PT SMI Issues US$300 Million Global Bonds
PT Sarana Multi Infrastruktur (Persero) has set the pricing for a US$300 million global bond issuance with a five-year tenor in the form of senior unsecured fixed-rate notes. This marks the company’s first international dollar-denominated bond issuance since last entering the global market in 2021.
The Head of the Corporate Secretariat Division of PT SMI, Ramona Harimurti, stated that this transaction recorded the tightest spread ever achieved by an Indonesian non-bank financial institution. “This transaction recorded the tightest spread ever achieved by an Indonesian Non-Bank Financial Institution in a 5-year tenor,” said Ramona in a written statement on Thursday, 14 May 2026.
The bond was issued under PT SMI’s US$2 billion Euro Medium Term Note (EMTN) programme. The instrument received an investment-grade rating of Baa2 from Moody’s Investors Service and BBB from Fitch Ratings.
Sarana Multi Infrastruktur announced the transaction mandate on 6 May 2026, ahead of the planned offering of a five-year senior unsecured dollar-denominated bond in Reg S (Cat 1) format. On the same day, the company held a virtual meeting with selected institutional investors in Asia and Europe.
The initial price guidance was announced at around 5.45 per cent when the Asian market opened on 7 May 2026. Due to strong investor interest, the company gradually tightened the pricing. The final price guidance was set at 5.10 per cent, and the bond yield was pegged at the same level by the end of the Asian session. This figure represents a tightening of 35 basis points from the initial guidance.
Based on order data, the order book was recorded at more than US$2.2 billion from 119 accounts, or approximately 7.3 times the US$300 million issuance target. Geographically, Asian investors absorbed 87 per cent of the allocation, while the EMEA region contributed 13 per cent.
By investor type, asset managers and fund managers dominated with a 74 per cent share. The remainder came from central banks, insurance companies, and pension funds at 14 per cent, banking at 10 per cent, and private banks and others at 2 per cent.