KONTAN.CO.ID - JAKARTA. PT Pemeringkat Efek Indonesia (Pefindo) reported that multifinance debt issuance has increased significantly. Pefindo Fixed Income Analyst Ahmad Nasrudin stated that multifinance debt issuance in the first quarter of 2026 reached IDR 11.90 trillion.

"The value increased by 42.7% compared to the achievement in the first quarter of 2025, which was IDR 8.34 trillion," he told Kontan on Tuesday (April 21).

Ahmad revealed that this represents a significant market share. Of the total corporate debt issuance of IDR 59.35 trillion in the first quarter of 2026, he said multifinance companies contributed around 20.1%.

The figure in the first quarter of 2026 also equated to 31.2% of the total multifinance issuance throughout 2025, which amounted to IDR 38.18 trillion.

"This indicates that multifinance companies entered the market quite early," he said.

Ahmad explained that this pattern makes sense because the multifinance sector's maturities in the first quarter of 2026 reached IDR 9.18 trillion. Therefore, he stated that issuance in the first quarter of 2026 already exceeded the required maturities for that quarter by approximately IDR 2.72 trillion.

Meanwhile, Ahmad projected that multifinance issuance is likely to remain active until the end of 2026, with refinancing needs still substantial.

He also stated that the total maturities of multifinance debt securities this year reached IDR 33.93 trillion. The largest burden will be in the third quarter of 2026 at IDR 13.68 trillion, followed by the second quarter of 2026 at IDR 7.01 trillion, and the fourth quarter of 2026 at IDR 4.05 trillion.

"This situation provides a strong reason for multifinance companies to remain in the market," Ahmad said.