Indonesia raised 5.15 trillion rupiah ($357.02 million) in an Islamic bonds auction on Tuesday, below the indicative target of 8 trillion rupiah, the financing and risk management office at the finance ministry said.

The weighted average yields for project-based sukuk sold on Tuesday were mostly higher than yields of comparable sukuk at the previous auction on Apr. 30.

Total incoming bids at Tuesday's auction were 20.46 trillion rupiah.

The finance ministry also said it will conduct an additional auction of Islamic T-bills with green shoe option for notes maturing in 2020 on May 15.