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July 19, 2008

Indonesia: Govt delays plan to issue global sharia bonds
The Indonesian government has postponed a plan to issue global sharia bonds to November from October this year, state news agency Antara quoted a finance ministry official as saying.

"We originally planned to issue the bonds late October 2008 but after we drew up a time table the bond issuance must be postponed to the first or second week of November 2008," Rahmat Waluyanto, Director General of Debt Management at the Finance Ministry was quoted as saying Friday.

As the post-fasting month festivities this year would fall in October the Middle Eastern market for global bonds would likely not be active so that it would not be effective to issue the bonds in that month, he said.

In addition, the World Bank and Asian ministers would convene a meeting in Dubai in October in which Indonesian officials must participate, he said.

"As the active time in September 2008 is very limited, we decided to postpone it until November 2008," he said.

The government originally planned to issue global sharia bonds in October after it issues domestic sharia bonds late August.

"The global sharia bonds will particularly target the Middle Eastern market," Rahmat said. He said the government would invite international banks of good reputation to help issue the global sharia bonds.

"We will involve local banks particularly to learn how to make international deals and links," he said. He said the time table for the issuance of domestic sharia bonds meanwhile remained unchaged.

"We have already extended invitations to 11 prospective domestic and foreign sales agents, four of them main sales agents of SUN (state debentures)," he said.

He said the government would officially issue sharia bonds on August 28 and list them at the Indonesia Stock Exchange on August 29.

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