BPI Danantara launched the Patriot Bond in June 2026, aiming to raise 50 trillion rupiah (US$2.8 billion). This private placement offering includes legal protections for investors, enabled by Article 50A of Law No. 4 of 2026.

Law No. 4 of 2026, which amended Indonesia's Financial Sector Development and Strengthening Law, came into force on June 17, 2026. Article 50A of this law grants legal protection to primary market investors in Patriot Bonds, ensuring that transaction records cannot be used for tax assessments or as court evidence. The finance minister stated that national financial authorities will not scrutinize the origin of funds invested in Patriot Bonds.

The Patriot Bond is structured into two tranches, each valued at 25 trillion rupiah. Series A has a five-year maturity, while Series B has a seven-year maturity. Both series carry a fixed annual coupon rate of 2%. The bond is distributed through a private placement mechanism targeting major domestic corporations and conglomerates. As an example, PT Hanjaya Mandala Sampoerna Tbk (HMSP) purchased 500 billion rupiah worth of Patriot Bonds, split evenly between Series A and Series B. The bond's coupon rate of 2% remains below Indonesia's benchmark interest rate, which ranges between 5.25% and 5.8%. Retail government bonds such as SR023 offer yields of approximately 5.8% to 5.95%.

The credit rating agency Moody's Investors Service stated that Danantara's centralized management of mega-projects, which occurs outside open-tender mechanisms, represents a form of policy de-institutionalization. For historical context, Indonesia implemented a Tax Amnesty program in 2016 where participants were required to disclose their assets in detail and pay redemption fees.