Indonesia sells 1.025 trillion rupiah of Islamic bonds, below target

JAKARTA: Indonesia's finance ministry sold 1.025 trillion rupiah ($87.2 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 six-year project-based sukuk had a weighted average yield of 8.25000 percent, lower than 8.26982 percent on sales in the last week of August.

The weighted average yield for the six-month Islamic T-bill was 6.79990 percent, lower than the last auction of 6.88086 percent on Aug. 26.

Total bids for Tuesday's auction were 3.999 trillion rupiah, lower than 4.109 trillion rupiah at the previous auction.

The highest bid-to-cover ratio was 4.7 for a six-month Islamic T-bill.

There were no winning bids for the 29-year project-based sukuk.