah depreciation could spark imported inflation, ultimately leading to higher bond yields.
“From the challenges side, the first and most primary one we see throughout 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,” said Suhindarto.
As of March 2026, Pefindo recorded corporate debt issuance at Rp59.35 trillion, exceeding the maturity value of Rp26.88 trillion.
According to Suhindarto, this condition indicates high corporate interest in capitalising on the relatively low interest rate momentum in the first two months of the year to raise funding from the bond market.
“For the actual issuance, we can see Rp59.35 trillion, which surpasses the maturity of Rp26.88 trillion throughout the first quarter,” said Suhindarto.