Indonesia’s second panda bond draws demand of 1.73 times its size
Finance Minister Suahasil Nazara said the RMB10 billion issuance was the largest sovereign panda bond globally.
Indonesia’s second renminbi-denominated panda bond attracted demand equivalent to 1.73 times the RMB10 billion offered, Finance Minister Suahasil Nazara said at the APBN KiTa press conference on 13 November 2026. He described it as the largest panda bond issued by a sovereign country.
The government also received US$8.9 billion in orders for a US$3 billion global sukuk offering, making it about 2.9 times oversubscribed. European investors accounted for 31 per cent of demand and North American investors for 27 per cent, with the remainder coming from other regions, Suahasil said.
Suahasil said the demand reflected international investors’ confidence in Indonesia’s fiscal management. He added that the government was maintaining ties with Chinese authorities and investors to preserve its access to financing in that market.
He said he had met the president of Bank of China, while the deputy finance minister had visited Beijing and Shanghai for discussions with authorities and investors. Suahasil described the reception for Indonesian debt as positive and said the government remained committed to credible budget management amid global uncertainty.
