Commentary & Deal Flow

Yield set at: 5yr: 5.050% 10yr: 5.700%
IPTs: 5yr: 5.300%a 10yr: 5.950%a

• Issuer: Republic of Indonesia (The "Republic")
• Issuer Ratings: Baa2 (Negative) (Moody's) / BBB (Stable) (S&P) / BBB (Negative) (Fitch)
• Expected Issue Ratings: Baa2 (Moody's) / BBB (S&P) / BBB (Fitch)
• Issue: US$ Senior Unsecured, Fixed Rate Notes Issued Off SEC Shelf (The "Bonds")
• Format: SEC Registered
• Settlement Date: 29-May-26 (T+5)
• Maturity Date:
• • 5yr: 29-May-31
  • 10yr: 29-May-36
• Tenor:
• • 5yr: 5-Year
  • 10yr: 10-Year
• Par Call:
• • 5yr: 1-Month
  • 10yr: 3-Months
• Final Price Guidance:
• • 5yr: 5.050% (The #)
  • 10yr: 5.700% (The #)
• Issue Size:
• • 5yr: US$ Benchmark
  • 10yr: US$ Benchmark
• Coupon: Fixed, Semi-Annual, 30/360
• Other Terms: US$200k/1k Denominations, New York Law
• Listing: SGX-ST and Frankfurt Stock Exchange
• Use of Proceeds: The Republic intends to use the net proceeds from the sale of the Bonds for the general purposes of the Republic.
• Target Market: Manufacturer Target Market (Mifid II Product Governance and UK Mifir Product Governance) is Eligible Counterparties and Professional Clients Only (All Distribution Channels). No Priips Kid.
• Concurrent Offering: Eur Tranches May Follow at London Open, Subject to Market Conditions.
• Clearing: DTC
• Reference UST:
• • 5yr: T 3 7/8 30-Apr-31 (CT5)
  • 10yr: T 4 3/8 15-May-36 (CT10)
• EMBI Eligibility: Expected to be EMBI eligible
• Joint Lead Managers: BofA Securities (B&D), Deutsche Bank, IMI-Intesa Sanpaolo, Mandiri Sekuritas, Standard Chartered Bank
• Domestic Dealers: PT BNI Sekuritas, PT BRI Danareksa Sekuritas and PT Trimegah Sekuritas Indonesia Tbk
• Timing: Asia subject, Global books subject 09:30am NYT; Today's business, during NY hours