Indonesia raises 12 trln rph in debt auction, above target

JAKARTA Feb 7 (Reuters) - Indonesia raised 12 trillion rupiah ($1.34 billion) in a debt auction on Tuesday, above a 8 trillion rupiah target, the debt office said on Tuesday.,

The auctions have been attracting strong demand after the country recovered its investment status from Moody's and Fitch ratings agencies.

The new status will allow more risk-averse investors to put money in Indonesia, which already a favourite for funds such as Franklin Templeton, a unit of U.S. money manager Franklin Resources Inc.

Indonesian government bond prices have soared since the Moody's upgrade, with the yield on the benchmark 10-year bonds falling around 80 basis points.

Indonesia raised 21.83 trillion rupiah in debt auctions in January out of a total target of 53.2 trillion rupiah this quarter.