Bursa Malaysia Hot Stock Market
Malaysia’s sovereign sukuk attracts strong demand
KUALA LUMPUR: Malaysia’s US dollar-denominated sovereign sukuk has attracted orders of more than US$6.5bil (RM24.1bil), according to a Reuters report quoting IFR.
The article said the book was growing fast as European markets opened for business.
“Price guidance on the dual-tranche offering of 10 and 30 years yield around 135 basis points (bp) and 185bp over US Treasuries, respectively. With the strong demand, the possibility of compressing the guidance by 10bp-20bp is highly likely,” it added.
Earlier Reuters had reported, quoting sources, that the issue’s size would be up to US$2bil (RM7.4bil) with a maturity of more than five years.
Various reports said the Government would use the proceeds to refinance US$1.25bil (RM4.6bil) of sukuk maturing this year.
Standard & Poor’s has assigned its preliminary ‘A-’ issue rating to the sukuk, while Moody’s assigned a provisional (P)A3 senior unsecured rating.
CIMB Group Holdings Bhd, HSBC Holdings Plc and Standard Chartered Bank Plc are the lead arrangers for the offering.
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