Indonesia sells 4.06 trillion rupiah of Islamic bonds

Indonesia's finance ministry sold 4.055 trillion rupiah ($291.83 million) of Islamic bonds at an auction, slightly 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 6.83594 percent, lower than 7.25605 percent on January 12.
The project-based sukuk maturing in January 2018 had a weighted average yield of 8.44990 percent, lower than 8.66324 percent. The weighted average yields at Tuesday's auction for the project-based sukuk maturing in September 2020 and August 2023 were 8.53996 percent and 8.83990 percent respectively, lower than the 8.85345 percent and 9.07321 percent yields at the last sales on January 12. The project-based sukuk maturing in November 2031 had a weighted average yield of 9.03693 percent. Total incoming bids on Tuesday were 13.65 trillion rupiah, almost double the previous auction's 7.94 trillion rupiah. The highest bid-to-cover ratio was 4.30 for the six-month Islamic t-bill.