Strong demand as Khazanah returns to US$ Sukuk market

The sovereign wealth fund said on Wednesday it successfully priced the offering which comprised a five-year US$400mil in nominal value sukuk due 2026 and a 10-year US$600mil in nominal value sukuk due 2031.In 2016, Khazanah issued its first US dollar-denominated sukuk, structured under the Shariah principle of Wakalah.

“The transaction garnered strong demand across Asia, Europe and the Middle-East, and the order book was at a high of approximately US$6bil when Khazanah revised the price guidance tighter by 40bps and 30bps to finally print the Sukuk at a profit rate of 1.658% and 2.780% respectively, ” it said. Khazanah's chief financial officer, Faridah Bakar Ali said: “The overwhelming demand reflects investor confidence in Khazanah’s credit and our ability to deliver the mandate as Malaysia’s sovereign wealth fund. This issuance will extend our liability duration as we continue to rebalance our portfolio.”

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