Indonesia Raises Rp40 Trillion from Retail State Bonds, Millennials Lead Investor Numbers

Indonesia's government successfully raised Rp40 trillion through the issuance of Retail State Bonds (ORI030), with funds earmarked for the 2026 state budget. The offering, which ran from July 6 to July 30, 2026, comprised two series: ORI030T3 and ORI030T6, with annual coupon rates of 6.90% and 7% respectively.

The attractive rates were set considering the stable national economy and controlled inflation, positioning ORI030 as a competitive investment option. The issuance attracted a total of 102,546 investors, including 31,287 new retail state bond investors. This indicates a growing interest in government debt instruments among the public.

Analysis of the investor base reveals a dynamic demographic. Millennials constituted the largest group by number, accounting for 47.83% of ORI030T3 and ORI030T6 investors. However, in terms of nominal investment, Generation X (39.57%) and Baby Boomers (32.47%) were the dominant contributors.

Professionally, private employees formed the largest investor segment by count (34.08%). Yet, entrepreneurs (Wiraswasta) led in the total amount invested, representing 34% of the orders. Furthermore, women investors were predominant both in number (57.85%) and in nominal investment (50.61%), highlighting their significant role in the retail bond market.