Indonesia launches first dollar sukuk since MSCI fallout

Indonesia's government kicked off a three part dollar sukuk offering on Thursday, its first public dollar bond sale since MSCI's warning over the country's emerging market status, with the three year notes offered at around 5.7 percent.

Why it matters: The sale tests whether international investors will fund Southeast Asia's largest economy in dollars again after the MSCI warning froze Indonesian dollar issuance, including a shelved corporate sale in late October.

Data as of Bloomberg report of November 4, 2026, read via the live browser in this run; the guidance figure is attributed in the report to a person familiar with the matter, and no total size has been announced in the reporting, so the item is single sourced and graded C. Developing item.

Indonesia’s government kicked off a three part dollar sukuk offering on Thursday, the country’s first public dollar bond sale since MSCI warned in October that Indonesia’s emerging market status was in jeopardy. The three year notes were offered at around 5.7 percent, according to a person familiar with the matter cited by Bloomberg; no total size has been announced.

The MSCI warning has kept Indonesian issuers out of the dollar market for weeks: Bank KB Indonesia postponed a planned dollar sale in late October, citing market volatility, in what would have been the first corporate deal since the warning. A well bid sovereign sukuk would reopen the market for the country’s borrowers.

Indonesia launches first dollar sukuk since MSCI fallout

Sources