Indonesia offered higher yields to sell the most bonds in two months, testing appetite for emerging-market assets as the government continues to build up a buffer for stimulus spending.
The finance ministry sold 21.68 trillion rupiah ($1.48 billion) of non-Islamic debt, excluding T-bills on Tuesday. That’s the biggest since the sale in mid-February and compared with just 3.75 trillion rupiah at the previous conventional debt auction two weeks ago. The larger amount sold saw the bid-to-cover ratio plunge to 1.86, the lowest in a year.
