The Republic of Indonesia has hired arrangers for an upcoming U.S. dollar-denominated sukuk, according to three people familiar with the sovereign’s plans.
Among the arrangers are Dubai Islamic Bank, HSBC, Standard Chartered, and Bank Mandiri, said two of the people.
Representatives from DIB, HSBC, Standard Chartered and Bank Mandiri did not respond to our request for comment.
The sovereign is looking to sell the Shariah-compliant debt towards the end of January or the beginning of February depending on market conditions, the sources added.
Indonesia’s ministry of finance would not confirm the details with Salaam Gateway.
The ministry of finance’s director of Islamic finance, Dwi Irianti, earlier told Salaam Gateway the government plans to issue a wakalah global sukuk in the first half of this year.
The sukuk will follow the $3 billion and €1 billion conventional bonds that the sovereign issued on January 5.
In June 2020, Indonesia printed a $2.5 billion wakalah global paper in three tranches. The five-year paper of $750 million was sold as a green sukuk, and the other two tranches consisted of a 10-year tenor of $1 billion, and a 30-year maturity of $750 million.
(Reporting by Hassan Jivraj; Additional reporting by Yosi Winosa; Editing by Emmy Abdul Alim firstname.lastname@example.org)
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