Islamic bonds (sukuk) sold by Rajawali Nusantara Indonesia, a government owned company engaged in the agro-industry, pharmaceutical industry and trade, were 2.4 times oversubscribed. Initially, the company targeted to sell Rp200 billion worth of sukuk (with a coupon rate of 10%). However, demand was as high as Rp475 billion. Yana Aditya, Finance Director of Rajawali Nusantara Indonesia, said the funds generated through the issuance of the medium term notes are to be used for the company’s sugar production process in 2017.