Indonesian Government Increases Retail Sukuk SR020 Quota to IDR 17.5 Trillion

KONTAN.CO.ID - JAKARTA. Due to high demand, the government has increased the sales quota for SR020 to IDR 17.5 trillion. Previously, the government targeted sales of this retail sukuk at IDR 15 trillion.

The Director of Sharia Financing DJPPR Ministry of Finance, Dwi Irianti Hadiningdyah confirmed the increase in the sales quota for SR020. This follows the SR020 sales surpassing the initial target of IDR 15 trillion.

Therefore, the government has increased the quota to IDR 17.5 trillion. The quota for SR020-T3 (tenor 3 years) has been increased to IDR 13.5 trillion from IDR 10 trillion. Meanwhile, the quota for SR020-T5 was cut to IDR 4 trillion from the initial target of IDR 5 trillion.

Dwi stated that they continue to monitor the development of investor demand. Therefore, she ensures that the closing of the SR020 offer will remain on Wednesday (27/3).

"Retail investors need not worry because the government is still providing opportunities for investors who want to buy SR020. The ordering period will be open until the announced deadline, which is March 27, 2024, at 10.00 WIB," she told Kontan.co.id, Saturday (23/3).

Moreover, she sees that investor interest in this retail sukuk is still high. According to her, this is influenced by the nature of SR020 which has a very small relative risk.

Also because of the characteristics of this retail SBN which is beneficial for retail investors. First, it is safe because the principal and reward payments are guaranteed by law.

Second, it is under sharia principles. Third, it is easy and affordable because the minimum purchase is IDR 1 million and can be ordered with an online platform (e-SBN).

Fourth, it is profitable, because SR020 provides regular coupons so investors can use the monthly rewards to meet their financial needs in a planned manner.

Fifth, participate in building the country. "In addition, SR020 is an instrument that can be traded in the secondary market (tradable) so that liquidity risk can also be minimized," said Dwi.

Based on data from one of the distribution partners, Bibit, SR020 sales have reached IDR 15.59 trillion per Sunday (24/3) at 15.51 WIB. The details are, SR020-T3 (tenor 3 years) amounting to IDR 12.28 trillion and SR020-T5 (tenor 5 years) amounting to IDR 3.30 trillion.

Senior Economist KB Valbury Securities Fikri C. Permana also sees the positive sales of SR020. According to him, the high coupon offered is an attraction of this retail SBN. The SR020-T3 offers a 6.3% coupon and the SR020-T5 is 6.4%.

"In addition, the market expectation of a decrease in yield and low taxes so that it can get a higher real yield," he added.

So, Fikri projects that the government's new target can still be achieved.