DUBAI: Nasdaq Dubai has welcomed the listing of three Sukuk issuances from the Republic of Indonesia, totaling $2.75 billion. This move is part of Indonesia’s $45 billion Trust Certificate Issuance Programme and marks the fourth time in 2024 that the Republic has tapped into the U.S. debt capital market, making it the only Asian sovereign to achieve this. These listings highlight the sustained investor interest in Indonesia’s financial instruments.
According to Emirates News Agency, the newly listed Sukuk tranches include $1.1 billion 5.00 percent Trust Certificates due in 2030, $900 million 5.25 percent Trust Certificates due in 2034, and $750 million 5.65 percent Trust Certificates due in 2054. With these additions, the total value of Sukuk listed in Dubai has reached $98.9 billion, reinforcing Dubai’s status as a leading global venue for Sukuk issuances.
The Government of Indonesia has become one of the largest Sukuk issuers on Nasdaq Dubai, with the latest issuances increasing Indonesia’s total listed S
ukuk on the exchange to $24.6 billion across 21 listings. To celebrate the listing, Husin Bagis, the Ambassador of the Republic of Indonesia to the UAE, rang the market opening bell alongside Eko NM Saputro, Finance Attaché at the Indonesian Embassy in Abu Dhabi, and Hamed Ali, CEO of Nasdaq Dubai and DFM.
Husin Bagis commented on the achievement, noting that despite global financial challenges, the government successfully entered the market and garnered interest from a diverse range of investors worldwide. Hamed Ali echoed these sentiments, emphasizing the strong partnership between Indonesia and Dubai and the role of Nasdaq Dubai as a premier global hub for Islamic finance.
The issuance received an oversubscription rate of 1.8 times, demonstrating robust interest from global investors and reinforcing confidence in Indonesia’s economic trajectory.