State Debt Securities Auction Offers Decline
The Ministry of Finance is targeting Rp 33 trillion from a State Debt Securities (SUN) auction scheduled for the following week on Tuesday, 3 March 2026. At the SUN auction on 18 February 2026, the Ministry collected Rp 40 trillion.
Nine series are being offered with coupon rates starting from 5.87 per cent and a nominal value per unit of Rp 1 million. “The State Debt Securities (SUN) auction in Rupiah currency is being conducted to meet part of the financing target under the 2026 State Budget,” according to a statement from the Directorate General of Financing and Risk Management (DJPPR) on Saturday, 27 February 2026.
This is the fifth SUN auction in 2026. At the previous auction, incoming bids totalled Rp 63 trillion, and the government decided to withdraw Rp 40 trillion.
Since the start of the year, investor interest in government debt securities has continued to decline. At the first auction on 6 January 2026, the volume of incoming bids totalled Rp 90.9 trillion. At the subsequent SUN auction on 20 January 2026, incoming bids were recorded at Rp 82.9 trillion.
At the third auction on 3 February 2026, investor bids fell further to Rp 76.5 trillion. At the fourth auction on 18 February 2026, total SUN auction bids were recorded at Rp 63 trillion.
Previously, the Director General of Financing and Risk Management at the Ministry of Finance, Suminto, stated that the offerings at the start of this year remained stronger than in the previous year. According to him, throughout January and February, auctions of State Securities (SBN), whether SUN or Islamic State Securities (SBSN), remained very robust.
The Ministry recorded a bid-to-cover ratio—the ratio of incoming bids to bids awarded at the SUN auction—of 2.2 times higher than the previous year. For SBSN auctions, the ratio was 3.8 times higher. “Although there has been a decline in nominal terms, the amount remains very adequate,” said Suminto at a budget press conference on 23 February 2026.
Suminto stated that government debt withdrawal remained on track to meet 2026 financing requirements. This decline, he said, is purely seasonal in nature. “This is more of a seasonal matter as we are entering the Ramadan and Lebaran period, during which investors, particularly banks, naturally require liquidity in preparation for Ramadan and Lebaran,” he explained.