JAKARTA - Indonesia's finance ministry said on Tuesday it had no winning bids for its auction of Islamic debt, or sukuk.

The ministry had expected to raise 1 trillion rupiah (S$151 million) from the auction of sukuk with tenors ranging from five to 15 years, the proceeds of which would be used to help finance the budget deficit.

The finance ministry said in a statement it had received a total of 1.705 trillion rupiah (S$257.4 million) worth of incoming bids, but rejected all the bids.