JAKARTA: Indonesia raised 12.5 trillion rupiah ($863.86 million) from an Islamic bond auction on Tuesday, higher than the indicative target, the finance ministry said in a statement.

The average weighted yields were below its comparable bonds in the previous auction on June 15. There were no winning bids for T-bills maturing in December 2021 and project-based sukuk maturing in March 2034.

Incoming bids amounted to 48.7 trillion rupiah, the highest for an Islamic bond auction this year.