PT Pemeringkat Efek Indonesia (PEFINDO) projects corporate bond issuance in Indonesia in 2027 at between Rp147 trillion and Rp189 trillion, with a midpoint of about Rp170 trillion. Rating Director Hendro Utomo gave the range on Thursday, 12 November 2026, at the TICMI Capital Market and Business Conference (TCMBC) held at the Indonesia Stock Exchange building. Refinancing needs remain a main driver.
Refinancing drives the outlook
Hendro Utomo said refinancing needs would remain one of the drivers of corporate bond issuance. Corporate bonds maturing in 2027 are estimated at Rp178 trillion. That maturity wall gives issuers a reason to return to the market.
PEFINDO expects issuance to be relatively balanced between financial and non-financial sectors in 2027. The financial sector still dominates the top five industry groups by bond maturity value.
Conditions that could lift or limit issuance
Hendro Utomo said demand could strengthen if market sentiment improves and foreign capital inflows rise. Bond absorption would benefit if pressure from interest rates and the rupiah eases. Size, however, depends on funding conditions.
Risks cited include possible interest rate increases, weak consumer purchasing power and commodity price corrections. Bank investment in corporate bonds and the use of corporate bonds as collateral in repo transactions were cited as supporting factors.
Related: Foreign investors bid Rp18.01 trillion in Indonesian bond auction · Indonesia raises over Rp 17 trillion from retail bond SBR015
Source: PT Pemeringkat Efek Indonesia (PEFINDO)
