Indonesia concludes funding needs with $1.5 billion sukuk

The sovereign launches sukuk amid challenging conditions and pays the highest coupon since 2009.

The Republic of Indonesia closed a $1.5 billion sukuk on Wednesday morning, the largest single-tranche sukuk from an Asian sovereign borrower, and paid the highest coupon since 2009, according to Dealogic.

Indonesia, once a darling among investors, has seen foreign investors pull out of its bond markets. Like India, the country has been hard hit by the sell-off in emerging markets. The country is battling a current account deficit that widened to 4.4% of its...

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