Govt. Revamps SBSN Buyback Framework: Four Transaction Methods Now Available Including Bookbuilding Transactions and Direct Buybacks

In 2013, the Minister of Finance (“Minister”) issued Regulation No. 75/PMK.08/2013 on Government Sharia Securities (Surat Berharga Syariah Negara – “SBSN”) Buybacks, which was subsequently amended by Regulation of the Minister No. 16/PMK.08/2015 (collectively referred to as “Regulation 75/2013”). As its title suggests, this framework featured a broad set of provisions that specifically addressed the various available mechanisms for SBSN buybacks, specifically auction and bilateral transactions. However, in an effort to make the management of SBSN more adaptive and responsive to the evolving domestic sharia finance marketplace, the Minister has now issued Regulation No. 59 of 2025 (“Regulation 59/2025”),  which came into force on 11 August 2025 and which has now simultaneously repealed and revoked the previous framework of Regulation 75/2013.[1]