IDX, BRIDS, IIX Support Indonesia's IDR 7,800 Trillion Thematic Bond Market Potential

Jakarta, August 13, 2026 – Indonesia boasts one of the largest local currency bond markets in Southeast Asia, with outstanding securities valued at approximately IDR 7,800 trillion (equivalent to USD 480 billion). The Government of Indonesia has also demonstrated global leadership in sustainable finance, including as the world's largest issuer of green sukuk, an innovative financing instrument that has since been replicated by a number of other emerging markets. Government securities currently account for more than 90% of the domestic bond market, reflecting the central role of government bonds while also providing a strong foundation for the future development of sustainable finance.

Against this backdrop, Indonesia has reached a new milestone by becoming the country with the world's largest Orange Bond issuance commitment, as well as the first country to issue an Orange Sukuk. Notably, this achievement was driven by the corporate sector. While thematic bond issuance in Indonesia has historically been dominated by the government, this transaction marks a growing role for corporates in advancing sustainable finance, opening up complementary avenues for market growth.

In line with this momentum, Indonesia is also targeting the mobilization of USD 10 billion in Orange Capital by 2030, as agreed together with the Ministry of National Development Planning/National Development Planning Agency (Bappenas). This funding is intended to empower 100 million women, girls, and gender minorities, particularly in support of gender-responsive climate action and sustainable development.

To build on this momentum, PT Bursa Efek Indonesia (IDX), Impact Investment Exchange (IIX), and PT BRI Danareksa Sekuritas (BRIDS) held the Indonesia Thematic Bonds Roundtable, themed "Indonesia's Trillion-Rupiah Opportunity: Advancing an Inclusive and Resilient Economy through Thematic Bonds."

The forum brought together prospective bond issuers and capital market participants to discuss developments in Indonesia's thematic bond market, including the pre- and post-issuance frameworks applied by issuers, with the Orange Bond serving as the primary case study. The forum also shared lessons learned and best practices from various thematic bond issuances, while charting concrete next steps to expand the pipeline of impact-linked bond transactions in Indonesia.

Listyorini Dian Pratiwi, Deputy Director of Listed Company Development at the Indonesia Stock Exchange (IDX), said, "This momentum gives us confidence that the target of raising more than IDR 200 trillion through sustainable debt instruments by 2030, as set out in the Sustainable Finance Roadmap, is within reach. Fundraising through sustainable debt instruments has continued to trend upward, contributing more than 10% of our total debt instrument fundraising value since 2023. The issuance of Orange Bonds and Orange Sukuk by PNM last year, a groundbreaking transaction, also demonstrated clear market demand in Indonesia for gender-focused investment opportunities. As our investor base continues to grow, we are confident that the Indonesian market can absorb a greater supply of innovative sustainable debt instruments at a larger scale going forward."

Prof. Shahnaz, CEO and Founder of Impact Investment Exchange (IIX), said, "For more than two decades, IIX has built capital market infrastructure that channels private investment to advance gender equality and climate resilience. Indonesia has long been a priority market for us, given the scale of its capital market and its ambition in developing sustainable finance. Indonesia's inaugural Orange Bond issuance, driven by the corporate sector, demonstrates that thematic capital can move beyond government balance sheets and into the market mainstream. As Indonesia works to mobilize USD 10 billion in Orange Capital by 2030, we continue to work alongside our ecosystem partners, including IDX, BRIDS, and the issuers, investors, and regulators who shape this market, to advance our mission of building an inclusive and resilient economy through capital markets that deliver benefits for all. This roundtable represents exactly the kind of collaboration needed to make that happen."

Fifi Virgantria, Acting President Director of PT BRI Danareksa Sekuritas (BRIDS), said, "Thematic bonds open up significant opportunities to connect corporate funding needs with growing investor appetite for sustainable investments. As a Joint Lead Underwriter (JLU) that has led a number of Orange Bond and Orange Sukuk issuances, including for PNM and FIF, BRIDS has seen firsthand the scale of this market's potential. Through our collaboration with IDX and IIX, we hope more companies will embrace thematic bonds as an alternative source of funding, while accelerating the formation of a robust pipeline of thematic bond issuers in Indonesia."

The roundtable featured a keynote presentation by the Indonesia Stock Exchange, an introductory session on Orange Bonds and their market opportunities led by IIX, and a talk show on Indonesia's first Orange Bond issuance featuring BRI Danareksa Sekuritas, IIX, and PT Permodalan Nasional Madani (PNM). The event concluded with a question-and-answer session and networking.

The Indonesia Thematic Bonds Roundtable is expected to serve as an early step toward expanding corporate sector participation in the thematic bond market, while supporting the national target of mobilizing USD 10 billion in Orange Capital by 2030 — in keeping with Indonesia's position as Southeast Asia's largest economy and one of its most advanced capital markets.

For more information on Orange Capital and the Orange Bond framework, please visit https://orangemovement.global/.