RRI.CO.ID, Jakarta – The Indonesian government is preparing to issue its first debt securities in the Chinese market, known as Panda Bonds. These bonds are scheduled to be released on July 23, 2026, with a target of USD 1 billion.

According to a press release from the Indonesian Government Communications Agency, Finance Minister Purbaya Yudhi Sadewa, stated that ahead of the issuance, Indonesia’s government bonds received an AAA rating with a stable outlook. This rating represents the highest level awarded by the Chinese rating agency, Lianhe Credit Rating.

“Typically, every bond issuance undergoes a credit rating process. In this case, it was conducted by Lianhe Credit Rating, a highly respected credit rating agency in China. Their report assigned an AAA stable rating, AAA being the highest possible rating,” Purbaya said during the APBN KiTa press conference in Jakarta on Tuesday, July 21, 2026.

In addition, Purbaya said the strong interest from Chinese financial institutions reflects high confidence in Indonesia’s economic prospects. He said that the debt rating result is a positive achievement that serves as an important foundation for Indonesia to enter one of the world’s largest bond markets.

“So in China, our debt rating is at the top tier. This is extremely important for us. Why? Because China is a huge market for debt securities,” he added.

He conveyed that the government is targeting an initial issuance of USD 1 billion in Panda Bonds. This amount has been intentionally capped because this marks Indonesia’s first entry into China’s domestic bond market.

“The issuance is scheduled for July 23. The target is USD 1 billion because this is a new market—we’re testing the waters first. Even though the offering or bid volume might be very large, we’re capping it at USD 1 billion for now. If necessary, we’ll issue another tranche in a larger amount a few months later,” he said.

Purbaya said that the bond issuance is supported by several of China’s largest financial institutions. The Bank of China is acting as the lead underwriter, while ICBC, CITIC, CICC, and DBS are serving as joint lead bookrunners. Additionally, the Agricultural Bank of China (ABC), China Construction Bank (CCB), and China Exim Bank are participating as co-managers.