Islamic Finance

Indonesia sells 13 trillion rupiah of Islamic bonds, above target

| 09 January, 2018
Indonesia sells 13 trillion rupiah of Islamic bonds, above target
Photo: Customers are seen at a counter inside the Bank Indonesia complex in Jakarta, Indonesia. December 16, 2015. REUTERS/Darren Whiteside

JAKARTA - Indonesia's finance ministry sold 13 trillion rupiah ($967.41 million) ofIslamic bonds at an auction on Tuesday, above the indicative target of 8 trillion rupiah, its financing and risk management office said.

The weighted average yield for Islamic T-bills maturing in July 2018 was 4.42703 percent.

The project-based sukuk maturing in March 2020 had a weighted average yield of 5.56759 percent while those maturing in January 2022 had a weighted average yield of 5.90000 percent.

The weighted average yield for the project-based sukuk maturing in October 2025 was 6.31306 percent.

The weighted average yield for the project-based sukuk maturing in November 2031 was 6.96972 percent, lower than 7.37999 percent in the previous auction on Nov. 21.

The project-based sukuk maturing in February 2037 had a weighted average yield of 7.28711 percent.

Total incoming bids on Tuesday were 32.28 trillion rupiah, up from 15.67 trillion rupiah in the previous auction.

The highest bid-to-cover ratio was 7.05 for the project-based sukuk maturing in November 2031.

($1 = 13,438 rupiah)

(Reporting by Nilufar Rizki; Editing by Sherry Jacob-Phillips)

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