Islamic Finance

Indonesia sells 4.1 trillion rupiah of Islamic bonds, above target

| 15 May, 2018
Indonesia sells 4.1 trillion rupiah of Islamic bonds, above target
Indonesia's finance ministry sold 4.1 trillion rupiah ($292.19 million) of Islamic bonds at an auction on Tuesday, slightly above the indicative target of 4 trillion rupiah, its financing and risk management office said.
Indonesian rupiah banknotes are counted at a money changer in Jakarta, Indonesia, May 9, 2018. REUTERS/Willy Kurniawan

MAY 15, 2018 | 5:17AM EDT | JAKARTA

Indonesia's finance ministry sold 4.1 trillion rupiah ($292.19 million) of Islamic bonds at an auction on Tuesday, slightly above the indicative target of 4 trillion rupiah, its financing and risk management office said.

The weighted average yield for Islamic T-bills maturing in November 2018 was 4.62500 percent, higher than the 4.40385 percent at the previous auction on May 2.

The project-based sukuk maturing in March 2020 had a weighted average yield of 6.44518 percent, up from 6.21235 percent in the previous auction.

The sukuk maturing in January 2022 had a weighted average yield of 6.85508 percent, higher than the last auction's 6.59260 percent.

The project-based sukuk maturing in November 2031 had a weighted average yield of 7.77764 percent while that maturing in February 2037 had a weighted average yield of 7.98905 percent.

There were no winning bids for the project-based sukuk maturing in October 2025.

Total incoming bids on Tuesday were about 9.2 trillion rupiah, up from 5.53 trillion rupiah in the previous auction.

The highest bid-to-cover ratio was 8.34 for the Islamic T-bills maturing in November 2018.

($1 = 14,032 rupiah)

(Reporting by Nilufar Rizki; Editing by Sunil Nair)

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