Moya Indonesia Sukuk and Bond Sale Targets IDR 2 Trillion

JAKARTA — PT Moya Indonesia, the water utility business of Indonesia’s Salim Group, issued a combined bond and sukuk wakalah program worth up to IDR 2 trillion in 2026, with the bonds scheduled to list on the Indonesia Stock Exchange on July 15, 2026, according to Bisnis.com and IDNFinancials. The offering pairs a conventional bond with an Islamic sukuk wakalah, each carrying a maximum target of IDR 1 trillion.

Moya Indonesia raised up to IDR 2 trillion through simultaneous bond and sukuk wakalah issuances to fund water infrastructure, according to Bisnis.com. Sukuk proceeds capitalize subsidiary PT Moya Tangerang through a musyarakah partnership contract, while bond proceeds inject IDR 217.03 billion into PT Aetra Air Tangerang, per IDNFinancials and Pefindo.

A Dual Bond And Sukuk Wakalah Structure

The instruments were structured as two parallel offerings: Obligasi I (Bond I) Moya Indonesia Tahun 2026, with a maximum target of IDR 1 trillion, and Sukuk Wakalah I Moya Indonesia Tahun 2026, also capped at IDR 1 trillion, Bisnis.com and IDNFinancials reported. The sukuk wakalah isn’t a conventional bond; it is built on an agency, or wakalah, contract, in which the issuer appoints a wakil, or agent, to manage a pool of assets on investors’ behalf and pass the resulting profit through to certificate holders. That differs from a musyarakah, where the sukuk holders and the issuer share directly in the profit and loss of a joint venture. BCA Sekuritas, an underwriter of the offering, listed the initial offering period as June 19-24, 2026, in its Lembar Minat emission schedule.

Three Tranches, Returns Up To 9 Percent

The sukuk wakalah was offered in three series, with target equivalent returns of 8.50%, 8.75%, and 9.00% depending on tenor, according to Bisnis.com. That doesn’t mean the whole issuance was covered upfront: of the sukuk offering, IDR 156.2 billion had been guaranteed with full commitment at the time of reporting, while the remaining portion was offered on a best-effort basis, per Bisnis.com and IDNFinancials.

Pefindo Rates The Paper idAA-

Credit rating agency PT Pemeringkat Efek Indonesia (Pefindo) assigned idAA- (Double A Minus) to the Bond I and idAA-(sy) (Double A Minus Syariah) to the Sukuk Wakalah I, both capped at IDR 1 trillion, Pefindo said in 2026. The rating reflects Moya Indonesia’s strong economics tied to its service area, secured by long-term contracts with stable revenue visibility, along with strong operating management, according to Pefindo. The agency noted the company planned to use proceeds for investment and to refinance loans at the subsidiary level.

Musyarakah Capital For Two Water Utilities

Sukuk proceeds, after emission costs, are directed toward an equity investment in subsidiary PT Moya Tangerang through a musyarakah contract, with the capital deposit made simultaneously with proceeds from the bond issuance, according to IDNFinancials and Pefindo. The remaining bond proceeds, IDR 217.03 billion, were earmarked as an additional capital injection into subsidiary PT Aetra Air Tangerang (AAT), Pefindo reported. Funds received by PT Moya Tangerang replace previous funding sources for drinking water supply system projects that had been financed through loans from PT Bank Central Asia (BCA), per IDNFinancials.

Part Of A Broader Islamic Finance Push

The issuance adds Moya Indonesia to a list of Indonesian companies turning to Islamic finance to fund infrastructure projects in the world’s largest Muslim-majority economy. It also lands amid a broader shift in the Islamic capital market that The Halal Times has tracked, with sukuk issuance expanding even as growth in Gulf markets slows. By pairing a conventional bond with a sukuk wakalah in a single offering, Moya Indonesia is drawing on both conventional and Islamic investor pools rather than choosing one over the other.

What Comes Next

With the bonds set to list on the IDX, Moya Indonesia’s next disclosures are expected to show final sukuk subscription levels beyond the IDR 156.2 billion already committed, and how quickly PT Moya Tangerang and PT Aetra Air Tangerang draw down the funds for their water supply projects, based on terms reported by Bisnis.com, IDNFinancials, and BCA Sekuritas.

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