Obligasi Berkelanjutan VII Tower Bersama Infrastructure Tahap IV Tahun 2026 & Sukuk Ijarah Berkelanjutan I Tower Bersama Infrastructure Tahap IV Tahun 2026

July 7, 2026

Indonesia’s Tower Bellwether Reprices Into a Higher-Rate Market

PT Tower Bersama Infrastructure (TBIG) is one of Indonesia’s leading independent telecommunications tower operators, with 24,321 sites and 41,892 tenancies as of FY2025, built on a 15.3% tenancy CAGR since its 2010 listing. Backed by the Soeryadjaya/Saratoga family, Macquarie Asset Management, and Canada’s Public Sector Pension Investment Board, TBIG earns highly contracted, long-term recurring revenue from Indonesia’s largest telco operators – Telkomsel, IOH, and XL – which together represent over 72% of revenue.

Indicative Structure

  • Obligasi: up to IDR600.0bn – Seri A (3Y) 7.50%-8.50%, Seri B (5Y) 8.00%-9.00%
  • Sukuk Ijarah: up to IDR400.0bn – Seri A (3Y) 7.50%-8.50%, Seri B (5Y) 8.00%-9.00%
  • Clean basis (unsecured), quarterly coupon, bullet repayment at maturity.
  • Proceeds fund: refinancing of maturing bonds and bank loans – a refinancing-oriented issuance, not new capex.

Why This Deal

  • idnAA+ credit backed by top-tier scale and reputable sponsors. TBIG’s Fitch rating reflects one of the highest-margin infrastructure models in Indonesia, with FY2025 EBITDA margin at 86.0% underpinned by long-term, non-cancellable tower leases and a shareholder base spanning Saratoga, Macquarie Asset Management, and Canada’s PSP Investment Board.
  • Leverage elevated, and the print is honest about a consolidating market. Net Debt/EBITDA sits at 4.8x (FY2025), at the upper end of investment-grade tower peers, as revenue growth decelerated to just 0.6% (from 3.4% in FY2024) and the tenancy ratio slipped to 1.73x amid XL-Smartfren merger churn. TBIG is pricing this reality directly rather than smoothing over it.
  • A repriced entry point that brackets fair value. TBIG’s own 3-year coupon has moved from 5.70% (Feb-26 Tahap III) to an indicative 7.50%-8.50% today – a widening of up to 280bp in five months. Against PHEI’s AA benchmark spread of +69bp (3Y) over IGS, TBIG’s guide implies a spread of roughly +38bp to +138bp, bracketing fair value on both sides and leaving room to negotiate inside the wide end.

Indicative Timeline

Bookbuilding: 06-17 July 2026 · Distribution: 06 August 2026 (indicative) · Listing: IDX, 07 August 2026 (indicative)

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
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8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya

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Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

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