Indonesia issues maiden $650 million sukuk

Indonesia reopens the sovereign sukuk market with a five-year deal that diversifies the country's investor base.

Indonesia issued its debut sukuk deal late last week, pricing a $650 million five-year deal early Friday morning Hong Kong time. The issue reopens a market that has been closed since Bahrain sold a $350 million sukuk in March 2008. 

It was a notable transaction in several ways. It was the largest sukuk, or Islamic bond, since Dubai Ports in June 2007 the first from a country outside the Gulf Cooperation Council GCC since Pakistan in 2005 and only...

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