Indonesia’s government issued its second Panda bond on 10 November 2026, raising CNY10 billion, equal to US$1.50 billion, across three series with tenors of three, five and seven years. The bonds were priced at 100 percent, so each yield equalled its coupon.
The three-year series, RICNY1129, yielded 1.96 percent. The five-year series, RICNY1131, yielded 2.15 percent, and the seven-year series, RICNY1133, yielded 2.5 percent.
Demand and pricing
Orders peaked at CNY17.26 billion, giving a bid-to-cover ratio of 1.726. Suminto, the finance official named in the record, said the strong interest allowed the government to obtain an efficient cost of funds by setting competitive yields.
Compared with the first Panda bond, issued on 23 July 2026, the new three-year yield was higher than the 1.9 percent paid on RICNY0729. The five-year yield was lower than the 2.19 percent on RICNY0731.
Funding strategy
Suminto said the issuance is part of a strategy to diversify sources of state budget financing and widen access to international markets. Proceeds will fund 2026 financing needs.
China Lianhe Credit Rating rates the bonds AAA with a stable outlook. China International Capital Corporation is lead underwriter and lead bookrunner.
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Source: Indonesia's government
