The average weighted yield for both project based sukuk series settled at 7.32% and 8.20% respectively, lower 5bps and 16bps compared to the last sukuk auction in late May. The incoming demanded yields on PBS009 hovered at 7.18%-7.62% with total bids received reaching IDR3.4trn. Meanwhile, the bids received for PBS012 worth IDR1.82trn with the expected yields hovering at 8.15%-8.40%. Government raised IDR2.96trn and IDR1.6trn from PBS009 and PBS012 respectively, with each bid to cover ratio (BTC) settled at 1.1 times, the lowest BTC during the auction. In total, the government raised IDR5.08trn from Tuesday’s auction, slightly above its IDR4trn target.