ISEAS Perspective: Danantara’s Patriot Bond and the Unchanged Role of Chinese-Indonesian Conglomerates

Exterior facade of the building housing Indonesia’s sovereign wealth fund, Daya Anagata Nusantara or Danantara, in Jakarta, which Indonesian President Prabowo Subianto launched in February 2025 | Photo taken on February 24, 2025, by Bay ISMOYO/AFP.

In this report published by NYSEAN Partner ISEAS – Yusof Ishak Institute, Leo Suryadinata and Siwage Dharma Negara assert that the Patriot Bond issued by Danantara shows that Indonesia’s economic nationalism under Prabowo is a repackaging of long-standing state–business ties using new financial instruments.

Leo Suryadinata is Visiting Senior Fellow at ISEAS – Yusof Ishak Institute and Professor (Adj.) at S. Rajaratnam School of International Studies at NTU. He was formerly Director of the Chinese Heritage Centre, NTU.

Siwage Dharma Negara is Senior Fellow and Co-coordinator of the Indonesia Studies Programme, and Coordinator of the APEC Study Centre, ISEAS – Yusof Ishak Institute.