Indonesia sells 245bn rupiah of Islamic bonds, below target

JAKARTA: Indonesia's finance ministry sold 245 billion rupiah ($20.89 million) of Islamic bonds at an auction on Tuesday, below an indicative target of 1.5 trillion rupiah, the ministry's debt office said.

The yield for a six-year project-based sukuk was 8.23231 percent.

The 29-year project-based sukuk had a weighted average yield of 9.28958 percent, higher than 9.22171 percent from the previous sales.

Total bids for Tuesday's auction were 1.595 trillion rupiah, lower than the 1.963 trillion rupiah in the previous auction. The highest bid-to-cover ratio was 1.38 for the 29-year project-based sukuk.

There were no winning bids for six-month Islamic T-bills.