Wednesday, September 07, 2011

Indonesia plans sovereign sukuk, targets GCC

Indonesia is planning another dollar-denominated sukuk sale and there were a few interesting points highlighted by the Jakarta Globe.  The sukuk will be targeted at Middle Eastern investors, who accounted for 30% of the buyers in the last sale, which was heavily oversubscribed.  Rahmat Waluyanto, director general of the debt management office at the Ministry of Finance, told the Jakarta Globe, "We are targeting Middle East investors to buy our global [Islamic bonds] [...] Investors from other parts of Asia, Europe and the United States are also welcome."  The last sale was subscribed primarily (40%) by Asian investors, with Americans (19%) and Europeans (11%) making up the balance.  With the market turmoil, particularly in Europe, since the first one this sukuk could signal whether investors are continuing to pour money into emerging market sovereign sukuk.

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