The Indonesian government finalized the sale of retail sovereign sharia securities series SR025, raising 29.77 trillion rupiah across two tranches as demand from individual domestic savers reached 93,548 investors. The issuance represents the highest sales volume for retail sovereign sharia securities in the last 10 years, drawing funds through Perusahaan Penerbit SBSN Indonesia following an offering period that ran from 21 August 2026 to 16 September 2026.
Issuance terms and tranche breakdown
Suminto, Director General of Financing and Risk Management at the Ministry of Finance, said the government established the sales results of SR025 on 21 September 2026 at Rp29,770,058,000,000. He said the investor count marked the highest throughout the issuance of retail sovereign sharia securities, while the aggregate sales volume reached a 10-year high.
Buyers absorbed 24.93 trillion rupiah of the three-year tranche, designated SR025T3, which carries an annual fixed coupon rate of 6.80 percent per year and matures on 10 September 2029. The remaining 4.83 trillion rupiah went into the five-year tranche, designated SR025T5, carrying an annual fixed coupon rate of 6.90 percent per year with maturity scheduled for 10 September 2031.
The minimum order size stood at Rp1,000,000 for both tranches, but allocations capped individual exposure. The maximum order limit reached Rp5 billion for series SR025T3. For series SR025T5, the ceiling was Rp10 billion.
Demographics and portfolio profile
The placement expanded the retail base beyond seasoned debt holders, attracting 21,582 new government securities investors who accounted for 23.07 percent of all SR025 purchasers. Geographic distribution spanned all 38 provinces in the country, supported by broader participation across younger age brackets and working professionals.
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Suminto said the investor base reached all 38 provinces and was dominated by Gen Y or Millennials at 49.11 percent of total investors, while women comprised 56.66 percent of participants. Private sector employees dominated order flow, accounting for 33.66 percent of total orders placed.
Underlying assets backing the retail Islamic notes consist of State-Owned Goods and ministry or agency projects listed in the 2026 State Budget. These sovereign assets directly secure the obligations while financing public expenditure plans.
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Source: Ministry of Finance
