Obligasi & Sukuk Berkelanjutan SMF 2026 (multi-instrument)

Rating: idAAA / idAAA(sy) (Pefindo, Stable)

The Market’s idAAA Anchor: a Sovereign-Owned Housing-Finance SMV

PT Sarana Multigriya Finansial (Persero) (SMF) is the Government of Indonesia’s wholly-owned Special Mission Vehicle under the Ministry of Finance for the secondary housing-finance market, providing liquidity to banks and finance companies and anchoring the national “3 Million Homes” and subsidised-FLPP programmes. Rated idAAA / idAAA(sy), SMF carried IDR68.3tn of assets, IDR27.9tn of equity (lifted by a 2025 state capital injection), gearing of just ~1.4x and a 0.0% NPL ratio at 1H2026.

Indicative Structure

Four instruments, aggregate up to ~IDR2.2tn:
Obligasi (VIII Tahap IV): up to IDR1.0tn – 370D 6.40%-7.40%, 2Y 6.45%-7.45%, 3Y 6.50%-7.50%
Sukuk Musyarakah (II Tahap III): up to IDR0.1tn – 370D 6.40%-7.40%
Social Bonds (II Tahap III): up to IDR0.6tn – 5Y 6.75%-7.70%
Social Sukuk Musyarakah (II Tahap II): up to IDR0.5tn – 5Y 6.75%-7.70%
Clean basis (unsecured), quarterly coupon/return; proceeds fund onward channelling of housing finance.

Why This Deal

Sovereign idAAA anchor. 100% Government-owned SMV under the Ministry of Finance, with a systemic housing-finance mandate and very high likelihood of state support. Rated idAAA / idAAA(sy) by Pefindo – the highest national rating – Stable and consistent since 2022, affirmed March 2026 across all bonds and sukuk. One of the safest credits available in the Rupiah market.
Fortress balance sheet. Pristine asset quality with a 0.0% NPL ratio in every reported year, as SMF lends to regulated financial institutions rather than directly to retail. Gearing is just ~1.4x – far below the regulatory ceiling – on an equity base lifted ~35% to IDR27.9tn by a 2025 state capital injection (+IDR7.2tn). 1H2026 net income rose 34% YoY to IDR391bn on total assets of IDR68.3tn.
The cheapest access in the market, four ways in. idAAA is the largest and deepest band (~31% of 2026 supply), and new-issue premiums run only ~5-25bp over the idAAA curve versus ~48bp for idAA+ and ~169bp for the A-band. SMF’s guidance sits inside the idAAA secondary curve and in line with its own August prints (1Y 7.50%, 5Y 7.90%), and spans conventional, sharia and social/ESG formats – giving every mandate a way in.