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09 Jul | Tuesday
Indonesia raises 395 bln rph from sharia bonds, far below target

JAKARTA, July 9 (Reuters) - Indonesia raised 395 billion rupiah ($39.68 million) in sharia bonds at an auction on Tuesday, far below an indicative target of 1.5 trillion rupiah, the finance ministry's debt office said.

Yield for six-month sharia bond was nearly 70 basis points higher compared with the previous auction on June 25. The bid-to-cover ratio was 1.77 percent.

The G20 economy only sold 395 billion rupiah of six-month sharia T-bills and there were no winning bids for the rest of the offered sharia bonds.

Total incoming bids were 851 billion rupiah, well below the government target for the first time this year.

Southeast Asia's biggest economy aims to raise 72.9 trillion rupiah of conventional and sharia bonds in the third quarter to finance its budget deficit, estimated at 2.38 percent of gross domestic product. ($1 = 9,955 rupiah)

(Reporting by Nilufar Rizki; Editing by Randy Fabi and Richard Borsuk)

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