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SBR015 Launching Soon on Mirae Asset: Check Schedule, Coupon Rate, and Buying Guide
Sep 25, 2026 - Oct 22, 2026
The primary market offering for Indonesia’s Sovereign Retail Debt (SBN Ritel), SBR015, is launching soon through Mirae Asset Sekuritas Indonesia. During the offering period, clients can place subscription orders directly through Mirae Asset’s digital channels.
SBR015 (Savings Bond Ritel Series 015) is the latest IDR-denominated sovereign retail bond issued by the Ministry of Finance of the Republic of Indonesia (Kemenkeu) exclusively for Indonesian individual investors. This non-tradable instrument offers monthly coupon payouts with 2-year (SBR015T2) and 4-year (SBR015T4) tenors.
SBR015 Executive Summary
What is SBR015?
SBR015 is a conventional, IDR-denominated retail sovereign bond issued by the Indonesian government. By purchasing SBR015, retail investors directly lend capital to fund the Indonesian State Budget (APBN), earning monthly interest payouts (coupons) and 100% principal return at maturity.
Under Law No. 24 of 2002 on Sovereign Debt Securities (Surat Utang Negara), principal and coupon payments are fully guaranteed by the Republic of Indonesia and allocated annually in the State Budget.
SBR015 is available in two tenors:
- SBR015T2: 2-year maturity
- SBR015T4: 4-year maturity
SBR015 Offering Period & Key Dates
The indicative offering period runs from September 28 – October 22, 2026. Subscription orders must be submitted within this window and before the national quota allocated by the Ministry of Finance is fully filled.
How Does the SBR015 Coupon Work? (Floating with Floor)
SBR015 features a Floating with Floor coupon structure. The coupon rate is reviewed periodically based on Bank Indonesia's benchmark rate (BI-Rate) plus a fixed spread set by the government.
- Rate-Hike Protection: If Bank Indonesia increases the BI-Rate during the review period, the SBR015 coupon rate adjusts upward.
- Minimum Coupon Rate (Floor): If the BI-Rate decreases, the SBR015 coupon rate will not fall below 6.75% p.a. for SBR015T2 and 6.85% p.a. for SBR015T4.
SBR015 Coupon Rate = Max (BI-Rate + Fixed Spread, Minimum Coupon Rate)
Coupons are paid directly to the registered fund account (RDN) monthly. Coupon income is subject to a 10% final income tax (PPh Final), lower than the 20% final income tax on deposit interest.
Is SBR015 Tradable in the Secondary Market?
No. Savings Bond Ritel (SBR) instruments are strictly non-tradable. Unlike Indonesian Retail Treasury Bonds (ORI) or Retail Sukuk (SR), SBR015 cannot be bought or sold in the secondary market among investors.
Investors should commit funds that are not required for short-term liquidity. However, investors can access partial early liquidity prior to maturity through the government's official Early Redemption facility.
SBR015 Early Redemption Facility & Eligibility
Early Redemption allows investors to redeem a portion of their principal before maturity without early withdrawal penalties. This facility is a state-backed redemption option rather than a secondary market transaction.
Key parameters include:
- Holding Period: Minimum holding period of 12 months prior to redemption of eligibility.
- Minimum Order Threshold: Applies to purchase orders with a minimum value of IDR 2,000,000.
- Maximum Redemption Limit: Up to 50% of the transaction value per order.
- Redemption Window: Submissions can only be processed during designated submission windows set by Kemenkeu. Final dates and settlement terms follow the official SBR015 Information Memorandum.
Key Advantages of Investing in SBR015
1. 100% State Guaranteed: Principal and coupon obligations are backed by Indonesian state law and funded through the State Budget (APBN).
2. Monthly Cash Flow: Regular monthly coupon payments provide predictable passive income.
3. Inflation & Interest Rate Protection The Floating-with-Floor structure captures upside from BI-Rate hikes while safeguarding yields against rate cuts.
4. Dual Tenor Flexibility: Choose between 2-year and 4-year options based on your personal financial roadmap.
5. Early Liquidity Option: Access up to 50% of principal via the Early Redemption facility at the 12-month mark.
Investment Risks to Consider
While backed by the government, investors should understand the following risks:
- Liquidity Risk: SBR015 is non-tradable in the secondary market. Early exit before maturity is limited to the Early Redemption window (up to 50% max).
- Opportunity Risk: Interest rate adjustments follow set government review cycles rather than immediate daily market fluctuations.
- Inflation Risk: Macroeconomic inflation could affect the real purchasing power of future coupon yields and returned principal.
- Tenor Lock-in: Ensure your investment horizon aligns with the 2-year or 4-year maturity period.
Subscribing to SBR015 via Mirae Asset
Mirae Asset Sekuritas Indonesia serves as an official Sub-Distribution Partner (Sub-Mitra Distribusi/Sub-Midis) for SBN Ritel offerings.
What is a Sub-Distribution Partner?
Distribution Partners (Midis)—such as banks, securities firms, or fintech platforms—are officially appointed by Kemenkeu to market and sell retail sovereign debt. As a Sub-Midis, Mirae Asset collaborates with FUNDtastic (an official Midis) to expand access for retail investors. Orders placed through Mirae Asset are directly routed to Kemenkeu's electronic system (e-SBN).
Once issued and allocated, your SBR015 holdings will be displayed under the Portfolio menu in M-STOCK, HOTS, and NEO HOTS. This display serves for portfolio tracking only; secondary market Buy/Sell functions are disabled due to the instrument's non-tradable nature.
Primary Market Offering vs. M-STOCK Secondary Bond Trading
The SBR015 offering is a Primary Market transaction—meaning you purchase bonds directly from the Indonesian government during the specified offering period.
While M-STOCK also supports secondary market bond trading for tradable fixed-income products, SBR015 is strictly a primary market product and cannot be resold on the platform.
How to Buy SBR015 via Mirae Asset
Ready to lock in government-backed monthly passive income? Follow these simple steps to participate:
