ST009, a sharia-compliant savings Sukuk or state bond, will begin its offering period from 11-30 November 2022 and can be purchased on the Moduit platform. ST009 is the last bond issued by the state in 2022.

SBSN (State Sharia Securities) or state Sukuk are bonds issued based on sharia principles as evidence of the share of participation in SBSN assets. The investment funds of SBSN investors are recorded as a statement of ownership in a state asset. The issuance of SBSN or state Sukuk is also based on a fatwa from the DSN-MUI (National Sharia Council - Indonesian Ulema Council) and is declared halal.

The minimum purchase of ST009 is IDR 1 million and multiples thereof, while the maximum purchase per investor is IDR 3 billion. Usually, the tenor of savings Sukuk is two years. ST009 is an investment product suitable for novice investors and investors with a low-risk profile. Because this series of bonds has a relatively short tenor and is guaranteed by the government, ST009 is suitable for conservative investors.

Unlike the SR and ORI series, the ST009 is non-tradeable or cannot be traded on the secondary market.

However, there is an early redemption facility available. With that, investors can sell back part of their own before maturity. Usually, this is enforced after tenor runs of 1 year. The requirement for early redemption is a minimum initial purchase of IDR 2 million; the disbursed value can only be 50% of the initial investment amount.

In return, the ST009 coupon floats with a minimum or floating-with-floor. Usually, it refers to the BI 7-Day Reverse Repo Rate (BI7DRR). The BI 7-Day Reverse Repo Rate is the reference interest rate of Bank Indonesia which is used as a benchmark for setting deposit and loan interest rates. In the ST009 coupon calculation, the floor definition is the same as the benchmark interest rate (BI7DRR). In the ST coupon mechanism, there is a spread or difference between the floor and the total coupons received by investors. The number of coupons received is the minimum limit (BI7DRR) + spread. Every three months, the BI 7-Day Reverse Repo Rate adjusts the amount of the ST009 reward.

With a floor, no matter how the BI rate moves, the ST009 reward cannot fall below this minimum limit. In other words, the ST009 reward can go up but can't fall lower than the minimum limit.

Simulation example Assuming BI7DRR at 4.75% and spread at 1.5%, the minimum rate of return that investors will receive is 6.25% p. a. If, after three months from the launch of ST009 BI7DRR, it rises to 5%. The yield will increase to 6.5% p.a. with the calculation of 5% (BI7DRR) + 1.5% (spread) = 6.5%. However, if after three months of launch, there is a decline in BI7DRR, the yield will remain at 6.25% p.a. because this is a minimum reward limit (floor).

Investors who want to invest in ST009 can directly open the Moduit application and register for a bonds account for those who have never transacted before. There is a cashback promo of up to IDR 50,000 for those who register an SBN account until November 11, 2022. Of course, there will be an attractive cashback promo from Moduit if investors later purchase ST009 through Moduit.

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