Twenty banks and six securities firms have been appointed by the Indonesian government as sales agents for the SR-008 retail sukuk series. One of the banks that has run out of quota is Bank Negara Indonesia (BNI). Anggoro Eko Cahyo, Director at BNI, said the issuance is oversubscribed and the bank's quota (IDR 1.8 trillion) has finished. Another example is Bank Tabungan Negara (BTN), which has had to put 273 investors on a waiting list (with a combined value of IDR 130.8 billion).

The offering period for SR-008 runs from 19 February 2016 to 4 March 2016. During this period investors can purchase a minimum of IDR 5 million and a maximum of IDR 5 billion worth of Sukri. The bonds are guaranteed by underlying assets in the form of projects set in the 2016 State Budget and government property in the form of land and buildings.

Indonesian Finance Minister Bambang Brodjonegoro said this Sukri bond is part of government efforts to develop the Islamic finance sector of Indonesia. He added that "retail sukuk (Islamic bonds) is a very good bridge between the quite large investor base and the financial sector that is less understood by our investors. Retail sukuk has its advantages because it is guaranteed by the state thus providing a sense of security to invest."

SR-008 Sukri Series Indonesia:

Perusahaan Penerbit SBSN Indonesia
Series SR-008
Bond Type Scripless (can be traded on secondary market)
Nominal Value IDR 1,000,000 per unit
Offering Period 19 February - 4 March 2016
Issuance Date 10 March 2016
Listing Date on IDX 11 March 2016
Maturity Date 10 March 2019
Min - Max Subscription IDR 5 million - IDR 5 billion
Coupon Rate 8.3%
Coupon Payment Date Every 10th of the month
First Coupon Date 11 April 2016
Minimum Holding Period 1 time coupon payment

Source: Finance Ministry

History of Sukri Bonds in Indonesia:

Serie Coupon Listing Date Maturity Date
(in IDR trillion)
Number of
SR-001 12.0% 25/02/2012 25/02/2012  5.55 14,295
SR-002 8.70% 10/02/2010 10/02/2013  8.03 17,231
SR-003 8.15% 23/02/2011 23/02/2014  7.34 15,487
SR-004 6.25% 21/03/2012 25/09/2015 19.00 17,606
SR-005 6.00% 27/02/2013 27/02/2016 20.87 17,783
SR-006 8.75% 05/03/2014 05/03/2017 19.35 34,692
SR-007 8.25% 11/03/2015 11/03/2018 22.00 29,706
SR-008 8.30% 11/03/2016 10/03/2019

Source: Kontan