Obligasi Berkelanjutan VII Tower Bersama Infrastructure Tahap V Tahun 2026 &Sukuk Ijarah Berkelanjutan I Tower Bersama Infrastructure Tahap V Tahun 2026Rating: idnAA+ / idnAA+(sy) (Fitch Ratings Indonesia)

Tower Sector Leader Returns with a Tighter idAA+ Curve

PT Tower Bersama Infrastructure Tbk (TBIG) is one of Indonesia’s leading independent telecommunications tower operators, owning and operating 25,280 towers and 42,224 tenancies as of 2Q2026 across a dense, high-quality portfolio concentrated in Java. The Group earns predictable, contracted recurring revenue from long-term, non-cancellable leases with Indonesia’s largest operators – Telkomsel, IOH and XL – which together represent ~89% of tower revenue, complemented by a fast-growing fiber-optic network. Backed by the Soeryadjaya family (Saratoga Group), Macquarie Asset Management, and Canada’s Public Sector Pension Investment Board.

Indicative Structure

Bonds: up to IDR 1.0tn – Seri A (1Y) 6.80%-7.60%, Seri B (3Y) 6.85%-7.85%, Seri C (5Y) 7.00%-8.00%
Sukuk Ijarah: up to IDR 1.0tn – Seri A (1Y) 6.80%-7.60%, Seri B (3Y) 6.85%-7.85%, Seri C (5Y) 7.00%-8.00%
Clean basis (unsecured), quarterly coupon, bullet payment at maturity.
Proceeds fund: refinancing – a refinancing-oriented issuance, not new capex.

Why This Deal

idnAA+ credit backed by sector-leading margins and reputable sponsors. TBIG’s Fitch rating (idnAA+/idnAA+(sy), Stable) is among the highest corporate ratings in Indonesia, reflecting FY2025 EBITDA of IDR 5,940.5bn at an 86.0% margin on predictable, contracted, largely-hedged cash flow. Within the sector it carries the highest EBITDA margin (85.5%) and revenue per tenant (~IDR 12.6mn/month), backed by Saratoga, Macquarie Asset Management and Canada’s PSP.
Leverage elevated but serviceable, and the print is refinancing-oriented. Net Debt/EBITDA sits at ~4.9x with net gearing ~2.2x (1H2026), at the upper end of investment-grade tower peers, and current liabilities rose to IDR 22.4tn on near-term maturities – the very reason this deal comes to market. Long-dated, non-cancellable lease cash flow supports comfortable coverage; 1H2026 net profit rose 1.6% YoY on lower funding costs after refinancing.
A repriced entry point inside TBIG’s own August curve. Guidance of 3Y 6.85%-7.85% and 5Y 7.00%-8.00% sits materially inside TBIG’s Tahap IV print (6 Aug 2026: 3Y 8.00%, 5Y 8.25%; +84bp/+97bp over govt) as the idAA+ curve compressed, yet remains well above where this credit issued through early 2026 (its 3-year coupon printed as low as 5.70% in February 2026). TBIG’s own outstanding paper clears ~7.4%-7.8% YTM in secondary, bracketing the guide.