Indonesia eyeing March global sukuk issue
JAKARTA -The Indonesian government may raise as much as $2.5 billion in a global sukuk sale in March, Suminto Sastro Suwito, Director of Sovereign Sharia Securities, Ministry of Finance, told Salaam Gateway.
According to Suwito, the Ministry of Finance is still finalizing underwriters for the sukuk sale, a process it started in early January when it announced it had barred U.S. bank JPMorgan Chase & Co. The selection process could take up to two months. The offering circular detailing terms and conditions as well as the due diligence process will follow.
“We can’t say what the final indicative nominal price is as we are now just in the preparation phase. We’ll consider the amount the state budget needs, and market appetite on issuance day. We see the first quarter, especially March as the right window,” he said.
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