RRI.CO.ID, Jakarta - Corporate bond issuance remained resilient in the first half of 2026, according to the Indonesian Credit Rating Agency, PT Pemeringkat Efek Indonesia (Pefindo). However, the overall volume declined compared to the same period last year.

“Corporate bond issuance in the first half of 2026 reached IDR 87.35 trillion (around USD 4.87 billion), down 3.91 percent year-on-year from the first half of 2025,” said Head of Pefindo’s Research Division, Suhindarto, on Wednesday, July 22, 2026.

He noted several factors behind the decline, including relatively low maturities compared to last year. Even so, the issuance-to-maturity ratio stood at 158.2 percent. “This means the value of issued bonds was 58 percent higher than the value of maturing bonds,” Suhindarto explained.

The high-interest-rate environment also weighed on issuance, prompting issuers to be more selective. Most bonds carried ratings of A (44.78 percent) or triple-A (35.26 percent).

Private corporations dominated issuance, accounting for IDR 62.9 trillion, while government-affiliated and state-owned enterprises (SOEs) issued about IDR 24.4 trillion. Debt issuance for investment purposes surged to IDR 19.48 trillion, a sharp rise from IDR 3.14 trillion in the same period last year.

Working capital financing remained the largest purpose, totaling IDR 44.77 trillion, though down from IDR 56.26 trillion in the first half of 2025. Refinancing issuance also fell to IDR 23.10 trillion from IDR 31.49 trillion a year earlier.

By sector, forestry, pulp, and paper led with IDR 12.8 trillion, followed by holding companies (IDR 10.7 trillion), financing (IDR 8.3 trillion), banking (IDR 8.1 trillion), and mining (IDR 7.8 trillion).

Overall, corporate bond and sukuk issuance in the first half of 2026 reached IDR 80.3 trillion, down from IDR 90.3 trillion in the same period last year, Suhindarto said. (Gusti Panji)