Private Issuers Dominate Corporate Bond Market in First Quarter of 2026

JAKARTA - PT Pemeringkat Efek Indonesia (Pefindo) recorded that issuers with the highest rating (AAA) were the main contributors to fundraising in the first quarter of 2026, with an issuance value of Rp 39.3 trillion. “The AAA rating still dominates, followed by single A, which is quite popular because it offers higher returns with risks that remain manageable,” said the Head of Pefindo’s Research Division, Suhindarto, virtually on Tuesday (15/4/2026). Meanwhile, for bond issuances by state-owned enterprise issuers, throughout the first quarter of 2026, it was recorded at Rp 20 trillion. The majority of the funds from the issuances were used for working capital needs, amounting to Rp 30.91 trillion, an increase compared to the same period last year. “The purpose of issuance is still dominated by working capital, followed by investment and refinancing,” Suhindarto explained. By sector, the consumer financing or multifinance industry was the most active in issuing bonds, followed by holding companies and the banking sector. Meanwhile, the forestry, pulp, and paper sector also showed significant contributions to issuances. “Based on the sector, issuances are dominated by the consumer financing industry, which is usually for automotive or what we know as multifinance,” he said. “In the first quarter of 2026, bond issuances for the forestry, pulp, and paper industry reached Rp 8.2 trillion, followed by banking at Rp 7.7 trillion, and the financing or multifinance industry at Rp 7.3 trillion,” he emphasised. For information, the realisation of corporate bond issuances in the first quarter of 2026 reached Rp 59.35 trillion, exceeding its maturity of Rp 26.88 trillion. This was driven by relatively low interest rate conditions and the funding needs of businesses. The still conducive interest rate conditions in the first two months of 2026 became the main factor in the increase in bond issuances. Compared to bank financing, the cost of funds from the bond market is considered more competitive.