TEMPO.CO, Jakarta – The Indonesian government has successfully issued its first-ever State Bonds denominated in Chinese Renminbi (CNH), commonly known as Dim Sum Bonds, raising a total of 6 billion yuan. This amount is equivalent to approximately Rp13.2 trillion, based on an exchange rate of 1 yuan = Rp2,200.
This debut marks Indonesia’s entry into the global yuan bond market and represents the government’s 18th SEC-registered global bond issuance.
According to an official statement from the Ministry of Finance on Friday, October 24, 2025, the transaction is a significant milestone in diversifying state budget financing and expanding Indonesia’s global investor base.
The offering period, which commenced on Thursday, October 23, 2025, attracted strong demand from investors. The total final orderbook reached a substantial 18 billion yuan (Rp39.6 trillion), indicating robust investor confidence.
As reported by Antara, the massive oversubscription reflects global investors’ belief in Indonesia’s economic stability, growth prospects, and fiscal management credibility.
This high level of interest allowed the government to secure a more competitive final yield rate than initially guided. The yield tightened by 45 basis points (bps) for the 5-year tenor and 40 bps for the 10-year tenor. Consequently, the final yield for the 5-year tranche was set at 2.5 percent, while the 10-year tranche was set at 2.9 percent.
The Dim Sum Bonds received investment-grade credit ratings: Baa2 from Moody’s and BBB from both Standard & Poor’s and Fitch Ratings. The bonds will be listed on the Singapore Exchange Securities Trading Limited (SGX-ST).
Bank of China, HSBC, and Standard Chartered Bank served as Joint Lead Managers for the transaction.
Below are the details of the dual-tranche issuance:
Dim Sum Bond RICNH1030
Tenor: 5 Years
Maturity Date: October 31, 2030
Pricing Date: October 23, 2025
Issuance Date: October 31, 2025
Issuance Nominal: CNY3.5 billion
Coupon: 2.5 percent
Yield: 2.5 percent
Re-offer price: 100.00
Dim Sum Bond RICNH1035
Tenor: 10 Years
Maturity Date: October 31, 2035
Pricing Date: October 23, 2025
Issuance Date: October 31, 2025
Issuance Nominal: CNY2.5 billion
Coupon: 2.9 percent
Yield: 2.9 percent
Re-offer price: 100.00
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