The bonds, the largest sold in an on-line offering, carried a fixed coupon rate of 5.57% and have a tenure of three years, maturing in February 2024, according to the ministry.
The coupon was the lowest on record for tradable retail Indonesian government bonds.
"We see that during the pandemic period, it seems that people are still holding back their spending," Antonius Dyan, an official at the ministry's budget financing department, said in an official post on social media.
He said that investors preferred to put their extra cash into government bonds at the beginning of this year as they were not able to spend it during the holidays due to COVID-19.
Southeast Asia's biggest economy has said it planned to issue five more retail bonds around March, July, September, October, and November to help finance its state budget.
On Monday, the ministry said millennial investors made up 37.5% of the 48,731 buyers of the bonds, nearly matching the portion of investors aged between 54-74 years old, the traditional buyers of government notes.
Indonesia aims to issue around 70 trillion to 80 trillion rupiah in retail bonds this year.
(Reporting by Tabita Diela; Editing by Fransiska Nangoy and Ed Davies)
