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Indonesia’s $1 bln Sukuk success, Islamic banking assets boom

Posted on 17 November 2011

The Republic of Indonesia has priced a $1 billion seven-year Sukuk mandated to Citi, HSBC and Standard Chartered on the back of investor expectations that the country may shortly be moved up to ‘investment-grade’ status.
After guidance on 14 November around 4.25 per cent, the Ijarah Sukuk was priced at a profit rate of four per cent on 15 November. Indonesia (Ba1, stable – Moody’s; BB+, positive – Fitch Ratings/ Standard & Poor’s) is clearly benefiting from demand for Islamic instruments. After roadshows in October (notably in Abu Dhabi, Doha, Dubai and Saudi Arabia), some three quarters of the Sukuk had already been accounted for by orders from the Middle East, Malaysia and Indonesia when the issue was formally announced……………………………………..Full Article: Source

 
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