JAKARTA: Indonesia's finance ministry sold 6.95 trillion rupiah ($529.00 million) of Islamic bonds at an auction, above the indicative target of 4 trillion rupiah, its financing and risk management office said on Tuesday.

The weighted average yield of the six-month Islamic t-bill was 5.79286 percent, lower than 5.84531 percent at the last sale on Feb. 23.

The project-based sukuk maturing in January 2018 had a weighted average yield of 7.82000 percent, lower than the previous figure of 7.97692 percent.

The weighted average yield at Tuesday's auction for the project-based sukuk maturing in September 2020 was 8.03440 percent, lower than the 8.23811 percent yields on Feb. 23.

The project-based sukuk maturing in November 2031 had a weighted average yield of 8.57129 percent, lower than the previous auction's 8.77999 percent.

The project-based sukuk maturing in August 2023 had a weighted average yield of 8.32621 percent

Total incoming bids on Tuesday were 11.33 trillion rupiah, higher than 9.85 trillion rupiah at the previous auction.

The highest bid-to-cover ratio was 2.33 for the six-month Islamic t-bill.

The ministry raised 31.5 trillion rupiah in retail Islamic bonds on Mar. 7, the largest issuance of its kind since the government started selling in 2009.

Copyright Reuters, 2016