REPUBLIKA.CO.ID, JAKARTA -- The Indonesian government plans to auction three series of sharia bond to raise Rp1.5 trillion next week, a government statement said.

The government will sell two series of project based sharia bond and one series of short term sharia bond, the debt management directorate general said in a statement on Wednesday.

The project-based bond consists of the series of PBS005 and PBS006 and the short term bond is SPN-S13022015.

The funds to be raised from the bond sales would be used to help finance the 2014 state budget, the statement said.

The PBS005 series would have a maturity on 15 April 2043 with yield rate of 6.75 percent and the PBS006 series with a yield of 8.25 percent would be due for repayment on 15 September 2020.

The short term sharia bond would be repayable on 13 February 2015 with yield in discount and land and buildings as collateral.

The auction would be open to be held by Bank Indonesia with both institutions and individuals invited to bid .

Earlier this week, the government raised Rp15 trillion from the sales of five series of bond for the same purpose.

The bond auction was oversubscribed with demand valued at Rp21.68 trillion, the debt management directorate general said in a statement.

The bond series were auctioned with yields ranging from 6.89 percent to 9.15 percent, and maturities from June 11, 2015 to 15 March 2034

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