March 17, 2026 | 03:08 pm
TEMPO.CO, Jakarta - As the offering period for Retail Government Bonds series ORI029 approached its close on Thursday, February 19, 2026, Muhammad Malik remained calm. Unlike his usual swift moves to snap up retail government securities (SBN) whenever the government opens sales, this time the 32-year-old man chose not to take part.
The Jakarta-based private employee actually considered buying ORI029. But the coupon rates offered by the government—5.45 percent per year for the three-year product and 5.80 percent per year for the six-year tenor—failed to attract him. Malik ultimately shelved his plan as the offering deadline approached. "In the past, if you wanted to buy SBN you had to move fast because the quota ran out fast," he told Tempo on Monday, March 9, 2026. Now, he added, even as the closing date nears, plenty of allotment remains.
Malik has collected this investment instrument for the past six years. He likes retail SBN because the returns are relatively competitive while the risks remain fairly small. "It feels safe because it is guaranteed by the government, so the risk of default is very low," he said.
But this time he chose to divert funds that he had initially prepared for SBN purchases into other instruments. Some went into precious metals, or gold, while another portion flowed into the stock market, where prices are currently low. "Gold is doing well now, especially with geopolitical tensions. Stocks too, many blue chips have fallen," he said.
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