KONTAN.CO.ID - JAKARTA. Corporate debt issuance recorded an all-time high in 2025. Amid this surge, the multifinance sector once again emerged as a major contributor to the bond market.

Suhindarto, Chief Economist at PT Pemeringkat Efek Indonesia (Pefindo), stated that total corporate debt issuance throughout 2025 reached IDR 284.3 trillion, representing an 89.87% increase compared to IDR 149.7 trillion in 2024.

Sector-wise, multifinance companies ranked third as the largest issuer after holding companies and banks. Pefindo-rated multifinance issuance reached IDR 23.7 trillion throughout 2025.

"The multifinance industry ranked fourth, with a total of IDR 23.7 trillion throughout 2025, and non-multifinance financing was approximately the same as multifinance itself," Suhindarto said at a Pefindo press conference on Wednesday (February 11, 2026).

He explained that the decline in yields in the corporate debt market occurred more rapidly than the adjustment in bank lending rates. This situation has forced issuers, including multifinance companies, to capitalize on the momentum to obtain funding with lower coupons while extending tenors.

"With more competitive funding costs in the bond market compared to banking, multifinance players tend to secure longer-term funding," he explained.

In general, 5-year tenors dominated issuance, accounting for 34.36% of total issuance. Meanwhile, 3-year and 1-year tenors contributed 28.64% and 22%, respectively. In fact, the previously less popular 7-year tenor increased to 12.6%.

In terms of ratings, AAA-rated debt securities dominated, accounting for 58% of total issuance. Conversely, triple B-rated issuances experienced a year-on-year decline as investors preferred instruments with higher credit quality.

For 2026, Pefindo projects corporate debt issuance to range from IDR 154 trillion to IDR 196.86 trillion, with a midpoint of IDR 175.77 trillion. The continued high need for refinancing, including debt maturing at approximately IDR 162.72 trillion this year, is one of the driving factors.

As of the end of January 2026, Pefindo had received mandates from 43 companies with a total issuance plan of IDR 71.35 trillion. Of this figure, the multifinance sector has the largest issuance plan, with seven companies planning an indicative value of IDR 17.65 trillion.