JAKARTA - The Ministry of Finance (Kemenkeu) is expected to still implement the front loading strategy in issuing State Debt Letters or State Securities (SBN) in 2026.
Meanwhile, in the first quarter of 2026, the Ministry of Finance has prepared the agenda for the SBN auction as well as the State Treasury Letter (SPN), both conventional and based on sharia.
Referring to data from the Directorate General of Financing and Risk Management (DJPPR) of the Ministry of Finance, the government has set a target for the SBN auction of IDR 220 trillion for the period January-March 2026. This value is equivalent to about 32 percent of the total 2026 state budget financing target of IDR 689.1 trillion.
In the plan, the SBN auction in the first quarter of 2026 is scheduled to take place 11 times with details, four auctions in January, four in February, and three in March.
Previously, Minister of Finance Purbaya Yudhi Sadewa issued new rules regarding the mechanism for selling state debt securities (SUN) through the method of collecting orders in the domestic primary market.
The rules are contained in Minister of Finance Regulation (PMK) Number 94 of 2025 which came into force on December 24, 2025, with the enactment of this PMK, two previous regulations were officially revoked, namely PMK Number 128 of 2012 concerning the Sale of State Debt Securities in Foreign Currency in the Domestic Primary Market by Bookbuilding and PMK Number 27 of 2020 concerning the Sale of Retail State Debt Securities in the Domestic Primary Market.
Through PMK 94/2025, the provisions for the sale and issuance of SUN, both in rupiah and foreign currency denominations, are combined in one regulation.
"That in order to simplify the regulation and improvement of the policy for the management of retail government debt securities and the sale of government debt securities in foreign currencies in the domestic primary market, as well as provide guidelines for the implementation of the sale of government debt securities by way of order collection, it is necessary to reorganize the provisions for the sale of government debt securities by way of order collection," quoted from the regulation, Monday, December 29.
The latest PMK stipulates that the sale of SUN is carried out by the method of collecting orders and in its implementation, the Minister of Finance determines the type of SUN, product structure, target investors, purchase order mechanism, as well as the terms and conditions for issuing SUN.
Furthermore, the issuance authority is delegated to the Director General of Financing and Risk Management.
Meanwhile, the process of selling SUN can involve distribution partners from banks, securities companies, financial technology companies (fintech), and Electronic Trading System Operators (PPMSE).
PMK 94/2025 also regulates the requirements for parties who want to be appointed as distribution partners, including the obligation to submit registration in accordance with the service capabilities or electronic media owned.
In addition, distribution partners must meet a number of criteria, such as being established or operating in Indonesia, having experience in marketing financial products, providing electronic-based services, being able to reach retail investors, and having a SUN work plan and sales strategy.
After being designated as a distribution partner, the parties concerned are entitled to market, offer, and/or sell SUN, receive remuneration for services, and cooperate with other parties for the purpose of marketing and offering SUN.
Regarding the amount of service remuneration for distribution partners, it is determined by the Budget User Authority (KPA) of the State Treasurer in the debt management budget, taking into account the scope of work, the amount of previous remuneration, and government policies.
In addition, the performance of distribution partners will be evaluated periodically after the end of the fiscal year and if the results of the evaluation show an inability to fulfill obligations, distribution partners may be subject to administrative sanctions, ranging from written warnings to revocation of status as distribution partners.
In general, this PMK emphasizes that all the results of the issuance of SUN are recorded in the State Budget (APBN), while all costs arising from the implementation of the sale of SUN are charged to the State Budget.
"The results of the sale of SUN are announced to the public after the determination of the results of the sale of SUN," he wrote.
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