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Republic of Indonesia 2025

SPV Name:
Perusahaan Penerbit SBSN Indonesia III (PPSI-III) 

Order book of over $6.8 billion from 240 investors. Islamic and Middle Eastern investors subscribed to 41% of the notes, followed by USA 21% and Europe 16%, Asia ex-Indonesia 12% and Indonesia 10%, according to a source close to the deal. Banks purchased 42% of the paper, followed by fund managers 39%, central banks 15%, insurers 2% and private banks 2%. This is the sixth US dollar denominated Sukuk issuance by the Republic and the fourth issuance by PPSI-III under its recently upsized Trust Certificate Issuance Program of US$ 10,000,000,000. The Sukuk is structured based on the Shari'a principles of Wakala. The Sukuk assets under this Wakala Sukuk issuance consist of (i) state-owned assets including land and buildings (51%) and (ii) project assets which are under construction or to be constructed (49%). PPSI-III (the issuer and trustee) is a legal entity in Indonesia set up solely for the purpose of issuing sharia-compliant securities of the government of Indonesia in foreign currencies in the international markets. The sukuk's structure and documentation, which include the following features in the ijara and wakala series: - On the scheduled dissolution or following the occurrence of a dissolution event, PPSI-III will have the right to require the state to purchase all of its rights, benefits and entitlements in, to and under the trust assets. - The state will have to purchase the assets at a price equal to the outstanding face amount of the sukuk plus any accrued and unpaid periodic distribution amounts, and any accrued but unpaid supplementary rental. - In the ijara series, on or prior to each periodic distribution date, the state (as lessee) will pay PPSI-III rental due under the lease agreement for the ijara assets, which is intended to be sufficient to fund the periodic distribution amounts payable by PPSI-III. Furthermore in the wakala series, the lessee will pay to PPSI-III an amount reflecting the rental due for any project assets following their completion and delivery.  

Profit rate:
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Sukuk Details

Issue Size:
$2 Billion 


23 May 2025 

Country of Issue:

10 Years 
Issue Date:
22 May 2015 
Sukuk Rating:
Moody's/Standard & Poor's/Fitch - Baa3/BB+/BBB- 

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