ORI, SBR, Sukuk Ritel: Same Government Borrower, Three Different Coupon Rules. Here's How to Read Them
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6 min read
Two government bonds were offered in 2026. One pays 6.90% a year. The other pays 6.75% a year. Which one is better?
You cannot tell from those two numbers. One coupon is fixed and never changes. The other can go up later and will not go down. That difference matters more than the headline rate.
This post explains ORI vs SBR: how the coupon rules work, what each does when the BI-Rate moves, and what a Rp100 million example looks like. A coupon is the interest the government pays you. The BI-Rate is the main interest rate set by Bank Indonesia, the central bank.
ORI, SBR and Sukuk Ritel are all SBN ritel. SBN (Surat Berharga Negara) means government securities. "Ritel" means they are made for ordinary people, with a minimum purchase of Rp1 million.
The borrower is the same: the Indonesian government. What changes is the rule for the coupon and the rule for getting out early.
| ORI | SBR | Sukuk Ritel (SR) | |
|---|---|---|---|
| Coupon type | Fixed | Floating with floor | Fixed |
| Can it be sold on the market? | Yes, after a minimum holding period | No | Yes, after a minimum holding period |
| Early exit | Sell on the secondary market | Early redemption, with limits | Sell on the secondary market |
| Coupon paid | Monthly | Monthly | Monthly |
Sukuk Ritel works like ORI in shape, but it follows sharia rules, so the payment is called imbalan rather than a coupon. We use "coupon" below to keep things simple.
A fixed coupon is set on day one and stays the same until the bond ends.
ORI030, offered in July 2026, set 6.90% for the 3 year bond and 7.00% for the 6 year bond (Bareksa, ORI030 summary). Those rates will not change, whatever BI does.
That is good if rates fall after you buy. You keep your higher coupon.
It is less good if rates rise. Look at ORI029, offered in January 2026. It set 5.45% for 3 years and 5.80% for 6 years (Kontan, ORI029). Since then the BI-Rate has risen to 5.75%, and the newer ORI030 pays more. A holder of ORI029 stays at 5.45% or 5.80%.
SBR (Savings Bond Ritel) uses a different idea. Its coupon is the BI-Rate plus a fixed gap, called a spread. The coupon is reviewed every three months.
There is also a floor. This is the lowest coupon you can ever get. The first coupon becomes the floor.
SBR015 is open from 28 September to 22 October 2026. It has two tenors. SBR015T2 (2 years) pays 6.75% and SBR015T4 (4 years) pays 6.85%. With the BI-Rate at 5.75%, that is a spread of 100 basis points for T2 and 110 for T4 (Bareksa, SBR015 coupon). One basis point is 0.01%, so 100 basis points is 1 percentage point.
In plain words, the coupon moves like this:
SBR014 shows it in real life. Its coupon stayed at the floor for three review periods because the BI-Rate was 4.75%. In August 2026, after the BI-Rate reached 5.75%, SBR014T2 rose to 6.5% and SBR014T4 to 6.6% (Bareksa, SBR015 schedule and SBR014 history).
Say you put Rp100 million in. Here are the yearly numbers at each starting coupon. The government takes a final income tax of 10% on the coupon (DDTC). The monthly figure is the yearly figure divided by 12.
| Bond (starting coupon) | Gross per year | After 10% tax per year | After tax per month |
|---|---|---|---|
| ORI030T3, 6.90% | Rp6.900.000 | Rp6.210.000 | Rp517.500 |
| SBR015T2, 6.75% | Rp6.750.000 | Rp6.075.000 | Rp506.250 |
These are NetWort's own calculations from the stated coupons. They assume you hold to the end and the coupon does not change.
Now ask "what if" about the BI-Rate. Use SBR015T2, where the coupon is BI-Rate plus 1.00 point, with a floor of 6.75%.
| BI-Rate later | Formula result | SBR015T2 coupon | ORI030T3 coupon |
|---|---|---|---|
| 5.00% | 6.00% | 6.75% (floor) | 6.90% |
| 5.75% (today) | 6.75% | 6.75% | 6.90% |
| 6.50% | 7.50% | 7.50% | 6.90% |
If the BI-Rate falls, SBR015T2 stays at its floor. If it climbs past 5.90%, the floating coupon beats the fixed 6.90% on paper. This table is an illustration, not a forecast. Nobody knows where the BI-Rate will go.
This is where the two differ most.
ORI and Sukuk Ritel are tradable. After a minimum holding period, you can sell them on the secondary market. Their price moves with market yields. If yields rose since you bought, the price can be lower than what you paid. So selling early can lose money.
SBR is not tradable. You cannot sell it to another investor. Instead there is early redemption. As reported for SBR015, you need at least Rp2 million held, you can cash out at most 50% of your holding, and you must have held it for at least 12 months (Bareksa, how SBR015 works). Check the official terms before you rely on these.
Use these four questions to read any new offer.
Then compare against a bank deposit. Search summaries of tax guides say deposit interest is taxed at 20%, double the 10% on SBN coupons. Confirm this with your bank.
The BI-Rate is the number that moves a floating coupon. Open the NetWort macro page and look at the BI-Rate line next to Indonesia's government bond yield. Then run the table above with your own what-if rate.