Indonesian Capital Market Outlook 2026: Growth in Investors and Corporate Bonds

Investor Growth Prospects

The Indonesia Stock Exchange (BEI) is targeting a significant milestone in 2026 with the addition of 2 million new investors, bringing the total to 22.32 million single investor identifications (SID) ¹

. This growth projection is considered realistic given the current trajectory - as of December 2025, the number of SID reached 20.32 million, representing a 37% increase from 14.87 million at the end of 2024 ¹

Source 1

https://investasi.kontan.co.id/news/target-penambahan-investor-dan-nilai-transaksi-bei-tahun-2026-dinilai-realistis

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Ike Widiawati, Head of Retail Research at Sinarmas Sekuritas, supports this optimistic outlook, citing digitalization and easier access to information as key drivers. The rapid growth in investor numbers demonstrates the increasing popularity of capital market participation among Indonesian investors.

Corporate Bond Market Dynamics

The corporate bond market is expected to remain robust in 2026, driven by substantial refinancing needs amounting to Rp156.9 trillion ²

. According to data from Penilaian Harga Efek Indonesia (PHEI) as of January 2, 2026, the maturing corporate bonds are concentrated in the second half of 2026, with Rp26.16 trillion in Q1, Rp26.71 trillion in Q2, Rp61.24 trillion in Q3, and Rp42.79 trillion in Q4 ²

Source 2

https://investasi.kontan.co.id/news/obligasi-korporasi-masih-prospektif-di-2026-ditopang-refinancing-dan-bunga-rendah

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Ahmad Nasrudin, Fixed Income Analyst at Pefindo, projects that corporate bond issuances will remain strong, estimating total issuances between Rp154 trillion to Rp196.86 trillion in 2026 ²

. The low-interest-rate environment is providing favorable conditions for corporations to tap the bond market for their funding needs.

Market Implications

The combination of growing investor participation and active corporate bond market is expected to create a positive feedback loop in Indonesia's capital markets. The increasing investor base will provide more demand for corporate bonds, while the low-interest-rate environment will make these instruments more attractive.