Promising SR024 Prospects as Rp15 Trillion Quota May Be Absorbed by Market

JAKARTA — The government, through the Ministry of Finance (Kemenkeu), has issued the second retail Surat Berharga Negara (SBN) this year, namely Sukuk Ritel SR024. The SR024 offering is considered to be still attractive for individual investors. The initial retail sukuk offering opened on Friday 6 March 2026 and runs until 15 April 2026. SR024 Sukuk offers a coupon of 5.55 per cent for SR024-T3, a three-year tenor, and 5.90 per cent for SR024-T5, a five-year tenor. It should be noted that the government aims to absorb Rp15 trillion from this sukuk issue. Specifically, SR024-T3 has a larger quota of Rp10 trillion, with the remaining Rp5 trillion for SR024-T5. According to him, demand for retail SBNs is usually influenced by two main factors: macroeconomic stability and expectations for interest rates. ‘If inflation remains controlled and the exchange rate is relatively stable, domestic investors will see SBNs as a safe store of value,’ Syafruddin told Kontan on Friday 6 February 2026. Moreover, given that this retail sukuk offering coincides with the THR disbursement momentum by employees ahead of Lebaran, Syafruddin believes demand for SR024 is very likely to be boosted by this seasonal sentiment. Overall, with the yields on offer, Syafruddin views SR024 as still attractive for retail investors. Yields of 5.55 per cent to 5.90 per cent remain competitive in the current environment. Furthermore, compared with deposits after tax, the SBN coupon tax is only 10 per cent, whereas deposits are taxed at 20 per cent. The global environment remains fraught with uncertainty, encouraging investors to seek safe instruments. Geopolitical tensions, the direction of global interest rates, and volatility in financial markets make state-guaranteed assets appear more attractive. However, it should be noted that earlier this year the Ministry of Finance issued a retail SBN of the ORI type, ORI029. Regrettably, ORI029 sales did not reach the government’s target by the end of the offer period. Submissions reached Rp14.478 trillion, around 57.9 per cent of the Rp25 trillion fundraising target. According to Syafruddin, the portion of ORI029 that was not absorbed does not directly indicate a loss of investor interest in retail SBNs.