Swan.my.id - ORI024T3 reinvestment into SBR015 is an option investors can consider as the three-year retail government bond reaches maturity on October 15, 2026. The timing matters: SBR015 subscriptions remain open until October 22, giving investors a short window to decide what to do with their returned principal and accumulated coupons.
For an initial ORI024T3 investment of Rp100 million, net coupons total about Rp16.12 million over 35 payments. Add the principal, and the proceeds amount to approximately Rp116.12 million. A projection using Rp116 million for a new SBR015 investment points to higher monthly net coupons, although the two SBR015 options have different terms and restrictions.
What happens when ORI024T3 matures?
ORI024T3 pays a fixed coupon of 6.1% per year, with payments scheduled on the 15th of each month. After the 10% final income tax, its net annual yield is 5.49%. Investors who hold the bond to maturity receive their principal back from the government on October 15, 2026.
At an investment of Rp100 million, the net coupon is approximately Rp457,500 a month. Across 35 coupon payments, the investor receives about Rp16,118,190 in net coupons. Together with the original principal, that brings the total to roughly Rp116,118,190.
The reinvestment illustration uses Rp116 million, rounded to the nearest Rp1 million for the new order. That leaves Rp118,190 outside the SBR015 investment. The difference is important when comparing the projected SBR015 proceeds with the original ORI024T3 total.
How SBR015 compares with ORI024T3
SBR015 is available in two tenors: SBR015T2, with a two-year term, and SBR015T4, with a four-year term. Their minimum annual coupon rates are 6.75% and 6.85%, respectively, above ORI024T3’s fixed 6.1% rate. After 10% tax, those minimum net rates are 6.075% and 6.165%.
- SBR015T2: Minimum coupon of 6.75%, paid monthly on the 10th, with maturity on October 10, 2028.
- SBR015T4: Minimum coupon of 6.85%, paid monthly on the 10th, with maturity on October 10, 2030.
- ORI024T3: Fixed coupon of 6.1%, paid monthly on the 15th, with maturity on October 15, 2026.
Unlike ORI024T3, SBR015 cannot be traded on the secondary market. Investors may request early redemption of up to 50% of their investment, subject to the government’s designated schedule. The Ministry of Finance’s SBR015 information memoranda set out the terms for each series.
SBR015 coupons use a floating-with-floor structure. The rate resets every three months based on the BI Rate plus a fixed spread. If the BI Rate rises, the coupon can rise too; if it falls, the coupon cannot drop below the series’ stated minimum.
Reinvestment projections for Rp116 million
The following estimates use each SBR015 series’ minimum coupon, so they do not assume any rate increase. They also reflect the rounded Rp116 million investment rather than the full Rp116,118,190 received at ORI024T3 maturity.
- SBR015T2: Estimated net coupon of Rp587,250 per month. Estimated net coupons through maturity total Rp13,753,030, with approximately Rp129,753,030 due at maturity, including principal.
- SBR015T4: Estimated net coupon of Rp595,950 per month. Estimated net coupons through maturity total Rp28,257,948, with approximately Rp144,257,948 due at maturity, including principal.
For comparison, the original Rp100 million ORI024T3 investment produced about Rp16,118,190 in net coupons. Counting that amount alongside each SBR015 projection and the Rp118,190 not reinvested, the combined net result from the initial investment is approximately Rp29,871,220 for the T2 route or Rp44,376,138 for T4.
Those combined figures cover different overall time spans. The T2 path runs from the original ORI024T3 investment through SBR015T2’s maturity, while the T4 path extends through SBR015T4’s later maturity. The longer holding period helps explain why the T4 total is larger; it does not mean investors receive that amount over the same period as the T2 projection.
The higher projected monthly coupons also reflect two factors: the reinvested amount is larger than the original Rp100 million, and SBR015’s minimum rates exceed ORI024T3’s rate. These are estimates, not guaranteed coupon amounts beyond the applicable floor, because the floating rate may change.
Rate changes and the first coupon
For an illustration of how a rising BI Rate could affect payments, a rise from 5.75% to 6% would bring SBR015T2’s annual coupon to 7%. On Rp116 million, the estimated net monthly coupon would then be about Rp609,000, compared with Rp587,250 at its minimum rate.
The first SBR015 coupon is scheduled for December 10, 2026. It is a long coupon, covering 13 days after the October 28 settlement date as well as a full month. Therefore, the first payment will not follow the same timing as a regular one-month coupon.
Deadlines and liquidity to weigh
The subscription period closes on October 22, 2026, at 10:00 a.m. Western Indonesia Time. Settlement is scheduled for October 28. Investors whose ORI024T3 proceeds arrive on October 15 therefore have only about a week to place an order, and the money earns no SBR015 coupon before settlement.
Liquidity is another key difference. ORI024T3 can be sold on the secondary market, but SBR015 cannot. Early redemption may provide access to part of the investment, up to the permitted 50% limit, but investors should check the official schedule and eligibility terms before relying on that option.
Tenor should match the expected need for the money. SBR015T2 matures in 2028, while SBR015T4 matures in 2030. The longer option has a slightly higher minimum rate, but investors must be comfortable keeping the funds committed for longer.
How to place an SBR015 order
Once the maturity proceeds reach the registered account, investors can choose an available SBN retailer and select SBR015T2 or SBR015T4. Orders must be made in multiples of Rp1 million. After receiving a billing code, the investor must complete payment within three hours and before the subscription deadline.
Before placing an order, check the final offering terms, the payment deadline, the settlement date and the early-redemption rules. The projected amounts can help compare the two tenors, but the choice should also account for when the investor may need access to the funds. SBR015’s government backing does not remove the practical trade-off between its higher minimum coupon and its limited liquidity.
