Finance Ministry Proposed IDR 49.8 tn Indicative Budget for 2027

Finance Minister Purbaya Yudhi Sadewa proposed an indicative Finance Ministry budget of IDR 49.8 tn for FY27, unchanged from the FY26 post-efficiency allocation. The budget consists of IDR 39.3 tn in rupiah spending, IDR 102.2 bn from PNBP, and IDR 10.4 tn from BLU funds. The allocation is intended to support fiscal stability, public services, and economic transformation, while remaining aligned with the govt.'s efficiency agenda. Key priorities include support for 514 Sekolah Rakyat, 80k Village Cooperatives (KDMP), MBG, housing programs, renewable energy projects, anti-smuggling initiatives, and LPDP scholarships. (Bloomberg Technoz)

BCAS: PANI IJ – IDR 498bn Non-Preemptive Capital Increase

PT Pantai Indah Kapuk Dua Tbk (PANI) will issue 72.48mn new shares at IDR 6,875/share, raising ~IDR 498.3bn . This represents a slight premium (+0.4%) to PANI's last closing price of IDR 6,850 (14 Jun-26). Subscribers: PT Victoria Jaya Abadi and Providentia Wealth Management Ltd , both non-affiliated parties.

- Dilution: +0.4% (issued shares 18.12bn → 18.19bn)

- Use of proceeds: support subsidiaries PT Panorama Eka Tunggal & PT Karunia Utama Selaras

- Timeline: issuance 23 Jun-26 , listing 24 Jun-26 , results notification 25 Jun-26

Our take: Dilution is negligible, and this continues PANI's capital-raising program for its PIK2-linked development pipeline.

Niramas Utama (JELI) Planned IPO of Up to IDR 392 bn

Niramas Utama, the producer of Inaco products, plans to raise up to IDR 392 bn through its IPO by offering up to 350 mn shares, equivalent to 25.93% of enlarged capital, at a price range of IDR 900–1,120/sh. The co. is scheduled to list on the IDX on 7 Jul-26. Despite a 4.5% YoY decline in FY25 revenue to IDR 753.1 bn, JELI reported a 219.7% YoY increase in net profit to IDR 39.4 bn, supported by improved margins and lower financing costs. IPO proceeds will mainly be used for capex to support future growth. (Kontan)

Merdeka Gold Resources (MDKA) Said to Attract Glencore, Trafigura as Cornerstone Investors for HK Listing

MDKA is reportedly set to attract Glencore, Mercuria, and Trafigura as cornerstone investors in its planned Hong Kong listing, which could raise more than USD 300 mn. Investor order-taking may begin as early as this week, with the final deal size depending on gold price trends and market conditions. The participation of major global commodity traders could strengthen investor confidence and support demand for the offering amid cautious sentiment toward Indonesian equities. (Bloomberg)

Fixed Income Daily Notes 18 Jun 2026

Fixed Income Daily Notes 18 Jun 2026

Fixed Income

18 June 2026 - 08.48am

Fixed Income Daily Notes 18 Jun 2026

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Finance Ministry Proposed IDR 49.8 tn Indicative Budget for 2027