Indonesia's finance ministry said on Monday it has appointed three of the biggest local securities firms to sell the country's first rupiah-denominated Islamic bonds. PT Mandiri Sekuritas, PT Trimegah Securities Tbk, and PT Danareksa Sekuritas were appointed selling agents, the ministry said in a statement on its Web site, www.dmo.or.id.
While law firm Marsinih Martoatmojo Iskandar Kusdiharjo was appointed legal consultant. The rupiah-denominated Islamic bond, or Sukuk, may be issued in two tranches, a senior official at the finance ministry said. "There is a possibility that it will be issued in dual tranches, in seven-year and 10-year maturities," Dahlan Siamat, a director in charge of Islamic financing at the finance ministry, told reporters late on Friday.
"The consequence for that will be on the price, for the 10-year (tranche) investors might demand a higher coupon." Indonesia, which has the world's largest Muslim population, also plans to sell dollar-denominated Sukuk in November.