Indonesia raises 461bn rupiah from Islamic bonds, well below target

JAKARTA: Indonesia's finance ministry sold 461 billion rupiah ($40.5 million) of Islamic bonds on Tuesday, well below an indicative target of 1.5 trillion rupiah, the ministry's debt office said.

The ministry sold 13-year, project-based sukuk with a weighted average yield of 8.75977 percent, higher than 8.73439 percent in the previous auction on March 11.

The yield for 29-year project-based sukuk was 9.04616 percent, up from 8.97979 percent.

The ministry failed to sell 6-month sukuk T-bill and 6-year project-based sukuk. Total bids were 3.362 trillion rupiah, higher than 2.76 trillion rupiah in the previous auction, with the highest bid-to-cover ratio 1.20 for 29-year project-based sukuk.