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 the second Regulation S, Rule 144A registered sovereign sukuk since Malaysia in 2002.
The deal was completed within 36 hours of its announcement on Wednesday, after a long preparation that included worldwide roadshows in late...
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