SMF Debt Instruments Become The First Corporate Instrument In Bank Indonesia's Underlying Repo

Bonds (Photo: dock. Antara)

JAKARTA - PT Sarana Multigriya Finansial (Persero) or (SMF) as the Special Mission Vehicle (SMV) of the Ministry of Finance, together with Bank Indonesia (BI) held an Introduction of SMF Securities as an underlying of Bank Indonesia's Repurchase Agreement (Repo) transactions.

As is known, Bank Indonesia has expanded its basic assets in the form of high-quality corporate securities, where the debt securities issued by SMF became the first securities received by BI.

"Introducing that the debt securities issued by SMF are the first corporate debt securities that can be returned to Bank Indonesia. This is certainly not only a historic moment for SMF but is also a form of real synergy of monetary and fiscal policies in supporting sustainable economic performances," said PT SMF President Director Ananta Wiyogo at AA Maramis Building on Thursday, November 20.

Ananta menambahkan bahwa agenda nasional yang membutuhkan dukungan pendanaan besar, seperti Program Tiga Juta Rumah, membutuhkan sinergi dan kolaborasi berbagai pihak.

He conveyed that through this underlying repo expansion, it is hoped that strategic steps will be created in deepening the financial market through increasing liquidity and digitizing SMF instruments so that long-term financing capacity for the housing sector can be further strengthened.

"The underlying repo expansion of Bank Indonesia has been implemented since November 10, 2025 and is expected to create a wider liquidity option for banks who want to encourage the distribution of housing financing which will also contribute to sustainable economic growth," he explained.

Ananta said that in terms of economic impact, the housing sector is a strategic sector that has a large multiplier effect.

He said that based on a study by the SMF Research Institute with BPS, where the housing sector can affect 185 other sectors, every IDR 1 trillion investment in the housing sector is estimated to result in an increase in GDP of around IDR 1.9 trillion.

Ananta explained that until October 31, 2025, the total outstanding national corporate securities reached Rp413 trillion. Of this amount, the outstanding SMF securities reached Rp25.3 trillion or around 6 percent of the total national.

"With the rating of IdAA nationally and BBB globally, SMF debt securities are the largest debt securities currently held by banks," he said.

He conveyed the determination of SMF's debt securities as an underlying repo through an assessment process that was not carried out instantly.

"In the past few months, we have assessed SMF debt securities where several criteria were tested including market liquidity, outstanding range, credit rating, entity status and included in the High Quality Liquid Asset or HQLA category," he said.

He hopes that this achievement can encourage further inclusive financial market deepening and increase investor confidence in debt securities issued by SMF.

"So that SMF can provide affordable long-term liquidity for the housing sector and also encourage sustainable economic growth," he explained.