ST017 Sukuk Coupon Rate: 6.95% and 7.05% Announced

Indonesia has officially set the ST017 sukuk coupon rate at 6.95% per year for the 2-year tenor (ST017T2) and 7.05% per year for the 4-year tenor (ST017T4). The rates were announced by the Directorate General of Budget Financing and Risk Management (DJPPR) of the Ministry of Finance (Kemenkeu) on Thursday 5 November 2026, the day before the offering opened on Friday 6 November 2026. These are the minimum returns — the floor — for this retail Savings Sukuk, and they are the highest initial coupon rates for a Savings Sukuk since ST005 in August 2019.

The offering runs from 6 November to 2 December 2026, and investors can start with as little as Rp 1 million. ST017 is the last retail government security (SBN) in Indonesia’s 2026 issuance calendar.

Key Points

• ST017T2 (2 years): minimum coupon 6.95% per year; matures 10 November 2028; maximum order Rp 5 billion.
• ST017T4 (4 years): minimum coupon 7.05% per year; matures 10 November 2030; maximum order Rp 10 billion.
• Coupon type: floating with a floor — the rate can rise if the BI-Rate rises, but it never falls below the announced minimum.
• After tax: after the 10% final tax, the return works out to about 6.26% per year (T2) and 6.35% per year (T4), according to a Bareksa calculation.
• Offering period: 6 November – 2 December 2026; settlement on 9 December 2026; first coupon payment on 10 January 2027, then monthly.
• Minimum purchase: Rp 1 million and multiples; available through 33 distribution partners.
• Structure: sharia-compliant wakalah structure, with a DSN-MUI sharia-compliance statement; ST017 is non-tradable on the secondary market.

What Is the ST017 Sukuk Coupon Rate?

The official ST017 sukuk coupon rate is 6.95% per year for ST017T2 and 7.05% per year for ST017T4. These figures are the minimum return, or floor, announced by DJPPR / Kemenkeu on Thursday 5 November 2026. Because the coupon is floating with a floor, the actual return paid in later periods can be higher if the benchmark rate rises — but it cannot go below 6.95% for the 2-year tenor or 7.05% for the 4-year tenor.

This is also a record in recent years for a new Savings Sukuk: the last time an initial Savings Sukuk coupon was higher was ST005 in August 2019, which launched at 7.4%. By comparison, the previous series, ST016, launched with a floor of 6.05% for its 2-year tenor and 6.25% for its 4-year tenor.

How Does the Floating-with-Floor Rate Work?

The ST017 coupon is described as “floating with a floor” (floating dengan batas minimal). In plain language, that means two things:

1. There is a guaranteed minimum. The coupon starts at 6.95% per year for ST017T2 and 7.05% per year for ST017T4, and it will not fall below those levels for the life of the sukuk.
2. It can go up, but not down. The floor is set as the BI-Rate plus a fixed spread: BI-Rate 5.75% plus 120 basis points for the 2-year tenor and 130 basis points for the 4-year tenor. The spread stays fixed until maturity, and the rate is re-set every three months — on 11 February, 11 May, 11 August and 11 November. If the BI-Rate rises at a reset date, the coupon rises with it; if the BI-Rate falls, the coupon stays at the floor.

So an investor who buys ST017 knows the lowest return they will receive, while keeping the chance of a higher return if interest rates rise. Coupon payments are made monthly, starting on 10 January 2027.

When Does the ST017 Offering Open and Close?

The ST017 offering runs from 6 November to 2 December 2026. The sales result is scheduled to be determined on 7 December 2026 (tentative schedule), and settlement / issuance is set for 9 December 2026. The first coupon payment follows on 10 January 2027 (or the next business day), and then monthly after that.

Anyone considering ST017 should note the closing date carefully: the offering ends on 2 December 2026. Earlier speculation about a later closing date is not supported by the official announcement, and the 2 December date is the one confirmed by the DJPPR statement.

How Much Can You Invest in ST017?

The minimum purchase for ST017 is Rp 1 million, and further purchases are in multiples of Rp 1 million. The maximum order is Rp 5 billion for the 2-year tenor (ST017T2) and Rp 10 billion for the 4-year tenor (ST017T4).

ST017 is offered through 33 distribution partners, including banks, sharia banks, securities firms and fintech platforms. Because ST017 is a Savings Sukuk, it is non-tradable on the secondary market — it cannot be sold on to another investor the way some other government securities can. Early redemption of up to 50% is possible only in set windows; the exact windows and conditions are in the official prospectus, which readers should check before investing.

Is 6.75% or 6.85% the ST017 Rate?

No — 6.75% and 6.85% are not the ST017 rates. Those figures belong to SBR015, Indonesia’s conventional retail Savings Bond, which was offered from 28 September to 22 October 2026 with coupons of 6.75% for its 2-year tenor and 6.85% for its 4-year tenor. SBR015 raised Rp 17.01 trillion from 62,529 investors, according to the DJPPR press release of 27 October 2026.

The two products are easy to confuse because they were issued close together, but they are different instruments: SBR015 is a conventional bond, while ST017 is a sharia-compliant sukuk. The official ST017 rates are 6.95% (2 years) and 7.05% (4 years). Any earlier pre-announcement forecasts about the ST017 rate no longer apply — the official announcement of 5 November 2026 supersedes them.

What Makes ST017 Sharia-Compliant?

ST017 uses a wakalah structure, with State-Owned Property (BMN) and APBN 2026 projects as the underlying assets. The National Sharia Council of the Indonesian Ulema Council (DSN-MUI) has issued a sharia-compliance statement for the series.

For Muslim investors, the sharia structure is the key difference from a conventional savings bond: returns come from the wakalah arrangement over real underlying assets rather than from interest on a loan. Readers who want the full terms should read the official prospectus and the DSN-MUI statement through the official DJPPR / Kemenkeu channels before making any decision.

Why Does the ST017 Coupon Matter?

ST017 is the last retail government security in Indonesia’s 2026 issuance calendar, and its coupon is the highest initial Savings Sukuk coupon since 2019. For savers in Indonesia, it is one of the most closely watched retail investment announcements of the year, because the floor gives a known minimum return while the floating feature leaves room for higher payments if the BI-Rate rises.

This article is factual reporting of the official announcement only. It is not investment advice. Returns are not guaranteed beyond the announced floor and the terms of the prospectus, and readers should read the official prospectus and consider their own circumstances before investing.

Frequently Asked Questions

Sources / References: Kontan, Bareksa, Suara Garut, Lensahukum, Aktualita, Jawawa, BCA