Lombard loans in Indonesia.
Private credit against Indonesia-listed shares — pledged, not sold, with ownership retained.
A Lombard loan against Indonesia-listed shares is credit secured by a pledge of equity listed on the IDX. The holder pledges the shares as collateral, draws cash against a fraction of their market value, keeps beneficial ownership and dividends subject to structuring, and recovers the position in full on repayment. Known locally in some markets as “repo saham / gadai saham”, the instrument is the same: a loan secured by a pledge of listed shares.
- Lombard loans are arranged against shares listed on the IDX (IDX).
- The pledge is not a sale: ownership, dividends, and the upside stay with the holder.
- Loan-to-value is calibrated to the specific position, funded in IDR or cross-currency.
- Structured under the OJK regime, with disclosure from 5%.
Eligible collateral and venues
Lombard Financing arranges facilities against equity listed on the principal Indonesia venue: Indonesia Stock Exchange (Bursa Efek Indonesia) (IDX). Eligibility at the position level turns on the liquidity and free float of the specific line, its volatility, and the size of the holding relative to its typical traded volume — the same variables that drive the loan-to-value.
Regulator and disclosure
Shares listed in Indonesia are regulated by Otoritas Jasa Keuangan (OJK). Substantial-shareholding disclosure is triggered from 5%, and a pledge over a large line is structured with that reporting regime in view so that the transaction remains discreet and compliant. Where a holding sits near a control or takeover threshold, the structure is arranged to avoid disturbing the position.
Funding, custody, and structuring
Facilities are typically arranged for a tenor of twelve to thirty-six months, funded in IDR or in another currency on a cross-currency basis. Throughout the facility the pledged shares are held by a qualified custodian under bankruptcy-remote arrangements, so the security is clean and the holder’s ownership is preserved. Non-recourse, limited-recourse, and full-recourse structures are available, and the choice interacts with the loan-to-value and the pricing.
| Listing venue(s) | Indonesia Stock Exchange (Bursa Efek Indonesia) (IDX) |
|---|---|
| Regulator | Otoritas Jasa Keuangan (OJK) |
| Currency | IDR (cross-currency available) |
| Disclosure threshold | From 5% substantial-holding disclosure |
| Principal indices | Jakarta Composite Index (IHSG), LQ45, IDX30 |
| Indicative tenor | 12–36 months, renewable by agreement |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Considering a Lombard loan against a Indonesia-listed position?
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Disclosure and regulation
Indonesian-listed shares fall under Otoritas Jasa Keuangan (OJK), whose regulation POJK 60/2015 requires substantial-shareholder disclosure at 5% and on material changes thereafter. Locally a share-secured loan is often spoken of as repo saham or gadai saham, but the structure Lombard Financing arranges is a pledge with ownership retained. The market’s distinguishing feature is the foreign-ownership cap that applies in regulated sectors such as banking and mining: because those ceilings can constrain who may come to hold the shares on an enforcement, the facility is arranged with the applicable sector limit identified at the outset and the enforcement route planned around it.
An illustrative example
Consider a private holding of IDR 400 billion in an LQ45 constituent — typically a bank, a telecom, or a natural-resources name, the sectors that dominate the index. At an illustrative loan-to-value of 40% — within the disclosed 20–65% range, set conservatively for a mid-tier market — the facility releases roughly IDR 160 billion while the shares remain pledged and owned. Funding can be drawn in IDR or on a cross-currency basis. The holder keeps dividends and the upside; if the issuer sits in a capped sector, the enforcement route is settled before the loan is drawn.
Illustrative only — not an offer, a quotation, or a commitment to lend.